Cal-Maine Foods (CALM) 8-K Regulation FD Disclosure

StephensAnnualInvestment ConferenceDecember2,2021DolphBaker,ChiefExecutiveOfficerShermanMiller,PresidentandChiefOperationsOfficerMaxBowman,Chief FinancialOfficerPublicGrowth25YearsIPO1996ANDSERVICE

Forward

looking

statements

and

use

non

GAAP

financial

measures

Forward‐Looking

and

Cautionary

Statements

This

presentation

contains

“forward‐looking

statements”

relating

among

other

things,

our

shell

egg

business,

including

estimated

future

producti

on

data,

expected

construction

schedules,

projected

construction

costs,

potential

future

supply

and

demand

for

our

products,

potential

future

corn

and

soybean

price

trends,

potential

future

impact

our

business

of

the

novel

coronavirus

(“COVID‐19”)

pandemic,

potential

future

impact

on

our

business

of

new

legislation,

rules

or

policies,

potential

outcomes

of

legal

proceedings,

and

projected

operating

data,

results

of

operations

and

financial

condition.

Such

forward‐looking

statements

are

identified

the

use

of

words

such

as

“believes,”

“intends,”

“expects,”

“hopes,”

“may,”

“should,”

“plans,”

“projected,”

“contemplates,”

“anticipates,”

or

similar

words

and

are

subject

to

the

safe

harbor

created

by

the

Private

Securities

Lit

igation

Reform

Act

1995.

Actual

results

could

differ

materially

from

those

projected

the

forward‐looking

statements.

The

forward‐looking

statements

are

based

on

management’s

current

intent,

belief,

expectations,

estimates,

and

projections

regarding

us

and

our

industry.

These

statements

are

not

guarantees

of

future

performance

and

involve

risks,

uncertainties,

assumptions,

and

other

factors

that

are

difficult

predict

and

may

be

beyond

our

control.

The

factors

that

could

cause

actual

results

differ

materially

from

those

projected

the

forward‐looking

statements

include,

among

others,

the

risk

factors

set

forth

in

our

reports

we

file

from

time

to

time

with

the

SEC

(including

our

Annual

Report

on

Form

10‐K,

our

Quarterly

Reports

on

Forms

10‐Q

and

our

Current

Reports

Forms

8‐K),

(ii)

the

risks

and

hazards

inherent

in

the

shell

egg

business

(including

disease,

pests,

weather

conditions,

and

potential

for

product

recall),

(iii)

changes

the

demand

for

and

marke

prices

of

shell

eggs

and

feed

costs,

(iv)

our

ability

predict

and

meet

demand

for

cage‐free

and

other

specialty

eggs,

(v)

risks,

changes,

obligations

that

could

result

from

our

future

acquisition

of

new

flocks

businesses

and

risks

or

changes

that

may

cause

conditions

to

completing

pending

acquisition

not

be

met,

(vi)

risks

relating

the

evolving

COVID‐19

pandemic,

including

without

limitation

increased

costs

and

growing

inflationary

rates

and

(vii)

adverse

results

pending

igation

mat

ters.

You

are

cautioned

not

to

place

undue

reliance

on

forward‐looking

statements

because,

while

we

believe

that

the

assumptions

on

which

the

forward‐looking

statements

are

based

are

reasonable,

there

can

be

no

assurance

these

forward‐looking

statements

will

prove

to

be

accurate.

Further,

the

forward‐looking

statements

included

herein

are

only

made

as

the

respective

dates

thereof,

no

date

is

stated,

as

the

date

hereof.

Except

otherwise

required

by

law,

we

disclaim

any

intent

or

obligation

to

publicly

update

these

forward‐looking

statements,

whether

as

result

of

new

information,

future

events

or

otherwise.

Notice

Regarding

Non‐GAAP

Financial

Measures

addition

U.S.

GAAP

financial

measures,

this

presentation

contains

and

may

refer

to

certain

non‐GAAP

financial

measures.

These

non‐GAAP

financial

measures

are

addition

to,

not

a

substitute

for

superior

to,

measures

of

financial

performance

prepared

in

accordance

with

GAAP.

These

non‐GAAP

financial

measures

should

not

be

considered

replacements

for,

and

should

be

read

together

with,

the

most

comparable

GAAP

financial

measures.

Reconciliations

to

the

most

directly

comparable

GAAP

financial

measures

and

statements

of

why

management

elieves

these

measures

are

useful

investors

are

included

herein

the

reconciliation

not

presented

on

the

page

which

the

measure

is

published.

Cal‐Maine

Foods’

snapshot

Egg

market

scale

#1

shell

egg

producer

and

distributor

in

U.S.

leading

peers

key

metrics(1)

~19% retail

egg market

share(2)

23

integrations

since

1989

~11.9%

share

of

U.S

table

egg layer

flock(3)

3,286

colleagues(4)

Financial

highlights

FY

2021

$1.3

bn

sales

1.1

billion

egg

dozens

sold

~28

thousand

acres

owned

$49.7

mm

EBITDA(6)

64

million

lbs.

(7)

egg

products

sold

~0x

(8)

leverage

Our

operating

reach

(5)

Attractive

market

presence

southern

U.S

Egg

Land’s

Best™

specialty

franchise

in

NYC,

LA

and

other

major

metro

areas

CALM

Operation

Eggland’s

Best

Exclusive

Franchise

Territory

Presentation

citations

are

available

in

the

Appendix.

Select

items

in

this

presentation

may

have

been

updated

post

first

production

and

are

available

in

the

presentation

posted

on

the

Cal

Maine

Foods

website.

Category

sales

(9)

57%

40%

3%

Conventional

Specialty

Egg

products

and

other

Channel

sales

(1)

90%

7%

3%

Retail

Foodservice

Egg

products

Key

management

focus

areas

Focus

on

food

choice

offerings

Augment value

drivers

3

Position

for

future

growth

Cultivate

portfolio

of

high

quality,

food

choice

offerings

that

meet

heightened

need

for

affordable

and

nutritious

protein

Drive

shell

egg

mix

shift

premium

categories,

including

organic,

nutritionally

enhanced,

cage

free,

pasture

-

raised

and

free

range

eggs;

scale

convenience

ready

eat

and

liquid

offerings

Leverage

leading

position

as

scaled

producer

and

distributor

eggs

and

egg

products

to

harness

key

production

and

expense

efficiencies

amidst

inflationary

headwinds

Continue

providing

excellent

service

and

capabilities

retail

and

food

service

customers

Focus

improving

our

financial

results

in

a

commodity

like,

cyclical

operating

environment

Maintain

ability

to

pursue

attractive

and

opportunistic

acquisitions

with

flexibl

e

access

to

capital

Selectively

platform

infrastructure

toward

cage

free

and

other

specialty

production,

including

nutritionally

enhanced,

pasture

raised

and

free

range

eggs

Enhance

sustainability

efforts;

key

focus

includes

human

capital,

food

safety,

animal

welfare

and

continued

commitment

to

strong

corporate

governance

Paced

investments

in

existing

and

bolt

on

capabilities

that

support

expanded

product

offerings,

including

premium

shell

eggs

and

portable

convenience

foods

Focus

on

capital

allocation

optimization

that

supports

reinvestment

the

business

Position

food

portfolio

to

meet

nutrition

imperatives

Focus

food

choice

offerings

Global

trajectories to

2050

Larger

population

9.3

billion

people

(1)

Larger

food

need

60%

more

food

required

(1)

Larger

calorie

gap

2006

2050

69%

calorie

gap

(2)

Rising

public

health

needs

Better

health Eggs

supply

“key

nutrients”

that

support

infant

brain

development

in

first

two

years

of

life(3)

Better

nourishment Eggs

“uniquely

positione

d”(4)

to

support

UN

goals

of

zero

hunger

and

good

health

and

well

being(5)

Better

calories Eggs

“gold

standard”

for

protein;

each

large

egg

delivers

daily

serving(6)

Call

to

action:

feed

people

We

will

continue

to

Uphold

our

mission

serve

as

the

most

sustainable

producer

and

reliable

supplier

of

consistent

high

quality,

fresh

eggs

and

egg

products

the

United

States

Support

socially

beneficial

product

portfolio

in

alignment

with

our

belief

that:

“Access

to

nutritious

and

affordable

food

fundamental

human

right.”(7)

Drive

favorable

food

portfolio

mix

while

meeting

customer

needs

Focus

on

food

choice

offerings

Continue

driving

shell

egg

mix

shift(1)

FY

shell

egg

volumes

(million

dozens

sold)

1,039

24%

76%

2019

1,073

27%

73%

2021

Conventional

Specialty

Steady

increase

in

specialty

shell

egg

sales

volume

since

FY

2019(2)

