Financial Data and Key Metrics Changes - The company reported net sales of $588 million, a 19% increase year-over-year, and adjusted EBITDA of $119 million, which is a 14% increase [21][22] - Adjusted EBITDA margins were 20.2%, in line with expectations, and adjusted gross profit margin increased by 80 basis points to 34.5% [22][24] - The company affirmed its fiscal 2025 guidance for net sales between $2.26 billion and $2.34 billion, indicating a growth of 13% to 17% [25][26] Business Line Data and Key Metrics Changes - Premier Protein net sales grew by 22%, driven by strong volume growth in ready-to-drink (RTD) shakes and powders [21][22] - Dymatize's net sales increased by 3%, supported by a 20% rise in volume, with double-digit growth in international markets [16][21] Market Data and Key Metrics Changes - The convenient nutrition category grew by 12% in Q2, with RTD growth at 19%, indicating strong consumer demand [7][8] - Premier Protein achieved all-time highs in household penetration, reaching nearly 21% [11] Company Strategy and Development Direction - The company plans to expand promotions in Q4, leveraging strong brand metrics and inventory levels to drive household penetration [12][18] - The focus remains on innovation, with new product lines like the indulgent shakes targeting incremental consumption occasions [15][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of the protein category, citing strong macro tailwinds [18] - Despite a weakening consumer sentiment, the company does not anticipate significant impacts on its category, modeling various scenarios for growth [32][58] Other Important Information - The company generated $48 million in cash flow from operations in Q2, with net debt at $932 million and net leverage at 1.9 times [24][25] - Increased advertising and promotion expenses were noted, with A&P spending at 4.7% of net sales, up from 3.1% in the previous year [23][24] Q&A Session Summary Question: Expectations for category growth in the second half given weakening consumer environment - Management noted that category fundamentals remain strong, with RTD category growth expected to continue despite broader consumer sentiment challenges [31] Question: Insights on retailer inventory changes - Management indicated that the inventory adjustments are primarily a one-time reset related to previous over-ordering by retailers, not a reflection of consumption decline [36][42] Question: Impact of tariffs on input costs - Dairy inputs constitute about 30% to 40% of total COGS, with potential tariff impacts expected to be minor and manageable [48] Question: Marketing and advertising spending levels - The second quarter's marketing spend was in line with expectations, with a slight reallocation towards promotions anticipated for the second half of the year [54] Question: Competitive landscape and protein content trends - Management believes that while some competitors are increasing protein levels, the focus will remain on a balanced approach that includes taste and nutritional value [66][69] Question: Future innovation plans - Upcoming innovations will target new consumer segments and occasions, with the indulgent line already showing promising results in attracting new customers [111][113]

Financial Data and Key Metrics Changes - The company reported net sales of $588 million, representing a 19% increase year-over-year, and adjusted EBITDA of $119 million, which is a 14% increase [20][21] - Adjusted EBITDA margins were 20.2%, in line with expectations, and adjusted gross profit margin increased by 80 basis points to 34.5% [21][22] - Cash flow from operations was $48 million for the second quarter, with a total of $51 million for the first half of the fiscal year [23] Business Line Data and Key Metrics Changes - Premier Protein net sales grew by 22%, driven by strong volume growth in ready-to-drink (RTD) shakes and powders [20] - Dymatize's net sales increased by 3%, supported by a 20% rise in volume, with double-digit growth in international markets [16][20] Market Data and Key Metrics Changes - The convenient nutrition category grew by 12% in Q2, with RTD growth at 19%, indicating strong consumer demand [8][9] - Premier Protein achieved an all-time high in household penetration, reaching nearly 21% [11] Company Strategy and Development Direction - The company plans to expand promotions in Q4, leveraging strong brand metrics and inventory levels to drive household penetration [12][121] - The innovation pipeline remains robust, with new products aimed at capturing new consumer occasions and expanding market share [15][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of the protein category, citing strong macro tailwinds [18] - The company is cautious about consumer uncertainty but remains optimistic about its growth trajectory [60][62] Other Important Information - The company is actively monitoring potential tariff impacts on input costs, particularly related to dairy protein sourced from New Zealand and the EU [27][50] - Marketing and advertising expenses increased to 4.7% of net sales, driven by a national advertising campaign and support for new product launches [22][54] Q&A Session Summary Question: What are the expectations for category growth in the second half given the weakening consumer environment? - Management indicated that category fundamentals remain strong, with expectations for continued growth despite consumer uncertainty [31][32] Question: What is driving the change in retailer inventories? - Management noted that the inventory adjustments are primarily a one-time response to previous supply constraints, with no significant changes in consumption [37][39] Question: How are tariffs expected to impact input costs? - Management clarified that dairy inputs constitute about 30% to 40% of total costs, with potential minor impacts from tariffs expected to start in fiscal 2026 [48][50] Question: What is the outlook for marketing spend? - Management confirmed that the increased marketing spend aligns with expectations and is focused on driving brand awareness and consumer engagement [54][56] Question: How does the company view competition in the protein shake market? - Management believes that while competitors are increasing protein levels, the company's focus on taste and nutritional balance will continue to resonate with consumers [68][70]

