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Economy, Business and Finance

Cal-Maine Foods Inc.

04/01/2026 | Press release | Distributed by Public on 04/01/2026 04:16

Quarterly Report for Quarter Ending February 28, 2026 (Form 10-Q)

ITEM2.MANAGEMENT'S

DISCUSSION

ANDANALYSISOFFINANCIALCONDITIONANDRESULTSOF

OPERATIONS

The following shouldbe read inconjunction with Management'sDiscussion and Analysis ofFinancial Conditionand Results

of Operations included in Part II Item 7 of the Company'sAnnual Report on Form 10-K for its fiscal year ended May 31, 2025

(the "2025 Annual Report"), and theaccompanying financial statements andnotes included in Part IIItem 8 of the 2025 Annual

Report and in

Part I Item 1

of this Quarterly Report onForm 10-Q ("QuarterlyReport").

This Quarterly Report contains numerousforward-looking statements within the meaning of Section27A of the SecuritiesAct

of 1933(the "Securities Act")and Section21E oftheSecurities Exchange Actof 1934(the "Exchange Act")relating toour

business,including potentialfuture supplyofanddemandforourproducts,potentialfuture cornandsoybeanpricetrends,

potentialfutureimpactonourbusinessofhighlypathogenicavianinfluenza("HPAI"),estimatedfutureproductiondata,

expected construction schedules, projected construction costs, potential future impact on our business of inflation and changing

interestrates,potentialfutureimpactonourbusinessofnewlegislation,rulesorpolicies,potentialoutcomesoflegal

proceedings,includinglosscontingencyaccrualsandfactorsthatmayresultinchangesintheamountsrecorded,other

projected operating data, including anticipated results of operations and financial condition, and potential future cash returns to

stockholders including thetiming andamount ofany repurchases under ourshare repurchase program.Such forward-looking

statementsareidentifiedbytheuseofwordssuchas"believes,""intends,""expects,""hopes,""may,""should,""plans,"

"projected,""contemplates,""anticipates,"orsimilarwords.Actualoutcomesorresultscoulddiffermateriallyfromthose

projected in the forward-looking statements. The forward-looking statements are based onmanagement's current intent, belief,

expectations, estimates, and projections regarding the Companyand its industry.These statements are not guarantees offuture

performance and involve risks, uncertainties, assumptions, and other factors that are difficult topredict and may be beyond our

control. Thefactors thatcould cause actualresults todiffer materiallyfrom those projectedin theforward-looking statements

include, among others, (i) the risk factorsset forth in Part I Item 1A Risk Factors of our 2025 Annual Report, as updated in Part

II Item1A ofour quarterly reporton Form 10-Qfor the quarterended November 29,2025, aswell as thoseincluded inother

reports we file from time to time with the United StatesSecurities and Exchange Commission("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, egg products and

preparedfoodsoperations(including,asapplicable,disease,pests,weatherconditions,andpotentialforproductrecall),

including but not limited to the currentoutbreak of HPAI affecting poultry in the U.S., Canada and other countriesthat was first

detected incommercial flocksintheU.S.inFebruary 2022and thatimpacted ourflocks inthethirdand fourthquarters of

fiscal 2024 and again inMarch 2026, (iii) changesin the demand forand market prices ofshell eggs and feedcosts as well as

increase in input costs for prepared foods,(iv) our ability to predict and meet demand for cage-free andother specialty eggs, (v)

risks,changes, orobligations thatcould resultfrom ourrecent orfuture acquisitionof newflocks orbusinesses, suchas our

acquisitionofEchoLakeFoodscompletedJune2,2025,andrisksorchangesthatmaycauseconditionstocompletinga

pending acquisition notto be met,(vi) our ability tosuccessfully integrate and manage recentlyacquired businesses like Echo

LakeFoodsandrealizetheexpectedbenefitsofsuchacquisitions,includingsynergies, costsavings,reductioninearnings

volatility,marginexpansion,financialreturns,expandedcustomerrelationships,orsalesorgrowthopportunities,(vii)our

abilitytocompeteeffectivelywithexistingcompetitorsandnewmarketentrants,retainexistingcustomers,acquirenew

customersandgrowourproductmixincludingourpreparedfoodsproductofferings,(viii)theimpactsofgovernment,

customerandconsumerreactionstohighmarketpricesforeggs,including,withoutlimitation,potentialneworexpanded

government regulations, (ix) potential impacts to our business as aresult of our Company ceasing to be a "controlled company"

under the rules of The NasdaqStock Market on April 14, 2025, (x) risks relating topotential changes in inflation, interest rates

andtradeandtariffpolicies,(xi)adverseresultsinpendinglitigationandotherlegalmatters,and(xii)globalinstability,

including as a result of geopolitical conflicts andother uncertainties. The actual timing,number and value ofshares repurchased

underoursharerepurchase programwillbedeterminedbymanagementinitsdiscretionandwilldependonanumberof

factors, including but not limitedto, the market price ofour Common Stock and general market and economicconditions. The

share repurchase program may be suspended, modified ordiscontinued at any time without prior notice.Readers are cautioned

not toplace undue relianceonforward-looking statements because, whilewe believetheassumptions onwhich theforward-

looking statementsare based arereasonable, there can beno assurance thatthese forward-looking statements willprove to be

accurate. Further, forward-lookingstatements included herein aremade only asof the respective datesthereof, or ifno date is

stated, as of thedate hereof. Except as otherwise required by law,we disclaim any intent or obligation to updatepublicly these

forward-looking statements, whetherbecause of new information, futureevents, or otherwise.

COMPANY OVERVIEW

Cal-Maine Foods,Inc. ("Cal-Maine Foods,"the "Company,""we," "us," "our") isthe largestegg companyin theU.S. anda

leadingplayerintheegg-basedfoodindustry.Withastrongnationalfootprint,Cal-MaineFoodsprovidesnutritious,

affordable, and sustainable protein to millionsof households every day.

Index

TheCompany'sshelleggportfoliospansthefulleggvalueladder-fromconventionaltospecialty,includingcage-free,

organic,brown,free-range,pasture-raised,andnutritionallyenhancedeggs-servingbothretailandfoodservicecustomers

nationwide. Cal-MaineFoodsalsoparticipates inthegrowing preparedfoodssector,withofferings suchaspre-cooked egg

patties,omelets,folded andscrambled eggformats, hard-cookedeggs, pancakes,waffles,and specialtywraps.Our branded

portfolioincludesEggland'sBest®,LandO'Lakes®,FarmhouseEggs®,4Grain®,Sunups®,MeadowCreekFoods®,and

Crepini®.

