Spices Strong, Dividend Diced, Inflation in Focus

Research evidence excerpt

Spices Strong, Dividend Diced, Inflation in Focus

USA | Food

B&G Foods EquityMayResearch12, 2026

ESTIMATE CHANGESpices Strong, Dividend Diced, Inflation in Focus

Q1 showed encouraging top-line momentum driven by Spices strength and RATING HOLD

unmeasured channel growth, though discrete timing factors also provided a PRICE $5.07^

tailwind. Guidance was revised up on the inclusion of College Inn/Kitchen PRICE TARGET | % TO PT $5.00 | -1%

Basics, but base business trends are expected to flatten from here. The dividend 52W HIGH-LOW $6.38 - $3.67

was cut in half starting Q2, while sustained oil/soybean oil inflation presents a FLOAT (%) | ADV MM (USD) 95.0% | 8.59

key risk to margins. Reit Hold. MARKET CAP $406.6M

TICKER BGS

Spices and unmeasured channels the strong points. BGS outperformed on the topline with Q1 ^Prior trading day's closing price unless otherwise noted.

org sales up ~1.9%, vs. cons. +1%. The standout was Spices, benefitting from growth in fresh

food/proteins and strength in club and foodservice channels. Mgmt emphasized that tracked

channels now represent <60% of the portfolio, with unmeasured channels growing at MSD% rates FY (Dec) CHANGE TO JEFe JEF vs CONS

and providing a meaningful offset to still-pressured U.S. measured retail. Mgmt noted that Q1 2026 2027 2026 2027

benefited from the lapping of trade inventory reductions PY as well as the Easter shift bringing some REV NM NM +2% +2%

consumption into Q1. F'26 guide was revised up, driven by the inclusion of College Inn/Kitchen EPS NA -4% +21% +4%

Basics, which had yet to close when prior guidance was provided out of Q4'25. On the base business,

mgmt expects trends to be flat to slightly down for the remainder of F'26 given timing benefits of 2026 ($) Q1A Q2 Q3 Q4 FY