B&g Foods, Inc. · NYSE:BGS
B&g Foods — Debt Investor Presentation (June 2026)
25 slides from B&g Foods's debt investor presentation, Jun 1, 2026
Slide 1: Confidential Investor Presentation 06.01.2026
Confidential Investor Presentation 06.01.2026
Slide 2: Disclaimer
Confidential Disclaimer 2 This presentation, the information contained herein and the materials accompanying it (this “presentation”) has been prepared solely for informational purposes supplied by or on behalf of, and constitutes confidential information of, B&G Foods, Inc. and its direct and indir
Slide 3: Forward-Looking Statements
Confidential Forward-Looking Statements 3 The following presentation and the oral statements made from time to time by executive officers of B&G Foods may contain “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking s
Slide 4: Non-GAAP Financial Measures and Unaudited Financial Information
Non-GAAP Financial Measures and Unaudited Confidential Financial Information 4 This presentation includes “non-GAAP (Generally Accepted Accounting Principles) financial measures.” “base business net sales” (which we define as net sales without the impact of acquisitions until the acquisitions are in
Slide 5: Transaction Overview
Confidential Transaction Overview
Slide 6: Summary Overview
6 Confidential Summary Overview 1. All ratios are based on Covenant Adj. EBITDA, which reflects Adj. EBITDA before share-based compensation and extraordinary tariffs and adjusts for recently completed acquisitions and divestitures. Adj. EBITDA and Covenant Adj. EBITDA are non-GAAP financial measures
Slide 7: As Adjusted Capitalization
7 Confidential As of 4/4/2026 Adj. As Adjusted 4/4/2026 Cash & Equivalents $65 (26) $39 Revolving Credit Facility due 2028 270 15 285 Term Loan B due 2029 443 -- 443 8.00% Secured Notes due 2028 799 -- 799 Total Secured Debt $1,513 $1,528 Net Secured Debt $1,448 $1,489 5.25% Senior Notes due 2027 50
Slide 8: Summary Terms – Senior Unsecured Notes
8 Confidential Summary Terms – Senior Unsecured Notes 8 Issuer: B&G Foods, Inc. (the “Issuer”) Description: $475 million Senior Notes due 2031 Maturity: 5 years (2031) Use of Proceeds: Net proceeds, together with draws of the revolver facility and cash on balance sheet, to refinance all outstanding
Slide 9: Timeline
9 Confidential Timeline 9 U.S. Bank Holiday Key Transaction Date Timing Event Monday, June 1 • Launch Transaction Wednesday, June 3 • Price and Allocate Senior Notes Thereafter • Close & Fund Transaction (T+5) June 2026 Sun Mon Tue Wed Thu Fri Sat 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 2
Slide 10: Company Highlights
10 Confidential Company Highlights
Slide 11: Key Investment Highlights
11 Confidential • Acquire and operate established food brands and maintain relevancy with today’s consumer • Proven cash flow driven M&A at accretive multiples • Target moderate top line growth across portfolio • Strong focus on cash flow generation and working capital efficiency • Maintain high qua
Slide 12: We Have Assembled a Portfolio of More than Fifty Brands
12 Confidential We Have Assembled a Portfolio of More than 50 Brands 12 1996 1997 1998 1999 2000 2003 2004 2006 2007 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2023 2025 2026 March Acquisition November Acquisition February Acquisition January IPO October Acquisition August License June A
Slide 13: We Operate Four Business Units to Better Manage Our Portfolio
13 Confidential Meals 25% Specialty 35% Frozen & Vegetables 19% Spices & Flavor Solutions 22% Q1 2026 LTM Net Sales by Business Unit Canada We Operate Four Business Units to Better Manage Our Portfolio 13 Note: Brands shown represent select subset of entire B&G portfolio. 1. For Q1 2026 LTM, net sal