Our operations are integrated, and we have one operatingand one reportable segment. Our totalflock as of February 28,2026,

of approximately 48.0million layers and14.3 million pullets andbreeders,is the largestin theU.S. Wesell our products toa

diverse group of customers, including nationaland regional grocery store chains, club stores, companies servicing independent

supermarketsintheU.S.,andfoodservicedistributorsservingrestaurants,conveniencestores,healthcareandeducation

facilities,and hotels throughoutthe majority of theU.S. and aimto maintain efficient, state-of-the-art operations locatedclose

to our customers.

Ourstrategyincludesthreeprimarypriorities:expandingspecialtyeggsandpreparedfoods,pursuingdisciplinedgrowth

through acquisitions and leveraging ourscale, vertical integration, operationalexcellence and financialstrength.

Our operatingresultsare materiallyimpacted bymarket pricesfor eggsand feedgrains (cornand soybeanmeal), whichare

highlyvolatile,independentofeach other,and outofourcontrol. Generally,higher marketpricesforeggshaveapositive

impact onour financial resultswhile higher market pricesfor feed grainshave a negativeimpact onour financial results.Our

pricing for shell eggsis negotiated withour customers on individualterms. Wesell our shelleggs at prices basedon formulas

that take intoaccount, in varying ways, independently quoted regional wholesale market prices for shell eggs,formulas related

toour costsof production,such asgrain-based andvariations ofcost-plus arrangements,or hybridmodels includingcostof

production and wholesale market prices.

Almost all of our conventional eggs are priced and sold under market-basedpricing frameworks or the hybrid models described

above,split almost evenly between such frameworks.The majority of our specialty eggs are priced andsold under frameworks

that are based on costof production,although we do have somecustomers that prefer market-based pricing for cage-free eggs.

Asa result,specialty eggpricestypicallydonotfluctuate asmuchas conventionalpricing.Wedonotselleggs directlyto

consumers or set the prices at whicheggs are sold to consumers.

Retailsalesofshelleggshistoricallyhavebeenhighestduringthefallandwintermonthsandlowestduringthesummer

months. Pricesfor shell eggsfluctuate in response toseasonal demand factors anda natural increase inegg production during

thespringand earlysummer.Historically,shellegg pricestendtoincrease withthestartof theschoolyearand tendtobe

highest prior to holiday periods, particularly Thanksgiving, Christmasand Easter. As a result,we have historically experienced,

and may experience in the future, lowershell egg selling prices, sales volumes and shell egg sales (and have incurred, andmay

incur inthe future,net losses)in ourfirstand fourthfiscal quartersending inAugust/September and May/June,respectively.

Because oftheseasonal andquarterly fluctuations, comparisonsof oursales andoperating resultsbetween differentquarters

within a single fiscal year arenot necessarily meaningful comparisons.

Weroutinelyfillourstoragebinsduringharvestseasonwhenpricesforfeedingredientsaregenerallylower.Toensure

continued availabilityof feed ingredients,we mayenter intocontracts for futurepurchases ofcorn andsoybean meal,and as

partofthesecontracts,wemaylock-inthebasisportionofourgrainpurchasesseveralmonthsinadvance.Basisisthe

difference between thelocal cashprice for grainand theapplicable futures price. Abasis contract isa common transactionin

the grainmarket that allowsus to lock-ina basis levelfor aspecific delivery period andwait toset the futuresprice ata later

date. Furthermore, dueto themore limitedsupply for organicingredients,we maycommit to purchaseorganic ingredientsin

advance to help ensure supply. Ordinarily, we do not enter into long-term contracts beyonda year to purchase corn andsoybean

mealorhedgeagainstincreasesinthepricesofcornandsoybeanmeal.Cornandsoybeanmealarecommoditiesandare

subjecttovolatilepricechangesduetoweather,varioussupplyanddemandfactors,transportationandstoragecosts,

speculators,agricultural, energy andtrade policiesin theU.S. andinternationally,and global instabilitythat coulddisrupt the

supply chain.

An important competitive advantage for Cal-MaineFoods is our ability to meet our customers' evolving needs with a favorable

mix of branded and private-label productsof conventional and specialtyeggs, including cage-free, organic,brown, free-range,

pasture-raised and nutritionally-enhancedeggs,as well as preparedfoods and egg products.

Index

HPAI

Outbreaks of HPAIhave continued tooccur in U.S.poultry flocks. Fromthe HPAIoutbreaks in 2015, therewere no reported

significantoutbreaksofHPAIinthecommercialtableegglayerflocksuntiltheFebruarytoDecember2022timeperiod.

Thereafter,there were no HPAIcases affecting commercial layers until November 2023.In calendar year 2024 and2025, 40.2

million and 45.2 million commercial layerhens and pullets were depopulated due to HPAI, respectively.In the current calendar

year 2026, 17.6 million layer hens and pulletswere depopulated due to HPAI through March 30, 2026.

On March 14, 2026,subsequent to the third quarter offiscal 2026, we experienced an HPAIoutbreak within our pulletfacility

in Marylandresulting in thedepopulation of approximately 350,000 pullets.Weare following theprotocols prescribed by the

United States Department of Agriculture (the"USDA") and willcontinue to closely monitorour operations to mitigatefurther

spread or disruption.

HPAI is currently widespread in the wild bird population worldwide. Further, according to the U.S. Centers for DiseaseControl

and Prevention ("CDC"), as ofMarch 13, 2026,there have beenoutbreaks of HPAIin 1,088herds of dairy cowsin 19states,

and 71 human cases inthe U.S.,almost entirely among poultryand dairy workers,since the latestoutbreak began.Twoof the

humancases resultedin severeillness afterthepatient wasexposed tosick anddead birdsin backyardflocks.Both patients

were reported tohave underlyinghealth conditionsand diedin 2025.There havebeen noreported cases ofperson-to-person

spread.AccordingtotheCDC,thehumanhealth risktotheU.S.publicfromtheHPAIvirusisconsidered tobe low.We

remain dedicated torobust biosecurityprograms acrossour locationsand haveinvested morethan $88millionin biosecurity

technology,equipment, supplies, procedures, andtraining acrossour locations sincethe lastmajor HPAIoutbreak incalendar

year 2015. However, no farm is immune from HPAI. The extent of possible future outbreaks among U.S. commercial egg layer

flocks,withheightenedriskduringmigrationseasons,cannotbepredicted.AccordingtotheUSDA,HPAIcannotbe

transmitted through safely handled and properly cooked eggs.There is no known risk related to HPAIassociated with eggs that

are currently in the market and no eggs havebeen recalled. For additional information, see the2025 Annual Report, Part II Item

7 "Management's Discussion and Analysis of Financial Condition andResults of Operations - HPAI."

