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

Read the report

SlidesScroll

1 of 7

←→Full screen

BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › SNACK FOODS AND CONFECTIONERY

Input Cost and Integration Risk Reset How the Category Gets Paid

This update covers the two-week period September 14–28, 2026: the movers, the company news flow and the transaction record across snack foods and confectionery.

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

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

Sources & methodology

1

← Previous

1 / 7 · CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › SNACK FOODS AND CONFECTIONERY

Next →

What each page shows

The analyst’s walkthrough of the deck, page by page.

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

   CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › SNACK FOODS AND CONFECTIONERY

   Cover slide introducing the September 14–28, 2026 bi-weekly update for Snack Foods and Confectionery.

   We open this bi-weekly update on the Snack Foods and Confectionery space for September 14–28, 2026, covering what moved, what was said, what transacted and what it means. Over the next six pages we translate that record into a clear read for operators, buyers and advisors.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › SNACK FOODS AND CONFECTIONERY Input Cost and Integration Risk Reset How the Category Gets Paid This update covers the two-week period September 14–28, 2026: the movers, the company news flow and the transaction record across snack foods and confectionery. 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 Snack Foods and Confectionery Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Cost Pass-Through and Integration Discipline Did This Period's Repricing

   Summarizes the two-week period's market and deal picture in a single page ahead of the details.

   We open with the two-week bottom line: seven of eight covered names fell, with a sector median move of -3.5% against a +0.8% gain for the S&P 500. Utz Brands, Inc. was the lone gainer at +0.1%, standing apart from a group weighed down by cost and integration questions. Cocoa cost exposure framed the confectionery conversation, while Simply Good Foods carried a fresh legal complication tied to its acquisition. So what: this period's repricing was about who absorbed costs and who executed cleanly, not about broad sector sentiment.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Cost Pass-Through and Integration Discipline Did This Period's Repricing The two-week period in one page · 8 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. Snack Foods and Confectionery Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 7 of 8 Covered Names Fell; The Median Move Was -3.5% The S&P 500 returned +0.8% over the same two-week period. Utz Brands, Inc. (UTZ) was the only covered name higher, at +0.1%. 2 Cocoa Cost Exposure Framed the Confectionery Conversation The Hershey Company (HSY) fell -5.3%. In-window commentary on September 27 set Hershey and Mondelez International, Inc. (MDLZ) against the same cocoa cost problem, while Hershey won dismissal of a packaging suit on September 17 (Reuters). 3 Integration Risk Turned into a Legal Question for One Discount-Tier Name Eight in-window items concerned an investor class action against The Simply Good Foods Company (SMPL), tied to a $280 million acquisition described as progressing as planned, a later $187 million impairment charge and a share price below $11. 4 The Precedent Record, Not This Period, Holds the Pricing Reference No new transactions landed in the window. The trailing record carries 40 transactions at a median 12.3x EV/EBITDA, against the standing study's 11.2x sector median on CY2026E. +0.1% Best mover — Utz Brands, Inc. (UTZ) worst: JJSF -6.8% · 1 up / 7 down of 8 covered -3.5% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   Cocoa Costs Framed the Confectionery Move; The Rest Tracked the Group

   Shows each covered company's share price move for the period against the sector median and S&P 500 benchmark.

   Cocoa costs framed the confectionery move this period, with The Hershey Company falling -5.3% as cost pressure entered the conversation. The broader group tracked the sector median of -3.5%, well behind the S&P 500's +0.8% gain over the same window. Utz Brands, Inc. was the exception, holding at +0.1% against a materiality bar of 5.2%. So what: the dispersion shows cost exposure, not universal sentiment, separated this period's winners from its laggards.

   Everything on this page

   PUBLIC MARKET MOVERS Cocoa Costs Framed the Confectionery Move; The Rest Tracked the Group Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -3.5% · S&P 500 +0.8% · materiality bar ±5.2% (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. Snack Foods and Confectionery 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 -3.5% J&J Snack Foods Corp. (JJSF) -6.8% No notable in-window news was identified that clearly explains the move. J&J Snack Foods Corp. (JJSF) fell -6.8%, wider than the -3.5% median move across covered names. Core-tier names can travel further than the group when the whole set trades lower. UNEXPLAINED PepsiCo, Inc. (PEP) -5.8% No notable in-window news was identified that clearly explains the move. PepsiCo, Inc. (PEP) fell -5.8%, wider than the -3.5% median move across covered names. Scale snack-and-beverage portfolios moved with the group in this period, not apart from it. UNEXPLAINED The Hershey Company (HSY) -5.3% The Hershey Company (HSY) fell -5.3%, with its largest single-day move on September 15 at -1.9%. Confectionery is being read through cocoa pass-through, not through legal outcomes. SECTOR-WIDE Utz Brands, Inc. (UTZ) +0.1% Utz Brands, Inc. (UTZ) finished the two-week period at +0.1%, with its strongest day on September 15 at +0.3%. The available evidence suggests a quiet window: the one company item was the September 22 launch of three new snack items. A Premium-tier name held its ground on shelf continuity rather than on any single piece of news. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Integration Disclosure, Not Shelf News, Drove the Period's Headlines

   Lists the period's highest-impact company news and filings with why-it-matters context.

