What changed in this filing

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Item 1. Business

2025-06-18 compared with 2024-06-18 · 94 added, 134 removed, 214 unchanged (52% of the section changed)

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Our branded food and beverage products include a strong portfolio of trusted, iconic, market-leading brands that are sold to consumers primarily through retail outlets in North America.

On November 7, 2023, we completed a cash and stock transaction to acquire Hostess Brands, Inc.

(“Hostess Brands”), a manufacturer and marketer of sweet baked goods brands, including Hostess ® Donettes ® , Twinkies ® , CupCakes , DingDongs ® , Zingers ® , CoffeeCakes , HoHos ® , Mini Muffins , and Fruit Pies , and the Voortman ® cookie brand, which resulted in a new reportable segment for 2024, Sweet Baked Snacks.

We have four reportable segments:

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Additionally, we sell products both domestically and in foreign countries through retail channels and foodservice distributors and operators through the Sweet Baked Snacks segment and the combined International and Away From Home operating segments.

During 2024, the historical U.S.

Retail Consumer Foods reportable segment was renamed to U.S.

Retail Frozen Handheld and Spreads;

however, there was no change to the manner in which the segment was previously presented.

For additional information on our reportable segments, see Note 5:

Reportable Segments.

On March 3, 2025, we sold certain Sweet Baked Snacks value brands to JTM Foods, LLC (“JTM”).

The transaction included certain trademarks and licenses, a manufacturing facility in Chicago, Illinois, and approximately 400 employees who support the business.

Under our ownership, these Sweet Baked Snacks value brands generated net sales of approximately $48.4 and $30.0 in 2025 and 2024, respectively, which were included in the Sweet Baked Snacks segment.

On December 2, 2024, we sold the Voortman ® business to Second Nature Brands (“Second Nature”).

The transaction included products sold under the Voortman brand, inclusive of certain trademarks, a leased manufacturing facility in Burlington, Ontario, and approximately 300 employees who supported the business.

Under our ownership, the Voortman business generated net sales of approximately $86.3 and $65.0 in 2025 and 2024, respectively, which were included in the Sweet Baked Snacks segment.

On January 2, 2024, we sold the Canada condiment business to TreeHouse Foods, Inc.

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Under our ownership, these brands generated net sales of $43.8 and $61.6 in 2024 and 2023, respectively, which were included in the International operating segment.

On November 1, 2023, we sold the Sahale Snacks ® business to Second Nature Brands (“Second Nature”).

On November 7, 2023, we completed a cash and stock transaction to acquire Hostess Brands, Inc.

(“Hostess Brands”), a manufacturer and marketer of sweet baked goods brands and included Hostess ® Donettes ® , Twinkies ® , CupCakes , DingDongs ® , Zingers ® , CoffeeCakes , HoHos ® , Mini Muffins , and Fruit Pies , and the Voortman cookie brand at the acquisition date.

On November 1, 2023, we sold the Sahale Snacks ® business to Second Nature.

The transaction included products sold under the Sahale Snacks brand, inclusive of certain trademarks and licensing agreements, a leased manufacturing facility in Seattle, Washington, and approximately 100 employees who supported the brand.

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The transaction included the Rachael Ray ® Nutrish ® , 9Lives ® , Kibbles ’n Bits ® , Nature’s Recipe ® , and Gravy Train ® brands, as well as the private label pet food business, inclusive of certain trademarks and licensing agreements, manufacturing and distribution facilities in Bloomsburg, Pennsylvania, manufacturing facilities in Meadville, Pennsylvania and Lawrence, Kansas, and approximately 1,100 employees who supported these pet food brands.

Under our ownership, these brands generated net sales of $1.5 billion and $1.4 billion in 2023 and 2022, respectively, primarily included in the U.S.

Retail Pet Foods segment.

On January 31, 2022, we sold the natural beverage and grains businesses to Nexus Capital Management LP (“Nexus”).

The transaction included products sold under the R.W.

Knudsen ® and TruRoots ® brands, inclusive of certain trademarks, a licensing agreement for Santa Cruz Organic ® beverages, dedicated manufacturing and distribution facilities in Chico, California and Havre de Grace, Maryland, and approximately 150 employees who supported the natural beverage and grains businesses.

The transaction did not include Santa Cruz Organic nut butters, fruit spreads, syrups, or applesauce.

