#1EM Cal-Maine Foods 2Q 2024 Investor Presentation January 2024 © Cal-Maine Foods. All rights reserved.#21800 SECTION 1 Company Overview EM Cal-Maine Foods 2#3Forward-looking statements and use of non-GAAP financial measures EM Cal-Maine Foods Forward-Looking and Cautionary Statements This report contains numerous forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act”) relating to our shell egg and egg products business, including estimated future production data, expected construction schedules, projected construction costs, potential future supply of and demand for our products, potential future corn and soybean price trends, potential future impact on our business of the recent resurgence in the United States ("U.S.") commercial table egg layer flocks of the highly pathogenic avian influenza ("HPAI") outbreak, potential future impact on our business of inflation and rising interest rates, potential future impact on our business of new legislation, rules or policies, potential outcomes of legal proceedings, including loss contingency accruals and factors that may result in changes in the amounts recorded, and other projected operating data, including anticipated results of operations and financial condition. Such forward-looking statements are identified by the use of words such as “believes,” “intends,” “expects," "hopes,” “may,” “should,” “plans,” “projected," "contemplates," "anticipates," or similar words. Actual outcomes or results could differ materially from those projected in the forward-looking statements. The forward-looking statements are based on management's current intent, belief, expectations, estimates, and projections regarding the Company and its industry. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions, and other factors that are difficult to predict and may be beyond our control. The factors that could cause actual results to differ materially from those projected in the forward-looking statements include, among others, (i) the risk factors set forth in Part I Item 1A of the 2023 Annual Report, the risk factors (if any) set forth in Part II Item 1A Risk Factors and elsewhere in this report as well as those included in other reports we file from time to time with the Securities and Exchange Commission (the “SEC”) (including our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K), (ii) the risks and hazards inherent in the shell egg business (including disease, pests, weather conditions, and potential for product recall), including but not limited to the current outbreak of highly pathogenic avian influenza ("HPAI") affecting poultry in the U.S., Canada and other countries that was first detected in commercial flocks in the U.S. in February 2022 and that first impacted our flock in December 2023, (iii) changes in the demand for and market prices of shell eggs and feed costs, (iv) our ability to predict and meet demand for cage-free and other specialty eggs, (v) risks, changes, or obligations that could result from our future acquisition of new flocks or businesses and risks or changes that may cause conditions to completing a pending acquisition not to be met, (vi) risks relating to increased costs and higher and potentially further increases in, inflation and interest rates, (vii) our ability to retain existing customers, acquire new customers and grow our product mix and (viii) adverse results in pending litigation matters, (ix) global instability, including as a result of the wars in Ukraine and Israel and attacks on shipping in the Red Sea, and (x) any potential resurgence of COVID-19. Readers are cautioned not to place undue reliance on forward- looking statements because, while we believe the assumptions on which the forward-looking statements are based are reasonable, there can be no assurance that these forward- looking statements will prove to be accurate. Further, forward-looking statements included herein are only made as of the respective dates thereof, or if no date is stated, as of the date hereof. Except as otherwise required by law, we disclaim any intent or obligation to update publicly these forward-looking statements, whether because of new information, future events, or otherwise. Notice Regarding Non-GAAP Financial Measures In addition to U.S. GAAP financial measures, this presentation contains and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are included herein if the reconciliation is not presented on the page in which the measure is published. CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 3#4EM Cal-Maine Foods We are the #1 U.S. producer