Campbell Soup : Cautionary note

Published: 2025-03-29 12:11:03 ET CPB

2025 Corporate Responsibility Data Update

Goals and performance1

Invest $5 million to improve the school food environment for children by fiscal 2025

Community3

Engage 70% of Campbell's employees in community-based activities by fiscal 2025

$5,505,514

54%

Category

Sustainable agriculture

Water5

Waste5

Target

Source 50% (by volume) of each plant-based priority ingredient from suppliers engaged in an approved sustainable agriculture program by fiscal 2025

Reduce water use by 20% on an absolute basis by fiscal 2025 as compared to fiscal 2017

Reduce the amount of waste sent to landfills by 25% on an absolute basis by fiscal 2025 as compared to fiscal 2017

Reduce food waste by 50% on an absolute basis by fiscal 2030 as compared to fiscal 2017

Transition 100% of packaging to recyclable or industrially compostable designs and materials by CY2030

Progress

Potatoes: 99%

Tomatoes: 96% Wheat: 68%

-2%

-5%

-1%

92% Contribute 75,000 traditional and skills-based employee volunteer hours across Campbell's footprint to increase the capacity of our community partners by fiscal 2025

Responsible sourcing

Climate

Responsibly source 100% of priority raw materials by fiscal 2025

100% of priority raw materials are traceable to country of origin by fiscal 2025

Reduce absolute Scope 1 and 2 greenhouse gas (GHG) emissions 42% by fiscal 2030 from a fiscal 2020 base year and reduce absolute Scope 3 GHG emissions from purchased goods and services and upstream transportation and distribution 25% within the same time frame4

62,903

99%

100% Scope 1 and 2: -22%

Scope 3: -23%

1 Table represents goals that are current or were active during the reported fiscal year. For important detail and context, please refer to the Data Tables and associated footnotes found in the

Appendix of this report. Note that the quantitative metric reflects progress in or up to fiscal 2024 while the bubbles reflect percentage of goals completed.

See our Animal Welfare Guidelines and Addendum. Data reflect sourcing progress as of the last day of each fiscal year.

Packaging

Increase the use of post-consumer recycled content and incorporate 25% post-consumer recycled content into polyethylene terephthalate (PET) bottles by CY2030

Drive increases in recycling rates through standardized on-pack labeling by including the How2Recycle label on 100% of in-scope packaging by CY2022

Expand access to recycling and advance the development of collection and recycling infrastructure by building and investing in partnerships with peers and industry groups

Aluminum: 42%

Corrugate: 44%

Glass: 8% Steel: 35%

Plastic: 5%

PET Bottles: 12.4%

100% Association of Plastic Recyclers Poly Coated Paper Alliance Sustainable Packaging Coalition The Recycling Partnership

3 Campbell's communities are where the company has operations, including corporate offices, manufacturing facilities, and major sales offices. Progress against community goals is cumulative since fiscal year 2020.

4 Our Scope 3 Science Based Target includes emissions from ingredients, packaging, and upstream transportation.

5 We continue to trail our water and landfill goals. We are assessing the next generation of goals for these categories and will provide updates in future reporting.

Data tables

Trusted food

FY2022

FY2023

FY2024

Nutrition

% of products and sales from our nutrition focused foods

52% of products, representing 52% of sales

54% of products, representing 54% of sales

52% of products, representing 54% of sales

% of M&B products with at least half a serving of vegetables

51%

50%

% of snacks products with <200 calories per serving

88%

87%

Average cost of nutrition focused foods (NFF) per serving, compared to entire portfolio

$0.58 (NFF), $0.65

(overall portfolio average)

$0.70 (NFF), $0.78

(overall portfolio average)

$0.69 (NFF), $0.76

(overall portfolio average)

