#1HERSHEY Investor Day 2023 HERSHEY, PA B MARCH 22, 2023#2Welcome & Opening Remarks Melissa Poole VP, Investor Relations#3Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Many of these forward-looking statements can be identified by the use of words such as "anticipate," "assume," "believe," "continue," "estimate," "expect," "forecast," "future," "intend," "plan," "potential," "predict," "project," "strategy," "target" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would," among others. These statements are made based upon current expectations that are subject to risk and uncertainty. Because actual results may differ materially from those contained in the forward-looking statements, you should not place undue reliance on the forward-looking statements when deciding whether to buy, sell or hold the company's securities. Factors that could cause results to differ materially include, but are not limited to: disruptions or inefficiencies in our supply chain due to the loss or disruption of essential manufacturing or supply elements or other factors; issues or concerns related to the quality and safety of our products, ingredients or packaging, human and workplace rights, and other environmental, social or governance matters; changes in raw material and other costs, along with the availability of adequate supplies of raw materials; the company's ability to successfully execute business continuity plans to address changes in consumer preferences and the broader economic and operating environment; selling price increases, including volume declines associated with pricing elasticity; market demand for our new and existing products; increased marketplace competition; failure to successfully execute and integrate acquisitions, divestitures and joint ventures; changes in governmental laws and regulations, including taxes; political, economic, and/or financial market conditions, including with respect to inflation, rising interest rates, slower growth or recession, and other events beyond our control such as the impacts on the business arising from the conflict between Russia and Ukraine; risks and uncertainties related to our international operations; disruptions, failures or security breaches of our information technology infrastructure and that of our customers and partners (including our suppliers); our ability to hire, engage and retain a talented global workforce, our ability to realize expected cost savings and operating efficiencies associated with strategic initiatives or restructuring programs; complications with the design or implementation of our new enterprise resource planning system; and such other matters as discussed in our Annual Report on Form 10-K for the year ended December 31, 2022. All information in this presentation is as of March 22, 2023. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations. HERSHEY#4ADVANCING Enterprise Strategies Michele Buck Chief Executive Officer#5HERSHEY Great Brands WHO Advantaged Financial Structure WE ARE Best People Differentiated Capabilities & Executional Excellence#6WE SET OUT TO DO more...#7WE SET OUT TO DO more.. ...FOR OUR portfolio ...FOR OUR capabilities ...FOR OUR people ...FOR OUR Customers ...FOR OUR environment ...FOR OUR Shareholders#8SINCE 2017 We've Made Great Progress ACCELERATE Confection Net & Retail Sales +5% CAGR¹ PORTFOLIO Transformation International 2022 Segment Margin 12.6%³ INVESTING IN Capabilities Media ROI +30%³ #1 E-Commerce Share 6 Acquisitions via Enhanced M&A Capability Capital Investment + $2.1B3 W Strategic Pricing Avg Contribution +2.4pts³ Salty Snacks Now 10% of Company Sales³ Source: 1: IRI, 5-Year CAGR from 01/07/18 to 01/01/23 | 2: IRI Calendar Year w/e 01/01/23 | 3: Company Financials & Information#9ONE OF THE Strongest Snacking Portfolios IN THE INDUSTRY BROOKSIDE Reese's DIPPED Pretzels NET WY 425 07 070 100 JOLLY rancher GUMMIES original flavors KING 0 170 DARK CHOCOLATE Pomegranate Flavor Soft Fruit Flavored Centers Covered HERSHEY'S HERSHEY'S