Specialty and Natural Foods Sector Outlook — September 2026

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

Specialty and Natural Foods: Enterprise Value Multiples Sit Apart from Reported Profit Margins

This report shows how business model, forward earnings and operating quality sit alongside market value across the peer set.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Specialty and Natural Foods Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

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

   The cover states the report's title, sector and as-of date for the September 2026 edition.

   We open with where enterprise value multiples sit against reported profit margins across Specialty and Natural Foods. This report shows how business model, forward earnings and operating quality sit alongside market value across the peer set.

   Everything on this page

   CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › SPECIALTY AND NATURAL FOODS Specialty and Natural Foods: Enterprise Value Multiples Sit Apart from Reported Profit Margins This report shows how business model, forward earnings and operating quality sit alongside market value across the peer set. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Specialty and Natural Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This page lists the report's five sections plus the appendix, in the order they appear.

   We walk through five sections plus the appendix in this order: the bottom line, the landscape, valuation and situations, precedent transactions, and strategic implications. The bottom line comes first by design, so a reader who stops after section one still leaves with the whole story. Use this page to jump straight to the section that matters most to you.

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   CONTENTS What This Report Covers 01 The Bottom Line Specialty and Natural Foods Rewards Different Models in Different Ways 02 The Landscape Shelf Proximity Does Not Create a Common Valuation Model 03 Valuation & Situations Premium Forward Pricing Sits Alongside Mixed Growth and Margins 04 Precedent Transactions Precedent Transactions Show Buyers Applying Asset-Specific Standards 05 Strategic Implications Value Strengthens When Distribution Converts into Durable Unit Economics 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Specialty and Natural Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Specialty and Natural Foods Spans Packaged Foods, Ingredient Supply and Adjacent Models with Distinct Pricing

   This page summarizes the report's four core findings on how forward pricing splits across the peer set.

   Among the seven rated names, forward pricing spans from 2.9x to 11.3x, a gap wide enough that business model explains more than headline growth. The four faster-growing names trade at 5.1x versus 6.6x for the slower group, so growth alone does not explain the premium. Center-store packaged foods make up 67% of the peer set, while ingredient supply and adjacent models carry different working-capital and channel economics. Margin position does not cleanly track valuation either, so we read this as a signal to look at earnings quality and channel mix before setting a target multiple.

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   01 · THE BOTTOM LINE Specialty and Natural Foods Spans Packaged Foods, Ingredient Supply and Adjacent Models with Distinct Pricing The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 12 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Specialty and Natural Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Two Ends Carry Very Different Forward Prices Among the 7 names with a forward estimate, the premium end is priced at 11.3x and the discount end at 2.9x. Because the multiple is forward, the remaining gap suggests the market distinguishes the durability of forecast earnings. 2 Faster Forecast Growth Does Not Sit with the Higher Price Among the 7 names with a forward estimate, the four above the 2% growth split are priced at 5.1x, versus 6.6x for the other three. The association points owners toward earnings quality and business-model differences alongside growth. 3 Business Model Changes the Valuation Conversation Center-store better-for-you packaged foods represent 67% of the peer set. Distribution, ingredient supply and shelf-based brands bring different working-capital, route-density and gross-to-net economics. 4 Margin Alone Does Not Secure Premium Standing Among the 7 names with a forward estimate, three sit above the price benchmark despite below-benchmark margins, while three show the reverse. Velocity, trade spend and channel quality remain important context for the earnings forecast. 6.2x Sector median EV/EBITDA CY2027E consensus · 7 rated of 12 companies 11.3x Premium end EV/EBITDA vs 2.9x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 27 Transactions with disclosed terms 56 recorded in this tier · 2 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces the market-map section on how the three business models are valued.

   Shelf proximity alone does not create a common valuation model in this sector. Brand, supply and distribution economics call for distinct operating proof points, which the next few pages lay out model by model.