% of M&B products that meet at least one federal nutrition program criteria

72%

73%

74%

% of M&B family meal recipes that cost $3 or less per serving

54%

50%

48%

% of portfolio that meet our nutrition guidelines for product development

68% of products, representing 69% of sales

68% of products, representing 72% of sales

67% of products, representing 71% of sales

FY2023

FY2024

Animal welfare1

Cage-free eggs

24%

44%

Gestation crate-free pork

100%

Higher broiler chicken welfare

100%

Global Animal Partnership (GAP) Step 2 chicken for Pacific Foods

100%

1 See our Animal Welfare Guidelines and Addendum. Data reflect sourcing progress as of the last day of each fiscal year.

Vibrant communities

FY2022

FY2023

FY2024

Community

Total giving (USD in millions)

$56.4

$71.8

$67.8

In-kind giving1

$51.5

$67.0

$62.5

Foundation giving

$2.7

$2.4

$2.7

Corporate contributions

$2.2

$2.4

$2.6

Residents with increased food access

8,753

29,478

28,214

Residents provided with nutrition education

1,180

12,935

15,645

School food investment

$ 1,077,000

$ 1,228,673

$ 1,304,041

% Campbell's employees engaged2

28%

39%

54%

Traditional and skills-based employee volunteer hours

9,761

15,518

24,171

Responsible sourcing

Priority raw materials responsibly sourced3

98%

99.9%

99%

Responsibly sourced by priority raw material

Cheese

100%

99%

99.5%

Chicken

100%

Chocolate

99.8%

99.7%

99.6%

Palm oil

100%

94%

1 In-kind giving is defined as total product donations.

2 Data are cumulative and reflect the percentage of our workforce that has been engaged in community-based activities at least once since FY2020.

3 Responsibly sourced means the suppler has disclosed country of origin and undergone a SMETA audit if the country of origin and material/supplier are deemed high risk.

FY2022

FY2023

FY2024

Responsible sourcing (continued)

Paper packaging

100%

99.1%

Potatoes

99.9%

100%

Tomatoes

96%

100%

99.7%

Wheat

100%

Priority raw materials traceable to country of origin

100%

Traceable to country of origin by priority raw material

Cheese

100%

Chicken

100%

Chocolate

100%

Palm oil

100%

Paper packaging

100%

Potatoes

100%

Tomatoes

100%

Wheat

100%

Thriving people

FY2022

FY2023

FY2024

Occupational health and safety

Total reportable incident rate (TRIR)/200,000 hours

1.32

1.17

1.30

Lost time incident rate (LTIR)/200,000 hours

0.30

0.32

0.34

Employee fatalities

Environmental notice of violations (NOVs)

Environmental fines (USD)

$4,458

$1,500

$25,456

Healthy environment

FY2022

FY2023

FY2024

Energy use

Electricity use (mmbtu)

2,064,540

1,917,544

1,960,744

Fuel use (mmbtu)

8,293,171

7,828,089

8,052,541

Total energy use (mmbtu)

10,357,711

9,745,633

10,013,285

Energy intensity

3.15

3.33

3.10

(mmbtu/metric ton of food produced)

Percent renewable of total electricity use

62%

Baseline FY2020

FY2022

FY2023

FY2024

Greenhouse gas emissions1

Total emissions

Location-based GHG emissions (metric tons CO2e)

676,982

656,088

671,508

Market-based GHG emissions (metric tons CO2e)

678,439

672,061

641,947

530,172

Location-based GHG intensity (metric tons CO2e/metric ton of food produced)

0.21

0.22

0.21

Market-based GHG intensity (metric tons CO2e/metric ton of food produced)

0.20

0.22

0.16

Scope 1 (metric tons CO2e)2

Location-based direct (Scope 1) emissions

471,188

461,968

446,423

465,711

Scope 2 (metric tons CO2e)2

Location-based indirect (Scope 2) emissions

215,014

209,665

205,797

Market-based indirect (Scope 2) emissions

207,251

210,093

195,493

64,461

1 Please refer to our third-party limited assurance statement of select Healthy Environment metrics.

Scope 1 and 2 was calculated in accordance with the GHG Protocol Corporate Accounting and Reporting Standard. These data are assured.

