Cal Maine Foods : Regulation FD Presentation - Form 8-K

CM Cal-Maine Foods Investor Presentation November 2023 © Cal-MaineFoods. All rights reserved.

Cal-Maine Foods SECTION 1 Company Overview CAL-MAINEFOODS | INVESTOR PRESENTATION | NOVEMBER 20232

Cal-Maine Foods Forward-looking statements and use of non-GAAPfinancial measures Forward‐Looking and Cautionary StatementsThis report contains numerous forward-looking statements within the meaningof 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 business, includingestimated future production data, expected construction schedules,projected construction costs, potential future supply of and demandfor our products, potential future corn and soybean price trends, potentialfuture impact on our business of inflation and rising interest rates,potential future impact on our business of new legislation, rulesor policies, potential outcomes of legal proceedings, and otherprojected operating data, including anticipated results of operationsand financial condition. Such forward-looking statements areidentified by the use of words such as "believes," "intends," "expects,""hopes," "may," "should," "plans," "projected,""contemplates," "anticipates," or similar words. Actual outcomes or resultscould differ materially from those projected in the forward-looking statements. The forward-looking statements are based on management'scurrent intent, belief, expectations, estimates, and projections regardingthe Company and its industry. These statements arenot guarantees of future performance and involve risks, uncertainties, assumptions,and other factors that are difficult to predict and maybe beyond our control. The factors that could cause actual results to differmaterially from those projected in the forward-looking statements include,among others, (i) the risk factors set forth in Part I Item 1A of the2023 Annual Report, the riskfactors (if any) set forth in Part II Item 1A Risk Factors andelsewhere in this report as well as those included in other reports wefile from time to time with

the Securities and Exchange Commission (the "SEC") (includingour Quarterly Reports on Form 10-Q and Current Reports on Form8-K), (ii) the risks and hazards inherent in the shell egg business (includingdisease, pests, weather conditions, and potential for product recall),including but not limited to the current outbreak of highlypathogenic avian influenza ("HPAI") affecting poultry in theUnited States ("U.S."), Canada and other countries that was first detectedin commercial flocks in the U.S. in February 2022, (iii) changesin the demand for and market prices of shell eggs and feed costs, (iv)our ability to predict and meet demand for cage-free and otherspecialty eggs, (v) risks, changes, or obligations that could result fromour future acquisition of new flocks or businesses and risks or changesthat may cause conditions to completing a pending acquisitionnot to be met, (vi) risks relating to increased costs and higherand potentially further increases in, inflation and interest rates,which began in response to market conditions caused in part bythe COVID-19 pandemic and which generally have been exacerbatedby the Russia-Ukraine War that began in February 2022, (vii) our abilityto retain existing customers, acquire new customersand grow our product mix and (viii) adverse results in pending litigationmatters. Readers are cautioned not to place undue relianceon forward-looking statements because, while we believe the assumptionson which the forward-looking statements are based arereasonable, there can be no assurance that these forward-looking statementswill prove to be accurate. Further, forward-looking statementsincluded herein are only made as of the respective dates thereof,or if no date is stated, as of the date hereof. Except as otherwise requiredby law, we disclaim any intent or obligation to update publiclythese forward-looking statements, whether because of new information,

future events, or otherwise. Notice Regarding Non‐GAAP FinancialMeasures In addition to U.S. GAAP financial measures, this presentationcontains and may refer to certain non‐GAAP financialmeasures. These non‐GAAP financial measures are in addition to,not a substitute for or superior to, measures of financial performanceprepared in accordance with GAAP. These non‐GAAP financial measuresshould not be considered replacements for, and should be read togetherwith, the most comparable GAAP financial measures.Reconciliations to the most directly comparable GAAP financial measuresand statements of why management believes these measures are usefulto investors are included herein if the reconciliation is not presented onthe page in which the measure is published. CAL-MAINEFOODS | INVESTOR PRESENTATION | NOVEMBER 20233

Cal-Maine Foods We are the #1 U.S. producer and distributor of fresheggs, committed to offering our customers choice in asafe, cost-effective and sustainable manner Our Mission To bethe 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 Oureggs are an important source of low‐cost protein, vitaminsand minerals for millions of families and providing healthyeggs to families in a responsible and sustainable manner hasalways been our goal CAL-MAINE FOODS | INVESTOR PRESENTATION| NOVEMBER 2023 4

