Financial Data and Key Metrics Changes - Total net sales for the quarter were $537 million, up 1% year-over-year, with Adjusted EBITDA of $90 million at a margin of 16.8% [19][20] - Premier Protein net sales decreased by 1%, while Dymatize net sales increased by 16% due to strong international growth [19][20] - Adjusted EBITDA guidance was updated to $425 million-$440 million, reflecting a slight mix shift towards the lower-margin Dymatize business and increased whey costs [21][23] Business Line Data and Key Metrics Changes - Premier RTD shake consumption was down 2% in the quarter, while Dymatize experienced a 16% increase in sales [19][20] - Premier shake volumes were flat, with price mix and unfavorable factors contributing to a 2% decline [19][20] - The wellness category grew 7% in Q1, with RTD shakes also up 7%, driven primarily by volume [9] Market Data and Key Metrics Changes - The RTD shake category is expected to grow in the high single digits for 2026, driven by volume and increased marketing spend [7][9] - The U.S. category size increased to $24 billion from $21 billion due to a change in category definition from convenient nutrition to wellness [8][9] - Retailers are increasing category space and testing higher traffic aisle locations to capture growing consumer demand [7] Company Strategy and Development Direction - The company is focused on growing distribution, increasing brand investments, and launching innovation, which are expected to positively impact consumption [6][10] - A new advertising campaign, "Go Get 'Em," aims to drive household penetration and strengthen emotional connections with consumers [12][13] - The company plans to launch new shake lines targeting different protein levels and consumer experiences in the second half of the year [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the category's growth and the strength of their brands, despite increased promotional activity from insurgent brands [16][17] - The company anticipates an acceleration in growth in the second half of the year, supported by distribution gains and innovation [22][24] - Management acknowledged the challenges posed by input cost inflation and tariffs but remains optimistic about long-term value creation for shareholders [21][23] Other Important Information - A leadership transition plan was announced, with the current CEO set to retire by the end of the fiscal year on September 30, 2026 [16][17] - The company is committed to returning cash to shareholders through share repurchases, with $97 million repurchased in the first quarter [21] Q&A Session Questions and Answers Question: What results are being seen from the mass merchandiser test? - The program is performing well, with record weekly sales and plans to expand to other retailers based on positive results [29][31] Question: Can you elaborate on the consumption trends for Premier Protein? - Consumption was slightly below expectations due to timing delays and increased promotional activity from competitors, but there is strong momentum with a 6% increase in January across all channels [36][37] Question: What are the assumptions for the second half of the year? - The company expects consumption to improve in Q2 and further in H2, driven by distribution, advertising, and innovation initiatives [45][46] Question: Are there any updates on the competitive landscape with insurgent brands? - The company is observing a shakeout among insurgent brands, with some not making it in the club channel due to high thresholds [54][55] Question: How is Dymatize performing in international markets? - Dymatize has been performing well internationally, with strong growth in various markets, and the brand resonates well with consumers [63][65] Question: Has the change in category definition affected M&A priorities? - The change reflects evolving consumer preferences, and the company is continuously looking for organic and inorganic growth opportunities [69]

Financial Data and Key Metrics Changes - Total BellRing net sales for the quarter were $537 million, up 1% year-over-year, with Adjusted EBITDA of $90 million at a margin of 16.8% [19][20] - Premier Protein net sales were down 1%, while Dymatize net sales increased by 16% due to strong international growth [19][20] - Adjusted EBITDA guidance was updated to $425 million-$440 million, reflecting a decline in adjusted gross margins due to input cost inflation and increased promotional investments [21][23] Business Line Data and Key Metrics Changes - Premier RTD shake consumption was down 2% in the quarter, while Dymatize saw a 16% increase in sales driven by international markets [9][19] - Premier shake volumes were flat, with price mix and unfavorable factors contributing to a 2% decline [19] - The wellness category grew 7% in Q1, with RTD shakes also up 7%, primarily driven by volume [9] Market Data and Key Metrics Changes - The RTD shake category holds a 22% market share for Premier, with expectations of high single-digit growth for 2026 [4][7] - Retailers are increasing category space and testing higher traffic aisle locations to capture growing consumer demand [7] - The broader category definition has increased the U.S. category size to $24 billion from $21 billion, reflecting changing consumer perceptions [8] Company Strategy and Development Direction - The company is focused on growing distribution, increasing brand investments, and launching innovations to drive consumption [6][10] - A new advertising campaign, "Go Get 'Em," aims to strengthen emotional connections and drive household penetration [12][13] - The company plans to launch new shake lines targeting different consumer needs and occasions in the second half of the year [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the category's growth and the strength of their brands, despite increased promotional activity from insurgent brands [16][17] - The company anticipates an acceleration in growth in the second half of the year, driven by distribution gains and increased brand investment [22][24] - Management acknowledged the challenges posed by input cost inflation and tariffs but remains optimistic about long-term value creation for shareholders [23][25] Other Important Information - A leadership transition plan was announced, with the current CEO set to retire by September 30, 2026, and a search for a new CEO is underway [16][17] - The company continues to return cash to shareholders through share repurchases, totaling $97 million in the first quarter [21] Q&A Session Summary Question: Performance of mass merchandiser test for Premier Protein - Management reported that the program is performing well, with record weekly sales and plans to expand the initiative to other retailers [29][30] Question: Consumption trends for Premier Protein - Management noted that consumption was impacted by promotional delays and increased competition, but they expect improvement moving forward [36][37] Question: Future promotional activities and merchandising events - Management indicated that they are working on expanding promotional plans based on recent successes and learnings from current merchandising events [76][77] Question: Insights on Dymatize's international growth - Dymatize has been performing well internationally, with strong sales in various global markets, and management expects this trend to continue [63][64] Question: M&A opportunities in the protein shake category - Management is actively monitoring the competitive landscape and is open to both organic and inorganic growth opportunities [91][92]

Financial Data and Key Metrics Changes - Total net sales for BellRing Brands in Q1 2026 were $537 million, representing a 1% increase year-over-year [19] - Adjusted EBITDA was $90 million with a margin of 16.8%, exceeding expectations due to timing benefits from customer orders [19] - Premier Protein net sales decreased by 1%, while Dymatize net sales increased by 16% driven by strong international growth [19][20] - Gross profit was $161 million, with a gross profit margin of 29.9%, reflecting a decline of 730 basis points due to input cost inflation and unfavorable mix [20][24] Business Line Data and Key Metrics Changes - Premier RTD shake consumption was down 2% in Q1, compared to a 23% growth in Q1 2025, primarily due to timing delays in promotional displays and increased competition [8][19] - Dymatize's strong performance in international markets contributed to its 16% sales growth [19][66] Market Data and Key Metrics Changes - The RTD shake category is expected to grow in the high single digits for 2026, driven by volume and increased marketing spend [6][24] - The wellness category, which includes RTD shakes, grew 7% in Q1, with RTD shakes also up 7% [8] Company Strategy and Development Direction - The company is focused on growing distribution, increasing brand investments, and launching innovative products [4][5] - A new advertising campaign, "Go Get 'Em," aims to enhance household penetration and brand relevance [12] - The company is expanding its category definition from convenient nutrition to wellness, increasing the U.S. category size to $24 billion from $21 billion [7][73] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the category's growth and the company's ability to lead despite increased competition [7][16] - The leadership transition plan was announced, with the current CEO set to retire by September 30, 2026, and a national search for a new CEO underway [16][17] Other Important Information - The company expects net sales for 2026 to be between $2.41 billion and $2.46 billion, reflecting 4%-6% growth [22] - Adjusted EBITDA guidance was updated to $425 million-$440 million, incorporating higher whey costs and a shift towards lower-margin products [24] Q&A Session Summary Question: Performance of mass merchandiser test for Premier Protein - Management reported that the program is performing well, with record weekly sales and plans to expand to other retailers based on positive results [30][32] Question: Consumption trends for Premier Protein - Management acknowledged that consumption was slightly below expectations due to promotional timing and increased competition, but noted a 6% increase in consumption across all channels in January [35][38] Question: Future promotional activities and merchandising events - Management indicated that the mass retailer merchandising event is now meeting expectations and plans to enhance future promotions based on current learnings [75][82] Question: Insights on Dymatize's international growth - Dymatize has been performing well internationally, with strong sales in various global markets, and management expects this trend to continue [66][68] Question: M&A opportunities in the protein shake category - Management is actively monitoring the competitive landscape and is open to potential acquisitions of successful insurgent brands [97]