and distributor of fresh eggs, committed to offering our customers choice in a safe, cost-effective and sustainable manner CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 Our Mission To be the most sustainable producer and reliable supplier of consistent, high-quality fresh eggs and egg products in the country, demonstrating a "Culture of Sustainability" in everything we do Our Goal Our eggs are an important source of low-cost protein, vitamins and minerals for millions of families and providing healthy eggs to families in a responsible and sustainable manner has always been our goal 4#5Competitive advantages differentiate Cal-Maine 00000 888 EM Cal-Maine Foods Proven Operator Vertically Integrated Quality Product Choice Disciplined Balance Sheet Blue Chip Customers Highly efficient operational expertise, CALM Management System is designed to achieve proactive cost control and ability to adapt to market pressures throughout business cycle. Largest U.S. producer & distributor of fresh shell eggs, with broad reaching production, processing, packaging. & distribution capabilities. Wide range of quality choices in shell egg category in addition to enhanced egg- product offerings. Strong commitment to sustainably serving customer needs. Nimble, well- capitalized to support growth initiatives, stakeholder returns, and investment to meet evolving consumer preferences. Long-standing relationships with diverse, high-quality retail, wholesale and foodservice customers reduce revenue concentration risk. CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 5#6Tenured management team with deep industry experience EM Cal-Maine Foods Adolphus B. Baker Chairman of the Board of Directors 35+ Years at CALM >35 years of industry experience. Served at Cal-Maine Foods since 1986; member of the Board of Directors since 1991 Served as CEO from 2010 to 2022; elected Chairman of the BoD in 2012 Previously served as President and COO and Vice President and Director of Marketing prior to becoming President Sherman Miller President, Chief Executive Officer 25+ Years at CALM Joined CALM in 1996, named as CEO October 2022, President since March 2018 and elected to the BoD in July 2012 Previously served as COO Member of the Board of the U.S. Poultry and Egg Association and Board of United Egg Producers Previously VP of Operations and General Manager in Chase, Kansas, office and various management positions since joining the company in 1996 Max Bowman Vice President, Chief Financial Officer 5+ Years at CALM Elected as a Director of the company and appointed to the position of CFO in 2018; previously served as the VP of Finance Prior to joining the company, served as CFO of Southern States Utility Trailer Sales and H&P Leasing from October 2014 to June 2018 Previously co-founder, President and Director of Tenax LLC and Tenax Aerospace from 2003 to 2014; CFO of ChemFirst, Inc. from 1997 to 2003 Todd Walters Vice President, Chief Operating Officer 25+ Years at CALM Joined CALM in 1997, named as COO March 2023, since 2011 served as VP of Operations for operations in South Texas, and subsidiary Wharton County Foods, LLC's facility in Boling, Texas Previously served in mgmt. positions at other CALM locations in Mississippi, Kansas, New Mexico, & Ohio Served on the Board of The Ohio Poultry Association and The Texas Poultry Federation, where he is currently an ex- officio member. He is also an active member of the United Egg Producers Rob Holladay Vice President, General Counsel 10+ Years at CALM Joined CALM in 2011, previously advised company as an outside attorney with YoungWilliams, P.A. Earned a Bachelor of Accountancy and a Master of Taxation from the University of Mississippi Member of Mississippi Bar Association, Mississippi Corporate Counsel Association, the Association of Corporate Counsel and the American Agricultural Law Association CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 6#7Leading global egg producer and distributor World's Top 10 Egg Producers (1) (layer hens, mm) Cal-Maine Food's Operating Footprint (2) SALN Cal-Maine Foods, 44.3 Proteina Animal, 36.0 Rose Acre Farms, 27.6 CP Group, 22.0 Beijing DAT Co., 20.6 Versova Holdings, 20.1 Hillandale Farms, 20.0 Ise Inc., 20.0 Daybreak Foods, 15.0 ACOLID, 14.4 CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 WY IA NE NV IL UT CO KS MO PA OH WV VA KY NC TN OK AZ NM ARO GA 50 MS AL Egg-Land's Best™ franchise also in NYC, Los Angeles and other metro areas TX LA Eggland's Best Exclusive Franchise Territory (including investment in unconsolidated entities) Additional