Investment Highlights

Today’s Key Strengths

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Leader in Large and Attractive Categories

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#1 Loaf, Organic, and Gluten-Free Bread Brands in U.S.

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Iconic Brands Drive Growth

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Brand-Focused Portfolio Strategy Drives Above-Market Growth

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Strong Financial Position with Margin Upside

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Cash Flow Generation, Strong Balance Sheet & Margin Expansion

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Consistent Capital Allocation to Maximize Returns

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Consistent Dividend, Opportunistic Share Repurchase, Disciplined M&A

Strategic Priorities

  • Develop Team: Enhance capabilities to build brands, manage costs, deliver insights, and drive execution
  • Focus on Brands: Prioritize national brands, invest in brand growth and innovation, and streamline product assortment
  • Prioritize Margins: Optimize portfolio and supply chain, reduce organizational and indirect costs, focus on strategic pricing and network profitability
  • Smart M&A: Proactive and disciplined approach in grain-based foods to enhance portfolio and expand geographic capabilities

Key Drivers to Achieving Long-term Growth Targets(1)

  • Focus on leading, iconic brands to grow share
  • Portfolio strategy prioritizes higher-priced, higher-profit products and customers
  • Supply chain optimization enhances operating leverage, streamlines fixed cost structure
  • Strong free cash flow generation provides fuel for accretive M&A, opportunistic share repurchases, and dividends 
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1Sales and adjusted EBITDA targets reflect organic business growth; adjusted EPS target includes the potential impact of future M&A and share repurchases.
2Earnings before interest, taxes, depreciation & amortization (EBITDA), adjusted for matters affecting comparability. See non-GAAP disclosure at the end of this slide presentation for a discussion of these forward-looking, long-term targets.
3Earnings per share (EPS), adjusted for matters affecting comparability. See non-GAAP disclosure at the end of this slide presentation for a discussion of these forward-looking, long-term targets.

Project

  • Reinvigorate core business
  • Capitalize on product adjacencies
  • Reduce costs to fuel growth
  • Invest in capabilities
  • Grow sales
  • Expand margins
  • Disciplined capital allocation
  • Deliver shareholder value