Conagra Brands, Inc.: Takeaways from sell-side lunch with management

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Conagra Brands, Inc.: Takeaways from sell-side lunch with management

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Conagra Brands, Inc.

Takeaways from sell-side lunch with

management

Maintain Rating: UNDERPERFORM | PO: 13.00 USD | Price: 13.15 USD

Setting the tone: back-to-basics with focus on execution 09 June 2026

We attended a sell-side lunch with members of CAG senior management including new Equity

President/CEO John Brase and CFO Dave Marberger. The discussion focused on

Peter T. Galbo, CFA

establishing clear near-term priorities under new leadership, with a consistent message Research Analyst

around returning the business to a more disciplined operating track record. Management BofAS +1 646 743 0175

acknowledged recent challenges and emphasized a renewed focus on execution, peter.galbo@bofa.com

accountability, and simplifying the organization. The tone struck a pragmatic balance, Chris Downing

reinforcing our view of Mr. Brase as an operator focused on stabilizing the business Research Analyst BofAS

while also looking to make some bold calls early. Mr. Brase has been granted broad +1 646 855 4345

latitude from the board to implement change, but we expect this to take time. Maintain christopher.downing@bofa.com

Underperform and $13 PO. YasmineResearch AnalystDeswandhy

BofAS

Capital allocation appears to be top priority +1yasmine.deswandhy@bofa.com646 855 3745

While no new news was shared today, a significant portion of the discussion focused on

CAG’s go forward capital allocation including 1) organic investment into supply chain

following years of manufacturing hiccups, 2) potential portfolio re-shape as CAG looks to

Stock Datasimplify and weighs potential asset sales against EPS dilution/debt paydown, 3) elevated