Under our ownership, the businesses generated net sales of $106.7 in 2022, primarily included in the U.S.

Retail Frozen Handheld and Spreads segment.

On December 1, 2021, we sold the private label dry pet food business to Diamond Pet Foods, Inc.

(“Diamond Pet Foods”).

The transaction included dry pet food products sold under private label brands, a dedicated manufacturing facility located in Frontenac, Kansas, and approximately 220 employees who supported the private label dry pet food business.

The transaction

did not include any branded products or our private label wet pet food business.

Under our ownership, the business generated net sales of $62.3 in 2022, included in the U.S.

Under our ownership, these brands generated net sales of $1.5 billion in 2023, primarily included in the U.S.

Retail Pet Foods segment.

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Principal Products:

In 2024, our principal products were coffee, pet snacks, peanut butter, cat food, frozen handheld products, sweet baked goods, fruit spreads, portion control products, baking mixes and ingredients, toppings and syrups, dog food, and cookies.

In 2025, our principal products were coffee, sweet baked goods, pet snacks, frozen handheld products, peanut butter, cat food, fruit spreads, portion control products, toppings and syrups, and baking mixes and ingredients.

Product sales information for the years 2025, 2024, and 2023 is included within Note 5:

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retail market segments are primarily sold through a combination of direct sales and brokers to food retailers, club stores, discount and dollar stores, online retailers, pet specialty stores, drug stores, military commissaries, mass merchandisers, and distributors.

The Sweet Baked Snacks segment includes products distributed across all channels, both domestically and in foreign countries, such as supermarket chains, national mass retailers, convenience stores, club stores, discount and dollar stores, drug stores, and the vending channel.

The Sweet Baked Snacks segment includes products distributed across all channels, both domestically and in foreign countries, such as supermarket chains, convenience stores, national mass retailers, discount and dollar stores, club stores, the vending channel, drug stores, and military commissaries.

International and Away From Home includes the sale of all products that are distributed in foreign countries through retail channels, as well as domestically and in foreign countries through foodservice distributors and operators (e.g., healthcare operators, restaurants, educational institutions, offices, lodging and gaming establishments, and convenience stores).

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The raw materials used in each of our segments are primarily commodities, agricultural-based products, and packaging materials.

Green coffee, peanuts, oils and fats, flour, sugar, fruit, and other ingredients are obtained from various suppliers.

The availability, quality, and costs of many of these commodities have fluctuated, and may continue to fluctuate over time, partially driven by the elevated commodity and supply chain costs we have continued to experience in 2024.

Green coffee, peanuts, flour, sugar, oils and fats, fruit, and other ingredients are obtained from various suppliers.

The availability, quality, and cost of many of these commodities have fluctuated, and may continue to fluctuate over time, partially driven by the elevated commodity and supply chain costs we have continued to experience in 2025.

We actively monitor changes in commodity and supply chain costs, and to mitigate the fluctuation of costs, we may be required to implement material price increases or decreases across our business.

Futures, basis, options, and fixed-price contracts are used to manage price volatility for a significant portion of our commodity costs.

Green coffee, along with certain other raw materials, is sourced solely from foreign countries, and its supply and price is subject to high volatility due to factors such as weather, global supply and demand, product scarcity, plant disease, investor speculation, geopolitical conflicts (including the ongoing conflicts between Russia and Ukraine and Israel and Hamas), changes in governmental agricultural and energy policies and regulations, and political and economic conditions in the source countries.

We source peanuts, protein meals, and oils and fats mainly from North America.

Green coffee, along with certain other raw materials, is sourced solely from foreign countries, and its supply and price is subject to high volatility due to factors such as weather, global supply and demand, product scarcity, plant disease, investor speculation, geopolitical conflicts, changes in governmental agricultural and energy policies and regulations, and political and economic conditions in the source countries.

We source peanuts, flour, sugar, oils and fats, and fruit mainly from North America.

The principal packaging materials we use are plastic, glass, metal cans, caps, carton board, and corrugate.

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Retail Pet Foods Meow Mix ® , Milk-Bone ® , Pup-Peroni ® , and Canine Carry Outs ®

Sweet Baked Snacks Hostess ® and Voortman ®

Sweet Baked Snacks Hostess ®

Folgers , Smucker’s , and Uncrustables

(A) Represents the combined International and Away From Home operating segments.