milk chocolate 22 Smooth Dark Chocolate NELI KitKat York L Reeses PICCES Reese's 1374 T SHARE FORMERLY CLASSIC HERSHEY'S Kisses milk chocolate HERSHEY'S HERSHEY'S mr.Goodbar 012 checate sandy with peanuts authentic Dot's barkTHINS Homestyle Pretzels LILYS SHACKNS CHOCOLATE Prolete sea salt HET WT 2 0Z 56 gl Reese's SNACK CAKE 275027 2 CAKES Cambary REAL Caramell ROIO ORIGINAL SEASONED PRETZEL TWISTS breath 3 HOUR CH BREAKERS ICE CUBES PEPPERMINT ORIGINAL DARK CHOCOLATE York Almond Joy LILYS CRISPY RICE DAEK CHOCOLATE ONE PLANT PURE POPPED PERFECTION SKINNY POP POPCORN SKINNY POP POPCORN MINI CAKES SALTED CARAME 60 NEWS IMPROVED FLAVOR FREE STANDS RET SKANY 18 BAGS 14 MICROWAVE SKİNNY POP POPCORN CHEMICAL Reese's PAYDAY BUTTER HI SKINNY POP Kettle Corn 56 SWEET & SALTY POPCORN GMO FREE NETWT 5.3 02 050) ONE скривенеете RAKED NOT FRIED PIRATE'S BOOTY Aged White Cheddar LOPES#10While Delivering Differentiated Results Net Sales 5-Year CAGR' Adjusted EPS 5-Year CAGR' 6.8% 3.7% 2.7% S&P Food HERSHEY 1 Net Sales and adjusted EPS are presented on a calendar-year basis. Source: Factset, Company Financials, see appendix for a reconciliation of GAAP to Adjusted EPS 12.3% S&P Food HERSHEY#11Generated Peer-leading Market Performance Market Performance Stock Price Index to 12/31/2017 HSY: $114 HSY: $232 S&P Food Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Source: Factset HSY STOCK PRICE CHANGE +104%#12We Aspire to... Be a portfolio of growing, consumer-loved brands Lead the category in performance, insights and execution Invest differentially in brands and capabilities Be the #1 CPG company to work for Deliver consistent, advantaged financial performance#13WE ARE UNIQUELY POSITIONED TO Deliver More Transformational Strengths Financial Capacity to Invest for the Future Unique Culture and Ways of Working Ability to Execute and Transform Foundational Strengths Great Brands Advantaged Financial Structure Best People Differentiated Capabilities Executional Excellence#14New! RESEALABLE AS TO ACHIEVE THIS VISION, Our Fundamental Strategies REMAIN THE SAME JOLLY rancher GUMMIES SOURS PACK Reese's PEANUT BUTTER CUPS UNDISPUTED LEADER U.S. CMG 50 HERSHEY'S KISSES N PROFITABLE GROWTH IN International Dot's Homestyle Pretzels ORIGINAL SEASONED PRETEL TUNT SKINNY POP POPCORN SCALE Salty Snacks 5 INCREMENTALITY VIA 牛肉 M&A A Leading Snacking Powerhouse#15We are Evolving and Transforming Key Strategies for Next Phase of Growth Continue Evolve & Elevate Transform U.S. CMG Leadership Commercial Capabilities Scaling Salty Snacks Profitable International Growth M&A for Incrementality Network Capacity and Resilience Environment, Social & Governance (ESG) Salty Go-To-Market and Supply Chain Business and Workforce Planning#16Balanced Growth Drivers PROVIDE DIFFERENTIATION Power Brands Sweet U.S. Everyday At Home & SALTY NICHE FAVORITES & & & INTER- NATIONAL SEASON & ON-THE-GO#17RESEALABLE BAG Continue to Focus on Confection and Salty Snacks New! FASTRILY PACK 118 12.602 JOLLY rancher GUMMIES SOURS HERSHEY'S 220 NETW155 02043 milk chocolate LILYS ORIGINAL DARK CHOCOLATE Cora Sunia Nonated DARK 147 MICH BAKER NET FRIETY PIRATES BOOTY Aged White Cheddar authentic Dot's Homestyle Pretzels MACK PURE POPPED PERFECTION" SKİNNY POP POPCORN ORIGINAL SEASONED MO 39 ARTIFICAL PRETZEL TWISTS GMO CALORIES PERCUP FREE DAKYTA NET WT 1402 (397) Small Town Recipe, BIG Time Flave NET WT. 16 02. 