Cal-Maine Foods Competitive advantages differentiate Cal-Maine ProveOperator Highly efficient operational expertise, CALM ManagementSystem is designed to achieve proactive cost control and abilityto adapt to market pressures throughout business cycle. VerticallyIntegrated Largest U.S. producer & distributor of fresh shell eggs, withbroad reaching production, processing, packaging & distributioncapabilities. Quality Product Choice Wide range of qualitychoices in shell egg category in addition to enhanced egg-productofferings. Strong commitment to sustainably serving customerneeds. Disciplined Balance Sheet Nimble, well-capitalized to supportgrowth initiatives, stakeholder returns, and investment to meetevolving consumer preferences. Blue Chip Customers Long-standingrelationships with diverse, high-quality retail, wholesale andfoodservice customers reduce revenue concentration risk. CAL-MAINEFOODS | INVESTOR PRESENTATION | NOVEMBER 20235

Cal-Maine Foods Tenured management team with deepindustry experience Adolphus S. Baker Chairmanof the Board of Directors 35+ years at CALM >35 yearsof industry experience. Served at Cal‐Maine Foods since 1986; memberof the Board of Directors since 1991 Served as CEO from 2010 to 2022; electedChairman of the BoD in 2012 Previously served as President andCOO and Vice President and Director of Marketing priorto becoming President Sherman Miller President, Chief Executive Officer 25+ Years at CALM Joined CALM in 1996, namedas CEO October 2022, President since March 2018 and elected to theBoD in July 2012 Previously served as COO Member of theBoard of the U.S. Poultry and Egg Association and Board of UnitedEgg Producers Previously VP of Operations and GeneralManager in Chase, Kansas, office and various management positions sincejoining the company in 1996 Max Bowman Vice President,Chief Financial Officer 5+ years at CALM Elected as a Directorof the company and appointed to the position of CFO in 2018; previouslyserved as the VP of Finance Prior to joining the company,served as CFO of Southern States Utility Trailer Sales and H&PLeasing from October 2014 to June 2018 Previously co‐founder,President and Director of Tenax LLC and Tenax Aerospacefrom 2003 to 2014; CFO of ChemFirst, Inc. from 1997 to 2003 ToddWalters Vice President, Chef Operating Officer25+ Years at CALM Joined CALM in 1997, named as COOMarch 2023, since 2011 served as VP of Operations for operationsin South Texas, and subsidiary Wharton County Foods, LLC'sfacility in Boling, Texas Previously served in mgmt. positionsat other CALM locations in Mississippi, Kansas, New Mexico,& Ohio Served on the Board of The Ohio Poultry Association and TheTexas Poultry Federation, where he is currentlyan ex-officio member. He is also

an active member of the United Egg Producers Rob HolladayVice President, General Counsel 10+ Years at CALM JoinedCALM in 2011, previously advised company as an outside attorneywith YoungWilliams, P.A. Earned a Bachelorof Accountancy and a Master of Taxation from the Universityof Mississippi Member of Mississippi Bar Association, Mississippi CorporateCounsel Association, the Association of Corporate Counsel andthe American Agricultural Law Association CAL-MAINE FOODS| INVESTOR PRESENTATION | NOVEMBER2023 6

Cal-Maine Foods Leading global egg producer and distributor World'sTop 10 Egg Producer s(1) (layer hens, mm) Cal-MaineFoods, 44.0 Proteina Animal, 36.0 Rose Acre Farms, 25.1 CP Group, 22.0Beijing DAT Co., 20.6 B®* Ise Inc., 20.0 Hillandale Farms,1 7.8 HBF Daybreak Foods, 1 7.0 HP' Vers ova Holdings, 1 7.0Br ACOLID, 15.3 Cal-Maine Food's Operating Footprint (2)Egg-Land's BestTM franchise also in NYC, Los Angeles andother metro areas Attractive presence in southern U.S. Eggland'sBest® Exclusive Franchise Territory (including investmentin unconsolidated entities) Additional Market Coverage Cal-MaineFoods, Inc. Operating Locations CAL-MAINE FOODS | INVESTORPRESENTATION | NOVEMBER 2023 7

Cal-Maine Foods Fully integrated operations allow for scaled productionand distribution capacity(1) 26 feed mills 3 breeding facilities 2 hatcheries 44 production facilities~7.3 million eggs / hour capacity* 44 processing & packaging facilities.Scaled Production Meets Demand 75% More layer hens thanour nearest U.S. competitor CALM maintains leading productionscale supported by best-in-class operating expertise Uniquelypositioned with broad product offerings of high-quality, affordableand healthy protein choices 60k+ Unique retail locations ~890 SKUsPredominantly private label, complemented by CALM brands1% National Brand 48% Private label 24% Non Brand 14%Cal-Maine brands (2) 13% Eggland's Best * Processing capacityand location counts include Fassio Acquisition CAL-MAINE FOODS| INVESTOR PRESENTATION | NOVEMBER 20238