Dunkin’ is a trademark of DD IP Holder LLC used under three licenses (the “Dunkin’ Licenses”) for packaged coffee products, including K-Cup ® pods, sold in retail channels, such as grocery stores, mass merchandisers, club stores, e-

commerce, and drug stores, as well as in certain away from home channels.

The Dunkin’ Licenses do not pertain to coffee or other products for sale in Dunkin’ restaurants.

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(“Keurig”), used with permission.

Slogans or designs considered to be important trademarks include, without limitation, “ With A Name Like Smucker’s, It Has To Be Good ® ,” “ The Best Part of Wakin’ Up Is Folgers In Your Cup ® ,” “ That Jif’ing Good ® ,” “ The Only One Cats Ask For By Name ® ,” the Smucker’s banner, the Uncrustables Round, Crustless Sandwich design, the Crock Jar shape, the Gingham design, the Jif Color Banner design, the Café Bustelo Angelina design, and the Milk-Bone and Meow Mix logos.

By Name ® ,” the Smucker’s banner, the Uncrustables Round, Crustless Sandwich design, the Crock Jar shape, the Gingham design, the Jif Color Banner design, the Café Bustelo Angelina design, and the Milk-Bone, Meow Mix, and Hostess logos.

We own many patents worldwide in addition to utilizing proprietary trade secrets, technology, know-how processes, and other intellectual property rights that are not registered.

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Sales to Walmart Inc.

and subsidiaries amounted to 33 percent of net sales in 2024 and 34 percent in both 2023 and 2022.

and subsidiaries amounted to 33 percent of net sales in both 2025 and 2024 and 34 percent of net sales in 2023.

These sales are primarily included in our U.S.

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No material portion of our business is subject to renegotiation of profits or termination of contracts at the election of the government.

We are the branded market leader in the coffee, dog snacks, peanut butter, frozen snacks and sandwiches, and fruit spreads categories in the U.S.

In Canada, we are the branded market leader in the flour, fruit spreads, canned milk, and ice cream toppings categories.

Our business is highly competitive as all of our brands compete with other branded products as well as private label products.

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To address these dynamics, we continue to focus on innovation with an increased emphasis on products that satisfy evolving consumer trends.

However, in recent years, there has been an increase in sales primarily driven by changes in consumer behaviors, including employees working at home more frequently.

However, in recent years, there has been an increase in sales primarily driven by changes in consumer behaviors, including the increased frequency of employees working from home.

In addition, private label continues to be a competitor in the categories in which we compete, partially due to improvements in private label quality, the increased emphasis of store brands by retailers in an effort to cultivate customer loyalty, and a movement toward lower-priced offerings during economic downturns or instances of increased inflationary pressures.

retail market segments, private label held a 13.7 dollar average market share during the 52 weeks ended April 21, 2024, for the categories in which we compete, as compared to a 12.1 dollar average market share during the same period in the prior

Within the Sweet Baked Snacks segment, private label held a 6.8 dollar average market share during the 52 weeks ended April 27, 2024, for the categories in which we compete.

retail market segments, private label held a 15.2 dollar average market share during the 52 weeks ended April 20, 2025, for the categories in which we compete, as compared to a 13.7 dollar average market share during the same period in the prior year.

We believe that both private label and leading brands play an important role in the categories in which we compete, appealing to different consumer segments.

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General Mills, Inc.

Dentastix and Greenies

Mars, Incorporated

Dentastix, Greenies and Temptations Mars, Incorporated

Private label brands Various

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Private label brands Various, Flower Foods, Inc.

Cookies Voortman Nabisco (A)

Mondelez International

Private label brands Various

International and Away From Home

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In particular, the manufacturing, marketing, transportation, storage, distribution, packaging disposal, and sale of food products are each subject to governmental regulation that is increasingly extensive.

Governmental regulation encompasses such matters as ingredients (including whether a product contains bioengineered ingredients), packaging and disposal of packaging, labeling (including use of certain terms such as sugar free, healthy, low sodium, and low fat), pricing, advertising, relations with distributors and retailers, health, safety, data privacy and security, and anti-corruption, as well as an increased focus regarding environmental policies relating to climate change, regulating greenhouse gas emissions, energy, and sustainability, including single-use plastics.