11 L8) 454g FREN FELONETES 88 TRY NOW AT HERSHEY'S KISSes milk chocolate Mk Cheslste 50 NEW LOOK sofit SOYA CHOCOLATE FLAVOR ORING EXCESO CALORIAS EXCESO AZUCARES HERSHEY'S JARABE SABOR A CHOCOLATE Healthy Energy Plant Protein Dietary Fiber Drive Confection Incrementality Drive Chocolate and Expand BFY & Sweets Deliver Price Realization Scale Salty Snacks Increase Brand Awareness Expand Distribution Profitable International Growth Focus on Core Brands Expand Distribution Optimize Consumer Investment Scale Operating Model Drive Adjacencies#18M&A TO ACCELERATE GROWTH On-trend Categories Scale Brands authentic 3) 150 759 60 PURE POPPED PERFECTION Incremental Occasions Strong Gross Margins Dot's Homestyle Pretzels NORTH DAKOTA ORIGINAL SEASONED PRETZEL TWISTS Win RIG Time Fla SKINNY POP POPCORN NO NON ARTIFICIAL NGREDIENTS 39 GMO CALORIES PER CUP GLUTEN FREE PIRATE'S UU BOOTY Aged White Cheddar RICE&CORN PUFFS BAKED. NOTERIE REAL CHEESE. NETWT4020 LILYS LESE CURAN ORIGINAL DARK CHOCOLATE 4% Oscos Reis Sam BARK 147 RICH LILYS CRISPY RICE DARK CHOCOLATE 31% Cena Stasia Sweetened GARK 147 RICH NO#19To From Transforming Commercial Capabilities Holistic Commercial Investment Trade and DME planned and optimized independently Evaluate, plan and optimize commercial spend across levers 黢 Integrated Dynamic Planning Labor-intensive planning process tailored for stable performance Leverage Al to incorporate variables more quickly and efficiently Agile Supply Chain Network Supply chain focused on scale and consistency Network optimization for agility, growth and resilience Integrated Technology, Systems and Data Upskill Talent and Transform Ways of Working#20Business & Workforce Planning L 오오 Optimize Labor Through Global Business Solutions Simplify and Digitize Key Processes Prioritize and Enhance Talent Development Harmonize Technology Solutions#21DELIVERING more... IN THE FUTURE#22We Listened to your Feedback plans promotions consumers capacity supply customer advertising pricing working trends margins chain confection State innovation ESG opportunities capital productivity digital Al capabilities international strategy growth snack analytics India cocoa margin value competition allocation automation LT algorithm relationships volume outlook#23Strategies FOR THE FUTURE U.S. Confection Chuck Raup⚫President, U.S. Confection Salty Snacks Kristen Riggs • President, Salty Snacks Supply Chain Strategy & Investment Will Bonifant. Vice President, U.S. & Canada Supply Chain Quick Hits Financial Outlook & Capital Allocation Priorities Steve Voskuil • Chief Financial Officer Q&A#24Being the Undisputed Leader in U.S. Confection Chuck Raup President, U.S. Confection#25U.S. Confection Leader Leading Position New! RESEALABLE BAG 09 do we have to shoe? JOLLY FRY rancher GUMMIES SOURS 110 110 LOW FAT SNACK STRAWBERRY Twizzlers HERSHEY'S 220 NET WI NET WT 1.55 0Z (43) 10 milk chocolate BREAKERS CE CUBES Reese's 2 PEANUT BUTTER CUPS PELADE Gaining Share HERSHEY +60 bps² WER CHOCOLATE & PEANUT BUTTER NET WT 1.5 02 (42 g) CMG 31%¹ Chocolate 45% Source: 1: IRI Calendar Year w/e 01/01/23 | 2: IRI, 3-Year absolute change, Calendar Year w/e 01/01/23 Top 5 Competitors Combined -215 bps²#26North America Confection Net Sales Growth Recent Performance 2019-2022 -4% Net Price Realization Segment Margin Recent Performance 2019-2022 +180 bps ~3% Volume +7.0% 31.1% AVERAGE Low Single-Digit Growth Net Price Realization ++ Volume + Source: Company Financials 2019 OUTLOOK 32.9% 2022 Annual Margin Expansion Strategic Revenue Growth Management Fixed Cost Leverage Manufacturing Capabilities/Technology Media Optimization#27Today 2017 2107 Evolved Strategies for Sustainable Growth Innovation Mass Approach, Capital-Intensive A Pricing Omni-Channel Media Targeting Episodic and Reactive <1% of Digital Sales Fit for Purpose/ Occasion-based Proactive Strategic Growth Driver 5%+ Of Digital Sales + White Space Segments Broad-reach Targeting Mass Personalization with Greater Effectiveness And Lower Cost#28Capitalizing on Consumer Trends Home-Centricity +42B More At-Home Eating Occasions vs 2019 Physical and Emotional Wellness Chocolate is Top Snack for Stress Relief Digital Connectivity More Ways to Reach Consumers PARTY HERSHEY'S York Reese's Almond Joy KitKat 130222143 07MS CATECANENT RERSH FASHE SHARE HERSHEY'S miniatures a Attle something for everyone HERSHEY'S chocolate candy ZERO SUGAR ELOADE CARE FORD, SE NUTRITION INFIRMATION ASTED HAT CONTER HERSHEY' nuggets 302 LILYS CRISPY RICE DARK CHOCOLATE Ce bed DARI RICH Paypor Autting York CACLE EAST AFTUST ASPARTAME WITH TOFFEE AND ALMOND