Healthy environment (continued)

Baseline FY2020

FY2024

Greenhouse gas emissions (continued)

Scope 3 (metric tons CO2e)1

Total indirect (Scope 3) emissions

6,066,396

4,969,415

Scope 3: Category 1 - Purchased Goods and Services

4,403,812

3,428,578

Scope 3: Category 2 - Capital Goods

13,362

3,454

Scope 3: Category 3 - Fuel- and Energy-related Activities

102,522

100,231

Scope 3: Category 4 - Upstream Transportation and Distribution

665,401

577,568

Scope 3: Category 5 - Waste Generated in Operations

144,253

163,331

Scope 3: Category 6 - Business Travel

5,986

7,583

Scope 3: Category 7 - Employee Commuting

23,395

23,949

Scope 3: Category 8 - Upstream Leased Assets

Not calculated

Scope 3: Category 9 - Downstream Transportation and Distribution

435,845

428,137

Scope 3: Category 10 - Processing of Sold Products

Not calculated

Scope 3: Category 11 - Use of Sold Products

Not calculated

Scope 3: Category 12 - End-of-Life Treatment of Sold Products

230,598

228,045

Scope 3: Category 13 - Downstream Leased Assets

41,222

8,537

Scope 3: Category 14 - Franchises

Not calculated

Scope 3: Category 15 - Investments

Not calculated

Baseline FY2017

FY2022

FY2023

FY2024

Sustainable agriculture

% by volume engaged in a sustainable ag program

Potatoes

100%

99%

Tomatoes

95%

94%

96%

Wheat

32%

44%

68%

Water use2

Total water withdrawn (m3)

22,800,911

23,839,277

24,275,874

22,457,617

Total water discharged (m3)

20,968,696

21,185,490

18,669,442

Total water consumed (m3)

2,870,581

3,090,384

3,788,175

Water intensity

(m3/metric ton of food produced)

7.26

8.30

6.95

Packaging

Recyclability of portfolio, by weight

94%

92%

Post-consumer recycled (PCR) content, by packaging type3

Aluminum Corrugate Glass Steel Plastic PET Bottles

50%

38%

35%

12.6%

50% 42%

29.8% 44%

35% 8%

35% 35%

2.6% 5%

12.6% 12.4%

Portfolio with How2Recycle label on pack (%)4

M&B Snacks

75% 84%

100% 100%

1 Scope 3 was calculated in accordance with the WRI/WBCSD GHG Protocol Corporate Value Chain (Scope 3) Standard. These data are unassured.

Please refer to our third-party limited assurance statement of select Healthy Environment metrics.

3 For FY2022 and FY2023 where actual supplier packaging data were not available, we reported averages based on reputable industry sources by packaging type. As a result of efforts to expand the collection of supplier packaging data, we calculated PCR content using actual supplier information by packaging type on a prospective basis beginning FY2024. In some instances where current supplier data was not provided, we used the prior year data as a proxy. Where no information was available, we assumed 0% recyclability.

H2R program active only in U.S. and Canada. Products without the logo may appear in stores until current inventories of product and packaging materials are depleted. Certain packaging materials are excluded due to feasibility and/or suitability to carry the H2R logo.