Governmental regulation encompasses such matters as ingredients (including whether a product contains bioengineered ingredients or artificial dyes), packaging and disposal of packaging (including extended producer responsibility regulations), labeling (including use of certain terms such as sugar free, healthy, low sodium, and low fat), pricing, advertising, relations with distributors and retailers, health, safety, data privacy and security, and anti-corruption, as well as environmental policies relating to climate change, regulating greenhouse gas emissions, energy, and sustainability, including single-use plastics.

We are subject to tax and securities regulations, accounting and reporting standards, and other financial laws and regulations.

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Environmental Matters:

Compliance with environmental regulations and prioritizing our environmental sustainability efforts are important to us as a responsible corporate citizen.

Compliance with environmental regulations relating to climate change, regulating greenhouse gas emissions, energy, and sustainability, including single-use plastics, and prioritizing our environmental sustainability efforts are important to us as a responsible corporate citizen.

As such, we have public goals related to waste diversion, water usage, energy usage, greenhouse gas emissions, and sustainable packaging.

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Our employees are critical to our success as a company, and we are committed to supporting them holistically, both personally and professionally.

With almost 9,000 full-time employees worldwide, every employee makes a difference to our Company.

We believe it is critical that we have an inclusive and diverse environment and that we take proactive steps to ensure we are enabling our employees to reach their full potential.

To hold ourselves accountable, we conduct an employee engagement survey annually to provide an opportunity for open and confidential feedback from our employees and to help guide our organization priorities for the upcoming fiscal year.

With over 8,000 full-time employees worldwide, every employee makes a difference to our Company.

We believe our basic belief, Thrive Together, takes proactive steps to ensure we are enabling our employees to reach their full potential.

Additionally, we conduct functional pulse surveys as needed to gain additional information based on responses to the larger engagement survey, or in sub-groups of our employee population where a specific topic or question may be needed.

These surveys are supplemented by regular Company Town Halls, which help to foster an environment of transparency and two-way communication.

Employees also have the opportunity to anonymously report violations of the Commitment to Integrity:

Our Code (“Code of Conduct”) or complaints regarding accounting, auditing, and financial-related matters through our Smucker Voice Line – the Integrity Portal (“Portal”).

Employees have the opportunity to anonymously report violations of the Commitment to Integrity:

Our Code (“Code of Conduct”) or complaints regarding accounting, auditing, and financial-related

matters through our Integrity Portal (“Portal”).

The Portal also can be utilized by customers, contractors, vendors, and their employees, as well as any others in a business relationship with our Company.

To further support our commitment to ethics and our basic belief, Do the

Right Thing , our employees are also asked to participate in Ethics and Compliance Surveys, to help us understand our strengths and identify opportunities for future ethics and compliance programs and training.

We track our progress in the Ethics and Compliance space through ongoing assessments of our internal programs and through our Ethics and Compliance Survey, as well as through dedicated questions included in our annual Employee Engagement Survey, and we are pleased to share that our Company was recognized in 2024 as one of the World’s Most Ethical Companies by Ethisphere.

Additional information regarding our human capital management is available in our 2023 Corporate Impact Report that can be found on our website at www.jmsmucker.com/news-stories/corporate-publications.

Information on our website, including our 2023 Corporate Impact Report, is not incorporated by reference into this Annual Report on Form 10-K.

Health and Wellness:

Maintaining a safe and healthy workplace is among our top priorities and is aligned with our basic belief, Do the Right Thing .

We are diligent in ensuring workforce health and safety through education and training which is provided at all locations.

Our health and safety internal assessments conducted at each of our production facilities quarterly, as well as periodic external assessments, confirm our compliance with safety regulations and corporate policies.

The teams document the results and determine corrective actions to ensure we hold ourselves accountable for providing a safe work environment.

During 2024, we achieved a total recordable incident rate that is four times below the national average for our industry peers as a result of these efforts.

As part of our focus on well-being, we emphasize the need for our employees to embrace healthy lifestyles.

We offer all employees a variety of free and discounted services, as well as educational opportunities, to support their physical, emotional, and financial well-being, including free sessions through our Employee Assistance Program.

We also offer onsite conveniences, such as health and wellness centers at several of our locations and a Child Development Center at our corporate headquarters in Orrville, Ohio.

In addition, we provide our employees with paid time off to renew and programs to promote workplace flexibility.

Further, we have continued to promote the importance of self-care and the availability of mental health resources to our employees.

