NEURACAP
Sector ReportSep 28, 2026 · 21 pages · Free to read

Snack Foods and Confectionery Sector Outlook — September 2026

This report examines the Snack Foods and Confectionery sector as of September 2026, comparing branded snacks, confectionery and snack-and-beverage portfolios on EV/EBITDA (CY2026E), growth, margin and precedent transaction activity.

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Key figures

11.2x
Sector median valuation
EV/EBITDA, CY2026E
14.9x
Premium tier median
Top rated names
6.2x
Discount tier median
Bottom rated names
15.1x
Precedent deal multiple
Hershey / Dot's Pretzels transaction

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

In Snack Foods and Confectionery, Three Pricing Models Carry Three Different Multiples

The report shows how business mix, growth, margins and strategic fit sit alongside valuation across the sector.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2026E)

Snack Foods and Confectionery Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Snack Foods and Confectionery splits into three operating models the market prices differently: confectionery carries a 13.5x median EV/EBITDA versus 7.9x for branded snacks, and the premium tier trades at 14.9x against 6.2x for the discount tier. Faster-growing names carry an 11.8x median versus 6.8x for slower growth, and precedent deals show the same range, from Hershey's 15.1x acquisition of Dot's Pretzels to Utz's 5.9x acquisition of C.J. Vitner Company.

Key findings

  • Confectionery carries a higher valuation than branded snacks in this peer set.
  • Faster revenue growth aligns with higher forward valuation multiples.
  • Precedent deals span a wide multiple range across brand and portfolio fit.
  • Higher valuations associate with stronger margins and durable earnings.

What each page shows

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

  1. 01

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

    Cover page introducing the Snack Foods and Confectionery sector outlook as of September 2026.

    We open with the framing for Snack Foods and Confectionery: three distinct operating models carry three different valuation profiles, priced on EV/EBITDA (CY2026E) as of September 28, 2026. This sets up the argument the rest of the deck builds on.

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    CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › SNACK FOODS AND CONFECTIONERY In Snack Foods and Confectionery, Three Pricing Models Carry Three Different Multiples The report shows how business mix, growth, margins and strategic fit sit alongside valuation across the sector. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2026E) Snack Foods and Confectionery Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    This page lists the five sections and appendix the report covers, starting with the bottom line.

    We built this report so the bottom line comes first: section 01 alone carries the full conclusion. From there, we walk the landscape by business model, then valuation and situations, then precedent transactions, then strategic implications. Each section builds on the last, but none requires the others to make sense on its own. So a client short on time can stop early and still leave with the complete story.

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    CONTENTS What This Report Covers 01 The Bottom Line Three Business Models Carry Different Valuation Profiles 02 The Landscape Business Mix Separates the Sector Before Valuation Does 03 Valuation & Situations The Valuation Gap Remains Wide After Forecast Growth Is Credited 04 Precedent Transactions Precedent Transactions Reward Different Forms of Strategic Fit 05 Strategic Implications Operating Choices Can Strengthen Where a Company Sits 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Snack Foods and Confectionery Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Snack Foods and Confectionery Spans Three Models: Branded Snacks, Confectionery and Snack-and-Beverage Portfolios

    This page summarizes the three operating models in Snack Foods and Confectionery and how their valuations differ.

    We see three operating models in this sector — branded snacks, confectionery and snack-and-beverage portfolios — and the market prices them differently. Among the rated names, the premium group carries a 14.9x median multiple while the discount group sits at 6.2x, and the higher-growth cohort trades at 11.8x versus 6.8x for the slower group. Confectionery names carry a 13.5x median against 7.9x for branded snacks, and precedent deals show the same spread: Hershey's agreed purchase of Dot's Pretzels priced at 15.1x versus Utz's acquisition of C.J. Vitner Company at 5.9x. So what: business mix, not just scale, explains much of the valuation gap in this sector.

