Treehouse Foods — Q1 2025 Earnings Presentation
21 slides from Treehouse Foods's earnings presentation, May 6, 2025
Slide 1: Q1 Results and 2025 Outlook
Q1 Results and 2025 Outlook May 6, 2025 © 2025 TreeHouse Foods, Inc. 1
Slide 2: Forward Looking Statement
Forward Looking Statement From time to time, we and our representatives may provide information, whether orally or in writing, which are deemed to be "forward-looking" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Litigation Reform Act"). These forward-looking stat
Slide 3: Key Takeaways
KeyTakeaways Key Takeaways Delivered Q1 2025 Adjusted Net Sales of $796.0 million and Adjusted 1 EBITDA of $57.5 million Glide path of restoring production capacity at our Brantford frozen 2 griddle facility remains on track Progressing on supply chain, margin management and other 3 efficiency initi
Slide 4: Q1 2025 Results
Q1 2025 Results Key Q1 2025 Highlights Metric Q1 Guidance Result • Adjusted Net Sales near the upper- end of guidance range Adjusted $785 million to $800 million $796.0 million Net Sales • Adjusted EBITDA well above upper- Adjusted end of guidance range due to $38 million to $46 million $57.5 millio
Slide 5: Consumption Trends in TreeHouse Foods Categories
Consumption Trends in TreeHouse Foods Categories Private Brand Unit Growth (Ex. Broth & Griddle) (Shown in percentage points) 6% 5.1% THS NB 5% TreeHouse Recent Unit Trends (Ex. Broth & Griddle) 3.9% 4% 2% 1.7% 1.6% 3.3% 3% 1% 2% 1.7% 0.3% -0.2% 1% 0% -0.4% 0% -1% -0.2% -1% -0.7% -0.8% -0.9% -2% -2%
Slide 6: Private Brands Fundamentals Are Constructive
Private Brands Fundamentals Are Constructive Private Brands Unit Share Flat vs PY Private Brands % Price Gap in-line with Promotional Activity Has Not Returned in the First Quarter in THS Categories Historical Levels in THS Categories to Historical Levels in THS Categories 2019 2023 2024 2025 2019 2
Slide 7: Private Brands Growth is a Long-Term Fact in North America
Private Brands Growth is a Long-Term Fact in North America 2006-2025 Private Brands Dollar Share of Consumer-Packaged Goods 26% 25% 24% 23% 22% 21% 20% 19% 18% 17% 16% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD Source: IRI Market Reports R
Slide 8: Grocery Retailers Are Investing in Private Brands
Grocery Retailers Are Investing in Private Brands Private Brands is an Important Element within Grocery Retailers’ Strategies Launched largest food Launched new & beverage private private brand brand in 20 years ‘Overjoyed’ +800 ~$56B stores to be added by brand launched end of 2028 in 1995 Sources:
Slide 9: Executing Profitability Improvement Plan
Executing Profitability Improvement Plan INITIATIVES THAT DRIVE PROFITABILITY BETWEEN 2025 AND 2027 Supply Chain Margin Streamlining Initiatives Management Cost Structures TMOS Maximizing Utilization Improve Go-to-Market (TreeHouse Management Operating System) Ben Reducing Divisions & Management Pro
Slide 10: Q1 Adjusted Net Sales and Profit Year-Over-Year Performance
Q1 Adjusted Net Sales and Profit Year-Over-Year Performance ADJUSTED NET SALES ADJUSTED EBITDA ADJUSTED EBITDA MARGIN Decreased 3.2% to $796.0M Increased 25% to $57.5M Increased 160 bps to 7.2% $821.6M $57.5M (3.2)% 7.2% $796.0M +160 +25% bps 5.6% $46.0M 2024 2025 2024 2025 2024 2025 Q1 Q1 Q1 Q1 Q1
Slide 11: Q1 2025 Adjusted Net Sales Performance Drivers
