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- **Revenue Resilience**: Q3 net sales $439.3M (-4.7% YoY), with base business down 2.7% YoY. Frozen & Vegetables EBITDA up $3M, Spices net sales +2.1%.
- **Divestiture Progress**: Green Giant Canada divestiture expected Q4 close. U.S. Frozen divestiture in process, targeting 20% EBITDA margin and 6x leverage by mid-2026.
- **Cost Efficiency**: $10M annualized cost savings initiative underway, with Q3 SG&A down $2M. Q4 expects additional savings from COGS and trade spending.
- **Tariff Mitigation**: Tariffs reduced EBITDA $3.5M in Q3. Pricing actions effective Nov. 2025 to offset tariffs, with elasticity ~0.5-0.6%.
- **Leverage Reduction**: Target 6x by mid-2026 (from 6.88x Q3). Long-term goal 4.5-5.5x leverage.

**【CEO Summary Section】**
- **Q3 Performance**: Net sales of $439.3 million (-4.7% YoY), adjusted EBITDA of $70.4 million (flat YoY). Base business net sales down 2.7% YoY, excluding divestitures.
- **Divestitures Impact**: Removed $10.3 million in net sales and $3.2 million in EBITDA. Green Giant Canada divestiture expected to close late Q4 or Q1 2026. U.S. Frozen & Vegetables divestiture in progress.
- **Cost Savings**: $10 million annualized cost savings initiative underway, with $2 million SG&A reduction in Q3. Q4 expects additional savings from COGS, trade spending, and SG&A.
- **Segment Highlights**: Frozen & Vegetables EBITDA up $3 million due to favorable crop costs; Spices & Seasonings net sales +2.1%, but EBITDA down due to tariffs. Crisco net sales down 4.1% but EBITDA flat.
- **Outlook**: Q4 net sales flat (excluding 53rd week), EBITDA growth. Target 2026 leverage ratio of ~6x, with long-term goal of 4.5-5.5x.

**【CFO Financial Commentary】**
- **Financials**: GAAP net income $420 million, Non-GAAP EPS $1.08. Adjusted EBITDA margin 16%. COGS as % of sales improved 40bps YoY. Tariffs reduced EBITDA by $3.5 million in Q3.
- **Leverage**: Consolidated leverage 6.88x (seasonal peak). Target 6x by mid-2026 via divestitures and EBITDA growth. 35-40% debt tied to SOFR; 100bps rate cut saves ~$7 million annually.
- **Cash Flow**: Q3 net cash from operations negative due to inventory timing. Divestiture proceeds and EBITDA growth to reduce debt.
- **Guidance**: FY25 net sales $1.82-1.84B, EBITDA $273-280M. FY26 interest expense $147.5-152.5M, CapEx $30-35M.

**【Q&A Highlights】**
- **Sales Guidance**: Narrowed range to reflect divestitures and Q3 trends. Q4 base business net sales -2% to -3% YoY, offset by 53rd week (+2-3%).
- **Tariffs & Pricing**: Tariffs reduced EBITDA $5.1M YTD. Pricing actions to offset tariffs effective Nov. 2025. Elasticity expected ~0.5-0.6%.
- **Leverage Reduction**: 6x target by mid-2026 assumes completion of Green Giant divestitures. Long-term goal 4.5-5.5x.
- **SNAP Impact**: Early signs of SNAP cuts affecting consumer spending, but impact on B&G sales unclear.
- **Working Capital**: Q3 inventory build for Crisco/Clabber offset by divestiture proceeds. Q4 leverage improvement expected.

B&G Foods, Inc. (BGS) Q3 2025 Earnings Call Transcript

Revenue

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Financing Services Revenue

Other Revenue

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Cost of Financing Services

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Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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BGS

BGS fundamentals

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