On this page of StockholderLetter.com we present the latest annual shareholder letter from J M SMUCKER Co — ticker symbol SJM. Reading current and past SJM letters to shareholders can bring important insights into the investment thesis.
2025 Fiscal Year ANNUAL REPORT
A Portfolio of Brands CONSUMERS LOVE We are proud to offer products that COFFEE consumers trust for themselves and Our continued leadership in the at-home coffee their families every day. In fact, category as the number-one manufacturer in today approximately 90 percent of U.S. households have a product from our portfolio across the coffee, peanut butter, fruit spreads, frozen handheld, sweet baked goods, dog snacks, and cat food categories. In volume share, a category that remains strong with approximately 70 percent of cups consumed at home, has been driven by our balanced portfolio that delivers quality offerings and affordability across the value spectum, especially as compared to outside-the-home experiences. Caf Bustelo continued to be one of the fastestgrowing brands in the at-home coffee category in fiscal year 2025, we continued to fiscal year 2025, spurred by investments in deliver for consumers while marketing and innovation, including the launch of supporting the growth of our business. our new espresso-style iced coffee beverages. We are excited for the brand s considerable runway for continued growth as we expand distribution and product variety to drive increased household penetration.
household penetration and volume share, our FROZEN HANDHELD AND SPREADS As consumers continue to seek out convenient options throughout the day in place of larger meals, we remain well positioned through our leadership in the frozen handheld, peanut butter, and fruit spreads categories. Our Uncrustables brand maintained its momentum this fiscal year through: The opening of a third manufacturing facility dedicated to the brand in McCalla, Alabama; Breakthrough marketing that amplified the incredible organic love the brand has earned among fans and merchandising investments that drove awarness and trial; and Continued growth through innovation (including the launch of our Peanut Butter and Raspberry offering) and channel expansion (with expanded presence in our away from home channels). Meow Mix brand has driven incremental growth through innovation that brings fresh ideas to the category. This included the launch of Meow Mix Gravy Bursts, which combines the appealing texture of wet offerings with the convenience of dry food to offer a truly unique option for pet parents. SWEET BAKED SNACKS Snacking remains an important part of consumers days, and we are excited about the opportunities we have to build on the leadership position our Hostess brand has established in the sweet baked goods category. A key element of our fiscal strategy was to deliver the base business, inclusive of Hostess, and in fiscal year 2025, we executed several important initiatives to bring the Hostess brand top of mind and into culture. Notably, we introduced a new packaging design, which enhanced overall perception of the brand and purchase intent among consumers, and we launched a bold new The brand is on pace to achieve our goal of $1 marketing campaign, which has already generated billion or greater in annual net sales by the end of strong consumer attention and buzz. our fiscal year 2026. PET The continued prevalence of pet adoptions and the humanization trend have created opportunities for our brands to deliver meaningful innovation that allows us to maintain our leading positions in cat food and dog snacks. Building on its #1 position in dry cat food 2
Dear Shareholders As I sat down to draft this letter, I was intentional in reflecting not only on our short-term accomplishments, but on what it takes to make meaningful progress toward achieving our longterm strategy. Achieving these goals requires us to execute to the very best of our abilities every single day, to be willing to make the tough decisions, and to identify improvement opportunities and act on them decisively.
By delivering on these commitments, we have evolved into a leading consumer goods company with a portfolio of brands consumers love. And, through our employees unwavering dedication to these commitments in what remains a dynamic operating environment, we delivered positive results and shareholder value through dividends in fiscal year 2025. In addition to the positive results we delivered in fiscal year 2025, we remain well positioned to continue delivering top- and bottom-line growth over the long-term. This is based on the continued strength of our legacy business, which accounts for approximately 90 percent of our net sales and is delivering strong results; our confidence in the Hostess brand and the decisive strategy we have put in place to stabilize and then return it to growth; and the progress of our Transformation, cost discipline, and cash generation objectives, which will enable our ambition to generate over $1 billion in free cash flow annually. I am confident that with the foundation of our focused strategy, our portfolio of in-demand brands, and our talented workforce, we will continue to make progress on our goal of long-term sustainable growth and increasing Next, integrate and deliver the acquired Hostess business, including the integration of systems and processes, achieving cost synergies and growth ambitions, and nurturing a unified culture as we expand our organization. And third, achieve our Transformation, cost discipline, and cash generation aspirations. shareholder value. EXECUTING ON OUR STRATEGIC PRIORITIES At the start of last fiscal year, we established three strategic priorities to guide our focus. First, deliver our core business, which includes a focus on growing volume, operating with excellence, and continuing to prioritize resources to our greatest growth opportunities. 4
 • shareholder letter icon 6/27/2025 Letter Continued (Full PDF)
 • stockholder letter icon 6/30/2023 SJM Stockholder Letter
 • stockholder letter icon 6/28/2024 SJM Stockholder Letter
 • stockholder letter icon More "Food & Beverage" Category Stockholder Letters
 • Benford's Law Stocks icon SJM Benford's Law Stock Score = 71


SJM Shareholder/Stockholder Letter Transcript:

2025
Fiscal Year
ANNUAL REPORT

A Portfolio of Brands
CONSUMERS
LOVE
We are proud to offer products that
COFFEE
consumers trust for themselves and
Our continued leadership in the at-home coffee
their families every day. In fact,
category as the number-one manufacturer in
today approximately 90 percent of
U.S. households have a product
from our portfolio across the coffee,
peanut butter, fruit spreads, frozen
handheld, sweet baked goods, dog
snacks, and cat food categories. In
volume share, a category that remains strong with
approximately 70 percent of cups consumed at
home, has been driven by our balanced portfolio
that delivers quality offerings and affordability
across the value spectum, especially as compared
to outside-the-home experiences.
Caf   Bustelo   continued to be one of the fastestgrowing brands in the at-home coffee category in
fiscal year 2025, we continued to
fiscal year 2025, spurred by investments in
deliver for consumers while
marketing and innovation, including the launch of
supporting the growth of our
business.
our new espresso-style iced coffee beverages. We
are excited for the brand   s considerable runway for
continued growth as we expand distribution and
product variety to drive increased household
penetration.

household penetration and volume share, our
FROZEN HANDHELD
AND SPREADS
As consumers continue to seek out
convenient options throughout the day
in place of larger meals, we remain well
positioned through our leadership in the
frozen handheld, peanut butter, and fruit
spreads categories.
Our Uncrustables   brand maintained its
momentum this fiscal year through:

The opening of a third manufacturing facility
dedicated to the brand in McCalla, Alabama;

Breakthrough marketing that amplified the
incredible organic love the brand has earned
among fans and merchandising investments
that drove awarness and trial; and

Continued growth through innovation
(including the launch of our Peanut Butter and
Raspberry offering) and channel expansion
(with expanded presence in our away from
home channels).
Meow Mix   brand has driven incremental growth
through innovation that brings fresh ideas to the
category. This included the launch of Meow Mix  
Gravy Bursts, which combines the appealing
texture of wet offerings with the convenience of
dry food to offer a truly unique option for pet
parents.
SWEET BAKED SNACKS
Snacking remains an important part of consumers   
days, and we are excited about the opportunities
we have to build on the leadership position our
Hostess   brand has established in the sweet
baked goods category.
A key element of our fiscal strategy was to deliver
the base business, inclusive of Hostess, and in
fiscal year 2025, we executed several important
initiatives to bring the Hostess   brand top of mind
and into culture. Notably, we introduced a new
packaging design, which enhanced overall
perception of the brand and purchase intent
among consumers, and we launched a bold new
The brand is on pace to achieve our goal of $1
marketing campaign, which has already generated
billion or greater in annual net sales by the end of
strong consumer attention and buzz.
our fiscal year 2026.
PET
The continued prevalence of pet adoptions and
the humanization trend have created
opportunities for our brands to deliver meaningful
innovation that allows us to maintain our leading
positions in cat food and dog snacks.
Building on its #1 position in dry cat food
2

Dear
Shareholders
As I sat down to draft this letter, I was
intentional in reflecting not only on our
short-term accomplishments, but on
what it takes to make meaningful
progress toward achieving our longterm strategy. Achieving these goals
requires us to execute to the very best
of our abilities every single day, to be
willing to make the tough decisions, and
to identify improvement opportunities
and act on them decisively.

By delivering on these commitments, we have
evolved into a leading consumer goods
company with a portfolio of brands consumers
love. And, through our employees    unwavering
dedication to these commitments in what
remains a dynamic operating environment, we
delivered positive results and shareholder value
through dividends in fiscal year 2025.
In addition to the positive results we delivered in
fiscal year 2025, we remain well positioned to
continue delivering top- and bottom-line
growth over the long-term. This is based on the
continued strength of our legacy business,
which accounts for approximately 90 percent of
our net sales and is delivering strong results; our
confidence in the Hostess   brand and the
decisive strategy we have put in place to
stabilize and then return it to growth; and the
progress of our Transformation, cost discipline,
and cash generation objectives, which will
enable our ambition to generate over $1 billion
in free cash flow annually.
I am confident that with the foundation of our
focused strategy, our portfolio of in-demand
brands, and our talented workforce, we will
continue to make progress on our goal of
long-term sustainable growth and increasing
Next, integrate and deliver the
acquired Hostess business, including
the integration of systems and processes,
achieving cost synergies and growth ambitions,
and nurturing a unified culture as we expand our
organization. And third, achieve our
Transformation, cost
discipline, and cash
generation aspirations.
shareholder value.
EXECUTING ON OUR STRATEGIC
PRIORITIES
At the start of last fiscal year, we established
three strategic priorities to guide our focus.
First, deliver our core business, which includes a
focus on growing volume, operating with
excellence, and continuing to prioritize
resources to our greatest growth opportunities.
4


shareholder letter icon 6/27/2025 Letter Continued (Full PDF)
 

SJM Stockholder/Shareholder Letter (J M SMUCKER Co) | www.StockholderLetter.com
Copyright © 2023 - 2026, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.