We have takenproactive steps tohelp mitigate the tightegg supply situation across the country.Our efforts resulted in a2.0%

and 13.0% increase in our average number of layer hens and breeder flocks, respectively, during the third quarter of fiscal 2026

compared to the same prior-year period. Total chicks hatched increased41.7% during the third quarter of fiscal 2026, compared

to the prior-year quarter.

CAGE-FREE EGGS

Tenstateshave passedlegislation orregulations mandatingminimum spaceor cage-freerequirements foregg productionor

mandatedthesaleofonlycage-free eggsandeggproductsintheirstates,withimplementation ofthese lawsrangingfrom

January 2022toJanuary 2030.These statesrepresent approximately27% oftheU.S. totalpopulation accordingtothe2020

U.S.Census. California,Massachusetts, Colorado, Michigan,Oregon, Washington,and Nevada,which collectivelyrepresent

approximately 23% of the total estimated U.S.population,have cage-freelegislation currently in effect.

A significant number of our customers have announced goals to either exclusively offer cage-free eggs or significantly increase

thevolumeofcage-free eggsalesinthefuture,subjectinmostcasestoavailabilityof supply,affordabilityandconsumer

demand,amongothercontingencies.Ourcustomers'salesinitiativesandproductmixareconstantlychangingmakingit

difficult to accurately predict customerrequirements for cage-free eggs.Weare focused onadjusting our cage-free production

capacity witha goalof meetingthe futureneeds ofour customersin lightof changingstate requirements andour customers'

goals. As always, we strive to offer aproduct mix that aligns with current and anticipated customer purchase decisions. We are

engaging with our customers to help them meet their announced goals and needs. We have invested significant capital in recent

years to acquire andconstruct cage-free facilities, and weexpect our focusfor future expansionwill continue to includecage-

free facilities. Our volume of cage-freeegg sales has continued to increase and account for a largershare of our product mix. At

thesametime,weunderstand theimportance ofourcontinued abilitytoprovideconventional eggsinordertoprovide our

customers with a variety of egg choicesand to address hunger in our communities.

Foradditionalinformation,seethe2025AnnualReport,PartIItem1,"Business-SpecialtyEggs,""Business-Growth

Strategy" and"Business -Government Regulation," andthe firstrisk factor inPart IItem 1A,"Risk Factors" underthe sub-

heading "Legal and Regulatory RiskFactors."

ACQUISITIONS

Subsequent to ourthird quarter of fiscal 2026,effective March 2, 2026,we acquired the shellegg, egg products, and prepared

foodsassetsofCreightonBrothersLLC,includingCrystalLakeLLC,foratotalpurchasepriceofapproximately$128.5

Index

million, subjectto customary post-closing adjustments.See further discussion in

Note 11 - Subsequent Events

of the Notesto

Condensed Consolidated Financial Statementsincluded in this QuarterlyReport.

Effective October 10, 2025, the Company acquired certainassets of Clean Egg, LLC ("Clean Egg") basedin Langwood, Texas,

for approximately $23.7 million. Theassets acquired included 677 thousandbrown cage-free and free-range layers andpullets

and other inventory,machinery and equipment related to itsprocessing facility and contract production.See further discussion

Note 2 - Acquisitions

of the Notes to Condensed ConsolidatedFinancial Statements includedin this Quarterly Report.

Effective June2,2025,the Companyacquired EchoLake Foods,LLC (formerlyEcho LakeFoods,Inc.) andcertain related

companies(collectively"EchoLakeFoods").EchoLakeFoodsisbasedinBurlington, Wisconsinandproduces,packages,

markets and distributes prepared foods, includingwaffles, pancakes, scrambled eggs, frozencooked omelets, egg patties, toast

and dicedeggs.Theacquisitionhas expandedour preparedfoodsproduct lineandcustomer base.Seefurther discussionin

Note 2 - Acquisitions

of theNotes toCondensed ConsolidatedFinancial Statementsincluded inthisQuarterly Report.Our

previously announced projects to increaseefficiency and expand production capacity are ongoing and expectedto be completed

infiscal 2027.While theseinitiatives areunderway andare expectedtodrive higheroutput, improveefficiency andprovide

greater operationalflexibility oncecomplete, EchoLake Foodshas andwill experiencea temporaryreduction inproduction

volumesandhighercosts,whichbeganlateinthesecondquarter offiscal2026andareexpected tocontinuethroughthe

remainder of fiscal 2026.

During thethird quarter offiscal 2025, weacquired certain assetsof Deal-Rite Foods,Inc. and certain ofits affiliates("Deal-

Rite"). The assets acquired included two feed mills, storage facilities, usable grain, vehicles,related equipment and a retail feed

sales business located inNorth Carolina. The acquired assetswill produce anddeliver feedto our nearby shellegg production

operations.

Duringthesecondquarteroffiscal2025,wecompletedastrategicinvestmentwithCrepiniLLC,establishinganewegg

products and prepared foods venture. CrepiniLLC, founded in 2007,grew its brand throughout the U.S.and Mexico featuring

egg wraps, protein pancakes, crepes, and wrap-ups,which are sold online andin over 3,500 retailstores. The combined entity,

locatedinHopewellJunction,NewYork,operatesasCrepiniFoodsLLC("Crepini").WecapitalizedCrepiniwith

approximately $6.75million incash topurchase additional equipmentand otherassets andfund workingcapital inexchange

for a 51% interest in the new venture.Crepini LLC contributed its existing assets and businessin exchange for a 49%interest in

the new venture.

