Risk Factors Update Summary

• If the U.S. economy enters a recession in 2025, we may experience sales declines and price decreases.
• The anticipated benefits of the Sovos Brands acquisition may not be fully realized, leading to unexpected difficulties or expenses in integration, impacting our operations and cash flows.
• Future divestitures may depend on identifying buyers and negotiating favorable terms, impacting operations.
• We may not be able to increase prices or sustain price increases to fully offset inflationary pressures on costs, which could significantly impact our profitability.
• As of July 28, 2024, goodwill is $5.077 billion and indefinite-lived intangible assets are $3.882 billion.
• Increased geopolitical conflicts have led to shortages and higher costs for transportation and raw materials.
• We expect input cost inflation in 2025 to remain at similar levels as 2024, potentially affecting our financial results.
• In 2024, our five largest customers accounted for approximately 47% of consolidated net sales.
• Disputes with significant suppliers or contract manufacturers may adversely affect our ability to produce products, impacting financial results.
• We may face challenges in integrating Sovos Brands, which could disrupt operations and negatively impact earnings per share.