What changed in this filing

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Item 1. Business

2026-06-09 compared with 2025-06-18 · 95 added, 124 removed, 184 unchanged (54% 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.

We have four reportable segments:

We have five reportable segments:

Retail Coffee, U.S.

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Retail Pet Foods (the “U.S.

retail market segments”), and Sweet Baked Snacks.

These segments in total comprised 86 percent of consolidated net sales in 2025 and represent a major portion of our strategic focus – the sale of branded food and beverage products with leadership positions to consumers through retail outlets in North America.

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.

Retail reportable segments”), Sweet Baked Snacks, and Away From Home.

During the fourth quarter of 2026, the Away From Home operating segment met the reportable segment criteria under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 280.

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

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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.

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 reportable 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.

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 reportable segment.

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

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The transaction included Bick’s ® pickles, Habitant ® pickled beets, Woodman’s ® horseradish, and McLarens ® pickled onions brands, inclusive of certain trademarks.

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.

Under our ownership, these brands generated net sales of $43.8 in 2024, which was included in the International operating segment.

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

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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.

Under our ownership, the Sahale Snacks brand generated net sales of $24.1 and $48.4 in 2024 and 2023, respectively, primarily included in the U.S.

Retail Frozen Handheld and Spreads segment.

On April 28, 2023, we sold certain pet food brands to Post Holdings, Inc.

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 in 2023, primarily included in the U.S.

Retail Pet Foods segment.

Under our ownership, the Sahale Snacks brand generated net sales of $24.1 in 2024, primarily included in the U.S.

Retail Frozen Handheld and Spreads reportable segment.

For additional information on the acquisition and divestitures, see Note 2:

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Principal Products:

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.

In 2026, our principal products were coffee, frozen handheld products, sweet baked goods, pet snacks, peanut butter, cat food, fruit spreads, portion control products, toppings and syrups, and baking mixes and ingredients.

Product sales information for the years 2026, 2025, and 2024 is included within Note 5:

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Products within our U.S.

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, 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).

Retail reportable 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 reportable segment includes products distributed across all channels, both domestically and in foreign countries, such as food retailers, convenience stores, discount and dollar stores, club stores, drug stores, the vending channel, military commissaries, and mass merchandisers.

The Away From Home reportable segment includes the sale of all products 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).

Sources and Availability of Raw Materials:

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

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

Green coffee, peanuts, flour, sugar, oils, 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 2026.

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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, 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.

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, political and economic conditions in the source countries, and tariffs.

We source peanuts, flour, sugar, oils, 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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Trademarks and Patents:

Many of our products are produced and sold under various patents and patents pending, and marketed under trademarks owned or licensed by us or one of our subsidiaries.

Our major trademarks as of April 30, 2025, are listed below.

Many of our products are produced and sold under various issued and pending patents and are marketed under trademarks owned or licensed by us or one of our subsidiaries.

Our principal trademarks as of April 30, 2026, are listed below.

Primary Reportable Segment Major Trademark

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Sweet Baked Snacks Hostess ®

Folgers , Smucker’s , and Uncrustables

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

Away From Home Folgers ® , Smucker’s ® , and Uncrustables ®

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.

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The Dunkin’ Licenses are in effect until January 1, 2039.

Keurig ® and K-Cup ® are trademarks of Keurig Green Mountain, Inc.

(“Keurig”), used with permission.

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.

Keurig ® and K-Cup ® are trademarks of an affiliate of Keurig Dr.

(“KDP”), 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, Meow Mix, and Hostess logos.

We own many granted and pending patents worldwide, in addition to utilizing trade secrets and other proprietary know-how, processes, and technologies that are not registered.

We consider all of our owned and licensed intellectual property, taken as a whole, to be essential to our business.

retail market segments do not experience significant seasonality, as demand for our products is generally consistent throughout the year.

However, the Sweet Baked Snacks segment does experience moderate seasonality, with declines during the early winter period due to the holiday season.

