Conagra Brands, Inc. · NYSE:CAG
Conagra Brands — Q1 FY2027 Earnings Presentation
28 slides from Conagra Brands's earnings presentation, Sep 30, 2026
Slide 1: FY27 Q1 Earnings Presentation
FY27 Q1 Earnings Presentation September 30, 2026 1
Slide 2: Legal Disclosure
Legal Disclosure Note on Forward-Looking Statements The presentation contains forward-looking statements regarding our expected future financial performance or position, results of operations, business strategy, plans and objectives, costs and cost savings, and dividends, and other statements that
Slide 3: John Brase, President and Chief Executive Officer
John Brase President and Chief Executive Officer 3
Slide 4: Key Messages
Key Messages Q1 delivered a solid start to the fiscal year Progressing against key priorities outlined in July Reaffirming FY27 Guidance 4
Slide 5: Q1 Delivered a Solid Start to the Fiscal Year
Q1 Delivered a Solid Start to the Fiscal Year Dollars in Millions, except per share data Q1 Increase/(Decrease) Q1 vs. YA Organic Net Sales1 $2,591 (1.1)% Adj. Gross Margin1 23.8% (62) bps Adj. Operating Margin1 11.5% (33) bps Adj. EPS1 $0.41 +5.1% 1. Non-GAAP financial measure. See the appendix for
Slide 6: Total Conagra Consumption Remained Broadly Stable Despite a Challenging Environment
Total Conagra Consumption Remained Broadly Stable Despite a Challenging Environment FROZEN SNACKS STAPLES (0.7)% (0.5)% ~Flat (3.9)% (1.1)% (5.5)% DOLLARS VOLUME DOLLARS VOLUME DOLLARS VOLUME Total CAG Consumption: (0.6)% Dollars; (3.3)% Volume P.F. CHANG’S and P.F. CHANG’S HOME MENU are registered
Slide 7: Last Quarter, We Outlined Our Priorities To Build a Strong Foundation for Growth
Last Quarter, We Outlined Our Priorities To Build a Strong Foundation for Growth Increase Stabilize & Simplify & Rebalance Investment Restore Reduce Capital in Brands & Margins Complexity Allocation Supply Chain 7
Slide 8: Translating Our Priorities Into Action
Translating Our Priorities Into Action PRIORITY ACTION Restore • Strategic pricing to be implemented mid-Q2 Margins • Productivity on track to deliver >4% Increase • Focused A&P driving higher reach and engagement Investment • CapEx and network optimization initiatives progressing • Leadership struc
Slide 9: Focused Brand Investment Is Improving Reach and Engagement
Focused Brand Investment Is Improving Reach and Engagement Media Impressions A&P Investment 4x increase vs. YA +15%increase vs YA Media Productivity +35%increase vs. YA Note: All measures represent Q1 FY27 vs. Q1 FY26. A&P Investment represents total A&P expense. Media impressions measures total ad
Slide 10: Reaffirming FY27 Guidance
Reaffirming FY27 Guidance Metric Guidance Organic Net Sales1 Change (vs. FY26) (3)% to (1)% Adj. Operating Margin1 10.0% to 10.5% Adj. EPS1 $1.40 to $1.50 1. Forward-looking non-GAAP financial measure. See the appendix for more information. 10
Slide 11: Dave Marberger, Executive Vice President and Chief Financial Officer
Dave Marberger Executive Vice President and Chief Financial Officer 11
Slide 12: Q1 FY27 Results
Q1 FY27 Results Dollars in Millions, except per share data Q1 Increase/(Decrease) Q1 vs. YA Organic Net Sales1 $2,591 (1.1)% Adj. Gross Margin1 23.8% (62) bps Adj. Operating Margin1 11.5% (33) bps Adj. EPS1 $0.41 +5.1% 1. Non-GAAP financial measure. See the appendix for certain definitions and recon
Slide 13: Q1 Net Sales Bridge vs. Year Ago
Q1 Net Sales Bridge vs. Year Ago Q1 Drivers of Net Sales Change (% Change vs. YA) Organic Net Sales1: (1.1)% +1.0% +0.2% (0.5)% (1.4)% (2.1)% Volume Price/Mix Foreign M&A Total Exchange Conagra Brands 1. Non-GAAP financial measure. See the appendix for certain definitions and reconciliations to the
Slide 14: Q1 Net Sales by Segment
Q1 Net Sales by Segment Dollars in Millions Increase/(Decrease) Change vs. YA 1 1 Q1 Reported Q1 Organic1 Price/Mix Volume Net Sales Net Sales Grocery & Snacks $1,051 (2.0)% +3.4% (5.4)% Refrigerated & Frozen 1,054 (1.6)% (1.5)% (0.1)% International 218 +0.9% +1.6% (0.7)% Foodservice 273 +3.3% +0.8%
Slide 15: Q1 Adjusted Operating Margin Bridge
Q1 Adjusted Operating Margin1 Bridge Q1 Adjusted Operating Margin1 (% Change vs. YA) +1.3% 11.8% +0.4% 11.5% +1.9% (0.1)% (3.8)% Q1 FY26 Price/Mix COGS Productivity, Adj. SG&A 1 FX / M&A Q1 FY27 Inflation, incl. Net of (incl. A&P) Tariff Wrap Operational Offsets 1. Non-GAAP financial measure. See th
Slide 16: Q1 Segment Adjusted Operating Profit & Margin
Q1 Segment Adjusted Operating Profit1 & Margin1 Q1 Adjusted Operating Profit1 & Margin1 Dollars in Millions Increase/(Decrease) Adj. Op. Profit1 1 Adj. Op. Margin 1 1 Q1 vs. YA Q1 vs. YA Grocery & Snacks $205 (7.2)% 19.5% (95) bps Refrigerated & Frozen 100 (13.0)% 9.4% (118) bps International 34 (8.
