The Hershey Company (HSY) Barclays 19th Annual Global Consumer Conference summary

Strategic framework and outlook

• Focus remains on profit restoration for 2026–2027, with a return to balanced growth expected in 2028 and beyond.

• Top-line growth is outperforming expectations, driven by category innovation and strong execution.

• Investments in R&D and brand building are supporting both core business and innovation pipeline.

• Confidence is high in achieving 2026 and 2027 targets, with momentum building for future years.

• Succession planning highlighted with the appointment of a new CFO, ensuring leadership continuity.

Financial performance and guidance

• Q2 outperformance was primarily demand-driven, with some timing benefits from media investment.

• Full-year guidance narrowed to the upper half of the range, reflecting prudent macro assumptions.

• Increased second-half spending is largely pre-planned to support innovation and seasonal activations.

• Volume trends are expected to improve as pricing moderates, with innovation driving future growth.

• Key brands like Hershey, Jolly Rancher, and Cadbury are positioned for accelerated volume recovery.

Consumer and market dynamics

• Low-income consumers are adapting by shifting channels and pack sizes, with category growth outpacing higher-income cohorts.

• Innovation and merchandising are driving resilience across all consumer segments despite macro headwinds.

• Competitive intensity remains high, with innovation and brand relevance prioritized over price discounting.

• Strategic focus on year-round cultural tentpoles aims to smooth seasonal peaks and create durable growth.