THE CAMPBELL'S COMPANY (-) : Making Difficult Decisions but FY27 is Looking Difficult

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THE CAMPBELL'S COMPANY (-) : Making Difficult Decisions but FY27 is Looking Difficult

EQUITIES

FOOD & HPC

UNDERPERFORM TARGET PRICE EPS 07/27e EPS 07/28eTHE CAMPBELL'S COMPANY PRICE* USD21.5  TARGET PRICE USD14 (DOWNSIDE 35%)  -7%  -3%  -3%

Making Difficult Decisions but FY27 is Looking Difficult

We commend Campbell’s for making difficult decisions across its organization. That said, we believe9 JUNE 2026

Securities Research Report F3Q26 results have crystalized for the market the inflationary pressures the company is facing. We

Production time: 11:33* (London time)

expect FY27 Consensus adjusted EPS to move lower. Underperform; TP to $14 (from $15).

Research Analysts & Publishing Entities

Max Gumport Campbell’s is making difficult decisions relating to its Snacks business…

BNP Paribas Securities Corp1 CPB’s Snacks business has disappointed for several years now. And while the challenged

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max.gumport@us.bnpparibas.com performance continues, we commend the company for changing its tone. Gone are the days of the

company banking on an improvement in consumer sentiment to turn sales growth positive. Instead,

Alex Hilsenrath

the company has made difficult decisions, such as bringing in new leadership, and is consideringBNP Paribas Securities Corp1

(+1) 646 342 5084 even more. From reallocating and prioritizing investment for certain brands to rationalizing the

alex.hilsenrath@us.bnpparibas.com product portfolio to consolidating nodes within its network – these are not everyday business

John McDonald conversations. While we remain skeptical of a near-term turnaround, particularly given the

BNP Paribas Securities Corp1 challenges facing the salty snacks business, we believe these types of actions are needed.

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