Cal-Maine Foods Customer base and product choice reducerevenue concentration risk Diversified relationships across blue-chip customers(1) Broad egg offering capabilities help us continue to serve adiverse, high-quality customer base and reduce revenueconcentration risk As of FY 2023 34% of revenue is attributed to our largestcustomer 50% of revenue comes from our top 3 customers1.Walmart & Sam's Club 2.H E B 3.Publix 4.Food Lion 5.EggsAmerica 6.Southwest Specialty * 7.Costco 8.Aldi 9.C &S Wholesale Grocers 10.Wakefern Food Grp. Flexible product choiceenhances ability to align with changing customer needs (2,3)Fiscal year net shell egg revenue (%) per dozen 39% 61% FY 1938% 62% FY22 32% 68% FY 23 48% 52% Q1 24 Fiscal yearnet average selling price (NASP) $ per dozen $1,041 $1,420 $2,739 $1,241 $1,933$1,932 $2,403 $2,278 $1,265 $1,579 $2,622 $1,589 FY 19FY 22 FY 23 Q1 24 Conventional sales Specialty sales All shell egg NASPCAL-MAINE FOODS | INVESTOR PRESENTATION| NOVEMBER 2023 9

Cal-Maine Foods Operationalstrategies further reduce customer concentration risk Diversified ProductsSpecialty product lines, such as cage-free, foster revenuegrowth across a broader customer base Flexible Capital Capital allocationstrategy enables us to make strategic investments to optimize productchoice in response to customer needs Informed M&A M&Aprocess guided by focus on opportunities that are geographically close to ourtarget markets and key customers Flock Placement Strategic flockplacement & cycle timing to align with peak demand and abilityto supply to the broadest range of customers CAL-MAINE FOODS| INVESTOR PRESENTATION | NOVEMBER2023 10

Cal-Maine Foods Strong commitment to sustainability principles Wework hard every day to earn the trust of our valued customers, the consumerswho purchase our eggs and the people who live and work in the communitieswhere we operate." Sherman Miller CEO Cal-Maine Foods FY2022Sustainability Report Program working towards 11 of the UNSustainable Development Goals •Published August 2023 •Disclosesselect Scope 1&2 GHG emissions People • Exceeded BLS diversityaverages •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 selectemissions, water, waste & packaging data •FY23 report toinclude energy usage and full inventory, FY24 to include categoryanalysis 1/3 Of shipped products utilized reusable plastic containers 90,000Trees planted creating habitats ^ erosion control Poultry1.1Bn Dozens sold FY22 100% SQF certification in facilities 0 Noncompliancerate 0 Recalls in FY22 CAL-MAINE FOODS | INVESTOR PRESENTATION| NOVEMBER 2023 11

Cal-Maine Foods Long track record of delivering performancein a cyclical industry Industry Cyclicality • Cyclicality is an inherentaspect of our industry • Our team is well-equipped to navigate throughthe experienced fluctuations to achieve sustainable growth inthe long run Strategy Designed Around Cyclicality •Ourlong-term growth strategy is designed to benefit from the higher markets andmitigate the impact of lower markets by efficiently managingcosts and maintaining a strong balance sheet Disciplined Commitmentto Shareholder Value •Cal-Maine is committed to deliveringvalue to shareholders over the economic cycles •Variabledividend policy optimizes returns to shareholders through cycles andpreserves capital Net Income ($mm) $7 $12 ($10) $37 $152 $80 $61$50 $161 $316 ($74) $126 $54 $2 $758 FY FY FY FY FY FY FYFY FY FY FY FY 2001 2003 2005 2007 2009 2011 2013 20152017 2019 2021 2023 Shell eggs sold (mm dozens) Dozen ProducedEst. Purchases 545 571 575 686 778 821 948 1,063 1,031 1,039 1,0731,147 FY FY FY FY FY FY FY FY FY FY FY FY 2001 20032005 2007 2009 2011 2013 2015 2017 2019 2021 2023 CAL-MAINEFOODS | INVESTOR PRESENTATION | NOVEMBER2023 12

Cal-Maine Foods SECTION 2 Long Term Drivers of our BusinessCAL-MAINE FOODS | INVESTOR PRESENTATION| NOVEMBER 2023 13

Cal-Maine Foods Eggs have enjoyed secular tailwinds in the U.S. A UniversalProtein • 96% of U.S. households purchase eggs (1) •Designated as'healthy food' under new proposed FDA definition (2) •Rankedas one of the most economical high-quality proteins MarketDynamics Both layer count and consumption per capita in the UShave been driven by supply, demand, cyclical market recovery,and most recently, market rebalancing post HPAI. Consumption GrowthOver Time (3) •The last decade has seen supply and demandgrow relatively consistently, tracking together •Demandhas shown consistent growth, with little long-term impact seenfrom the 2022 HPAI outbreak compared to 2015 U.S. Year-end layers (millions) Consumption per capita (4) 310 315 301 322330 342 340 327 326 307 327 331 260 269 259 278 280 287 292286 283 279 283 293 2013 2014 2015 2016 2017 2018 2019 20202021 2022 2023e 2024e CAL-MAINE FOODS | INVESTOR PRESENTATION| NOVEMBER 2023 14