Market Coverage Cal-Maine Foods, Inc. Operating Locations FL SC NY EM Cal-Maine Foods Attractive presence in southern U.S. 7#8Fully integrated operations allow for scaled production and distribution capacity (1) EM Cal-Maine Foods 区 26 feed mills Scaled Production Meets Demand 3 breeding facilities 75% More layer hens than our nearest U.S. competitor 2 hatcheries 44 production facilities CALM maintains leading production scale supported by best-in-class operating expertise Uniquely positioned with broad product offerings of high-quality, affordable and healthy protein choices Distribution Range & Brand Diversity Offer Consumer Choice 1% 60k+ ~890 SKUs Private label 13% Non Brand ~7.3 million eggs / hour capacity 14% Unique retail locations Predominantly private 48% label, complemented by CALM brands 24% Cal-Maine brands (2) Eggland's Best National Brand 44 processing & packaging facilities CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 8#9Customer base and product choice reduce revenue concentration risk Diversified relationships across blue-chip customers (1) Broad egg offering capabilities help us continue to serve a diverse, high-quality customer base and reduce revenue concentration risk Flexible product choice enhances ability to align with changing customer needs (2,3) Fiscal year net shell egg revenue (%) per dozen EM Cal-Maine Foods As of FY 2023 34% of revenue is attributed to our largest customer 50% of revenue comes from our top 3 customers 1. Walmart & Sam's Club FY 19 FY 22 Fiscal year net average selling price (NASP) $ per dozen 2. HEB 3. Publix 4. Food Lion 5. Eggs America 6. Southwest Specialty * 7. Costco 8. Aldi 9. C&S Wholesale Grocers 10. Wakefern Food Grp. * CALM unconsolidated joint venture CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 39% 38% 32% 61% 46% 62% 54% 68% $1.041 $1.933 $1.265 $1.420 $1.932 $1.579 $2.739 FY 19 FY 22 FY 23 ■Conventional sales Specialty sales FY 23 FY 24 YTD $2.403 $2.622 $1.353 $2.277 FY 24 YTD ■All shell egg NASP 9 $1.661#10Operational strategies further reduce customer concentration risk EM Cal-Maine Foods Diversified Products Flexible Capital Specialty product lines, such as cage-free, foster revenue growth across a broader customer base Capital allocation strategy enables us to make strategic investments to optimize product choice in response to customer needs Informed M&A Flock Placement M&A process guided by focus on opportunities that are geographically close to our target markets and key customers Strategic flock placement & cycle timing to align with peak demand and ability to supply to the broadest range of customers CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 10#11“ Strong commitment to sustainability principles (1) We work hard every day to earn the trust of our valued customers, the consumers who purchase our eggs and the people who live and work in the communities where we operate." Sherman Miller CEO Cal-Maine Foods FY2022 Sustainability Report . . Published August 2023 Discloses select Scope 1&2 GHG emissions ZERO 2 HUNGER Program working towards 11 of the UN Sustainable Development Goals . • GOOD HEALTH 3 AND WELL-BEING GENDER EQUALITY CLEAN WATER AND SANITATION EM Cal-Maine Foods AFFORDABLE AND CLEAN ENERGY DECENT WORK AND ECONOMIC GROWTH 10 REDUCED INEQUALITIES 11 SUSTAINABLE CITIES AND COMMUNITIES 12 RESPONSIBLE CONSUMPTION AND PRODUCTION 13 CLIMATE ACTION 15 LIFE ON LAND 888 People Exceeded BLS diversity averages Recordable health and safety averages < BLS in most categories >5 mm Dozen eggs donated since FY19 >50 Safety & compliance managers Planet FY22 Sustainability Report includes select emissions, water, waste & packaging data • FY23 report to include energy usage and full inventory, FY24 to include category analysis 1/3 Of shipped products utilized reusable plastic containers 90,000 Trees planted creating habitats & erosion control 1.1 Bn Dozens sold FY22 0 Noncompliance rate Poultry 100% SQF certification in facilities 0 Recalls in FY22 CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 11#12Long track record of delivering performance in a cyclical industry (1) EM Cal-Maine Foods Industry Cyclicality Cyclicality is an inherent aspect of our industry Our team is well-equipped to navigate through the experienced fluctuations to achieve sustainable growth in the long run Strategy Designed Around Cyclicality • Our long-term growth strategy is designed to benefit from the higher markets and mitigate the impact of lower markets by efficiently managing costs and maintaining a strong balance sheet Net Income ($mm) $316 $152 $161 $126 $7 $12 ($10) $37 $80 $61 $50 $54 ($74) $2 $758 FY 2001 FY 2003 FY 2005 FY 2007 FY 2009 2011 FY FY 2013 FY 2015 FY 2017 FY FY FY 2019 2021 2023 Shell eggs sold (mm dozens) Disciplined Commitment to Shareholder Value Cal-Maine is committed to delivering value to shareholders over the economic cycles ■Dozens Produced ■Est. Purchases 1,147 1,063 1,031 1,039 1,073 948 821 778 686 545 571 575 • Variable dividend policy optimizes returns to shareholders through cycles and preserves capital FY 2001 FY 2003 FY 2005 FY FY FY FY 2007 2009 2011 2013 FY 2015 FY 2017 FY 2019 FY 2021 FY 2023 CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 12#13SECTION 2 Long Term Drivers of our Business EM Cal-Maine Foods 13#14Eggs have enjoyed secular tailwinds in the U.S. A Universal Protein • • 97% of U.S. households purchase eggs (1) • • Designated as 'healthy food' under new proposed FDA definition (2) Ranked as one of the most economical high- quality proteins Consumption Growth Over Time (3) • The last decade has seen supply and demand grow relatively consistently, tracking together Demand has shown consistent growth, with little long-term impact seen from the 2022 HPAI outbreak compared to 2015 Market Dynamics U.S. Year-end layers (millions) (4) -Consumption per capita EM Cal-Maine Foods 342 340 330 322 327 325 310 315 317 320 311 301 Both layer count and consumption per capita in the US have been driven by supply, 293 282 284 286 287 283 279 281 demand, cyclical market recovery, and most recently, market volatility around HPAI. 268 272 259 256 CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024e 14#15Customer preferences are changing, and state mandates accelerate the shift State mandates and commitments accelerate shift to cage-free (1,2) eggs CALM portfolio ideally positioned to meet demands 10 U.S. states have passed cage-free legislation or regulation for implementation by 2026 ~27% households expected to be in cage-free states by 2026 National flock will need to be 69% cage-free to meet both legislative mandates and stated commitments U.S. state cage-free mandate implementation timeline & cum. population (mms) (3) 88 88 89 CA UT RI NV* CO 67 67 MA AZ 55 55 MI 49 OR 46 WA 1H'22 2H'22 1H'23 2H'23 1H'24 2H'24 1H'25 2H'25 1H'26 * Nevada adopting a tiered approach to cage-free mandates, expected to be fully implemented by 1/1/24 CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 Nimble cage-free posture • We are deploying capital toward production and M&A opportunities that enhance our cage-free capacity and capabilities Increasing cage-free focus • Our volume of cage-free egg sales has continued to increase and account for a larger share of our product choice EM Cal-Maine Foods 15#16Meeting evolving retail market needs by driving favorable product choices Market and consumer demand is changing Conventional eggs maintain leading retail market share (% dozens sold by volume) (1) CALM is adjusting choices to meet that shift Fiscal year shell egg sales* (% dozens sold by volume) (2) 75% 11% 8% 4% 17% 24% 23% - 7% 7% 8% 15% 8% 6% 77% 68% 61% 57% FY 19 FY 22 Commodity white and caged brown ■Free-range and pasture-raised 25% 73% 65% 67% EM Cal-Maine Foods 35% 33% 27% FY 23 FY 24 YTD FY 19 FY 22 FY 23 FY 24 YTD Nutritionally enhanced ■Cage-free and organic ■Conventional ■Specialty IRI data indicates most significant demand growth is among cage-free, organic, Free-range and pasture- raised egg products Despite shift in this consumer behavior, conventional eggs maintain core retail market position Market shift accelerated in 2019 with state cage-free mandates and retailer commitments Driving higher specialty shell egg sales volumes, largely in line with retail market CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 16#17Shell egg industry is fragmented providing consolidation opportunities (1) EM Cal-Maine Foods Top-five producers: layer hen rankings Cal-Maine Foods 13% 0 Others 63% Rose Acre Farms 8% Hillandale Farms 6% Daybreak Foods 5% Versova Holdings LLP 5% Top-five producers own ~37% of U.S. layer hen flock 60+ companies hold >208k layers In 2022, the top-five broiler producers held ~64% of market share CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 17#18SECTION 3 Executing Consistent Long-Term Strategy EM Cal-Maine Foods 18#19Our strategy has remained consistent for over 60 years EM Cal-Maine Foods Focus on operational excellence Lever Cal-Maine Management Process to optimize everything within our control Adapt to changing consumer demand Expand and adjust product choice to meet needs of customers and consumers Allocate capital responsibly Deploy capital to organic growth, inorganic M&A, and shareholders through dividends CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 Deliver Shareholder Value 19#20Operational excellence underpins the Cal-Maine Management System People-first, strategy-focused and data- driven roadmap to success 6. Information Sharing EM Cal-Maine Foods 1. People First System of integrated best practices deployed across all facilities and operations Communication flows openly from top down and down up to achieve universal monitoring Scheduled weekly and monthly feedback loop to adjust and align strategy among all business units 5. 