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Conagra Brands, Inc. (CAG) J.P. Morgan U.S. Opportunities Forum November 12, 2025 9:55 AM EST
Company Participants
Sean Connolly – President, CEO & Director
David Marberger
Conference Call Participants
Thomas Palmer – JPMorgan Chase & Co, Research Division
Presentation
Thomas Palmer
JPMorgan Chase & Co, Research Division
Hi. Thanks for joining us today. I’m Tom Palmer. I cover the food space here at JPMorgan and thrilled today to have with us Sean Connolly, CEO of Conagra Brands; and Dave Marberger, the CFO.
Conagra Brands is a U.S. packaged foods company that sells a wide range of frozen, refrigerated and shelf-stable products. Its biggest categories include frozen entrees, frozen vegetables, meat snacks and popcorn. Sean has been CEO of Conagra since 2015 and Dave CFO since 2016.
Question-and-Answer Session
Thomas Palmer
JPMorgan Chase & Co, Research Division
Sean, it’s been an unusually challenging period for volume growth for large packaged food companies. Among other considerations, we’ve seen the rise of GLP-1 drugs, a growing awareness, I think, of smaller brands, more scratch cooking, more price-sensitive consumer following a period of elevated inflation.
You’ve seen a lot in your career. To what extent do you think there’s been a structural change in demand for packaged food versus perhaps more transitory impacts?
Sean Connolly
President, CEO & Director
Sure. Well, thanks for having us, Tom, and good to see everybody. And for those online, thanks for tuning in.
I don’t think this is really as complicated in hindsight as it might seem. If you look at the group in our industry over the last, call it, 5-plus years, you’ve seen somewhere in the neighborhood of 40% to 45% cost of goods inflation, which then triggered matching pricing actions for the vast majority of that 5- to 6-year period. So cumulatively, what we’ve got is a consumer who is strained and when the
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