Frozen Foods Sector Outlook — September 2026

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CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › FROZEN FOODS

Frozen Foods: Margin Quality Marks the Valuation Line

How the market is currently pricing branded frozen portfolios against the supply base behind them, and what the transaction record adds to that read.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Frozen Foods Coverage | September 2026 | Confidential | Not investment advice

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1. 01
   CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › FROZEN FOODS

   Frozen Foods: Margin Quality Marks the Valuation Line

   Cover slide introducing the Frozen Foods sector outlook and its central finding on margin quality and valuation.

   We open this outlook by showing that in Frozen Foods, margin quality — not growth — is what has been driving valuation. That is the thread we carry through every slide that follows, so it is worth holding onto going into the rest of the deck.

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   CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › FROZEN FOODS Frozen Foods: Margin Quality Marks the Valuation Line How the market is currently pricing branded frozen portfolios against the supply base behind them, and what the transaction record adds to that read. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Frozen Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This slide lists the five sections and appendix that make up the report, starting with the bottom line.

   We put the bottom line first so a reader who only has a few minutes still leaves with the complete story. From there we walk through the landscape, the valuation picture, the precedent deals and the strategic implications, each building on the last. That sequencing means every section stands on its own, but together they make the case tighter.

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   CONTENTS What This Report Covers 01 The Bottom Line Where the Money Sits in Frozen Foods: With the Wider-Margin Branded Portfolios 02 The Landscape Five of the Six Names Compete for the Same Freezer Door 03 Valuation & Situations The Forward Range Is Narrow, and One Name Holds Each End of It 04 Precedent Transactions What Buyers Agreed to Pay Has Swung Hard Across the Record 05 Strategic Implications Margin Progress Is What This Market Has Been Rewarding 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Frozen Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Frozen Foods: The Higher Multiples Sit with the Higher-Margin Branded Portfolios, and Not with the Faster Growers

   This slide states the report's core finding: higher multiples sit with higher-margin branded portfolios, not with faster growers.

   Across the four rated names, EV/EBITDA on CY2027E consensus separates on margin far more cleanly than it separates on growth. That is the single finding this report is built to support, and every page after this one supplies the evidence behind it. For an owner or an acquirer, it reframes the conversation away from top-line pace and onto the durability of the margin line — so what matters next is which levers move that margin.

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   01 · THE BOTTOM LINE Frozen Foods: The Higher Multiples Sit with the Higher-Margin Branded Portfolios, and Not with the Faster Growers The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (4 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Frozen Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Nearly the Whole Set Runs the Same Business Model Five of the six companies here are branded multi-category frozen portfolios, 83% of the set, competing for the same finite freezer door space at most planogram resets. One name, Tyson Foods, Inc. (TSN), sits on the grower-packer side, supplying crop into the freezer rather than holding the shelf. 2 Forward Estimates Already Credit Growth, so Price Here Is About Durability The middle of the set sits at 7.6x EV / EBITDA on CY2027E, measured on the 4 companies with a forward estimate out of the six on the page. A forward multiple already credits forecast growth, so a premium that survives it points to earnings that buyers expect to hold rather than to pace on the top line. 3 The Wider Margins and the Higher Multiples Sit Together Among the 4 companies with a forward estimate, EBITDA margin runs from 23% at the top to 11% at the bottom, and the two names above the middle on price are the same two above the middle on margin. That is an association in a small set, not proof of cause, but it is the pattern the market is currently showing. 4 Buyers Agreed to Pay Far More in the Last Cycle than in the Recent Ones Across the 8 transactions in the record, the two most recent announced deals carry 4.6x and 9.4x EBITDA, while the 2016 to 2018 group of branded and meals assets sits in the low-to-mid teens. Announced terms only, and the mix of assets differs, so read the spread as two different kinds of asset rather than one market repricing. 7.6x Sector median EV/EBITDA CY2027E consensus · 4 rated of 6 companies 9.5x Premium end EV/EBITDA vs 5.8x at the discount end top quartile (n=1) against bottom quartile (n=1) on EV/EBITDA — the spread the report explains 8 Transactions with disclosed terms 23 recorded in this tier · 0 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Section divider introducing the market map: five branded portfolios and one grower-packer competing for freezer space.