Cal-Maine Foods Customer preferences are changing, and state mandatesaccelerate the shift State mandates and commitments accelerateshift to cage-free eggs (1,2) 10 U.S. states have passed cage-free legislation or regulationfor implementation by 2026 ~27% households expected to bein cage-free states by 2026 National flock will need to be 70% cage-free to meet both legislative mandates and stated commitments U.S.state cage-free mandate implementation timeline & cum.population (mms) (3) CA MA NV* CO OR WA UT AZ MI RI 46 49 5555 67 67 88 88 89 1H'22 2H'22 1H'23 2H'23 1H'24 2H'241H'25 2H'25 1H'26 * Nevada adopting a tiered approach to cage-free mandates, expected to be fully implemented by 1/1/24 CALM portfolioideally positioned to meet demands Nimble cage-freeposture •We are deploying capital toward production and M&A opportunitiesthat enhance our cage-free capacity and capabilities Increasing cage-free focus • Our volume of cage-free egg sales has continued to increaseand account for a larger share of our product choice CAL-MAINEFOODS | INVESTOR PRESENTATION | NOVEMBER2023 15

Cal-Maine Foods Meeting evolving retail market needs by driving favorableproduct choices Market and consumer demand is changing 77%68% 61% 62% 8% 8% 8% 7% 4% 7% 7% 7% 11% 17% 24% 24%FY 19 FY 22 FY 23 Q1 24 Commodity white and caged brown Nutritionallyenhanced Free-range and pasture-raised Cage-free andorganic Conventional eggs maintain leading retail market share (% dozenssold by volume) (1) IRI data indicates most significant demandgrowth is among cage-free and organic egg products Despite shift inthis consumer behavior, conventional eggs maintain core retailmarket position CALM is adjusting choices to meet that shiftFiscal year shell egg sales* (% dozens sold by volume) (2) 75%73% 65% 67% 25% 27% 35% 34% FY 19 FY 22 FY 23 Q1 24Conventional Specialty Market shift accelerated in 2019 with statecage-free mandates and retailer commitments Driving higher specialtyshell egg sales volumes, largely in line with retail market CAL-MAINEFOODS | INVESTOR PRESENTATION | NOVEMBER2023 16

Cal-Maine Foods Shell egg industry is fragmented providing consolidationopportunities (1) Top-five producers: layer henrankings Cal-Maine Foods15% Rose Acre Farms9% Hillandale Farms6%Daybreak Foods6% Versova Holdings6% Other 58% Top-fiveproducers own ~42% of U.S. layer hen flock 60+ companieshold >250k layers In 2022, the top-five broiler producers held ~64% of marketshare CAL-MAINE FOODS | INVESTOR PRESENTATION| NOVEMBER 2023 17

Cal-Maine Foods SECTION 3 Executing Consistent Long-TermStrategy CAL-MAINE FOODS | INVESTOR PRESENTATION| NOVEMBER 2023 18

Cal-Maine Foods Our strategy has remained consistent for over60 years Focus on operational excellence Lever Cal-Maine ManagementProcess to optimize everything within our control Adapt to changing consumerdemandExpand and adjust product choice to meet needs of customers and consumersAllocate capital responsibly Deploy capital to organic growth, inorganicM&A, and shareholders through dividends Deliver Shareholder ValueCAL-MAINE FOODS | INVESTOR PRESENTATION| NOVEMBER 2023 19

Cal-Maine Foods Operational excellence underpins the Cal-Maine ManagementSystem People-first, strategy-focused and datadriven roadmapto success Information Sharing ■ Continuous Improvement Results-Based Accountability1. People First 2. Strategy Focus 3- Metric-Driven ÏKPIÜ Systemof integrated best practices deployed across all facilities and operationsCommunication flows openly from top down and down up to achieveuniversal monitoring Scheduled weekly and monthly feedbackloop to adjust and align strategy among all business units CAL-MAINEFOODS | INVESTOR PRESENTATION | NOVEMBER2023 20

Cal-Maine Foods Seasoned biosecurity team effectively managingthough 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 impactedcommercial poultry and egg production in Europe, Asia, Africa,and North and South America. Wild waterfowl and other speciesshed the virus into the environment through their oral and nasal secretionsand feces." - United States Geological Survey Managingthrough Avian Influenza • Long-tenured and seasoned CALMoperations team •Adopted and enhanced procedures implementedthrough the 2014-15 outbreak Upholding biosecurity focus •Prohibit non-essentialguests •Require vehicle sanitation before entry •Enforcebio secure perimeters with required clothing, footwear and gear sanitation •Sharpenedcontrol measures, prevent site-specific contact between flockand wild birds Serve customers during impacted egg market •Continueto meet customer needs in any market conditions •Ability to self-produceminimizes risk of transmission from outside egg purchases CAL-MAINE FOODS | INVESTOR PRESENTATION | NOVEMBER2023 21

