Campbell's Co. 2026年年度股东大会将于11月17日举行

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934 (Amendment No.  )

The Campbell’s Company

(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

NOTICE OF 2026 ANNUAL MEETING OF SHAREHOLDERS

WHEN

Tuesday, November 17, 2026

9:00 a.m. Eastern Time

WHERE

Live Webcast at

https://meetnow.global/CPB2026

ITEMS OF BUSINESS

1.Elect the 12 director nominees recommended by the Board for a one‑year term.

2.Ratify the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for fiscal 2027.

3.Vote on an advisory resolution to approve the fiscal 2026 compensation of our named executive officers, commonly referred to as a “Say on Pay” vote.

4.Vote to approve an amendment and restatement of the Company’s 2022 Long-Term Incentive Plan.

5.Vote on a shareholder proposal regarding a report on the effectiveness of the Company’s regenerative agriculture program including pesticide reduction outcomes, if properly presented at the 2026 Annual Meeting.

6.Transact any other business properly brought before the meeting.

RECORD DATE

Shareholders of record as of the close of business on September 23, 2026 are entitled to notice of, and to vote at, the 2026 Annual Meeting of Shareholders (“2026 Annual Meeting”) of The Campbell’s Company (the “Company”).

FORMAT OF THE ANNUAL MEETING OF SHAREHOLDERS

This year’s Annual Meeting of Shareholders will be conducted virtually via live webcast. We have designed the format of the 2026 Annual Meeting so that shareholders attending virtually have the same rights and opportunities as they would have at a physical meeting. Shareholders will be able to submit questions during the meeting using online tools, providing our shareholders with the opportunity for meaningful engagement with the Company.

Access to the Audio Webcast of the Annual Meeting: The live audio webcast of the 2026 Annual Meeting will begin at 9:00 a.m. Eastern Time. Online access to the audio webcast will be open prior to the start of the 2026 Annual Meeting to allow time for you to log in and test your device’s audio system.

Attendance Instructions: Shareholders will be unable to physically attend the 2026 Annual Meeting. The 2026 Annual Meeting will be held virtually via a live webcast. To attend the virtual meeting, go to https://meetnow.global/CPB2026. In order to vote and examine the Company’s share list during the 2026 Annual Meeting, you will also need the 15‑digit control number found on your Notice of Internet Availability, your proxy card or on the instructions that accompany your proxy materials.

Submitting Questions at the Annual Meeting: An online portal is available to shareholders at https://meetnow.global/CPB2026 where you can view and download our proxy materials and our Annual Report on Form 10‑K for the year ended August 2, 2026 and vote your shares. On the day of, and during, the 2026 Annual Meeting, you can view our agenda and meeting procedures and submit questions on https://meetnow.global/CPB2026. Shareholders must have their 15‑digit control number to submit questions. Shareholders will have an opportunity to raise questions about the items of business for the meeting. In addition, after the business portion of the 2026 Annual Meeting concludes and the meeting is adjourned, shareholders will have another opportunity to raise questions of a more general nature. We intend to answer all questions submitted that are pertinent to the Company and the items being voted on by shareholders during the 2026 Annual Meeting, as time permits and in accordance with our meeting procedures. Answers to questions not addressed during the 2026 Annual Meeting will be posted following the meeting on the investor relations section of our website. Questions and answers will be grouped by topic, and substantially similar questions will be answered only once. To promote fairness, efficient use of the Company’s resources, and address all shareholder questions, we will respond to no more than two questions from any single shareholder.

Technical Assistance: Online access to the webcast will be open prior to the start of the 2026 Annual Meeting to allow time for you to log in and test your computer audio system. The virtual meeting platform is fully supported across browsers (MS Edge, Firefox, Chrome and Safari) and devices (desktops, laptops, tablets and cell phones) running the most up‑to‑date version of applicable software and plugins. Note: Internet Explorer is not a supported browser. Participants should ensure that they have a strong Wi‑Fi connection wherever they intend to participate in the meeting. We encourage you to access the meeting prior to the start time. If you encounter any difficulties accessing the meeting in advance or during the meeting time, please call (888) 724‑2416 (toll‑free) or (781) 575‑2748 (international).

Your vote is extremely important. Even if you plan to attend the 2026 Annual Meeting live via webcast, please vote as soon as possible using the Internet, by telephone, or by completing, signing, dating and returning your proxy card or voting instruction form.

Thank you for your continued support, interest and investment in The Campbell’s Company.

By Order of the Board of Directors,

Charles A. Brawley, III

Executive Vice President, General Counsel and Corporate Secretary

October 7, 2026

IMPORTANT NOTICE REGARDING INTERNET AVAILABILITY OF PROXY MATERIALS

On or about October 7, 2026, we began mailing a Notice Regarding Internet Availability of Proxy Materials (“Notice”) to our shareholders and on or about October 8, 2026, we began mailing paper copies of the proxy statement and the accompanying proxy card and other proxy materials to those shareholders who specifically requested paper copies. The proxy materials were also posted to www.envisionreports.com/cpb on this date for access by registered shareholders. Shareholders who do not own shares in their own name, but own shares through a bank or broker, may access our proxy materials, including our annual report for the fiscal year ended August 2, 2026 at www.edocumentview.com/cpb.

Websites

Links to websites included in this Proxy Statement are provided solely for convenience. Information contained on websites, including on our website, is not, and will not be deemed to be, a part of this Proxy Statement or incorporated by reference into this Proxy Statement or any of our other filings with the Securities and Exchange Commission (the “SEC”).

Forward‑Looking Statements

This Proxy Statement may contain forward‑looking statements within the meaning of the federal securities laws. Examples of forward‑looking statements include statements regarding our strategy, plans, and objectives and other statements that are not historical facts. You can identify forward‑looking statements by their use of forward‑looking words, such as “may,” “will,” “anticipate,” “expect,” “believe,” “estimate,” “intend,” “plan,” “aspire,” “should,” “could,” “seek,” “goal,” “target,” or comparable terms. Readers of this document should understand that these statements are not guarantees of performance. Forward‑looking statements provide our current expectations and beliefs concerning future events and are subject to risks, uncertainties, and factors relating to our business and operations, all of which are difficult to predict and could cause our actual results to differ materially from the expectations expressed in or implied by such forward‑looking statements. These risks, uncertainties, and factors include those described in our reports filed from time to time with the SEC. We caution readers not to place undue reliance on any forward‑looking statements included in this document, which speak only as of the date of this document. We undertake no responsibility to update these statements, except as required by law.

TABLE OF CONTENTS

WHERE TO OBTAIN FURTHER INFORMATION

Shareholders may receive a copy of our Annual Report on Form 10‑K for the fiscal year ended August 2, 2026 (“2026 Form 10‑K”), and copies of our Code of Business Conduct and Ethics, Corporate Governance Standards, and the charters of the four standing committees of the Board of Directors, without charge, by:

(1)writing to Investor Relations, The Campbell’s Company, 1 Campbell Place, Camden, NJ 08103; or

(2)emailing the Company’s Investor Relations Department at [email protected].

These documents are or will be available on our corporate website at https://investor.thecampbellscompany.com.

Shareholders may elect to receive future distributions of annual reports and proxy statements by electronic delivery and vote Campbell’s shares online. To take advantage of this service you will need an email account and access to an Internet browser. To enroll, go to the Investor Resources portion of our website at https://investor.thecampbellscompany.com and click on “Information Request Form.”

PROXY STATEMENT SUMMARY

The Board of Directors (the “Board”) of The Campbell’s Company (the “Company,” “we,” “us,” “our” or “Campbell’s”) is furnishing this proxy statement and soliciting proxies in connection with the proposals to be voted on at The Campbell’s Company 2026 Annual Meeting of Shareholders (“2026 Annual Meeting”) and any postponements or adjournments thereof. This proxy statement and the accompanying Notice of 2026 Annual Meeting of Shareholders and proxy card are first being sent to shareholders on or about October 8, 2026. This summary highlights certain information contained in this proxy statement but does not contain all the information you should consider when voting your shares. Please read the entire proxy statement carefully before voting.

VOTING MATTERS AND VOTE RECOMMENDATIONS

OUR STRATEGY

We are taking action to transform Campbell’s into a top performing U.S. branded food company, consistently and profitably growing net sales by empowering everyday cooking and elevating everyday snacking. Our strategy is focused on strengthening our position in U.S. everyday cooking and snacking, rapidly turning consumer insights into relevant food and brands, and advancing enterprise-wide transformation initiatives that support our long-term growth. We plan to direct our efforts on priority areas within everyday cooking and everyday snacking by identifying clear brand roles and growth channels, while continuing to execute across our broader brand portfolio and retail landscape. We believe this strategy is designed to strengthen our connection with consumers, improve execution across the enterprise and position the Company to deliver sustainable profitable growth and long-term value for our shareholders.

FISCAL 2026 PERFORMANCE

Our fiscal 2026 performance reflects top-line softness and inflation-driven margin headwinds. While fiscal 2026 presented challenges, including a dynamic operating environment, we believe the actions taken and investments we made during the year strengthened our portfolio, improved our capabilities and helped to position the Company to drive improved long-term performance.

On September 3, 2026, we announced our fiscal 2026 financial results, which included:

•Net sales of $9.744 billion, a decrease of 5% versus 2025

•Organic net sales of $9.733 billion, a decrease of 2% versus 2025

•Earnings before interest and taxes (“EBIT”) of $852 million, a decrease of 24% versus 2025

•Adjusted EBIT of $1.181 billion, a decrease of 21% versus 2025

•Earnings per share (“EPS”) of $1.31, a decrease of 35% versus 2025

•Adjusted EPS of $2.17, a decrease of 27% versus 2025

•Cash flows from operations of $1.039 billion, versus $1.131 billion in 2025

•Meals & Beverages net sales and operating earnings decreased 4% and 14%, respectively, versus 2025

•Snacks net sales and operating earnings decreased 6% and 28%, respectively, versus 2025

We encourage you to review our Annual Report to Shareholders that will accompany this Proxy Statement for additional information on our fiscal 2026 performance and our financial results. Information on items impacting comparability is available in Appendix A, which also provides a reconciliation of organic net sales, adjusted EBIT and adjusted EPS, which are non-GAAP measures, to their most comparable GAAP measures.

FISCAL 2026 COMMUNITY & SUSTAINABILITY HIGHLIGHTS

In fiscal 2026, we focused on strengthening and empowering vibrant communities through our employee engagement and grantmaking programs. The Campbell’s Foundation’s grantmaking enabled nonprofit organizations in Campbell’s communities to engage in a range of important community work focused on increasing food access, encouraging healthy living and nurturing neighborhoods. In fiscal 2026, Community Impact Grants totaling $1,000,000 were awarded to support our Campbell’s communities.

This year’s Days of Service resulted in over 7,500 volunteer hours, with employees completing more than 350 in-person volunteer projects across our Campbell’s locations. From hosting community clean-ups and donation drives to preparing and serving meals at local food organizations, thousands of employees gave back to our communities. Our annual employee giving campaign also raised more than $1 million for nonprofit organizations through employee contributions and foundation matches.

In fiscal 2026, we continued our signature program, Full Futures, which is aimed at fostering a school nutrition environment that ensures all students are well nourished and ready to thrive at school and in life. The goal of Full Futures is to create sustainable, scalable changes in school nutrition. Full Futures Camden completed its fifth year in fiscal 2026, closing out our original five-year commitment. Full Futures Charlotte completed its fourth year, and Full Futures Hanover, completed its second year. Our fiscal 2026 total investment in the Full Futures program was over $1.5 million across three locations.