Aligned

shell

egg

mix

with

evolving

consumer

preference,

current

and

expected

state

mandates

Conventional

and

specialty

egg

contribution

to

FY

net

shell

egg

sales

&

net

average

selling

price

(NASP)

Enterprise

NASP

$1.265

61.6%

$1.041

$1.933

38.4%

2019

Enterprise

NASP

$1.217

58.7%

$0.976

$1.876

41.3%

2021

Conventional

egg

revenue

Specialty

egg

revenue

Conventional

NASP

Specialty

NASP

Shell

egg

prices

experienced

headwinds

given

oversupply

Continue

to

drive

premium

product

mix

shift

net

sale

contributions

Expand

specialty

capabilities,

including

free

range

and

pasture

raised(3)

Service

differentiating

market

(4)

Despite

mix

shift,

conventional

eggs

maintain

leading

market

share

(%)

4%

11%

7%

78%

2019

~5%

mix

shift

5%

13%

8%

73%

2021

Conventional

Cage

free

and

organic

Nutritionally

enhanced

Free

range

and

pasture

raised

Despite

continued

mix

shift,

conventional

egg

maintains

core

retail

market

position

CALM

aligns

production

and

offerings

to

meet

our

retail

customers’

needs

for

these

core

products

Conventional

eggs

comprise

~73%

U.S.

retail

market

Scale

portable

protein

offerings

Attractive

category

Protein

packed

Keto

-

friendly

gluten

free

Portable

snacking

Kid

friendly

Investment

fresh

and

portable

protein

positioned

for

attractive

market

Missouri

based

MeadowCreek

operation

expected

line

April 202

plan

to

self

supply

majorityofeggswithinitialfocusonhardcookedeggproducts500,0000lbs.,or 13,320 cases shell equivalent,weeklyhardcookedcapacitycomingonline,or~26millionpoundsLeverage distributionrelationshipsanddrivecategoryexpansionfromdairytodeliaisleretail;pursuegrowthincommercialfoodservices

Maintain

operating

resilience

challenging

market

Focus

on

food

choice

offerings

Monitor

flock

&

egg

supply(1)

U.S.

table

egg

average

layer

flock

and

table

egg

production

(TTM

billion

dozens

as

CY

November)

311.3

7.4

2014

298.6

7.1

2015

309.1

7.4

2016

320.8

7.8

2017

332.2

8.0

2018

337.0

8.2

2019

326.8

8.1

2020

323.1

8.1

2021

Layer

hen

average

inventory

(TTM

millions

Table

egg

production

(TTM

billion

dozens)

TTM

average

layer

hen

inventory

below

recent

years’

holiday

season

Avg.

Oct.

21

layer

inventories

increased

to

324.9

million

up

~60

bps

YOY

Avg.

Oct.

21

layer

inventories

~120

bps

below

five

-

year

average

of

328.7

million

Monitor

egg

demand

(2)

Annual

U.S.

Annual

U.S

table

egg

per

capita

disappearance,

Large

Grade

price

per

dozen

and

consumer

avg.

retail

egg

expenditure

$58

$1.42

268

2014

$63

$1.82

AI

peak

256

2015

$56

$0.86

2016

280

$55

$1.01

2017

288

$64

$1.38

2018

293

$58

$0.94

2019

287

$64

$1.12

2020

284

$1.17

2021e

288

$1.17

2022e

Per

capital

disappearance

increase

est.

~7.5%

Annual

U.S.

table

egg

per

capita

disappearance

Grade

A

large

egg

dozen

price

Retail

egg

spend

U.S.

shell

egg

production

disappearance

per

capita

estimated

increase

~7.5%

CY

2014

2022

Bellwether

Grade

New

York

large

conventional

price

per

dozen

estimate

relatively

flat

projected

for

CY

$1.17

Drive

self

produced

volumes

Favorable

self

produced

shell

egg

expense

profile

dozen

sold

$1.01

24%

32%

44%

Self

-

produced

$1.22

Purchased

Feed

Other

Processing,

packaging

and

warehouse

Steady

increase

self

produced

volumes

91%,

up

from

84%

FY

17

Feed

expense

primary

driver

of

self

production

cost

Other

production

expense

includes

facility,

amortization

and

outlays

tied

flock

health

and

biosecurity

Leverage

production

capabilities

capture

efficiencies

Focus

on

food

choice

offerings

Manage

cost

of

sales(1)

Cost

sales

millions

&

YoY

%

change

$1,138

2.5%

21.9%

19.6^

55.9%

2019

$1.172

2.2%

19.8%

20.0%

57.8%

2020

$1,118

2.4%

14.9%

21.0%

61.5%

2021

3.0%

1.4%

Egg

products

and

other

Egg

purchases

and

other

(including

change

inventory)

Processing,

packaging,

and

warehouse

Farm

product

Modest

cost

of

sales

increases

given

input

headwinds

Cost

of

sales

driven

by

farm

production

expense

Largely

feed

ingredients,

facility

amortization

Other

expense

drivers

include

cartons

and

other

packaging,

labor

and

warehousing

Embed

supply

chain

resilience

(2)

FY

21

top

twenty

vendor

expense

46.2%

17.5%

16.8%

8.1%

4.0%

3.4%

4.1%

Feed

ingredients

Egg

purchases

Egg

cartons

and

packaging

Franchise

and

marketing

Housing

and

equipment

Poultry

stock

Labor

Dual

and

multi

sourcing

practices

for

key

inputs,

including

feed

ingredients,

egg

cartons

and

packaging

Minimizing

reliance

on

outside

egg

purchases

FY

22

with

acquisition

of

remaining

interest

in

Red

River

Valley

Egg

Farm(3)

Opportunistic

on

feed

expense

Monthly

avg.

commodity

prices

observed

on

CBOT

Corn

/

bushel

7.50

7.00

6.50

6.00

5.50

5.00

4.50

4.00

3.50

3.00

2.50

Observed

feed

prices

have

moderated

off

highs

$442.93

$6.76

$5.71

$353.12

Nov

19

Mar

20

Jul

20

Nov

-

20

Mar

21

Jul

-

21

Nov

21

500

450

400

350

300

250

200

Corn

px

Soybean

meal

px

Soybean

/

ton

Recent

high

feed

input

volatility,

which

may

modulate

FY

2022(4)

Continue

purchase

feed

market

levels;

leverage

storage

facilities

post

harvest

where

appropriate;

capture

relatively

attractive

basis

Capabilities

include

significant

grain

storage

capacity

and

ability

execute

the

mar

ket(5)

Monitor

feed

sensitivity

(6)

Bushel

corn

Ton

of

soybean

meal

in

feed

ingredient

per

dozen

impact

$0.29

$27.50

$0.01

$0.01

Remained

focused

on

monitoring

feed

ingredients’

prici

exposure

Stay

close

to

market

with

purchases;

no

feed

ingredients’

hedging

Our

analysis

flexes

feed

ingredients’

price

change

impact

on

per

dozen

shell

egg

farm

production

costs

Continue

to

access

markets

opportunistically

Continued

excellent

service

for

blue

chip

customer

base(1)

Augment

value

drivers

Serve

diverse

customer

base

Serve

retail,

wholesale

and

foodservice

customers

with

focus

on

augmenting

long

standing

relationships

Top

three

customers

represent

48.6%

of

revenue

No

customer

represented

more

than

29.8%

of

net

sales

Manage

top

ten

relationships

Customer

Walmart

Sam’s

Club

ALDI

7

Costco

Publix

8

Specialty

Egg(2)

Food

Lion

Kroger

Wakefern

10

S

Wholesale

Grocers

Network

serves

more

than

60,000

retail

locations

with

top

100

customers

Scale

and

reach

drives

synergies;

capabilities

include

store

door

and

distribution

center

delivery

Proximity

helps

capture

backhaul

efficiencies

rising

freight

cost

environment

Provide

choice

offerings(3)

Strive

to

serve

as

preferred

provider

choice

Conventional

white

Nutritionally

enhanced

Organic

Cage

free

Brown

Free

range

Pasture

-

raised

Liquid

egg

products

Hard

cooked

eggs

Integrate

and

upcycle

product

Table

egg

size

increases

with

layer

hen

maturity

Medium

portable

protein

food

service

after

~15

laying

weeks

Large+

popular

retail

Integrated

production

and

processing

capabilities

help

leverage

more

value

from

eggs

harvested

pre

peak

lay

phase

Ability

to

upcycle

eggs

into

hard

cooked

egg

products

helps

drive

retail

and

commercial

thr

oughput

and

category

penetration

Focus

on

improving

our

financial

results

Augment

value

drivers

Drive

net

sales

(1)

Revenue

levered

shell

egg

net

average

selling

price

(NASP)