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   SECTION 02 02 THE LANDSCAPE Shelf Proximity Does Not Create a Common Valuation Model Brand, supply and distribution economics call for different operating proof points. 02 of 06 Specialty and Natural Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Market Value Spreads Across Three Models with Different Proof Points

   This page groups the 12 approved companies into three business-model segments and shows the median EV/EBITDA (CY2027E) for each group.

   We group the approved universe of 12 companies into three business models — packaged foods, ingredient supply, and adjacent models — and compare their median forward multiples. Grouping the peer set this way keeps like businesses together, so any comparison respects how each model actually earns its margin. That framing carries through the rest of the valuation section.

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   02 · MARKET MAP Market Value Spreads Across Three Models with Different Proof Points 12 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Specialty and Natural Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 CENTER-STORE BETTER-FOR-YOU PACKAGED FOODS 8 cos median 5.8x Herbalife (HLF) The Simply Good (SMPL) John B. (JBSS) The Hain (HAIN) USANA Health (USNA) FitLife Brands (FTLF) LifeVantage (LFVN) Above Food (ABVE) Brand value depends on household penetration, repeat purchase, velocity and disciplined trade spend. SPECIALTY AND ORGANIC INGREDIENT SUPPLY 2 cos no rated names Cal-Maine Foods (CALM) Vital Farms (VITL) Certification, provenance, supply security and input-cost pass-through shape operating resilience. ADJACENT MODELS 2 cos 7.8x · 1 rated United Natural (UNFI) Medifast (MED) Distribution and direct-selling economics shift attention toward route density, working capital and reorder behavior.

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   02 · LANDSCAPE

   Packaged Foods Dominate the Set, While Adjacent Models Carry Different Economics

   This page shows that packaged foods make up the majority of the approved universe, while adjacent models carry different economics.

   Packaged foods represent 67% of this peer set, with ingredient supply and adjacent models filling the rest. Because these business models carry different working-capital and channel economics, a single sector multiple undersells how differently each group should be benchmarked. We use this segment view to set up the valuation detail that follows.

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   02 · LANDSCAPE Packaged Foods Dominate the Set, While Adjacent Models Carry Different Economics Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Specialty and Natural Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Center-store better-for-you packaged foods 8 67% 5.8x Herbalife Nutrition Ltd. (HLF) · The Simply Good Foods Company (SMPL) · +6 more Brands need repeat velocity. This group represents 67% of the peer set. Points of distribution create value when household penetration, repeat purchase and clean gross-to-net support durable earnings. Specialty and organic ingredient supply 2 17% — Cal-Maine Foods, Inc. (CALM) · Vital Farms, Inc. (VITL) Supply quality shapes resilience. Certification, provenance and input-cost pass-through matter alongside customer concentration. Neither of the two names carries a forward estimate, limiting a direct valuation comparison. Adjacent models 2 17% 7.8x n=1 United Natural Foods, Inc. (UNFI) · Medifast, Inc. (MED) Network economics change the lens. The 7.8x figure rests on one rated name in this two-name group. The premium sits alongside a distribution model whose economics depend on route density, working capital and service levels.

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   SECTION 03

   03

   This divider introduces the valuation section on forward pricing, growth and margin.

   Premium forward pricing sits alongside mixed growth and margin performance in this sector. Only part of the peer set carries a forward estimate, and the two ends of that range remain far apart.

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   SECTION 03 03 VALUATION & SITUATIONS Premium Forward Pricing Sits Alongside Mixed Growth and Margins Only part of the peer set carries an estimate, and the two ends remain far apart. 03 of 06 Specialty and Natural Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Spans Different Models and Mixed Operating Profiles

   This page ranks all 7 rated companies by EV/EBITDA (CY2027E) against the sector median of 6.2x.

   All seven rated companies sort from a high of 11.3x down toward 2.9x, against a sector median of 6.2x. That spread tells us the premium end spans more than one business model and more than one operating profile. We use tiers cut at the rated set's own quartiles to frame where each name sits before testing what explains the gap.