Infiscal2022,weannouncedastrategicinvestmentinMeadowCreekFoods,LLC("MeadowCreek"), whichbecamea

majority-owned subsidiary ofthe Company.During thefourth quarterof fiscal2023, MeadowCreekbegan operationswith a

focus onbeing aleading provider ofhard-cooked eggs.During thesecond quarterof fiscal2025, weacquired theremaining

ownership interests in MeadowCreekand it became a wholly-owned subsidiary of theCompany.

During thefirst quarter offiscal 2025,we acquired substantiallyall thecommercial shell eggproduction, processingand egg

products breakingassets ofISEAmerica, Inc.and certainof itsaffiliates ("ISE").The assetsacquired includedcommercial

shellegg productionand processingfacilitieswitha capacityatthetimeof acquisitionof approximately4.7millionlaying

hens, including 1.0 million cage-free, and 1.2million pullets, feed mills,approximately 4,000 acres of land, inventories and an

egg products breaking facility. The acquired assets also includean extensive customer distribution network acrossthe Northeast

and Mid-Atlantic states,and production operations inMaryland, New Jersey,Delaware and South Carolina.These production

assets wereour firstin Maryland,New Jerseyand Delaware.Webelieve thisacquisition providesus withan opportunityto

significantly enhance our market reachin the Northeast and Mid-Atlantic states.

EXECUTIVE OVERVIEW

Forthethirdquarter andthefirstthirty-nineweeks offiscal 2026,we recordeda grossprofitof $119.3millionand $638.0

million, respectively,compared to $716.1million and $1.3billion, respectively,for the same periodsof fiscal2025, primarily

driven by a decreasein the net average selling price of shell eggs, particularlyconventional eggs.

Our net average selling price per dozen for shell eggs for the third quarter of fiscal 2026 declined 56.5% to $1.766 from $4.060

intheprior-year period.Averageconventional eggprices perdozen declined70.1% to$1.423 from$4.766 intheprior-year

period. Average specialty egg prices per dozen declined 16.9% to $2.313 from $2.784 in the prior-year period. Our dozens sold

for the third quarter of fiscal2026 decreased 2.2% comparedto the third quarter of fiscal 2025.

Wholesale shellegg prices arevolatile, cyclical,and impactedbya numberof factors,includingconsumer demand, seasonal

fluctuations, thenumber andproductivity oflaying hensin theU.S., outbreaksof agriculturaldiseases suchas HPAI,severe

weather patterns andretailers go-to-market strategies and howthey manage their inventories.Webelieve therecent decline in

Index

wholesale eggprices primarilyreflects improvedegg supply,followingdisruptionsassociated withHPAIinthepriorfiscal

year. Compared tothe same period last year,panic-driven purchasing activity appears to have subsided, and improved pipeline

availabilityrelative tothepriorfiscal yearperiodappears tohavereduced theneedforaccelerated purchasingor inventory

builds by retailers and foodservice operators. As a result, wholesaleshell egg prices have declined, while retail shell egg prices

have adjusted more gradually.

The dailyaverage pricefortheUrner BarrySoutheastLarge Indexinthethirdquarterof fiscal2026fell78.6%, whilethe

USDA daily average pricefor large shell eggs dropped 78.9%, compared to the sameperiod last year.

According to theUSDA, the monthlyaverage size of thelayer hen flockfrom December 2025through February 2026(which

mostclosely alignswithourthirdfiscal quarter)was approximately310.8millionhens, anincreaseof 6.7millionhens, or

2.2%,comparedtothesameperiodinthepreviousyear.Duringthethirdquarteroffiscal2026,13.2millionhenswere

depopulated due to HPAI, compared with 45.0 million during the same period of fiscal 2025, representing a 70.6% reduction in

depopulations.

For more information about historical shell egg prices, seePart I, Item 1. "Business - Price for Shell Eggs" of our 2025 Annual

Report.

Prepared food salesfor thethird quarterof fiscal2026 increased$51.9 million,compared tothe thirdquarter offiscal 2025,

primarily due to our acquisition of Echo LakeFoods in the first quarterof fiscal 2026.

Our farmproduction costsper dozenproduced forthethird quarterof fiscal2026 increased4.4%, or$0.04 compared tothe

prior yearperiod, primarilydue tohigher otherfarm productioncosts. Otherfarm productioncosts increased 9.1%primarily

duetohighfacilitycostscomparedtothecomparableperiodintheprioryear.Feedcostsperdozenproducedremained

relatively flatin thethird quarter offiscal 2026,compared to the thirdquarter of fiscal2025. For informationabout historical

corn and soybean meal prices, see Part I, Item 1. "Business - Feed Costs for Shell Egg Production" ofour 2025 Annual Report.

Our prepared foods cost of sales increased $44.8million for the third quarter offiscal 2026,compared to the prior-year period,

primarily due to the acquisition ofEcho Lake Foods.

RESULTS OF OPERATIONS

The following table setsforth, for the periods indicated, certain itemsfrom our Condensed Consolidated Statements of Income

expressed as a percentageof net sales.

Thirteen Weeks Ended

Thirty-nine Weeks Ended

February 28, 2026

March 1, 2025

February 28, 2026

March 1, 2025

Net sales

100.0

Cost of sales

82.1

49.5

73.0

58.2

Gross profit

17.9

50.5

27.0

41.8

Selling, general and administrative

12.5

5.6

10.0

7.0

(Gain) loss on involuntary conversions

(0.1)

(0.3)

(Gain) loss on disposal of fixed assets

0.1

Operating income

5.4

44.9

17.2

34.8

Total other income, net

3.3

1.9

2.1

1.6

Income before incometaxes

8.7

46.8

19.3

36.4

Income tax expense

1.1

10.9

4.4

8.7

Net income

7.6

35.9

14.9

27.7

Less: Income (loss) attributable to

noncontrolling interest

0.1

Net income attributable to Cal-Maine

Foods, Inc.

7.5

35.9

14.9

27.7

NET SALES

Totalnet salesfor thethird quarter offiscal 2026were $667.0million, compared to$1.4 billionfor thesame periodof fiscal

2025.

Index

Shell egg sales represented 85.8% and94.9% of total netsales for the thirdquartersof fiscal 2026 and 2025,respectively.The

Company'sshelleggofferings,forbothbrandedandprivate-labelproducts,includespecialtyandconventionalshelleggs.

Specialtyshelleggsincludecage-free,organic,brown,free-range,pasture-raisedandnutritionallyenhancedshelleggs.