Cal-Maine Foods Scaling production to manage costs and reducepurchase dependency Embedded input cost & supply chain resilienceCALM Management System provides constant evaluation of costs& performance to best manage volatility Feedstock •Farmproduction costs, largely feed ingredients, facility and amortization, drivescost of sale expense •Two in-house nutritionists thatspecialize in creating least-cost formulations. Supply Chain •Dual-and multi-sourcing for key inputs, including feed ingredients,cartons and other packaging •Continued focus on production efficienciesunder our control FY23 feed ingredients' price impacts on per dozenshell egg farm production costs(1) Bushel of corn Ton of soybeanmeal A in feed ingredient $ per dozen impact $0.28 $0.01 $25.50$0.01 Self-production offers more attractive expense profile(2) Optimized production promotes flexibility during times of tightenedegg supply Dependence on outside shell egg purchases has declined,as Cal-Maine's production has scaled to meet demandHelps maintain consistent, quality service to customers and provide managementof market cyclicality Outside egg purchases (% of sales) 26% 23% 24%21% 21% 20% 25% 26% 22% 16% 13% 6% 8% 8% CAL-MAINEFOODS | INVESTOR PRESENTATION | NOVEMBER2023 22

Cal-Maine Foods Conservative approach to capital allocation, executingon strategic priorities Dividend Payments Overarchinggoal to maximize returns and value through prioritized dividends MaintenanceCapex Reinvestment to achieve continuity of efficient operations acrossfacilities Growth Strategy Organic Growth Investment in our existingoperations to increase sales, market share, profitabilityand cage-free capacity Inorganic Growth Growth through consolidationof synergistic acquisitions and bolt-on cage-free opportunities Value-Added Products Supporting long-term growth through investmentin innovative, scale-driven products and facilities CAL-MAINEFOODS | INVESTOR PRESENTATION | NOVEMBER2023 23

Cal-Maine Foods Committed to sustainable returns through cyclesDividend Payments Shareholder returns Committed to allocation of capitalto our shareholders through a variable quarterly dividend planManaging industry cyclicality Variable dividend policyoptimizes returns to shareholders through cycles and preservescapital 1/3 Of net income Allocated each quarter under ourvariable dividend policy (2) $689mm total dividends paid since FY2000*$1.39 5-Yr avg. dividends paid per share as of FY 23 * Includes$294k accrued as of September 2, 2023, payable on 11/16/2023CAL-MAINE FOODS | INVESTOR PRESENTATION| NOVEMBER 2023 24

Cal-Maine Foods Robust balance sheet supports growth opportunitiesand shareholder returns Maintenance Capex Prioritize liquidity•Maintain current assets, including cash and securities' balances, tosupport operating needs •Continued focus on funding investmentsfor longer-term growth, primarily organic and bolt-on cage-freeopportunities •Zero long term debt, loan facility in place if needed* Totalcurrent assets, cash and investment securities ($ mm) Totalcurrent assets (ex. cash & investments) Total cash and investments*Credit Facility includes $250mm line of credit and $200mmaccordion feature. Manage cash priorities •Variable dividendpolicy driven by commodity-based, cyclical business model •Investin maintenance capex for continuity of efficient operationsacross facilities •Selective acquisition posture for M&A andincremental cage-free capacity Capital Allocation from FY 2022to Q1 2024 ($ mm) $295 Dividends Paid $82 MaintenanceCapeEx $107 Organic Growth $45 Inorganic Growth $31 Value-Added Products CAL-MAINE FOODS | INVESTOR PRESENTATION| NOVEMBER 2023 25

Cal-Maine Foods Increasing cage-free capacity through organicand inorganic investments Organic Growth Inorganic Growth Committedcage-free capex allocation as of end First Fiscal Quarter 2024($ mm)* $90 $609 $699 mm Spent to date Allocated costs to bespent Ongoing investment in cage-free growth Layer HouseConversions •Multiple conversions of facilities to cage-free systemsacross the U.S., significantly increasing capacity for cage-free layerhens Meadowcreek Investments •Expansion of controlling interest to support productionof value-added cooked egg products Red River ValleyEgg Farm •Acquisition of remaining interest, including significant additionof cage-free hens, pullets, and facilities to strengthen presencein Texas Southwest Specialty Venture •Investments to enhancedistribution and warehousing capabilities across California, Arizona, and Nevada *Does not include Fassio cage-free acquisition closedOctober 2023. CAL-MAINE FOODS | INVESTOR PRESENTATION| NOVEMBER 2023 26