2. Success Cycle Continuous Improvement 4. Results-Based Accountability Strategy Focus 3. Metric-Driven (KPIs) CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 20#21" Seasoned biosecurity team effectively managing though U.S. HPAI outbreaks Highly pathogenic Avian Influenza (1) Caused by an "influenza type A virus", impacts chickens, turkeys, and other domesticated and wild birds HPAI has impacted commercial poultry and egg production in Europe, Asia, Africa, and North and South America. Wild waterfowl and other species shed the virus into the environment through their oral and nasal secretions and feces." - United States Geological Survey • · . . Managing through Avian Influenza Long-tenured and seasoned CALM operations team Adopted and enhanced procedures implemented through the 2014-15 outbreak Dec 2023, HPAI outbreaks recorded at CALM KS facilities impacting 3.3% of total flock. Production loss mitigations through flock rotations Upholding biosecurity focus Prohibit non-essential guests • Require vehicle sanitation before entry Enforce bio secure perimeters with required clothing, footwear and gear sanitation Sharpened control measures, prevent site-specific contact between flock and wild birds Serve customers during impacted egg market EM Cal-Maine Foods CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 . • Continue to meet customer needs in any market conditions Ability to self-produce minimizes risk of transmission from outside egg purchases 21#22• Scaling production to manage costs and reduce purchase dependency Embedded input cost & supply chain resilience CALM Management System provides constant evaluation of costs & performance to best manage volatility Feedstock Farm production costs, largely feed ingredients, facility and amortization, drives cost of sale expense Two in-house nutritionists that specialize in creating least- cost formulations. Supply Chain Dual- and multi-sourcing for key inputs, including feed ingredients, cartons and other packaging EM Cal-Maine Foods Self-production offers more attractive expense profile (2) Optimized production promotes flexibility during times of tightened egg supply Dependence on outside shell egg purchases has declined, as Cal-Maine's production has scaled to meet demand Helps maintain consistent, quality service to customers and provide management of market cyclicality Outside egg purchases (% of sales) • Continued focus on production efficiencies under our control 26% 23% 24% 25% 26% 21% 21% 20% 22% FY23 feed ingredients' price impacts on per dozen shell egg farm production costs (1) 16% 13% 8% 6% A in feed ingredient $ per dozen impact Bushel of corn $0.28 $0.01 FY 2000 FY 2004 FY 2008 FY 2012 FY 2016 FY 2020 2Q 2024 Ton of soybean meal $25.50 $0.01 CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 22 22#23Conservative approach to capital allocation, executing on strategic priorities Growth Strategy EM Cal-Maine Foods 888 Dividend Payments $ Maintenance Capex Organic Growth Inorganic Growth Value-Added Products Overarching goal to maximize returns and value through prioritized dividends Reinvestment to achieve continuity of efficient operations across facilities Investment in our existing operations to increase sales, market share, profitability and cage-free capacity Growth through consolidation of synergistic acquisitions and bolt- on cage-free opportunities Supporting long-term growth through investment in innovative, scale- driven products and facilities CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 23#24Committed to sustainable returns through cycles 888 Dividend Payments EM Cal-Maine Foods Shareholder returns Committed to allocation of capital to our shareholders through a variable quarterly dividend plan Managing industry cyclicality Variable dividend policy optimizes returns to shareholders through cycles and preserves capital 1/3 of net income Allocated