Fiscal Year 2023 Q3 Results Reflect the Enduring Strength of Our Strategy, Portfolio and Employees

Our strong fiscal year 2023 Q3 performance was marked by continued top-line growth and sequential gross margin improvement, reflecting the sustained momentum of our business and our continued focus on executing with excellence.

If you have not had the opportunity, I encourage you to review our Q3 press release and prepared remarks and listen to the replay of our earnings Q&A conference call, which are available at investors.jmsmucker.com.

Here are a few additional thoughts on our Q3 performance.

• Robust Demand for our Brands: In Q3, we delivered comparable net sales growth of 11%, driven by comparable net sales increases across all strategic business areas. The sustained demand for our brands has resulted in consistent top-line performance throughout this fiscal year and signals the inherent strength of our portfolio.
• ?Supporting Margin Improvement: Along with our commitment to deliver top-line growth, we remain focused on driving improved profit performance. In Q3, we realized sequential gross margin improvement, representing positive returns on our efforts to improve profit margins over time.
• The Role of Portfolio Optimization and Strategic Resource Allocation: A key element of our strategy is ensuring the strength of our portfolio. The recently announced decision to divest several pet food brands demonstrates our commitment to strengthen our financial position, reinvest in the business and deliver long-term shareholder return by allocating resources toward areas of our business with the greatest growth potential.

On behalf of our entire leadership team, I would like to express my appreciation to our employees. Their unrelenting commitment to executing with excellence, dedication to our consumers and passion for our Company has allowed us to achieve these results.?