$1,075

$1,007

2017

$1,503

$1,397

2018

$1,361

$1,265

2019

$1,352

$1,231

2020

$1,349

$1,217

2021

Strive

drive

top

line

improvements

Revenue

levered

shell

egg

net

average

selling

price

Continued

mix

shift

toward

specialty

egg

volumes

helps

mitigate

reliance

on

relatively

more

volatile

conventional

shell

egg

prices

Drive

EBITDA

growth

(2)

EBITDA

$

millions

and

%

margin

(6%)

$(62)

2017

$255

17%

2018

$128

9%

2019

$79

6%

2020

$50

4%

2021

Adjusted

EBITDA

Adjusted

EBITDA

margin

Focused

driving

EBITDA

with

top

line

improvements,

including

continued

shell

egg

sales’

mix

shift

toward

specialty

eggs

and

increased

egg

products

sales

Look

for

more

normalized

feed

ingredient

prices

support

gross

margins

along

with

continued

SG&A

management

Drive

key

indicator

excellence

Key

indicator

Select

influences

that

drive

best

class

outcomes

Rate

of

lay

Feed,

water,

ventilation,

light

and

housing

system

Feed

conversion

ratio

Genetics,

age,

feed

quality,

housing

system

Percent

of

Grade

Egg

handling

system,

layer

body

weight,

protein

rations,

lighting,

feed

intake

Flock

loss

Injury,

illness,

mortality

Dozens

per

labor

hour

Housing

system,

processing,

shipping

Focus:

long

term

profitability(3)

FY

earnings

per

diluted

common

share

$1.54

2017

$2.60

2018

$1.12

2019

$0.38

2020

$0.04

2021

Fiscal

year

earnings

per

diluted

common

share

FY18

benefited

from

reduced

flock

inventory

post

Earnings

challenged

by

lower

egg

selling

prices

and

recently,

feed

ingredient

input

pricing

Maintain

focus

on

platforming

business

for

futureprofitabilityContinuedcashdeploymentforstrategicacquisitions,specialtyeggandeggproductcapabilitiesandcontinuousimprovement

Build

on

strong

acquisition

and

integration

track

record

Augment

value

drivers

Successfully

leverage

integration

expertise

Targets

integrated

23

since

1989(1)

Acquisition

benefits

Geography

Cage

free

capability

Million

Processing

Synergy

highlights

Customer

proximity

Specialty

franchise

access

Integrated

distribution

Scalable

throughput

Successful

integration

history

informs

our

outlook

Maintain

selective deal

posture

Fragmented

industry

(2)

Top

market

players

comprise

~39%

of

layer

hen

production

61.2%

13.5%

8.4%

6.1%

6.1%

4.6%

Cal

Maine

Foods

Versova

Holdings

Daybreak

Foods

Rose

Acre

Farms

Hillandale

Farms

Other

Recent

meaningful

opportunities(3)

Cage

free

capabilities

Dec.

2020,

Guthrie,

Kentucky;

announced

$40.1

mn.

investment

in

layer

hen

and

pullet

capacity

Jun.

2021,

Red

River

Valley

Egg

Farm,

Texas;

$48.5

mn.

investment

to

acquire

remaining

interest

JV

to

augmen

layer

hen

and

pullet

capacity(4)

Oct.

21,

Okeechobee,

Florida;

announced

$23

mn.

investment

layer

hen

and

pullet

capacity

Convenience

food

October 202

1:

Missouri

based

MeadowCreek

operation

will

produce

hard

cooked

and

other

higher

value

egg

products

Distribution

and

warehousing

Plans

to

enhance

distribution

and

warehousing

capabilities

Poised

supply

transitioning

shell

egg

demand(1)

Augment

value

drivers

Cage

free

demand

drivers

Husbandry

focus

appetite

for

diverse housing

conditions

Aviary

Free

range

Pasture

raised

Consumer

social

responsibility

focus

human

and

animal

health

and

well

being

Organic

Nutritionally

enhanced

GMO

free

Legislative

actions

~27

32%

households expected

reside

in mandated

cage

free

states

in

2026(2)

Cage

free

demand

requirements

Assess

current

state

~29%

32%

flock

currently

housed

cage

free

conditions(3)

Meet

retailer

commitments

~70% flock

may

require

cage

free

housing

2026;

avg.

capital

cost

~$45

per

bird(4)

Invest

capital

~$6

billion

required

industry

investment

to

build

cage

free

capacity(5)

CALM cage

free

supply

plan

Meet

customer’s

needs

~$503

million

CALM

cumulative

commitment

to

expand

cage

free

capabilities

since

2008(6)

Align

sales

~23%

FY

21

revenue

tied

cage

-

free

gg

sales; plan

to

pace

revenue

with

cage

free

uptake(7)

Monitor

retail

category

results

Cage

free

comprises ~21%

retail

volume

mkt.

share;

~36%

share

of

retail

spend(8)

Evolving

our

strong

human

capital

focus

Position

for

future

growth

Drive

strong

safety

outcomes(1)

OSHA

safety

outcomes:

poultry

raising

industry

Total

recordable

injury

rate

(TRIR)

5.2

4.5

2019

4.9

3.5

2020

2.9

2021

CALM

TRIR

Poultry

raising

TRIR

Strong

and

steadily

improving

safety

outcomes

versus

industry

100%

hatchery,

on

farm

production,

processing,

egg

product

and

distribution

sites

maintain

Safety

and

Health

Committees

Enhance

human

rights

focus

Cal

Maine

Foods

Human

Rights

Statement

“Access

nutritious

and

affordable

food

fundamental

human

right.”

(2)

CALM

Board

of

Directors

approved

Human

Rights

Statement

2021

Highlights

include

commitment

to

offer

nourishing,

healthy

products,

freely

chosen,

attractive

employment

opportunities

and

a

supportive

work

culture

Engage

colleagues

safety

100%

operating

locations

offer

multi

lingual,

task

specific

training

COVID

safety

measures continued

adherence

CDC

guidance,

including

masking

and

sanitizing

emphasis

100%

of

operating

locations

maintain

Safety

and

Health

Committees

with

individu

al

contributor

representation

from

production,

processing,

feed

mill

and

transportation

units

along

with

senior

enterprise

leaders

Strong

culture

OSHA

aligned

safety

training

and

reporting

Offer

attractive

work

culture(3)

Health

and

wellness

plan

Retirement

plan

Insurance

Colleague

assistance

Strive

attract

and

retain

talent

with

attractive

corporate

culture

and

opportunities

Manage

through

staffing

headwinds

select

locations

Pay

competitive

market

compensation

and

benefits

where

we

operate

Tracking

at

~3%

premium

average

weekly

wage

versusindustry

Scaling

our

commitment

to

sustainability

Position

for

future

growth

Quality

Food

Choices

Our

efforts

continue

drive

strong

results

ISS

Quality

Score: product

safety,

quality

and

brand(1)

Zero product

recalls

or

market

bans

in

prior

three

fiscal

years(2)

100%

SQF(™)

certified

with

very

strong

compliance

record(3)

Environmental

stewardship

We

continue

evaluate

our

impacts

GHG

intensity relatively

favorable

animal

protein

emission

profile(4)

Land

use our

owned

farms

carefully

manage

nutrient

plans(5)

Water

use committed

to

robust

water

management

value

chain(6)

Animal

Welfare

Our

certifications

evidence

strong

welfare

commitment(7)

The

white

Leghorn,

rel

atively

high

welfare

breed,

produces

the

majority

of

our

eggs

Select

breeds

that

display

favorable

welfare

outcomes

tailored

production

style

and

housing

conditions

Water,

nutrition

and

handling

protocols

are

part

of

animal

welfare

program

that

advances

our

ability

deliver

for

stakeholders

Corporate

governance

Committed

strong

and

diverse

board(8)

Independent

members

57%

Female

composition

29%

Racial

ethnic

diversity

14%

Committed

board

diversity

and

independence

Outside

director

joined

the

Board

March 202

1,

increasing

board

size

and

strengthening

board

diversity

Board

finance

and

operations

expertise

drive

sound

financial controls

and

robust risk

management

Execute

against

capital

allocation

priorities

Position

for

future

growth

Manage

cash

priorities(1)

Historical

use

of

cash

($

millions

$152

$86

$67

2017

$20

$20

2018

$128

$42

$18

$68

2019

$169

$45

$124

2020

$97

$2

$95

2021

$56

$45

$11

1Q

2022

Capex

Acquisitions

Dividends

paid

Maintain

selective

acquisition

posture

for

cage

free

capacity

Maintain

variable

dividend

policy

(1/3

net

income

paid

quarterly

after

recovery

of

losses)

Balance

liquidity

(2)