   This section maps the competitive set before we get into pricing. Five of the six names hold branded, multi-category frozen portfolios competing for the same shelf space, while one supplies the crop that feeds it.

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   SECTION 02 02 THE LANDSCAPE Five of the Six Names Compete for the Same Freezer Door Branded multi-category frozen portfolios carry the set; one name supplies crop into the freezer behind them. 02 of 06 Frozen Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   One Shelf Group Carries the Set, and a Grower-Packer Feeds It

   This slide groups the six approved companies by business segment and shows the median EV/EBITDA for each group.

   We group the set by what each company actually does, not just by ticker, because the shelf side and the supply side are priced on different logic. One group carries the branded shelf presence; the other feeds it as a grower-packer. That distinction is why a single sector multiple understates how differently this market prices these two roles — so any comparison has to start at the segment level.

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   02 · MARKET MAP One Shelf Group Carries the Set, and a Grower-Packer Feeds It 6 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Frozen Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 BRANDED MULTI-CATEGORY FROZEN PORTFOLIOS 5 cos median 7.6x The J. M. Smucker (SJM) Lamb Weston (LW) Nomad Foods (NOMD) Seneca Foods (SENEA) Bridgford Foods (BRID) These are the names holding freezer door space across several categories, where value-added pack mix, scan velocity and trade spend efficiency decide the earnings line. GROWER-PACKER CROP SUPPLY INTO THE FREEZER 1 cos no rated names Tyson Foods (TSN) This is the supply side of the same aisle, where contracted acreage, yield and commodity pass-through timing shape what reaches the freezing line.

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   02 · LANDSCAPE

   The Shelf Side and the Supply Side Are Priced on Different Things

   This slide compares segment-level EV/EBITDA medians between the shelf side and the supply side of the set.

   The branded shelf businesses and the grower-packer supply side sit on different pricing logic, and the segment medians make that visible in one view. Full company-level detail sits in the appendix for anyone who wants to trace a single name. The practical takeaway is that blending the two sides into one sector average would hide the real driver of value here.

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   02 · LANDSCAPE The Shelf Side and the Supply Side Are Priced on Different Things Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Frozen Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Branded multi-category frozen portfolios 5 83% 7.6x The J. M. Smucker Company (SJM) · Lamb Weston Holdings, Inc. (LW) · +3 more Five names, one freezer aisle. This group is 83% of the set and includes every ranked name on the valuation page. Value here is built on defended freezer door space, conversion from commodity pack toward prepared and handheld formats, and the ability to serve branded, private label and co-manufacturing demand off shared lines. Grower-packer crop supply into the freezer 1 17% — Tyson Foods, Inc. (TSN) One supplier into the freezer. A single name, 17% of the set, sitting upstream of the shelf rather than on it. The economics turn on contracted acreage near the plants, raw input yield and whether input cost moves pass through on contract, and no forward EBITDA estimate is carried here.

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   SECTION 03

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   Section divider introducing the valuation section: a narrow forward multiple range with one name at each end.

   We now turn from who competes with whom to how the market is actually pricing them. Four of the six companies carry a forward EBITDA estimate for CY2027E, and the range between the top and bottom of that group is where the rest of this section lives.

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   SECTION 03 03 VALUATION & SITUATIONS The Forward Range Is Narrow, and One Name Holds Each End of It Six companies on the page, four of them carrying a forward EBITDA estimate for CY2027E. 03 of 06 Frozen Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Buyers Separate These Frozen Names Widely on Forward Valuation, Top End to Bottom End

   This slide ranks the four rated companies by EV/EBITDA (CY2027E) against a sector median of 7.6x.

   The rated set spreads widely from top to bottom on a forward basis, with a sector median of 7.6x anchoring the middle. Because this is a forward multiple, it already prices in expected growth — so a name that still commands a premium here is being priced on the durability of its earnings, not just its growth rate. That is the distinction the rest of this section tests directly.