TRACECAMY MILK CHOCOS FREE NETT 1 NET WIT 51 CZ (144) auggers NO NETVERZORG Addressable Media From 20% to 65% Source: 1: The NPD Group: Eating Patterns in America, Trends in Meals & Snacks & Snack Track, Trend in Snack Categories by Mood | 2: Company Information, Horizon Media Report (2022)#29White Space Opportunities Gummy ORIGINAL FLAVORS sch& Cherry Grade & Char Lemonade & Cherry Growth -3X Category Avg Twizzers CUMMIES NEW Better-for-you Confection NOR HERSHEY'S special dark wate candy LILY'S ZERO LES SUGAR SWEET LIFE GUMMY BEARS Sweet Fruity Friends 19 SUGAR UV SAONE 1000, SEE NITONINOVATION CHOSURED FAT DONTENT ASTAME NET WT ERSHEY'S 5.1 02 (144 g) O LILYS CRISPY RICE DARK CHOCOLATE DARK 147 RICH htened Growth ~2X Category Avg New! RESEALABLE BAG 89 JOLLY rancher GUMMIES SOURS FAMILY PRCK 0312.8 02 Tow! NEW LILYS Increase innovation, distribution and media Invest in gummy capacity Leverage partnerships Grow Zero-Sugar Platform Invest in new sugar reduction technology Expand Lily's distribution and launch innovation Source: IRI. Retail Sales for Calendar Year w/e 01/07/18 to 01/01/23#30Advantaged CATEGORY AND TRENDS & Proven BRAND STRATEGY UNDISPUTED U.S. Confection Leader#31Salty Snacks Growth & Margin Opportunities Kristen Riggs President, Salty Snacks#32PURE POPPED PERFECTION B SKINNY POP POPCORN 39 CALORIES PER CUP NON GMO NET WT GLUTEN NO ARTIFICIAL FREE INGREDIENTS Oxvided We Aspire to LEAD in Popcorn and Pretzels FROM #2 TO #1 Popcorn Source: IRI Calendar Year w/e 01/01/23 & NORTH DAKOTA authentic Dot's Homesty ORIGINAL SEASONED PRETZEL TWISTS Small Town Recipe, BIG Time Flavor NET WT. 5 OZ. (142g) FROM #3 TO #1 Pretzels#33We are Positioned to Win Categories are Primed for Growth Retail Sales 3-Year CAGR¹ Brands are Scaled, Fast-growing SKINNYPOP POPCORN Dot's Homestyle Pretzels 11.4% 11.5% 10.6% I 8.3% $495M² $335M² RTE Popcorn Pretzels Salty Snacks Edibles #1 in Dollar Growth Fastest-Growing Pretzel Brand Retail Sales² Over 3-Years Over 3-Years $2B $2B $35B $685B Source: 1: IRI, Calendar Year w/e 01/05/20 to 01/01/23 | 2: IRI, Retail Sales for Calendar Year w/e 01/01/23#34ㅈㄱ CATEGORY-LEADING Growth & Investment EXPAND Profitability TO DRIVE FUTURE GROWTH AND PROFITABILITY#35We will Deliver Double-Digit Growth Over Next 3 years BUILD BRAND AWARENESS 1.5 oz. 10 PACKS BAKED, NOT FRIETY PIRATES Dot's BO Homestyle Pretzel Dot's Homestyle Pretzels ORIGINAL 190 ASONED PRETZEL TWISTS NETWT 1.5 02 (42.5) TEN INDIVIDUAL PACKS 1.5 oz. single serve bags (net wt. 15 of BOOTY Aged White Cheddar BAKED NOTED CREATE NO ARTIFICIAL INCREASE DISTRIBUTION WIN INCREMENTAL OCCASIONS authentic Dots HomeZels ORIGINAL SEASONED PRETZEL TWISTS PER SERWIS (tags) 150 NET WT 14 OZ (31) NORTH DAKOTA Small Town Recipe, BIG Time Flavor NET WT. 16 OZ. (1LB) 454g 75 PURE POPPED PERFECTION SKINNY POP POPCORN 39 CALORIES PER CUP NON GMO NO ARTIFICIAL GLUTEN INGREDIENTS FREE NET WT 14 OZ (397g) BACK PANELER MITRITIONAL AFT PERFECT FOR A QUICK SNACK PERFECT FOR ON-THE-GO PEANUT AND NO ARTIFICIAL GLUTEN TREE NUT FREE COLORS OR PRESERVATIVES 20 BAGS NY P CORN PIRATES BOOTY Aged White Cheddar 110 FREE SKINNY POP Kettle Corn SWEET&SALTY PUNE POPPED PERFECTION 10 SKINNY POP BAGS POPCORN 80 CALORIES BUT FREE 80 CALORIES PER BAG AGS GMO FREE 7 6 BAGS BAGS MULTIPACK MILY SNACK PACK EN MULTIPACK TOTAL NET WT SUZ TOTAL NET WT 802 (334)#362022 HOUSEHOLD PENETRATION 9%↑ Dots 59% Pretzels authentic Build Brand Awareness PER SERVING ( exps) 2022 HOUSEHOLD PENETRATION 15%⭑ 57% Skinny Pop RTE Popcorn Increase Advertising Investment PURE POPPED PERFECTION ⭑Velve NORTH Dot's Homestyle Pretzels ORIGINAL SEASONED PRETZEL TWISTS DAKOTA Small Town Recipe, BIG Time Flavor NET WT. 5 OZ. (142g) SKINNY POP POPCORN Certified GF Gluten-Free 39 CALORIES PER CUP VERIFIED NON GMO NO ARTIFICIAL GLUTEN INGREDIENTS FREE NET WT 14 OZ (397g) SEE BACK PANEL FOR NUTRITIONAL INFORMATION Introduce First-ever Campaign for Dot's New Launch New Campaign for Skinny Pop Source: IRI, Calendar Year w/e 01/01/23#37Increase