Cash

and

investments

AFS

($

millions

$18

$138

2017

$48

$283

2018

$69

$250

2019

$78

$154

2020

$57

$112

2021

$17

$74

1Q

2022

Cash

and

cash

equivalents

Investment

securities

available

for

sale

(AFS)

Maintain

cash

and

securities’

balances

to

support

business

as

usual

and

operating

needs

Continued

focus

fund

cash

investments

to

position

for

longer

term

growth,

primarily

organic

and

bolt

cage

free

opportunities

Maintain

conservative

leverage

Historical

net

debt

($

millions

($145)

2017

($325)

($317)

($231)

($169)

2017

2018

2019

2020

2021

Maintain

conservative

leverage

profile

Focus

balance

sheet

optimization

that

supports

investment

pipeline

and

flexible

capital

access

Recently

closed

revolving

facility

provides

flexibility

and

allows

for

future

growth

Manage

capex

pipeline

(3)

FQ

trailing

cage

free

investment

pipe

line

millions

$31

$95

$`15

$58

$108

$165

$52

$90

$142

$47

$94

$141

$39

$99

$139

1Q

21

2Q

3Q

21

4Q

21

1Q

22

Projected

spend

Deployed

quarter

end

Outstanding

projected

spend

Committed

~$503

million

facilities,

equipment

and

related

operations

expand

cage

free

production

since

2008(3)

Pipeline

tenor

relatively

balanced

between

projected

new

spend

and

roll

off

Will

continue

pace

investmentincagefreecapabilitiesinlinewithmarketdemandand customerneed

Key

takeaways

for

CALM

positioning

Largest

producer

and

distributor

of

fresh

shell

eggs

and

egg

products

the

U.S.

Proven

and

highly

efficient

operators

with

deep

talent

bench

and

industry

expertise

Nimble

and

poised

meet

evolving

consumer

food

choice

preferences

Strong

commitment

sustainable

operating

platform

Significant

growth

and

acquisition

opportunities

fragmented

market

6

Robust

financial

position

to

support

growth

initiatives

1.073

billion

dozens

sold(1)

60+

years

operating

history

Quality

food

choice

at

the

heart

of

all

we

do Sustainability

core

to

our

mission

Experienced

acquirer

integrator

Prudential

capital

allocation

inspires

Appendix

We

are

proud

our

proven

and

highly

efficient

operating

expertise(1)

Fully

integrated

operations

Production

and

processing

capabilities

~6.8

million

eggs

per

hour3

breeding

25

feed

mills

sales

and

distribution

hatching

44

processing

packaging

pullet

rearing

production

Production

distribution

Support

laying

Computer

controlled

feeding,

temperature and

lighting

Monitor

humidity

and

ventilation

to

maintain

conditions

Collection

Move

eggs

on

automated

belts

from

laying

facilities

processing

plants

for

immediate

grading

and

inspection

Wash,

grade

pack

Clean

eggs

graded

in

quality

control

centers

based

on

shell,

white

and

yoke

quality

and

air

cell

size;

eggs

weighed,

finished

cartons

Refrigerate

&

deliver

Eggs

are

refrigerated

and

placed

in

coolers

Most

eggs

are

delivered

in

climate

-

controlled

trucks

to

supermarkets

within

days

lay

Fl

oc

housing

9%

91%

Flock

composition(2)

10.8

37.8

Company

owned

Contract

production

Layers

Pullets

and

breeders

Key

U.S.

Shell

egg

market

drivers’

visualizations

Productive

layer

hen

inventory (%)

change(1)

8.0%

6.0%

4.0%

2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

0.9%

3.4%

year

range

2020

2021

year

average

Breaking

egg

activity

(%

charge)(3)

September

break

up

6.5%

YoY

following

2020

10%

decrease;

tracking

modestly

above

five

year

average

30.0%

20.0%

10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

6.5%

10.1%

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

year

range

2020

2021

year

average

Table

egg

production

(%)

change(2)

October

table

egg

production

up

~90

bps

YoY;

tracking

modestly

below

five

year

average

%

change

15.0%

10.0%

5.0%

0.0%

5.0%

10.0%

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

year

range

2020

2021

year

range

0.9%

2.2%

Table

egg

type

hatch

(%

change)($)

October

hatch

down

9.4%

YoY:

2021

YTD

up

modesty

vs.

2020

and

five

year

average

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2.8%

9.4%

year

range

2020

2021

year

average

Key

U.S.

shell

egg

market

drivers’

tables

Productive

layer

hen

inventory(1)

Table

egg

production(2)

Breaking

egg

activity(3)

Table

egg

type

hatch(4)

Productive

layer

hen

inventory

(ex

molt)

November 202

1)

/

USDA

Chicken

and

Egg

Report

in

millions

2016

2017

2018

2019

2020

2021

5

year

average

-

year

max

year

min

21

vs

20

YoY

%

change

levels

vs.

5

year

average

Jan

293.0

316

323

336.7

334

319

326.1

3367

316

1.9%

2.0%

Feb

295.2

314

318.9

331

327.0

321.4

322.6

331

314

3

0.4%

0.4%

Mar

305

312

326.9

336.9

324

321.6

324.6

336.9

312.5

0.9%

0.9%

Apr

301.9

315

326.5

339

327.0

320.5

325

339

315

1.6%

1.6%

May

301.7

310.6

321.0

331

312.9

312.0

317.6

331

310.6

1.8%

1.8%

Jun

301.2

3097

321

327.2

306.2

309.1

3147

327.2

306.2

1.8%

1.8%

Jul

301.2

3097

324.8

323

309

312.4

315

9

324.8

309.3

1.1%

1.1%

Aug

301.8

310

324.2

322.4

311

312.9

316.3

324.2

310.5

1.1%

1.1%

Sep

305

309

325

325

3

312.2

314.2

317

325

309.9

1.0%

1.0%

Oct

308.7

313

327.1

327

-

314

316.6

319.8

327

313.2

1.0%

1.0%

Nov

310.1

320.1

331

331

320.1

323

325

-

331

320.1

0.7%

0.6%

Dec

316.6

326.0

337

-

337

323

N/A

328.13

337

-

316.6

N/A

N/A

Table

egg

production

October 202

1)

USDA

MIS

billion

dozens

2016

2017

2018

2019

2020

2021

year

average

year

max

year

min

YoY

%

change

21

level

vs.

year

average

Jan

60.4

66.6

66.9

70.7

70.6

68.8

68.7

70.7

66.6

2.5%

0.2%

Feb

57

-

59

60.6

634

64.9

62.0

68.7

70.7

66.6

4

5%

9.8%

Mar

62.9

66.4

677

70.6

69.2

68.7

68.7

70.7

66.6

0.6%

0.0%

Apr

60.7

64.0

654

68.5

65.8

66.2

68.7

70.7

66.6

0.6%

3.7%

May

0

657

677

70.1

657

67.2

68.7

70.7

66.6

2.3%

2.2%

Jun

60.9

637

65.6

67.0

635

64.8

68.7

70.7

66.6

2.0%

5.7%

Jul

3

66.0

67.6

68.6

67.2

67

68.7

70.7

66.6

0.5%

1.896

Aug

63

65

68.2

68.9

675

67.8

68.7

70.7

66.6

0.5%

1496

Sep

62.3

63

66.6

67.1

653

66.2

68.7

70.7

66.6

1.4%

3.7%

Oct

64.9

66.1

69.1

70

68.8

69.4

68.7

70.7

66.6

0.9%

0.9%

Nov

63

67.9

69

677

N/A

66.8

693

63

N/A

N/A

Dec

66.9

68.0

71.0

71

69.6

N/A

69.4

71.5

66.9

N/A

N/A

YTD

production

620.2

647.6

665.4

685.2

668.5

668.7

667.1

685.2

647.6

0.0%

0.2%

Breaking

egg

activity

November 202

1)

USDA

AMS

dozen

millions

2016

2017

2018

2019

2020

2021

year

average

5

year

max

year

min

2021

2020

YoY

%

change

21

level

vs.