Slide 17: Q1 Adjusted EPS Bridge
Q1 Adjusted EPS1 Bridge Drivers of Q1 Adjusted EPS1 vs. YA $0.03 Flat Flat $0.41 $0.39 ($0.01) Q1 FY26 Adj. Operating Equity Pension Income, FX / M&A Q1 FY27 1 Adj. EPS Profit 1 Earnings Interest Expense, & Adj. EPS 1 (inclusive of Adj. Tax Expense1 Ardent Mills) 1. Non-GAAP financial measure. See t
Slide 18: Key Balance Sheet & Cash Flow Metrics
Key Balance Sheet & Cash Flow Metrics Q1 FY27 Q1 FY26 Dollars in millions Debt $7,760 $8,280 Cash $372 $698 Ending Net Debt1 $7,389 $7,582 Net Leverage Ratio2 3.99x 3.55x Q1 FY27 Q1 FY26 Dollars in millions Net Cash Flow from Operating Activities $(4) $121 Capital Expenditures $124 $147 Free Cash Fl
Slide 19: Reaffirming FY27 Guidance
Reaffirming FY27 Guidance Metric Guidance Full Year Commentary • Strategic, inflation-justified pricing with Organic Net Sales1 (3)% to (1)% elasticity-related volume impacts (Change vs. FY26) • A&P investment increases to ~3.0% of sales • Inflation (incl. tariff wrap) ~5-6% 1 Adj. Operating Margin
Slide 20: Q2 FY27 Considerations
Q2 FY27 Considerations • Organic net sales1 projected ~(2)% • Strategic, inflation-justified pricing actions implemented mid-quarter • No changes to assumed elasticity impacts • Adj. operating margin1 of high-single digits reflecting: • Increased logistics and fuel costs • Acceleration of planned A&
Slide 21: Appendix
<b VY wbx CONAGRA “BRANDS -° Appendix
Slide 22: Notes on Non-GAAP Financial Measures
Notes on Non-GAAP Financial Measures Note on Non-GAAP Financial Measures This document includes certain non-GAAP financial measures (organic net sales, adjusted gross margin, adjusted operating profit, adjusted operating margin, adjusted corporate expense, adjusted SG&A (incl. A&P), adjusted EPS, ad
Slide 23: Reconciliation of Q1 FY27 Organic Net Sales by Segment
Reconciliation of Q1 FY27 Organic Net Sales by Segment (in millions) – YOY Change 1. Excludes the impact of foreign exchange related to divested businesses. 23
Slide 24: Reconciliation of Q1 FY27 Adj. Operating Profit by Segment
Reconciliation of Q1 FY27 Adj. Operating Profit by Segment (in millions) – YOY Change 24
Slide 25: Reconciliation of Q1 FY27 Adj. Gross Margin, Gross Profit, SG&A, Net Income, EPS
Reconciliation of Q1 FY27 Adj. Gross Margin, Adj. Gross Profit, Adj. SG&A, Adj. Net Income, (in millions) and Adj. EPS – YOY Change 1. Includes advertising and promotion (A&P) expense of $60.9 million and $52.9 million for Q1 FY27 and Q1 FY26, respectively. A&P as a percentage of net sales was 2.3%
Slide 26: Reconciliation of Q1 FY27 and Q1 FY26 Free Cash Flow and Net Debt
Reconciliation of Q1 FY27 and Q1 FY26 Free Cash Flow and Net Debt (in millions) – YOY Change 26
Slide 27: Reconciliation of Q1 FY27 Net Leverage Ratio
Reconciliation of Q1 FY27 Net Leverage Ratio (in millions) 1. As of August 30, 2026. 2. Excludes comparability items related to depreciation. 3. The company defines its net debt leverage ratio as net debt divided by adjusted EBITDA for the trailing twelve-month (TTM) period. 27
Slide 28: Reconciliation of Q1 FY26 Net Leverage Ratio
Reconciliation of Q1 FY26 Net Leverage Ratio (in millions) FY25 Q1 FY25 Q1 FY26 Q1 FY26 TTM (a) (b) (c) (a)-(b)+(c) Net income attributable to Conagra Brands, Inc. $ 1,152.4 $ 466.8 $ 164.5 $ 850.1 Add Back: Income tax expense (benefit) 3.7 (138.9) 124.6 267.2 Interest expense, net 416.7 105.8 93.8