Our focus on sustainability remained strong in fiscal 2026. We built on previously achieved goals in animal welfare, responsible sourcing and regenerative agriculture. We continued to work towards our science-based emissions reduction targets and packaging goals, through direct actions and collaborations with suppliers, customers, industry groups, and others. Making progress is not without challenges, including cost pressures and market volatility which affected our ability to achieve our water and waste goals. We continue to recognize the importance of these issues and established new goals beginning in fiscal 2026 to reduce food waste and contribute to improved watershed health in high-risk locations. We also maintained our commitment to transparency and disclosure, publishing a Corporate Responsibility Report which included climate risk information and references the Global Reporting Initiative and Sustainability Accounting Standards Board reporting frameworks. The report can be accessed at www.thecampbellscompany.com/our-impact/reports-and-policies/, but is not, and will not be deemed to be a part of this proxy statement or incorporated by reference into any of our filings with the SEC. See pages 28 through 30 for more information about our sustainability activities.

DIRECTOR NOMINEES

Your Board recommends a vote FOR all of the nominees listed below:

Committee composition shown above is as of the date of this proxy statement. Current committee assignments are indicated by a (✓), and committee chairs are indicated by (C). Additional information about each nominee’s background and experience can be found beginning on page 17.

COMPOSITION OF THE CAMPBELL’S COMPANY DIRECTOR NOMINEES

We have a diverse, independent Board. Four of our 12 Director nominees are women, three of our 12 Director nominees are ethnically diverse and 11 of our 12 Director nominees are independent, including our Board Chair. All members of the Audit, Compensation and Organization, Finance and Corporate Development and Governance Committees are independent.

The Board is composed of Directors who bring a mix of fresh perspectives and deeper experience, and includes three who are descendants of our founder. Since the beginning of 2020, we have refreshed the Board with the addition of four new independent directors. The average tenure of our non‑management director nominees is approximately 8.6 years. All Directors are committed to the Company’s long‑term success and creating value for all shareholders.

Skills and Experience

As a group, our independent Director nominees possess a broad range of experience and skills including:

See Director biographies beginning on page 17 for further detail.

Corporate Governance Highlights

We offer a total compensation package that is designed to attract, motivate and retain the caliber of talent needed to deliver successful business performance in absolute terms and relative to competition. Our compensation program is designed to link pay to Company, division and individual performance.

The objectives of our executive compensation program are to:

Our Executive compensation program reflects the following best practices:

Our pay mix places the greatest emphasis on performance‑based incentives, which are not guaranteed. Approximately 89% of our Chief Executive Officer’s fiscal 2026 target total direct compensation, and approximately 75% of the average fiscal 2026 target total direct compensation of our other NEOs, were at risk:

CEO

Other NEOs

Please see the Compensation Discussion and Analysis, beginning on page 40, for a more detailed discussion of our executive compensation program.

We believe that our long-term compensation program aligns the interests of employees, officers and directors with our shareholders to create long-term shareholder value. The Company’s 2022 Long-Term Incentive Plan, as amended and restated, will enable us to continue to make equity compensation grants that serve as incentives to recruit and retain key employees and non-employee directors.

Please see the discussion beginning on page 75 for a more detailed discussion of the amendment and restatement of the Company’s 2022 Long-Term Incentive Plan.

2026 ANNUAL MEETING INFORMATION

Why am I receiving these proxy materials?

You received printed versions of these materials because you owned shares of Campbell’s common stock on September 23, 2026, the record date, and that entitles you to notice of, and to vote at, the 2026 Annual Meeting. This proxy statement describes the matters to be voted on at the meeting and provides information on those matters. The proxy materials (which include our annual report to shareholders for the fiscal year ended August 2, 2026) provide certain information about the Company that we must disclose to you when the Board of Directors solicits your proxy.

Why did I receive a Notice Regarding Internet Availability of Proxy Materials instead of printed proxy materials?

In accordance with SEC rules, instead of mailing a paper copy of our proxy materials to all of our shareholders, we have again decided to provide access to our proxy materials to many shareholders via the Internet. We believe this decision reduces both the amount of paper necessary to produce the materials and the costs associated with mailing the materials to all shareholders.

On or about October 7, 2026, we sent a Notice Regarding Internet Availability of Proxy Materials (“Notice”) to most of our shareholders. These shareholders have the ability to access the proxy materials on a website referred to in the Notice, or request to receive a printed set of the proxy materials by calling the toll‑free number found on the Notice. We encourage you to take advantage of the availability of the proxy materials on the Internet in order to help reduce the environmental impact of the 2026 Annual Meeting.

How can I get a paper copy of the proxy materials?

The Notice contains instructions on how to obtain a paper copy of all proxy materials – including this proxy statement, our 2026 Annual Report to Shareholders and a proxy card. If you would like to receive paper copies of our proxy materials, please follow the instructions on the Notice and submit your request

by November 6, 2026 to ensure that you receive the materials before the 2026 Annual Meeting. We encourage our shareholders to elect to receive future proxy materials electronically by e‑mail to support our sustainability efforts.

How can I get electronic access to the proxy materials?

Shareholders may elect to receive future distributions of proxy materials by electronic delivery. To take advantage of this service you will need an email account and access to an Internet browser. To enroll, go to the Investor Resources portion of our website at https://investor.thecampbells
company.com and click on “Information Request Form.” Your enrollment for electronic delivery of proxy materials will remain in effect until you terminate it or for so long as the email address provided by you is valid.

Registered shareholders (your shares are registered in your own name with our transfer agent, Computershare) may access the 2026 proxy materials at www.envisionreports.com/cpb. Shareholders who are the beneficial owners of shares held in street name (you hold your shares through a broker, bank or other holder of record) may access the 2026 proxy materials at: www.edocumentview.com/cpb. Our 2026 proxy materials are also available on our website at https://investor.thecampbellscompany.com.

What is “householding”?

We are sending only one Notice or one copy of our proxy materials to shareholders who share the same last name and address, unless they have notified us that they want to receive multiple copies. This practice, known as “householding,” is designed to reduce duplicate mailings and printing and postage costs. If any shareholder residing at such address wishes to receive a separate copy of our proxy materials in the future, or, if any shareholders sharing an address are receiving multiple copies of the Notice or proxy materials and would like to request delivery of a single copy, he or she may contact the Office of the Corporate Secretary, The Campbell’s Company, 1 Campbell Place, Camden, NJ 08103.

Who may vote at the 2026 Annual Meeting?

Only shareholders of record at the close of business on September 23, 2026, the record date for the meeting, are entitled to notice of, and to vote at, the 2026 Annual Meeting and any adjournment or postponement thereof.

How do I vote?

Whether you are a shareholder of record or a beneficial owner whose shares are held in street name, you can vote any one of four ways:

•Via the Internet. You may vote by visiting the website and entering the control number found in the Notice, proxy card or voting instruction form.

•By Telephone. You may vote by calling the toll‑free number found in the Notice, proxy card or voting instruction form.

•By Mail. If you received or requested printed copies of the proxy materials by mail, you may vote by proxy by filling out the proxy card (if you are a shareholder of record) or voting instruction form (if you are a beneficial owner) and sending it back in the postage‑paid envelope provided.

•The Annual Meeting. You are encouraged to vote beforehand by Internet, telephone or mail. You also may vote during the 2026 Annual Meeting even if you have already voted in advance. If you are a shareholder of record and you plan to attend the live audio webcast of the 2025 Annual Meeting, go to https://meetnow.global/CPB2026 on the day of the meeting. You will also need the 15‑digit control number found on your Notice of Internet Availability, your proxy card or the instructions that accompany your proxy materials to login and vote. If you are the beneficial owner of shares held for you by a broker and you would like to vote your shares electronically at the 2026 Annual Meeting, you must register in advance using the instructions below.

How do I register to attend the 2026 Annual Meeting via Live Webcast?

If you are a registered shareholder (your shares are registered in your own name with our transfer agent, Computershare), you do not need to register to attend the 2026 Annual Meeting via live webcast. Please follow the instructions on the notice or proxy card that you received.

If you hold your shares through an intermediary, such as a bank or broker, and you want to vote or ask a question at the 2026 Annual Meeting, you must register in advance to attend the 2026 Annual Meeting via live webcast. Otherwise, you may enter the webcast as a guest. To register to attend the 2026 Annual Meeting via live webcast as a shareholder you must submit a legal proxy reflecting your Campbell’s holdings along with your name and email address to our transfer agent, Computershare. Requests for registration must be labeled as “Legal Proxy” and be received no later than 5:00 p.m., Eastern Time, on November 10, 2026. You will receive a confirmation of your registration by email after we receive your registration materials. Requests for registration should be directed to us at the following:

•By Email. Forward the email from your broker, or attach an image of your legal proxy, to [email protected].

•By Mail. Send to Computershare, The Campbell’s Company Legal Proxy, P.O. Box 43006, Providence, RI 02940‑3001.

What constitutes a quorum at the 2026 Annual Meeting?

The holders of record of a majority of the shares of the Company issued and outstanding and entitled to vote at the 2026 Annual Meeting present in person or represented by proxy will constitute a quorum, which is the minimum number of shareholders that must be present or represented by proxy at the meeting to transact business. Votes “for” and “against”, “abstentions” and “broker non‑votes” will all be counted as present to determine whether a quorum has been established. As of September 23, 2026, we had 298,234,693 shares of common stock issued, outstanding and entitled to vote at the 2026 Annual Meeting.

Once a share is counted as present at the meeting, it will be deemed present for quorum purposes for the entire meeting and for any adjournments of the meeting unless a new record date is set.

What is the voting requirement to approve each of the proposals?

Assuming a quorum is present, the affirmative vote of a majority of the votes cast is required to approve each proposal.

Can I revoke my proxy or change my vote after I vote by proxy?

Yes, you may revoke your proxy or change your vote at any time prior to the 2026 Annual Meeting by:

•voting again via the Internet or by telephone,

•completing, signing, dating and returning a new proxy card or voting instruction card with a later date, or

•notifying the Office of the Corporate Secretary in writing that you are revoking your vote and attending the 2026 Annual Meeting and voting in person.

How do abstentions, unmarked proxy cards and broker non‑votes affect the voting results?

Abstentions: Abstentions will not count as votes cast “for” or “against” a matter, and therefore will not affect the voting results.

Unmarked proxy cards: If you sign and return a proxy card or voting instruction card but do not mark how your shares are to be voted, the individuals named as proxies will vote your shares, if permitted, in accordance with the Board’s recommendations.

Broker Non‑Votes: If you are the beneficial owner of shares held for you by a broker, your broker must vote those shares in accordance with your instructions. If you do not provide your broker with instructions as to how to vote such shares, your broker will only be able to vote your shares at its discretion on certain “routine” matters. Item 2 – Ratification of Appointment of Independent Registered Public Accounting Firm is the only proposal considered a routine matter to be presented at the 2026 Annual Meeting. Brokers will not be permitted to vote your shares on any of the other matters presented at the 2026 Annual Meeting without your voting instructions. If you do not provide voting instructions on these matters, including the election of the director nominees named herein, the shares will be considered “broker non‑votes” with respect to such matters. Broker non‑votes are included in the number of shares considered to be present at the meeting for purposes of determining a quorum, but will not count as votes cast “for” or “against” any director nominee or other proposal.

How do I vote my 401(k) Plan shares?

To vote your The Campbell’s Company 401(k) Retirement Plan shares, you must sign and return the proxy card or vote via the Internet or telephone as instructed in the proxy materials. If you do not provide voting instructions by November 10, 2026, the trustee will vote your shares in the same proportion as the shares of other participants for which the trustee has received proper voting instructions.