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    01 · THE BOTTOM LINE Snack Foods and Confectionery Spans Three Models: Branded Snacks, Confectionery and Snack-and-Beverage Portfolios The full story on one page · figures on EV / EBITDA (CY2026E), 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 CY2026E consensus (7 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / EBITDA rather than EV / Revenue; validated coverage supports the industry standard (7 of 9 companies), so this report follows it. The platform's preferred period CY2027E carries an eligible EV / EBITDA for only 3 of 9 companies, so this report prices the whole set on CY2026E (7 of 9) rather than mixing periods. Qualitative characterisations are NeuraCap views. Snack Foods and Confectionery Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Top of the Valuation Range Sits with a Distinct Growth and Margin Profile Among the 7 names with forward estimates, the 2 premium names carry a 14.9x middle valuation. The 2 discount names sit at 6.2x, showing how widely the market separates operating profiles. 2 Faster Growth Sits Alongside Higher Forward Valuation Among the 7 names with forward estimates, the 4 in the higher-growth group carry an 11.8x middle valuation. The 3 in the lower-growth group sit at 6.8x. 3 Confectionery Holds a Different Position from Branded Snacks Across the 2 confectionery names with forward estimates, the middle valuation is 13.5x. The 4 branded snack names with forward estimates sit at 7.9x. 4 Transaction Premiums Sit Alongside Branded Snack Expansion The Hershey Company agreed to acquire Dot’s Pretzels, LLC and Pretzels, LLC (d/b/a Pretzels Inc.) at 15.1x EV / EBITDA. Utz Quality Foods agreed to acquire C.J. Vitner Company (Certain Assets) at 5.9x, showing the breadth of the transaction record. 11.2x Sector median EV/EBITDA CY2026E consensus · 7 rated of 9 companies 14.9x Premium end EV/EBITDA vs 6.2x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 21 Transactions with disclosed terms 42 recorded in this tier · 2 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

    Divider introducing the section on business mix across the sector's three operating models.

    Before we get into the numbers, it's worth resetting on business mix: branded snacks, confectionery and snack-and-beverage portfolios operate differently, and that difference frames everything that follows.

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    SECTION 02 02 THE LANDSCAPE Business Mix Separates the Sector Before Valuation Does Branded snacks, confectionery and snack-and-beverage portfolios bring different operating profiles. 02 of 06 Snack Foods and Confectionery Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    Valuation Multiples Sit Well Apart Across the Sector's Three Operating Models

    This page groups nine approved companies by business segment and shows the median EV/EBITDA (CY2026E) for each group.

    We group the approved companies into their business segments and plot the median EV/EBITDA (CY2026E) for each. The multiples sit well apart across segments, confirming that model, not just scale, drives valuation. So what: any comparison across this sector needs to control for business mix first.

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    02 · MARKET MAP Valuation Multiples Sit Well Apart Across the Sector's Three Operating Models 9 approved companies grouped by business segment · median EV / EBITDA (CY2026E) 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. Snack Foods and Confectionery Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 BRANDED PACKAGED SNACK PORTFOLIOS 5 cos median 7.9x Utz Brands (UTZ) J&J Snack Foods (JJSF) The Simply Good (SMPL) John B. (JBSS) Bridgford Foods (BRID) Brand portfolios combine shelf position, route economics and exposure to multiple snacking occasions. CONFECTIONERY MANUFACTURE 3 cos median 13.5x Mondelez (MDLZ) The Hershey (HSY) Tootsie Roll (TR) Confectionery combines brand durability with seasonal demand, commodity exposure and concentrated ownership. ADJACENT: NON-ALCOHOLIC BEVERAGES (SNACK-AND-BEVERAGE PORTFOLIO COMPANIES) 1 cos 11.2x · 1 rated PepsiCo (PEP) Snack-and-beverage portfolios pair broad distribution with multiple routes to consumer demand.

  6. 06
    02 · LANDSCAPE

    Confectionery Carries the Higher Valuation While Branded Snacks Hold Most Names

    This page shows confectionery holding the higher segment valuation while branded snacks account for most of the covered universe.

    Confectionery carries the higher valuation among the segments we cover, while branded snacks hold most of the names in the approved universe. This split matters because it shows scale and premium pricing don't move together in this sector. So what: an investor weighing the space should treat segment mix as a first-order variable, not a footnote.

