Simply Good Foods 3Q:26 Earnings: Not out of the woods yet...

Research evidence excerpt

Simply Good Foods 3Q:26 Earnings: Not out of the woods yet...

10 July 2026

Alexia Howard

+1 917 344 8453

U.S. Food alexia.howard@bernsteinsg.com

Simply Good Foods Co/The Cinnie Lin

+1 917 344 8567

Rating cinnie.lin@bernsteinsg.com

Market-Perform

Price Target

SMPL 12.00 USD

Simply Good Foods is likely to remain immersed in turnaround efforts for some time: Close Date 8 Jul 2026

This quarter’s significant beat on sales and EBITDA is expected to give way to lower-than-

SMPL Close Price (USD) 12.84

expected sales and EBITDA next quarter, so we’re not out of the woods yet. Management

Price Target (USD) 12.00

emphasized that the turnaround is still a work in progress, and it could take some time to

Upside/(Downside) (7)%

address multiple execution problems. Meanwhile, freight cost inflation is starting to take off,

52-Week Range 34.19/10.21

whey and other dairy proteins are still a headwind, and there is still significant uncertainty

SPX 7,543.64

around the potential consumer reaction and price elasticity associated with the high-single-

FYE Aug

digit price increase that is coming in September. We remain on the sidelines for now.

Div Yield NA

It seems that there are still significant changes to strategy and resource allocation Market Cap (USD) (M) 1,171

that need to be applied to each brand: For Quest, chips remain strong at 17% growth EV (USD) (M) 1,495

this quarter, but bars were down -5% even with the benefit of a club store rotation that Performance YTD 1M 6M 12M

was not present last year. It seems that innovation has not followed where the consumer Absolute (%) (34.1) 6.4 (38.2) (59.1)

has headed in recent years, and there has been a lack of effective advertising to support SPX (%) 10.2 2.1 8.3 20.4

the superior nutritional credentials and craveability.