Conventional shell eggs sales represent allother shell egg sales notsold as specialty shell eggs.The Company'sprepared food

offeringsincludeitemssuchaspre-cookedeggpatties,omelets,foldedandscrambledeggformats,hard-cookedeggs,

pancakes, waffles, and specialty wraps.Egg product offerings include liquid and frozenegg products. Other sales representfeed

sales, miscellaneous byproducts and resaleproducts.

Totalnet salesfor boththe thirty-nineweeks endedFebruary 28,2026 andMarch 1,2025was $2.4billionand $3.2billion,

respectively.

Shell egg sales represented 85.3% and 94.7% of total net sales for the thirty-nine weeks ended February 28, 2026and March 1,

2025, respectively.

The table below presents net sales in keycategories (in thousands, exceptpercentage data):

Thirteen Weeks Ended

Thirty-nine Weeks Ended

February 28, 2026

March 1, 2025

% Change

February 28, 2026

March 1, 2025

% Change

Shell Eggs

572,314

1,345,382

(57.5)

2,011,278

2,990,756

(32.8)

Prepared foods

63,626

11,757

441.2

219,212

31,134

604.1

Egg products

18,360

49,267

(62.7)

89,998

105,716

(14.9)

Other

12,651

11,279

12.2

38,563

30,621

25.9

Total net sales

666,951

1,417,685

(53.0)

2,359,051

3,158,227

(25.3)

The table below presents an analysis ofour shell egg sales (in thousands, exceptpercentage data):

Thirteen Weeks Ended

Thirty-nine Weeks Ended

February 28, 2026

March 1, 2025

February 28, 2026

March 1, 2025

Shell egg sales

Conventional

283,173

49.5

1,016,438

75.6

1,152,979

57.3

2,118,065

70.8

Specialty

289,141

50.5

328,944

24.4

858,299

42.7

872,691

29.2

Total shell egg sales

572,314

100.0

1,345,382

100.0

2,011,278

100.0

2,990,756

100.0

Dozens sold

Conventional

199,035

61.4

213,247

64.3

600,291

62.3

622,833

64.1

Specialty

125,024

38.6

118,148

35.7

363,941

37.7

348,385

35.9

Total dozens sold

324,059

100.0

331,395

100.0

964,232

100.0

971,218

100.0

Net average selling priceper dozen

Conventional

1.423

4.766

1.921

3.401

Specialty

2.313

2.784

2.358

2.505

All shell eggs

1.766

4.060

2.086

3.079

Shell egg sales

Third Quarter - Fiscal 2026 vs. Fiscal 2025

In thethird quarterof fiscal2026, conventionalegg salesdecreased $733.3 million,or 72.1%, comparedto thethird

quarter offiscal2025,primarilyduetoa70.1%decrease inthepricesforconventionaleggs,whichresultedina

$665.4 million decrease in net sales,and a 6.7% decrease in the volume of conventional dozens sold, which resultedin

a $67.7 million decrease in net sales.

In the third quarter of fiscal 2026, specialty egg sales decreased $39.8 million, or 12.1%, compared to the third quarter

offiscal2025,primarilyduetoa16.9%decrease inpricesforspecialtyeggs,whichresultedina$58.9million

decrease in net sales,partially offset by a 5.8% increase in the volume of specialty eggs sold, which resultedin a $19.1

million increase in net sales.

Index

See "Executive Overview" above for additional discussion of factorsimpacting shell egg sales for the third quarters of

fiscal 2026 and 2025.

Thirty-nine weeks - Fiscal 2026 vs.Fiscal 2025

-Forthethirty-nineweeksendedFebruary28,2026,conventionaleggsalesdecreased$965.1million,or45.6%,

compared tothesame periodof fiscal2025,primarilydue toa 43.5%decrease inthepricesfor conventionalshell

eggs,which resultedinan $888.4milliondecrease innetsales,and a3.6% decrease inthevolumeof conventional

eggs sold,which resulted in a $76.7 milliondecrease in net sales.

-For the thirty-nine weeks ended February 28, 2026, specialty eggsales decreased $14.4 million, or 1.6%, compared to

the sameperiod offiscal 2025,primarily due toa 5.9%decrease in theprices for specialtyeggs, whichresulted in a

$53.5milliondecrease innetsales,partiallyoffset bya 4.5%increase inthevolumeofspecialty eggssold,which

resulted in a $39.0 million increasein net sales.

During the first three quarters of fiscal 2026, ahigher proportion of our conventional eggs were sold on a hybrid pricing model

that takes into account both our cost of productionas well as wholesale market prices,instead of solely market-based pricing,in

response tocustomer demand.Webelieve thehybrid pricingarrangement mayhelp somecustomers betterplan andmanage

their businessesand reinforcesour roleas atrustedsupplier aswellas reducevolatility inour financialresultscompared to

historical time periods when wholesalemarket prices werevolatile.

Prepared foods sales

Third Quarter - Fiscal 2026 vs. Fiscal 2025

In the third quarter offiscal 2026, prepared foodsales increased $51.9 million,compared to the third quarter offiscal

2025, primarily due toan 834.3% increase in poundssold which resulted ina $49.3 million increase in net sales.The

increase insalesvolumeisprimarilydue totheacquisitionof EchoLake Foods,whichwas completedinthefirst

quarter of fiscal 2026 as well asa nine-fold increase in sales volume atCrepini.

Thirty-nine weeks - Fiscal 2026 vs.Fiscal 2025

Preparedfoodsnetsalesincreased$188.1million,comparedtofiscal2025,primarilyduetothesamereasons

discussed above.

Egg products sales

Third Quarter - Fiscal 2026 vs. Fiscal 2025

In the third quarter of fiscal 2026, eggproducts sales decreased $30.9 million, or 62.7%, compared to the third quarter

of fiscal 2025, primarily due to a 60.7%decrease in the net average selling price, resulting in a $31.0 million decrease

innetsales,partiallyoffsetbya3.6%increase inthevolumeofeggproducts sales,resultingina$706thousand

increase in net sales.

Thirty-nine weeks - Fiscal 2026 vs.Fiscal 2025

For the thirty-nine weeks ended February28, 2026, egg products sales decreased$15.7 million, or 14.9%, compared to

the same period of fiscal 2025, primarily due to a 16.4% decrease in the net averageselling price, resulting in an $18.6

million decrease in net sales, partiallyoffset by a 6.8% increase in the volume of egg products sales,resulting in a $6.0

million increase in net sales.