In recognition of the need for mental health resources across society, we have partnered with the National Alliance on Mental Health to provide support for our employees and communities.

Their mental health services and self-care programs benefit our employees by raising awareness and providing additional support and education for mental health.

Additionally, in 2024, we partnered with The Village Network on their Early Childhood Mental Health initiatives.

This commitment will provide access to important mental health and educational services for families and their children from birth to age five and will be provided by Therapeutic Childcare Centers.

Diversity and Inclusion:

We believe having an inclusive culture and the expertise of diverse professionals across our business that reflects our consumers is critical to our success and is in alignment with our basic belief, Thrive Together .

Our commitment to inclusion, diversity, and equity (“ID&E”) is focused around the following three aspirations:

• Enhance Workplace Diversity within our U.S.

salaried employee community by aspiring to double the representation of People of Color and increasing the presence of women at all senior levels by 2027;

• Increase Equity Through Expanded Opportunities by evaluating training programs and practices, including lateral assignments and promotions, to support equitable opportunities for all;

• Foster an Inclusive Workplace by establishing measurable expectations for participation in select employee resource group (“ERG”) sponsored events and education and the development of integrated strategy, aspirations, and prioritized initiatives across our ERGs.

In support of these aspirations, we have made important progress on our commitment to create an environment where our employees are supported, and differences are truly celebrated.

We have successfully introduced ERGs, which are all voluntary, employee-led groups that represent a unique community.

The purpose of these groups is to create inclusion where all can see themselves and feel a part of our Company.

We have eight ERGs, as well as our Advocate Alliance group, to support employees and encourage allyship.

Our ERGs include BLAC (Black Leadership and Ally Council);

PRIDE Alliance (i.e., LGBTQ+);

GROW (Greater Resources and Opportunities for Women);

RAICES (i.e., Latino/a/x and Hispanic contributions);

AFVA (Armed Forces Veterans and Allies);

CAPIA (Community of Asians, Pacific Islanders, and Allies);

ADDAPT (Advocating for Disabilities and Diverse Abilities by Partnering Together);

and YP (Young Professionals), which all employees are encouraged to join as either a member or ally.

Additionally, we have coordinated more than 10,000 hours of employee programming on education and understanding, hosted panels to reflect the unique experiences of underrepresented groups to increase employee awareness while encouraging empathy and allyship, and published regular content to celebrate our differences and increase understanding.

We approach diversity from the top-down, exemplified by our Board of Directors (the “Board”), where 4 of 10 directors are women and 3 of 10 directors are racially or ethnically diverse.

Additionally, 43 percent of our executive and senior management team members are women, inclusive of 3 of 6 members of our Executive Leadership Team, and 13 percent of our salaried workforce is racially or ethnically diverse.

We recognize we have work to do to ensure a more inclusive and diverse organization, which is why we are improving our recruiting, hiring, and retention programs at all levels within our Company.

To further these efforts, we established human resource positions focused on improving our diversity and inclusion, specifically within talent acquisition, recruiting, and organization development.

A portion of our annual cash incentive awards for our Company Leadership Team, which consists of all employees at or above the Senior Director level, is based on the achievement of our environmental, social, and governance objectives, which include our ID&E efforts.

Further, we have partnered with the Akron Urban League, the Urban League of Greater Cleveland, the Equal Justice Initiative, the Human Rights Campaign, and the NAACP Legal Defense and Educational Fund to further our commitment to this cause and have committed more than $680,000 to these partners as part of multi-year partnerships.

These organizations advocate for inclusion, racial justice, and the advancement of underrepresented and vulnerable people.

To ensure ongoing progress against our commitments, we are evaluating our success through several measures, including reviews of organization health assessments, evaluation of workforce composition and minority representation across all levels of the organization, and successful integration of key programming.

In addition, to further support our ERGs and charitable giving efforts, we have donated a combined $375,000 in 2024 and 2023 to support organizations that align and are supported by our ERGs.

During calendar year 2023, due to our increased efforts to support diversity and inclusion, our Corporate Equality Index (“CEI”) from the Human Rights Campaign was 100 out of 100 points, which increased from 95 in calendar year 2022.

