Packaged Foods and Meats 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 › PACKAGED FOODS AND MEATS

Results Hold the Line While the Sector Reprices

This update covers the sector's movers, company news and transaction activity for 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

Packaged Foods and Meats 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 › PACKAGED FOODS AND MEATS

   This is the cover slide identifying the report as NeuraCap's bi-weekly Packaged Foods and Meats industry events and M&A update for September 14–28, 2026.

   This bi-weekly update covers Packaged Foods and Meats: what changed, who moved and most likely why, what transacted, and what it means. We'll walk through the two-week period's market moves, company news and deal activity in the pages that follow.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › PACKAGED FOODS AND MEATS Results Hold the Line While the Sector Reprices This update covers the sector's movers, company news and transaction activity for 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 Packaged Foods and Meats Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   A Broad Pullback in Prices, with the Operating News Pointing the Other Way

   This slide summarizes the two-week period in one page: a broad price pullback across the sector set against operating news that points the other way.

   Thirteen of our fourteen covered names fell over the two-week period, with a median move of -4.5% against a +0.8% return for the S&P 500, so this was a sector-led repricing rather than a market-wide one. General Mills reaffirmed its full-year outlook and still finished down, while Nathan's Famous was the lone name to close higher, at +3.2%. That gap between steady operating news and a broad sector pullback is the story we want you to carry into the rest of the deck.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE A Broad Pullback in Prices, with the Operating News Pointing the Other Way The two-week period in one page · 14 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. Packaged Foods and Meats Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 13 of 14 Covered Names Fell; The Median Move Was -4.5% The S&P 500 returned +0.8% over the same two-week period, so the selling was sector-led rather than market-led. Nathan's Famous, Inc. (NATH) was the only covered name to finish higher, at +3.2%. 2 General Mills Reaffirmed Its Year and Still Gave Back Ground General Mills, Inc. (GIS) reported fiscal 2027 first-quarter results and reaffirmed its full-year outlook on Sep 23. The shares finished the two-week period at -7.9%, including a -3.4% day on Sep 25. 3 Antitrust Review Now Sits on the Critical Path for Portfolio Reshaping Britain's competition regulator opened an investigation into the planned purchase by McCormick & Company, Incorporated (MKC) of the majority of the foods business of Unilever PLC (UL). Large carve-outs now carry a review clock alongside the stranded-cost question. 4 Launches and Category Work Continued Through the Pullback Mondelez International, Inc. (MDLZ) launched a premium Toblerone truffle line, Campbell Soup Company (CPB) rolled out a new sauces range, and Conagra Brands, Inc. (CAG) published snacking demand findings. The innovation engine did not pause with the prices. +3.2% Best mover — Nathan's Famous, Inc. (NATH) worst: GIS -7.9% · 1 up / 13 down of 14 covered -4.5% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   Where the Selling Landed, and What the Record Actually Explains

   This slide breaks down where the two-week selling landed across covered names and links each move to what the recorded filings and headlines actually explain.

   Over the two-week period, the sector median move was -4.5% against +0.8% for the S&P 500, with a materiality bar of 6.7% on a sector-relative basis. We attribute each move only to filings and headlines recorded in the window, and where no driver is recorded, we say so plainly rather than guess. That discipline matters here because the scale of the selling is not fully explained by the operating record.

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   PUBLIC MARKET MOVERS Where the Selling Landed, and What the Record Actually Explains Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -4.5% · S&P 500 +0.8% · materiality bar ±6.7% (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. Packaged Foods and Meats 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 -4.5% General Mills, Inc. (GIS) -7.9% Shares moved following the fiscal 2027 first-quarter results and reaffirmed full-year outlook released Sep 23, which management framed around improved topline performance and stronger innovation. The two-week finish was -7.9%. A Core-tier name reaffirming its year did not hold price; holders are underwriting volume and mix, not the guidance line. COMPANY-SPECIFIC JBS N.V. (JBS) -7.3% No notable in-window news was identified that clearly explains the move. The -7.3% finish sat well below the sector median move of -4.5%. NeuraCap read: Discount-tier protein exposure still moves with mid-cycle spread views more than with company news. UNEXPLAINED Nathan's Famous, Inc. (NATH) +3.2% No notable in-window news was identified that clearly explains the move. The +3.2% finish was the only gain among the covered names, against a median move of -4.5%. Smaller branded and foodservice names can trade independently of a center-store pullback. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   What Companies Did: Results Reaffirmed, Occasions Bought, One Review Opened

   This slide lists the two-week period's highest-impact company events, from reaffirmed guidance to product launches to a newly opened antitrust review.

   General Mills reaffirmed its full-year outlook on Sep 23, Mondelez launched a premium Toblerone truffle line, Campbell Soup rolled out a new sauces range, and Conagra published snacking demand findings — the innovation and delivery engine kept running through the pullback. Separately, Britain's competition regulator opened an investigation into McCormick's planned purchase of the majority of Unilever's foods business. Every event here links back to its underlying filing or article, so you can verify the read yourself. The antitrust review is the one item on this page with a clock now running.