Index

COST OF SALES

Cost of salesconsists of costsdirectly related to producing, processing and packaging shelleggs, purchases of shell eggs from

outside sources,processing andpacking ofprepared foodsand eggproducts,and othernon-egg costs.Farm productioncosts

are thosecosts incurredatour eggproduction facilities,including feed,facility (includinglabor), henamortization andother

related farm production costs.

The following table presents our costof sales (in thousands):

Thirteen Weeks Ended

Thirty-nine Weeks Ended

February 28,

2026

March 1, 2025

Change

February 28,

2026

March 1, 2025

Change

Cost of sales

Farm production

279,331

266,056

5.0

803,052

766,003

4.8

Processing, packaging,

and warehouse - shell

eggs

107,788

101,631

6.1

312,851

292,165

7.1

Egg purchases and other

cost of sales

79,517

291,703

(72.7)

355,220

658,182

(46.0)

Prepared foods

57,084

12,313

363.6

179,881

34,054

428.2

Egg products

23,948

29,867

(19.8)

70,064

88,448

(20.8)

Total cost of sales

547,668

701,570

(21.9)

1,721,068

1,838,852

(6.4)

Farm production costs (per

dozen produced)

Feed

0.494

0.492

0.4

0.482

0.489

(1.4)

Other

0.456

0.418

9.1

0.454

0.420

8.1

Total farm production cost

0.950

0.910

4.4

0.936

0.909

3.0

Dozens produced

296,455

293,088

1.1

868,715

847,962

2.4

Percent produced to sold

91.5%

88.4%

3.5

90.1%

87.3%

3.2

Third Quarter - Fiscal 2026 vs. Fiscal 2025

Farmproduction costsincreased 5.0%,compared tothethird quarterof fiscal2025, primarilydue toan increasein

productioncoststorunourfacilities,specificallywithinlaborandrepairsandmaintenance,aswellasan8.7%

increasein our specialty egg production compared to the sameperiod in the prior fiscal year.

Processing, packaging and warehouse costs increased$6.2 million,compared to the third quarter of fiscal 2025, as our

processing costsand packingmaterialscost perdozen increased 6.4%resulting ina $6.1million increaseincost of

sales.

Eggpurchases andother costof salesdecreased $212.2million,primarilyduetoa62.7% decreaseinthepriceof

outside egg purchases compared to the third quarter of fiscal 2025,which resulted in a $180.7 million decrease in cost

of sales,and a12.8% decrease inthe volumeof outsideegg purchases,compared tothe thirdquarter of fiscal2025,

which resulted in a $42.2 million decreasein cost of sales.

Prepared foods costs increased primarily dueto the increased sales volume which is primarily due to the acquisition of

Echo Lake Foods as well as increasedproduction at Crepini.

Thirty-nine weeks - Fiscal 2026 vs.Fiscal 2025

Farm productioncosts increased 4.8%primarily dueto a3.0% increasein productioncosts, whichresulted in$23.5

million increase in cost ofsales, and a 2.4%increase inegg production, resultingin an $18.9million increase in cost

of sales. This increase was primarilydue to the same reasons as describedabove.

Index

Processing, packaging and warehouse increased $20.7million, asour processing costs and packingmaterialscost per

dozen increased 5.5% which resulted ina $15.3 millionincrease in cost of sales, aswell asan increase in thevolume

of eggs processed, which resultedin $3.6 million increase in cost of sales.

Egg purchases and other cost of sales decreased $303.0 million, compared to the sameprior-year period, primarily due

to a 35.8% decrease in the price ofoutside egg purchases,resulting in a $240.8 million decrease in cost of sales, and a

10.6% decrease in the volume ofoutside egg purchases, resulting in a $80.4 milliondecrease in cost of sales.

Prepared foods costs increasedprimarily due to the same reasons describedabove..

Current indicationsfor cornand soybeanproject afavorable stocks-to-use ratiofor usnear the levelsprevailing todayfor the

remainder of fiscal 2026; however, aslong as outsidefactors remain uncertain (including trade and tariff negotiations, weather

patterns and global supply chain disruptions),volatility could remain.

GROSS PROFIT

Gross profitfor thethird quarterof fiscal2026 was$119.3 million,compared to $716.1million forthe sameperiod of2025.

The decrease was primarily driven by 56.5%lower net average selling pricesfor shell eggs partially offsetby a decrease in the

price and volume of outside egg purchases,as our percent producedto sold increased 3.5% to 91.5%.

Grossprofitforthethirty-nineweeksendedFebruary28,2026was$638.0million,compared to$1.3billionforthesame

period of 2025.The decrease was primarily driven by 32.3% lower netaverage selling pricesfor shell eggs, offsetpartially by

a decrease in the price andvolume of outside egg purchases, as dozens produced increased 2.4%, as wellas contributions from

prepared foods.

SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES

Selling,general,andadministrative("SGA")expensesincludecostsofdelivery,marketing,andothergeneraland

administrative expenses. Delivery expense includes contract trucking expense and allcosts to maintain and operate our fleet of

trucks todeliver products tocustomers,including the relatedpayroll expenses. Marketing expense includesfranchise fees that

aresubmittedtoEggland'sBest,Inc.("EB")tosupporttheEBbrand,brokerageandcommissionfees,andothergeneral

marketing expenses,such aspayroll expenses forour in-housesales team.Other generaland administrativeexpenses include

corporate payroll relatedexpenses and othergeneral corporate overhead costs.The following table presentsan analysis ofour

SGA expenses (in thousands):

Thirteen Weeks Ended

February 28, 2026

March 1, 2025

$ Change

% Change

Delivery expense

27,749

23,476

4,273

18.2

Marketing expense

15,424

11,240

4,184

37.2

Other general and administrative expenses

40,131

45,251

(5,120)

(11.3)

Total

83,304

79,967

3,337

4.2

Third Quarter - Fiscal 2026 vs. Fiscal 2025

Delivery expenseincreased 18.2%,compared tothethirdquarter offiscal 2025,primarilydue totheacquisition of

Echo Lake Foods and increasedcontract trucking costs.

