John B Sanfilippo & Son (JBSS) investor relations material

Company overview and operations

• Over 100 years old, the business is the largest vertically integrated nut processor in the U.S., with five manufacturing facilities and a broad product portfolio including nuts, trail mixes, snack bars, and confections.

• Annual sales reached $1.1 billion, with over 1 billion pounds of products manufactured yearly and distribution in over 200 retailers nationwide.

• Unique capabilities include 75+ processing lines, 40+ packaging lines, and multiple packaging formats, supporting both branded and private label products.

• Investment in consumer insights and category management enables tailored solutions for retailers and adaptation to consumer trends.

• Commodity procurement expertise helps mitigate market volatility, as there are no hedging options for nut commodities.

Financial performance and capital allocation

• Pounds sold have grown at a 3.5% CAGR over 10 years, with gross margin rising from 15% to over 18%, and EPS at a 6.8% CAGR.

• EBITDA has remained around $100 million since FY 2021, with FY 2025 near record highs.

• Over $40 per share in dividends paid since 2012, with regular dividends increasing annually and supplemented by special dividends.

• CapEx typically ranges $20–25 million, but FY 2025 saw $50 million invested in new snack bar lines, with additional capacity coming online in late 2026.

• Debt-to-equity has decreased by 50% since FY 2015, and debt-to-EBITDA is well below one, supporting future growth opportunities.

Strategic channel and product focus

• Consumer channel share grew from 60% in FY 2015 to 82% in FY 2025, driven by a strategic shift from commercial ingredients and contract manufacturing.

• Snack and trail mixes grew from 12% to 24% of the portfolio over 12–13 years; snack bars, launched two years ago, now account for 14% of sales.

• Private label dominates, comprising 83% of business, with branded products at 17%; focus remains on expanding private label, especially in bars.

• Bar category is a major growth area, with private label share in bars at 12% but rising, and significant investments in protein and kid-friendly bars.

• Acquisition of a mainstream bar business accelerated diversification, with a payback period expected in 4–5 years.