   Integration disclosure, not new-product headlines, drove the period's highest-impact events. Eight in-window items centered on an investor class action against The Simply Good Foods Company, tied to a $280 acquisition and a later $187 impairment charge, with shares below $11. Hershey also cleared a packaging suit dismissal in the same window, even as cocoa cost commentary weighed on its shares. So what: the record shows legal and cost-disclosure risk carried more weight this period than shelf-level news.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Integration Disclosure, Not Shelf News, Drove the Period's Headlines 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. Snack Foods and Confectionery Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 15 · NEWS · GlobeNewsWire Investor class action filed against The Simply Good Foods Company over acquisition disclosures Integration execution on a bolt-on brand is now a legal question as well as an operating one. That sits directly on the build-versus-buy choice the sector is weighing. Bolt-on integration risk is being weighed alongside brand quality in nutritional snacking. Sep 14 · NEWS · GlobeNewsWire Class action sets an October 13 lead plaintiff deadline for a class period running to April 2026 The class period covers the months in which the acquisition was characterised as on plan, which places the acquisition itself at the centre of the case. Acquisition narratives are being tested against what the acquired volume actually did. Sep 14 · NEWS · GlobeNewsWire Suit alleges a $280 million acquisition was called on plan while integration problems mounted This goes to how the category underwrites bolt-ons: procurement scale and distribution gains only land if the acquired brand moves through the buyer's network. Distribution and velocity assumptions carry the same scrutiny as the reported profit base. Sep 14 · NEWS · GlobeNewsWire Deadline Alert: Simply Good Foods Company (SMPL) Shareholders Who Lost Money Urged To Contact Glancy Prongay Wolke & Rotter LLP About Securities Fraud Lawsuit LOS ANGELES, Sept. 14, 2026 (GLOBE NEWSWIRE) -- Glancy Prongay Wolke & Rotter LLP reminds investors of the upcoming October 13, 2026 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired S Sep 14 · NEWS · Newsfile Corp Kaplan Fox Notifies Simply Good Foods Company (SMPL) Investors of an Upcoming Lead Plaintiff Deadline on October 13, 2026 New York, New York--(Newsfile Corp. - September 14, 2026) - Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against The Simply Good Foods Company ("Simply Good" or the "Company") (NASDAQ: SMPL) on behalf of investors that purch Sep 15 · NEWS · GlobeNewsWire THE SIMPLY GOOD FOODS COMPANY INVESTORS WITH LOSSES HAVE UNTIL OCTOBER 13, 2026 TO JOIN SECURITIES CLASS ACTION – Bernstein Liebhard LLP Announces Deadline NEW YORK, Sept. 15, 2026 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds The Simply Good Foods Company (“Good Foods” or the “Company”) (NASDAQ: SMPL) of the October 13, 2026 deadline involving a securities

5. 05
   M&A & STRATEGIC ACTIVITY

   Buyers Stayed Quiet While the Precedent Record Set the Reference Point

   Reviews the precedent transaction record and deal multiples since no new deals occurred this period.

   Buyers stayed quiet this period, with no new transactions recorded across the group. The precedent record still anchors pricing: 40 recorded deals carry a median of 12.3x EV/LTM EBITDA, above the standing study's 11.2x sector median. So what: the reference point for the next transaction is already set, even without fresh activity to update it.

   Everything on this page

   M&A & STRATEGIC ACTIVITY Buyers Stayed Quiet While the Precedent Record Set the Reference Point September 14–28, 2026 · precedent transactions: 40 recorded deals · median 12.3x 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. Snack Foods and Confectionery 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 still carries 40 transactions at a median 12.3x EV/EBITDA, which remains the observable reference for how these businesses are being paid for. 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 12.3x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What This Period Changes for Operators, Buyers and Advisors

   Translates the period's evidence into implications for operators, acquirers and advisors.

   For operators, this period rewarded price/mix and velocity — most names traded lower while Utz Brands held at +0.1% through a window of new-item news. For acquirers, the reference set held: the trailing 40 transactions at a median 12.3x EV/EBITDA still sit against the study's 11.2x sector median. For advisors, the period's hard evidence — cocoa cost exposure and an integration-linked investor suit — gives two concrete threads to lead client conversations with. So what: cost pass-through and clean integration are what this period actually priced.

   Everything on this page

   WHAT IT MEANS What This 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. Snack Foods and Confectionery Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2026E) median 11.2x 9 companies in the study 3 valuation tiers Standing thesis: Snack Foods and Confectionery Spans Three Models: Branded Snacks, Confectionery and Snack-and-Beverage Portfolios FOR OWNERS & OPERATORS Price/mix and Velocity Are What This Period Rewarded Companies in the space mostly traded lower, while Utz Brands, Inc. (UTZ) held at +0.1% over a window that included new item news. FOR ACQUIRERS The Reference Set Held; The Cautionary Case Is New With no transactions in the window, the trailing 40 transactions at a median 12.3x EV/EBITDA remain the pricing reference against the study's 11.2x sector median. FOR ADVISORS Lead with Pass-Through Evidence and Integration Proof The period's two pieces of hard evidence are cocoa cost exposure debated across confectionery and an investor suit over a bolt-on integration.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources and methodology behind the update's figures and attributions.

   Every figure in this update links back to the filing, price record or transaction it was taken from, and every driver read is flagged as a NeuraCap interpretation rather than an asserted cause. Sources follow a fixed reliability order — SEC filings, press releases and established outlets — with no video or social platforms used. So what: readers can trace every claim in this deck back to its underlying record.

   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. Snack Foods and Confectionery 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_20260929T140549Z_496_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 · newsfilecorp.com

More coverage in Consumer Staples

• Sector Report · Sep 28, 2026Snack Foods and Confectionery Sector Outlook — September 2026
• Bi-Weekly Update · Sep 28, 2026Packaged Foods and Meats Bi-Weekly Industry Events & M&A Update — September 14–28, 2026
• Sector Report · Sep 28, 2026Non-Alcoholic Beverages Sector Outlook — September 2026
• Sector Report · Sep 28, 2026Packaged Foods and Meats Sector Outlook — September 2026