Distribution DISTRIBUTION - ACV, 2022 Dot's Homestyle Pretzels Home Geographical Expansion SKİNNY POP Channel Expansion 98% 86% TOTAL U.S. 84% 50% 69% SkinnyPop Competitor A Source: IRI, Average ACV Weighted Distribution by Quad for Calendar Year w/e 01/01/23#38Win Incremental Occasions PERFECT FOR A QUICK SNACK PURE POPPED PERFECTION 10 SKINNY POP BAGS POPCORN 80 CALORIES PER BAS GMO CLUDER FREE ARTIFICAL 80 CALORIES PER BAG PERFECT FOR ON-THE-GO PEANUT AND NO ARTIFICIAL | GLUTEN TREE NUT FREE COLORS OR PRESERVATIVES 20 OPPED PERFE BAGS KINNY OP OPCORN 80 CALORIES PER BAG 7 BAGS GMO NO ARTIFIC LUTEN FREE PIRATES BOOTY 旦發 Aged White Cheddar 7 BAGS NO STRAIN NET WT OF Y MULTIPACK MILY SNAC POPCORN MULTIPACK TOTAL NET WT 502 (142) UFFS 1.5 oz FREE 10 PACKS Dot Homesty Pretze euthentic Dot's Pretzels Homestyle ORIGINAL SEASONED PRETZEL TWISTS NEZ WT. 1.50Z (42.5g) TENN INDIVIDUAL P 1.5 oz. single serve bags ( Tear Here Reese's POPCORN DRIZZLED POPCORN 140 NET WT 5.25 OZ (149 g) Optimize Multi-pack Offerings and Margins & Capture Sweet & Salty Occasions#39Committed to Margin Improvement Near-Term % Expand Gross Margin ~300 bps by 2026 Long-Term Company Company HERSHEY Company Company Company E D C B A#40Strong Pipeline for Margin Enhancement Longer-Term Near-Term Optimize Existing Scale Supply Supply Chain Network КУ Chain Network ERP Implement Enhanced ERP System Net Price Foundational ($) Realization Portfolio Mix Productivity#41Investing for Growth and Margin Expansion + Increase advertising to drive brand equity Modernize and integrate ERP systems Evolve and transform supply chain Invest in people and capabilities#42Dot's Pretzels + Q PRETZELS INC― SKINNYPOP POPCORN#43Supply Chain Strategy & Investments Will Bonifant Vice President, U.S. & Canada Supply Chain#44Supply Chain ENABLES Growth & Margin Expansion#45DIGITALIZATION 0 a 1 9 1 13 C 8 1 1 1 1 1 9 1 2 Elevating Supply Chain Capabilities 00 1 1 1 0 0 00 00 1 1 0 1 1 Transformational 10 1 Strengths 0 0 0 0 010 1 B 99 0 10 10 0 1 11 R 8 1 Flexible Manufacturing Agile Fulfillment Enhanced Portfolio Capabilities A 1 1 1 01 1 1 01 1 1 0 a 0 @ O 1 0 0 8 0 11 11 8 1 1 1 0 A 0 0 C 0 0 0 0 1 0 1 1 1 1 0 0 9 0 0 1 1 1 0 1 0 1 1 1 1 1 1 1 0 1 1 0 00 1 9 1 0 0 1 00 1 1 +Ⓡ 0 0 1 1 0 0 0 0 0 0 0 1 1 1 1 Food Safety Scale 1 1 0 110 & Quality 1 1 1 000 1 1 1 1 1 0 0 • 1 0 0 0 1 1 0 0 0.0 Foundational 10 10 1 1 Strengths11 8 0 1 B 1 1 1 8 1 0 0 1 10 1 0 0 1 1 0 1 1 0 1 1 1 17 0 1 10 0 1710 0 P 1 E 1 0 0 1 0 Productivity & Efficiency Core Capacity#46Robust Diligence Process to Maximize ROIC OOHOO 个 Lean Manufacturing Portfolio Optimization Eliminate Bottlenecks Alternate Sourcing Network Expansion#47Productivity and Efficiency is Foundational to Capital Efficiency Replace Underutilized Assets Repurpose Assets Leverage Excess Capacity From Zero To PAYDAY HERSHEY'SCOOKIE LAYERCRUNCH CARAMEL Milk Chocolate Bars with Shortbread Cookie Bits and Caramel 200 CALORES NET WT 1.402434 PAX Reese's THINS Increased Productivity PRETZELS INC PIRATE'S BOOTY#48Capacity Investments will Enable Network Utilization to Return to Optimal Efficiency & Service Levels by 2024 2017-2022 Utilization Over +15 Points of Utilization in Last 5-Years Target Capacity Source: Company Information 2022-2024 Projected Utilization Under No Investment With Investment#49PEANUT BU TER CUPS Core Brand Investments Focused on High-Volume Lines to Support Growth Reese's NET WT STA 3 PUT CUPS ITER UTTER CUPS Reese's 20% VOLUME GROWTH' since 2017 ~60% OF CAPACITY INVESTMENT TOWARDS REESE'S² in 2021-2025 Reeses Capacity COMING 2024 Source: 1: IRI, Retail volume absolute growth from Calendar Year w/e 01/07/18 to 01/01/23 | 2: Company Information Chocolate Making Facility#50Investment in Transformation Capabilities Flexible Manufacturing 吧 Agile Fulfillment P Enhanced Portfolio Capabilities#51Technology A Flexible Manufacturing From Conventional Lines Technology B Capital Intensive ↓ Single Purpose Assets ! Focused SKU Portfolio ! Complex Line