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   03 · PUBLIC MARKET VALUATION The Premium End Spans Different Models and Mixed Operating Profiles EV / EBITDA (CY2027E) · all 7 rated companies, sorted descending · sector median 6.2x · 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 CY2027E consensus (7 of 12 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Specialty and Natural Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 11.3x CORE · median 6.2x DISCOUNT · median 2.9x Sector median 6.2x WHAT SEPARATES THE TWO ENDS Premium spans two models. The Hain Celestial Group, Inc. (HAIN) and United Natural Foods, Inc. (UNFI) sit at a forward 11.3x, pairing a packaged-food portfolio with a distribution network. Discount retains solid margins. Herbalife Nutrition Ltd. (HLF) and USANA Health Sciences, Inc. (USNA) sit at 2.9x despite margins that do not occupy the bottom of the set. Forward pricing tests durability. The forecast already credits expected growth. A gap that remains after that forecast suggests investors distinguish earnings durability, model risk and estimate confidence.

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   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 10% Margin Line Carry 4.7x Against 7.8x Below It

   This page compares median EV/EBITDA (CY2027E) across growth cohorts and margin cohorts within the rated set.

   Names above the 10% margin line carry 4.7x, against 7.8x for names below it, and the faster-growth cohort prices at 5.1x versus 6.6x for the slower group. Margin sits opposite the direction we might expect, which points toward earnings quality and business-model mix rather than growth or margin alone. We read these as associations in the data, not causal drivers, and use them to frame the situation map that follows.

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   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 10% Margin Line Carry 4.7x Against 7.8x Below It Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=4; slower n=3; higher-margin n=4; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Specialty and Natural Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 2% · EBITDA-margin split at 10% The Growth Split Runs Against a Simple Premium Story Among the 7 names with a forward estimate, the four above 2% growth are priced at 5.1x, while the other three are priced at 6.6x. The result is an observed association, not evidence that growth reduces value. Profitability and Price Do Not Sort into One Ladder Among the seven mapped names, one clears both the price and margin benchmarks, three carry higher prices with lower margins, and three show the reverse. Channel Quality Sharpens the Earnings Forecast Distribution gains matter more when velocity, repeat purchase and gross-to-net discipline show that shelf space is converting into durable demand.

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    03 · SITUATION MAP

    Growth-Led and Margin-Led Names Are Priced Differently, and Their Operating Priorities Differ Too

    This page places each rated company into a quadrant cut on the sector median EV/EBITDA of 6.2x and the covered margin median of 10%.

    We cut the rated set on the 6.2x sector median and the 10% margin median to see where each name actually sits, not where its narrative suggests. These are observations on the data shown, not recommendations to buy or sell any name. The pattern sets up the agenda questions on the next page.

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    03 · SITUATION MAP Growth-Led and Margin-Led Names Are Priced Differently, and Their Operating Priorities Differ Too Cut on EV / EBITDA vs the sector median (6.2x) (rows) and EBITDA margin vs the covered median (10%) (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. Specialty and Natural Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced and Profitable Above-median multiple · above-median EBITDA margin 1 names FitLife Brands, Inc. (FTLF) One of the seven mapped names sits above both benchmarks. FitLife Brands, Inc. (FTLF) combines premium standing with an above-benchmark margin profile. Priced Ahead of Margin Above-median multiple · below-median EBITDA margin 3 names United Natural Foods, Inc. (UNFI) · The Hain Celestial Group, Inc. (HAIN) · LifeVantage Corporation (LFVN) Three of the seven mapped names sit above the price benchmark with below-benchmark margins. United Natural Foods, Inc. (UNFI), The Hain Celestial Group, Inc. (HAIN) and LifeVantage Corporation (LFVN) need durable forecasts to support that standing. Profitable Below Benchmark Below-median multiple · above-median EBITDA margin 3 names Herbalife Nutrition Ltd. (HLF) · The Simply Good Foods Company (SMPL) · USANA Health Sciences, Inc. (USNA) Three of the seven mapped names sit below the price benchmark despite above-benchmark margins. Herbalife Nutrition Ltd. (HLF), The Simply Good Foods Company (SMPL) and USANA Health Sciences, Inc. (USNA) show that current profitability alone does not secure a higher price. Below Both Benchmarks Below-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date.