year

average

Jan

16Q.2

196.2

194

210,5

223.9

177

200,5

223.9

177.5

20.7%

11,

5%

Feb

164.5

185.8

177.1

190.8

201.4

170.7

185.2

201.4

170.7

15.3%

7.8%

Mar

18Q.2

198.0

186,5

2054

19.3

1874

194

2

205.4

186,5

3.2%

3.5%

Apr

187.7

183.8

192.1

206.1

158.6

185.5

185.2

206.1

158.6

17.0%

0.2%

May

197.3

196.4

207.7

220.1

148,5

185.3

191.6

220.1

148,5

24.7%

3.3%

Jun

200.4

198.1

206.7

204.0

l8l.l

200,3

198.1

206.7

181.1

10.6%

1.1%

Jul

194.2

191.3

203.1

205.9

1897

199.8

198.0

205.9

189.7

5.3%

0.9%

Aug

204.1

198.1

21.3.3

211.9

189.6

197.9

202.2

213.3

189.6

4.4%

2.1%

Sep

196.2

183.8

203.8

205.0

184.3

196.2

194.6

205.0

183.8

6,5%

0.8%

Oct

199.1

197.5

211.3

222.2

193.0

N/A

204.6

222.2

193.0

N/A

N/A

Nov

195.0

188.9

197

I9.3.I

186.0

N/A

192.2

197

186.0

N/A

N/A

Dec

194.9

189.2

205.6

212.6

1947

N/A

199.4

212.6

189.2

N/A

N/A

YTD

breaking

activity

1,702.8

1,731

-

1.7847

1,8597

1,670.8

1,700.6

1,749

1,8597

1,670.8

1.8%

2.8%

Table

egg

type

hatch

October 202

1)

/

USDA

AMS

in

millions

2016

2017

2018

2019

2020

2021

year

average

5

year

max

year

min

2021

2020

YoY%

change

21

level

vs.

year

average

Jan

47

45

51

9

52

50.9

51

9

45

5%

0.9%

Feb

543

48.1

50.1

52.2

48.1

52.3

50.2

52

48.1

8.6%

0.9%

Mar

57

58.1

55

-

56

62.3

57

62.3

7

10.9%

0.9%

Apr

51

52.8

0

60.7

61.0

59

9

61.0

52.8

1.9%

0.9%

May

53

59

60.8

52.8

57

56.8

60.8

52.8

8.6%

0.9%

Jun

57

53

51

55

8

52.8

55

49

i%

0.9%

Jul

41.6

41

50.8

46.1

50,3

48.0

50

41

9.0%

0.9%

Aug

43

45

-

53

46.2

50.0

49

9

53

45

2.0%

0.9%

Sep

449

42.7

49

50

50.0

2

48.4

50

42

5%

0.9%

Oct

43

55°

1

50.6

45

-

51

45

9.4%

0.9%

Nov

41.6

48

47

48.1

48.0

N/A

46.6

48.4

41.6

N/A

N/A

Dec

45

46.7

46.4

45

8

N/A

47

51

7

N/A

N/A

YTD

hatching

activity

498

487

540

5

536

-

523

530

523

540

487

5%

1.4%

Key

U.S.

shell

egg

market

drivers’

visualizations

Average

layer

hen

inventory(1)

October

average

layer

hen

inventory

up

~60

bps

YoY

vs.

2020

lows:

tracking

with

five

year

average

10.0%

5.0%

0.0%

5.0%

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

0.6%

3.7%

5

year

range

2020

2021

5

year

average

Eggs

incubators

(2)

November

table

type

layer

eggs

in

incubators

up

4.7%

YoY

versus

2020

lows; tracking

above

5

year

average

30.0%

20.0%

10.0%

0.0%

10.0%

20.0%

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

ov

Dec

year

range

2020

2021

year

average

Egg

type

hatching

(3)

October

egg

type

hatch

down

9.4%

YoY;

monthly

change

tracking

five

year

low

20.0%

10.0%

0.0%

10.0%

20.0%

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

year

range

2020

2021

year

average

2.8%

9.4%

Pullets

placed(4)

October

layer

type

pullet

placements

down

4.6%

YoY;

tracking

well

below

five

-

year

average

30.0%

20.0%

10.0%

0.0%

-

10.0%

20.0%

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

0.8%

4.6%

year

range

2020

2021

year

average

Key

U.S.

shell

egg

market

drivers’

tables

Average

layer

hen

inventory(1)

Average

table

egg

laver

hen

inventory

October 202

1)

USDA

NASS

2016

2017

2018

2019

2020

2021

year

average

vear

max

vear

min

YoY

%

21

level

vs

year

average

Jan

302.5

321.7

329.0

340

337

5

327

2

340

321.7

3

1%

1.2%

Feb

307

320.8

330.7

340.9

332.6

327

330.4

340.9

320.8

L7%

1.0%

Mar

310.6

320.6

332

343

330.9

326.0

330.6

343

320.6

1.5%

14%

Apr

310.7

320.1

332.1

341.9

327

322

328.9

341

320.1

l6%

1.9%

Jun

310.3

3097

318.2

33L6

322.6

318.2

325

Mi

318.2

317

331

331.8

319.0

3176

323

331.9

3173

14%

0.

2.3%

l8%

Jul

309.6

3179

331.8

3294

316.7

319.1

323.0

331.8

316.7

0.7%

1.2%

311.7

319.8

332.8

330.5

318.0

319.6

324

332.8

318.0

05%

14%

3146

322.0

334

4

234*

J2&6

333^

320.7

321.3

3264

.3344

320.7

2m.

2&L

2m.

0.2%

0.6%

1.2%

319.3

328.5

339.0

338.6

325

N/A

330.2

339.0

319.3

N/A

N/A

Dec

32L7

330.0

341

7

340.5

326.9

N/A

332.1

341

7

321.7

N/A

N/A|

Eggs

in

incubators(2)

Table

type

layer

hen

eggs

in

incubators

November 202

1)

/

USDA

NASS

millions

2016

2017

2018

2019

2020

2021

year

average

year

max

year

min

YoY

%

change

21

level

vs.

5

war

aw

rage

Jan

48.0

40.2

46.7

51

47.6

507

47

514

40.2

6.7%

7.2%

Feb

52.0

47

51

0

504

53

55

47

6.2%

8%

Mar

55.1

51.9

56.2

53

1

60.0

54

-

60.0

22.1%

10.7%

Apr

52.1

52.0

56.1

584

55

55

584

52.0

0%

0.4%

May

52.3

3

56.1

55

-

49

52

56.1

48.3

8.7%

2.2%

Jun

54

46.6

50.2

51

-

50.0

51

49

51

46.6

2.1%

2.4%

Jul

441

414

46.2

47.6

46.1

50.5

46.4

50.5

414

9.6%

9.0%

Aug

377

40.5

46

47

46.2

44

449

47

-

40.5

44%

1.6%

Sep

42.8

40.7

50.0

47

446

46.1

50.0

40.7

6%

2%

Oct

40.0

46.5

51

48

46.6

46.2

47

51

46.2

0.9%

3

5%

Nov

41.1

45

45

48.1

446

46.7

448

48.1

41.1

47%

41%

Dec

45

-

46

47

57

5047

47.80

53

17.

N/A

53

45

N/A

N/A

Egg

-

type

hatching (

3)

Table

egg

type

hatch

October 202

1)

/USDAÄMS

millions

2016

2017

2018

2019

2020

2021

-

ear

average

vearmax

vearmin

2021

2CG0

YoY

96

change

2ilevel

\

5.5

ear

average

Jan

478

454

S1.9

fR9

52.7

5&

51,3

559

454

3,5%

0.9%

Feb

54,3

48.1

S0.1

522

48.1

52.3

502

.52.3

48.1

8.6%

0.9%

Mar

9

S8J

7

ô6.2

62.3

577

62,9

55

10.9%

-

09%

Apr

513

.=2.8

fa

60.7

6lo

59

58.7

6l.O

.=2.8

19%

0.9%

Mav

573

ffl.8

60.8

»8

573

56.8

60.8

.=2.8

8.6%

09%

Jun

S7

49.7

SL9

SS8

52.8

555

49

3.1%

09%

Jul

41.6

41.9

30.8

9

46.1

50.3

48.O

50.9

41

9.0%

-

09%

Aug

3

45.9

532

46.2

500

49.0

48.9

532

45

2.0%

09%

Sep

44

-

42.7

49.6

504

SQO

49

484

504

42.7

1,5%

09%

Oct

52.1

F0.6

45

51.0

5=5

9

94%

09%

Nov

41.6

484

470

48.1

48.O

N/A

46.6

484

41.6

N/A

N/A

Dec

46.7

464

459

518

N/A

47,3

5L8

45.7

N/A

N/A

YTD

batching

activity

4984

4873

540

5

536.6

523.2

53^

9

523

540

5

4873

13»

14%

Pullets

placed(4)

Layer

type

pullet

placements

October 202

1)

/

USDANASS

2016

2017

2018

2019

2020

2021

year

average

year

max

year

mm

YoY%

change

21

level

vs.

-

year

average

Jan

27.2

24.8

27.7

27.7

5

27.2

27.0

27.7

24.8

0.6%

Feb

29

28.1

29

26.1

27

25

-

27.4

29

25

6.8%

6.3%

Mar

26.9

27.7

28.2

27.9

25

3

27.7

29

25

Apr

27.8

27

5

28.8

28.9

27.7

29.4

28.5

29.4

27

6.1%

3

2%

May

27.9

28.7

324

30.9

26.0

30

33

26.0

28.1%

9.9%

Jun

5

24.7

29.2

25

27.8

28.0

27.0

29.2

24.7

0.