Where can I find the voting results of the 2026 Annual Meeting?

We expect to announce preliminary voting results at the 2026 Annual Meeting. We will also disclose the voting results on a Form 8‑K filed with the SEC on or before November 23, 2026.

How are proxies solicited and what is the cost?

This solicitation of proxies is authorized by, and made on behalf of, our Board of Directors, and we will bear the cost.

Proxy solicitation material will be distributed to shareholders and our directors, officers and employees may communicate with shareholders to solicit their proxies.

They will not receive any additional compensation for these activities. Brokers, banks and others holding stock in their names, or in names of nominees, may request and forward proxy solicitation material to beneficial owners and seek authority for execution of proxies, and we will reimburse them for related out‑of‑pocket expenses. We have retained D.F. King & Co., Inc. to assist us with the solicitation of proxies for a fee of $15,750 plus reimbursement of expenses.

How can I attend the 2026 Annual Meeting via Live Webcast?

This year’s Annual Meeting of Shareholders will be conducted solely via live webcast, and shareholders will not be able to physically attend the meeting.

The live webcast of the 2026 Annual Meeting will begin at 9:00 a.m. Eastern Time on Tuesday, November 17, 2026.

Online access to the audio webcast will be open prior to the start of the 2026 Annual Meeting. To attend the virtual meeting, go to https://meetnow.global/CPB2026. In order to vote and examine the Company’s share list during the Annual Meeting, you will also need the 15‑digit control number found on your Notice of Internet Availability, your proxy card or on the instructions that accompany your proxy materials.

ITEM 1 — ELECTION OF DIRECTORS

Our Board has general oversight responsibility for the Company’s affairs pursuant to the New Jersey Business Corporation Act and the Company’s Restated Certificate of Incorporation and By‑Laws. In exercising its fiduciary duties, the Board represents and acts on behalf of the Company’s shareholders and is committed to strong corporate governance, as reflected through its policies and practices. The Board is deeply involved in the Company’s strategic planning process, leadership development, succession planning, and oversight of risk management.

The Company By‑Laws give the Board the authority to determine the number of directors, between 12 and 16. The Board is currently comprised of 12 directors, all of whom have been nominated by the Board for re‑election.

Directors are to be elected to hold office until the next Annual Meeting of Shareholders and until their successors are elected

and shall have qualified, or until their earlier resignation, retirement or removal. Directors are elected by a majority of the votes cast; abstentions and broker non‑votes will not be counted as votes cast on this proposal. In fiscal 2026, the Board amended our Corporate Governance Standards to increase the director retirement age from 72 to 75, so no director may stand for re-election to the Board after reaching age 75, subject to the limited exception below. The updated policy aligns with evolving market practice, preserves an effective refreshment mechanism, supports succession planning, and retains the Board’s limited ability to waive the policy where, upon recommendation of the Governance Committee, the Board determines that due to a director’s unique capabilities and/or special circumstances such re-nomination is in the best interests of the Company and its shareholders.

DIRECTOR QUALIFICATIONS AND BOARD COMPOSITION

The Governance Committee is responsible for investigating, reviewing and evaluating the qualifications of candidates for membership on the Board and for assessing the contributions and performance of directors eligible for re‑election. It is also responsible for recommending director nominees for approval by the Board and nomination for election by shareholders.

Campbell’s is a manufacturer and marketer of high‑quality, branded food and beverage products. A company of our size must have strong governance, as well as leaders who understand our diverse consumers and business needs. The Governance Committee strives to maintain an engaged, independent Board with broad and diverse experience and judgment that is committed to representing the long‑term interests of our shareholders. The Governance Committee works with the Board to determine the composition of the Board as a whole and believes that the current composition

of the Board reflects an appropriate mix of tenure, skill sets, experience, and qualifications that are relevant to the business and governance of the Company.

The Governance Committee believes that all directors should be persons of the highest personal and professional ethics, integrity and values who abide by exemplary standards of business and professional conduct and demonstrate commitment to representing the long‑term interests of the Company’s shareholders. Directors should bring an inquisitive and objective perspective, practical wisdom and mature judgment to the Board and be committed to devoting the time and attention necessary to fulfill their duties and responsibilities. In furtherance of these objectives, the Governance Committee considers a wide range of factors when nominating candidates for election to the Board, including:

ELECTION OF DIRECTORS

The Board has carefully considered whether the slate of director nominees, taken as a whole, fulfills the objectives for Board composition noted above. The independent director nominees collectively have a mix of various skills and qualifications, as set forth in the skills matrix below. These collective attributes enable the Board to provide insightful leadership as it strives to advance our strategies and deliver value to shareholders.

ELECTION OF DIRECTORS

DIRECTOR NOMINEES

The Board has nominated the 12 individuals appearing below for election by shareholders at the 2026 Annual Meeting. All director nominees listed in this proxy statement were also nominated by the Board and elected by the shareholders at the 2025 Annual Meeting of Shareholders.

Each year, prior to recommending a slate of directors to the Board for nomination, the Governance Committee conducts an assessment of incumbent directors to review their conflicts as well as their commitments, qualifications and contributions to the Board. After review, the Governance Committee recommended each of the incumbent directors identified on pages 17 - 23 as a nominee for election at the 2026 Annual Meeting.

All of the nominees are independent directors, except Mr. Beekhuizen. If a nominee becomes unable or unwilling to serve, proxies will be voted for the election of such person as shall be designated by the Board to replace such nominee, or, in lieu thereof, the Board may reduce its size. All nominees have consented to serve on the Board if elected. The Board knows of no reason why any nominee would be unable or unwilling to serve. Except as otherwise specified on your proxy card, proxies will be voted for election of the nominees named on pages 17 - 23.

Biographical information and Committee memberships as of the date of this proxy statement, including the specific experience, qualifications and skills of each of the director nominees is included below.

ELECTION OF DIRECTORS

ELECTION OF DIRECTORS

ELECTION OF DIRECTORS

ELECTION OF DIRECTORS

ELECTION OF DIRECTORS

ELECTION OF DIRECTORS

CORPORATE GOVERNANCE POLICIES AND PRACTICES

The Board of Directors is responsible for overseeing our business, and the competence and integrity of our management, to serve the long‑term interests of our shareholders. The Board believes that sound corporate governance is essential to effective fulfillment of its oversight responsibilities. The Board has adopted Corporate Governance Standards, which are reviewed at least annually and updated as needed. The Corporate Governance Standards provide a

framework for effective corporate governance of the Company. You can find a copy of our Corporate Governance Standards, along with the charters of the four standing Board committees, our Restated Certificate of Incorporation and By‑Laws, in the Governance section of our website at https://investor.thecampbellscompany.com. Some highlights of our corporate governance include:

BOARD LEADERSHIP STRUCTURE

The Board recognizes that its leadership structure – particularly the combination or separation of the Chief Executive Officer (“CEO”) and Board Chair roles – is driven by the needs of the Company and its shareholders and that different leadership structures are appropriate for different circumstances. We have a long‑standing tradition of separating the roles of Board Chair and CEO. Each year the Board considers whether to maintain the separation between the roles of Board Chair and CEO, and it has concluded that this leadership structure continues to be the most appropriate one for the Company. The Board believes that independent Board leadership is an important component of our governance structure. Our Corporate Governance Standards require us to have either an independent Board Chair or, if the positions of Chair and CEO are held by the same person, an independent lead director. The Board believes our current structure of separating the roles of Board Chair and CEO allows our CEO to focus his time and

energy on setting the strategic direction for the Company, overseeing daily operations, engaging with external constituents, developing our leaders, building our culture, and promoting employee engagement at all levels of the organization. Meanwhile, this structure allows our independent Board Chair to lead the Board in the performance of its duties by establishing agendas and ensuring appropriate meeting content, engaging with the CEO and senior leadership team between Board meetings on business developments, and providing overall guidance to our CEO as to the Board’s views and perspectives, particularly on the strategic direction of the Company. The Board also believes this leadership structure, coupled with independent directors serving as Chairs of each of our four key standing Board committees, enhances the Board’s effectiveness in providing independent oversight of material risks affecting the Company and fulfilling its risk oversight responsibility.

DIRECTOR INDEPENDENCE

A statement of standards that the Board has adopted to assist it in evaluating the independence of the Campbell’s Board appears in the Corporate Governance Standards, which can be found in the Governance section of our website at https://investor.thecampbellscompany.com. The Standards for the Determination of Director Independence (the “Independence Standards”) describe various types of relationships that could potentially exist between a director and Campbell’s, and define the thresholds at which such relationships would be deemed material under Nasdaq listing standards. The Board will deem a

director to be independent if (i) no relationship exists that would disqualify the director under the guidelines set forth in the Independence Standards, and (ii) the Board has determined, based on all relevant facts and circumstances, that any other relationship between the director and Campbell’s, not covered by the Independence Standards, would not interfere with the exercise of a director’s independent judgment. In any case in which the Board makes the latter determination, the relationship will be disclosed in the proxy statement, along with the basis for the Board’s conclusion that it is not material.

CORPORATE GOVERNANCE POLICIES AND PRACTICES

The Board has affirmatively determined that each director and director nominee, other than Mr. Beekhuizen, is independent under Nasdaq listing standards and the Independence Standards. For a portion of fiscal 2026, Ms. Hofstetter served as the Chairwoman of Profitero, Ltd., which has been a subsidiary of Publicis Groupe since its acquisition in 2022, and currently serves as an advisor to Publicis Groupe. Ms. Hofstetter also currently serves as an advisor to Boston Consulting Group. We engage in ordinary course of business transactions, namely, advertising and marketing services, with Publicis Groupe and its subsidiaries and strategic management consulting services with Boston Consulting Group and its subsidiaries. In each case, the transactions were on terms that are substantially equivalent to those prevailing at the time for

comparable transactions, and none reached the threshold levels set forth in our Independence Standards.

Each member of the Audit, Compensation and Organization, Finance and Corporate Development, and Governance Committees is an independent director pursuant to all applicable Nasdaq listing standards and the Independence Standards. In addition, each member of the Audit Committee also meets the additional independence standards for audit committee members established by the SEC, and each member of the Compensation and Organization Committee also qualifies as a “Non‑Employee Director” as defined in Rule 16b‑3 of the Securities Exchange Act of 1934, as amended (“Exchange Act”).

MAJORITY VOTING

We have a majority vote standard in uncontested director elections. Under our By‑Laws, in an uncontested election, each director shall be elected by an affirmative majority of the votes cast to hold office until the next annual meeting and until his or her successor is elected and has qualified. In contested elections (those where the number of nominees exceeds the number of directors to be elected), a plurality vote standard shall apply. Shareholders may vote “for” or “against” each nominee, or they may “abstain” from voting on a nominee; however, abstentions will have no effect in determining whether the required majority vote has been obtained.

In the event an incumbent director fails to receive an affirmative majority of the votes cast in an uncontested election, the Corporate Governance Standards provide that the director shall tender his or her resignation. The Governance Committee and the Board will then consider and take appropriate action on such offer of resignation in accordance with the Corporate Governance Standards. The resignation policy set forth in the Corporate Governance Standards does not apply to contested elections.

PROCESS FOR NOMINATION AND EVALUATION OF DIRECTOR CANDIDATES

The Governance Committee is responsible for evaluating the qualifications of director candidates and recommending director nominees for approval by the Board and nomination for election at the annual meeting of shareholders.