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    03 · THE AGENDA

    The Decisions Ahead Sit Around Turning Distribution into Durable, Repeat Demand

    This page frames the operating questions the data raises around converting distribution into repeat demand.

    The decisions ahead center on turning distribution into durable, repeat demand rather than simply adding shelf count. We frame these as questions for an owner or acquirer to resolve, grounded in the cohort data shown earlier. Resolving them is what separates a durable forward multiple from a fragile one.

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    03 · THE AGENDA The Decisions Ahead Sit Around Turning Distribution into Durable, Repeat Demand 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. Specialty and Natural Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Prioritize Velocity over Shelf Count Direct resources toward retailers, formats and items where points of distribution convert into repeat purchase and better unit economics. What changes the answer: Sustained velocity and household repeat after the shelf reset. Tighten Revenue Quality and Mix Refine pricing, promotion and channel mix where trade spend or slotting fees dilute the benefit of distribution growth. What changes the answer: A cleaner gross-to-net bridge without weaker volume quality. Build Resilience into Supply Balance co-manufacturing flexibility, qualified redundancy and input-cost pass-through against the cost of owned capacity. What changes the answer: More stable service levels and margins through input and freight volatility. Choose the Relevant Value Benchmark The observed forward range from 1.9x to 14.9x shows how wide peer pricing can be. Business model, earnings durability and estimate confidence narrow the useful reference set. What changes the answer: A peer group that matches the company’s revenue model, channel exposure and cost structure.

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    SECTION 04

    04

    This divider introduces the precedent-transactions section.

    Precedent transactions show buyers applying asset-specific standards. Brand, nutrition and corporate assets have attracted widely different disclosed terms.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Show Buyers Applying Asset-Specific Standards Brand, nutrition and corporate assets have attracted widely different disclosed terms. 04 of 06 Specialty and Natural Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Precedent Transactions Apply Different Benchmarks to Different Assets

    This page walks through 2 of the 27 disclosed-terms precedent transactions as illustrative case studies.

    We walk through two of the 27 disclosed-terms transactions as case studies, each priced on LTM financials at announcement. These deal multiples sit on a different basis than the CY2027E public multiples shown earlier, so we don't draw a spread between the two. The full list of transactions sits in the appendix for anyone tracing a specific deal.

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    04 · DEAL CASE STUDIES Precedent Transactions Apply Different Benchmarks to Different Assets 2 of 27 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. 72 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. 29 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Specialty and Natural Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Sep-2026 $323M AURELIUS AURELIUS agreed to acquire International Business for $323M. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests AURELIUS saw a strategic fit with International Business. The pairing also shows buyer interest extending beyond named branded-food assets. HOW THE TARGET WAS VALUED The disclosed value was $323M. It provides a whole-company value reference without a disclosed revenue or EBITDA multiple. Sep-2019 $24M Celsius Holdings, Inc. Celsius Holdings, Inc. acquired Func Food Group Oyj for $24M. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests adjacency between Celsius Holdings, Inc. and Func Food Group Oyj. It adds a strategic-buyer reference to the transaction record. HOW THE TARGET WAS VALUED The disclosed value was $24M. It provides a whole-company value reference without a disclosed revenue or EBITDA multiple.

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    SECTION 05

    05

    This divider introduces the strategic-implications section.

    Value strengthens when distribution converts into durable unit economics. Velocity, revenue quality and cost resilience sharpen the case across every business model in this set.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Value Strengthens When Distribution Converts into Durable Unit Economics Velocity, revenue quality and cost resilience sharpen the case across business models. 05 of 06 Specialty and Natural Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Distribution That Turns into Repeat Demand Is Where Value Builds, Ahead of Added Complexity

    This page lays out the operating priorities that follow from the valuation and transaction evidence.