each quarter under our variable dividend policy (2) $689mm total dividends paid since FY2000* $1.39 5-Yr avg. dividends paid per share as of FY 23 CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 * Includes $5.7mm accrued as of December 2, 2023, payable on 2/15/24 24#25Robust balance sheet supports growth opportunities and shareholder returns Maintenance Capex Prioritize liquidity Manage cash priorities EM Cal-Maine Foods Variable dividend policy driven by commodity-based, cyclical business model • Maintain current assets, including cash and securities' balances, to support operating needs Continued focus on funding investments for longer-term • growth, primarily organic and bolt-on cage-free opportunities Zero long term debt, loan facility in place if needed* Total current assets, cash and investment securities ($ mm) $648 $568 $175 $170 $232 $487 $477 $496 $350 $288 FY 20 FY 21 FY 22 FY 23 FY 24 YTD ■Total current assets (ex. cash & investments) ■Total cash and investments *Credit Facility includes $250mm line of credit and $200mm accordion feature. CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 • • Invest in maintenance capex for continuity of efficient operations across facilities Selective acquisition posture for M&A and incremental cage- free capacity Capital Allocation from FY 2022 to Q2 2024 ($ mm) $37 $99 $137 $92 ■Dividends Paid Maintenance CapEx $296 ■Organic Growth Inorganic Growth Value-Added Products 25#26Increasing cage-free capacity through organic and inorganic investments Organic Growth Inorganic Growth Spent and Committed cage-free capex allocation as of end Second Fiscal Quarter 2024 ($ mm)* Ongoing investment in cage-free growth • Layer House Conversions Multiple conversions of facilities to cage-free systems across the U.S., significantly increasing capacity for cage-free layer hens Spent Committed 609 594 568 555 749 683 • 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 EM Cal-Maine Foods Meadowcreek Investments . Expansion of controlling interest to support production of value- added cooked egg products Red River Valley Egg Farm • Acquisition of remaining interest, including significant addition of cage-free hens, pullets, and facilities to strengthen presence in Texas Southwest Specialty Venture Investments to enhance distribution and warehousing capabilities across California, Arizona, and Nevada 26#27Strategic approach to M&A Inorganic Growth Incoming Prospects Steady flow of M&A opportunities due to generational turnover and required investment for cage-free egg production Thorough Time-tested framework scrutinizes many factors including market demands, synergies, operational compatibility, financial returns, geography, and expansion of customer reach Disciplined Structured, consistent approach designed to take a judicious approach to value enhancing acquisitions Geographic Synergy CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 Cash Flow Accretive Expansion Opportunity ~24 Acquisitions Completed Cage-free Capacity EM Cal-Maine Foods Operations Compatibility with existing facilities & strategy Geography Proximity to infrastructure and markets Customers Incremental relationships and access Synergies Cost savings through integration Returns Financial return potential 27#28A history of growth through adaptation and successful integration of acquisitions M Cal-Maine Foods 1957 Inorganic Growth Built world's largest egg farm in Edwards, MS 1963 Founded in Jackson, MS by Fred Adams Acquired egg operations of Ralston-Purina Pilgrim's Pride and Maxim Production Co., added ~5.0mm layer hens 2012 1972 Red River Valley Mahard Egg Farm, added 3.9 mm layer cage-free egg JV 2015 hens 2019 2014 December 1996, NASDAQ IPO under "CALM❞ Sold >1 billion dozen eggs for the first time 2016 Foodonics Int'l, added 3.1 mm layer hens 1959 Adams Foods merged with Dairy Fresh Products and Maine Egg Farms to form Cal-Maine Foods 1996 MeadowCreek; focus on hard- cooked eggs 1H 2023 2022 Remaining 50% interest in Red River Valley, adding ~1.7 mm cage- free layers 2H 2023 Fassio Egg Farms, inc. ~1.2mm primarily cage- fee hens and feed mill 1,014 1,054 1,038 884 805 683 679 605 526 562 1,069 1,084 1,147 1,022 1,059 928 873 819 750 640 663 537 535 -Sold Produced 431 458 388 FY'00 FY'05 FY'10 FY'15 FY'20 Deep experience integrating acquisitions and executing on organic opportunities Disciplined M&A approach with proven execution and integration capability to capture synergies 24 companies integrated since 1989 Historic M&A focused on consolidation of operations to increase dozens of eggs