7%

Jul

26.4

25

-

25

26.5

25

25

25

7

26.5

25

1.7%

Aug

28.0

28.7

30

28.9

27.4

26.7

28.5

30

4

26.7

6.0%

Sep

27.0

24.0

27.2

26.5

27.1

27

26.4

24.0

1.

3

4%

Oct

25

28.0

28.8

27.2

5

26.2

27

28.8

26.2

Nov

26.3

28.6

28.9

28.8

27

N/A

28.0

28.9

26.3

N/A

N/A

Dec

28.1

26.4

27

26.2

28.6

N/A

3

28.6

26.2

N/A

N/A

Key

egg

market

indicators

Urner

Barry

Southeast

Large px

dozen(1)

FY

average

daily

price

Avian

influenza

outbreak

$1.55

2015

$1.76

2016

$0.85

2017

$1.49

2018

$1.23

2019

$1.22

2020

$1.16

2021

$1.28

YTD

2022

U.S.

consumer

egg

expenditures(2)

Consistently

higher

annual

$

retail

shell

egg

spend

(35

54

consumer

demographic)$30

$40

$50

$60

$70

$80

$90

$82

$69

1/1/2015

$69

$61

1/1/2016

$66

$68

1/1/2017

$82

$67

1/1/2018

$73

$63

1/1/2019

$80

$71

1/1/2020

25

25

34

35

44

45

55

64

65

75+

Sensitivity

feed

ingredients

Change

in

price

per

bushel

corn

$(0.87)

(0.58)

;

(0.29)

$0.00

0.29

0.58

0.87

(82.50)

0.485

0

495

0.505

515

525

535

0

545

(55

00)

495

0.505

515

0.525

535

545

555

(27.50)

0.505

515

525

535

0.545

0

555

0.565

$0.00

515

525

0

535

545(a)

555

0.565

0

575

27.50

525

535

545

555

0.565

575

0.585

55

00

0

535

545

0

555

0.565

575

0.585

595

$

82.50

0,545

555

0,565

575

0,585

0,595

0.60,5

CALM

feed

impact

per

dozen

Commodity

feed

inputs

have

experienced

high

recent

volatility

Feed

Costs

(cents)

30

35

40

45

50

55

60

1Q16

1Q17

1Q18

1Q19

1Q20

1Q21

1Q22

$3.63

55

cents

doz.

$5.94

6.50

6.00

5.50

5.00

4.50

4.00

3.50

3.00

2.50

2.00

Feed

Cost

Corn

Soy

Corn

-

$1

per

bushel

Soy

$100

per

ton

Financial

Highlights

Income

Statement

Cal

Maine

Foods'

select

income

statement

highlights

13

Weeks

Ended

Fiscal

Year

Ended

August

28,

2021

August

20,

2020

Mav

2Q,

2021

Mav

20.2020

Net

sales

$

331,704

292,782

1,348,987

$

1,351,609

Gross

profit

6,645

16,765

160,661

179,588

Operating

income

(loss)

(39,667)

(27,223)

(26,264)

1,269

Other

income,

net

5,803

1,698

16,315

18,790

Income

(loss)

before

income

taxes

(33,864)

(25,525)

(9,949)

20,0.59

Net

income

(loss)

attributable

Cal

Maine

Foods,

Inc.

$

(18,026)

(19,399)

2,060

18,391

Net

income

(loss)

per

common

share

attributable

Cal

Maine

Foods,

Inc.:

Basic

(0,37)

(0.40)

$

0.04

O.38

Diluted

Weighted

average

shares

outstanding:

(0.37)

$

(0.40)

0.04

0.38

Basic

48,8.58

48,501

48,522

48,467

Diluted

n

48,858

48,501

48,656

48,544

Financial

Highlights

Operating

results

Cal

Maine

Foods'

select

operating

results

13

Weeks

Ended

Fiscal

Ended

August

28,

2021

August

20,

2020

Mav

2Q.

2021

Mav

30.2020

Dozen

eggs

sold

(000)

Conventional

184,487

195,238

785,446

813,255

Specialty

74,8q8

68,756

287.765

255.895

Total

259,385

263,994

1,073,211

1,069,150

Dozen

eggs

produced

(000)

236,458

231,161

970,837

927,799

%

Production

91.2%

87.6%

90.5%

86.8%

Specialty

sales

(dozen)

28.9%

26.0%

26.8%

23.9%

Specialty

sales

(dollars)

41.1%

36.8%

41.1%

36.8%

Net

average

selling

price

(dozens)

Conventional

0.989

0.796

0.976

1.021

Specialty

1

851

1.880

1.876

I.897

All

shell

eggs

$

1.238

1.078

1.217

$

1.231

Farm

production

cost

(per

dozen

produced)

Feed

545

0.388

0.446

O.409

Other

353

0.328

0.320

0.320

Total

0.898

0.716

0.766

0.738

Outside

egg

purchases

(average

cost

per

dozen)

1.35

1.04

1.22

i.26(.

EBITDA

reconciliation

Non

GAAP

Measure

–

EBITDA

EBITDA

non

GAAP

measure

and

defined

net

income

attributable

Cal

Maine

Foods,

Inc.

plus

interest,

taxes,

depreciation

and

amortization.

The

following

table

sets

forth

reconciliation

EBITDA

to

net

income

attributable

to

Cal

Maine

Foods,

Inc.:

FYE

FYE

FYE

FYE

FYE

YTD

YTD

$ooos

2017

2018

2019

2020

2021

Aue

20

Aue

21

Net

income

(loss)

attributable

Cal

Maine

Foods,

Inc.

(74,278)

125,932

54,229

18,391

2,060

(19,399)

(18,026)

Add:

Interest

expense

318

265

644

498

213

71

Add:

Income

tax

expense

(benefit)

(39,867)

(8,859)

15,743

1,731

(12,009)

(6,126)

(15,838)

Add:

Depreciation

and

amortization

49,113

54,026

54,650

58,103

59,477

14,744

17,389

EBITDA

(64,714)

171,364

125,266

78,723

49,741

(10,710)

(16417)

nti

-

trust

legal

settlements

&

related

fees

2,537

83,140

2,495

117

Adjusted

EBITDA

(62,177)

254,504

127,761

78,840

49,794

(10,710)

(16,417)

Citations

Slide

Cal

Maine

Foods’

snapshot

1)

Data

of

CALM

fiscal

year

end

2021

unless

otherwise

noted.

World

Agricultural

Supply

and

Demand

Estimates

(WASDE).

U.S.

market

share

data

is

as

of

calendar

year

end;

CALM

percent

of

shell

egg

market

share

based

on

fiscal

year

egg

disappearance

data,

which

excludes

breaking

eggs

and

exports.

3)

Source:

Company

filings

and

USDA.

Cal

-

Maine

Foods’

layer

hen

flock

at

FYE

2021

~37.8

million

.

As

of

June

1,

2021,

USDA

reports

table

type

layer

hen

flock

~316.3

million

As

of

fiscal

year

end

2021.

fiscal

year

2021,

the

average

monthly

full

time

equivalent

(FTE)

for

contingent

workers

utilized,

in

addition

to

our

3,286

colleagues,

was

840.

Eggland’s

Best

franchise

territory

includes

Land

O’Lakes

market

areas

and

includes

investment

in

unconsolidated

entity.

6)

Non

GAAP

EBITDA

reconciliation

located

Appendix.

7)

Shell

egg

operations

have

run

at

or

exceeded

shell

egg

capacity

as

published

the

most

recent

Form

10

K

8)

Balance

sheet

leverage

as

Nov.

2021

following

close

of

previously

announced

revolving

facility.

Expressed

percent

of

fiscal

year

net

sales

Percent

of

specialty

sales

are

classified

as

nutritionally

enhanced,

cage

-

free,

organic,

brown

eggs,

pasture

raised

and

free

range

eggs.

Egg

product

sales

and

Other

sales

represent

hard

cooked

eggs,

hatching

eggs

and

other

miscellaneous

products,

which

are

included

with

shell

egg

operations.

10)

Select

totals

may

not

foot

published

Company

disclosures,

including

Forms

K,

due

to

rounding.

Slide

Position

food

portfolio

meet

nutrition

imperatives

Graziano

Da

Silva,

Jose.

“Feeding

the

World

Sustainably.”

United

Nations

UN

Chronicle.

https://www.un.org/en/chronicle/article/feeding

world

sustainably.

Retrieved

on

October

21,

2021. 2)

Ranganathan,

Janet.

World

Resources

Institu

te.