Q1 2025 Adjusted Net Sales Performance Drivers Q1 2025 Margin Management (3.3)% Q1 year-over-year net sales drivers Consumption / Other (2.6)% Griddle Recall service impacts (2.4)% • Volume/mix of (8.3)% was negatively impacted by planned margin Volume/Mix (8.3)% management activities and the Acquis
Slide 12: Adjusted EBITDA Year-Over-Year Performance Drivers
Adjusted EBITDA Year-Over-Year Performance Drivers $57.5 M $8.0 M $0.0 M $1.3 M $2.2 M $46.0 M Q1 24 Vol / Mix PNOC Operations & SG&A and Q1 25 Adjusted (including Supply Chain Other Adjusted EBITDA absorption) EBITDA Chart not drawn to scale. Adjusted EBITDA is a non-GAAP financial measure. See “Co
Slide 13: Balanced Capital Allocation Approach
Balanced Capital Allocation Approach 2025 Priorities 2022–2024 Total Capital Deployed: $1.6B Investment Capex of ~$125 million to enhance in the depth and capabilities in growing $484M Business categories $514M CapEx / Debt Growth Paydown 31% Build cash to drive lower Net Debt to 33% Debt Service Ad
Slide 14: Full Year 2025 and Q2 2025 Outlook
Full Year 2025 and Q2 2025 Outlook FY 2025 Q2 2025 Guidance Guidance Adjusted Net Sales $3.340 to $3.400 billion $785 to $800 million Approx. (1.0)% to +1.0% growth Approx. 0.0% at mid-point Adjusted EBITDA $345 to $375 million $61 to $71 million Approx. +2.0% to 11.0% growth Approx. (7.0)% at mid-p
Slide 15: Key Takeaways
KeyTakeaways Key Takeaways Delivered Q1 2025 Adjusted Net Sales of $796.0 million and Adjusted 1 EBITDA of $57.5 million Glide path of restoring production capacity at our Brantford facility 2 remains on track Progressing on supply chain, margin management and other 3 efficiency initiatives to drive
Slide 16: Appendix
Appendix © 2025 TreeHouse Foods, Inc. 16
Slide 17: Comparison of Non-GAAP Information to GAAP Information
Comparison of Non-GAAP Information to GAAP Information The Company has included in this release measures of financial performance that are not defined by GAAP ("Non-GAAP"). A Company’s performance, when making decisions regarding the allocation of resources, in determining incentive Non-GAAP financi
Slide 18: Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
TREEHOUSE FOODS, INC. RECONCILIATION OF NET LOSS TO EBITDA AND ADJUSTED EBITDA Three Months Ended March 31, 2025 2024 (unaudited, in millions) Net loss (GAAP) $ (31.8) $ (11.7) Interest expense 19.3 15.6 Interest income (2.8) (4.0) Income tax benefit (11.8) (3.6) Depreciation and amortization 41.4 3
Slide 19: Reconciliation of Non-GAAP Measures
TREEHOUSE FOODS, INC. RECONCILIATION OF NON-GAAP MEASURES Three Months Ended March 31, 2025 Total Operating Income tax operating (loss) Total other (benefit) Net (loss) (Unaudited, in millions, except per share amounts) Net sales Cost of sales Gross profit expenses income expense expense income As r
Slide 20: Reconciliation of Non-GAAP Measures
TREEHOUSE FOODS, INC. RECONCILIATION OF NON-GAAP MEASURES Three Months Ended March 31, 2024 Total Operating operating (loss) Total other Income tax (Unaudited, in millions, except per share amounts) Net sales Cost of sales Gross profit expenses income expense benefit Net loss As reported (GAAP) $ 82
Slide 21: Reconciliation of Net Cash Used to Free Cash Flow
TREEHOUSE FOODS, INC. RECONCILIATION OF NET CASH USED IN OPERATING ACTIVITIES TO FREE CASH FLOW Three Months Ended March 31, 2025 2024 (unaudited, in millions) Cash flow used in operating activities (GAAP) $ (53.5) $ (52.4) Capital expenditures (25.9) (28.3) Proceeds from sales of fixed assets 4.1 0