sold Recent transactions have specifically targeted production capacity to reduce the gap between dozens produced and dozens sold and expand our cage-free production capabilities in key markets CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 28#29M&A case study - Mahard Egg Farm in 2019 Inorganic Growth • • Acquisition of Mahard Egg Farm assets in 2019 expanded CALM customer base in Texas and Oklahoma, enhanced by minor investment in existing facilities 3.9mm layer hen capacity 8.0mm layer hens permitted Due diligence process revealed facility underperformance Introduction of CALM Management System provided resolution Facilities fit CALM growth strategy given footprint and customer expansion potential Proximity of local distribution centers granted enhanced service to customers and a reduction in costs 260% ROI (1) As of FY 2023 29% IRR (2) Note: Results may not be indicative of future performance or other acquisitions. CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 3.17yrs Payback (3) EM Cal-Maine Foods 29#30Scaling hard-cooked egg offerings, optimizing throughput and category reach Value-Added Products Our capabilities are scaling EM Cal-Maine Foods • Innovative category captures value Egg size increases to consumer-preferred large+ only after ~15 weeks of medium egg laying (16% of laying life) Integrated production and processing capabilities help leverage more value from eggs during pre-peak lay Ability to upcycle pre-peak, medium size eggs to hard-cooked drives commercial throughput and category penetration MeadowCreek Facility March 2023 Hard-cooked operations on-line ~32 mm lbs Annual gross capacity (1) О Large+ sizes preferred for retail Medium size eggs ideal for hard-cooked CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 • . Plan to self-supply majority of eggs, initial focus on hard- cooked products Leverage distribution relationships and drive category expansion Pursue growth in commercial food services 30#31Key Takeaways EM Cal-Maine Foods 288mm dozens sold Q2 2024 Largest producer and distributor of fresh shell eggs and egg products in the U.S. 60+ years Ial operating Proven, highly efficient operators with deep talent bench and industry expertise Quality food choices Nimble and poised to meet evolving consumer food choice preferences Sustainable platform Commitment to sustainable operating platform is core to our mission Adept acquirer OOO & integrator Significant growth and acquisition opportunities in a fragmented market $ Prudential capital allocation Robust financial position to support growth initiatives CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 31#32SECTION 4 Appendix EM Cal-Maine Foods 32 K2#33Select income statement highlights EM Cal-Maine Foods Fiscal Year Ended Q1 2024 Q2 2024 $s, except sales volume and percentage data 2018 2019 2020 2021 2022 2023 9/2/23 12/2/23 Net sales 1,502,932 1,361,188 1,351,609 1,348,987 1,777,159 3,146,217 459,344 523,234 Gross profit 361,046 222,859 337,059 1,196,457 45,433 91,130 179,588 Operating income (loss) 181,257 45,781 1,269 160,661 (26,264) 143,537 967,726 (6,757) 14,234 Other income, net 16,830 25,024 22,478 30,824 7,490 7,884 18,790 16,315 Income (loss) before income taxes 198,087 70,805 166,015 998,550 733 22,118 20,059 (9,949) Net income (loss) attributable to Cal-Maine Foods, Inc. 206,946 55,062 18,391 2,060 132,650 758,024 926 17,009 Net income (loss) per common share attributable to Cal-Maine Foods, Inc.: Basic Diluted Weighted average shares outstanding: Basic Diluted CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 4.27 1.12 0.38 0.04 2.73 15.58 .02 0.35 4.26 1.12 0.38 0.04 2.71 15.52 .02 0.35 48,353 48,467 48,467 48,522 48, 581 48,648 48,690 48,690 48,468 48,589 48,544 48,656 48, 731 48,834 48,840 48,866 33#34Select operating results EM Cal-Maine Foods Fiscal Year Ended $s, except sales volume and percentage data 2018 2019 2020 Q1 2024 Q2 2024 2021 2022 2023 9/2/23 12/2/23 Dozen eggs sold (000) Conventional Specialty Total 780,362 257,352 1,037,714 778,051 813,255 260,848 255,895 1,038,899 1,069,150 785,446 287,765 1,073,211 747,914 749,076 181,530 192,462 335,875 1,083,789 1,147,373 398,297 91,596 95,711 273,126 288,173 Dozen eggs produced (000) 873,307 876,705 927,799 970,837 1,022,327 1,058,539 250,356 265,101 % Production 84.2% 84.4% 86.8% 90.5% 94.3% 92.3% 91.7% 92.0% % Specialty sales (dozen) 23.5% 23.8% 23.9% 26.8% 31.0% 34.7% 33.5% 33.2% % Specialty sales (dollars) 32.0% 36.2% 36.8% 41.1% 37.8% 31.6% 45.4% 43.3% Net average selling price (dozens) Conventional Specialty All shell eggs Farm