Nomination of Incumbent Directors. Our Corporate Governance Standards require the Governance Committee to assess the performance of each director eligible for election at the annual meeting. The Governance Committee conducts its assessment annually in advance of its recommendation of a slate of director nominees for approval by the Board. In fiscal 2026, each incumbent director standing for re‑election was evaluated in light of the criteria in the Corporate Governance Standards and the factors described on pages 15 - 16 with respect to the qualification of directors and the composition of the Board. In addition, the Governance Committee solicited an assessment of each director from the Board Chair and the Chief Executive Officer.

Evaluation of New Nominees. When identifying potential director candidates — whether to replace a director who has retired or resigned or to expand the Board to gain additional capabilities — the Governance Committee determines the skills, experience and other characteristics that a potential nominee should possess in light of the composition and needs of the Board and its committees. The Governance Committee

also considers whether or not the nominee would be considered independent under Nasdaq listing standards and the Independence Standards.

All candidates considered by the Governance Committee for recommendation to the Board as director nominees are evaluated in light of the criteria in the Corporate Governance Standards and the factors and objectives described on pages 15 - 16. The Governance Committee will also consider the assessment of any search firm it has retained and the background information such firm provides on any person it recommends for consideration. The Board Chair, the Chair of the Governance Committee and the Chief Executive Officer customarily interview leading candidates. Other directors may also interview these candidates.

Although not required to do so, the Committee may consider candidates proposed by our directors or our management and may also retain an outside firm to help identify and evaluate potential nominees. The Committee will also consider nominations from shareholders. The nominee evaluation process is the same whether the nomination comes from a Board member, management, a search firm or a shareholder. If the Committee recommends a candidate to the Board, the Board may – as with any nominee – either accept or reject the recommendation.

CORPORATE GOVERNANCE POLICIES AND PRACTICES

Shareholder Recommendations. Shareholders who wish to recommend candidates for nomination for election to the Board may do so by writing to the Corporate Secretary of The Campbell’s Company at 1 Campbell Place, Camden, New Jersey 08103. The recommendation must include the following information:

1.The candidate's name and business address;

2.A resume or curriculum vitae, which describes the candidate's background and demonstrates that he or she meets the qualifications set forth on pages 15 - 16;

3.A letter from the candidate stating that he or she is willing to serve on the Board if elected, and identifying any legal or regulatory proceedings in which he or she has been involved during the last ten years;

4.A statement from the candidate stating whether the candidate is or has been within the past three years, an officer or a director of a competitor of the Company, within the scope of the Clayton Antitrust Act of 1914, as amended;

5.A statement from the shareholder recommending the candidate, indicating that he or she is the registered owner of Campbell’s shares, or a written statement from the “record holder” of Campbell’s shares indicating that the shareholder is the beneficial owner of such shares; and

6.A description of all agreements, arrangements or understandings between the recommending shareholder and the candidate.

The Board may also request that the shareholder provide additional information. Shareholders who wish to propose a director nominee at an annual meeting must follow the advance notice procedures contained in our By‑Laws, which include notifying the Corporate Secretary at least 60 but not more than 90 days before the first anniversary of the prior year’s annual meeting. Based on this year’s annual meeting date of November 17, 2026, a notice will be considered timely for the 2027 Annual Meeting of Shareholders if our Corporate Secretary receives it no earlier than August 19, 2027, and no later than September 18, 2027.

In addition to complying with the requirements set forth in our By‑Laws, to comply with the universal proxy rules, shareholders who intend to solicit proxies in support of director nominees other than Campbell’s nominees must provide notice that sets forth the information required by Rule 14a‑19 under the Exchange Act no later than September 18, 2027. The notice should be addressed to our Corporate Secretary.

Please see “Submission of Shareholder Proposals for 2026 Annual Meeting” on page 86 for additional information.

EVALUATIONS OF BOARD PERFORMANCE

The Governance Committee leads annual evaluations of Board, committee and individual director performance. The evaluation process is designed to facilitate ongoing, systematic examination of the Board’s effectiveness and accountability, and to identify opportunities for improving its operations and procedures. As a best practice, the Governance Committee periodically engages a third‑party corporate governance consulting firm to carry out the annual evaluations.

In fiscal 2026, the Governance Committee conducted an assessment of the individual directors. On an annual basis, individual director feedback is discussed in detail with each

director, as appropriate. Also in fiscal 2026, the Board conducted a separate self-evaluation, and each standing committee conducted a separate evaluation of its own performance and of the adequacy of its charter, and reported on the results of its evaluation to the Board. In addition, in fiscal 2026, to supplement the Board evaluation, a third-party corporate governance consulting firm conducted one-on-one interviews with the directors to identify opportunities to improve the impact and performance of the Board.

TRANSACTIONS WITH RELATED PERSONS

Under our written Policy Concerning Transactions with Related Persons (the “Related Persons Policy”), the Governance Committee is required to review and, in appropriate circumstances, approve any transaction in which Campbell’s was or is to be a participant, and any related person had or will have a direct or indirect material interest, as well as any material amendment to or modification of such a transaction, unless the transaction falls into one of the categories deemed to have been approved in advance.

In determining whether to approve a transaction, the Governance Committee is directed to consider, among other factors it may deem appropriate, whether the transaction was or will be on terms no less favorable than those generally available to an unaffiliated third party under the same or similar circumstances. No director may participate in the discussion or

approval of a transaction in which he or she, or a member of his or her immediate family, has a direct or indirect interest. The Chair of the Governance Committee (or, if a transaction involves the Governance Committee Chair, the Board Chair) may approve a related person transaction in which the aggregate amount involved is less than $1 million. Any transaction approved by the Governance Committee Chair or the Board Chair is to be reported to the Governance Committee at its next regularly scheduled meeting.

There were no transactions during the period from August 4, 2025 through the date of this proxy statement, and none are currently proposed, in which Campbell’s was or is to be a participant and any related person had or will have a direct or indirect material interest.

CORPORATE GOVERNANCE POLICIES AND PRACTICES

BOARD OVERSIGHT OF ENTERPRISE RISK

Enterprise risk management (“ERM”) is an integral part of our business processes. Senior management is primarily responsible for establishing policies and procedures designed to identify, assess and manage the Company’s material short-, intermediate-, and long‑term risks. We have an ERM steering committee, comprised of the members of our Operating Committee and supported by other executives with subject‑matter expertise, that provides oversight of enterprise risks and our processes to identify, measure, monitor, manage and mitigate these risks. We regularly engage outside advisors, as appropriate, to assist in the identification and evaluation of risks. Our risk oversight processes and disclosure controls and procedures are designed to appropriately escalate key risks for the Board as well as to analyze potential risks for disclosure.

The Board oversees the ERM process, including reviews of the most significant risks the Company faces and the manner in which our executives manage these risks. At least annually, the Board receives an ERM report from the head of Corporate Audit. In accordance with Nasdaq listing standards, the Audit Committee charter assigns to that committee the responsibility to review our policies and procedures with respect to risk

assessment and risk management. Annually, we conduct a formal risk assessment of our business, which includes input from key business unit and functional leaders as well as our directors that provides the basis for the Board and Audit Committee's risk review and oversight process. Our Board and its Committees routinely receive reports from significant business units and functions, and these presentations include a discussion of the business, regulatory, compliance, operational, and other risks associated with planned strategies and tactics. At the Audit Committee's recommendation, the Board adopted a framework pursuant to which it delegated oversight for certain categories of enterprise risks to each of its standing committees, as shown below. Each committee provides periodic reports to the Board regarding its oversight of these enterprise risks. This structure enables the Board and its Committees to coordinate the risk oversight role. We believe that the separation of the Board Chair and CEO roles further supports the Board’s risk oversight function and helps ensure that key strategic decisions made by senior management, up to and including the CEO, are reviewed and overseen by independent directors of the Board.

Responsibility for Risk Oversight – Campbell’s Board and Committees

CORPORATE GOVERNANCE POLICIES AND PRACTICES

INFORMATION SECURITY

As indicated above, the Audit Committee oversees the overall review of our policies and procedures with respect to risk assessment and risk management, and has oversight of information technology and cybersecurity matters, which includes information security strategies and risks, artificial intelligence risks, as well as data privacy, data protection and risk mitigation strategies (“Information Security”). On a quarterly basis, the Company’s Chief Digital and Technology Officer and Chief Information Security Officer report to the Audit Committee on the Information Security program and recent developments. The Company’s Chief Digital and Technology Officer and Chief Information Security Officer also report to the Board on the Information Security program and recent developments annually. The Chief Information Security Officer oversees the dedicated Information Security team, which works in partnership with the Company’s Enterprise Risk Management team and corporate audit department to review information technology‑related internal controls with our external auditors as part of the overall internal controls process. Annual third‑party audits are also conducted including

penetration testing and overall review of program maturity based on the NIST Cybersecurity Framework. We currently maintain a cyber insurance policy that provides coverage for security breaches. The Company has neither experienced a material Information Security breach nor incurred any material breach‑related expenses over the last three years.

Our Company’s robust Information Security program includes:

•Policies and annual security awareness training, including employee phishing simulations and training;

•Identification and remediation of information security risks and vulnerabilities in our information technology and operational technology systems;

•Security operations training including logging, monitoring and response technologies and procedures;

•Due diligence of third‑party vendors’ information security programs; and

•Testing of incident response procedures.

CORPORATE RESPONSIBILITY AND SUSTAINABILITY

Rooted in the beliefs of our founders, we have been making food since 1869 that we are proud to serve in our own homes. The work we do every day is guided by our values, as we strive to deliver on the promise of our purpose: Connecting people

through food they love. We remain committed to corporate responsibility and sustainability and they continue to be a fundamental part of our strategic plan.

In fiscal 2026, oversight of corporate responsibility and sustainability continued to be managed by the Governance Committee of the Board of Directors and is reflected in the Governance Committee’s Charter. The Governance Committee takes an active role in the evolution of Campbell’s sustainability strategy and public reporting. To ensure that sustainability is appropriately managed throughout the organization, we have designed the following governance structures:

•Board of Directors: Oversight of sustainability activities is managed by the Governance Committee of the Board.

•Chief Executive Officer: Provides executive direction on sustainability strategy.

•Operating Committee: With primary focus on our Senior Vice President and Chief Transformation Officer, our Executive Vice President, Chief Supply Chain Officer, and our Executive Vice President, General Counsel and Corporate Secretary, who oversees the Corporate Responsibility & Sustainability Team.

•Corporate Responsibility & Sustainability Team: Led by our Chief Sustainability Officer who supports Campbell’s sustainability strategy and is directly accountable for Campbell’s environmental strategy.

•Sustainability Steering Committee: Senior leaders from supply chain, corporate responsibility and sustainability, research and development, investor relations, legal and communications who meet regularly to inform the scope and specific elements of the Company’s sustainability strategy.

CORPORATE GOVERNANCE POLICIES AND PRACTICES

Our purpose, values, and approach to corporate responsibility play important roles in building our culture, implementing our strategy, driving performance and ultimately, delivering a positive impact on the world.

We have prioritized areas that are important to the Company and our stakeholders, and where we believe we can have

a measurable impact: making trusted food on which people can rely; helping create vibrant communities, especially where we have operations and suppliers; building a high‑performing culture that helps our people thrive and reach their full growth potential; and fostering a healthy environment from fields to factories to families.

Trusted Food: In fiscal 2026, we continued to advance our commitment to providing trusted, high-quality, affordable and accessible food. We no longer produce any of our food or beverages with Food, Drug, and Cosmetic Act (FD&C) colors – a milestone that reflects a continued commitment to adapting based on consumer preferences. We further strengthened our Nutrition Focused Foods profiling system in 2026 with tighter restrictions on negative nutrients to reflect federal policy changes. Products that meet these updated criteria continue to drive a meaningful portion of our retail sales, underscoring our commitment to advancing health and wellbeing. We also continued our efforts to improve the welfare of animals in our supply chain by exclusively sourcing cage-free across shell, liquid, and ingredient eggs as of the end of calendar year 2025.