Cal-Maine Foods Strategic approach to M&A Inorganic Growth IncomingProspects Steady flow of M&A opportunities due to generationalturnover and required investment for cage-free egg production ThoroughTime-tested framework scrutinizes many factors including marketdemands, synergies, operational compatibility,financial returns, geography, and expansion of customerreach Disciplined Structured, consistent approach designed to take ajudicious approach to value enhancing acquisitions GeographicSynergy Cash Flow Accretive Expansion Opportunity Cage-freeCapacity ~24 Acquisitions Completed Operations Compatibility with existingfacilities & strategy Geography Proximity to infrastructureand markets Customers Incremental relationships and access SynergiesCost savings through integration Returns Financial return potentialCAL-MAINE FOODS | INVESTOR PRESENTATION| NOVEMBER 2023 27

Cal-Maine Foods A history of growth through adaptation and successfulintegration of acquisitions Inorganic Growth Built world'slargest egg farm in Edwards, MS 1963 Acquired egg operations OfRalston‐Purina 1972 Pilgrim's Pride and Maxim Production Co.,added ~5.0mm layer hens 2012 Red River Valleycage-free egg JV 2015 Mahard Egg Farm, added 3.9 mm layerhens 2019 MeadowCreek; focus on hard-cooked eggs 1H 2023 1957 Foundedin Jackson, MS by Fred Adams 1959 Adams Foods mergedwith Dairy Fresh Products and Maine Egg Farms to form Cal‐MaineFoods 1996 December 1996, NASDAQ IPO under "CALM" 2014Sold >1 billion dozen eggs for the first time 2016 Foodonics Int'l, added3.1 mm layer hens 2022 Remaining 50% interest in RedRiver Valley, adding ~1.7 mm cage-free layers2H 2023 Fassio Egg Farms, inc. ~1.2mm primarily cage-feehens and feed mill 526 562 605 683 679 805 884 1,014 1,054 1,038 1,069 1,084 1,147388 431 458 537 535 640 663 750 819 873 928 1,022 1,059Sold Produced FY'00 FY'05 FY'10 FY'15 FY'20 Deep experienceintegrating acquisitions and executing on organic opportunities DisciplinedM&A approach with proven execution and integration capabilityto capture synergies 24 companies integrated since 1989 Historic M&Afocused on consolidation of operations to increase dozens of eggssold Recent transactions have specifically targeted production capacityto reduce the gap between dozens produced and dozens sold and expandour cage-free production capabilities in key markets CAL-MAINEFOODS | INVESTOR PRESENTATION | NOVEMBER 202328

Cal-Maine Foods M&A case study - Mahard Egg Farm in 2019 InorganicGrowth Acquisition of Mahard Egg Farm assets in 2019 expandedCALM customer base in Texas and Oklahoma, enhancedby minor investment in existing facilities 3.9mm layer hen capacity8.0mm layer hens permitted Due diligence process revealedfacility underperformance •Introduction of CALM Management Systemprovided resolution •Facilities fit CALM growth strategy given footprintand customer expansion potential •Proximity of local distributioncenters granted enhanced service to customers and a reductionin costs As of FY 2023 260% ROI (1) 29% IRR (2) 3.17yrs Payback(3) Note: Results may not be indicative of performance orother acquisitions. CAL-MAINE FOODS | INVESTOR PRESENTATION| NOVEMBER 2023 29

Cal-Maine Foods Scaling hard-cooked egg offerings, optimizing throughputand category reach Value-Added Products Innovativecategory captures value Egg size increases to consumer-preferredlarge+ only after ~15 weeks of medium egg laying (16% of laying life)•Integrated production and processing capabilities help leveragemore value from eggs during pre-peak lay •Ability to upcyclepre-peak, medium size eggs to hard-cooked drives commercial throughput andcategory penetration Large+ sizes preferred for retailMedium size eggs ideal for hard-cooked Our capabilities are scalingMeadowCreek Facility March 2023 Hard-cooked operationson-line ~32 mm lbs Annual gross capacity (1) Plan to self-supplymajority of eggs, initial focus on hard-cooked products •Leveragedistribution relationships and drive category expansion •Pursuegrowth in commercial food services CAL-MAINE FOODS | INVESTORPRESENTATION | NOVEMBER 2023 30