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   MAJOR NEWS & INDUSTRY CATALYSTS What Companies Did: Results Reaffirmed, Occasions Bought, One Review Opened 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. Packaged Foods and Meats Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 23 · NEWS · Business Wire General Mills reported fiscal 2027 first-quarter results and reaffirmed its full-year outlook A reaffirmation is a statement that pricing and productivity are holding across the year, not just a quarter. It tests directly whether steady delivery from Core-tier center store is being rewarded. Guidance credibility in this sector is judged on price/mix versus volume, not on the headline growth number. Sep 22 · NEWS · GlobeNewsWire Mondelez launched Toblerone Diamond Truffles with Biscoff globally A Premium-tier name is combining two owned snacking brands to buy incremental occasions rather than list price. Premium extensions live or die on velocity and household penetration. Brand-on-brand innovation is the cheapest route into a new eating occasion without adding capacity. Sep 16 · NEWS · Reuters UK regulator opened an investigation into McCormick's planned purchase of Unilever's foods business The sector's largest reshaping transaction now carries an open UK competition review. Where category and shelf overlap is material, review timing becomes part of the transaction's value rather than a footnote. Carve-out underwriting now prices review time next to stranded cost and transitional supply terms. Sep 15 · NEWS · PRNewsWire Campbell's rolled out a new sauces lineup with a consumer partnership behind it Sauces move a Core-tier center-store portfolio closer to the weeknight dinner occasion, where velocity and repeat rate decide shelf. This adjacency is being built rather than bought. Building into a defended occasion is the live alternative to paying up for one. Sep 23 · NEWS · PRNewsWire Hormel Foods production sites funded hunger-relief groups in their local communities The program runs through the plants themselves, which says something about the company's footprint and standing in the towns where it processes. Local licence matters where inspection and siting are constant. Plant-level community standing is part of the operating asset, not a side item. Sep 23 · NEWS · PRNewsWire Conagra published its 2026 Future of Snacking findings on American snacking habits A Core-tier name is making a public case that bolder flavour and functional benefits are where snacking demand now sits. It signals where its innovation and trade spend are pointed. Snacking remains the occasion the sector is reweighting toward, and category authority is part of the claim.

5. 05
   M&A & STRATEGIC ACTIVITY

   A Quiet Transaction Window, with the Precedent Record Still Doing the Pricing

   This slide covers the two-week transaction window, noting no new deals were recorded while the trailing precedent set continues to set reference pricing.

   No new transactions entered the record during this two-week period, so the trailing set of 40 recorded deals at a median 12.4x EV/LTM EBITDA remains the pricing reference for the sector. We don't re-present old transactions as news, and deal multiples shown are LTM at announcement where disclosed. With public marks moving more than the deal record, that median multiple is worth watching closely as the next real reference point.

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   M&A & STRATEGIC ACTIVITY A Quiet Transaction Window, with the Precedent Record Still Doing the Pricing September 14–28, 2026 · precedent transactions: 40 recorded deals · median 12.4x 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. Packaged Foods and Meats 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 trailing record carries 40 transactions at a median of 12.4x EV/EBITDA, and that remains the reference point buyers and sellers are working from. 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. 40 Recorded precedent transactions the reference set buyers and sellers price against 12.4x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What the Period Changes for Operators, Buyers and Advisors

   This slide translates the two-week period into observations for operators, acquirers and advisors, without offering investment recommendations.

   For operators, volume and mix carried the story: a year reaffirmed, a premium line launched, a sauces range rolled out. For acquirers, the reference set held — the trailing 40 transactions at 12.4x EV/EBITDA still anchor pricing even as 13 of 14 covered names fell at a median -4.5%. For advisors, the lead here is a sector repricing that the operating news doesn't obviously explain, alongside a newly opened review clock worth building into any near-term deal timeline.

   Everything on this page

   WHAT IT MEANS What the Period Changes for Operators, Buyers and Advisors 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. Packaged Foods and Meats Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 8.5x 14 companies in the study 3 valuation tiers Standing thesis: Packaged Foods and Meats Split Between Center-Store Scale and Higher-Priced Adjacent Models FOR OWNERS & OPERATORS Volume and Mix Are Carrying the Story Companies in the sector kept delivering through the window: a year reaffirmed, a premium snacking line launched, a sauces range rolled out. FOR ACQUIRERS The Reference Set Held While Public Marks Moved No new transactions entered the record, so the trailing 40 transactions at a median of 12.4x EV/EBITDA still anchor pricing discussions. With 13 of 14 covered names lower at a median move of -4.5%, public marks closed some of the distance from the public side. FOR ADVISORS Lead with Delivery, Overlap and the Review Clock The theme is a sector repricing that the period's operating news does not obviously explain: 13 of 14 covered names fell at a median of -4.5% while the S&P 500 returned +0.8%.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains how the update is built and what kind of evidence supports each statement in the deck.

   Every figure in this update links back to the filing, price record or article it was taken from, and we list the publishers and filings drawn on for the period. We keep driver attributions calibrated to the recorded evidence rather than asserting causation, and we flag where no driver is recorded. That sourcing discipline is what lets you use this deck as a working reference, not just a summary.

   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. Packaged Foods and Meats 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. No covered name fell below the floor in 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_20260929T135829Z_493_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: businesswire.com · globenewswire.com · reuters.com · prnewswire.com

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