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    02 · LANDSCAPE Confectionery Carries the Higher Valuation While Branded Snacks Hold Most Names Segment view of the approved universe · EV / EBITDA (CY2026E) 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. Snack Foods and Confectionery 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 packaged snack portfolios 5 56% 7.9x Utz Brands, Inc. (UTZ) · J&J Snack Foods Corp. (JJSF) · +3 more Breadth with mixed pricing. This group represents 56% of the peer set and carries a 7.9x middle valuation across the names with forward estimates. Portfolio mix, shelf position and DSD versus warehouse-delivered economics distinguish the businesses within it. Confectionery manufacture 3 33% 13.5x Mondelez International, Inc. (MDLZ) · The Hershey Company (HSY) · +1 more Brand durability meets volatility. This group represents 33% of the peer set and carries a 13.5x middle valuation across the names with forward estimates. Seasonal confection, commodity coverage and price pack architecture remain central to earnings durability. Adjacent: non-alcoholic beverages (snack-and-beverage portfolio companies) 1 11% 11.2x n=1 PepsiCo, Inc. (PEP) Distribution breadth changes context. This segment represents 11% of the peer set through PepsiCo, Inc. (PEP). Its combined snack-and-beverage model brings route breadth that single-category specialists do not share.

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    SECTION 03

    03

    Divider introducing the section on the valuation gap after forecast growth is credited.

    Next we turn to forward valuation: even after growth is credited, the gap between the premium and discount ends of the peer set stays wide.

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    SECTION 03 03 VALUATION & SITUATIONS The Valuation Gap Remains Wide After Forecast Growth Is Credited Forward EV / EBITDA separates the premium and discount ends of the peer set. 03 of 06 Snack Foods and Confectionery Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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    03 · PUBLIC MARKET VALUATION

    Forward Valuation Separates the Premium and Discount Ends

    This page ranks the rated companies on EV/EBITDA (CY2026E) against a sector median of 11.2x.

    We rank the rated companies on EV/EBITDA (CY2026E), sorted from the highest multiple to the lowest, against a sector median of 11.2x. The tiers split cleanly into premium and discount zones, and the same basis applies to every multiple on this page. So what: the spread is wide enough that business mix and growth, not measurement noise, explain most of the difference.

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    03 · PUBLIC MARKET VALUATION Forward Valuation Separates the Premium and Discount Ends EV / EBITDA (CY2026E) · all 7 rated companies, sorted descending · sector median 11.2x · 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 CY2026E consensus (7 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / EBITDA rather than EV / Revenue; validated coverage supports the industry standard (7 of 9 companies), so this report follows it. The platform's preferred period CY2027E carries an eligible EV / EBITDA for only 3 of 9 companies, so this report prices the whole set on CY2026E (7 of 9) rather than mixing periods. 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 (CY2026E) basis. Panel commentary is a NeuraCap view. Snack Foods and Confectionery Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 14.9x CORE · median 11.2x DISCOUNT · median 6.2x Sector median 11.2x WHAT SEPARATES THE TWO ENDS The gap remains wide. The premium end carries a 14.9x middle forward EV / EBITDA valuation, against 6.2x at the discount end. Forward pricing credits forecasts. Because the multiple already includes forecast EBITDA, the remaining premium is associated with confidence in earnings durability rather than uncredited near-term growth alone. Operating profiles still differ. The premium end includes a confectionery platform and a branded snack portfolio, while the discount end includes two branded snack portfolios with different growth and margin profiles.

  9. 09
    03 · VALUATION DRIVERS

    Higher Growth Sits Alongside the Higher Forward Multiple

    This page compares median EV/EBITDA (CY2026E) across revenue-growth and margin cohorts among rated names.

    We split the rated names into faster- and slower-growth cohorts and find the faster group carries an 11.8x median multiple against 6.8x for the slower group. We see a similar directional pattern when we split on margin, though we're describing an association in the data, not a causal claim. So what: growth and margin together track a meaningful share of the valuation spread in this sector.