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   03 · PUBLIC MARKET VALUATION Buyers Separate These Frozen Names Widely on Forward Valuation, Top End to Bottom End EV / EBITDA (CY2027E) · all 4 rated companies, sorted descending · sector median 7.6x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (4 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Frozen Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 9.5x CORE · median 7.6x DISCOUNT · median 5.8x Sector median 7.6x WHAT SEPARATES THE TWO ENDS One name holds the top. The J. M. Smucker Company (SJM) is marked at 9.5x EV / EBITDA on CY2027E, the top of the range among the 4 companies with a forward estimate. It also sits at the top of the margin range in this set, so price position and margin position are sitting together at that end. One name holds the bottom. Seneca Foods Corporation (SENEA) is marked at 5.8x on the same basis, the bottom of the range among the 4 companies with a forward estimate. Its forward growth figure, 4%, is the top of the growth range here, so in this sample price and growth point in opposite directions. The forward lens already credits growth. A CY2027E multiple prices next year's expected earnings, so growth that analysts already expect is inside the number. What survives that test is durability: freezer door space that holds at reset, contract volume that renews, and a conversion cost base that does not give back the pricing it recovered.

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   03 · VALUATION DRIVERS

   The Set Separates on Margin, and Barely at All on Growth

   This slide splits the rated set into growth cohorts and margin cohorts and compares their median EV/EBITDA.

   When we cut the rated set by revenue growth, the multiples barely move; when we cut it by EBITDA margin, they separate clearly. That pattern is an association we observe in a small set, not a proven cause, but it is consistent with what the bottom line states. For an owner, it points squarely at margin as the lever worth working, rather than at growth alone.

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   03 · VALUATION DRIVERS The Set Separates on Margin, and Barely at All on Growth Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Frozen Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Margin Runs from 23% at the Top Down to 11% at the Bottom Across the 4 companies with a forward estimate, EBITDA margin reads 23%, 19%, 16% and 11%. The two above the middle on margin are the two above the middle on price, which is association in a four-name set rather than a proven mechanism, but it is the spread an owner is being read against. Growth Is Close to Flat, so It Sorts This Set Very Little Forward growth across the 4 companies with a forward estimate runs from 0% to 4%, a band narrow enough that it separates little. The name carrying the top of that growth band sits at the bottom of the valuation range, so a growth-led case is not simply weaker here, it is pointing the other way. Value-Added Pack Mix Is the Lever Inside the Margin Line Conversion from commodity pack toward prepared and handheld formats, yield recovery already invested and proven, and co-manufacturing volume off shared lines are the operating moves that show up in the margin column. Buyers in this sector underwrite normalized EBITDA, so pass-through timing and pack-season inventory build get negotiated hard. The Supply Side Carries a Different Margin Structure Entirely Tyson Foods, Inc. (TSN) sits at 6% EBITDA margin and carries no forward estimate in this set, reflecting a business whose economics run through contracted acreage, raw input yield and commodity pass-through rather than shelf position. It is a reminder that upstream and shelf assets are not read on the same ruler.

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    03 · SITUATION MAP

    Price Position and Margin Position Are Sitting in the Same Place

    This slide places each rated company on a grid of price position against margin position, split at the sector median and the covered margin median.

    Plotting price position against margin position on the same page shows the two sitting in the same place for this set. We present this as an observation, not a recommendation — where a name lands here is a starting point for a conversation, not a conclusion in itself. It gives owners and acquirers a shared, evidence-based map to work from before they get into deal-specific detail.

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    03 · SITUATION MAP Price Position and Margin Position Are Sitting in the Same Place Cut on EV / EBITDA vs the sector median (7.6x) (rows) and EBITDA margin vs the covered median (17%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Frozen Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Above on Price, Above on Margin Above-median multiple · above-median EBITDA margin 2 names The J. M. Smucker Company (SJM) · Lamb Weston Holdings, Inc. (LW) The J. M. Smucker Company (SJM) and Lamb Weston Holdings, Inc. (LW) sit above 7.6x forward EBITDA and above the 17% margin line. For an owner, this is the position that defended freezer door space, chain contract volume and value-added pack mix are associated with in this set. Above on Price, Below on Margin Above-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Below on Price, Above on Margin Below-median multiple · above-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Below on Price, Below on Margin Below-median multiple · below-median EBITDA margin 2 names Nomad Foods Limited (NOMD) · Seneca Foods Corporation (SENEA) Nomad Foods Limited (NOMD) and Seneca Foods Corporation (SENEA) sit below the middle on both measures. The operating question in this cell is where the next point of margin comes from: pack mix, yield recovery, trade spend efficiency or contract pricing that holds through an input move.