production cost (per dozen produced) Feed Other Total +A $ 1.229 1.040 1.011 0.976 1.424 2.739 1.240 1.458 +A $ 1.916 1.931 1.896 1.876 1.927 2.403 2.278 2.277 $ 1.394 1.263 1.222 1.217 1.570 2.622 1.589 1.730 0.394 0.415 0.410 0.446 0.569 0.676 0.597 0.554 $ 0.303 0.319 0.328 0.320 0.351 0.396 0.439 0.431 $ 0.697 0.734 0.738 0.766 0.921 1.072 1.036 0.985 Outside egg purchases (average cost per dozen) $ 1.445 1.249 1.245 1.233 1.738 3.020 1.650 2.030 CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 34#35EBITDA reconciliation Non-GAAP Measure - EBITDA EBITDA is a non-GAAP measure and defined as net income attributable to Cal-Maine Foods, Inc. plus interest, taxes, depreciation and amortization. The following table sets forth a reconciliation of EBITDA to net income attributable to Cal-Maine Foods, Inc.: EM Cal-Maine Foods Fiscal Year Ended Quarter Ended Quarter Ended $000s 2018 2020 Net income (loss) attributable to Cal-Maine Foods, Inc. Add: Interest expense Add: Income tax expense (benefit) Add: Depreciation and amortization EBITDA 171,364 Reportable Legal Proceedings and Related Costs* Adjusted EBITDA 83,140 254,504 2019 2023 125,932 54,229 18,391 2,060 132,650 758,024 265 644 498 213 403 583 -8,859 15,743 1,731 -12,009 33,574 241,818 54,026 54,650 58,103 59,477 68,395 72,234 125,266 78,723 49,741 235,022 1,072,659 2,495 117 53 185 3,700 127,761 78,840 49,794 235,207 1,076,359 2021 2022 9/2/2023 12/2/2023 926 17,009 142 134 322 5,540 19,340 20,054 20,730 42,737 873 24,471 21,603 67,208 * Includes costs associated with legal proceedings, regulator matters, fines, settlements and related expenses for matters that we disclose in our Annual Reports on Form 10-K filed with the Securities and Exchange Commission (SEC) and in other periodic reports. CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 35#36Citations (1/2) Slide 7 - Leading global egg producer and distributor 1) 2) Data from WATT Poultry. US company data from “The US egg producer's ranking for 2023". International company data from "The world's top 10 egg producers." Eggland's Best franchise territory includes Land O'Lakes market areas and includes investment in unconsolidated entity Slide 8 - Fully integrated operations allow for scaled production and distribution capacity 1) Company filings and research 2) Cal-Maine brands include Farmhouse, SunUps, and Sunny Meadows Slide 9 - Blue-chip customer base reduces revenue concentration risk 1) Data as of fiscal Q2 2024 unless noted. For more information about our revenue concentration, please review our most recent Form 10-Q and Form 10-K. 2) Company filings and other public disclosures. Specialty sales are classified as nutritionally enhanced, cage-free, organic, brown, pasture-raised and free-range eggs. 3) Represents percent of net shell egg sales and excludes Other sales, including hard-cooked eggs, hatching eggs, other egg products, hens and manure, which are included with our shell egg operations Slide 14 - Eggs have enjoyed secular tailwinds in the U.S. 1) 2) 3) 4) Numerator Shopper Metrics, Major Category Eggs, Any Store, Total Commerce, Channels: Online, Food, Mass, Dollar, Drug, Club, Military. Latest 52 Weeks Ending 12-03-23 Proposed U.S. Food and Drug Administration (FDA) definition, 90-day comment period before final ruling Company filings and research The USDA calculates per capita consumption by dividing total shell egg disappearance in the U.S. by the U.S. population. Slide 15 - Customer preferences are changing, and state mandates accelerate the shift 1) LEAP Market Analytics. Egg Market Summary and Outlook. 2) USDA Egg Market Overview December 29, 2023 3) https://worldpopulationreview.com/states Slide 16 - Meeting evolving retail market needs by driving favorable product choice https://www.iriworldwide.com/en-us 1) 2) Company filings and other public disclosures. Specialty sales are classified as nutritionally enhanced, cage-free, organic, brown, pasture-raised and free-range eggs Slide 17 - Shell egg industry is fragmented providing consolidation opportunities 1) 2023 Watt Poultry, "Top 25 US egg producers in 2023", Jan 19, 2023 Slide 21 - Seasoned biosecurity team effectively managing though U.S. HPAI outbreaks 1) U.S. Department of Agriculture Animal and Plant Health Inspection Service (APHIS). Avian Influenza. February 16, 2022. https://www.aphis.usda.gov/aphis/ourfocus/animalhealth/animal-disease-information/avian/avian-influenza CAL-MAINE FOODS | INVESTOR PRESENTATION | JANUARY 2024 EM Cal-Maine Foods 36#37EM Cal-Maine Foods November 2023 © Cal-Maine Foods. All rights reserved.