Frozen Foods Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › FROZEN FOODS

Durability Questions Outweigh Growth Across Frozen Foods

This update covers what moved, what companies announced, and what the transaction record showed in Frozen Foods over September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Frozen Foods Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › FROZEN FOODS

   This cover slide introduces the Frozen Foods bi-weekly industry events and M&A update for September 14–28, 2026.

   We open with the two-week Frozen Foods scorecard for September 14–28, 2026, covering what changed, who moved, what transacted, and what it means for your next decision.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › FROZEN FOODS Durability Questions Outweigh Growth Across Frozen Foods This update covers what moved, what companies announced, and what the transaction record showed in Frozen Foods over September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Frozen Foods Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Durability Questions Set the Tone While New Deal Activity Stayed Quiet

   This slide summarizes the two-week bottom line across five covered names, the trailing deal record, and the sector's standing valuation view.

   Every one of the five covered names fell over the period, with a median move of -2.5% against a S&P 500 return of +0.8%, telling us the pressure sat inside the sector rather than the broad market. Lamb Weston Holdings, Inc. (LW) set the low end at -10.5%, and Tyson Foods, Inc. (TSN) also moved wider than the median at -4.2%. No new sector transactions were announced, so the trailing record of 23 deals at a median of 9.4x EV/EBITDA still anchors the reference range. Our sector view holds Frozen Foods at a 7.6x CY2027E EV/EBITDA median, split between a 9.5x Premium tier and a 5.8x Discount tier — so what matters this period is durability, not growth.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Durability Questions Set the Tone While New Deal Activity Stayed Quiet The two-week period in one page · 5 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Frozen Foods Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 Every Covered Name Gave Back Ground While the Index Edged Higher 5 of 5 covered names fell; the median move was -2.5%. The S&P 500 returned +0.8% over the same two-week period. Our read: the pressure sat inside the sector rather than in the broad market. 2 Lamb Weston Set the Low End of the Range for the Period Lamb Weston Holdings, Inc. (LW) fell -10.5%, with its widest single day at -2.8% on Sep 23. Tyson Foods, Inc. (TSN) fell -4.2%, also wider than the median. 3 No New Transactions, so the Prior Record Still Sets the Reference No material sector transactions were announced during the period. The trailing record carries 23 transactions at a median of 9.4x EV/EBITDA, and that is the reference buyers and sellers are still working from. 4 The Standing View Still Puts the Premium on Margin, Not Speed NeuraCap's sector study reads Frozen Foods at a 7.6x CY2027E EV/EBITDA median, with the Premium tier at 9.5x and the Discount tier at 5.8x. The period is consistent with that thesis: what the record argued about was durability. -0.6% Best mover — The J. M. Smucker Company (SJM) worst: LW -10.5% · 0 up / 5 down of 5 covered -2.5% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   What the Decliners Say About Margin Durability, Not Growth

   This slide ranks the period's public market movers and reads what their declines say about margin durability.

   All five covered names declined this period, with the sector median at -2.5% while the S&P 500 gained +0.8%, a gap that points toward sector-specific pressure. Lamb Weston Holdings, Inc. (LW) led the drop at -10.5%, including a -2.8% single-day move on Sep 23, and Tyson Foods, Inc. (TSN) fell -4.2%. We attribute each move only to the filings and headlines recorded in the window, and where no driver is recorded we say so directly. So what: the decliners are raising margin-durability questions, not signaling a growth problem.

   Everything on this page

   PUBLIC MARKET MOVERS What the Decliners Say About Margin Durability, Not Growth Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -2.5% · S&P 500 +0.8% · materiality bar ±3.7% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Frozen Foods Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -2.5% Lamb Weston Holdings, Inc. (LW) -10.5% Shares moved following two in-window law firm announcements: a Sep 16 investigation on behalf of long-term stockholders and a Sep 28 release questioning whether insiders met their duties. Governance overhang can reprice a Core-tier branded operator faster than its underlying earnings power changes. COMPANY-SPECIFIC Tyson Foods, Inc. (TSN) -4.2% No notable in-window news was identified that clearly explains the move. At -4.2%, the decline was wider than the -2.5% median for the covered set. Even the largest operators trade with the set when buyers are testing margin durability across the sector. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Companies Spent the Period Setting up Their Next Proof Points

   This slide lists the period's highest-impact company news and catalysts with a read on why each matters.

