Overview

• U.S. wellness products maker's Q2 sales rose 2% yr/yr but missed analyst expectations

• Adjusted EPS and adjusted EBITDA for Q2 missed analyst expectations

• Quarter impacted by consumer price sensitivity, higher freight, and $11 mln inventory charge

Outlook

• BellRing sees FY26 net sales of $2.325-$2.365 bln, growth of 0% to 2%

• Company expects FY26 Adjusted EBITDA of $315-$335 mln, about 14% of net sales

• BellRing says revised outlook incorporates promotional and consumer headwinds and higher input costs

Result Drivers

• COST INFLATION & FREIGHT - Margins were pressured by significant input cost inflation, tariffs, and higher freight costs

• INVENTORY CHARGE - $11.3 mln charge related to a third-party supplied ingredient that did not meet quality standards weighed on profit

Company press release: ID:nGNXG7vqj

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 Sales	Miss	$598.70 mln	$608.90 mln (14 Analysts)
Q2 Adjusted EPS	Miss	$0.14	$0.32 (14 Analysts)
Q2 EPS		$0.29
Q2 Adjusted EBITDA	Miss	$53.80 mln	$79.58 mln (13 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the food processing peer group is "buy"

• Wall Street's median 12-month price target for Bellring Brands Inc is $27.67, about 59.4% above its May 4 closing price of $17.36

• The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 12 three months ago

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