Specifically, we were able to increase the CEI index through enhancements to our transgender-inclusive health benefits, philanthropic contributions to and partnerships with LGBTQ+ organizations, pledging our support of the Human Rights Campaign’s Business Coalition for the Equality Act, enhancement of charitable giving guidelines to prohibit philanthropic support of organizations with an explicit policy of sexual orientation and gender identity discrimination, having a supplier diversity program that includes the outreach to LGBTQ+ owned businesses, and the establishment of the PRIDE Alliance ERG.

Learning and Development:

To further support our commitment to ethics and our basic belief, Do the Right Thing , our employees are also asked to participate in Ethics and Compliance Surveys, to help us understand our strengths and identify opportunities for future ethics and compliance programs and training.

We track our progress in the Ethics and Compliance space through ongoing assessments of our internal programs and through our Ethics and Compliance Survey, as well as through dedicated questions included in our annual Employee Engagement Survey, and we are pleased to share that our Company was once again recognized in 2025 as one of the World’s Most Ethical Companies by Ethisphere, a global leader in business ethics.

In conjunction with our basic belief, Thrive Together , we continue to advance on our three business imperatives that have guided our work for many years:

• To foster a safe, welcoming, and respectful workplace consistent with Our Commitment to Each Other and our Basic Beliefs ;

• To cultivate and develop a workforce that reflects the consumers we serve and the communities in which we live and work;

• To drive business growth while also helping our Company’s constituents thrive.

Our Thrive Together basic belief is authentic to who we are and consists of five pillars:

(1) community, (2) career, (3) health and wellness, (4) financial, and (5) family – each meant to support our employees’ varied interests and needs.

We believe having a culture that supports all employees allows us to attract and retain talented professionals with unique skills, thoughts, and experiences across our business while helping them cultivate deeper connections at work, home, and in our communities.

In support of our business imperatives, we have made important progress on our commitment to create an environment where our employees are supported, differences are truly celebrated, and individuality is appreciated.

We have established employee resource groups, which are employee-led groups that represent a unique community and welcome all employees to join as either a member or ally.

Supporting the communities where we live and work has been a Company priority since our inception and is aligned with our basic belief, Be Kind .

Through our many partnerships, we are able to understand the needs and support required within our local communities and leverage these relationships to make the connections necessary to offer this critical assistance.

This past year we donated more than $10 million to over 100 philanthropic partners, including local food banks, the American Red Cross ® , United Way ® , and Feeding America ® .

Along with our long-term national partnerships, we also have dedicated programming to support the unique needs of those in our communities.

Examples include our consistent support of local food banks;

expanding our work with Akron Children’s Hospital through the launch of the Smucker’s Berry Good Reading Program to encourage adolescent literacy;

volunteerism, corporate donations, and employee engagement to aid the National Alliance on Mental Illness, the largest grassroots mental health organization dedicated to building better lives for Americans battling mental illness;

and our brand engagements, such as Milk-Bone which provides funding for Canine Assistants, an organization dedicated to placing service dogs with people who need them most.

We are fortunate to have the expertise and passion of talented employees who help us deliver high-quality products to our customers and consumers across North America and who share our commitment to ensure that people, pets, and communities where we live and work have access to the support and essential resources they need.

We believe it is important to celebrate their contributions, including recognizing organizations about which they are especially passionate.

One way we do this is through our Company Matching Gift Program, which gives employees the opportunity to donate to partner charities and have their donation matched by the Company, dollar-for-dollar, from a minimum of $5 up to a maximum of $2,500 per calendar year per employee.

Furthermore, the Company Matching Gift Program credits our employees’ Smucker Giving accounts for each hour of volunteering done for a non-profit charity, and these funds can be donated to an approved charity of the employee’s choice.

In addition, this past year we coordinated an initiative to evaluate our local market relationships to create more opportunities for us to connect in meaningful and impactful ways.

As part of this work, we increased funding from our operational sites to organizations in the communities where we live and work, making a difference for our families, friends, and neighbors.

We strive to foster an environment of growth and continuous learning for our people with a focus on our basic belief, Play to Win .

We support and challenge our employees to increase their knowledge, skills, and capabilities through all phases of their career.

We believe that we offer one of the best cultures in the food industry, along with numerous learning and development opportunities, to support a long and prosperous career.

We believe that we offer one of the best cultures in the food industry.

As part of our work to retain this unique culture, we offer numerous learning and development opportunities to support a long and prosperous career for our employees.

