Hershey Co. Global Staples Forum 2026 Key Takeaways

Hershey management expressed confidence in margin recovery and growth at the 2026 Global Staples Forum, citing stable consumer demand and locked-in lower cocoa costs for FY26.

Key Takeaways

• 1.Management projects strong top and bottom-line growth driven by resilient consumer demand and a robust innovation pipeline in confection and salty snacks.
• 2.Cocoa costs are locked in for FY26 with visibility into FY27, supporting confidence in margin recovery as the cocoa market is currently in excess supply.
• 3.Consumer demand remains stable despite macro headwinds like GLP-1 adoption and SNAP changes, with demand elasticities performing better than original expectations.

Table of Contents

• Global Staples Forum
• Key Takeaways
• Valuation/Risks
• Disclosure Appendix
• Reg AC
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Disclosures required by United States laws and regulations
• Additional disclosures required under the laws and regulations of jurisdictions other than the United Kingdom
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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