Marketingexpenseincreased37.2%,comparedtothepriorfiscalyearperiod,primarilyduea54.8%increasein

franchise fees.Franchisefees increasedas specialtydozens soldincreased 5.8%.Intheprior fiscalyearperiod the

higher prices for conventional eggs compared tospecialty eggs diminished the need topromote specialty eggs; during

which time,EB temporarily reduced the related franchise fees for certain specialty egg brands toencourage continued

production of these branded eggs.

In thethird quarter offiscal 2026, othergeneral and administrativeexpenses decreased 11.3%,compared to theprior

year period,primarily dueto areduction inthe accrual foranticipated employee bonusescompared tothe prioryear

period.In addition,there wasan increaseintheadjustmenttotheearnout liabilityrecorded inthepriorfiscal year

period.Thiswaspartiallyoffsetbyincreasedprofessionalandlegalfeesaswellasincreasedamortizationof

intangible assets acquired relatedto acquisitions during the currentfiscal year.

Index

Thirty-nine Weeks Ended

February 28, 2026

March 1, 2025

$ Change

% Change

Delivery expense

80,194

68,206

11,988

17.6

Marketing expense

44,572

40,666

3,906

9.6

Other general and administrative

expenses

110,939

110,660

0.3

Total

235,705

219,532

16,173

7.4

Thirty-nine weeks - Fiscal 2026 vs.Fiscal 2025

-Deliveryexpenseincreased17.6%infiscal2026,comparedtofiscal2025,primarilyduetothesamereasonsas

described above

Infiscal2026,marketingexpenseincreased9.6%,comparedtofiscal2025,primarilyduetothesamereasonsas

described above.

Othergeneralandadministrativeexpenseswererelativelyflat,comparedtofiscal2025.Duringfiscal2026,we

incurred higher professional and legal feesprimarily related to our acquisitionsmade during the current fiscal yearas

wellas increasedamortization ofintangibleassets acquiredwhich wasoffset byareduced chargeinthechange in

earnoutliabilityrecordedinthepriorfiscalyearperiodandareductionintheaccrualforanticipatedemployee

bonuses compared to the prior fiscal yearperiod.

GAIN ON INVOLUNTARY CONVERSION

In the first quarter of fiscal 2026, we recorded a gain of $7.5 million due to business interruption insurancerecoveriesrelated to

a weather-related eventthat occurred in fiscal 2021.

OPERATING INCOME

For thethird quarter offiscal 2026,we recorded operatingincome of$35.9 million,compared to operatingincome of$635.7

million for the same period of fiscal 2025.

Forthe thirty-nineweeks endedFebruary 28,2026,we recordedoperating incomeof $409.0million,compared tooperating

income of $1.1 billion for the same period offiscal 2025.

OTHER INCOME (EXPENSE)

Totalotherincome(expense)consistsofitemsnotdirectlychargedorrelatedtooperations,suchasinterestincomeand

expense, equity in income orloss of unconsolidated entities, and patronage dividends,among other items. Patronage dividends

are paid to us from our membership inthe EB cooperative.

For the thirdquarter of fiscal 2026, we earned $11.4million ofinterest income compared to $12.8million for the sameperiod

of fiscal2025, primarily due tolower average cash andcash equivalents andinvestment securities available-for-sale balances.

The Companyrecorded interest expense of$156 thousandand $146thousand forthe thirdquartersended February28, 2026

and March 1, 2025, respectively.

For the thirty-nine weeks endedFebruary 28, 2026, weearned $36.9 millionof interest income compared to $32.6million for

the sameperiod of fiscal2025, primarily due tohigher average cash andcash equivalents and investmentsecurities available-

for-sale balances. The Company recordedinterest expense of $507 thousand and $457 thousand for the thirty-nine weeks ended

February 28, 2026 and March 1, 2025, respectively.

INCOME TAXES

For the thirdquarter of fiscal 2026, ourpre-tax income was$58.2 million,compared to $663.0 millionfor the third quarterof

fiscal 2025.Income taxexpense of$7.1 millionwas recorded forthethird quarter2026 withan effectivetaxrate of12.1%.

This includes the discrete tax benefit of $8.2 million associated with the fiscal 2025 provision-to-return adjustments. Excluding

Index

thediscretetaxbenefit,incometaxexpensewas$15.3millionwithanadjusted effectivetaxrateof26.2%.Forthethird

quarter 2025, income tax expensewas $154.9 million with an effectivetax rate of 23.4%.

For the thirty-nine weeks endedFebruary 28, 2026,pre-tax income was $457.5million, compared to $1.1billion for thesame

period offiscal 2025.Income taxexpense of $104.4million wasrecorded for thethirty-nine weeksended February 28,2026

withaneffectivetaxrateof22.8%.Thisincludesthediscretetaxbenefitof$8.2millionassociatedwiththefiscal2025

provision-to-return adjustments.Excluding thediscrete taxbenefit, incometaxexpense was$112.6million withan adjusted

effective tax rate of 24.6%.For the same periodfiscal 2025, income tax expense was $273.9 millionwith an effective tax rate

of 23.8%.

Items causing our effective tax rate todiffer from the federal statutory income tax rate of21% are state income taxes, offsetby

certain federal tax credits andcertain items included inincome or loss forfinancial reporting purposes thatare not included in

taxable income or lossfor income tax purposes, includingtax exempt interest income, certain nondeductible expenses, and net

income or loss attributable to noncontrollinginterest.

NET INCOME ATTRIBUTABLETO CAL-MAINE FOODS, INC.

Net income attributable to Cal-Maine Foods, Inc. for the third quarter ended February 28, 2026 was $50.5 million, or $1.07 per

basic and $1.06 per diluted common share, compared tonet income attributable to Cal-Maine Foods, Inc. of$508.5 million,or

$10.42 per basic and $10.38 per dilutedcommon share,for the same period of fiscal 2025.

Net incomeattributable toCal-Maine Foods,Inc. forthe thirty-nineweeks endedFebruary 28,2026, was$352.6 million,or

$7.37 perbasic and $7.34per diluted common share,compared to netincome attributable to Cal-MaineFoods, Inc.of $877.6

million or $17.99 per basic and$17.92 per diluted common share, forthe same period of fiscal2025.

LIQUIDITY AND CAPITAL RESOURCES

Working Capital and Current Ratio

Ourworkingcapitalwas$1.5billionatFebruary28,2026,compared to$1.7billionatMay31,2025.Thecalculationof

working capital is defined ascurrent assets less current liabilities.Our current ratio was8.2 atFebruary 28, 2026compared to

6.4 atMay 31,2025. The increasein ourcurrent ratio isprimarily dueto adecrease in dividendspayable withrespect toour

third quarter 2026. The currentratio is calculated by dividing currentassets by current liabilities.

