The Campbell’s Company: Balancing Act

Research evidence excerpt

The Campbell’s Company: Balancing Act

Equity Research

U.S. Food

9 June 2026

The Campbell’s Company

Balancing Act

In a bit of a highwire act, CPB must balance the needs of

equity holders and creditors in terms of cash flow priorities

between dividends and deleveraging as well as brand CPB UNDERWEIGHT Unchanged

reinvestment and growing earnings – all in an increasingly U.S. Food NEUTRAL

challenging cost backdrop. Unchanged

Price Target USD 19.00

Unchanged

Price (08-Jun-26) USD 21.49

Potential Upside/Downside -11.6%

Source: Bloomberg, Barclays Research

THE 2026 EXTEL SURVEY IS NOW OPEN

Support our industry-leading analysts with 5-Star Market Cap (USD mn) 6408

Shares Outstanding (mn) 298.21

votes in this year’s Extel All-America Research Free Float (%) 70.86

Survey 52 Wk Avg Daily Volume (mn) 7.0 Dividend Yield (%) 7.26

Return on Equity TTM (%) 15.40

Vote Now View Analysts Current BVPS (USD) 13.51 Source: Bloomberg

Price Performance Exchange-NYSE

52 Week range USD 34.56-19.55

While not officially guiding for FY27 as of yet, CPB highlighted some incremental

headwinds that will require some additional mitigation actions. Specifically, CPB pointed

out that if oil remains at current levels, the company would face an incremental 2-3% of COGS

inflation in FY27 on top of its typical 3% baseline inflation. This would come from direct oil

inflation as well as related costs in packaging and logistics. We peg this potential incremental

inflation at roughly -$175mm at the midpoint on a full year basis, though at this stage CPB is

Source: IDC

anticipating this higher cost outlook for F1H27. Additionally, CPB now anticipates a higher share Link to Barclays Live for interactive charting

count in FY27 related to the potential use of equity for the acquisition of La Regina and will also