Vibrant Communities: We continued to invest in the communities where we operate with an emphasis on food systems, food access, local economic support and employee engagement. Through Full Futures, our signature program, we are taking a comprehensive approach to improving the school food environment in our hometowns of Camden, New Jersey; Charlotte, North Carolina; and Hanover, Pennsylvania. In each community, we work closely with school districts and nonprofit partners to support initiatives across our four pillars of culture, infrastructure, nutrition education, and food access.

Thriving People: A vital element of our strategy to deliver Top-Tier Performance is to deliver for our people and build a Top Team. During fiscal 2026, we continued to strengthen employee development, wellbeing and engagement programs, including leadership development initiatives for early-career employees. We also enhanced our integrated environmental, health and safety programs and continued fostering a culture of shared accountability for workplace safety and operational excellence.

Healthy Environment: Our focus on environmental sustainability encompasses our value chain. In fiscal 2026, we continued to advance initiatives designed to improve the resilience of our operations and supply chain. We continued to work towards our science-based emissions reduction targets, with ongoing contributions from a virtual power purchase agreement and enhancement of our operational excellence initiatives across manufacturing facilities. We updated our climate action plan, climate risk assessments, and greenhouse gas emissions calculation methodologies to support ongoing evaluation of climate-related risks, opportunities and strategy. In our supply chain, we advanced work with farmers, suppliers, and customers in regenerative agriculture programs in our tomato, wheat and potato supply chains which should contribute to emissions reductions, improved soil health, and other benefits.

CORPORATE GOVERNANCE POLICIES AND PRACTICES

SHAREHOLDER ENGAGEMENT

Effective corporate governance includes constructive conversations with our shareholders to proactively seek shareholder insights, which enable us to consider a broad range of perspectives. In fiscal 2026, our management team

engaged with several of our largest shareholders to understand investor perspectives on the Company’s performance and share insight on the Company’s strategic priorities.

DIRECTOR ORIENTATION AND CONTINUING EDUCATION

All new directors participate in the Company’s director orientation program. This orientation program is designed to familiarize new directors, through a review of background material, meetings with senior management and plant and facility tours. The orientation allows new directors to become familiar with the Company’s business and strategic plans; significant financial matters; core values, including ethics, compliance programs and corporate governance practices; and other key policies and practices.

We maintain a formal program of continuing education for directors. The Governance Committee is responsible for the administration of the program. Board members receive materials and briefing sessions to continue their education on subjects that assist them in the discharge of their duties. We also conduct educational sessions for directors on a variety of topics relevant to the Company. In addition, the Company supports director participation in continuing education programs and reimburses directors for reasonable costs associated with attendance.

DIRECTOR SERVICE ON OTHER PUBLIC COMPANY BOARDS

The Board recognizes that service on other public company boards provides valuable governance and leadership experience that benefits Campbell’s. The Board also believes, however, that it is critical that directors dedicate sufficient time to their service on the Company’s Board. Directors are expected to advise the Chair of the Governance Committee in advance of accepting an invitation to serve on another board of directors or become affiliated with another entity. The Governance Committee or its designee shall evaluate and advise the Board whether, by reason of conflicts in regular meeting schedules or business or competitive considerations, simultaneous service on another board or affiliation with another entity may impede the director’s ability to fulfill his or her responsibilities to Campbell’s.

Our Corporate Governance Standards provide that:

•A director who also serves as a CEO or equivalent position may not serve on more than one other public company board;

•Other directors may not serve on more than four other public company boards; and

•No member of the Audit Committee shall simultaneously serve on the audit committees of more than two other public companies.

All directors are in compliance with this policy.

CODE OF ETHICS

The Company has a Code of Business Conduct and Ethics for its directors, officers, and employees and an additional Code of Ethics for the Chief Executive Officer and Senior Financial Officers (the “Codes”). Any waiver of, or any amendment to

the Codes, will be promptly disclosed on our website at https://investor.thecampbellscompany.com. The Codes can be found in the Governance section of our website at https://investor.thecampbellscompany.com.

COMMUNICATING WITH THE BOARD

Interested persons may communicate with the full Board of Directors or the non‑management directors by writing to the Board Chair or to the non‑management directors as a group in care of the Office of the Corporate Secretary at the Company’s headquarters, or by email to [email protected]. Concerns communicated to the Board will be addressed through the Company’s regular procedures for addressing such matters. Our Corporate Secretary receives and processes all communications and will refer relevant and appropriate communications to the Board Chair. Depending upon the nature of the concern, it may be referred to the Company’s Corporate Audit Department, Legal Department, Finance Department, or other appropriate departments.

Any concerns about Campbell’s governance, corporate conduct, business ethics or financial practices may also be communicated to the Board by calling the following toll‑free Hotline telephone number in the U.S. and Canada:

1‑800‑210‑2173. To place toll‑free calls from other countries where we have operations, please see the instructions listed in the Governance section under the “Contact the Board” tab of our website at https://investor.thecampbellscompany.com. Any concern relating to accounting, internal accounting controls or auditing matters will be referred both to the Board Chair and to the Chair of the Audit Committee.

As they deem necessary or appropriate, the Board Chair or the Chair of the Audit Committee may direct that certain concerns communicated to them be presented to the Audit Committee or the full Board, or that they receive special treatment, including the retention of outside counsel or other outside advisors.

Campbell’s policy prohibits the Company and any of our employees from retaliating in any manner, or taking any adverse action, against anyone who raises a concern or helps to investigate or resolve it.

CORPORATE GOVERNANCE POLICIES AND PRACTICES

BOARD MEETINGS AND COMMITTEES

Directors meet their responsibilities by preparing for and attending Board and committee meetings, and through communication with the Chair, the Chief Executive Officer and other members of management on matters affecting the Company. During fiscal 2026, the Board of Directors held six regular meetings and one special meeting. All directors attended at least 90% of scheduled Board meetings and meetings held by committees of which they were members.

All of the directors who were nominated for election at the 2025 Annual Meeting attended the 2025 Annual Meeting. All of the directors who are nominated for election at the 2026 Annual Meeting are expected to attend the 2026 Annual Meeting.

The Board has established four standing committees as of the record date: the Audit Committee; the Compensation and Organization Committee; the Finance and Corporate Development Committee; and the Governance Committee. Each of the standing committees has a charter that is reviewed annually by that committee. Proposed changes to the charter of any standing committee are approved by the Board. The committee charters are available in the Governance section of the Company’s website at https://investor.thecampbellscompany.com. Actions taken

by any of the standing committees are reported to the Board. All members of the Board are given access to copies of the minutes of all committee meetings and copies of the materials distributed in advance of the meetings for all of the committees.

Information regarding membership in the standing committees as of the last day of fiscal 2026 (August 2, 2026), the number of meetings held by each committee in fiscal 2026, the principal responsibilities of the standing committees, and other relevant information are described in the tables that follow.

CORPORATE GOVERNANCE POLICIES AND PRACTICES

CORPORATE GOVERNANCE POLICIES AND PRACTICES

COMPENSATION OF DIRECTORS

We strive to recruit and retain highly qualified non-employee directors who will best represent our shareholders’ interests. Each year, the Governance Committee reviews the amount and design of the compensation program for non-employee directors to ensure that it appropriately reflects directors’ responsibilities, supports the recruitment and retention of highly qualified directors and remains informed by relevant market practices.

In fiscal 2026, the Governance Committee retained FW Cook, the independent compensation consultant to the Board, to conduct a comprehensive review of the Company’s non-employee director compensation program, including compensation for the Board Chair. The review included benchmarking our director compensation program against the Company’s Compensation Peer Group and other large public companies and assessing the appropriateness of the form and amount of compensation provided. Based on this review, the Governance Committee recommended no increase to the current non-employee director program. The Board believes that continuing to pay a larger proportion of the annual retainer in Company stock serves to further align director compensation with the long-term interests of shareholders.

As part of this review, the Board separately considered the annual retainer of $350,000 for our non-executive Board Chair, Mr. McLoughlin, which has remained unchanged since his appointment as Board Chair in 2019. In evaluating the Chair retainer, the Board considered its market positioning as well as the particular demands of the role at Campbell’s and determined that the current retainer continues to be appropriate. The Board believes the premium associated with Mr. McLoughlin’s compensation is warranted by the substantial commitment, breadth of responsibilities, heightened leadership and accountability, and sustained level of engagement required of him.

The scope of Mr. McLoughlin’s roles also reflects governance considerations specific to Campbell’s. Given the Company’s rich history of representation with family directors whose

multigenerational perspective is deeply valued, Mr. McLoughlin invests considerable time engaging with family members, including family-affiliated major stockholders, as part of his Board leadership role. He also maintains extensive engagement across the Company and with other key stakeholders. He provides strong independent Board oversight through frequent engagement with our CEO and other executive management team members; engages directly with investors and other stakeholders; reviews and provides direct feedback on Board materials; leads the Board’s annual CEO performance evaluation and annual self-evaluation process; coordinates Board oversight of director and CEO succession planning, including meeting with director candidates; advises on the scope, quality, quantity and timeliness of information provided to the Board; and participates in employee forums and events that reinforce the Company’s culture and values. Collectively, these activities require a substantial level of ongoing engagement with the Company and its stakeholders outside of formal Board and committee meetings.

The Board also believes that Mr. McLoughlin’s diverse and extensive set of attributes and experiences and deep knowledge of the Company enhance the value he brings to the leadership role. As a former chief executive officer of two global enterprises, he possesses significant executive leadership experience and expertise in international business and manufacturing operations. Importantly, his prior service as Campbell’s interim CEO during the Board-led strategic and portfolio review provides him with firsthand knowledge of the Company’s operations, strategy, people and culture that is particularly valuable in his role as independent Board Chair. His additional experience in retail sales, marketing, innovation, strategic planning and organizational and human resources matters provides valuable insight to the deliberations of the Campbell’s Board.

Mr. McLoughlin devotes substantial capacity to these responsibilities, and Campbell’s is the only public company board on which he currently serves. Taking into account the totality of these responsibilities, his sustained level of

CORPORATE GOVERNANCE POLICIES AND PRACTICES

engagement, his unique Company-specific experience and the fact that the Chair retainer has remained unchanged since 2019, the Board continues to believe the retainer appropriately reflects the demands and value of the role.

As an additional governance safeguard, our 2022 Long-Term Incentive Plan, which was approved by our shareholders at the 2022 Annual Meeting of Shareholders, caps the maximum

aggregate dollar value of equity awards that can be made to any individual non-employee director in a calendar year at $1,000,000. All stock grants made in fiscal 2026 to non-employee directors were significantly below this amount. See the “2026 Director Compensation” table below for specific values.

The table below sets forth the components of non-employee director compensation for calendar year 2026:

All non-employee director compensation is paid in arrears in four equal quarterly installments on or about March 31, June 30, September 30 and December 31.

The retainers for Committee chairs, Audit Committee members and the Board Chair are in addition to the annual cash and stock retainers paid to all non-employee directors. These additional retainers are delivered 50% in cash and 50% in shares of Campbell’s stock. Directors may elect to receive shares of Campbell’s stock in lieu of their cash retainers.

We typically do not pay a Company employee who also serves as a director any additional compensation for serving as a director. Currently, Mr. Beekhuizen is the only director who is also a Company employee.