Cash Flows from Operating Activities

For the thirty-nine weeks endedFebruary 28, 2026, $476.9million innet cash was provided byoperating activities, compared

to$811.7million providedby operatingactivities forthecomparable periodinfiscal 2025.The decreaseincashflow from

operating activities resulted primarily from a decreasein cash collections from customers as a result of decreasedprices of shell

eggs compared to the prior fiscal yearperiod.

Cash Flows Used in Investing Activities

Forthethirty-nine weeksended February28,2026, $266.5millionwas usedininvesting activities,primarily relatingtothe

acquisitions ofEcho LakeFoods andClean Eggand purchasesofinvestment securities, comparedto$385.1 millionused in

investing activities in thesame period of fiscal 2025.Purchases of investment securities were $503.7 millionduring the thirty-

nineweeksendedFebruary28,2026,andsalesandmaturitiesofinvestmentsecuritieswere$659.7million.Salesand

maturities of investmentsecurities were $654.4million in theprior fiscal yearperiod while purchases ofinvestment securities

were $813.1millionduringtheperiod. Cashpaidfor businessacquisitions,netof cashacquired, was$299.0millioninthe

thirty-nine weeks ended February 28, 2026,related to the Echo LakeFoods and CleanEgg acquisitions, and$116.2 million in

the prior-year period, relatedto the ISE acquisition. Purchases of property, plant and equipment were$123.7 million and $115.4

million in fiscal 2026and 2025, respectively, primarily reflecting progresson our construction projects.

Cash Flows Used in Financing Activities

For the thirty-nine weeks ended February 28,2026, $315.8 millionwas used in financing activities, primarily due todividends

paidof$214.8millioninfiscal2026,compared to$167.2 millionused infinancing activitiesinthesamepriorfiscal year

period. Purchasesof commonstockbytreasury were$101.0millionduring thethirty-nine weeksended February28,2026,

primarily due to the repurchaseof common stock under the Company's share repurchaseprogram.

Index

Net Change in Cash and Cash Equivalents

As of February 28, 2026,cash,cash equivalents and restricted cash decreased $105.3 million since May 31, 2025, compared to

an increase of $259.4 million during the same period of fiscal 2025. Thedecrease is primarily due to decreased cash collections

from customers as aresult of decreased prices ofshell eggs compared to theprior year aswell as the useof cashfor the Echo

Lake Foods and Clean Egg acquisitionscompleted during fiscal 2026.

Credit Facility

OnNovember15,2021,weentered intoacreditagreement thatprovidesfora seniorsecured revolvingcreditfacility(the

"Credit Facility"), in an initial aggregateprincipal amount of up to $250 million with a five-yearterm. As of February 28, 2026,

noamountswere borrowedunder theCreditFacility andwehad $4.7millionin outstandingstandby lettersof creditissued

under our Credit Facility for the benefitof certain insurance companies.

Share Repurchase Program

In February 2025, the Company'sBoard of Directors ("Board") approved a $500 millionshare repurchase program. The share

repurchase program authorizesthe Company, inmanagement's discretion, to repurchase shares of our common stock from time

to time for an aggregate purchase price up to$500 million (exclusive of any fees, taxes, commissions or other expenses related

to such repurchases), subject to market conditions and otherfactors. The actual timing, number and value of shares repurchased

under theprogram will bedetermined by management inits discretionand will dependon a numberof factors, including, but

notlimitedto,themarketpriceofourcommonstockandgeneral marketandeconomicconditions.Duringthethirty-nine

weeksendedFebruary28,2026,theCompanyrepurchased1,175,867sharesorapproximately$99.2millionunderthe

program. Asof theend ofthethird quarterof fiscal2026, wehad remainingauthorization topurchase upto$350.8 million

undertherepurchase program.See

Part II. Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

forfurther

information.

The Company expects to strategically and opportunisticallyrepurchase shares from time to time through solicitedor unsolicited

transactions in the openmarket, in privately negotiated transactions orby other meansin accordance with securities laws. The

Companyexpects thatshare repurchases undertheprogramwillbe fundedfrom existingcash balancesand futurefree cash

flow. Theshare repurchase program does not obligate the Company to repurchase any specific amount of shares, does not have

an expiration date, and may be suspended,modified or discontinued at anytime without prior notice.

Dividends

Inaccordancewithourvariabledividendpolicy,wewillpayacashdividendtotalingapproximately$16.8million,or

approximately $0.355 pershare,to holdersof ourcommon stockwith respect toour thirdquarter of fiscal2026. Theamount

paidper sharewillvary basedon thenumber ofoutstanding shareson therecord date.The dividendis payableonMay 14,

2026, to holders of recordon April 29, 2026.

Material Cash Requirements

Material cash requirementsfor operating activities primarily consistof feed ingredients,processing, packaging and warehouse

costs,employeerelatedcosts,maintenancecapitalexpendituresandothergeneraloperatingexpenses.Ourmaterialcash

requirements for growth capital expenditures consistprimarily of our construction projectsto increase our productioncapacity

of prepared foods and cage-free shellegg production. Webelieve our current cashbalances, investments, projected cash flows

from operations,and availableborrowings underour CreditFacility willbe sufficientto fundour cashneeds foratleast the

next 12 months and to fund our capital commitments currentlyin place thereafter. Future acquisitions of businessesmay require

additional financing.

IMPACT OF RECENTLYISSUED ACCOUNTINGSTANDARDS

For information on changes in accounting principles and newaccounting principles,see "

New Accounting Pronouncements and

Policies"

Note 1 - Summary of Significant Accounting Policies

oftheNotestoCondensedConsolidatedFinancial

Statements included in this QuarterlyReport.

Index

CRITICAL ACCOUNTING ESTIMATES

Critical accountingestimates are thoseestimates madein accordancewith U.S.generally acceptedaccounting principlesthat

involvea significantlevel ofestimation uncertaintyand havehad orarereasonably likelytohave amaterial impactonour

financial conditionor resultsof operations.There havebeen nochanges toour criticalaccountingestimates identified inour

2025 Annual Report.

Cal-Maine Foods Inc. published this content on April 01, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 01, 2026 at 10:16 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]