Changeovers Technology C To Advance Technology Line Technology A+B+C Capital Efficient Multi Purpose Assets Diverse SKU Portfolio 堂 ✔ Quick Changeovers - Minimal Downtime#52From Limited Display Units WANT. Reese's KitKa Reese's Almond Joy Reese's One Tower Size, One Mix Agile Fulfillment To Regional/Class of Trade Optimized Display Units WANT. HAVE BREAK HOVEL KIT KAT KitKat Kit Kat KitKat KitKat Reese's WANT. Reeses KitKat HERSHEY'S HERSHEY'S CRULMENTE Y CREMOSO HERSHEY'S HEATH CHEATH HEATH RSHYS Fake HERSHEY'S HERSHEY Precision Display Mix 550 Cartridge Configurations X 40 Tower Sizes Mass Customization at Scale Enabled by Robotics and Digital Integration#53Expanding Our Supply Chain Capabilities to Support Portfolio Evolution NEW SALTY CAPABILITIES Pretzel Manufacturing + Seasoning Insource Pirate's Booty Produce Sweet & Salty Snacks#54Growth & Margin Expansion Supply Chain ENABLES Customer KISS FAMILY: Reese nin's vilders 81 Consumers#55QUICK HITS International & ESG Rohit Grover President, International Leigh Horner Chief Sustainability Officer#56Building our Brands across Markets Hershey's as a Global Powerhouse Reese's Carving its Own Path Differentiating with Local Jewels NOVO! SPECIALC HERSH HERSH SPECIALD 60 6 SPECIA HERSI SPECIALDARK HERSHEY'S 6 739 TRADICIONAL 0/P 100 DARK DARK EY'S WEY'S ONAL ALDARK HEY'S ALDAR SHEY'S LOVE Reese's to pieces RESEALABLE Reese's Pieces PEARUT AUTR Anything But ordinary Global campaigns with local relevance New occasions with innovation Brand halo to win in adjacencies Successful playbook in UK, leveraging U.S. assets Selective regional expansion: Germany, Australia, Middle East COME BIEN PELON PELO Sabora RICO Camarindo ¿CÓMO COMES 3 TU PELON? SELICS ¿DE A POQUITO? PELON MEXICANO HASTA LOS PELOS Pelon on track to be #1 in Spicy in Mexico#57# Cocoa ESG Priorities Aligned to Material Issues Creating thriving communities and environments behind our most essential ingredient Responsible +1 Sourcing & Human Rights Using robust due diligence and leading standards to protect people across our value chain Environment Enhancing our operations to meet high-impact climate, waste and packaging goals Our People Creating more ways for more people to be themselves and thrive Youth Community#58Financial Outlook & Capital Allocation Priorities Steve Voskuil Chief Financial Officer#59Growing Categories Volume & Price Growth ADVANTAGED Financial Structure Leading Margin Performance Strong Cash Flow Enabling Portfolio Expansion Disciplined Capital Allocation with Differentiated Reinvestment Peer-leading Return for Shareholders#60Adjusted Earnings Per Share 5-YEAR CAGR Proven Track Record Operating Cash Flow $4.76 +12.3% $8.52 2017 2022 +13.3% Dividend Per Share +8.7% $2.3B $3.87 $1.2B $2.55 2017 2022 2017 2022 Source: Company Financials, see appendix for a reconciliation of GAAP to Adjusted EPS#611.4% Balanced Price and Volume Growth Organic Net Sales Growth Price ■ Volume 10.4% 6-8% 2-4% Long-term Algorithm ~3% NA Price 1.5% NA Volume 1.5% International Confectionery Salty Snacks 2018-20 2021-22 2023E Long-Term Price ++ Volume + Price + Volume +++ Price + Volume ++ Source: Company Financials#62Leading Margins Adjusted Gross Margin Calendar Year 2022 Adjusted Operating Margin Calendar Year 2022 HERSHEY 44% HERSHEY 23% Mondelez 37% Kraft Heinz 18% McCormick 36% General Mills 17% General Mills 33% Smucker's 16% Smucker's 33% Mondelez 16% Campbell's 31% Campbell's 15% Kellogg's 31% Conagra 15% Kraft Heinz Conagra 31% McCormick 14% 25% Kellogg's 12% Source: Consensus Metrix, Factset; Company Financials, see appendix for a reconciliation of GAAP to Adjusted Gross Margin and Operating Margin#63Opportunities for Continued Margin Expansion Adjusted Operating Income Margin % Fixed Cost Leverage ++ 23.1% Net Price Realization 22.9% 20.7% 2017 2021 2022 2023-25E Source: Company Financials, see appendix for a reconciliation of GAAP to Adjusted Operating Margin Productivity enabled via Enhanced Supply Chain & Digital Capabilities