   We track the two-week period's highest-impact events, each linked back to its filing or article so the record stands on its own. Every 'why it matters' line is a NeuraCap read, and we hold sourcing to a fixed reliability order of SEC filings, press releases and established outlets. So what: these are the proof points companies are setting up next, and they frame what to watch before the following update.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Companies Spent the Period Setting up Their Next Proof Points The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Frozen Foods Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 24 · NEWS · GlobeNewsWire Tyson Foods scheduled its fourth quarter results release and investor call for November 16 Putting a date on the full-year close gives the market a fixed point to test protein mix, cost pass-through and margin durability against. It signals management is ready to speak to the year in full. When new transactions are absent, company calendars become the sector's checkpoints. Sep 16 · NEWS · GlobeNewsWire A law firm opened an investigation of Lamb Weston Holdings, Inc. for long-term stockholders Legal and governance questions land directly on the durability case that the sector's higher multiples rest on. For a Core-tier name, that is the part of the story buyers price most carefully. Governance is part of the valuation argument, not a side item, for branded frozen portfolios. Sep 28 · NEWS · PRNewsWire A second firm questioned whether Lamb Weston insiders met their duties to shareholders A second release in the same window keeps attention on oversight rather than operations. Our read: it lengthens the period over which the company has to re-establish the durability story. Repeat items on the same theme extend the time it takes for an operating story to be heard again. Sep 25 · NEWS · PRNewsWire The J. M. Smucker Company leaned its coffee, pet and snacking brands into fall demand Pushing branded portfolio strength into a seasonal window is exactly the margin-led play the standing thesis says the market pays for. It shows where a Premium-tier name puts its commercial effort. Branded pull and mix, not volume alone, are what the higher multiples in this set have tracked. Sep 28 · NEWS · 24/7 Wall Street Smucker's capital-return durability moved into the spotlight in sector payout commentary For a Premium-tier name, the ability to keep funding returns out of branded margin is part of the valuation case. The commentary puts the focus on whether portfolio economics can carry that load. Capital-return durability is read as a signal about margin quality across the sector. Sep 22 · NEWS · PRNewsWire Nomad Foods announced an Analyst and Investor Day in New York City for October 6 Management has chosen to lay out a multi-year growth strategy in front of investors. For a Core-tier name, that is a direct attempt to move the argument from growth to durability of economics. Operators are opting to explain the shape of their margins rather than wait to be re-rated.

5. 05
   M&A & STRATEGIC ACTIVITY

   The Reference Set Rests on the Prior Record, Not on New Prints

   This slide reviews the trailing M&A and strategic activity record, since no new transactions were announced in the period.

   No new sector transactions were announced during September 14–28, 2026, so the reference set rests on the prior record rather than fresh prints. That record carries 23 transactions at a median of 9.4x EV/LTM EBITDA, and deal multiples are LTM at announcement where disclosed. We read 'why the deal happened' from the recorded evidence only, and we do not re-present old transactions as news. So what: buyers and sellers are still pricing off this same 9.4x reference until a new deal resets it.

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   M&A & STRATEGIC ACTIVITY The Reference Set Rests on the Prior Record, Not on New Prints September 14–28, 2026 · precedent transactions: 23 recorded deals · median 9.4x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Frozen Foods Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The reference set therefore still rests on 23 trailing precedent transactions at a median of 9.4x EV/EBITDA. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 23 Recorded precedent transactions the reference set buyers and sellers price against 9.4x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What This Two-Week Period Changes for You

   This slide translates the two-week period into implications for owners, acquirers and advisors.

   For owners and operators, the period put margin mix under the light — which lines carry value-added economics versus commodity pack, and how cost moves pass through. For acquirers, the absence of new prints means the 23 trailing precedent transactions at a median of 9.4x EV/EBITDA remain the working benchmark. For advisors, the evidence is direct: 5 of 5 covered names fell, the median move was -2.5%, and the S&P 500 returned +0.8%, with Lamb Weston Holdings, Inc. (LW) at -10.5% showing how fast a single question can crowd out an operating story. So what: durability evidence, not the growth narrative, is what should lead the next conversation.

   Everything on this page

   WHAT IT MEANS What This Two-Week Period Changes for You The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Frozen Foods Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 7.6x 6 companies in the study 3 valuation tiers Standing thesis: Frozen Foods: the Higher Multiples Sit With the Higher-Margin Branded Portfolios, and Not With the Faster Growers FOR OWNERS & OPERATORS Margin Mix Is the Lever This Period Put Under the Light The questions in the record were about durability: which lines earn value-added economics and which stay commodity pack, how much of the book sits in chain foodservice versus retail shelf, and where input cost moves pass through. FOR ACQUIRERS No New Prints, so the Existing Record Still Anchors the Range With no transactions announced in the window, the 23 trailing precedent transactions at a median of 9.4x EV/EBITDA remain the benchmark. FOR ADVISORS Lead with Durability Evidence, Not the Growth Slide The period's evidence is straightforward: 5 of 5 covered names fell, the median move was -2.5%, and the S&P 500 returned +0.8%. Lamb Weston Holdings, Inc. (LW) at -10.5% shows how quickly governance questions crowd out an operating story.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide sets out the sources, methodology and important notice behind the bi-weekly update.

   Every figure in this update links back to the record it was taken from, and we list the publishers and filings drawn on for the period. Market data runs through 2026-09-28, and driver attributions use calibrated language reflecting NeuraCap's read of the recorded evidence. So what: this page is where you can verify any number before acting on it.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Frozen Foods Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 1 name below the floor was excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T140244Z_495_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: globenewswire.com · prnewswire.com · 247wallst.com

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