Directors do not receive individual meeting fees. We pay for, provide or reimburse directors for expenses incurred to attend Board and Committee meetings and director education programs. Directors do not have a retirement plan or receive any benefits such as life or medical insurance. Directors do receive business travel and accident insurance coverage.

Under our Corporate Governance Standards, each director is expected, within five years of first joining the Board, to own Campbell’s stock or hold deferred stock units that have a value

equal to five times the annual cash retainer. As of the date of this proxy statement, each of our directors has met or is on track to meet this guideline.

In September 2013, the Board adopted a policy that prohibits any director or executive officer from pledging any shares of Campbell’s common stock that he or she owns or controls, directly or indirectly, as security under any obligation on a prospective basis.

It is also our policy to prohibit all directors, officers and employees from hedging or offsetting the economic risk associated with a Campbell’s security. See page 55 for additional information regarding our policy prohibiting hedging.

CORPORATE GOVERNANCE POLICIES AND PRACTICES

Under our Supplemental Retirement Plan, a non-employee director may elect to defer payment of all or a portion of his or her fees until termination of his or her directorship. Directors

participate in the same plan as executives. See page 53 for a description of the material terms of the Supplemental Retirement Plan.

(1)Amounts reported represent quarterly director compensation payments made in fiscal 2026, on or about September 26, 2025, December 30, 2025, March 31, 2026 and June 30, 2026.

(2)Amounts reported represent the aggregate grant date fair value of shares issued to each director during fiscal 2026, calculated in accordance with the Financial Accounting Standards Board Accounting Standards Codification ("FASB ASC") Topic 718. The assumptions used in calculating these amounts are included in Note 18 to the Consolidated Financial Statements in our 2026 Form 10-K. Directors are fully vested in stock awards at the time of grant, therefore, there were no unvested stock awards at August 2, 2026.

(3)In 2026, Messrs. Averill and Schmidt and Ms. Hilado elected to defer their cash payments. This amount was credited to each individual’s notional account in the Supplemental Retirement Plan and invested in funds selected by each respective individual.

(4)In 2026, Messrs. Averill, Lautenbach, McLoughlin and Schmidt and Mses. Hilado and Hofstetter elected to defer the value of their stock awards. This amount was credited to each individual’s notional account in the Supplemental Retirement Plan and invested in the Campbell Stock Fund, which is indexed to Campbell’s common stock.

(5)In 2026, Mr. Hill elected to have the cash portion of his retainer paid in Campbell’s common stock.

(6)Ms. Malone, Jr. was elected as a director effective July 17, 2025 and received a prorated amount of her first quarterly director compensation payment in fiscal 2026.

The aggregate perquisites to any individual non-employee director did not exceed the SEC reporting threshold amount of $10,000.

ITEM 2 — RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Audit Committee is directly responsible for the appointment, compensation, retention and oversight of the independent registered public accounting firm.

The Audit Committee has re-appointed PricewaterhouseCoopers LLP (“PwC”) to serve as our independent registered public accounting firm for fiscal 2027. PwC or one of its predecessor firms has been retained as the Company’s independent registered public accounting firm continuously since we went public in 1954. Representatives of PwC will attend the 2026 Annual Meeting to make a statement if they desire to do so and to answer appropriate questions from shareholders.

The Audit Committee evaluated PwC’s performance, qualifications and independence in making its determination to reappoint PwC. The factors considered in the evaluation included:

■PwC’s performance during fiscal 2026 and in previous fiscal years, including the results of a management survey measuring (i) the quality of PwC’s services, (ii) the sufficiency of PwC’s resources, (iii) PwC’s communication skills and (iv) PwC’s independence and objectivity;

■PwC’s expertise and experience in the consumer-packaged goods industry;

■The experience, professional qualifications and education of the PwC engagement team;

■A review of PwC’s independence program and the processes it uses to maintain independence;

■The scope of PwC’s internal quality control program and the results of its most recent quality control reviews, including reviews by the Public Company Accounting Oversight Board and PwC’s peers; and

■The appropriateness of PwC’s fees for its professional services.

The Audit Committee has the sole authority to approve all engagement fees to be paid to PwC. The Audit Committee regularly meets with the lead audit partner without members of management present, and in executive session with only Audit Committee members present, which provides the opportunity for continuous assessment of the firm’s effectiveness and independence and for consideration of rotating audit firms. In accordance with SEC rules and PwC policies, the firm’s lead engagement partner rotates at least every five years. The Audit Committee and its Chair are involved in the selection of PwC’s lead engagement partner.

The Audit Committee and the Board of Directors believe that the continued retention of PwC to serve as the Company’s independent registered public accounting firm for fiscal 2027 is in the best interests of the Company and its shareholders. Shareholder ratification of the appointment is not required under the laws of the State of New Jersey or our Articles or By-Laws, but as a matter of good corporate governance, the Board is submitting this proposal to shareholders. The affirmative vote of a majority of the votes cast at the meeting is required for ratification. Abstentions will not be counted as votes cast on this proposal. If the appointment is not ratified, the Audit Committee will consider whether it is appropriate to select another audit firm. Even if the appointment is ratified, the Audit Committee may select a different audit firm at any time during the year if it determines that this would be in the best interests of Campbell’s and its shareholders.

AUDIT MATTERS

The aggregate fees, including expenses, billed by PwC, for professional services in fiscal 2026 and 2025 were as follows:

The audit fees for the years ended August 2, 2026 and August 3, 2025 include fees for professional services rendered for the audits of our consolidated financial statements and the effectiveness of our internal control over financial reporting, quarterly reviews, statutory audits, SEC filings, accounting consultations, and other compliance services required to be performed by our auditor. Audit fees for the year ended August 2, 2026 reflect the current year acquisition of 49% of the issued and outstanding equity interests of La Regina di San Marzano di Antonio Romano S.p.A. and La Regina Atlantica, LLC (collectively, “La Regina”). Audit fees for the year ended August 3, 2025 also include the impact of the Sovos Brands acquisition.

The audit-related fees for the years ended August 2, 2026 and August 3, 2025 relate to pension plan audits.

Tax fees for the years ended August 2, 2026 and August 3, 2025 include fees for services related to tax compliance, including the preparation of tax returns, tax assistance with tax audits, transfer pricing, and tax consulting.

Other fees for the years ended August 2, 2026 and August 3, 2025 include fees associated with the use of accounting, disclosure and technical research software and the use of benchmarking services.

All audit, audit-related, tax and other fees described above were pre-approved by the Audit Committee in accordance with its pre-approval policy.

Our Audit Committee’s policy is to pre-approve all audit and non-audit services provided by the independent registered public accountants. These services may include audit services, audit-related services, tax services and other permissible non-audit services. The pre-approval authority details the particular service or category of service that the independent registered public accountants will perform. Management reports to the Audit Committee on the actual fees charged by the independent registered public accountants for each category of service.

During the year, circumstances may arise when it becomes necessary to engage the independent registered public

accountants for additional services not contemplated in the original pre-approval authority. In those instances, the Audit Committee approves the services before we engage the independent registered public accountants. In case approval is needed before a scheduled Audit Committee meeting, the Audit Committee has authority to delegate pre-approval authority to one of its members who must report on such pre-approval decisions at the Audit Committee’s next regular meeting. During fiscal 2026, the Audit Committee delegated authority to its Chair to pre-approve additional audit and non-audit services in an amount not to exceed $200,000.

Our Audit Committee discussed with PwC the firm’s objectivity and independence and PwC advised the committee that PwC is an independent accountant with respect to Campbell’s, within the meaning of Public Company Accounting Oversight Board Rule 3520 and that the members of its firm are not aware of any relationships between PwC and Campbell’s that, in their professional judgment, may reasonably be thought to bear on their independence. Furthermore, PwC has advised us that neither it nor any member of its firm has any financial

interest, direct or indirect, in any capacity in us or our subsidiaries. We have made similar inquiries of our directors and executive officers, and we have identified no such direct or indirect interest in PwC. Our Audit Committee also considered whether the provision of non-audit services by PwC to Campbell’s for the most recent fiscal year and the fees and costs billed and expected to be billed by PwC for those services are compatible with maintaining its independence.

Management has primary responsibility for Campbell’s financial statements and the reporting process, including the system of internal control over financial reporting. Our role as the Audit Committee of Board of Directors is to oversee Campbell’s accounting and financial reporting processes, including the system of internal control over financial reporting, and audits of its financial statements.

AUDIT MATTERS

Our duties include overseeing Campbell’s management, internal auditors and the independent registered public accounting firm in their performance of the following functions for which they are responsible:

Management

•Preparing Campbell’s financial statements in accordance with U.S. GAAP;

•Establishing and assessing effective financial reporting systems and internal controls and procedures; and

•Reporting on the effectiveness of Campbell's internal control over financial reporting.

Internal Auditors

•Independently assessing management's system of internal controls and procedures; and

•Reporting on the effectiveness of that system.

Independent Registered Public Accounting Firm

•Auditing Campbell’s financial statements;

•Issuing an opinion about the financial statements’ conformity with U.S. GAAP; and

•Annually auditing the effectiveness of Campbell’s internal control over financial reporting.

The Audit Committee discussed with the internal auditors and the independent registered public accounting firm the overall scope and plans for their respective audits. The Audit Committee reviewed with the internal auditors and independent registered public accounting firm, with and without members of management present, the results of their audits, their assessment of Campbell’s internal control over financial reporting and the overall quality of Campbell’s financial reporting.

Prior to Campbell’s filing of its Annual Report on Form 10-K for the fiscal year ended August 2, 2026 with the SEC, the Audit Committee also during the year:

•Reviewed and discussed with management and the independent registered public accounting firm the audited financial statements;

•Reviewed and discussed with the independent registered public accounting firm the critical audit matter arising from the current period audit of the financial statements that were communicated or required to be communicated to the Audit Committee and that (1) relate to accounts or disclosures that are material to the consolidated financial statements, and (2) involved the auditor’s especially challenging, subjective or complex judgments;

•Reviewed and discussed with management and the independent registered public accounting firm the assessment by management and the independent registered public accounting firm of the adequacy and effectiveness of Campbell’s internal control over financial reporting;

•Discussed with the independent registered public accounting firm the matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board and the SEC regarding the independent registered public accountants’ communications with the Audit Committee;

•Received from the independent registered public accounting firm a written report stating that they are not aware of any relationships between the registered public accounting firm and Campbell’s that, in their professional judgment, may reasonably be thought to bear on their independence, as required by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accountant’s communication with the audit committee concerning independence;

•Discussed with the independent registered public accounting firm the firm’s objectivity and independence; and

•Considered whether the provision of non-audit services by the independent registered public accounting firm to Campbell’s for the most recent fiscal year and the fees and costs billed and expected to be billed by the independent registered public accounting firm for those services are compatible with maintaining its independence.

Based on the review and discussions described in this report, and subject to the limitations of the Audit Committee’s role and responsibilities outlined in this report, the Audit Committee recommended to the Board that Campbell’s audited consolidated financial statements be included in Campbell’s Annual Report on Form 10-K for the fiscal year ended August 2, 2026 for filing with the SEC.

Audit Committee

Howard M. Averill, Chair

Fabiola R. Arredondo

Bennett Dorrance, Jr.

Maria Teresa Hilado

Archbold D. van Beuren

Approved: September 23, 2026

ITEM 3 — ADVISORY VOTE ON FISCAL 2026 EXECUTIVE COMPENSATION

Section 14A of the Exchange Act requires that shareholders be given the opportunity to cast an advisory (non-binding) vote on executive compensation. This vote, commonly known as a “Say on Pay” vote, gives shareholders the opportunity to vote for or against named executive officer (“NEO”) compensation during a given fiscal year. Shareholders’ votes are not intended to address any specific item of the compensation program, but rather to address our overall approach to executive compensation as disclosed in this proxy statement in accordance with the SEC’s rules.