Our Employee Development programs offer foundational instruction on Company culture and provide employees additional learning opportunities throughout their careers to help them reach their full potential.

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This means promoting resonant leadership and the practice of emotional intelligence and mindfulness, so our people managers have the knowledge and tools to support the unique needs of each employee.

Our total rewards program also includes tuition assistance.

Fostering an environment for growth and continuous learning for our employees is an important priority of our Company.

However, our commitment to education also includes our communities as evidenced by our partnerships with organizations passionate about improving access to quality education.

We have partnered with Akron Children’s Hospital to launch the Berry Good Reading Program, which provides books to children during annual well visits.

We also continue to support our long-time partners including the Boys & Girls Clubs of America ® and Junior Achievement USA ® , among others, which offer

programming focused on childhood growth and development.

Finally, in partnership with the Hispanic Association of Colleges and Universities (“HACU”), our Café Bustelo brand continues to sponsor the El Café del Futuro Scholarship, a program that invests in the Latino community by awarding scholarships to college students at HACU-member institutions seeking a better future for themselves, their families, and their communities.

To date, $800,000 in college funds have been awarded to 160 HACU Latino students nationwide.

Compensation and Benefits:

We have partnered with Akron Children’s Hospital to launch the Smucker's Berry Good Reading Program, which provides books to children during annual well visits.

We also continue to support our long-time partners including the Boys & Girls Clubs of America ® and Junior Achievement USA ® , among others, which offer programming focused on childhood growth and development.

Health and Wellness:

Maintaining a safe and healthy workplace is among our top priorities and is aligned with our basic belief, Do the Right Thing .

We are diligent in ensuring workforce health and safety through education and training which is provided at all locations.

The teams document the results and determine corrective actions to ensure we hold ourselves accountable for providing a safe work environment.

During 2025, we achieved a total recordable incident rate that is less than half of the national average for our industry peers as a result of these efforts.

As part of our focus on well-being, we emphasize the need for our employees to embrace healthy lifestyles.

We also offer onsite conveniences, such as health and wellness centers at several of our locations and a Child Development Center at our corporate headquarters in Orrville, Ohio.

In addition, we provide our employees with paid time off to renew and programs to promote workplace flexibility.

Further, we have continued to promote the importance of self-care and the availability of mental health resources to our employees.

In recognition of the need for mental health resources across society, we have partnered with the National Alliance on Mental Health to provide support for our employees and communities.

Their mental health services and self-care programs benefit our employees by raising awareness and providing additional support and education for mental health.

Additionally, we partner with The Village Network on their Early Childhood Mental Health initiatives.

This commitment provides access to important mental health and educational services for families and their children from birth to age five and is provided by Therapeutic Childcare Centers.

In support of our basic beliefs, Be Kind and Play to Win , we believe in paying for performance and compensating our employees at market competitive rates and utilizing performance-based awards to support the overall well-being of our employees.

Additionally, we employ an incentive program for eligible participants to reward both shared Company results and strong individual performance.

Our Total Rewards program offers competitive, comprehensive benefits to meet the unique needs of each employee at each life stage, including insurance coverage options for domestic partners in addition to married couples, and a retirement savings program with a Company match.

Our rewards program also addresses the holistic needs of our employees by supporting their physical well-being, providing tools and resources to help them actively take responsibility, share in the cost, and make the best decisions regarding their personal well-being.

These programs provide resources that respond to their changing needs throughout their careers, including access to our Child Development Center, tuition assistance, pet insurance, paid bereavement leave, and expanded parental leave for both parents.

Additionally, our approach to paid time off is competitive with our industry peers, which includes at least three weeks of paid time off (and increases based on an employee’s tenure), 12 paid Company holidays per calendar year, including a floating holiday, which can be used at the employee’s discretion to observe and celebrate occasions that align with their personal interests and beliefs, 12 weeks of parental leave, in addition to short-term disability available to birth mothers, and pet bereavement leave.

Our Total Rewards benefits package includes advocacy resources to help LGBTQ+ employees navigate obstacles and identify LGBTQ+ knowledgeable providers.

In addition, our family-building benefits support the desire for all aspiring parents to build their family through enhanced fertility benefits through a third-party partner, as well as enhanced adoption and surrogacy financial support.

