THE CAMPBELL'S COMPANY

Red flags

• Customer concentration is high: Walmart and affiliates accounted for approximately 22% of 2026 consolidated net sales, while the five largest customers accounted for approximately 48%.
• Indebtedness was approximately $7.137 billion as of August 2, 2026; long-term debt included $6.160 billion after deducting the $500 million current portion, increasing refinancing and interest-rate sensitivity.
• Campbell’s guarantees approximately 4,600 bank loans for independent contractor distributors, with a maximum potential future payment exposure of $598 million.
• The company is involved in Clean Water Act litigation relating to its Napoleon, Ohio wastewater facility and expects approximately $50 million of 2027 capital spending for upgrades to that facility and another approximately $5 million for other wastewater initiatives.
• The La Regina transaction requires a further $140 million payment by May 4, 2027, payable in cash or unregistered shares, and Campbell’s has call/put-option exposure to the remaining 51%.