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    03 · VALUATION DRIVERS Higher Growth Sits Alongside the Higher Forward Multiple Median EV / EBITDA (CY2026E) 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=4; slower n=3; higher-margin n=4; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Snack Foods and Confectionery Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 2% · EBITDA-margin split at 17% The Growth Split Separates Valuation At the 2% split, the 4 higher-growth names carry an 11.8x middle forward valuation, while the 3 lower-growth names carry 6.8x. The small base calls for company-level judgment. The Forward Lens Raises the Durability Test Forward EV / EBITDA already credits forecast growth. A premium that remains therefore sits alongside confidence that earnings can hold through commodity, trade-spend and volume changes. Revenue Quality Matters Beyond Reported Growth Price, volume and mix can lead to similar reported growth with different economics. Household penetration, repeat rate, ACV distribution and velocity help distinguish the underlying profile.

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    03 · SITUATION MAP

    Higher Margins and Top-of-Range Valuation Multiples Meet in the Same Small Group of Names

    This page maps rated names on EV/EBITDA versus the sector median of 11.2x and EBITDA margin versus the covered median of 17%.

    We cut the rated universe on two axes: EV/EBITDA against the 11.2x sector median, and EBITDA margin against the 17% covered median. A small group of names sits in the higher-margin, higher-multiple quadrant together, which is a description of where names cluster, not a recommendation. So what: this is the group worth studying first when assessing what the market is rewarding in this sector.

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    03 · SITUATION MAP Higher Margins and Top-of-Range Valuation Multiples Meet in the Same Small Group of Names Cut on EV / EBITDA vs the sector median (11.2x) (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. Snack Foods and Confectionery Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Multiple, Higher Margin Above-median multiple · above-median EBITDA margin 3 names PepsiCo, Inc. (PEP) · Mondelez International, Inc. (MDLZ) · The Hershey Company (HSY) Three names combine above-line valuation with above-line EBITDA margin. Their position is consistent with established earnings durability, although the map does not identify a single source of the premium. Higher Multiple, Lower Margin Above-median multiple · below-median EBITDA margin 1 names Utz Brands, Inc. (UTZ) One name carries an above-line valuation despite a below-line EBITDA margin. The position puts greater weight on whether growth, mix and operating improvement can support the forward valuation. Lower Multiple, Higher Margin Below-median multiple · above-median EBITDA margin 1 names The Simply Good Foods Company (SMPL) One name delivers an above-line EBITDA margin but remains below the valuation line. The gap points to questions around growth, revenue quality and confidence in future earnings. Lower Multiple, Lower Margin Below-median multiple · below-median EBITDA margin 2 names J&J Snack Foods Corp. (JJSF) · John B. Sanfilippo & Son, Inc. (JBSS) Two names sit below both lines. Their strategic agenda centres on profitable growth, cost structure and a clearer route to durable earnings.

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    03 · THE AGENDA

    Weigh Revenue Mix Where Growth Lags, Cost Structure Where Margins Lag

    This page frames the open questions on revenue mix and cost structure for names lagging on growth or margin.

    For names where growth lags, we'd want to weigh revenue mix; where margin lags, we'd look at cost structure. These are framed as questions to resolve, not conclusions to act on. So what: the agenda differs by where a company sits on growth and margin, not by a single sector-wide prescription.

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    03 · THE AGENDA Weigh Revenue Mix Where Growth Lags, Cost Structure Where Margins Lag 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. Snack Foods and Confectionery Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Strengthen Profitable Growth Use price pack architecture, channel mix and category exposure to improve growth without relying on promotional intensity. What changes the answer: The answer changes when volume, household penetration and repeat rate improve alongside net revenue. Improve Route Economics Rework DSD versus warehouse-delivered choices, route density and customer mix where distribution costs dilute contribution. What changes the answer: The answer changes when added distribution produces sustained velocity and better contribution economics. Raise Earnings Durability Address trade spend, commodity pass-through, plant utilization and single-line exposure before adding complexity. What changes the answer: The answer changes when margin holds through input-cost and promotional changes. Choose Build Versus Buy Compare internal investment with acquisitions that add brands, capacity, shelf position or route density. What changes the answer: The answer changes when the strategic fit offers operating benefits that internal investment cannot match.

