Treehouse Foods — Q2 2025 Earnings Presentation
24 slides from Treehouse Foods's earnings presentation, Jul 31, 2025
Slide 1: Q2 Results and 2025 Outlook
Q2 Results and 2025 Outlook July 31, 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 Q2 2025 Adjusted Net Sales of $801.4 million and 1 Adjusted EBITDA of $73.3 million Progressing on supply chain, margin management and other 2 efficiency initiatives to drive profitability and cash flow improvement TreeHouse is well positioned to deliver on secon
Slide 4: Q2 2025 Results
Q2 2025 Results Key Q2 2025 Highlights Metric Q2 Guidance Result • Adjusted Net Sales above upper-end Adjusted $785 million to $800 million $801.4 million of guidance range Net Sales • Adjusted EBITDA above upper-end of Adjusted EBITDA $61 million to $71 million $73.3 million guidance range • Contin
Slide 5: Pricing & Margin Management Choices Impacting Volumes
Pricing & Margin Management Choices Impacting Volumes Private Brand vs. National Brand Sales Growth, THS Categories (excluding Griddle) (Shown in percentage points) TOTAL 4.1% SALES GROWTH: 3.6% 3.9% 2.6% 3.3% 2.9% 3.0% 1.0% 2.2% 1.9% 5.8% 4.4% 1.6% 3.6% 1.1% 1.3% 1.8% 3.7% 3.3% 2.3% 2.1% 2.3% 1.5%
Slide 6: Private Brands Fundamentals Remain Constructive
Private Brands Fundamentals Remain Constructive Private Brands Dollar Share Flat vs Private Brands % Price Gap Still Above Promotional Activity Running in-line Prior Year in THS Categories Historical Levels in THS Categories with Prior Year in THS Categories 2019 2024 2025 2019 2024 2025 2019 2024 2
Slide 7: National Brand Promotion Below Historical Levels
National Brand Promotion Below Historical Levels NB % Promo Sales of Total Sales in THS Categories: COVID-19 39.8 40 37.2 36.5 35.7 35 34.1 30 30.6 Q2 2025 25 20 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23 ’24 ’25 Source: Circana Syndicated POS
Slide 8: 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 9: 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 Focused on private & beverage private brand ‘Overjoyed’ brand in 20 years +800 ~$56B stores to be added by brand launched end of 2028 in 1995 Sources: W
Slide 10: 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 11: Adjusted Net Sales and Profit Increase Year-Over-Year
Adjusted Net Sales and Profit Increase Year-Over-Year ADJUSTED NET SALES ADJUSTED EBITDA ADJUSTED EBITDA MARGIN Increased 1.4% to $801.4M Increased 3.8% to $73.3M Increased 20 bps to 9.1% $73.3M +3.8% +1.4% $801.4M +20 bps 9.1% $70.6M $789.9M 8.9% 2024 2025 2024 2025 2024 2025 Q2 Q2 Q2 Q2 Q2 Q2 Char
Slide 12: Adjusted Net Sales Performance Drivers
Adjusted Net Sales Performance Drivers Q2 2025 Margin Management (2.6)% Q2 year-over-year net sales drivers Consumption / Other (2.4)% Griddle Recall service impacts (1.2)% • Volume/mix of (6.2)% was negatively impacted by planned margin Volume/Mix (6.2)% management activities and the Acquisition 4.
Slide 13: Supply Chain Savings Driving EBITDA Performance
Supply Chain Savings Driving EBITDA Performance $2.9 M $73.3 M $70.6 M $10.6 M ($1.1) M ($9.7) M Q2 ‘24 Vol / Mix PNOC Operations & SG&A and Q2 ‘25 Adjusted (incl. Harris Tea) Supply Chain Other Adjusted EBITDA EBITDA Chart not drawn to scale. Adjusted EBITDA is a non-GAAP financial measure. See “Co
Slide 14: 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 15: Full Year 2025 and Q3 2025 Outlook
Full Year 2025 and Q3 2025 Outlook FY 2025 Q3 2025 Guidance Guidance Adjusted Net Sales $3.360 to $3.415 billion $840 to $870 million Approx. (0.5)% to +1.0% growth Approx. Flat at mid-point Adjusted EBITDA $345 to $375 million $90 to $110 million Approx. +2.0% to +11.0% growth Approx. (2.0)% at mid
Slide 16: Key Takeaways
KeyTakeaways Key Takeaways Delivered Q2 2025 Adjusted Net Sales of $801.4 million and 1 Adjusted EBITDA of $73.3 million Progressing on supply chain, margin management and other 2 efficiency initiatives to drive profitability and cash flow improvement TreeHouse is well positioned to deliver on secon
Slide 17: Appendix
Appendix © 2025 TreeHouse Foods, Inc. 17
Slide 18: 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 compensation, or in determining earnings estimates. This information is provided in order to allow investors to make Non-GAAP
Slide 19: Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
TREEHOUSE FOODS, INC. RECONCILIATION OF NET LOSS TO EBITDA AND ADJUSTED EBITDA Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (unaudited, in millions) Net loss (GAAP) $ (2.9) $ (16.7) $ (34.7) $ (28.4) Interest expense 22.2 15.6 41.5 31.2 Interest income (0.2) (0.1) (3.0)
Slide 20: Reconciliation of Non-GAAP Measures
TREEHOUSE FOODS, INC. RECONCILIATION OF NON-GAAP MEASURES Three Months Ended June 30, 2025 Total Income tax operating Operating 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 reported
Slide 21: Reconciliation of Non-GAAP Measures
TREEHOUSE FOODS, INC. RECONCILIATION OF NON-GAAP MEASURES Three Months Ended June 30, 2024 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 re
Slide 22: Reconciliation of Non-GAAP Measures
TREEHOUSE FOODS, INC. RECONCILIATION OF NON-GAAP MEASURES Six Months Ended June 30, 2025 Total Income tax operating Operating 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 reported (G
Slide 23: Reconciliation of Non-GAAP Measures
TREEHOUSE FOODS, INC. RECONCILIATION OF NON-GAAP MEASURES Six Months Ended June 30, 2024 Total Income tax operating Operating Total other (benefit) Net (loss) (Unaudited, in millions, except per share amounts) Net sales Cost of sales Gross profit expenses (loss) income expense expense income As repo
Slide 24: Reconciliation of Net Cash Used in Operating Activities to Free Cash Flow
TREEHOUSE FOODS, INC. RECONCILIATION OF NET CASH USED IN OPERATING ACTIVITIES TO FREE CASH FLOW Six Months Ended June 30, 2025 2024 (unaudited, in millions) Cash flow used in operating activities (GAAP) $ (100.7) $ (71.8) Capital expenditures (54.0) (51.1) Proceeds from sales of fixed assets 4.8 1.4