Bellring Brands, Inc. · NYSE:BRBR

Bellring Brands — Q4 2025 Earnings Presentation

20 slides from Bellring Brands's earnings presentation, Nov 18, 2025

  1. Slide 1: Fourth Quarter Fiscal Year 2025 Supplemental Presentation

    Fourth Quarter Fiscal Year 2025 Supplemental Presentation November 18, 2025 Investor Presentation November 2022

  2. Slide 2: Cautionary Statement Regarding Forward-Looking Statements

    Cautionary Statement Regarding Forward-Looking Statements Certain matters discussed in this presentation and the accompanying oral presentation are • significant volatility in the cost or availability of inputs to BellRing’s business (including freight, forward-looking statements within the meaning

  3. Slide 3: Cautionary Statement Regarding Forward-Looking Statements (Cont'd)

    Cautionary Statement Regarding Forward-Looking Statements (Cont’d) (CONTINUED FROM PRIOR PAGE): • significant differences in BellRing’s actual operating results from any guidance BellRing may give regarding its performance; and • risks related to BellRing’s ongoing relationship with Post Holdings, I

  4. Slide 4: Additional Information

    Additional Information Market and Industry Data Prospective Information This presentation includes industry and trade association data, forecasts and information Any prospective information provided in this presentation regarding BellRing’s future that were prepared based, in part, upon data, foreca

  5. Slide 5: Q4 FY2025 Consumption and Key Metrics Executive Summary

    Q4 FY2025 Consumption and Key Metrics Executive Summary ● The convenient nutrition category showed continued momentum (+11%)1, with the ready-to-drink (“RTD”) category driving outsized growth (+15%); ready-to-mix (“RTM”) growth remained healthy. ● Premier Protein RTD shake brand metrics and consumpt

  6. Slide 6: Ready-to-Drink Led Category Growth; Ready-to-Mix Growth Remained Healthy

    Ready-to-Drink Led Category Growth; Ready-to-Mix Growth Remained Healthy L13 L52 Growth % Dollar Volume Price/Mix Dollar Volume Price/Mix Ready-to-Drink 15% 15% 0% 18% 15% 3% 30% Ready-to-Mix 10% 13% -3% 10% 11% -1% 25% 20% YOY % Δ 15% 10% 5% 0% 4WE 08-04-24 4WE 09-29-24 4WE 11-24-24 4WE 09-01-24 4W

  7. Slide 7: Premier Protein RTD Shakes Drove Strong Consumption Across All Channels

    Premier Protein RTD Shakes Drove Strong Consumption Across All Channels Premier Protein RTD Shakes $ Sales vs. Prior Year Channel 13 Weeks 52 Weeks Club +23.4% +18.9% Mass +9.4% +17.9% Food +21.9% +40.7% eCommerce +26.6% +29.3% Total Consumption (tracked + untracked channels) +20.4% +22.4% Notes: To

  8. Slide 8: Premier Protein RTD Consumption Continued to Deliver Strong Quarterly Growth

    Premier Protein RTD Consumption Continued to Deliver Strong Quarterly Growth Premier Protein RTD Shakes Rolling 13 week Total $ Consumption Sales $ Volume Dec 31'23 Dec 29'24 Mar 2'25 Mar 3'24 Dec 1'24 Jul 28'24 Mar 31'24 Mar 30'25 Nov 26'23 Jun 30'24 Jun 29'25 Nov 3'24 Oct 29'23 Apr 28'24 Sep 01'24

  9. Slide 9: Q4 FY2025 RTD Shake Shipments Outpaced Consumption on Shelf Resets and Promotional Events

    Q4 FY2025 RTD Shake Shipments Outpaced Consumption on Shelf Resets and Promotional Events Trade Inventory Trade inventory Consumption and Trade inventory Trade Inventory Increase, Consumption Consumption in line Trade Inventory Increase, Seasonality Shipments Closely Increase, Seasonality Increase N

  10. Slide 10: Premier Protein RTD Shake TDPs Reached All Time High

    Premier Protein RTD Shake TDPs Reached All Time High 80 79 1,600 80 1,429 1,400 70 1,200 60 1,000 50 832 % ACV TDPs 800 40 600 30 400 20 200 10 0 0 Total Points of Distribution ACV Weighted Distribution Notes: Circana U.S. Multi Outlet+ with Convenience. 10