Snacking Scale and Network Optimization SG&A Discipline and Ways of Working Transformation#64Raw Materials & Packaging 60% Source: Company Financials Increasing Productivity Freight & Logistics 15% Annual Productivity and Efficiencies 2022 Cost of Goods Sold $5.9B 25% Manufacturing Overhead International North America Salty Snacks North America Confectionery +$400M Over 3-Years#65Strong Cash Flow Conversion Cash Flow from Operations ($ Billion) Free Cash Flow Productivity' 13.3% 5-Yr CAGR 127% 126% 108% 107% 98% 99% $2.3 $2.1 $1.6 $1.8 $1.7 $1.2 Financial Target 100%+ 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 Focused Effort on Working Capital Improvement Expand Processes to Salty Snacks Extended Payment Terms with Suppliers Optimize Inventory Levels 1. Free Cash Flow Productivity is defined as [Free Cash Flow / Net Income}. Source: Company Financials#66Capital Allocation Strategy to Support Growth and Create Value for Shareholders Business Reinvestment Including M&A Debt Reduction 4 Net leverage ratio target of 1.5-2.0 • Maintain investment grade Single A Rating Sustain Financial Strength and Flexibility 2 Dividend Maintain a dividend payout >50% 3 Share Buybacks Consistent amount annually Opportunistic if excess cash available#67Capex will Remain Elevated in 2024 and Normalize in 2025 Capital Expenditures as a % of Net Sales ~8% Capital Investment Focused on: Core confection capacity Snacking scale and optimization Supply Chain resilience and technology 5.5% 5.0% 5-6% ~4% 2021 2022 2023E 2024E Long-Term Source: Company Financials High return investment Disciplined approach#68A Great Investment Total Shareholder Return 5-Year Annualized Return Growing Categories Volume & Price Growth Leading Margin Performance Strong Cash Flow Disciplined Capital Allocation Source: Factset, Total Shareholder Return for 12/31/2017 to 12/31/2022 HERSHEY Market 9.4% Food 6.6% 17.8%#69Strong Visibility to Consistently Deliver Long-term Algorithm 2023 2024-2025 2026+ 6-8% 3-4% 2-4% Net Sales Growth $ 9-11% 7-8% 6-8% Adjusted EPS Growth#70Reaffirming 2023 Outlook 6-8% Reported Net Sales growth 11-15% Reported Earnings Per Share Growth 9-11% Adjusted Earnings Per Share Growth#71DELIVERING more... KEEP THE MOMENTUM GOING INVEST DIFFERENTIALLY EXECUTE AND TRANSFORM & PRAGMATICALLY Deliver Peer-leading Shareholder Return#72Reconciliation of GAAP and Non-GAAP Information Year-ending: December 31, 2022 In Millions of Dollars Except Per Share Amounts Gross Profit Operating Profit Interest- Expense, Net Net Income Income Per Share- Diluted GAAP results $ 4,498.8 $ 2,260.8 $137.6 $1,644.8 $7.96 Adjustments: Derivative mark-to-market losses Business realignment activities Acquisition and integration-related activities Other miscellaneous losses 78.8 78.2 4.4 4.0 48.5 13.6 I T I 64.7 0.38 3.3 0.02 37.0 0.24 10.3 0.07 (0.15) Tax effect of all adjustments reflected above Non-GAAP results $ 4,581.6 $ 2,405.4 $137.6 $1,760.1 $ 8.52 As reported gross margin Non-GAAP gross margin (1) 43.2% 44.0% As reported operating profit margin Non-GAAP operating profit margin (2) 21.7% 23.1% 1: Calculated as non-GAAP gross profit as a percentage of net sales for the period presented. | 2: Calculated as non-GAAP operating profit as a percentage of net sales for the period presented.#73Reconciliation of GAAP and Non-GAAP Information Year-ending: December 31, 2021 In Millions of Dollars Except Per Share Amounts Gross Profit Operating Profit Interest- Expense, Net Net Income GAAP results $4,048.6 $2,043.7 $127.4 Income Per Share- Diluted $1,477.5 $7.11 Business realignment activities Acquisition and integration-related activities Noncontrolling interest share of business realignment and impairment charges Other miscellaneous benefits Tax effect of all adjustments reflected above Adjustments: Derivative mark-to-market gains (24.4) (24.4) 5.2 16.6 2.7 33.1 (15.2) (0.12) 13.5 0.09 25.5 0.16 5.3 0.03 (15.2) (13.7) (0.07) (0.01) Non-GAAP results $4,032.1 $2,053.9 $127.4 $1,492.8 $7.19 As reported gross margin Non-GAAP gross margin (1) 45.1% 44.9% As reported operating profit margin Non-GAAP operating profit margin (2) 22.8% 22.9% 1: Calculated as non-GAAP gross profit as a percentage of net sales for the period presented. | 2: Calculated as non-GAAP operating profit as a percentage of net sales for the period presented.