Conagra Brands, Inc. · NYSE:CAG
Conagra Brands — Q3 2026 Earnings Presentation
36 slides from Conagra Brands's earnings presentation, Apr 1, 2026
Slide 1: FY26 Q3 Earnings Presentation
FY26 Q3 Earnings Presentation April 1, 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: Sean Connolly, President and Chief Executive Officer
Sean Connolly President and Chief Executive Officer 3
Slide 4: Key Messages
Key Messages • Returned to organic net sales growth, in line with expectations • Continued upward inflection in growth businesses of Frozen & Snacks • Remain on track in cash businesses • Portfolio is structurally advantaged in today’s evolving environment • Continuing to deliver strong free cash fl
Slide 5: Organic Net Sales Returned to Growth in Q3; Each Segment Improved vs. Q2
Organic Net Sales Returned to Growth in Q3; Each Segment Improved vs. Q2 Organic Net Sales1 vs. Q2 FY26 Segment 1 1 vs. YA Growth Rate Grocery & Snacks +1.8% Refrigerated & Frozen +3.6% International (1.2)% Foodservice +3.6% Total Conagra Brands +2.4% 1. Non-GAAP financial measure. See the appendix
Slide 6: Investments in Frozen Delivering Strong Growth and Share Gains
Investments in Frozen Delivering Strong Growth and Share Gains Conagra Frozen Volume Retail Sales (% Change) 88% % of Frozen Holding or Gaining % Chg. vs. YA % Chg. vs. 2YA Volume Share vs. 1YA and 2YA +2.9% +1.7% Peak Supply Impacts FY24 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY
Slide 7: Restored Market Share in Key Frozen Categories
Restored Market Share in Key Frozen Categories Conagra Frozen Single-Serve Meals Conagra Frozen Vegetables Volume Share of Category Volume Share of Category Peak Peak 19.0% 19.2% 53.5% Supply Impacts 18.7% Supply Impacts 52.4% 52.8% 52.5% 17.6% 17.8% 17.7% 50.7% 17.1% 50.2% 50.2% Q1 Q2 Q3 Q4 Q1 Q2 Q
Slide 8: Snacks Performance Strong and Continues To Outperform Our Categories
Snacks Performance Strong and Continues To Outperform Our Categories Conagra Snacks Retail Dollar Sales (% Change vs. YA) +4.4% +2.3% Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY25 FY25 FY25 FY25 FY26 FY26 FY26 Conagra Snacks Conagra Snacks Categories Source: Circana POS, Total US-MULO+ with Convenience, Conagra Custom
Slide 9: On-Trend Protein Snacks Delivering Strong Growth
On-Trend Protein Snacks Delivering Strong Growth Meat Snacks Seeds +9% Dollars +6% Dollars +10% Volume +5% Volume Source: Circana POS, Total US-MULO+ with Convenience, Conagra Custom Hierarchy, 13 Weeks Ended February 22, 2026. 9
Slide 10: Sweet Treats' Elasticities Performing Better Than Expectations
Sweet Treats’ Elasticities Performing Better Than Expectations Swiss Miss Snack Pack +7% Dollars +17% Dollars (3)% Volume (2)% Volume Source: Circana POS, Total US-MULO+ with Convenience, Conagra Custom Hierarchy, 13 Weeks Ended February 22, 2026. 10
Slide 11: Managing Staples Business To Maximize Cash
Managing Staples Business To Maximize Cash Staples Portfolio Update Conagra Staples Dollar % Change • Continue to manage staples vs. YA vs. 2YA businesses for cash +2.1% +2.0% • Implemented inflation-justified pricing on canned portfolio in Q2 (2.8)% (3.0)% • Elasticities trending in-line with (2.7)
Slide 12: Our Portfolio is Structurally Advantaged in Today's Evolving Environment
Our Portfolio is Structurally Advantaged in Today’s Evolving Environment… H E A LT H & LEADING BROAD WELLNESS I N N O V AT I O N HOUSEHOLD FOCUS ENGINE REACH PROTEIN & FIBER-FORWARD BOLD FLAVORS VALUE & PREMIUM OFFERINGS MINIMALLY PROCESSED ICONIC & INSURGENT BRANDS CORE & EMERGING CHANNELS PORTION
