B&G Foods: 1Q26 Earnings Prep

Research evidence excerpt

B&G Foods: 1Q26 Earnings Prep

te that our 1Q26 sales estimate has

a lot of moving parts, including an ~-$11mm YOY headwind from the prior divestitures of Don

Pepino and Le Sueur, both of which closed around mid-year 2025, and an additional ~-$20mm

headwind estimate as a result of the US Green Giant Frozen divestiture which closed as of March

2nd. On the flip side, we are estimating an offset of ~+$8mm from co-pack sales, based on BGS'

arrangement with Seneca (the acquirer of the Green Giant Frozen asset) to retain manufacturing

in the Irapuato, MX facility. However, we also expect a modest ~2.5% YOY decline in true

underlying organic sales (excluding the aforementioned $8mm co-packing sales), given BGS

had called out on its 4Q25 earnings call that 1Q26 had been off to a strong start but Nielsen

dollar consumption for the quarter ran down -MSD YOY, such that perhaps the company has

been shipping somewhat ahead of consumption and/or trends in untracked channels are

running ahead of tracked.

Core Management Guidance

•• Overall: 2026 is poised to be a transformational year with a more focused, higher margin, and

stable portfolio once divestitures and closing transaction services have been completed.

(updated 4Q25)

•• Guidance Inclusions/Exclusions: Guidance is inclusive of the impacts of acquisitions and

divestitures that have already closed including the Don Pepino, Sclafani, Le Sueur U.S., and

Green Giant U.S. frozen brands but excludes the pending divestiture of Green Giant Canada

and the pending acquisition of the College Inn and Kitchen Basics brands that have not yet

closed. In addition, guidance reflects that 2026 has one fewer week than 2025, which had a

53rd week. (updated 4Q25)

•• EPS: $0.55-$0.65. (updated 4Q25)