Investor Presentaiton
Customer 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
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