Smithfield Foods Inc.

The definitive merger agreement permits the Nathan’s Famous’ Board of Directors to declare and pay two regular quarterly cash dividends during the period pending closing.

SEC original ↗Smithfield Foods Inc. — Earnings release (8-K exhibit)EX-99Jan 21, 2026

Nathan’s Famous Adjusted EBITDA Nathan’s Famous adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization further adjusted for (i) the loss on debt extinguishment and (ii) share-based compensation.

SEC original ↗Smithfield Foods Inc. — Earnings release (8-K exhibit)EX-99Jan 21, 2026

Additionally, we assumed debt totaling $ 47 million (approximately $ 10 million net of cash acquired), which we repaid subsequent to the acquisition.

SEC original ↗Smithfield Foods Inc. — 10-Q Quarterly report10-QOct 27, 2026

Treasury bills classified as held-to-maturity debt securities, of which $ 418 million was included in cash and cash equivalents and $ 85 million was included in prepaid expenses and other current assets in the condensed consolidated balance sheet.

SEC original ↗Smithfield Foods Inc. — 10-Q Quarterly report10-QOct 27, 2026

Treasury bills classified as held-to-maturity debt securities, all of which was included in cash and cash equivalents in the condensed consolidated balance sheet.

SEC original ↗Smithfield Foods Inc. — 10-Q Quarterly report10-QOct 27, 2026

In addition, we enter into interest rate swaps to manage our exposure to changes in interest rates associated with our variable interest rate debt and the forecasted issuance of fixed rate debt.

SEC original ↗Smithfield Foods Inc. — 10-Q Quarterly report10-QOct 27, 2026

As a long-time partner, Smithfield has demonstrated an outstanding commitment to investing in and growing our brand while maintaining the utmost quality and customer service standards.

SEC original ↗Smithfield Foods Inc. — Earnings release (8-K exhibit)EX-99Jan 21, 2026

All statements other than statements of historical facts contained in this press release, including statements regarding Smithfield Foods’ pending acquisition of Nathan’s Famous, the business and operating results of Smithfield Foods and Nathan’s Famous, Smithfield Foods’ and Nathan’s Famous’ strategy, future financial condition, future operations, projected costs, prospects, plans, objectives of management, and expected market growth, are forward-looking statements.

SEC original ↗Smithfield Foods Inc. — Earnings release (8-K exhibit)EX-99Jan 21, 2026

In some cases, you can identify forward-looking statements because they contain words such as “will,” “expects,” “expected,” “anticipated,” or “estimates” or other similar terms or expressions that concern Smithfield Foods’ and Nathan’s Famous’ expectations, strategy, plans, or intentions.

SEC original ↗Smithfield Foods Inc. — Earnings release (8-K exhibit)EX-99Jan 21, 2026

We market our domestic packaged meats products under a strategic set of core brands, which include: Smithfield, Eckrich, Nathan s Famous, Farmland, Armour, Farmer John, Kretschmar, Krakus, John Morrell, Cook s, Gwaltney, Carando, Margherita, Curly s and Smithfield Culinary.

SEC original ↗Smithfield Foods Inc. — 10-Q Quarterly report10-QOct 27, 2026

Administrative Process Optimization In the fourth quarter of 2025, we commenced an initiative to modernize and optimize certain of our administrative and transactional processes.

SEC original ↗Smithfield Foods Inc. — 10-Q Quarterly report10-QOct 27, 2026

Stockholders, potential investors and other readers are urged to consider these risks and uncertainties in evaluating forward-looking statements and are cautioned not to place undue reliance on the forward-looking statements.

SEC original ↗Smithfield Foods Inc. — Earnings release (8-K exhibit)EX-99Jan 21, 2026

It is not possible to anticipate or foresee all risks and uncertainties, and investors should not consider any list of risks and uncertainties to be exhaustive or complete.

SEC original ↗Smithfield Foods Inc. — Earnings release (8-K exhibit)EX-99Jan 21, 2026

TABLE OF CONTENTS Page Part I Item 1 Financial Statements and Supplementary Data 3 Item 2 Management s Discussion and Analysis of Financial Condition and Results of Operations 35 Item 3 Quantitative and Qualitative Disclosures About Market Risk 60 Item 4 Controls and Procedures 61 Part II Item 1 Legal Proceedings 61 Item 1A Risk Factors 62 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 62 Item 3 Defaults Upon Senior Securities 62 Item 4 Mine Safety Disclosures 62 Item 5 Other Information 62 Item 6 Exhibits 62 Signatures 63 PART I.

SEC original ↗Smithfield Foods Inc. — 10-Q Quarterly report10-QOct 27, 2026

(3) We do not allocate certain items to our operating segments, such as litigation charges, exit and disposal costs, insurance recoveries, gains and losses on the sale of property, plant and equipment and other assets, accelerated depreciation, and employee termination benefits, among others.

SEC original ↗Smithfield Foods Inc. — 10-Q Quarterly report10-QOct 27, 2026

(2) The first nine months of 2025 includes a gain related to the settlement of a claim against an insurance carrier for losses incurred in connection with past litigation and a gain recognized in the first quarter of 2025 in connection with a settlement of an insurance claim associated with property damage.

SEC original ↗Smithfield Foods Inc. — 10-Q Quarterly report10-QOct 27, 2026