Slide 13: And We Will Continue Innovating To Meet Consumer Needs
…And We Will Continue Innovating To Meet Consumer Needs RECENT INNOVATION IS OUR PIPELINE WILL DRIVE WINNING ON-SHELF P R O V O C AT I V E N E S S #1 NEW PLATFORM IN SINGLE-SERVE MEALS #1 NEW PLATFORM IN MULTI-SERVE MEALS #1 NEW SKU IN FROZEN DESSERTS TOP 10 NEW SKU IN FROZEN HANDHELDS Dolly Parton
Slide 14: Increasing Free Cash Flow Conversion and Debt Reduction Estimates for FY26
Increasing Free Cash Flow Conversion and Debt Reduction Estimates for FY26 Conagra Free Cash Flow Conversion1 Conagra Net Debt1 Reduction ($s in Millions) ~105% $800 ~100% $700 ~90% Original CAGNY Updated Original Updated Estimate Estimate Estimate Estimate Estimate 1. Forward-looking non-GAAP finan
Slide 15: Narrowing Fiscal 2026 Guidance Within Original Range
Narrowing Fiscal 2026 Guidance Within Original Range Metric Guidance (1)% to +1% Organic Net Sales1 Change (vs. FY25) near midpoint ~11.0% to ~11.5% Adj. Operating Margin1 near high end $1.70 to $1.85 Adj. EPS1 (53 Weeks) at low end, ~$1.70 1. Forward-looking non-GAAP financial measure. See the appe
Slide 16: Dave Marberger, Executive Vice President and Chief Financial Officer
Dave Marberger Executive Vice President and Chief Financial Officer 16
Slide 17: Q3 Results
Q3 Results Dollars in millions, except per share data Increase/(Decrease) Q3 FY26 Q3 vs. YA Organic Net Sales1 $2,773 +2.4% Adj. Gross Margin1 23.7% (112) bps Adj. Operating Margin1 10.6% (213) bps Adj. EPS1 $0.39 (23.5)% 1. Non-GAAP financial measure. See the appendix for certain definitions and re
Slide 18: Q3 Net Sales Bridge vs. Year Ago
Q3 Net Sales Bridge vs. Year Ago Q3 Drivers of Net Sales Change (% Change vs. YA) Organic Net Sales1: +2.4% +1.9% +0.5% +0.5% (1.9)% (4.8)% 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 mo
Slide 19: Q3 Net Sales by Segment
Q3 Net Sales by Segment Dollars in millions Increase/(Decrease) Change vs. YA 1 1 Reported Organic Price/Mix Volume Net Sales Net Sales1 Grocery & Snacks $1,167 +1.8% +4.0% (2.2)% Refrigerated & Frozen 1,133 +3.6% (0.3)% +3.9% International 227 (1.2)% +0.8% (2.0)% Foodservice 261 +3.6% +3.7% (0.1)%
Slide 20: Q3 Adjusted Operating Margin Bridge
Q3 Adjusted Operating Margin1 Bridge Q3 Adjusted Operating Margin1 (% Change vs. YA) +1.3% 12.7% +2.2% 10.6% (0.5)% (0.1)% (5.0)% Q3 FY25 Price/Mix COGS Productivity, Adj. SG&A 1 FX / M&A, Q3 FY26 Inflation Net of Operational (incl. A&P) Rounding Offsets 1. Non-GAAP financial measure. See the append
Slide 21: Q3 Segment Adjusted Operating Profit & Margin
Q3 Segment Adjusted Operating Profit1 & Margin1 Q3 Adjusted Operating Profit1 & Margin1 Dollars in millions Increase/(Decrease) Adj. Op. Profit1 1 Adj. Op. Margin 1 1 Q3 vs. YA Q3 vs. YA Grocery & Snacks $217 (10.6)% 18.6% (90) bps Refrigerated & Frozen 105 (15.4)% 9.3% (185) bps International 32 (5
Slide 22: Q3 Adjusted EPS Bridge
Q3 Adjusted EPS1 Bridge Drivers of Q3 Adjusted EPS1 vs. YA $0.51 Flat Flat ($0.08) $0.39 ($0.02) ($0.02) Q3 FY25 Adj. Pension & Adj. Equity Adj. FX / M&A Q3 FY26 1 Adj. EPS 1 Op. Profit1 Interest Earnings1 Income Tax Adj. EPS (inclusive of Expense1 Ardent Mills) 1. Non-GAAP financial measure. See th
Slide 23: Key Balance Sheet & Cash Flow Metrics