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    03 · THE AGENDA

    Pack Mix, Channel and Capacity Are Where This Market Is Reading Value

    This slide frames the questions an owner or acquirer should resolve around pack mix, channel and capacity.

    Based on the cohort patterns shown earlier, we set out the questions worth resolving on pack mix, channel exposure and capacity strategy. These are framed as questions, not directives, because the right answer depends on each company's specific position. Working through them systematically is what turns this section's observations into an actual plan.

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    03 · THE AGENDA Pack Mix, Channel and Capacity Are Where This Market Is Reading Value NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Frozen Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Settle Which Lines Earn Value-Added Economics and Which Stay Commodity Pack The margin spread in this set is wide enough that pack mix is worth resolving line by line. Prepared and handheld formats carry different conversion cost and different shelf behaviour from commodity pack, and the two ends of this set look different on exactly that column. What changes the answer: A format conversion that holds its margin through a full pack season changes how the line should be weighted. Decide How Much of the Book Should Sit in Chain Foodservice Versus Retail Shelf Long-dated chain supply agreements with volume commitments and retail branded velocity behave differently under pressure, and capability rarely transfers cleanly between them. Which channel carries the volume shapes plant scheduling, customer concentration and how a buyer would underwrite the earnings. What changes the answer: A major contract renewal or a planogram reset outcome is the evidence that settles the weighting. Choose Between Building Freezing Capacity and Acquiring It Freezing lines, blast tunnels and cold storage are capital-intensive, and refrigerant and energy efficiency rules impose scheduled investment regardless. Whether the next increment of capacity is built or bought is a capital allocation call with a very different cash profile on each path. What changes the answer: A regional processor coming available near contracted acreage shifts the build-versus-buy answer. Fix Where Input Cost Moves Pass Through, and Where They Do Not Commodity exposure without contractual pass-through is one of the clearest detractors buyers price in this sector. Mapping which contracts reset on a lag, which reset on an index and which do not reset at all tells you how much of your margin line is genuinely yours to defend. What changes the answer: An input spike that reaches the price list inside one cycle is the proof point.

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    SECTION 04

    04

    Section divider introducing the precedent transaction record spanning 2016 to 2025.

    We move now from public market pricing to what buyers have actually agreed to pay. Eight transactions with disclosed terms span 2016 to 2025, and the swings across that record are as informative as the levels themselves.

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    SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Agreed to Pay Has Swung Hard Across the Record Eight transactions from 2016 to 2025, all recorded on announced terms. 04 of 06 Frozen Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    What Buyers Agreed to Pay for Whole Companies Sets the Benchmark in Frozen Foods

    This slide walks through three of the eight disclosed transactions as case studies on LTM multiples at announcement.

    We tell three of the eight disclosed transactions as case studies because the announced terms show real buyer conviction at a point in time. These multiples sit on LTM financials at announcement, so they are not directly comparable to the forward public-market basis used elsewhere in this report — we make no claim about a spread between the two. What they do show is how differently buyers have priced branded assets versus supply-side capacity, which is the reference point for anyone underwriting a deal in this space.