“How

Sustainably

Feed

10

Billion

People

by

2050,

in

Charts”.

December

5,

2018.

https://www.wri.org/ins

ights/how

sustainably

feed

10

billion

people

2050

21

-

charts.

World

Resources

Institute.

“Creating

Sustainable

Food

Future:

Interim

Findings.”

December

2013.

https://www.wri.org/research/creating

-

sustainable

food

future

interim

findings. 3)

USDA.

Dietary

Guidelines

for

Americans,

2020

2025

Chapter

2:

Infants

and

Toddlers.

Page

60.

https://www.dietaryguidelines.gov/sites/default/file

s/2021

03/Dietary_Guidelines_for_Americans

2020

2025.pdf

Retrieved

on

November

19,

2021. 4)

Morris,

Saul

S.

“An

egg

for

veryone:

Pathways

universal

access

to

one

nature’s

most

nutritious

foods.”

Wiley

Maternal

and

Child

Nutrition.

March

17,

2018.

https://onlinelibrary.wiley.com/doi/epdf/10.1111/mcn.12679.

Retrieved

on

October

21,

2021. 5)

United

Nations.

Goal

Zero

Hunger.

https://www.un.org/sustainabledevelopment/hunger/.

Retrieved

on

October

21,

2021. 6)

Zelman,

Kathleen

M.

“Good

Eggs:

Fo

Nutrition,

They’re

Hard

to

Beat”

Webmd.com.

https://www.webmd.com/diet/features/good

eggs

for

nutrition

theyre

hard

beat#1

Retrieved

on

October

21,

2021

and

Cal

Maine

Foods’

Fiscal

Year

2020

Scaling

our

Sustainability

report.

We

believe

our

finished

eggs,

which

are

nutrient

dense,

are

important

to

help

people

meet

their

nutritional

needs.

With

each

egg,

we

deliver

calories

and

one

serving,

or

six

grams

of

protein,

which

comprises

about

10

percent

of

the

protein

required

support

2,000

calorie

daily

nutrition

need. 7)

Cal

Maine

Foods’

Human

Rights

Statement.

https://www.calmainefoods.com/media/1189/cal

maine

foods

human

rights

statement

final.pdf.

Slide

Drive

favorable

food

portfolio

mix

while

meeting

customer

needs

Company

filings

and

other

public

disclosures.

NASP

is

net

average

selling

price

per

dozen.

2)

Specialty

sales

are

classified

as

nutritionally

enhanced,

cage

free,

organic,

brown,

pasture

raised

and

free

range

eggs.

3)

Represents

percent

of

net

shell

egg

sales

and

excludes

Other

sales,

including

hard

cooked

eggs,

hatching

eggs,

other

egg

products,

hens

and

manure,

which

are

included

with

our

shell

egg

operations.

4)

Select

totals

may

not

foot

due

rounding.

Percent

of

market

share

data

based

on

shell

egg

dozens

sold.

IRI

multi

outlet

retail

data

based

on

representative

sampling.

Data

for

2017

–

2020

of

calendar

year

end.

2021

data

as

October

21,

2021.

Slide

Maintain

operating

resilience

challenging

market

1)

Quickstats.nass.udsa.gov.

USDA

monthly

table

egg

layer

hen

inventory

and

table

egg

production.

Data

as

of

TTM

for

September

each

calendar

year.

Table

egg

average

productive

layer

hen

flock

excludes

those

numbers

reported

as

being

molt.

2)

USDA

ERS.

Annual

U.S.

per

capita

egg

disappearance

and

Grade

Large

pricing

sourced

from

USDA

ERS.

https://www.ers.usda.gov/publications/pub

details/?pubid=102588.

Retrieved

on

November

22,

2021.

Consumer

egg

expenditures

courtesy

Federal

Reserve

Bank

of

St.

Louis.

Data

series

CXU080110LB0101M

Retrieved

on

November

24,

2021.

3)

Company

filings.

NASP

net

average

selling

price

per

dozen

shell

eggs

sold

fiscal

year.

Enterprise

gross

margins

include

impact

of

revenue

tied

egg

products

and

other

items.

Slide

Leverage

production

capabilities

capture

efficiencies 1

Company

filings.

Select

totals

may

not

foot

reported

numbers

due

to

rounding.

2)

Fiscal

year

2020

egg

expense

totals

include

the

impact

of

purchases

from

unconsolidated

entity,

Specialty

Eggs,

LLC.

3)

Effective

on

May

30,

2021,

the

Company

paid

$48.5

million

acquire

the

remaining

50%

membership

interest

in

Red

River,

including

certain

liabilities.

As

result

the

acquisition,

the

entity

became

wholly

owned

subsidiary

of

the

Company.

For

more

information,

please

review

FY

2021

Form

10

4)

Feed

pricing

inputs

as

observed

on

the

Chicago

Board

of

Trade.

As

of

November

30,

2021.

Company

2021

Form

10

K.

Excludes

impact

grain

capacity

tied

to

Red

River

Valley

Egg

Farm.

6)

Company

2021

Form

10

K.

Citations Slide

Continued

excellent

service

for

blue

chip

customer

base

Data

of

fiscal

year

2021

unless

noted.

For

more

information

about

our

revenue

concentration,

please

review

our

most

recent

Form

10

K.

Includes

investment

unconsolidated

entity.

Eggs

packed

USDA

grademarked

consumer

packages

labeled

cage

free

must

be

produced

by

hens

housed

building,

room,

enclosed

area

that

allows

for

unlimited

access

food,

water,

and

provides

the

freedom

roam

within

the

area

during

the

laying

cycle.

Eggs

packed

in

USDA

grademarked

consumer

packages

labeled

as

free

range

must

be

produced

by

hens

housed

building,

room,

area

that

allows

for

unlimited

access

food,

water,

and

continuous

access

to

the

outdoors

during

their

laying

cycle.

The

outdoor

area

may

be

fenced

and/or

covered

with

netting

like

material.

USDA

does

not

regulate

pasture

raised

claims;

these

are

typically

certified

by

third

party

providers

and

husbandry

conditions

include Slide

Focus

on

improving

our

financial

results 1

Company

filings.

Adjusted

EBITDA

and

Adjusted

EBITDA

margin

are

non

GAAP

measures.

reconciliation

of

these

metrics

GAAP

metrics

is

presented

the

Appendix.

3)

Company

filings.

EPS

Slide

10

Build

on

strong

acquisition

and

integration

track

record

For

more

information

about

Cal

Maine

Foods’

acquisition

history,

please

review

the

most

recent

Form

10

K.

Market

share

data

based

on

Watt

Poultry

“Top

25

U.S.

Egg

Producers

2021”

January

29,

2021

market

survey

rankings

at

CYE

and

then

current

USDA

U.S.

table

egg

layer

hen

estimates.

3)

Company

press

releases

and

filings.

4)

On

June

2021,

the

Company

announced

had

closed

the

previously

announced

purchase

of

the

remaining

50

percent

joint

venture

membership

interest

in

Red

River

Valley

Egg

Farm,

LLC,

from

Rose

Acres

Farm,

Inc.

Slide

11

–

Poised

to

supply

transitioning

shell

egg

demand

1)

Flock

data

for

table

egg

layer

hens

i

the

United

States

unless

otherwise

noted.

CALM’s

Eggland’s

Best®

and

Farmhouse

Eggs®

are

certified

GMO

-

free

by

USDA

accredited

certifying

agents.

2)

Hen

Housing

Requirements

by

State.

United

Egg

Producers.

June

8,

2021.

Enhanced

space

state

production

or

sale

requirements.

Source:

United

Egg

Producers

as

August 202

and

preliminary

U.S.

Census

data

for

CY

2020.

3)

USDA

table

egg

layer

flock

estimates

of

November

26,

2021.

https://www.ams.usda.gov/sites/default/files/media/Egg%20Markets%20Overv

iew.pdf.

Retrieved

November

29,

2021.

Per

United

Egg

Producers

article

published

Feb.

2020

“Meeting

cage

free

commitments

impossible

for

egg

producers.

”

https://www.feedstuffs.com/news/meeting

cage

free

-

commitments

impossible

egg

producers.

5)

Based

on

capital

required

for

industry

transition

cage

free

layer

flock

to

~70%

of

U.S.

domestic

layer

flock

for

2026

expected

domestic

needs

for

cage

free

eggs.

6)

Company

filings

and

news

releases.

Include

the

impact

of

the

October,

2021

announced

$23

million

investment

in

cage

-

free

capabilities

Florida

location.

7)

Company

filings. 8

Includes

IRI

data

for

cage

free,

free

range

and

pasture

raised

eggs.

Percent

market

share

data

based

on

shell

egg

dozens

sold

in

prior

weeks

and

share

sampled

consumer

retail

spend

for

eggs

sold

for

prior

weeks

in

CY

2021.