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    SECTION 04

    04

    Divider introducing the section on precedent transactions across brands, portfolios and operating assets.

    We now turn to the deal record: precedent transactions in this sector reward different forms of strategic fit, spanning brands, portfolios and operating assets.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Reward Different Forms of Strategic Fit Brands, portfolios and operating assets have changed hands across a broad valuation range. 04 of 06 Snack Foods and Confectionery Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Precedent Transactions Span Brands, Portfolios and Operating Assets

    This page profiles two precedent transactions with disclosed terms as detailed case studies.

    We highlight two of the transactions with disclosed terms as case studies: Hershey's agreed acquisition of Dot's Pretzels and Pretzels, LLC priced at 15.1x EV/EBITDA, and Utz Quality Foods' acquisition of C.J. Vitner Company at 5.9x. Both are LTM multiples at announcement, so they aren't directly comparable to the CY2026E public basis we use elsewhere in this report. So what: the deal record shows a wide range of pricing depending on the strategic rationale behind each transaction.

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    04 · DEAL CASE STUDIES Precedent Transactions Span Brands, Portfolios and Operating Assets 2 of 21 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. 68 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. 21 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 CY2026E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Snack Foods and Confectionery Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Jul-2026 $2.3B Idaho USA, Inc. Idaho USA, Inc. agreed to acquire Utz Brands, Inc. in a current branded-snack transaction. EV / LTM revenue 1.6x EV / LTM EBITDA 13.2x WHY THE DEAL HAPPENED The pairing suggests buyer interest in a branded packaged snack portfolio with an established market position. The transaction offers a current view of how that profile can be valued. HOW THE TARGET WAS VALUED The announced transaction was recorded at $2.3B, 1.6x EV / revenue and 13.2x EV / EBITDA. Its EBITDA multiple sits in the upper part of the disclosed transaction record. Oct-2021 $800M Tempur Sealy International, Inc. Tempur Sealy International, Inc. agreed to acquire Dream Holdings, Inc. in a buyer-specific transaction. EV / LTM revenue n/a EV / LTM EBITDA 6.3x WHY THE DEAL HAPPENED The pairing points to strategic fit specific to Tempur Sealy International, Inc. and Dream Holdings, Inc. It is less directly comparable with the branded snack transactions in the set. HOW THE TARGET WAS VALUED The pending transaction was recorded at $800M and 6.3x EV / EBITDA. That multiple sits toward the lower end of the disclosed transaction record.

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    SECTION 05

    05

    Divider introducing the section on operating choices that can strengthen a company's position.

    Finally, we look at the operating choices — revenue quality, route economics and cost structure — that shape where a company can move next.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Operating Choices Can Strengthen Where a Company Sits Revenue quality, route economics and cost structure shape the next strategic decision. 05 of 06 Snack Foods and Confectionery Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Higher Valuations Are Associated with Growth, Margin and Strategic Fit Moving Together

    This page frames the questions raised by growth, margin and strategic fit for the next twelve months.

    Across this data set, higher valuations are associated with growth, margin and strategic fit moving together — an association, not a causal claim. We frame this as the set of questions worth resolving over the next twelve months. So what: the practical agenda is revenue quality, route economics and cost discipline, prioritized by where a company already sits.

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    05 · STRATEGIC IMPLICATIONS Higher Valuations Are Associated with Growth, Margin and Strategic Fit Moving Together 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. Snack Foods and Confectionery Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Focus on the Operating Proof Behind the Premium In this peer set, higher multiples sit alongside stronger growth, durable earnings and differentiated business models. The practical agenda is revenue quality, price pack architecture, route economics and disciplined trade spend. FOR MANAGEMENT TEAMS Separate Price from Underlying Demand Test whether growth reflects household penetration, repeat rate and velocity or mainly price realization. That distinction shapes confidence in future earnings. FOR BOARDS Match Capital Allocation to the Gap Use the company’s position on growth, margin and valuation to frame build-versus-buy choices. Capacity, automation, brands and route density should compete for capital on the same operating logic.

