Fiscal Year 2025 Outlook

For the fiscal year 2025, the Company expects:

• Organic Net Sales growth of low-single digits led by continued Branded Salty Snacks growth, particularly the Power Four Brands, and less decline in Non-Branded & Non-Salty Snacks. 
• Adjusted EBITDA growth of 6% to 10% and Adjusted EBITDA margin expansion of approximately 100bps, led by Adjusted Gross Margin expansion fueled by strong productivity cost savings and improved product mix. 
• Adjusted Earnings per Share growth of 10% to 15% led by increased operating earnings and lower interest expense.

The Company also expects:

• An effective tax rate (normalized GAAP basis tax expense, which excludes one-time items) in the range of 17% to 19%;
• Interest expense of approximately $43 million;
• Capital expenditures in the range of $90 to $100 million with the majority focused on building increased manufacturing network capacity and delivering accelerated productivity savings; and
• Net Leverage Ratio approaching 3x at year-end fiscal 2025.