Item 2.02 - Results of Operations and Financial Condition: Hormel Foods issued a press release on October 29, 2025 with its outlook for the fourth quarter ended October 26, 2025 Item 5.02 - Leadership Change: Jacinth Smiley is no longer serving as Executive Vice President and Chief Financial Officer, effective October 26, 2025, and is expected to remain employed until November 30, 2025 The…

Our analysis rates this filing CAUTIOUS. The high concern level reflects multiple significant operational and strategic risks. The combination of facility damage, potential financial impairment, industry-specific challenges (avian influenza), and leadership transition creates a complex risk profile.…

Concern level: HIGH (7.2/10). Key factors: Operational disruption at Little Rock peanut butter facility with production halt until Q1 2026; Potential financial impairment in International segment and snack nuts business; Avian influenza impact threatening poultry operations.

Notable risk changes: Voluntary chicken product recall in foodservice channels; CFO Jacinth Smiley unexpectedly departing; Earnings guidance withdrawn pending financial closing procedures.

The model predicts HRL will outperform the S&P 500 by about 0.0% over 30 days. This is model analysis for research, not investment advice.