Our Total Rewards program offers competitive, comprehensive benefits to meet the

unique needs of each employee at each life stage, including insurance coverage options for domestic partners in addition to married couples, a retirement savings program with a Company match, access to spending accounts and educational resources, including those available from our partners, to help employees navigate their immediate financial needs and prepare for long-term financial security.

We are committed to paying our employees fairly and equitably.

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To realize this, our corporate workplace model is focused on the idea of presence with purpose.

We plan around core weeks, typically two weeks per month, where we encourage employees to be in office two to three days per week.

We plan around core weeks, where we encourage employees to be in office three days per week.

To us, true flexibility is not simply establishing a specific number of days in the office, and we have approached the development of our model based on guiding principles.

Employees have shared an appreciation for the balance, providing them the flexibility they desire with the consistent opportunity to engage with colleagues in person, which also remains important to them.

While we are pleased with the results of the working hours policy to date, we will continue to evaluate it.

Community and Social Impact:

Supporting the communities where we live and work has been a Company priority since our inception and is aligned with our basic belief, Be Kind .

With our partners, including the American Red Cross ® , United Way ® , Feeding America ® , and Habitat for Humanity ® , we have helped support disaster relief efforts with product and financial donations.

Specifically, through the Feeding America ® , Greater Good Charities ® – Rescue Bank, American Red Cross ® , and United Way ® , we have donated more than $1.5 million to support the communities where we live and work.

We have supported the LeBron James Family Foundation, and its work with the I PROMISE School, including helping supply the school’s onsite food pantry, donating funds to the school’s library, and the development of the I PROMISE School’s Smucker Hometown Hall.

In addition to our work to support those in the communities where we live and work, we believe it is important that we help facilitate business success globally and are proud that our employees share in this belief.

Through our relationship with Partners in Food Solutions and TechnoServe ® , we have opened up skills-based employee volunteer opportunities to our workforce, allowing our people to share their talents and expertise with companies that work to help provide a secure and consistent food supply for families in Africa.

We believe it is important to celebrate their contributions, including recognizing organizations about which they are especially passionate.

In addition, each year we offer employees the opportunity to nominate the organizations most important to them to be added to the program.

Employees have shared an appreciation of the balance this model provides, allowing them the flexibility they desire with the consistent opportunity to engage with colleagues in person, which also remains important to them.

While we are pleased with the results of the working hours policy to date, we will continue to evaluate and adjust, if needed.

Our approach to paid time off is competitive with our industry peers, which includes at least three weeks of paid time off (and increases based on an employee’s tenure), 12 paid Company holidays per calendar year, including a floating holiday, which can be used at the employee’s discretion to observe and celebrate occasions that align with their personal interests and beliefs, 12 weeks of parental leave, in addition to short-term disability available to birth mothers, and pet bereavement leave.

These programs provide resources that respond to their changing needs throughout their careers, including access to our Child Development Center, pet insurance, paid bereavement leave, and expanded parental leave for both parents.

Additional information regarding our human capital management is available in our 2024 Corporate Impact Report that can be found on our website at investors.jmsmucker.com/overview/default.aspx.

Information on our website, including our 2024 Corporate Impact Report, is not incorporated by reference into this Annual Report on Form 10-K.

Information about our Executive Officers:

3 unchanged sentences

Company Position Served as

Mark Smucker 54 26 Chair of the Board, President, and Chief Executive Officer (A)

John Brase 56 4 Chief Operating Officer (B)

Mark Smucker 55 27 Chief Executive Officer and Chair of the Board (A)

John Brase 57 5 President and Chief Operating Officer (B)

Jeannette Knudsen 55 22 Chief Legal Officer and Secretary (C)

1 unchanged sentence

Jill Penrose 52 21 Chief People and Corporate Services Officer (E)

Mark Smucker was elected to his present position in August 2022, having previously served as President and Chief Executive Officer since May 2016.

Brase was elected to his present position in April 2020, having previously served at The Procter & Gamble Company (“P&G”) for 30 years.

Mark Smucker was elected to his present position in April 2025, having previously served as Chair of the Board, President, and Chief Executive Officer since August 2022.

Prior to that time, he served as President and Chief Executive Officer since May 2016.

Brase was elected to his present position in April 2025, having previously served as Chief Operating Officer since April 2020.

Prior to the time, he served at The Procter & Gamble Company (“P&G”) for 30 years.

He was the Vice President and General Manager of P&G’s North American Family Care business from April 2016 through March 2020.

8 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