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    SECTION 06

    06

    Divider introducing the appendix covering the full universe, methodology and sources.

    The appendix carries the full comparables universe, the methodology behind every figure, and the source for each underlying disclosure.

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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 Snack Foods and Confectionery 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 (CY2026E), Grouped by Valuation Tier

    This page lists all rated and unrated companies with EV/EBITDA (CY2026E), grouped by valuation tier.

    We list the rated companies and the names without an eligible multiple, grouped by valuation tier against the sector median. Every company shown links back to its underlying source. So what: this is the full comparable set behind every multiple quoted earlier in the report.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2026E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (11.2x); amber marks below · 7 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 7 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. Snack Foods and Confectionery Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2026E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥13.5x · median 14.9x · 2 companies Utz Brands, Inc. UTZ Branded packaged snack portfolios $3.5B 15.2x 1% 15% n/a Mondelez International, Inc. MDLZ Confectionery manufacture $97.3B 14.6x 3% 17% 21 CORE — 7.9x–13.5x · median 11.2x · 3 companies The Hershey Company HSY Confectionery manufacture $38.2B 12.5x 3% 25% 30 PepsiCo, Inc. PEP Adjacent: non-alcoholic beverages (snack-and-beverage… $219B 11.2x 3% 20% n/a J&J Snack Foods Corp. JJSF Branded packaged snack portfolios $1.6B 9.0x 2% 12% n/a DISCOUNT — <7.9x · median 6.2x · 2 companies John B. Sanfilippo & Son, Inc. JBSS Branded packaged snack portfolios $892M 6.8x 2% 11% n/a The Simply Good Foods Company SMPL Branded packaged snack portfolios $1.2B 5.6x -2% 17% 15

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page lists precedent transactions with disclosed terms, newest first, continued in the following page.

    We list the transactions with disclosed terms in order from newest to oldest, with each deal value linked to its underlying filing. Multiples shown are LTM at announcement, consistent with how we treat the deal record throughout this report. So what: this gives a client the full transaction record behind the case studies discussed earlier.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 21 transactions with disclosed terms in this tier (42 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. 68 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. 21 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 CY2026E public basis and no spread is claimed. 18 of 21 transactions shown; the rest are in the companion workbook. Snack Foods and Confectionery Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jul-2026 Idaho USA, Inc. → Utz Brands, Inc. $2.3B 1.6x 13.2x Idaho USA, Inc. announced an agreement involving Utz Brands, Inc. The transaction adds a current reference point for a branded packaged snack portfolio. Dec-2023 Clayton Dubilier & Rice → Shearer’s Foods n/a n/a 10.0x Clayton Dubilier & Rice announced the Shearer’s Foods transaction at 10.0x EV / EBITDA. The pairing suggests continued sponsor interest in snack platforms. Apr-2022 Helen of Troy Limited → Recipe Products Ltd. n/a n/a 10.0x Helen of Troy Limited announced the Recipe Products Ltd. transaction at 10.0x EV / EBITDA. The pairing suggests a buyer extending into an adjacent branded product platform. Nov-2021 The Hershey Company → Dot’s Pretzels, LLC and Pretzels, LLC (d/b/a Pretzels Inc.) n/a n/a 15.1x The Hershey Company announced the acquisition of Dot’s Pretzels, LLC and Pretzels, LLC (d/b/a Pretzels Inc.) at 15.1x EV / EBITDA. The multiple sits at the upper end of the disclosed transaction record. Oct-2021 Tempur Sealy International, Inc. → Dream Holdings, Inc. $800M n/a 6.3x Tempur Sealy International, Inc. and Dream Holdings, Inc. form a company-specific pairing. Its pending status makes it an agreed valuation reference rather than a completed transaction. Apr-2021 Bain Capital Private Equity → Dessert Holdings n/a n/a 13.0x Bain Capital Private Equity announced the Dessert Holdings transaction at 13.0x EV / EBITDA. The pairing suggests sponsor interest in a focused food platform. Feb-2021 Hormel Foods Corporation → Planters snack nut portfolio n/a n/a 12.5x Hormel Foods Corporation announced the Planters snack nut portfolio transaction at 12.5x EV / EBITDA. The pairing links a strategic food buyer with an established snacking portfolio. Jan-2021 Utz Quality Foods → C.J. Vitner Company (Certain Assets) n/a n/a 5.9x Utz Quality Foods announced the C.J. Vitner Company (Certain Assets) transaction at 5.9x EV / EBITDA. The valuation sits toward the lower end of the disclosed transaction record. Jun-2020 Ascena retail group, inc. → Utz Brands Holdings, LLC n/a n/a 7.7x Ascena retail group, inc. announced the Utz Brands Holdings, LLC transaction at 7.7x EV / EBITDA. It provides an earlier benchmark for the branded snack platform.