Retail and Away From Home reportable segments do not experience significant seasonality, as demand for our products is generally consistent throughout the year.

However, the Sweet Baked Snacks reportable segment does experience moderate seasonality, with declines during the early winter period due to the holiday season.

Sales to Walmart Inc.

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

and subsidiaries, including Sam’s Club, amounted to 34 percent of net sales in 2026 and 33 percent of net sales in both 2025 and 2024.

These sales are primarily included in our U.S.

retail market segments.

Retail reportable segments.

No other customer exceeded 10 percent of net sales for any year.

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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 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 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.

Retail and Sweet Baked Snacks reportable segments, private label held a 14.0 dollar average market share during the 52 weeks ended April 19, 2026, 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.

For the Away From Home reportable segment, private label held a 22.2 dollar average market share during 2026, for the categories in which we compete, as compared to a 22.9 dollar average market share during 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.

We closely monitor the price gap, or price premium, between our brands and private label brands, with the view that value is about more than price and the expectation that number one brands will continue to be an integral part of consumers’ shopping baskets.

Our primary brands and major competitors as of April 30, 2025, are listed below.

Our principal brands and competitors as of April 30, 2026, are listed below.

Our Primary Products Our Primary Brands Competing Brands Competitors

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Mainstream roast and ground coffee Folgers (A) and Café Bustelo

Private label brands Various

Maxwell House and Yuban

The Kraft Heinz Company

Private label brands Various

McCafé Keurig Dr.

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Gaviña & Sons, Inc.

Single serve coffee – K-Cup ®

Dunkin’ , Folgers , and Café Bustelo

Single serve coffee Dunkin’ , Folgers , and Café Bustelo

Starbucks and Nespresso Nestlé S.A.

Green Mountain Coffee (A) , Donut Shop , McCaf é, and Peet’s Coffee & Tea

Private label brands Various

Green Mountain Coffee (A) , Donut Shop , and McCaf é

Starbucks Nestlé S.A.

Peet’s Coffee & Tea JDE Peet’s N.V.

Maxwell House and Gevalia

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Private label brands Various

Peet’s Coffee & Tea JDE Peet’s N.V.

Eight O’Clock Tata Global Beverages Limited

Community Coffee Community Coffee Company

Gevalia The Kraft Heinz Company

Peet’s Coffee & Tea Keurig Dr.

Retail Frozen Handheld and Spreads

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Bonne Maman Andros Foods USA, Inc.

Frozen sandwiches and snacks Smucker’s Uncrustables Hot Pockets (A)

Frozen sandwiches and snacks Uncrustables Hot Pockets (A)

Totino’s General Mills, Inc.

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Mars, Incorporated

Pet snacks Milk-Bone (A) , Pup-Peroni , and Canine Carry Outs

Pet snacks Milk-Bone (A) , Pup-Peroni , Canine Carry Outs, and Meow Mix

Beggin’ Strips Nestlé Purina PetCare Company

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McKee Foods Corporation

Bon Appetit Bon Appetit Danish, Inc.

Entenmann’s Grupo Bimbo, S.A.

Private label brands Various, Flower Foods, Inc.

International and Away From Home

Away From Home

Foodservice hot beverage Folgers , 1850 ® , and Café Bustelo

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Private label brands Various

Nescafé Société des Produits Nestlé S.A.

Nescafé Nestlé S.A.

Foodservice portion control Smucker’s and Jif

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The Kraft Heinz Company

Foodservice frozen handheld Smucker’s Uncrustables Hot Off the Grill Integrated Food Service

Foodservice frozen handheld Uncrustables Hot Off the Grill Integrated Food Service

Classic Delight Classic Delight Inc.

Canada coffee Folgers Tim Hortons (A)

Restaurant Brands International Inc.

Maxwell House The Kraft Heinz Company

Private label brands Various

Canada flour Robin Hood ® (A) and Five Roses ®

Private label brands Various

(A) Identifies the current market leader within the product category.