Category Performance - The convenient nutrition category demonstrated continued growth, increasing by 12%[1], with ready-to-drink (RTD) products leading with a 19%[1] increase - Ready-to-mix (RTM) products also experienced healthy growth[16] Premier Protein Brand - Premier Protein RTD shakes showed strong dollar growth of 25%[16] compared to Q2 FY2024 - Premier Protein powders experienced strong consumption growth of 22%[16] due to velocity strength and expanded distribution - Premier Protein RTD shakes achieved a new RTD category market share high in March, reaching 30%[16] Distribution and Penetration - Premier Protein RTD shakes reached an all-time high in household penetration at 20.9%[16] - Premier Protein powder distribution saw strong year-over-year growth[37] Dymatize Brand - Dymatize consumption grew by 3%[16] compared to Q2 FY2024, supported by incremental promotion and a new RTD shake launch - Dymatize reached the 4 powder share position[16] - Dymatize TDPs reached an all-time high due to distribution gains[44]

Group 1 - BellRing Brands reported quarterly earnings of $0.53 per share, matching the Zacks Consensus Estimate, and showing an increase from $0.45 per share a year ago [1] - The company posted revenues of $588 million for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 2.09%, compared to $494.6 million in the same quarter last year [2] - Over the last four quarters, BellRing Brands has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2][3] Group 2 - The stock has increased approximately 4.8% since the beginning of the year, while the S&P 500 has declined by 3.3% [3] - The current consensus EPS estimate for the upcoming quarter is $0.57 on revenues of $580.42 million, and for the current fiscal year, it is $2.25 on revenues of $2.31 billion [7] - The Zacks Industry Rank for Food - Miscellaneous is in the top 38% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Exhibit 99.1 BellRing Brands Reports Results for the Second Quarter 2025; Affirms Fiscal Year 2025 Outlook St. Louis - May 5, 2025 - BellRing Brands, Inc. (NYSE:BRBR) ("BellRing"), a holding company operating in the global convenient nutrition category, today reported results for the second fiscal quarter ended March 31, 2025. Highlights: *Adjusted EBITDA is a non-GAAP measure. For additional information regarding non-GAAP measures, see the related explanations presented under "Use of Non- GAAP Measures" la ...

Core Insights - BellRing Brands, Inc. reported strong financial results for the second fiscal quarter ended March 31, 2025, with net sales reaching $588.0 million, an increase of 18.9% year-over-year, driven by volume growth and price/mix improvements [4][10][15]. Financial Performance - Adjusted EBITDA for the second quarter was $118.6 million, reflecting a 14.4% increase compared to the prior year [14]. - Gross profit was $189.8 million, or 32.3% of net sales, up 15.5% from $164.3 million, or 33.2% of net sales, in the previous year [7][34]. - Selling, general and administrative (SG&A) expenses increased to $90.5 million, representing 15.4% of net sales, compared to $69.1 million, or 14.0% of net sales, in the prior year [9][18]. Product Performance - Premier Protein net sales increased by 22.0%, driven by a 15.3% volume growth and a 6.7% increase in price/mix [5][15]. - Dymatize net sales grew by 3.0%, with a significant 20.4% increase in volume, although this was partially offset by a 17.3% decrease in price/mix [6][15]. Market Trends - The consumption of Premier Protein ready-to-drink shakes and powder products saw increases of 24.9% and 21.7%, respectively, indicating strong market demand [3]. - The company continues to expect net sales growth of 13% to 17% for fiscal year 2025, despite macroeconomic uncertainties [3][24]. Share Repurchase Activity - During the second quarter, BellRing repurchased 2.4 million shares for $171.7 million at an average price of $71.68 per share, with $280.0 million remaining under its share repurchase authorization as of March 31, 2025 [23]. Outlook - The company has affirmed its fiscal year 2025 outlook, expecting net sales to range between $2.26 billion and $2.34 billion, and Adjusted EBITDA to range between $470 million and $500 million [24].

The most recent trading session ended with BellRing Brands (BRBR) standing at $77.14, reflecting a +0.53% shift from the previouse trading day's closing. The stock outpaced the S&P 500's daily gain of 0.15%. On the other hand, the Dow registered a gain of 0.35%, and the technology-centric Nasdaq decreased by 0.09%.The the stock of nutritional supplements company has risen by 2.12% in the past month, leading the Consumer Staples sector's gain of 0.04% and the S&P 500's loss of 0.21%.The investment community ...