  11. Slide 11: RTD Category Growth Healthy; Premier Protein Brand Metrics Remained Strong

    RTD Category Growth Healthy; Premier Protein Brand Metrics Remained Strong Premier Protein Penetration RTD 53.6 HH Pen RTD 49.3 HH Pen 25.0 RTD 43.9 HH Pen 22.0 21.0 20.0 19.0 20.0 16.4 15.9 17.1 16.3 14.4 13.9 15.0 10.0 5.0 -12% -12% +19% +17% +17% +17% +10% +11% 0.0 CY 2021 CY 2022 CY 2023 CY 2024

  12. Slide 12: Trended Premier Protein RTD Shake $ Share %

    Notes: 15 20 25 30 10 0 5 23.9 4WE 10-29-23 4WE 11-26-23 4WE 12-24-23 Circana U.S. Multi Outlet+ with Convenience. Club 4WE 01-21-24 Promotion 4WE 02-18-24 4WE 03-17-24 4WE 04-14-24 4WE 05-12-24 4WE 06-09-24 4WE 07-07-24 4WE 08-04-24 4WE 09-01-24 4WE 09-29-24 4WE 10-27-24 4WE 11-24-24 4WE 12-22-24 4

  13. Slide 13: Premier Protein Powder Continued to Benefit From Channel Expansion

    Premier Protein Powder Continued to Benefit From Channel Expansion Despite Headwinds from Non-Core Discontinuances Premier Protein Powders $ Sales vs. Prior Year Channel 13 Weeks 52 Weeks Mass -9.9% +3.2% eCommerce +4.4% +10.9% Food -1.0% +12.2% Club +100.0% +100.0% Total Consumption (tracked channe

  14. Slide 14: Premier Protein Powders Continued Strong Growth Trajectory

    Premier Protein Powders Continued Strong Growth Trajectory Premier Protein Ready-to-Mix Powders Rolling 13 week Total $ Consumption Sales $ Volume Jun 1'2025 Dec 31'23 Jun 30'24 Feb 2'25 Dec 29'24 Jun 29'25 Aug 3'25 Mar 2'25 Oct 29'23 Nov 26'23 Jan 28'24 Mar 3'24 Mar 31'24 Dec 1'24 May 31'24 Jul 28'

  15. Slide 15: Premier Protein Powder Distribution is Healthy

    Premier Protein Powder Distribution is Healthy 250 59 60 200 50 179 50 150 146 40 % ACV TDPs 30 100 20 50 10 0 0 Total Points of Distribution ACV Weighted Distribution Notes: Circana U.S. Multi Outlet+ with Convenience. 15

  16. Slide 16: Dymatize Consumption Relatively Flat Despite Club Headwinds

    Dymatize Consumption Relatively Flat Despite Club Headwinds Dymatize $ Sales vs. Prior Year Channel 13 Weeks 52 Weeks eCommerce -1.4% +7.2% Mass +0.8% -0.4% Specialty/All Other +1.0% -9.5% Food +15.6% -1.9% Club -87.9% -34.6% Total Consumption (tracked + untracked channels) -1.5% -0.2% • Tracked and

  17. Slide 17: Total Dymatize Consumption Relatively Flat in Q4 FY2025

    Total Dymatize Consumption Relatively Flat in Q4 FY2025 Dymatize Rolling 13 week Total $ Consumption Sales $ Volume Jul 28'24 Feb 2'25 Aug 3'25 Mar 31'24 Oct 29'23 Nov 26'23 Dec 31'23 Mar 3'24 Jun 30'24 May 31'24 Sep 01'24 Sep 29'24 Nov 3'24 Dec 29'24 Mar 2'25 Mar 30'25 Apr 27'25 Jun 29'25 Jun 1'25

  18. Slide 18: Dymatize Growing Distribution Year-Over-Year

    Dymatize Growing Distribution Year-Over-Year 400 60 53 51 350 50 301 300 253 40 250 % ACV TDPs 200 30 150 20 100 10 50 0 0 Total Points of Distribution ACV Weighted Distribution Notes: Circana U.S. Multi Outlet+ with Convenience. 18

  19. Slide 19: BellRing's Complementary Powder Portfolio Remains a Strong and Meaningful Category Player

    BellRing’s Complementary Powder Portfolio Remains a Strong and Meaningful Category Player Trended Powders $ Share % eCommerce eCommerce Promotion Promotion 10% 8.7 9% 7.3 8% 7% 5.9 6% 5% 4.3 4% 2.8 3% 3.0 2% 1% % 4WE 10-29-23 4WE 11-26-23 4WE 12-24-23 4WE 01-21-24 4WE 02-18-24 4WE 03-17-24 4WE 04-14

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BellRing Brands — Q4 2025 Earnings Presentation on 6ix