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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 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.

We rely on legal and operational compliance programs, including in-house and outside counsel, to guide our business in complying with applicable laws and regulations of the countries in which we do business.

We believe we are in compliance with such laws and regulations and do not expect continued compliance to have a material impact on our capital expenditures, earnings, or competitive position in 2026.

We believe we are in compliance with such laws and regulations in all material respects and do not expect continued compliance with current laws and regulations to have a material impact on our capital expenditures, earnings, or competitive position in 2027.

Environmental Matters:

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.

In support of our commitment to environmental sustainability, we have implemented and manage a variety of programs across our operations, including energy optimization, utilization of renewable energy, water conservation, recycling, and, in our supply chains, we support projects that increase sustainable practices.

We continue to evaluate and modify our processes to further limit our impact on the environment.

Compliance with environmental laws and regulations, including those related to climate and packaging, and the advancement of environmental sustainability is important to us.

We have established public goals related to waste diversion, water and energy use, greenhouse gas emissions, responsible sourcing, and sustainable packaging, and we implement programs across our operations and supply chain intended to support more sustainable practices and regulatory compliance.

These efforts include initiatives related to energy optimization, renewable electricity utilization, water conservation, and recycling.

We continue to evaluate and refine our processes to manage environmental impacts and associated costs.

The scope, timing, and effectiveness of these efforts may depend on factors outside of our control, including supplier participation, technology availability, regulatory developments, and evolving measurement methodologies and data quality.

Human Capital Management:

Our values and principles are rooted in our Basic Beliefs to Be Bold , Be Kind , Do the Right Thing , Play to Win , and Thrive Together , which serve as the foundation for everything we do as an organization and are clear, concise, and actionable to help our employees continue to bring our unique culture to life, as our employees are among our most important resources.

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

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.

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 priorities for the upcoming fiscal year.

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 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”).

To hold ourselves accountable, we conduct an Employee Engagement Survey to provide an opportunity for open and confidential feedback from our employees and to help guide our priorities.

Additionally, we conduct pulse surveys 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 is needed.

These surveys are supplemented by regular Company Town Halls, which seek to align all employees with our priorities and help foster transparency.

Employees can anonymously report potential 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 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 further support our commitment to ethics and our Do the Right Thing basic belief, 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 Ethics and Compliance progress through ongoing assessments of our internal programs and through our Ethics and Compliance Survey.

We are pleased to share that our Company was recognized in 2026 as one of the World’s Most Ethical Companies by Ethisphere, a global leader in business ethics, for a third consecutive year.

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

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

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(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.

We believe having a culture that supports all employees allows us to attract and retain talented professionals with unique skills, perspectives, 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 .

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

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 ® .

This past year we donated more than $9 million to key partners, including American Red Cross ® , Feeding America ® , Greater Good Charities, Military Family Advisory Network, Canine Assistants, and the Akron Canton Regional Foodbank.

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;

Examples include our consistent support of local food banks, including our donation of an approximately 19,000 square foot building and over 30 acres of land to the Akron Canton Regional Foodbank;

our work with Akron Children’s Hospital through the Smucker’s Berry Good Reading Program to encourage childhood literacy;

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.

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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.

In addition, we continued to coordinate initiatives 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 strive to foster an environment of growth and continuous learning for our people with a focus on our Play to Win basic belief.

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.

We are proud to have a truly unique culture that we believe is a distinct competitive advantage in our 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.

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Building a career at our Company is fundamental to who we are and is evidenced by our Executive Leadership Team, where 5 of 6 members were promoted from within, and our trailing 12-month turnover remains below the industry average.

While the current labor market presents significant challenges for employers, we have made differential investments in our talent acquisition tools and programs to help us continue to attract the right candidates.

In addition, we are committed to providing the tools and resources our employees need to learn, develop, and grow with us, including virtual sessions.

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We dedicate time to developing and coaching our people managers to provide support to our employees holistically.

