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    Karru Martinson • Jefferies

    Karru Martinson's questions to B&G Foods Inc (BGS) leadership

    Karru Martinson's questions to B&G Foods Inc (BGS) leadership • Q2 2025

    Question

    Karru Martinson of Jefferies sought clarification on the remaining sales value of the Green Giant business available for divestiture, the size of the Canadian portion, and the expected pace of future sales.

    Answer

    CFO Bruce Wacha confirmed the remaining business has roughly $360 million in sales and that future divestitures are unlikely to occur all at once. He and CEO Casey Keller highlighted that the Canadian Green Giant business is a significant part, with over $100 million in sales, and holds the #1 brand position in Canada.

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    Karru Martinson's questions to B&G Foods Inc (BGS) leadership • Q1 2025

    Question

    Bastian, on for Karru Martinson, asked about the future promotional spending run rate for the Frozen & Vegetables segment and whether Green Giant's recent performance has influenced its valuation in potential divestiture discussions.

    Answer

    CFO Bruce Wacha declined to comment on any valuation impacts related to M&A and stated the company does not disclose its promotional cadence on a go-forward basis. CEO Kenneth Keller added that they expect to return to more normal trade promotion spending rates for the remainder of the year after the targeted Q1 investment.

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    Karru Martinson's questions to B&G Foods Inc (BGS) leadership • Q4 2024

    Question

    Karru Martinson from Jefferies asked if the 2025 guidance incorporates any plans for package size shifts in response to changing consumer spending habits. He also inquired about the specific targets for cost and productivity savings for the upcoming year.

    Answer

    CEO Casey Keller and CFO Bruce Wacha confirmed there are no major plans to downsize packages across the portfolio, although they may emphasize smaller existing sizes in promotions. CEO Casey Keller specified that the company has set a target for its business units to achieve 2% to 3% in productivity savings on a cost of goods sold (COGS) basis in 2025.

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    Karru Martinson's questions to B&G Foods Inc (BGS) leadership • Q3 2024

    Question

    Karru Martinson of Jefferies asked if the retailer inventory reduction from July was ongoing and questioned how the current slow environment is impacting valuations for potential divestitures.

    Answer

    CEO Casey Keller stated that the initial inventory reduction has held steady but not worsened, noting a shift in retailer behavior to pull inventory later in promotional seasons. CFO Bruce Wacha declined to comment on the impact of the economic environment on potential M&A valuations.

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    Karru Martinson's questions to Herbalife Ltd (HLF) leadership

    Karru Martinson's questions to Herbalife Ltd (HLF) leadership • Q4 2024

    Question

    Karru Martinson inquired about the potential impact of U.S. immigration policies on the distributor base and asked about the drivers behind the strong distributor growth seen in Latin America.

    Answer

    Incoming CEO Stephan Gratziani stated it is 'too early to tell' if immigration policies will have any impact, dismissing current discourse as 'headlines.' On Latin America, both Gratziani and CFO John DeSimone attributed the success to market optimization strategies. DeSimone elaborated that the company is moving away from a 'one size fits all' approach to create incentive programs tailored to specific countries, with the Latin American test proving very successful and opening the door for similar strategies elsewhere.

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    Karru Martinson's questions to Herbalife Ltd (HLF) leadership • Q3 2024

    Question

    Karru Martinson inquired about the pace of new product launches, whether the volume turnaround depends more on new distributors or existing distributor productivity, and if current pricing is sustainable given declining input costs.

    Answer

    CFO John DeSimone stated that new product launches are a consistent part of the strategy, characterized by a slow, steady build. He noted that while all aspects of productivity are important, the immediate focus is on recruiting new sellers to rebuild the foundation. He also clarified that recent gross margin gains were driven more by manufacturing efficiencies than lower input costs, making current pricing sustainable.

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