IRI

multi

outlet

retail

data

based

representative

market

sampling

as

of

November

14,

2021.

Slide

12

Evolving

our

strong

human

capital

focus

1)

Occupational

Safety

and

Health

Administration

(OSHA)

total

recordable

incident

rate

(TRIR)

for

Cal

Maine

Foods

of

2021

fiscal

year

end.

Poultry

raising

NAICS

sector

1123

TRIR

data

as

CY

2020,

the

most

recent

year

in

which

the

Bureau

Labor

Statistics

(BLS)

released

data.

2)

Cal

Maine

Foods’

Human

Rights

Statement.

https://www.calmainefoods.com/media/1189/cal

maine

foods

human

rights

statement

final.pdf.

3)

Cal

Maine

Foods’

weekly

average

wages

most

recent

four

fiscal

quarters.

Industry

wages

for

states

in

which

Cal

Maine

Foods

employs

workers

as

reported

by

the

Bureau

or

Labor

Statistics

for

NAICS

1123,

poultry

and

egg

production

industry,

for

prior

four

calendar

quarters

(2Q,

3Q,

4Q

CY

2020

and

1Q

CY

2021).

Slide

13

Scaling

our

commitment

to

sustainability

1)

As

of

November

2021.

For

description

of

ISS

ESG

Ratings

and

Rankings

visit

https://www.issgovernance.com/esg/ratings/.

2)

each

of

fiscal

years

2019,

2020

and

2021

we

did

not

participate

in

any

voluntary

or

involuntary

market

recalls

for

our

products.

In

each

those

fiscal

years,

we

did

not

seek

market

any

notable

quantities

of

our

products

to

jurisdictions

with

market

bans.

As

of

June

1,

2021,

our

enterprise

transitioned

to

certify

against

SQF

Edition

standards.

SQF

certification

comprises

the

processing

fresh

shell

eggs

that

lead

to

finished

eggs.

FAO.org.

Emissions

intensities.

http://www.fao.org/faostat/en/#data/EI

5)

Animal

feeding

operations

that

meet

the

regulatory

definition

of

CAFO

may

regulated

accordance

with

the

EPA’s

NPDES

permitting

requirements.

key

element

of

NPDES

permitting

compliant

nutrient

management

plan

(NMP).

6)

For

more

information

about

our

blue,

green

and

gray

water

management

practices,

please

visit

Scaling

our

Sustainability,

our

fiscal

year

2020

Sustainability

Report.

https://www.calmainefoods.com/

media/1188/calm

fy2020

sustainability

report.pdf.

7)

The

UEP

Certified

Program

addresses

the

Five

Freedoms

of

Animal

Welfare,

which

seeks

help

drive

excellent

care

and

quality

of

life

for

animals

engaged

fresh

shell

egg

production.

https://uepcertified.com/

8)

Board

composition

as

of

1Q

FY

2022.

For

more

information

about

our

Board

of

Directors’

composition,

please

review

Cal

Maine

Foods’

most

recent

Form

10

K.

Citations

Slide

14

Execute

against

capital

allocation

priorities

1)

Company

filings.

Share

repurchases

of

~$1

million

annually

used

for

payment

of

taxes

on

incentive

stock

vested

are

omitted.

Cash

and

cash

equivalents

and

investments

available

for

sale

(AFS).

3)

Pipeline

data

of

1Q

FY

2022.

Select

totals

may

not

foot

reported

numbers

due

to

rounding.

Slide

15

Key

takeaways

for

CALM

positioning 1

Fiscal

year

2021

shell

eggs

volumes.

Source:

Company

filings.

Slide

17

We

are

proud

of

our

proven

and

highly

efficient

operating

expertise

1)

Data

as

of

fiscal

year

end

2021

unless

otherwise

noted.

Company

filings.

Flock

composition

of

period

end

1Q

FY

2022.

Slide

18

Key

U.S.

shell

egg

market

drivers’

visualizations

1)

USDA

productive

layer

hen

inventories

as

of

November

1.

Excludes

layer

hens

reported

as

molt.

Source

USDA.

https://quickstats.nass.usda.gov/results/85190AC8

-

65EA

37FC

-

AF1F

334AD960A63F.

Retrieved

on

November

23,

2021. 2)

USDA

table

egg

production

activity

through

October 202

Source:

USDA.

https://quickstat

s.nass.usda.gov/results/3A1CFC3B

28FC

-

39B0

8302

6107FEDA0887.

Retrieved

on

November

23,

2021.

3)

USDA

breaking

egg

operations

activity

through

September 202

1.

Source:

https://quickstats.nass.usda.gov/results/5B14007F

78FC

3CDA

-

B149

644D88372D5C.

Retrieved

on

November

23,

2021.

4)

USDA

chicken

egg

type

hatched,

measured

in

head,

of

October

1,

2021.

Source:

https://quickstats.nass.usda.gov/results/80E6BF71

C1BC

308B

8E

75

32E8AAECFB07.

Retrieved

on

November

26,

2021.

Slide

19

Key

U.S.

shell

egg

market

drivers’

tables

USDA

productive

layer

hen

inventories

of

November

Excludes

layer

hens

reported

molt.

Source

USDA.

https://quickstats.nass.usda.gov/results/85190AC8

65EA

37FC

AF1F

334AD960A63F.

Retrieved

November

23,

2021.

USDA

table

egg

production

activity

through

October 202

1.

Source:

USDA.

https://quickstats.nass.us

da.gov/results/3A1CFC3B

28FC

39B0

8302

6107FE

DA0887

Retrieved

on

November

23,

2021.

3)

USDA

breaking

egg

operations

activity

through

September 202

1.

Source:

https://quickstats.nass.usda.gov/results/5B14007F

78FC

3CDA

B149

644D88372D5C

Retrieved

on

November

23,

2021.

4)

USDA

chicken

egg

type

hatched,

measured

in

head,

of

October

1,

2021.

Source:

https://quickstats.nass.usda.gov/results/80E6BF71

C1BC

308B

E75

-

32E8AAECFB07.

Retrieved

on

November

26,

2021.

Slide

20

Key

U.S.

shell

egg

market

drivers’

isualizations

USDA

average

layer

hen

inventory

for

month

of

reporting

of

October 202

1.

https://quickstats.nass.usda.gov/results/CB01A3BF

DE28

-

34C4

BDDA

D5A52CCC9AD5.

Retrieved

on

November

26,

2021.

USDA

layer

type

eggs

in

incubators

as

of

November

2021.

https://quickstats.nass.usda.gov/results/4694F3B4

B026

3178

8126

F8A25DCA43C7.

Retr

ieved

on

November

27,

2021.

3)

USDA

hatching

egg

type

production

of

October

1,

2021.

https://quickstats.nass.usda.gov/results/80E6BF71

C1BC

-

308B

8E75

32E8AAECFB07.

Retrieved

on

November

27,

2021.

4)

USDA

layer

type

pullet

placements

of

October

2021.

https://quickstats.nass.usda.gov/results/C2D891EC

171A

39EB

B7DF

EC710DCA9362.

Retrieved

on

November

27,

2021.

Slide

Key

U.S.

shell

egg

market

drivers’

tables

USDA

average

layer

hen

inventory

for

month

of

reporting

of

October 202

1.

https://quickstats.nass.usda.gov/results/CB01A3BF

DE28

34C4

BDDA

D5A52CCC9AD5.

Retrieved

on

November

26,

2021.

2)

USDA

layer

type

eggs

in

incubators

as

of

November

1,

2021.

https://quickstats.nass.usda.gov/results/4694F3B4

B026

3178

8126

F8A2

5DCA43C7.

Retrieved

on

November

27,

2021.

3)

USDA

hatching

egg

type

production

of

October

1,

2021.

https://quickstats.nass.usda.gov/results/80E6BF71

C1BC

308B

8E75

32E8AAECFB07.

Retrieved

on

November

27,

2021.

4)

USDA

layer

type

pullet

placements

of

October

1,

2021.

https://quickstats.nass.usda.gov/results/C2D891EC

171A

39EB

B7DF

EC710DCA9362.

Retrieved

on

November

27,

2021. Slide

22

Key

egg

market

indicators1)

Urner

Barry

Southeast

Large

Grade

pricing

as

of

November

26,

2021.

Federal

Reserve

Bank

of

St.

Louis.

Egg

expenditures

age.

Series:

CXU080110LB0402M,

CXU080110LB0403M,

CXU080110LB0404M,

CXU080110LB0405M,

CXU080110LB0406M,

CXU080110LB0408M,

CXU080110LB0409M.

https://fredhelp.stlouisfed.org.

Retrieved

on

November

1,

2021.

CalMaineFoods