Key Balance Sheet & Cash Flow Metrics Q3 FY26 Q3 FY25 Dollars in millions Debt $7,332 $8,145 Cash $55 $49 Ending Net Debt1 $7,277 $8,096 Net Leverage Ratio2 3.83x 3.59x YTD FY26 YTD FY25 Dollars in millions Net Cash Flow from Operating Activities $896 $1,346 Capital Expenditures $314 $304 Free Cash
Slide 24: Delivering Strong Free Cash Flow To Support Our Balanced Capital Allocation
Delivering Strong Free Cash Flow To Support Our Balanced Capital Allocation Increasing free cash flow conversion1 estimate to 105% Investing in the business to drive productivity, modernize facilities, and support long-term growth Reduced net debt2 over $800 mm vs. year-ago and $300 mm vs. Q2 Mainta
Slide 25: Narrowing Fiscal 2026 Guidance Within Original Range
Narrowing Fiscal 2026 Guidance Within Original Range Metric Guidance (1)% to +1% Organic Net Sales1 Change (vs. FY25) near midpoint ~11.0% to ~11.5% Adj. Operating Margin1 near high end $1.70 to $1.85 Adj. EPS1 (53 Weeks) at low end, ~$1.70 1. Forward-looking non-GAAP financial measure. See the appe
Slide 26: Other Fiscal 2026 Considerations
Other Fiscal 2026 Considerations Metric Old New Adj. Equity Earnings1 (Incl. Ardent Mills) ~$170 mm ~$140 mm Free Cash Flow Conversion1 ~100% ~105% Interest Expense ~$390 mm ~$385 mm Inflation (incl. gross tariffs) ~7% A&P (% of Net Sales) ~2.5% Adj. SG&A (excl. A&P, % of Net Sales)1 ~10% Adj. Tax R
Slide 27: Appendix
<b VY wbx CONAGRA “BRANDS -° Appendix
Slide 28: 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 margin, adjusted EPS, adjusted equity method investment earnings (or adj. equity earnings), and free cash
Slide 29: Reconciliation of Q3 FY26 Organic Net Sales by Segment
Reconciliation of Q3 FY26 Organic Net Sales by Segment (in millions) – YOY Change 1. Excludes the impact of foreign exchange related to divested businesses. 29
Slide 30: Reconciliation of Q3 FY26 Adj. Operating Profit by Segment
Reconciliation of Q3 FY26 Adj. Operating Profit by Segment (in millions) – YOY Change 30
Slide 31: Reconciliation of Q3 FY26 Adj. Gross Margin, Adj. Gross Profit, Adj. SG&A, Adj. Net Income
Reconciliation of Q3 FY26 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 $84.9 million and $81.4 million for Q3 FY26 and Q3 FY25, respectively. A&P as a percentage of net sales was 3.0%
Slide 32: Reconciliation of Q3 FY26 Adj. Gross Margin, Adj. Gross Profit (Cont.)
Reconciliation of Q3 FY26 Adj. Gross Margin, Adj. Gross Profit, Adj. SG&A, Adj. Net Income, (in millions) and Adj. EPS – YOY Change Cont. 1. Includes advertising and promotion (A&P) expense of $84.9 million and $81.4 million for Q3 FY26 and Q3 FY25, respectively. A&P as a percentage of net sales was
Slide 33: Reconciliation of YTD FY26 Free Cash Flow and Net Debt
Reconciliation of YTD FY26 Free Cash Flow and Net Debt and YTD FY25 Free Cash Flow and Net Debt (in millions) – YOY Change 33
Slide 34: Reconciliation of Q3 FY26 Net Leverage Ratio
Reconciliation of Q3 FY26 Net Leverage Ratio (in millions) 1. As of February 22, 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. 34
Slide 35: Reconciliation of Q3 FY25 Net Leverage Ratio
Reconciliation of Q3 FY25 Net Leverage Ratio (in millions) 1. As of February 23, 2025. 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. 35
Slide 36: Reconciliation of Q3 FY26 and YTD FY26 Adj. Equity Method Investment Earnings
Reconciliation of Q3 FY26 and YTD FY26 Adj. Equity Method Investment Earnings (in millions) 36