Hershey management commentary: Cocoa hedge timing, tariff refunds drive Q3 2026 adjusted EPS growth of 103%

• Hershey's management commentary reported third-quarter 2026 adjusted earnings per share rose 103% to $2.64.
• Pricing, cocoa-cost recovery and hedge timing supported earnings; tariff refunds contributed $0.22 per share.
• Net sales increased 3%, with the LesserEvil acquisition contributing 2.1 percentage points to growth.
• Management narrowed full-year organic sales growth expectations to approximately 3%, citing consumer pressure, convenience-store weakness and salty-snack supply constraints.
• The adjusted EPS growth outlook increased to 36%-38.5%, reflecting tariff refunds; expectations excluding refunds remained unchanged.

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