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Completed the divestiture of the Green Giant U.S. frozen business to Seneca Foods, marking a major step in simplifying the portfolio toward higher-margin, shelf-stable categories.

Acquired College Inn and Kitchen Basics broth brands, which management views as a superior strategic fit that leverages the growth of the fresh store perimeter.

Base business net sales grew 2.8% in Q1, driven by a 9.1% surge in Spices & Flavor Solutions and a recovery in the Frozen & Vegetables segment's profitability.

Management is actively removing direct costs associated with divested brands and restructuring central overhead to eliminate stranded costs and rightsize the organization.

The portfolio shift from low-margin frozen vegetables to more stable broth and stock businesses is expected to improve overall EBITDA and margin profiles.

Performance attribution for the quarter includes a recovery from prior-year trade inventory reductions and strong volume growth in club and foodservice channels.

Updated fiscal 2026 guidance assumes the addition of College Inn and Kitchen Basics while accounting for the loss of one week of operations compared to the 53-week fiscal 2025.

Management expects base business net sales trends to be flat to slightly down for the remainder of the year following a strong Q1 start against a low prior-year base.

The pending divestiture of Green Giant Canada is expected to close in Q2, which management anticipates will be relatively neutral to adjusted EBITDA but will further reduce leverage.

A primary financial risk factor is the price of soybean oil and crude oil; management indicated they will evaluate pricing actions if these input costs remain at current elevated levels.

Long-term strategy focuses on returning the core business to a 1% growth algorithm while reducing net leverage below 5.5x through divestitures and excess cash flow.

The Board of Directors reduced the quarterly dividend by 50% to $0.095 per share to rebalance cash flow toward debt repayment in the current high-interest-rate environment.

Q1 results included a $36.3 million noncash loss on the sale of the Green Giant U.S. frozen business and $5.8 million in noncash impairments of property, plant, and equipment.

Net leverage was reduced to approximately 6.07x in Q1, with a target to reach 6x or less by mid-year following the completion of the Canadian divestiture.

The company established a contract manufacturing agreement for the divested frozen business, which is expected to provide a modest but stable cost-plus profit stream.

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Management clarified that tracked channels now represent less than 60% of the portfolio, with significant growth coming from unmeasured channels like foodservice and private label.

Non-measured channels, which comprise about 40% of the business, are currently growing at a mid-single-digit rate, offsetting declines in tracked retail data.

Management is specifically monitoring soybean oil, which has risen from $0.50 to $0.75 per pound, noting that the industry typically moves prices in tandem with this commodity.

While they aim to manage key retail price thresholds (e.g., $5.00 for core sizes), they will take pricing actions if energy and logistics costs remain elevated for an extended period.

Early integration of College Inn and Kitchen Basics is focused on shoring up promotional plans and customer support that may have lacked attention under previous ownership.

Management highlighted Kitchen Basics as an 'innovator brand' that continues to grow, while College Inn provides a stable, cash-generating regional presence.

Management stated their intention to refinance debt before it becomes current, noting that the current cycle is consistent with previous successful refinancing efforts.