The Campbell’s Company (CPB) investor relations material

Executive summary

• FY2026 net sales were $9.744B, down 5% vs. FY2025; adjusted EBIT was $1.181B, down 21%, and adjusted EPS was $2.17, down 27%.

• Strategy prioritizes U.S. everyday cooking and snacking, consumer-led brands, and enterprise transformation to support profitable growth.

Voting matters and shareholder proposals

• Shareholders will vote Nov. 17, 2026, on 12 director nominees for one-year terms; the Board recommends FOR each nominee.

• The Board recommends FOR PwC as auditor for FY2027, FOR advisory approval of FY2026 executive pay, and FOR the amended and restated 2022 LTIP.

• The Board recommends AGAINST a shareholder request for a report on regenerative agriculture effectiveness, including pesticide-reduction outcomes.

Board of directors and corporate governance

• 11 of 12 nominees are independent, including the independent Board Chair; all four standing committees are fully independent.

• Four nominees are women and three are ethnically diverse; four new independent directors have joined since 2020, with average independent-director tenure of 8.6 years.

• In FY2026, the director retirement age rose from 72 to 75, subject to a limited Board waiver; directors attended at least 90% of Board and committee meetings.

• Governance safeguards include annual director elections, majority voting in uncontested elections, shareholder written-consent and special-meeting rights, and no shareholder rights plan.