What changed in this filing

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Item 1. Business

2026-02-17 compared with 2025-02-18 · 21 added, 25 removed, 166 unchanged (22% of the section changed)

17 unchanged sentences

• International – International is a combination of all other operating segments that are not individually material, including those geographic regions where we operate outside of North America.

We currently have operations and manufacture product in Mexico, Brazil, India and Malaysia, primarily for consumers in these regions, and also distribute and sell confectionery products in export markets of Asia, Latin America, Middle East, Europe, Africa and other regions.

We currently have operations and manufacture product in Mexico, Brazil, India and Malaysia, primarily for consumers in these regions, and distribute and sell confectionery products in export markets of Asia, Latin America, Middle East, Europe, Africa and other regions.

Financial and other information regarding our segments is provided in our Management’s Discussion and Analysis and Note 13 to the Consolidated Financial Statements.

Business Acquisitions

On November 18, 2025, we completed the acquisition of LesserEvil, LLC (“LesserEvil”), previously a privately held company that produces and sells organic popcorn and puffed snack products to retailers and distributors in the United States and Canada.

The acquisition complements Hershey’s existing portfolio and increases manufacturing capacity.

On November 8, 2024, we completed the acquisition of the Sour Strips brand from Actual Candy, LLC.

3 unchanged sentences

(“Weaver”), a leader in the production and co-packing of microwave popcorn and ready-to-eat popcorn, and former co-manufacturer of the Company’s SkinnyPop brand.

The Hershey Company | 2025 Form 10-K | Page 2

Products and Brands

3 unchanged sentences

and pantry items, such as baking ingredients, toppings, and beverages.

• Within our North America Confectionery segment, our product portfolio includes a wide variety of chocolate offerings marketed and sold under the renowned brands of Hershey’s , Reese’s and Kisses , along with other popular chocolate and non-chocolate confectionery brands such as Jolly Rancher , Almond Joy , Brookside, barkTHINS , Cadbury, Good & Plenty , Heath , Kit Kat ® , Payday , Rolo ® , Twizzlers , Sour Strips, Whoppers

The Hershey Company | 2024 Form 10-K | Page 2

Our protein bar products include ONE bar and our gum and mint products include Ice Breakers mints and chewing gum, Breath Savers mints and Bubble Yum bubble gum.

1 unchanged sentence

• Within our North America Salty Snacks segment, we have our salty snack items.

This includes ready-to-eat SkinnyPop popcorn, baked and trans fat free Pirates Booty snacks and Dot’s Homestyle Pretzels snacks.

This includes ready-to-eat SkinnyPop and LesserEvil popcorn, baked and trans fat-free Pirates Booty snacks and Dot’s Homestyle Pretzels snacks.

• Within our International segment, we manufacture, market and sell many of these same brands, as well as other brands that are marketed regionally, such as Pelon Pelo Rico confectionery products in Mexico, IO-IO snack products in Brazil and Sofit beverage products in India.

8 unchanged sentences

We primarily use common carriers to deliver our products from these distribution points to our customers.

The Hershey Company | 2024 Form 10-K | Page 3

Raw Materials and Pricing

4 unchanged sentences

In the event that a significant disruption occurs in any given country, we believe cocoa from other producing countries and from current physical cocoa stocks in consuming countries would provide a significant supply buffer.

The Hershey Company | 2025 Form 10-K | Page 3

Our trading company in Switzerland performs all aspects of cocoa procurement, including price risk management, physical supply procurement, and sustainable sourcing oversight.

63 unchanged sentences

This belief resulted in a strong investment in local communities and the establishment of Milton Hershey School for disadvantaged kids.

We continue that legacy today through our global sustainability strategy:

Our Shared Goodness Promise, which guides how we empower the remarkable people who make and sell our brands, interact with farming communities that grow our ingredients, deliver on our commitments to consumers, customers, and external stakeholders, protect the environment and support children and youth.

To learn more about our Sustainability-related goals, progress and initiatives, as well as review our annual ESG Report and accompanying suite of Environmental, Social and Governance (“ESG”) reporting frameworks, policies, and disclosures, access the Sustainability section of our website at:

We continue that legacy today through our global sustainability strategy which guides how we embed resilience into our enterprise, including how we source ingredients, operate with efficiency, and produce a portfolio of products for a range of consumer needs.

To learn more about our sustainability-related goals, progress, and initiatives, as well as review our annual Responsible Business Report and accompanying suite of sustainability reporting frameworks, policies, and disclosures, visit:

https://www.thehersheycompany.com/en_us/sustainability.html .

7 unchanged sentences

Collective bargaining agreements covered approximately 5,570 employees, or approximately 28% of the Company’s employees worldwide.

During 2025, agreements are expected to be negotiated for certain employees at seven facilities, none of which are within the United States, comprising approximately 69% of total employees under collective bargaining agreements.

During 2026, agreements are expected to be negotiated for certain employees at six facilities, one of which is within the United States, comprising approximately 76% of total employees under collective bargaining agreements.

We believe our efforts in managing our workforce have been effective, as evidenced by a strong culture and a good relationship between the Company and our employees.

