The Campbell’s Company (CPB) Barclays 19th Annual Global Consumer Conference summary

Strategic context and consumer trends

• Consumer behavior has shifted toward value and intentional purchases, impacting snack growth and benefiting meals and beverage through the semi-scratch cooking trend.

• Focus on core consumers and brand activation, especially for Goldfish and Rao's, is central to the strategy.

• Portfolio management now emphasizes resource allocation to brands with the strongest right to win.

• Leadership structure has been revamped, with category-focused teams and a growth office to drive commercial capabilities.

• Relentless consumer focus and rapid innovation are prioritized to meet evolving needs.

Financial outlook and operational milestones

• FY '27 is expected to be a transition year with organic sales down 2–4%, EBIT down 7–2%, and EPS down 17–24%.

• Gross margin stabilization and expansion, especially in the second half, are key milestones for recovery.

• Q1 will be challenging due to lack of pricing and snack volume declines; improvement is expected from Q2 as pricing and cost savings take effect.

• Cost savings program targets $500 million by 2030, with $150 million from previous initiatives and $350 million in new savings, including headcount reductions and procurement projects.

• Leverage reduction to 3x is targeted within 3–4 years through dividend cuts, working capital improvements, and disciplined CapEx.

Brand and segment performance

• Goldfish is stabilizing and returning to growth through targeted marketing, innovation, and omni-channel execution.

• Salty snacks remain challenged; focus is on core strengths like Snyder's unflavored pretzels and deli-positioned Snack Factory.

• Rao's continues to grow in sauce and adjacent categories, with ongoing investment in brand building and innovation.

• Meals and beverage benefit from the semi-scratch trend, with new product launches and expanded relevance beyond holidays.