#74Reconciliation of GAAP and Non-GAAP Information Year-ending: December 31, 2020 In Millions of Dollars Except Per Share Amounts Gross Profit Operating Profit Interest- Expense, Net Net Income Income Per Share- Diluted GAAP results $ 3,701.3 $1,782.7 $149.4 $1,278.7 $ 6.11 Adjustments: Derivative mark-to-market losses 6.4 6.4 2.2 31.5 3.6 Business realignment activities Acquisition-related costs Pension settlement charges relating to Company- directed initiatives Long-lived asset impairment charges Noncontrolling interest share of business realignment and impairment charges Other miscellaneous benefits Tax effect of all adjustments reflected above 9.1 (3.2) 1 I 5.1 0.03 24.0 0.15 2.8 0.03 2.6 0.02 8.8 0.04 (3.4) (0.02) (2.4) (0.01) (0.06) Non-GAAP results $ 3,709.9 $ 1,830.2 $149.4 $1,316.2 $6.29#75Reconciliation of GAAP and Non-GAAP Information Year-ending: December 31, 2019 In Millions of Dollars Except Per Share Amounts Gross Profit Operating Profit Interest- Expense, Net Net Income Income Per Share- Diluted GAAP results $3,622.5 $1,596.0 $144.1 $ 1,149.7 $5.46 Adjustments: Derivative mark-to-market gains Business realignment activities Acquisition-related costs Pension settlement charges relating to Company- directed initiatives Long-lived and intangible asset impairment charges Noncontrolling interest share of business realignment and impairment charges Gain on sale of other assets Tax effect of all adjustments reflected above (28.7) (28.7) 9.2 2.0 10.2 . 112.5 (11.3) I I I (25.2) (0.14) 7.3 0.04 7.7 0.05 1.8 0.01 88.5 0.53 (2.8) (0.01) (8.5) (0.05) (0.11) Non-GAAP results $3,595.8 $1,687.9 $144.1 $1,218.4 $5.78#76Reconciliation of GAAP and Non-GAAP Information Year-ending: December 31, 2018 In Millions of Dollars Except Per Share Amounts Gross Profit Operating Profit Interest- Expense, Net Net Income Income Per Share- Diluted GAAP results $3,575.3 $ 1,623.7 $138.8 Adjustments: Derivative mark-to-market gains (168.3) (168.3) Business realignment activities 11.3 51.8 Acquisition-related costs 6.2 44.8 Pension settlement charges relating to Company-directed initiatives Long-lived and intangible asset impairment charges Impact of U.S. tax reform Noncontrolling interest share of business realignment and impairment charges Gain on sale of licensing rights Tax effect of all adjustments reflected above 57.7 (2.7) I I I $1,177.6 $5.58 (152.5) (0.80) 38.9 0.25 35.7 0.21 4.1 0.03 41.9 0.27 (7.8) (6.3) (0.03) (1.5) (0.01) (0.14) Non-GAAP results $3,424.6 $ 1,607.1 $138.8 $ 1,130.1 $5.36#77Reconciliation of GAAP and Non-GAAP Information Year-ending: December 31, 2017 In Millions of Dollars Except Per Share Amounts Gross Profit Operating Profit Interest- Expense, Net Net Income GAAP results $3,455.4 $ 1,313.4 $ 98.3 Adjustments: Income Per Share- Diluted $783.0 $3.66 Derivative mark-to-market gains Business realignment activities Acquisition-related costs Pension settlement charges relating to Company- directed initiatives Long-lived and intangible asset impairment charges Impact of U.S. tax reform Noncontrolling interest share of business realignment and impairment charges Tax effect of all adjustments reflected above (35.3) (35.3) 5.1 69.4 0.3 I (30.5) 51.0 (0.16) 0.33 0.2 I 6.8 0.05 208.7 185.4 0.98 32.5 I (26.8) (0.13) (0.04) Non-GAAP results $3,425.2 $1,556.5 $98.3 $1,001.5 $4.69 As reported gross margin 46.0% Non-GAAP gross margin (1) 45.6% As reported operating profit margin 17.5% 20.7% Non-GAAP operating profit margin (2) 1: Calculated as non-GAAP gross profit as a percentage of net sales for the period presented. | 2: Calculated as non-GAAP operating profit as a percentage of net sales for the period presented.