As described in detail in the Compensation Discussion and Analysis beginning on page 40, our compensation program is designed to link pay to Company, division and individual performance, and reward achievements in those areas accordingly. The objectives of the executive compensation program are to:

■Align the financial interests of our NEOs with those of our shareholders, in both the short and long term;

■Provide incentives for achieving and exceeding our short-and long-term goals;

■Attract, motivate and retain key executives by providing total compensation opportunities that are competitive with opportunities offered by other companies in the food, beverage and consumer products industries; and

■Differentiate the level of compensation based on individual and business unit performance, leadership potential and level of responsibility within the organization.

The Compensation and Organization Committee (“Compensation Committee”) of the Board of Directors annually reviews our compensation structure, including the apportionment of pay between fixed and at-risk compensation elements and the design of the incentive compensation programs, and reviews and approves the applicable performance metrics by which such at-risk compensation

is paid. The Compensation Committee believes that our executive compensation program effectively implements our compensation principles and policies, achieves our compensation objectives and aligns the interests of the NEOs and shareholders. Please read the entire Compensation Discussion and Analysis beginning on page 40 for additional details about our executive compensation programs, including detailed information about fiscal year 2026 compensation of the NEOs.

The Board of Directors is asking shareholders to support our fiscal 2026 executive compensation program, as disclosed in this proxy statement. The vote required for approval of this proposal is a majority of the votes cast. Abstentions and broker non-votes will not be counted as votes cast on this proposal. This vote on executive compensation is advisory, and therefore, will not be binding on the Company, the Compensation Committee or the Board of Directors, and it will not be construed as overruling any decision by the Company or the Board of Directors or creating or implying any change to, or additional fiduciary duties for, the Company or the Board of Directors.

“RESOLVED, that the shareholders of The Campbell’s Company approve, on an advisory basis, the compensation paid to The Campbell’s Company’s named executive officers, as disclosed in the 2026 Proxy Statement pursuant to the Securities and Exchange Commission’s compensation disclosure rules, including the Compensation Discussion and Analysis, the 2026 executive compensation tables and related narrative discussion.”

COMPENSATION DISCUSSION AND ANALYSIS (“CD&A”)

This CD&A describes our executive compensation program for the Chief Executive Officer (“CEO”), the Chief Financial Officer (“CFO”), the former Chief Financial Officer (“former CFO”), and the three other most highly compensated executive officers who were serving as executive officers at fiscal year-end (August 2, 2026) (collectively with the CEO, the CFO, and the former CFO, “named executive officers” or “NEOs”).

The Compensation and Organization Committee (“Compensation Committee” or "Committee") of the Board of Directors oversees all aspects of NEO compensation, including annual incentive compensation under our Annual Incentive Plan (“AIP”) and long-term incentive compensation under our Long-Term Incentive Program (“LTI Program”). The fiscal 2026 NEOs are:

*    Ms. Anderson served as Executive Vice President and Chief Financial Officer of the Company until October 20, 2025. Mr. Poland served as Executive Vice President and Chief Enterprise Transformation Officer of the Company until August 3, 2026.

COMPENSATION DISCUSSION AND ANALYSIS (“CD&A”)

We are taking action to transform Campbell’s into a top performing U.S. branded food company, consistently and profitably growing net sales by empowering everyday cooking and elevating everyday snacking. Our strategy is focused on strengthening our position in U.S. everyday cooking and snacking, rapidly turning consumer insights into relevant food and brands, and advancing enterprise-wide transformation initiatives that support our long-term growth. We plan to direct our efforts on priority areas within everyday cooking and everyday snacking by identifying clear brand roles and growth channels, while continuing to execute across our broader brand portfolio and retail landscape. We believe this strategy is designed to strengthen our connection with consumers, improve execution across the enterprise and position the Company to deliver sustainable profitable growth and long-term value for our shareholders.

Our fiscal 2026 performance reflects top-line softness and inflation-driven margin headwinds. While fiscal 2026 presented challenges, including a dynamic operating environment, we believe the actions taken and investments we made during the year strengthened our portfolio, improved our capabilities and helped to position the Company to drive improved long-term performance.

On September 3, 2026, we announced our fiscal 2026 financial results, which included:

•Net sales of $9.744 billion, a decrease of 5% versus 2025

•Organic net sales of $9.733 billion, a decrease of 2% versus 2025

•Earnings before interest and taxes (“EBIT”) of $852 million, a decrease of 24% versus 2025

•Adjusted EBIT of $1.181 billion, a decrease of 21% versus 2025

•Earnings per share (“EPS”) of $1.31, a decrease of 35% versus 2025

•Adjusted EPS of $2.17, a decrease of 27% versus 2025

•Cash flows from operations of $1.039 billion, versus $1.131 billion in 2025

•Meals & Beverages net sales and operating earnings decreased 4% and 14%, respectively, versus 2025

•Snacks net sales and operating earnings decreased 6% and 28%, respectively, versus 2025

While fiscal 2026 presented challenges, including a dynamic operating environment, we believe the actions taken during the year further strengthened our portfolio, improved our capabilities and helped to position the Company to drive improved performance over time.

More information on our business performance in fiscal 2026 is available in our 2026 Form 10-K, which is included in the 2026 Annual Report to Shareholders that accompanies this proxy statement. Information on items impacting comparability is available in Appendix A, which also provides a reconciliation of organic net sales, adjusted EBIT and adjusted EPS, which are non-GAAP measures, to their most comparable GAAP measures.

In fiscal 2026, the Committee made changes to the Company’s Long-Term Incentive Plan (“LTI”) design. Specifically, it revised the performance-restricted share unit design to use equally weighted adjusted earnings per share growth (“EPSG”) and organic net sales growth (“ONSG”) metrics, each of which are measured annually based on a predetermined growth schedule set at the beginning of the three-year performance period that is applied to the prior year actual result. The earned amount is then subject to a modifier tied to relative-to-peer total shareholder return (“TSR”) over the full three-year period. This design replaced the prior approach that used equally weighted metrics consisting of three-year adjusted EPS compound annual growth rate (“CAGR”) and three-year TSR. The Committee adopted these changes to enhance goal-setting accuracy, improve line of sight between controllable performance and earned compensation, better balance top-line and bottom-line performance, and maintain a long-term orientation through continued multi-year vesting and goal setting.

These metrics were chosen because they align with the Company’s strategic objectives as the achievement of growth goals are essential to creating shareholder value.

The core design of the rest of the incentive structure, including the mix of LTI awards for NEOs and the construct of the Annual Incentive Plan (“AIP”), remained unchanged.

Our financial performance as measured under the AIP for fiscal 2026 met the threshold metrics that were established by the Committee, as discussed, beginning on page 48.

Final payouts reflect the performance versus predetermined goals as well as the Committee’s evaluation of critical, non-financial metrics, such as market share performance and sustainability and community goals. Based on our results and the Committee’s overall evaluation of Company performance in fiscal 2026, the Committee approved the Total Company Performance Score payout at 66% of target.

For the three-year period ending at the close of fiscal 2026, payout for our performance-restricted share units granted under our LTI plan in fiscal 2024 was zero.

•Our TSR performance over the three-year performance period ending in fiscal 2026 was in the bottom quartile of the Performance Peer Group used to measure relative TSR performance under the LTI program for awards granted in fiscal 2024, resulting in the TSR performance-restricted share units with a performance period ending in fiscal 2026 vesting at 0% of target. See pages 50 - 53 for additional information.

•Our adjusted EPS performance over the three-year performance period ending in fiscal 2026 was based upon attainment of a cumulative three-year adjusted EPS CAGR target of 5.0%. We achieved a -10.2% adjusted EPS CAGR for the relevant performance period, resulting in the EPS performance-restricted share units with a performance period ending in fiscal 2026 vesting at 0% based upon our adjusted EPS CAGR performance. See pages 50 - 53 for additional information.

COMPENSATION DISCUSSION AND ANALYSIS (“CD&A”)

The objectives of our executive compensation program are to:

•Align the financial interests of the NEOs with those of our shareholders, in both the short and long term;

•Provide incentives for achieving and exceeding our short-term and long-term goals;

•Attract, motivate and retain our key executives by providing total compensation opportunities that are competitive with opportunities offered by other companies in the food, beverage and consumer products industries; and

•Differentiate the level of compensation based on individual and business unit performance, leadership potential and level of responsibility within the organization. Individual performance is rated based upon demonstrated leadership skills, accomplishment of objectives, business unit, or functional accountabilities and personal contributions.

The Compensation and Organization Committee annually reviews and approves the principles and policies for executive compensation. In fiscal 2026, the Committee reviewed the compensation principles and policies and determined that no changes were required. The current compensation principles and policies are:

•Campbell’s offers a total compensation package that is designed to link pay to Company, business unit and individual performance and to attract, motivate and retain the caliber of talent needed to deliver successful business performance in absolute terms and relative to competition;

•Compensation levels are set after comparing Campbell’s pay levels and practices to the practices of the Compensation Peer Group (see page 44), which is reviewed annually by the Committee;

•Campbell’s targets total annual compensation, consisting of salary, annual incentives and long-term incentives, to approximate the market median to enable the Company to recruit and retain executive talent. A regression analysis is also reviewed to provide supplemental data reflecting the differences in the total revenue of various peer companies compared to our total revenue. Our competitive position is reviewed annually by the Committee. An individual executive’s salary, target annual incentive and target long-term incentives may be higher or lower than the

approximate market median due to a number of factors including the scope of the individual’s job responsibilities, his or her individual contributions and experience, business performance and job market conditions;

•Annual incentive payments are based on our performance compared to the goals established at the beginning of the fiscal year in designated measurement areas relating to our financial and enterprise priorities for that year. The Committee evaluates performance compared to the annual goals to establish the AIP pool and uses its judgment to make any adjustments;

•Long-term incentive grants are delivered in a combination of performance-restricted share units and time-lapse restricted share units, with the mix varying by level of responsibility within the organization; and

•Senior executives have a substantial portion of their compensation at risk, based upon the achievement of the performance goals for annual incentive payments and the performance goals for long-term incentives. To further align the interests of our senior executives with those of shareholders, a higher proportion of the incentive compensation delivered to senior executives is through performance-based long-term incentives that are paid out depending upon our financial performance (see pages 50 - 53 for a description of the LTI Program).

COMPENSATION DISCUSSION AND ANALYSIS (“CD&A”)

Our executive compensation program reflects the following best practices:

At the 2025 Annual Meeting of Shareholders, we held our annual shareholder advisory vote on executive compensation, or “Say on Pay” vote. Ninety-nine percent (99%) of the votes cast were in favor of the “Say on Pay” proposal.

As the Committee evaluated our compensation principles and policies during fiscal 2026, it was mindful of this favorable

outcome and our shareholders’ strong support of our compensation objectives and compensation programs. The Committee has maintained its general approach to executive compensation and made no material changes in fiscal 2026 to the compensation principles and policies or the objectives of our compensation program in response to the results of the “Say on Pay” vote.

