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    Jordan Lee • Goldman Sachs

    Jordan Lee's questions to Smithfield Foods Inc (SFD) leadership

    Jordan Lee's questions to Smithfield Foods Inc (SFD) leadership • Q2 2025

    Question

    Jordan Lee from Goldman Sachs asked about the competitive environment for packaged meats, promotional activity, and the progress of the company's shift toward higher-value products, including any future capacity needs.

    Answer

    Steven France, President of Packaged Meats, stated their strategy focuses on quality merchandising over price-based promotions, noting a 200 basis point increase in feature and display activity. He and CEO Shane Smith confirmed the successful shift from commodity items to value-added products is a key initiative, supported by 50% of CapEx being allocated for growth projects, including capacity expansion in higher-margin categories.

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    Jordan Lee's questions to CF Industries Holdings Inc (CF) leadership

    Jordan Lee's questions to CF Industries Holdings Inc (CF) leadership • Q1 2025

    Question

    Jordan Lee from Goldman Sachs inquired about the price divergence between urea and ammonia and whether farmers would face supply constraints for spring nitrogen application.

    Answer

    EVP Bert Frost explained the international price divergence is due to new ammonia supply coming online, while urea remains strong. CEO Tony Will added that interior U.S. agricultural ammonia prices remain strong and are distinct from the traded market. Bert Frost also stated that while urea and UAN supply is tight, strong farmer economics favor corn, and he expects application rates to be high, potentially with more ammonia side-dress.

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