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

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › SPECIALTY AND NATURAL FOODS

Company News, Not Category Demand, Sets the Spread

This update covers specialty and natural foods for the two-week period September 14–28, 2026: the movers, the news flow behind them, and where the transaction record stands.

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

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

Sources & methodology

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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 › SPECIALTY AND NATURAL FOODS

   This is the cover slide introducing the September 14–28, 2026 bi-weekly update for Specialty and Natural Foods.

   We open with the two-week window for specialty and natural foods, September 14 through 28, 2026, framing what changed, who moved and why, what transacted, and what it means. Let's walk through the record together.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › SPECIALTY AND NATURAL FOODS Company News, Not Category Demand, Sets the Spread This update covers specialty and natural foods for the two-week period September 14–28, 2026: the movers, the news flow behind them, and where the transaction record stands. 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 Specialty and Natural Foods Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   A Two-Week Period Where Individual Company Records, Not Category Demand

   This slide summarizes the two-week period's price action, driver, and deal record across 12 covered names.

   Across the two-week period, 8 of the 12 covered names fell while the S&P 500 returned +0.8%, and the sector median move came to -2.7%. BellRing Brands, Inc. carried the widest swing at -15.9%, while Perrigo Company plc was the standout gainer at +10.6%. Every curated news item in the window traced back to The Simply Good Foods Company's OWYN integration litigation, and no new deals printed against the standing 13.2x precedent median. So the period's message is clear: company-specific records set the spread, not category demand.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE A Two-Week Period Where Individual Company Records, Not Category Demand The two-week period in one page · 12 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. Specialty and Natural Foods Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 Most Covered Names Lost Ground While the Broad Market Edged Up 8 of 12 covered names fell; the median move was -2.7%, against +0.8% for the S&P 500 over the same two-week period. 2 The Widest Move Sat with a Branded Protein Name Carrying Governance Headlines BellRing Brands, Inc. (BRBR) fell -15.9% over the two-week period, including -8.9% on Sep 24. Perrigo Company plc (PRGO) was the standout gainer at +10.6%, with +6.1% on Sep 24. 3 Litigation Tied to an Acquisition Integration Dominated the News Flow Every curated event in the window concerned The Simply Good Foods Company (SMPL), a Core-tier name, and the securities class action over disclosures about its $280 million OWYN integration. 4 The Transaction Reference Point Is Unchanged No new deals printed. The reference set still rests on 40 trailing precedent transactions at a median 13.2x EV/EBITDA, while the standing valuation lens puts the CY2027E sector median at 6.2x. +10.6% Best mover — Perrigo Company plc (PRGO) worst: BRBR -15.9% · 4 up / 8 down of 12 covered -2.7% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   Four Names Carried the Period, and Only Two Came with a Record to Read

   This slide ranks the two-week's biggest stock moves and flags which came with a recorded driver.

   Four names carried the period's price action, but only two came with a recorded driver we could attribute with confidence. BellRing Brands, Inc. fell -15.9% over the window, including -8.9% on a single day, while Perrigo Company plc gained +10.6%, with +6.1% on that same day. The sector median move was -2.7% against the S&P 500's +0.8%, and our materiality bar for this window sits at ±5.3%. So the moves that mattered were concentrated, not broad-based, and worth tracing to their source before drawing sector-wide conclusions.

   Everything on this page

   PUBLIC MARKET MOVERS Four Names Carried the Period, and Only Two Came with a Record to Read Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -2.7% · S&P 500 +0.8% · materiality bar ±5.3% (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. Specialty and Natural Foods Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -2.7% BellRing Brands, Inc. (BRBR) -15.9% Shares moved following Sep 16 and Sep 17 announcements that shareholder law firms are investigating potential breaches of fiduciary duties by BellRing's directors and officers. The reaction was consistent with repricing governance risk. Governance headlines can reprice a branded protein story faster than any shelf metric moves. COMPANY-SPECIFIC Perrigo Company plc (PRGO) +10.6% No notable in-window news was identified that clearly explains the move. The +10.6% gain stands against a set median of -2.7%. Dispersion in this set is running at the company level, not across the category. UNEXPLAINED Oatly Group AB (OTLY) -8.9% Oatly Group AB published a Nordic bond prospectus on Sep 24 ahead of listing its Nordic bonds on Nasdaq Stockholm. The biggest single-day fall came earlier, on Sep 15 (-3.5%), so the record explains only part of the move. Funding structure stays part of the equity story for brands still building distribution. COMPANY-SPECIFIC Cal-Maine Foods, Inc. (CALM) -10.2% No notable in-window news was identified that clearly explains the move. The -10.2% decline sat well below the -2.7% median for the set. Commodity-linked earnings still swing wider than branded earnings when the record is quiet. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   One Company's Integration Dispute Supplied the Period's Entire News Flow

   This slide catalogs the period's highest-impact news events, all tied to one company's integration dispute.