  19. 19
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page continues the list of precedent transactions with disclosed terms, newest first.

    We continue the transaction list here, completing the set of disclosed-terms deals shown in this appendix tier. As before, multiples are LTM at announcement and deal values link to the underlying filing. So what: together with the prior page, this is the complete disclosed-terms transaction record referenced in the body of the report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 21 transactions with disclosed terms in this tier (42 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. 68 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. 21 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 CY2026E public basis and no spread is claimed. 18 of 21 transactions shown; the rest are in the companion workbook. Snack Foods and Confectionery Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Dec-2019 Hostess Brands → Voortman Cookies Limited n/a n/a 16.0x Value shown as recorded in the filing; deal value unit unresolved. Apr-2019 The Ferrero Group → Kellogg Company (cookies) n/a n/a 9.0x Value shown as recorded in the filing; deal value unit unresolved. Apr-2019 Ferrero Group → Keebler and certain other brands n/a n/a 9.3x Jan-2019 Investindustrial VI L.P. (World Confectionary Group S.a r.l.) → Natra S.A. n/a n/a 5.5x Value shown as recorded in the filing; deal value unit unresolved. Mar-2018 Campbell Soup Company → Snyder's-Lance, Inc. n/a 21.1x 19.9x Jan-2018 Ferrero Group → Nestlé’s US confectionary business n/a n/a 16.0x Dec-2017 The Hershey Co. → Amplify Snack Brands n/a 19.8x 18.8x Value shown as recorded in the filing; deal value unit unresolved. Jul-2016 Gores Group Holdings → Hostess Brands L.L.C. n/a n/a 12.1x Value shown as recorded in the filing; deal value unit unresolved. Oct-2015 Snyder’s-Lance, Inc. → Diamond Foods, Inc. n/a 15.4x 15.8x

  20. 20
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This page explains the sources, assumptions and data-quality treatment behind the report.

    We set out how this report was built: the valuation basis, what was excluded and why, and where every underlying disclosure lives. Every figure links to its source record where available. So what: a client can trace any number in this report back to its origin.

    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. Snack Foods and Confectionery Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2026E consensus (7 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / EBITDA rather than EV / Revenue; validated coverage supports the industry standard (7 of 9 companies), so this report follows it. The platform's preferred period CY2027E carries an eligible EV / EBITDA for only 3 of 9 companies, so this report prices the whole set on CY2026E (7 of 9) rather than mixing periods. EV / EBITDA on CY2026E is the lead convention: it is the sector-appropriate prior for Snack Foods and Confectionery and it clears the coverage gate with 7 of 9 companies (78%). P / E is carried as a cross-check. The set earns: 7 of 9 companies carry a meaningful forward EBITDA on CY2026E, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 0 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 469 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 (468) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

  21. 21

    Higher Multiples Sit Alongside Growth, Durable Earnings and Strategic Fit in This Set.

    Closing page restating that higher multiples sit alongside growth, durable earnings and strategic fit in this set.

    Higher multiples sit alongside growth, durable earnings and strategic fit in this set, and the companion tables carry the full source index for any figure a client wants to trace.