Cal-Maine Foods Key Takeaways 273mm dozens sold Q1'24 Largestproducer and distributor of fresh shell eggs and egg productsin the U.S. 60+ years operating Proven, highly efficientoperators with deep talent bench and industry expertise Quality food choicesNimble and poised to meet evolving consumerfood choice preferences Sustainable platform Commitment to sustainable operatingplatform is core to our mission Adept acquirer & integratorSignificant growth and acquisition opportunities in a fragmentedmarket Prudential capital allocation Robust financial position to supportgrowth initiatives CAL-MAINE FOODS | INVESTOR PRESENTATION| NOVEMBER 2023 31

Cal-Maine Foods SECTION 4 Appendix CAL-MAINE FOODS | INVESTORPRESENTATION | NOVEMBER 2023 32

Cal-Maine Foods Select income statement highlights Fiscal YearEnded Q Ended $s, except sales volume and percentage data 2018 2019 20202021 2022 2023 9/2/23 Net sales 1,502,932 1,361,188 1,351,6091,348,987 1,777,159 3,146,217 459,344 Gross profit 361,046 222,859179,588 160,661 337,059 1,196,457 45,433 Operating income(loss) 181,257 45,781 1,269 (26,264) 143,537 967,726 (6,757) Otherincome,net 16,830 25,024 18,790 16,315 22,478 30,824 7,490 Income (loss)before income taxes 198,087 70,805 20,059 (9,949) 166,015 998,550 733 Net income (loss) attributable to Cal-Maine Foods, Inc.206,946 55,062 18,391 2,060 132,650 758,024 926 Net income(loss) per common share attributable to Cal-Maine Foods, Inc.: Basic4.27 1.12 0.38 0.04 2.73 15.58 .02 Diluted 4.26 1.12 0.38 0.04 2.71 15.52 .02 Weighted average shares outstanding: Basic48,353 48,467 48,467 48,522 48, 581 48,648 48,690 Diluted 48,46848,589 48,544 48,656 48, 731 48,834 48,840 CAL-MAINE FOODS| INVESTOR PRESENTATION | NOVEMBER2023 33

Cal-Maine Foods Select operating results Fiscal Year EndedQ Ended $s, except sales volume and percentage data2018 2019 2020 2021 2022 2023 9/2/23 Dozen eggs sold (000) Conventional780,362 778,051 813,255 785,446 747,914 749,076 181,530 Specialty257,352 260,848 255,895 287,765335,875 398,297 91,596 Total 1,037,714 1,038,899 1,069,1501,073,211 1,083,789 1,147,373 273,126 Dozen eggs produced (000)873,307876,705 927,799 970,837 1,022,327 1,058,539 250,356 % Production84.2% 84.4% 86.8% 90.5% 94.3% 92.3% 91.7% % Specialtysales (dozen) 23.5% 23.8% 23.9% 26.8% 31.0% 34.7% 33.5% %Specialty sales (dollars) 32.0% 36.2% 36.8% 41.1% 37.8% 31.6% 45.4%Net average selling price (dozens) Conventional $ 1.229 1.040 1.0110.976 1.424 2.739 1.240 Specialty $ 1.916 1.931 1.896 1.876 1.9272.403 2.278 All shell eggs $ 1.394 1.263 1.222 1.217 1.570 2.622 1.589Farm production cost (per dozen produced) Feed $ 0.394 0.4150.410 0.446 0.569 0.676 0.597 Other $ 0.303 0.319 0.328 0.3200.351 0.396 0.439 Total $ 0.697 0.734 0.738 0.766 0.921 1.0721.036 Outside egg purchases (average cost per dozen) $ 1.4451.249 1.245 1.233 1.738 3.020 1.650 CAL-MAINE FOODS | INVESTORPRESENTATION | NOVEMBER 2023 34

Cal-Maine Foods EBITDA reconciliation 35 Non-GAAP Measure - EBITDAEBITDA is a non-GAAP measure and defined as net incomeattributable to Cal-Maine Foods, Inc. plus interest, taxes, depreciationand amortization. The following table sets forth a reconciliationof EBITDA to net income attributable to Cal-Maine Foods, Inc.:Quarter Ended$000s2018201920202021202220239/2/2023Net income(loss) attributable to Cal-Maine Foods, Inc.125,932 54,229 18,391 2,060132,650 758,024926Add: Interest expense265 644 498 213 403 583142Add:Income tax expense (benefit)-8,85915,743 1,731 -12,00933,574 241,818322Add:Depreciationand amortization54,026 54,650 58,103 59,477 68,395 72,23419,340EBITDA171,364 125,266 78,723 49,741 235,022 1,072,659 20,730ReportableLegal Proceedings and Related Costs*83,140 2,495 117 53 185 3,700873Adjusted EBITDA254,504 127,761 78,840 49,794 235,207 1,076,35921,603Fiscal * Includes costs associated with legal proceedings,regulator matters, fines, settlements and related expensesfor matters that we disclose in our Annual Reports on Form10-K filed with the Securities and Exchange Commission (SEC) andin other periodic reports. CAL-MAINE FOODS | INVESTORPRESENTATION | NOVEMBER 2023 35