Company Overview - BellRing Brands (BRBR) is expected to report earnings for the quarter ended March 2025, with a consensus estimate of $0.52 per share, reflecting a year-over-year increase of +15.6% [3] - Revenue is anticipated to reach $575.94 million, representing a 16.5% increase from the previous year [3] Earnings Expectations - The stock price may rise if actual earnings exceed expectations in the upcoming report, scheduled for May 5 [2] - Conversely, if earnings fall short, the stock may decline [2] - The consensus EPS estimate has been revised 0.05% higher in the last 30 days, indicating a slight bullish sentiment among analysts [4] Earnings Surprise Prediction - The Most Accurate Estimate for BellRing Brands is higher than the Zacks Consensus Estimate, resulting in a positive Earnings ESP of +2.95% [10][11] - The company holds a Zacks Rank of 2 (Buy), suggesting a strong likelihood of beating the consensus EPS estimate [11] Historical Performance - In the last reported quarter, BellRing Brands exceeded the expected earnings of $0.47 per share by delivering $0.58, achieving a surprise of +23.40% [12] - The company has successfully beaten consensus EPS estimates in all four of the last quarters [13] Industry Context - In the Zacks Food - Miscellaneous industry, Utz Brands (UTZ) is expected to report earnings of $0.16 per share for the same quarter, with a year-over-year change of +14.3% [17] - Utz Brands' revenue is projected to be $352.13 million, up 1.6% from the previous year [17] - The consensus EPS estimate for Utz Brands has remained unchanged, but a lower Most Accurate Estimate has resulted in a negative Earnings ESP of -1.59% [18]

Core Viewpoint - BellRing Brands (BRBR) is positioned well to continue its trend of beating earnings estimates, supported by a solid history of performance in the nutritional supplements sector [1][2]. Earnings Performance - The company has consistently surpassed earnings estimates, with an average surprise of 12.70% over the last two quarters [2]. - In the most recent quarter, BellRing Brands reported earnings of $0.58 per share, exceeding the expected $0.47 per share, resulting in a surprise of 23.40% [2]. - For the previous quarter, the actual earnings were $0.51 per share against an estimate of $0.50 per share, yielding a surprise of 2% [2]. Earnings Estimates and Predictions - Estimates for BellRing Brands have been trending upward, influenced by its history of earnings surprises [5]. - The company currently has an Earnings ESP (Expected Surprise Prediction) of +2.95%, indicating a bullish outlook from analysts regarding its earnings prospects [8]. - The combination of a positive Earnings ESP and a Zacks Rank of 2 (Buy) suggests a strong likelihood of another earnings beat in the upcoming report [8]. Statistical Insights - Research indicates that stocks with a positive Earnings ESP and a Zacks Rank of 3 (Hold) or better have a nearly 70% chance of producing a positive surprise [6]. - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, with the Most Accurate Estimate reflecting the latest analyst revisions [7].

Economic Overview - Consumer sentiment has dropped to 50.8 in April, a decline of 10.9% from March's reading of 57, and 34.2% lower than the same period last year, marking the lowest level since June 2022 and the second-lowest since 1952 [4] - The five-year inflation outlook has increased by 0.3% to 4.4%, the highest since June 1991, while the current economic conditions index fell by 11.4% to 56.5 in April [5] - The expectations index decreased by 10.3% from March to 47.2 in April, the lowest since May 1980 [5] - Following President Trump's announcement of tariffs, markets experienced a significant downturn, with $6.2 trillion lost in just two sessions [6] Investment Recommendations - In light of the current economic climate, investing in safe-haven stocks such as consumer staples is advisable, with Carriage Services, Inc. (CSV), Reed's, Inc. (REED), and BellRing Brands, Inc. (BRBR) identified as strong investment opportunities [2] - These stocks are categorized as low-beta, with beta values less than 1, making them less volatile compared to the broader market [3] Company Profiles - **Carriage Services, Inc. (CSV)**: A leading provider of death care services in the U.S., with an expected earnings growth rate of 21.1% for the current year and a Zacks Rank of 1. The earnings estimate has improved by 13.8% over the past 60 days, and the company has a beta of 0.77 [10][11][12] - **Reed's, Inc. (REED)**: Develops and markets natural sodas and is expanding into non-alcoholic beverages. The expected earnings growth rate is 96.1% for the current year, with a Zacks Rank of 2 and a beta of 0.62. The earnings estimate has improved by 33.3% over the past 60 days [13][14] - **BellRing Brands, Inc. (BRBR)**: Manufactures nutrition products, including protein shakes and supplements. The expected earnings growth rate is 16.6% for the current year, with a Zacks Rank of 2 and a beta of 0.78. The earnings estimate has improved by 0.9% over the past 60 days [15][16]