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.

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.

Cultivating 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 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.

We continue to partner with Akron Children’s Hospital in support of 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 ® , 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 .

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

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

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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.

During 2026, we achieved a total recordable incident rate that is less than half of the national average for our industry peers.

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

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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.

In support of our Be Kind and Play to Win basic beliefs, 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, 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.

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.

To that end, we conduct a pay equity analysis each year and, with the support of our Compensation and People Committee, make necessary adjustments to make sure that similarly situated employees are paid equitably.

Lastly, we have an established working hours policy to clarify shared expectations but continue to review the professional environment to determine how to effectively manage it.

As we looked at how to address the evolving workplace at our Company, it was important to us to deliver on our employees’ needs and expectations while enabling collaboration and supporting continued productivity to deliver our business objectives.

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

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 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.

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.

To that end, we conduct a pay equity analysis each year and, with the support of the Compensation and People Committee of the Board of Directors (the “Board”), make necessary adjustments to ensure that similarly situated employees are paid equitably.

Our approach to paid time off is competitive with our industry peers.

It includes at least three weeks of paid time off (which increases based on an employee’s tenure), 12 paid Company holidays per calendar year, including a floating holiday that can be used at the employee’s discretion to observe occasions aligned with their personal interests and beliefs, 12 weeks of parental leave, and pet bereavement leave.

Short-term disability is also available to birth mothers.

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

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, pet insurance, paid bereavement leave, and expanded parental leave for both parents.

Additional information regarding our human capital management is available in our 2025 Corporate Impact Report that can be found on our website at investors.jmsmucker.com/overview/default.aspx.

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Company Position Served as

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

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

Mark Smucker 56 28 Chief Executive Officer, President and Chair of the Board (A)

Robert Ferguson 52 18 Chief Product Supply Officer | Executive Vice President, Coffee, Pet, and Away From Home (B)

Jeannette Knudsen 56 23 Chief Legal Officer and Secretary (C)

Tucker Marshall 49 13 Chief Financial Officer (D)

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

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.

Tucker Marshall 50 14 Chief Financial Officer | Executive Vice President, Frozen Handheld and Spreads and Sweet Baked Snacks (D)

Jill Penrose 53 22 Chief People and Administrative Officer | Chief of Staff (E)

Katherine Williams 52 — Chief Marketing Officer (F)

Smucker was elected to his present position in February 2026, having previously served as Chief Executive Officer and Chair of the Board since April 2025.

Prior to that time, he served as President and Chief Executive Officer since May 2016 and assumed the additional role of Chair of the Board in August 2022.

Ferguson was elected to his present position in February 2026, having previously served as Senior Vice President and General Manager, Coffee and Procurement since November 2023.

Prior to that time, he served as Senior Vice President and General Manager, Pet Food and Pet Snacks since June 2020.

Knudsen was elected to her present position in September 2022, having served as Chief Legal and Compliance Officer and Secretary since November 2019.

Prior to that time, she served as Senior Vice President, General Counsel and Secretary since May 2016.

Marshall was elected to his present position in May 2020, having served as Senior Vice President and Deputy Chief Financial Officer since November 2019.

Prior to that time, he served as Vice President, Finance since May 2016.

Penrose was elected to her present position in March 2023, having served as Chief People and Administrative Officer since November 2019.

Prior to that time, she served as Senior Vice President, Human Resources and Corporate Communications since May 2016.

Marshall was elected to his present position in February 2026, having served as Chief Financial Officer since May 2020.

Penrose was elected to her present position in February 2026, having served as Chief People and Company Services Officer since March 2023.

Prior to that time, she served as Chief People and Administrative Officer since November 2019.

Williams was elected to her present position in February 2026, having previously served as Chief Marketing Officer, US of Haleon plc since July 2022.

Prior to that time, she served as Chief Marketing Officer, US of GSK plc since November 2020.

Available Information:

1 unchanged sentence

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