   Every curated event in this window concerns The Simply Good Foods Company and the securities class action tied to its OWYN integration dispute. We link each item to its underlying filing or article so the record can be checked directly. No other covered name generated a comparable news catalyst in this two-week period. So this is a single-name story for now, and it deserves to be tracked into the next update rather than generalized across the category.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS One Company's Integration Dispute Supplied the Period's Entire News Flow 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. Specialty and Natural Foods Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 15 · NEWS · GlobeNewsWire Simply Good Foods named in a securities class action over its OWYN acquisition disclosures The claim goes to what an acquirer told the market about an integration, which is the same question buyers in this sector underwrite at close. Integration reporting is now part of how branded platforms are judged, not an internal matter. Sep 14 · NEWS · GlobeNewsWire Class action against Simply Good Foods carries an October 13, 2026 lead plaintiff deadline A fixed procedural calendar keeps the dispute in front of the market through the next reporting cycle for a Core-tier name. Scheduled legal dates function as catalysts in a period with little transaction news. Sep 14 · NEWS · GlobeNewsWire Suit alleges Simply Good Foods misstated progress on its $280 million OWYN integration The allegation centres on integration execution after a brand acquisition, the exact area where strategic buyers price synergy against their own supply chain and trade infrastructure. Distribution and velocity gains promised at signing are what the market later measures a deal against. Sep 14 · NEWS · GlobeNewsWire Investors in Simply Good Foods reminded of the approaching securities case deadline Repeated notices keep attention on the acquired brand's performance on shelf rather than on headline sales. Post-close performance evidence travels further than deal-announcement language. Sep 14 · NEWS · Newsfile Corp Further class action filing lands against Simply Good Foods over the OWYN transaction Multiple filings on the same facts concentrate the disclosure question rather than broadening it, and it stays company-specific. Company-level disputes did not spread to category pricing over the period. Sep 15 · NEWS · GlobeNewsWire Simply Good Foods investors given until October 13, 2026 to join the securities class action The window sets a near-term point at which the case profile is clarified for a Core-tier packaged food name. Timelines that are public and dated give the sector a rare fixed reference in a quiet stretch.

5. 05
   M&A & STRATEGIC ACTIVITY

   A Quiet Transaction Period Leaves the Existing Record as the Reference

   This slide shows M&A activity was quiet, leaving the existing precedent record as the reference.

   No new deals printed during the two-week period, so the reference set stays anchored to the trailing precedent transactions at a median of 13.2x EV/LTM EBITDA. We treat this as the standing comparison base for diligence until new print activity appears. The absence of fresh transactions is itself informative — it signals a pause rather than a shift in deal appetite. So buyers and advisers should keep using this multiple as the working benchmark for now.

   Everything on this page

   M&A & STRATEGIC ACTIVITY A Quiet Transaction Period Leaves the Existing Record as the Reference September 14–28, 2026 · precedent transactions: 40 recorded deals · median 13.2x 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. Specialty and Natural Foods Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The observable reference set is unchanged: 40 trailing precedent transactions at a median 13.2x EV/EBITDA, against a CY2027E sector median of 6.2x on the standing valuation lens. 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 13.2x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What the Two-Week Period Changes for Operators, Buyers and Advisers

   This slide translates the period's evidence into observations for operators, acquirers and advisers.

   For operators, the two weeks show that operating records, not category demand, moved prices. For acquirers, the reference set holds at a 13.2x precedent median, with a 6.2x CY2027E sector median, an 11.3x premium-tier median and a 2.9x discount-tier median framing where a target might sit. For advisers, the case to lead with is company evidence: 8 of 12 covered names fell against a +0.8% S&P 500 return, with BellRing Brands, Inc. as the clearest illustration. So the operating takeaway is the same across audiences — company-level diligence carries more signal than category-level assumptions right now.

   Everything on this page

   WHAT IT MEANS What the Two-Week Period Changes for Operators, Buyers and Advisers 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. Specialty and Natural Foods Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 6.2x 12 companies in the study 3 valuation tiers Standing thesis: Specialty and Natural Foods Spans Packaged Foods, Ingredient Supply and Adjacent Models With Distinct Pricing FOR OWNERS & OPERATORS The Operating Numbers Carried More Weight than the Category Story Prices in the space moved on company records rather than on category demand over these two weeks. FOR ACQUIRERS The Reference Set Is Unchanged, and the Period Sharpened the Diligence Question With no new transactions, the comparison base holds at 40 trailing precedent transactions with a median 13.2x EV/EBITDA, while the standing lens carries a CY2027E sector median of 6.2x, a Premium tier median of 11.3x and a Discount tier median of 2.9x. FOR ADVISORS Lead with Company Evidence, Because That Is What Moved Prices The theme is company-specific risk against a steady category backdrop: 8 of 12 covered names fell; the median move was -2.7%, while the S&P 500 returned +0.8%. Lead with the record on the page — BellRing Brands, Inc.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains the sourcing and methodology behind every figure in the update.

   Every figure in this update links back to the filing, press release or market-data record it was taken from, so nothing here rests on an unlinked claim. We rank sources in a fixed reliability order — SEC filings first, then press releases, then established outlets — and we do not draw on video or social platforms. This structure is what lets us separate observed fact from our own read of why something happened. So when a page says a driver is unrecorded, that is a deliberate signal, not an omission.

   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. Specialty and Natural Foods Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 5 names below the floor were 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_20260929T142028Z_502_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

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