Cal-Maine Foods Citations (1/2) Slide 7 - Leading global egg producerand distributor 1) Data from WATT Poultry.US company data from "The US egg producer's ranking for 2023". Internationalcompany data from "The world's top 10 egg producers."2) Eggland's Best franchise territory includes Land O'Lakes marketareas and includes investment in unconsolidated entitySlide 8 - Fully integrated operations allow for scaled production anddistribution capacity 1) Company filings and research 2)Cal-Maine brands include Farmhouse, SunUps, and Sunny MeadowsSlide 9 - Blue-chip customer base reduces revenue concentrationrisk 1) Data as of fiscal Q1 2024 unless noted. For more informationabout our revenue concentration, please review our most recentForm 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 percentof net shell egg sales and excludes Other sales, including hard-cooked eggs,hatching eggs, other egg products, hens and manure, whichare included with our shell egg operations Slide 14 - Eggs have enjoyedsecular tailwinds in the U.S. 1) Numerator Shopper Metrics, Major CategoryEggs, Any Store, Total Commerce, Channels: Online, Food, Mass,Dollar, Drug, Club, Military. Latest 26 Weeks Ending9-2-23 2) Proposed U.S. Food and Drug Administration (FDA)definition, 90-day comment period before final ruling 3) Companyfilings and research 4) The USDA calculates per capita consumption bydividing 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 Summaryand Outlook. 2) USDA Egg Market Overview November 3, 2023 3) https://worldpopulationreview.com/statesSlide 16

- Meeting evolving retail market needs by driving favorable productchoice 1) https://www.iriworldwide.com/en-us 2) Companyfilings and other public disclosures. Specialty sales are classifiedas nutritionally enhanced, cage-free, organic, brown, pasture-raisedand free-range eggs Slide 17 - Shell egg industry is fragmentedproviding consolidation opportunities 1) 2022 Watt PoultryTop U.S. Egg Producers' rankings. https://www.eggindustry-digital.com/eggindustry/january_2022/MobilePagedReplica.action?pm=2&folio=AD1#pg1Slide 21 - Seasoned biosecurity team effectively managingthough U.S. HPAI outbreaks 1) U.S. Department of Agriculture Animaland 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 | INVESTORPRESENTATION | NOVEMBER 2023 36

Cal-Maine Foods Citations (2/2) Slide 22 - Scaling production to managecosts and reduce purchase dependency 1) Companydata for fiscal year 2023 2) Company filings Slide 24 - Committed to sustainablereturns through cycle 1) Company filings 2) Dividends Payable:We accrue dividends at the end of each quarter according to the Company'sdividend policy adopted by its Board of Directors. The Companypays a dividend to shareholders of its Common Stock and Class A CommonStock on a quarterly basis for each quarter for which the Companyreports net income attributable to Cal-Maine Foods, Inc. computedin accordance with GAAP in an amount equal to one-third (1/3) of suchquarterly income. Dividends are paid to shareholders of recordas of the 60th day following the last day of such quarter, exceptfor the fourth fiscal quarter. For the fourth quarter, the Companypays dividends to shareholders of record on the 65th day after thequarter end. Dividends are payable on the 15th day following the recorddate. Following a quarter for which the Company does not report net incomeattributable to Cal-Maine Foods, Inc., the Company will not paya dividend for a subsequent profitable quarter until the Companyis profitable on a cumulative basis computed from the date of the most recentquarter for which a dividend was paid. The dividend policyis subject to periodic review by the Board of Directors. Slide 29 - M&Acase study - Mahard Egg Farm in 2019 1) ROI is determinedby dividing cumulative net cash flows from acquisition throughFY 2023 by the total investment, encompassing the initial purchaseprice and subsequent investments. Cash flows are based on actual salesvolumes and customer prices at Mahard locations, deducting productioncosts, SG&A and delivery expenses. Tax savings fromdepreciation are factored in, but synergies from the acquisition arenot included in the cash

flow calculation. 2) IRR is computed by discounting estimatedcash flows from acquisition to FY 2023. Cash flows include initial andsubsequent investments, actual volumes sold, and customer pricesfrom Mahard locations, minus production costs and SG&A expenses.Tax savings from depreciation are considered, but synergiesfrom the acquisition are excluded from the cash flow calculation.3) Payback Period calculated using cumulative, non-discountedcash flows. Slide 30 - Scaling hard-cooked egg offerings, optimizingthroughput and category reach 1) As of Q1 2024, facility has thecapacity to produce approximately 615 thousand pounds of weeklyhard-cooked egg products. CAL-MAINE FOODS | INVESTOR PRESENTATION| NOVEMBER 2023 37

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