    Distribution that turns into repeat demand is where value builds in this data, ahead of added operating complexity. We frame this as the set of questions the evidence puts on the table for the next twelve months, not as a recommendation. Owners, management teams and boards each have a distinct piece of this to work through.

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    05 · STRATEGIC IMPLICATIONS Distribution That Turns into Repeat Demand Is Where Value Builds, Ahead of Added Complexity 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. Specialty and Natural Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Protect the Quality of Growth Favor distribution gains supported by velocity, repeat purchase and pricing discipline. Shelf space that depends on promotional depth can weaken revenue quality. FOR MANAGEMENT TEAMS Make Margin Durability Operational Focus on mix, trade spend, co-manufacturing resilience and input-cost pass-through. These levers clarify whether forecast earnings can hold through a cycle. FOR BOARDS Match Capital to the Model Test build-versus-buy choices against channel economics, working-capital needs and the company’s ability to absorb added complexity.

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    SECTION 06

    06

    This divider introduces the appendix covering the full comparables universe, precedent list and methodology.

    The final section carries the full universe behind every figure in the body, the valuation basis, and where each underlying disclosure lives.

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

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    06 · PUBLIC COMPARABLES (1 OF 1)

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

    This page lists all 7 rated companies with their EV/EBITDA (CY2027E) multiples against the 6.2x sector median, plus the 5 companies without an eligible multiple.

    All seven rated companies appear here with their multiple shaded against the 6.2x sector median, alongside the five names that carry no eligible multiple. This is the complete rated set behind every chart shown earlier in the report. Anyone tracing a specific figure can start on this page.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (6.2x); amber marks below · 7 rated companies; 5 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. Specialty and Natural Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥7.2x · median 11.3x · 2 companies The Hain Celestial Group, Inc. HAIN Center-store better-for-you packaged foods $596M 14.9x -5% 8% -1 United Natural Foods, Inc. UNFI Natural and organic food distribution $5.9B 7.8x 2% 2% 5 CORE — 4.7x–7.2x · median 6.2x · 3 companies LifeVantage Corporation LFVN Center-store better-for-you packaged foods $76M 6.6x 0% 6% 6 FitLife Brands, Inc. FTLF Center-store better-for-you packaged foods $128M 6.2x 6% 15% 25 The Simply Good Foods Company SMPL Center-store better-for-you packaged foods $1.2B 5.4x -2% 17% 15 DISCOUNT — <4.7x · median 2.9x · 2 companies Herbalife Nutrition Ltd. HLF Center-store better-for-you packaged foods $3.0B 4.0x 3% 13% 17 USANA Health Sciences, Inc. USNA Center-store better-for-you packaged foods $176M 1.9x 4% 10% 14

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page lists the first part of the 27 disclosed-terms precedent transactions, newest first.

    This page carries the first part of the 27 disclosed-terms transactions, newest first, each priced on LTM financials at announcement. These multiples sit on a different basis than the public CY2027E multiples used elsewhere in the report. The remaining transactions continue on the next page.