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    04 · DEAL CASE STUDIES What Buyers Agreed to Pay for Whole Companies Sets the Benchmark in Frozen Foods 3 of 8 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 29 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 15 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Frozen Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Apr-2025 n/a Deprez Family acquires Greenyard NV EV / LTM revenue 0.7x EV / LTM EBITDA 4.6x WHY THE DEAL HAPPENED Deprez Family moved for Greenyard NV in Apr-2025; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price. Oct-2023 n/a Nature’s Touch Frozen Foods LLC acquires SunOpta’s Frozen Fruit Assets EV / LTM revenue n/a EV / LTM EBITDA 9.4x WHY THE DEAL HAPPENED Nature’s Touch Frozen Foods LLC moved for SunOpta’s Frozen Fruit Assets in Oct-2023; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price. Jan-2018 n/a Capital Square Partners acquires Green Isle Foods Ltd EV / LTM revenue n/a EV / LTM EBITDA 5.9x WHY THE DEAL HAPPENED Capital Square Partners moved for Green Isle Foods Ltd in Jan-2018; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price.

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    SECTION 05

    05

    Section divider introducing the strategic implications an owner can act on around margin.

    The final analytical section turns the evidence toward action. It sets out what pack mix, channel and capacity decisions this data actually supports for an owner working in this sector today.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Margin Progress Is What This Market Has Been Rewarding What the evidence supports about pack mix, channel and capacity for an owner in this sector. 05 of 06 Frozen Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Mix, Pricing and Margin Quality Are the Levers Frozen Foods Owners Can Move Themselves

    This slide sets out the mix, pricing and margin-quality levers frozen foods owners can act on directly.

    These are the levers this report's evidence points to, and they are ones an owner can move without waiting for the market to reprice around them. We frame them as questions for the next twelve months, grounded in the cohort and transaction patterns shown earlier, not as a checklist independent of the data. Acting on margin quality — mix, pricing durability, pass-through — is the thread that ties every prior section back to something an owner or acquirer can actually do.

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    05 · STRATEGIC IMPLICATIONS Mix, Pricing and Margin Quality Are the Levers Frozen Foods Owners Can Move Themselves NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Frozen Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Your Margin Line Is the Column This Market Is Reading You On In this set the names above the middle on price are the names above the middle on margin, and growth is too flat across the four rated names to sort anybody. The practical work is the next point of margin: pack mix, yield recovery, trade spend efficiency and pricing that holds through an input move. FOR MANAGEMENT TEAMS Defend the Door Space, Then Change What Goes Through It Freezer door space is finite and contested at every reset, and it is the platform on which value-added conversion earns anything. Scan velocity per point of distribution, case fill and on-time in-full performance are the operating measures that keep the door and make the conversion possible. FOR ACQUIRERS AND BOARDS The Record Rewards Branded Shelf Assets Differently from Capacity Assets Recorded terms in this transaction record separate branded portfolios with established retail presence from produce and processing platforms bought largely for capacity and volume. Underwriting normalized EBITDA, with pass-through timing and pack-season working capital built in properly, is where the negotiation actually happens.

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    SECTION 06

    06

    Section divider introducing the full comparables set, methodology and sources behind the report.

    The final section is the reference material behind everything shown so far. It carries the complete comparables detail, the valuation basis, and where each underlying disclosure lives.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Frozen Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This appendix table lists all six comparable companies grouped by valuation tier on EV/EBITDA (CY2027E).

    Every rated name behind this report's charts is listed here, with tickers linking to the underlying source. Four names carry an eligible multiple; two do not, and are listed in the companion workbook instead. This is where a client can trace any figure in the body back to its source company.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (7.6x); amber marks below · 4 rated companies; 2 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 4 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Frozen Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥8.6x · median 9.5x · 1 companies The J. M. Smucker Company SJM Branded multi-category frozen portfolios $19.9B 9.5x 0% 23% 23 CORE — 6.7x–8.6x · median 7.6x · 2 companies Lamb Weston Holdings, Inc. LW Branded multi-category frozen portfolios $9.9B 8.3x 1% 19% 19 Nomad Foods Limited NOMD Branded multi-category frozen portfolios $3.9B 6.9x 2% 16% 18 DISCOUNT — <6.7x · median 5.8x · 1 companies Seneca Foods Corporation SENEA Branded multi-category frozen portfolios $1.2B 5.8x 4% 11% 15

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix table lists all eight disclosed-terms transactions in the precedent record, newest first.

