THE CAMPBELL'S COMPANY (-) : F3Q26 Prepared Remarks Notes

Research evidence excerpt

THE CAMPBELL'S COMPANY (-) : F3Q26 Prepared Remarks Notes

EQUITIES

FOOD & HPC

THE CAMPBELL'S COMPANY UNDERPERFORMPRICE* USD21.7  TARGET PRICE USD15 (DOWNSIDE 31%)

FLASH NOTE

F3Q26 Prepared Remarks Notes

8 JUNE 2026 Securities Research Report Production time: 14:02* (London time)

Research Analyst & Publishing Entities

Max Gumport BNP Paribas Securities Corp (1) (+1) 917 583 4529 max.gumport@us.bnpparibas.com

BNPP View

Perhaps most important, the company noted that 1) its reaffirmed FY26 outlook now includes the initial impacts from the Middle East

conflict, specifically higher logistics costs, which it expects will be offset by recognizing a tariff refund benefit in F4Q26, and 2) it

quantified its early estimate for +2-3 pts of incremental inflation in FY27 should oil prices remain around $100 per barrel. Our notes

from the call are below.

Notes From Management’s Prepared Remarks

– F3Q26 Results: Although results were largely in-line with its expectations, CPB remained under pressure from a YOY perspective driven

by top-line softness and continued inflation-driven headwinds on its margins

– At-Home Cooking: The company continues to see convenient, at-home cooking as a durable tailwind with a long runway ahead

– Snacks Recovery: In Snacks, while the company recognizes that its overall performance needs to improve, it is starting to make progress

in its priority areas, and is pleased with the early changes being implemented by its new leadership team

– Pepperidge Farm: In Pepperidge Farm fresh bakery, the company made meaningful progress in stabilizing its network, with fill rates and

in-stock levels back at or near normalized levels, giving it confidence fresh bakery will be in a stronger place as it exits the year. And its