9 unchanged sentences

These continuous touchpoints allow for real-time feedback and action from the Company.

These surveys are further supplemented with quarterly and informative enterprise summits and team “Ask Me Anything” meetings, which, in conjunction with the continuous listening surveys, generate stronger employee engagement with the Company’s strategy, initiatives and leadership.

These surveys are further supplemented with quarterly and informative enterprise connects and leadership “Ask Me Anything” meetings, which, in conjunction with the continuous listening surveys, generate stronger employee engagement with the Company’s strategy, initiatives and leadership.

The Hershey Company | 2025 Form 10-K | Page 6

4 unchanged sentences

Additionally, we co-created a culture of development with the enthusiastic support of our employees.

Through individual development plans, learning opportunities, feedback and coaching, employees can build careers at The Hershey Company, as evidenced by the fact that the majority of our executive officers were promoted from within the organization (see Information about Our Executive Officers ).

Through individual development plans, learning opportunities, feedback and coaching, employees can build careers at The Hershey Company, as evidenced by our fill rate for director and above roles where greater than 70% have been promoted internally over the past three years.

• Compensation, Benefits and Wellness .

In addition to offering competitive, fair and transparent compensation, we also offer a suite of benefits, including comprehensive health and meaningful retirement benefits to eligible employees, tying incentive compensation to both business and individual performance, offering parental leave and adoption benefits and maintaining an employee stock purchase plan.

In addition to offering competitive and transparent compensation, we also offer a suite of benefits, including comprehensive health and meaningful retirement benefits to eligible employees, tying incentive compensation to both business and individual performance, offering parental leave and adoption benefits and maintaining an employee stock purchase plan.

We also provide a number of innovative programs designed to promote physical and emotional well-being, including ergonomic workspaces, a state-of-the-art fitness center at our Hershey, Pennsylvania campus and private rooms designed for quiet reflection, prayer or wellness breaks.

The Company also offers SmartFlex benefits which is our suite of policies that allows individuals to create their own balance between work and personal life, including flexing work time based on work priorities or personal commitments, such as caring for children or family members.

We believe that this flexibility improves productivity, boosts job satisfaction and increases employee engagement.

Additionally, the Company offers a “Best of Both” flexible work model for corporate and commercial employees to balance work and personal well-being.

The Company also offers a “Best of Both” flexible work model for corporate and commercial employees to balance work and personal well-being.

This model allows employees the option to work either remotely, in-office, or both, depending on individual needs, personal schedules and work demands.

This offers the benefits of flexibility and in-person collaboration, while maintaining productivity and overall job satisfaction.

This model offers the benefits of flexibility and in-person collaboration, while improving productivity, boosting job satisfaction, and increasing employee engagement.

• Togetherness .

We believe our business is stronger when we practice our Company value of Togetherness.

Our people-focused programs help advance innovation, business growth and create a strong company culture that is fair, which enables us to delight consumers with beloved snacking brands.

Our gender representation includes women occupying many of the top positions in the Company, including Chief Executive Officer and Chairman of the Board, Chief Accounting Officer and President, Salty Snacks, and approximately 50% representation across the Company.

Additionally, four of our 10 Board members are women (40% representation).

In 2024, we maintained fair and equitable pay achievements, including aggregate salary U.S.

gender pay equity and aggregate U.S.

salary people of color pay equity.

Further, our eight employee-led Business Resource Groups, which include Abilities First, Black Heritage, Asian and Pacific Islander, GenH (Generations), Latino, Prism (LGBTQ), Veterans and Women’s, are open to all and play a critical role in providing mentoring and career development opportunities for all, delivering commercial business insights, and connecting people to the Company and the communities where we do business.

In 2024, the Company was recognized among the World’s Most Ethical Companies as rated by Ethisphere, achieved global Great Place to Work certifications, and was recognized as a Best Place to Work for Disability Inclusion based on our Disability Equality Index score.

Our people-focused programs help advance innovation, business growth and create a strong company culture that enables us to delight consumers with beloved snacking brands.

In 2025, we maintained equitable pay achievements, including aggregate salary U.S.

gender pay equity.

Further, our eight employee-led Business Resource Groups, which include Abilities First, Black Heritage, Asian and Pacific Islander, GenH, Latino, Prism, Veterans and Women’s, are open to all and play a critical role in providing mentoring and career development opportunities for all, delivering commercial business insights, and connecting people to the Company and the communities where we do business.

In 2025, the Company was recognized for workplace excellence and disability inclusion, including Great Place to Work in nine countries, Leading Disability Employer, and a 100% Disability Equality Index score.

• Community and Social Impact .

2 unchanged sentences

This work includes forging partnerships with local non-governmental organizations, providing grants and contributions and organizing volunteer service activities and employee fundraisers.

The Hershey Company | 2024 Form 10-K | Page 7

Business Realignment Activities and Strategic Initiatives

3 unchanged sentences

Costs associated with business realignment activities are classified in our Consolidated Statements of Income as described in Note 9 to the Consolidated Financial Statements.

The Hershey Company | 2025 Form 10-K | Page 7

Available Information

11 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business