Healthy environment (continued)

Waste generation1

Total waste generated (metric tons)2

Waste to landfill (metric tons)

Waste to incineration/controlled combustion (metric tons)

Waste recycled (metric tons)

Food waste diverted to other destinations (metric tons)

Total waste diverted from landfill (metric tons)

Landfill diversion rate (%)

Total waste intensity (metric tons of waste generated/metric ton of food produced)

33,184

202,410 56,207 2,140

50,817 92,946

146,202

213,364 216,272

45,484 31,513

2,261 1,012

49,337 51,787

110,984 128,951

167,880 184,759

72% 0.06

79% 85%

0.07 0.07

Baseline FY2017

FY2022

FY2023

FY2024

Waste generation1 (continued)

Total food waste (metric tons)

105,339

114,338

129,440

Food waste to animal feed

64,839

79,132

94,483

Food waste to aerobic digestion

9,094

9,632

12,542

Food waste to biomaterial processing

12,561

899

1,192

Food waste to landfill

12,392

3,354

488

Food waste to land application

1,754

13,940

5,108

Food waste to anaerobic digestion

4,029

6,647

14,566

Food waste to controlled combustion

669

733

158

Regulated waste generated (metric tons)3

Food waste generated (metric tons)4

33,958

27,938

1 Please refer to our third-party limited assurance statement of select Healthy Environment metrics.

67 185

34,307 33,765

2 FY2024 data reflect improvements in data gathering and tracking methodologies. Where actual data were not available, estimated data were used based on EPA factors.

3 Regulated waste refers to any waste regulated by federal or state laws, including but not limited to hazardous waste.

4 Campbell's defines its food waste commitment in accordance with the FUSIONS Definitional Framework for Food Waste; as such, we exclude animal feed and biomaterial processing from the scope of our goal.

GRI Index

The Campbell's Company has reported the information cited in this GRI content index for the period July 31, 2023 - July 28, 2024 with reference to the GRI Standards

Disclosure Disclosure Title

FY2024 Response

General disclosures

2-1

Organizational Details

Company Overview

2-2

Entities Included in the Organization's Sustainability Reporting

Company Overview

2-3

Reporting Period, Frequency, and Contact Point

We are reporting on FY2024 (July 31, 2023 - July 28, 2024). We issue a full report biennially, with updates annually. We value and welcome feedback from interested stakeholders. Contact Stewart Lindsay, Chief Sustainability Officer, One Campbell's Place, MS131, Camden, NJ 08103. You may also contact us via our dedicated CSR Feedback Email Address:csr_feedback@campbellsoup.com.

2-4

Restatements of Information

Fiscal 2023 Scope 1 emissions was restated to include additional natural gas usage for one site, resulting in a 2% increase.

In accordance with the WRI/WBCSD GHG Protocol Corporate Value Chain (Scope 3) Standard, fiscal 2020 Scope 3 emissions were restated for the following:

• Category 1 - Purchased Goods and Services: recalculated to incorporate supplier data and reflect updated lifecycle emission factors used to calculate ingredient and packaging emissions, updates to packaging film volumes, and the disposal of the Emerald Nuts business in 2023

• Category 4 - Upstream Transportation and Distribution and Category 9 - Downstream Transportation and Distribution: recalculated to add additional legs of transportation not previously captured.

Additionally, we updated our calculation methodologies for the following metrics on a propsective basis, beginning fiscal 2024:

• For Scope 3 Category 4 - Upstream Transportation and Distribution, we included additional transportation data.

• For fuel usage, we included additional sources, primarily mobile combustion, increasing total energy by 3%.

• For fugitive emissions, we estimated refrigerants for all equipment using equipment type and capacity, increasing Scope 1 emissions by 1%.

• For post-consumer recycled content by packaging type, we have moved from industry averages to actual data for aluminum, corrugate, glass, and steel.

2-5

External Assurance

We completed third-party limited assurance consistent with guidance provided by ISO 14064-3 of our FY2024 Scope 1 and Scope 2 GHG emissions. We also completed limited assurance of our water withdrawal, water discharge, and waste by disposal method for FY2024. All assurance statements can be found here: GHG Emissions, Water, and Waste Assurance Letter.

2-6

Activities, Value Chain, and Other Business Relationships

10-K

Disclaimer

The Campbell's Company published this content on March 27, 2025, and is solely responsible for the information contained herein. Distributed via , unedited and unaltered, on March 29, 2025 at 16:10 UTC.