    This table carries every disclosed-terms transaction behind the deal analysis shown earlier, ordered newest first, with deal values linking to the underlying filing. Transactions without a disclosed value or multiple are kept in the companion workbook rather than listed here. It is the complete record a client needs to check any multiple quoted in the body.

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    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 8 transactions with disclosed terms in this tier (23 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 29 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 15 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Frozen Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2025 Deprez Family → Greenyard NV n/a 0.7x 4.6x The Deprez Family's announced acquisition of Greenyard NV is recorded at 4.6x EBITDA and 0.7x revenue, the low end of this record. A produce and processing group reads closer to capacity and volume than to a branded frozen portfolio, and the recorded terms sit… Oct-2023 Nature’s Touch Frozen Foods LLC → SunOpta’s Frozen Fruit Assets n/a n/a 9.4x Nature’s Touch Frozen Foods LLC announced the purchase of SunOpta’s Frozen Fruit Assets at a recorded 9.4x EBITDA. A specialist buying individually quick frozen fruit capacity from a larger group is the familiar carve-out pattern in this sector, where a sub-scale… Nov-2018 CJ CheilJedang Corp. → Schwan’s Co. n/a n/a 8.0x CJ CheilJedang Corp.'s announced acquisition of Schwan’s Co. is recorded at 8.0x EBITDA. An Asian food group taking a US frozen meals platform suggests a buyer acquiring freezer presence and manufacturing footprint in a market it did not already serve at that size. Jul-2018 Conagra Brands → Pinnacle Foods Inc. n/a 16.5x 15.9x Conagra Brands announced the acquisition of Pinnacle Foods Inc. at a recorded 15.9x EBITDA. One large packaged food group taking another brings category adjacency and shared freezer door presence, and the recorded terms sit at the upper end of this record. Jan-2018 Capital Square Partners → Green Isle Foods Ltd n/a n/a 5.9x Capital Square Partners announced the acquisition of Green Isle Foods Ltd at a recorded 5.9x EBITDA. Private capital in this sector typically builds around regional processing and shared freezing lines, and the recorded terms are at the lower end of the record. Sep-2017 Post Holdings, Inc. → Bob Evans Farms, Inc. n/a 16.5x 16.5x Post Holdings, Inc. announced the acquisition of Bob Evans Farms, Inc. at a recorded 16.5x EBITDA, the upper end of this record. A branded portfolio with established retail presence and a refrigerated and frozen line-up is the kind of asset that has attracted the… Dec-2016 Charoen Pokphand Foods → Bellisio Foods n/a n/a 12.7x Charoen Pokphand Foods announced the acquisition of Bellisio Foods at a recorded 12.7x EBITDA. A protein producer taking a frozen meals business suggests a buyer moving downstream from raw input into prepared formats, where pack mix rather than commodity supply sets… Nov-2016 Charoen Pokphand Foods pcl → Bellisio Parent LLC n/a 13.1x n/a Charoen Pokphand Foods pcl's announced acquisition of Bellisio Parent LLC is carried in the record at 13.1x. Both entries point to the same strategic fit: an upstream protein group extending into branded frozen prepared meals in North America.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This slide documents the report's sources, assumptions and data-quality treatment.

    Every figure in this report links back to the record it was taken from, and where a link isn't available, the appendix names the source and the basis on which it was read. This is where we show our work, so any figure in the deck can be checked independently.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Frozen Foods Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (4 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Frozen Foods and it clears the coverage gate with 4 of 6 companies (67%). EV / Revenue, P / E are carried as a cross-check. The set earns: 4 of the 4 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 1 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 298 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (297) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In This Set, the Wider Margins and the Higher Multiples Have Been Sitting Together.

    Closing slide restating that wider margins and higher multiples have been sitting together in this set.

    In this set, the wider margins and the higher multiples have been sitting together — that is the finding we want a client to leave with. The companion tables carry the full universe and the source index for anyone who wants to trace a specific figure further.

    Everything on this page

    In This Set, the Wider Margins and the Higher Multiples Have Been Sitting Together. NeuraCap AI — Frozen Foods Coverage September 2026 · Prepared by NeuraCap AI · Confidential Frozen Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20

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