Ceres, with insights from the Valuing Water Finance Task Force and Investor Working Group, collaborated with water risk consultant Bluerisk, sustainability intelligence provider S&P Global Sustainable, and the asset manager DWS Group to estimate the financial materiality of addressing water externalities for three companies in the packaged meat industry. This guide aims to inform investors interested in understanding the financial materiality of addressing water-related externalities in the packaged meat industry, applying the proposed methods to other portfolio companies in the packaged meat or other industries, and using the results to inform their engagements with companies on water.