    Everything on this page

    Higher Multiples Sit Alongside Growth, Durable Earnings and Strategic Fit in This Set. NeuraCap AI — Snack Foods and Confectionery Coverage September 2026 · Prepared by NeuraCap AI · Confidential Snack Foods and Confectionery Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

Sources and methodology

This report covers Snack Foods and Confectionery (Consumer Staples › Food, Beverage and Tobacco › Snack Foods and Confectionery) with market data and consensus estimates as of September 28, 2026. The company universe is the 9 listed companies whose core business is Snack Foods and Confectionery according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Bridgford Foods Corporation (BRID), The Hershey Company (HSY), John B. Sanfilippo & Son, Inc. (JBSS), J&J Snack Foods Corp. (JJSF), Mondelez International, Inc. (MDLZ), PepsiCo, Inc. (PEP), The Simply Good Foods Company (SMPL), Tootsie Roll Industries, Inc. (TR), Utz Brands, Inc. (UTZ). The market map groups them by business vertical — Branded packaged snack portfolios: 5 companies (UTZ, JJSF, SMPL, JBSS, BRID); Confectionery manufacture: 3 companies (MDLZ, HSY, TR); Adjacent: non-alcoholic beverages (snack-and-beverage portfolio companies): 1 company (PEP). 7 of the 9 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Snack Foods and Confectionery (Consumer Staples › Food, Beverage and Tobacco › Snack Foods and Confectionery) with market data and consensus estimates as of September 28, 2026. The company universe is the 9 listed companies whose core business is Snack Foods and Confectionery according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Bridgford Foods Corporation (BRID), The Hershey Company (HSY), John B. Sanfilippo & Son, Inc. (JBSS), J&J Snack Foods Corp. (JJSF), Mondelez International, Inc. (MDLZ), PepsiCo, Inc. (PEP), The Simply Good Foods Company (SMPL), Tootsie Roll Industries, Inc. (TR), Utz Brands, Inc. (UTZ). The market map groups them by business vertical — Branded packaged snack portfolios: 5 companies (UTZ, JJSF, SMPL, JBSS, BRID); Confectionery manufacture: 3 companies (MDLZ, HSY, TR); Adjacent: non-alcoholic beverages (snack-and-beverage portfolio companies): 1 company (PEP). 7 of the 9 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

No company or value in this universe failed the validation gates; every recorded figure enters the statistics on its stated basis.

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2026E consensus (7 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / EBITDA rather than EV / Revenue; validated coverage supports the industry standard (7 of 9 companies), so this report follows it. The platform's preferred period CY2027E carries an eligible EV / EBITDA for only 3 of 9 companies, so this report prices the whole set on CY2026E (7 of 9) rather than mixing periods. EV / EBITDA on CY2026E is the lead convention: it is the sector-appropriate prior for Snack Foods and Confectionery and it clears the coverage gate with 7 of 9 companies (78%). P / E is carried as a cross-check. The set earns: 7 of 9 companies carry a meaningful forward EBITDA on CY2026E, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 3 of 9 companies; EV / rEVenue: 7 of 9 companies; P/E: 7 of 9 companies.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥13.5x, Core 7.9x–13.5x, Discount <7.9x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 11.2x = median(ev_ebitda CY2026E) (7 rated companies) · 14.9x = median(ev_ebitda CY2026E) within Premium tier (n=2) · 11.2x = median(ev_ebitda CY2026E) within Core tier (n=3) · 6.2x = median(ev_ebitda CY2026E) within Discount tier (n=2) · 11.8x = median(ev_ebitda CY2026E) | growth ≥ 2% (n=4) · 6.8x = median(ev_ebitda CY2026E) | growth < 2% (n=3) · 11.8x = median(ev_ebitda CY2026E) | EBITDA margin ≥ 17% (n=4) · 9.0x = median(ev_ebitda CY2026E) | EBITDA margin < 17% (n=3) · 16% = median Rule of 40 score (revenue growth + EBITDA margin) (n=7)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Snack Foods and Confectionery recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 42 transactions were recorded for this industry; 21 are shown. 21 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 13 × deal value unit unresolved; 45 × no evidence record; 8 × duplicate precedent id; 2 × divestiture roles reassigned. Case studies lead with the 2 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 473 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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