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 27 transactions with disclosed terms in this tier (56 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. 72 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. 29 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 27 transactions shown; the rest are in the companion workbook. Specialty and Natural Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Sep-2026 AURELIUS → International Business $323M n/a n/a The transaction involving International Business broadens the observed buyer mix and provides a disclosed whole-company value reference. Nov-2025 n/a → The Clorox Company n/a n/a 12.3x The announced transaction involving The Clorox Company was recorded at 12.3x EV / EBITDA, showing a premium earnings benchmark in the transaction record. Apr-2024 NA → PT Industri Jamu dan Farmasi Sido Muncul Tbk n/a 5.7x n/a PT Industri Jamu dan Farmasi Sido Muncul Tbk was recorded at 5.7x EV / Revenue, illustrating how revenue can become the practical benchmark when that is the disclosed measure. Jul-2023 Mars, Incorporated → Kevin’s Natural Foods n/a n/a 0.7x The terminated transaction between Mars, Incorporated and Kevin’s Natural Foods was recorded at 0.7x EV / EBITDA. Its status limits how directly it should anchor current expectations. Apr-2023 Kirin Holdings Company, Limited → Blackmores Limited n/a n/a 23.1x Kirin Holdings Company, Limited and Blackmores Limited were linked in an announced transaction recorded at 23.1x EV / EBITDA. Aug-2020 Hometown Food Company → Birch Benders, LLC n/a n/a 14.8x Hometown Food Company completed its acquisition of Birch Benders, LLC at a recorded 14.8x EV / EBITDA. Sep-2019 Celsius Holdings, Inc. → Func Food Group Oyj $24M n/a n/a Celsius Holdings, Inc. completed its acquisition of Func Food Group Oyj, adding another strategic pairing to the transaction record. Aug-2019 Simply Good Foods Company → Quest Nutrition, LLC n/a n/a 20.0x Simply Good Foods Company announced its acquisition of Quest Nutrition, LLC at a recorded 20.0x EV / EBITDA. Nov-2018 Science in Sport plc → PhD Nutrition Ltd n/a n/a 11.4x Science in Sport plc announced its acquisition of PhD Nutrition Ltd at a recorded 11.4x EV / EBITDA.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page completes the list of 27 disclosed-terms precedent transactions, newest first.

    This page completes the disclosed-terms transaction list carried over from the previous page. Together, both pages show every disclosed-terms deal behind the case studies discussed earlier. The complete recorded set, including transactions without disclosed terms, is available in the appendix.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 27 transactions with disclosed terms in this tier (56 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. 72 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. 29 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 27 transactions shown; the rest are in the companion workbook. Specialty and Natural Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Oct-2018 Glanbia plc → Slimfast n/a n/a 14.6x Dec-2017 Nestlé S.A. → Atrium Innovations Inc. n/a n/a 14.0x Aug-2017 B&G Foods → Back to Nature Foods Company, LLC n/a n/a 9.6x Value shown as recorded in the filing; deal value unit unresolved. May-2017 HGGC, LLC → Nutraceutical International Corporation n/a n/a 9.2x Apr-2017 Groupe Danone → WhiteWave Foods n/a n/a 23.4x Value shown as recorded in the filing; deal value unit unresolved. Feb-2017 Reckitt Benckiser Group plc → Mead Johnson Nutrition Company n/a 17.7x 17.4x Jul-2016 Danone S.A. → The WhiteWave Foods Company n/a 24.7x 25.0x Nov-2015 Pinnacle Foods Inc. → Boulder Brands, Inc. n/a 15.7x 14.7x Sep-2015 Biostime Healthy Australia Pty Ltd. → Swisse Wellness Pty Ltd. n/a n/a 10.2x

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This page explains the valuation basis, what was excluded, and where each underlying disclosure lives.

    This page sets out how the figures in this report were built, including the valuation basis and what was excluded from it. Every figure links back to the record it came from, so a reader can trace any number to its source. That traceability is what lets the rest of the report be read with confidence.

    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. Specialty and Natural Foods Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 12 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Specialty and Natural Foods and it clears the coverage gate with 7 of 12 companies (58%). EV / Revenue, P / E are carried as a cross-check. The set earns: 7 of the 8 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 12 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 594 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 (593) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Higher Forward Prices Sit Alongside Distinct Models and Mixed Margins in This Sample.

    The closing page restates the report's conclusion that higher forward prices sit alongside distinct models and mixed margins.

    Higher forward prices sit alongside distinct models and mixed margins in this sample. The companion tables carry the full universe and source index for any figure a client wants to trace.

    Everything on this page

    Higher Forward Prices Sit Alongside Distinct Models and Mixed Margins in This Sample. NeuraCap AI — Specialty and Natural Foods Coverage September 2026 · Prepared by NeuraCap AI · Confidential Specialty and Natural Foods Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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