The Committee has overall responsibility for our executive compensation program. The Committee annually reviews compensation strategy, principles and policies, including the apportionment of pay between fixed compensation and incentive compensation elements, and the design of incentive compensation programs. The Committee approves all compensation and benefits for our executive officers (including current executive officers who are NEOs) and Company executives with base salaries in excess of $600,000 per year, authorizes the aggregate amount of annual incentive awards for all eligible participants under the AIP and the LTI Program,

and authorizes the CEO to allocate awards to other participants under the AIP and the LTI Program, up to an aggregate amount. Pursuant to the terms of its charter, the Committee is authorized to delegate any of its responsibilities to subcommittees as it deems appropriate, subject to the requirements of applicable laws, regulations and shareholder approved plans. The Committee has delegated to the Chair of the Committee the authority to approve compensation actions for executive officers between Committee meetings when necessary for business continuity purposes.

COMPENSATION DISCUSSION AND ANALYSIS (“CD&A”)

A subcommittee consisting of the Chair of the Committee and either the independent Board Chair or another independent director must jointly approve any equity grants made to executive officers between meetings.

Following the completion of the fiscal year, the Committee reviews the performance of the NEOs and approves each executive’s annual incentive payment for the just-completed fiscal year and certifies the vesting of long-term incentive awards for performance periods ending as of the just-completed fiscal year. The Committee also reviews and

approves the base salary, annual incentive target and long-term incentive grant for the current fiscal year. This review of all major elements of executive compensation at one time provides the Committee with a comprehensive analysis of the target dollar amount of compensation that would be delivered by each element of compensation, assuming that the required performance goals are attained.

The Committee also reviews major organizational changes and reviews our succession planning and leadership development processes.

It is our customary practice for the CEO, with input from the Executive Vice President and Chief People and Culture Officer, to provide recommendations to the Committee on compensation actions for our executive officers (except for actions related to their own compensation) and on potential changes in the design of executive compensation programs, which the Committee then reviews with its independent compensation consultant. In September 2025, Mr. Beekhuizen

recommended to the Committee compensation actions for all of the Company’s executive officers (other than his own position), including the NEOs. The recommendations included fiscal 2025 AIP awards, base salaries and LTI grants for fiscal 2026. In September 2026, Mr. Beekhuizen, recommended to the Committee fiscal 2026 AIP awards and base salaries and LTI grants for fiscal 2027 for the Company’s executive officers (other than his own position), including the NEOs.

Pursuant to its charter, the Committee is authorized to engage an outside advisor to assist in the design and evaluation of our executive compensation program, as well as to approve the fees paid to such advisor and other terms of the engagement. Prior to the retention of an outside advisor, the Committee assesses the prospective advisor’s independence, taking into consideration all relevant factors, including those factors specified in the Nasdaq listing standards.

FW Cook has been the Committee’s independent compensation consultant since fiscal 2014. Each year the Committee reviews the performance of FW Cook. FW Cook does not provide us with any services other than advising the Committee on executive compensation and advising the Governance Committee on non-employee director compensation. The Committee did not engage any other compensation advisor in fiscal 2026. At the direction of the Committee, FW Cook provided advice on CEO compensation, compensation trends, governance issues and other

matters of interest to the Committee during fiscal 2026. The Committee assessed FW Cook’s independence, taking into account a number of factors such as: (1) the provision of other services to Campbell’s by FW Cook; (2) the amount of fees received from Campbell’s by FW Cook as a percentage of the total revenue of FW Cook; (3) FW Cook’s policies and procedures to prevent conflicts of interest; (4) any business or personal relationship between FW Cook and the members of the Committee; (5) any ownership of Campbell’s stock by the individuals at FW Cook performing consulting services for the Committee; and (6) any business or personal relationship between FW Cook or the individuals performing consulting services for the Company and any Campbell’s executive officer. FW Cook provided the Committee with appropriate assurances regarding its independence. Based on this analysis, the Committee has concluded that FW Cook has been independent throughout its service to the Committee and that there are no conflicts of interest.

The Committee identifies a Compensation Peer Group in designing and determining executive compensation. The Compensation Peer Group consists of companies in the food, beverage and consumer products industries with whom we primarily compete for executive talent. The Committee uses the Compensation Peer Group to evaluate the competitiveness of executive compensation and uses the U.S.-based publicly traded companies within the Compensation Peer Group to measure our relative TSR performance.

The composition of the Compensation Peer Group is reviewed and approved by the Committee each fiscal year after obtaining advice from its independent compensation consultant. For fiscal 2026, following its review, the Committee added Church & Dwight Co., Inc., as it is a competitive peer for our talent. During fiscal 2026, Kellanova was acquired by Mars,

Incorporated and WK Kellogg Co was acquired by The Ferrero Group; as a result of their acquisitions, Kellanova and WK Kellogg Co were removed from the Compensation Peer Group.

In fiscal 2026, the Committee compared our target total compensation levels with levels at the companies in the Compensation Peer Group identified in the table below. A regression analysis is also reviewed to provide supplemental data reflecting the differences in the total revenue of various peer companies compared to our total revenue. The Committee believes that use of the Compensation Peer Group is the most effective method to evaluate and set the compensation needed to attract, motivate and retain the executive talent needed to manage our businesses and operations successfully, because these are the primary companies with which we compete for senior executives.

COMPENSATION DISCUSSION AND ANALYSIS (“CD&A”)

Use of this peer group also provides a broad database that allows Campbell’s to obtain accurate, representative survey information for a majority of its positions.

Beginning in fiscal 2026, the Committee began using the U.S.-based publicly traded companies in the Compensation Peer Group to measure our relative TSR performance to

provide a single, consistent set of comparators for both pay benchmarking and performance measurement, and to reduce the outsized impact that any one company's stock performance can have when TSR is measured against a smaller group.

Fiscal 2026 Compensation Peer Group

(1)These companies are not U.S.-based publicly traded companies and, therefore, are not used to measure our relative TSR performance under the LTI Program for awards granted in fiscal 2026.

COMPENSATION DISCUSSION AND ANALYSIS (“CD&A”)

The primary components of our executive compensation and benefits programs are summarized in the following table:

Our NEOs have a substantial portion of their target compensation at risk:

CEO

Other NEOs

COMPENSATION DISCUSSION AND ANALYSIS (“CD&A”)

The Committee considers a number of factors in determining individual base salaries for the NEOs, including the scope of an individual’s job responsibilities, his or her individual contributions and experience, business performance, job market conditions, the overall Company salary budget, and the individual’s current base salary as compared with those of persons in similar positions at other companies in the Compensation Peer Group, as well as within the Company. Targets for annual incentive payments are a percentage of base salary. Each NEO, other than the CEO, who was employed at the time of the LTI grants has a long-term incentive target that is also expressed as a percentage of his or her base salary.

Individual salaries for NEOs are reviewed each September by the Committee when it conducts its annual review of executive performance. Merit increases, for executives other than the CEO, are generally based on the CEO’s and the Committee’s assessment of individual performance.

In September 2025, the Committee reviewed the base salaries for all of the NEOs. The Committee decided to increase the

fiscal 2026 base salaries for Mr. Beekhuizen, Ms. Anderson and Mr. Poland by 3.25%, and Ms. Johnson May by 5.0%, overall generally in line with the average base salary increases for our U.S.-based salaried employees.

Mr. Cunfer was elected Executive Vice President and CFO effective October 20, 2025, and his base salary was set at $725,000, which was in line with the CFO benchmark within our Compensation Peer Group. Mr. Anand was elected Executive Vice President and President, Snacks, effective February 23, 2026, and his base salary was set at $600,000, which was in line with the division president benchmark within our Compensation Peer Group.

The amount of base salary paid to each of the NEOs in fiscal 2026 is presented in the 2026 Summary Compensation Table on page 57.

In September 2026, the Committee reviewed base salaries for the current NEOs for fiscal 2027 and decided no base salary increases were warranted.

In fiscal 2026, all NEOs were eligible to receive an annual incentive award under The Campbell’s Company Annual Incentive Plan (“AIP”). Awards to NEOs under the AIP are determined based on Company and/or division performance (as applicable) and individual performance, as illustrated in the table below.

A narrative discussion of each component follows.

*    AIP awards for NEOs who are division leaders are determined using a score that is weighted 30% on the assessment of total Company performance and 70% on the assessment of the division’s performance. The CEO has the discretion to determine the performance scores for each of the Company's divisions.

COMPENSATION DISCUSSION AND ANALYSIS (“CD&A”)

Annual Incentive Target

Each year, the Committee establishes a competitive annual incentive target under the AIP, expressed as a percentage of base salary, for each NEO. The AIP target percentages are at or near the size-adjusted median for similar executive positions at companies in the Compensation Peer Group. The maximum payout under the AIP for any individual is 200% of his or her target.

The Committee reviewed the fiscal 2026 AIP targets for Messrs. Beekhuizen and Poland and Mses. Anderson and Johnson May and determined that no changes were warranted to the targets for fiscal 2026. The Committee set Mr. Cunfer’s fiscal 2026 target at 90% in connection with his employment as Executive Vice President and CFO, and set Mr. Anand’s fiscal 2026 target at 85% in connection with his employment as Executive Vice President and President, Snacks.

The fiscal 2026 annual incentive targets for the NEOs were:

(1)The Annual Incentive Target for each of Messrs. Cunfer and Anand and Ms. Anderson is pro-rated based on their time of employment in fiscal 2026.

Fiscal 2026 Total Company Performance Score

Fiscal 2026 was a year in which we maintained momentum in our Meals & Beverages business, especially in everyday cooking, and, in our Snacks business, we were able to achieve improved performance within our core Goldfish brand. In addition, we made progress in pursuing our multi-year cost savings and supply chain productivity initiatives and advancing certain sustainability and community goals.

The Committee chose to base the fiscal 2026 Total Company Performance Score for the AIP on three financial metrics – net sales, adjusted EBIT and free cash flow – and established the performance targets set forth in the table below (dollars in millions).

The performance targets set forth above aligned with the Company’s internal operating plan and externally provided net sales and adjusted EBIT guidance that we originally set for fiscal 2026 and were designed to be challenging to achieve. The Company’s internal operating plan for fiscal 2026 was set below the prior year’s internal operating plan due to the anticipated impacts of inflation and increased marketing expenses in fiscal 2026. For each of the Net Sales and Adjusted EBIT metrics, threshold performance results in a 50% payout of target funding, for the Free Cash Flow Metric, threshold performance results in 25% funding, and for all metrics, performance within the target range results in a 100% payout of target funding, over achievement results in a 175% payout of target funding, and exceptional performance results in 200% funding; straight-line interpolation is used between points to determine the actual payout.

In establishing the metrics, performance targets and payout ranges for the fiscal 2026 Total Company Performance Score at the beginning of the fiscal year, the Committee recognized that there would be continued volatility in commodity and input prices in fiscal 2026, and more normalized demand levels and elevated inflation levels would likely have continued macro-economic impacts throughout fiscal 2026. In recognition of this continuing uncertain environment, the Committee decided to maintain reduced leverage in the overall performance schedules via the wider ranges around the target goals.

COMPENSATION DISCUSSION AND ANALYSIS (“CD&A”)

Given the importance of strategic and sustainability priorities, the Committee decided to use composite market share and progress against certain community and sustainability goals as qualitative performance qualifiers.

The Committee believed that linking the fiscal 2026 AIP to net sales, adjusted EBIT and free cash flow appropriately incented the management team to take the necessary steps to strengthen our Meals & Beverages business, stabilize our Snacks business and continue to deliver cost savings and network optimization. It established the performance targets

and payout ranges described above to incent management to deliver its external outlook, which the Committee believed would help the Company establish a solid foundation for future business growth.

The table below summarizes our fiscal 2026 performance for AIP purposes. Adjusted EBIT is a non-GAAP measure and excludes certain items impacting comparability. Free cash flow is an internal metric that measures net cash provided by operating activities less capital expenditures and certain investing and financing activities.