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- **Q4 2025 Performance**: Adjusted EBITDA $57.4M, sales $410.2M (-3.9% YoY), driven by frozen beverage decline. Pretzel sales +2.7% YoY.
- **Project Apollo Savings**: $20M+ annualized by 2026, with $15M from plant closures. 1-1.5% sales impact in 2026.
- **Innovation Success**: Dippin' Dots retail launch adds $5M, theater distribution expands to 1,600 locations.
- **Frozen Novelty Challenges**: Retail decline due to consumer caution, but improving trends with new products.
- **Financial Strength**: $106M cash, no debt. Share repurchases to accelerate in Q1 2026.

**【CEO Summary Section】**
- **Q4 2025 Results**: Adjusted EBITDA of $57.4 million on sales of $410.2 million, down 3.9% YoY. Frozen beverage business decline due to lapping Inside Out 2 movie success. Pretzel sales growth (2.7% YoY) offset部分 decline.
- **Project Apollo**: $20M+ annualized savings via plant closures (Holly Ridge, Atlanta, Colton), with $15M from manufacturing consolidation and $3M from distribution. Phase 2 focuses on automation and tech modernization.
- **Innovation Highlights**: Dippin' Dots retail launch, SUPERPRETZEL enhancements, and new protein pretzels. Theater distribution expansion with 1,600+ locations.
- **Share Repurchases**: $3M in Q4, with plans to accelerate in Q1 2026 due to attractive valuations.

**【CFO Financial Commentary】**
- **Q4 Financials**: Gross profit $130.2M (-4.0% YoY), operating expenses $118.8M (+24.0% YoY) due to Apollo-related charges. Adjusted EBITDA $57.4M (-3.9% YoY). Effective tax rate 4.8% (vs. 26.8% prior year).
- **Segment Performance**: Foodservice (+1.6% YoY), Retail (-8.1% YoY), Frozen Beverage (-8.3% YoY). Pretzel dollar share +1% QoQ. Dogsters sales up.
- **Full Year 2025**: Sales $1.58B (+0.5% YoY). Adjusted EBITDA $180.9M (-10.0% YoY). Strong cash position ($106M) with no debt.

**【Q&A Key Highlights】**
- **Project Apollo Impact**: 1-1.5% sales decline in 2026 due to portfolio optimization, offset by $15M savings by Q2. Gross margin target mid-30s%.
- **Frozen Novelty Challenges**: Retail decline due to consumer caution, but improving trends with new innovations (LUIGI'S mini pops, Dippin' Dots expansion).
- **Automation Plans**: Phase 2 automation in 2027 to enhance plant efficiency. CapEx in line with 2025 levels, with focus on growth and efficiency.
- **Capital Allocation**: Balanced approach between growth, M&A, and returns. No imminent M&A, but share buybacks to accelerate in Q1 2026.

J&J Snack Foods Corp. (JJSF) Q4 2025 Earnings Call Transcript

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