Slide 14: A Portfolio of Large, Established & Defensible Niche Brands
14 Confidential $100+ Million $50-$99 Million <$50 Million A Portfolio of Large, Established & Defensible Niche Brands 14 plus Spices + Seasonings accounted for ~78% or $1.6 billion of FY2023 net sales 7 BRANDS $400+ Million $100-$399 Million $50-$99 Million <$50 Million ANNUAL NET SALES BY BRAND LT
Slide 15: M&A Update: College Inn and Kitchen Basics Acquisition
15 Confidential M&A Update 15 • College Inn is the #2 broths brand in the Northeast by sales • Kitchen Basics is the #2 stocks brand nationally by sales • Broths and stocks are attractive and growing categories • Compliment interest in the fresh perimeter of store and high protein health trends • Co
Slide 16: Business Update
16 Confidential Business Update
Slide 17: M&A and Financial Policy Update
17 Confidential M&A and Financial Policy Update 17 Divestitures Divestiture of Green Giant U.S. Frozen (March 2026) • B&G Foods sold the Green Giant U.S. frozen vegetable business to Seneca Foods Corporation on March 2, 2026, for approximately ~$61.5 million • B&G Foods retained its manufacturing fa
Slide 18: Q1'2026 vs. Q1'2025 Performance
18 Confidential Q1’2026 vs. Q1’2025 Performance 18 • Base business net sales for the first quarter of 2026 increased $9.9 million, or 2.8% to $365.1 million as compared to $355.2 million for the first quarter of 2025 ‒ The increase in base business net sales was driven by an increase in volume that
Slide 19: Demonstrated Commitment to Debt Reduction
19 Confidential Demonstrated Commitment to Debt Reduction 19 • B&G Foods continues to be committed towards using asset sale proceeds towards deleveraging • All proceeds from the sale of Green Giant Canada (expected to close Q2 2026) are expected to be used to reduce long-term debt • Proceeds from th
Slide 20: Capitalization & Statistics
20 Confidential Capitalization & Statistics 20 Note: Adj. EBITDA, Adj. EBITDA before SBC and Extraordinary Tariffs, and Covenant Adj. EBITDA are non-GAAP financial measures. 1. All ratios are based on Covenant Adj. EBITDA, which reflects Adj. EBITDA before share-based compensation and extraordinary
Slide 21: Historical Financial Performance
21 Confidential Historical Financial Performance 21 1. Adj, Gross Profit, Adj. EBITDA, Adj. EBIT and Adj. EBITDA less Capex are non-GAAP financial measures. ($ in millions) LTM 2023 2024 2025 Q1 2026 Net Sales $2,062 $1,932 $1,829 $1,812 % Growth (4.7%) (6.3%) (5.4%) Adj. Gross Profit $458 $428 $402
Slide 22: Non-GAAP Reconciliations – Net Income to EBITDA, Adj. EBITDA & Covenant Adj. EBITDA
22 Non-GAAP Reconciliations – Confidential Net Income to EBITDA, Adj. EBITDA & Covenant Adj. EBITDA 22 1. Adjustments for 2025 and LTM Q1 2026 share-based compensation exclude certain one-time share-based compensation charges already included as non-recurring expenses within “Acquisition / Divestitu
Slide 23: Non-GAAP Reconciliations – Gross Profit to Adjusted Gross Profit
23 Confidential 23 1. Acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold primarily include acquisition, integration and divestiture-related expenses for prior and potential future acquisitions and divestitures, and non-recurring expenses. Non-GAAP Reco
Slide 24: Appendix
Confidential Appendix 5 B&G Foops, INc.
Slide 25: Organizational Chart
25 Confidential Organizational Chart 25 Key: Borrower Guarantors Non-Guarantors • $430 million Revolving Credit Facility due 2028(1) • $443 million Term Loan B due 2029 • $799 million Secured Notes due 2028 • NEW $475 million Senior Notes due 2031 B&G Foods North America, Inc. Operating Company Dome