BellRing Brands (BRBR) investor relations material

Executive summary

• First quarter net sales reached $537.3 million, up 1% year-over-year, driven by strong Dymatize growth but offset by lower Premier Protein sales and increased promotional activity.

• Premier maintained a 22% RTD market share and best-in-class household penetration, while Dymatize saw 7.5% consumption growth, especially in eCommerce and international markets.

• CEO announced retirement effective by September 30, 2026, with a national search for a successor underway and transition to a Senior Advisor role through 2028.

• Operating profit declined 32% to $78.5 million and net earnings fell 43% to $43.7 million, mainly due to higher input and manufacturing costs.

• The wellness category expanded to $24 billion, now including hydration, protein coffee, shelf-stable milk, and protein treats.

Financial highlights

• Net sales for the quarter were $537.3 million, up 1% year-over-year, with adjusted EBITDA of $90.3 million and a margin of 16.8%.

• Gross profit was $160.8 million (29.9% margin), down from $199.6 million (37.5%) due to input cost inflation and unfavorable mix.

• Premier net sales declined 1.2%, while Dymatize net sales rose 15.8% on strong international performance.

• Interest expense increased to $20 million, reflecting higher borrowings.

• Cash used in operating activities was $(3.1) million, with $97 million spent on share repurchases.

Outlook and guidance

• FY2026 net sales guidance narrowed to 4%-6% growth, or $2.41-$2.46 billion.

• Adjusted EBITDA guidance updated to $425-$440 million, with margins expected to decline 300 basis points year-over-year.

• Q2 net sales growth expected at 3%-4% for both Premier and Dymatize, with second half acceleration anticipated as cost savings and innovation ramp up.

• Management expects continued inflationary pressures on input costs and tariffs to impact supply chain and commodity cost volatility.

• All prospective information is based on estimates as of February 3, 2026, and subject to significant uncertainties.