BRBR

New CEO Introduction and Strategic Priorities • New CEO Mike Axelrod joined after 30 years in consumer packaged goods, and identifies significant opportunity to improve execution to translate category leadership into consistent profitable growth • Axelrod will spend the coming months assessing the business, building accountable, customer-focused, data-driven teams, and will share full strategic priorities and 2027 guidance on the Q4 2026 earnings call • Management confirms protein category fundamentals remain strong: the RTD protein shake category is expected to grow high single-digits in fiscal 2026, Premier Protein household penetration has reached 23% with the highest repeat rate in the category, and long-term health and wellness trends support continued growth

Operational and Strategic Initiatives • Pricing: A double-digit price increase for Premier shakes and additional pricing for Dymatize powders will go into effect in Q1 fiscal 2027 to offset sustained input cost inflation and improve long-term margins; management expects volume elasticity slightly greater than 1 from the increase • Channel Expansion: Disciplined targeted regional DSD expansion in the convenience channel (a largely untapped 10% of the RTD category) is underway, supported by the new 42g Premier Protein Ultimate product. Innovation includes the launch of Premier Protein Sparkling Soda, which expands the brand into the refreshment category for incremental distribution and consumer reach. Management expects meaningful distribution gains in FDM and e-commerce channels in 2027, with club channel assortment largely flat in 2027 (only one low-volume SKU rotating out) • Cost Productivity: A June 2026 organizational realignment has been completed, expected to generate $10-12 million in annualized operating expense savings, with most savings beginning in fiscal 2027 • Supply Chain Improvement: Early-stage investments in people, systems and processes are underway to improve demand planning, inventory management, and end-to-end supply chain performance to reduce excess inventory risks • Marketing and Innovation: Full-year advertising investment remains on track to equal ~4% of net fiscal 2026 sales, with the new "Go Get Em" campaign delivering higher ROI than prior year campaigns. Two new high-potential innovations (42g Premier Protein Ultimate and Premier Protein Sparkling Soda) are rolling out to retail and e-commerce channels this quarter, targeting underserved performance protein and refreshment consumer occasions

• Full-year fiscal 2026 net sales guidance is raised to $2.335 - $2.375 billion, representing 1% to 3% year-over-year growth, up from prior guidance of flat to 2% growth • Full-year fiscal 2026 adjusted EBITDA guidance is lowered to $275 - $295 million, with an expected adjusted EBITDA margin of ~12%, driven by $28 million in total inventory-related headwinds and sharply higher freight costs that have emerged since the May 2026 earnings call • Fourth quarter fiscal 2026 net sales are expected to be flat year-over-year at the midpoint, with Premier Protein net sales up low single-digits and Dymatize net sales down mid-single-digits due to tough year-over-year comparisons. Fourth quarter adjusted EBITDA margin is expected to be ~10%, reflecting seasonal promotional activity, commodity and freight inflation, and a 100 basis point headwind from ongoing bottle inventory sell-off actions • Management confirms fiscal 2026 is not expected to be the new margin normal, and projects adjusted EBITDA margins will improve in fiscal 2027 as non-recurring inventory headwinds disappear, cost savings take effect, and new pricing is implemented

BellRing Brands reports two core product segments. Premier Protein (RTD shakes): net sales increased 1% year-over-year, with 3% volume growth partially offset by a 2% negative price mix impact, and dollar consumption up 6%. Premier Protein contributed ~91% of total third quarter net sales. Dymatize: net sales increased 27% year-over-year, with 6% volume growth and 21% positive price mix from prior inflation-driven price increases. Dymatize contributed ~9% of total third quarter net sales. Aggregate third quarter net sales for the company increased 4% year-over-year to $570.4 million. Adjusted gross profit was $158 million, with an adjusted gross margin of 27.7%, down from 35.1% year-over-year. SG&A expenses were $94 million, equal to 16.4% of net sales.

• Sustained high input cost inflation for key inputs including whey protein, milk protein, and freight has pressured gross and operating margins significantly in fiscal 2026, and incremental inflation is expected to continue into fiscal 2027 • Elevated competition in a fast-growing attractive category has led to higher promotional activity, particularly from insurgent competitors, which pressures net sales and margins • Excess inventory for bottled RTD shakes, driven by higher-than-expected cannibalization from Tetra packaging and slower-than-necessary demand and supply adjustments, created a 180 basis point third quarter margin headwind and will create an additional 100 basis point fourth quarter headwind, with total 2026 inventory-related headwinds reaching $28 million • Sharply higher freight costs driven by fuel prices and driver supply-demand imbalances emerged in the third quarter of 2026 and are expected to remain elevated through the fourth quarter and into 2027, creating incremental margin pressure • Pricing increases may result in larger-than-expected volume declines or push more promotional activity across the category, pressuring top-line growth • Club retailers continue to refine assortments and rotate SKUs to maximize shelf productivity, which can result in lost distribution for existing products

Q: Analyst asks if fiscal 2026 is a profitability trough, how much additional marketing investment is needed for the competitive landscape, and when margins can recover to more normal levels. / A: Management confirms 2026 is not the new normal, and expects margins to improve in 2027. ~120 basis points of 2026 margin headwinds are non-recurring inventory impacts that will not repeat in 2027. New pricing, productivity initiatives from the recent organizational restructuring, and improved execution will all drive margin expansion. New CEO Axelrod notes he will conduct a full review of the business over the coming months and will share a clear long-term margin target once that process is complete.

Q: Analyst asks what areas of execution offer the biggest improvement opportunities, and how long improvements will take. / A: The biggest opportunities are in supply chain and inventory/demand planning, where excess bottle inventory this year highlighted gaps. Management is investing in system and process improvements, and strengthening procurement and supply chain integration to identify issues earlier. The recent organizational realignment reduced layers of management to speed up decision-making and improve agility, which will also support better execution across the business.

Q: Analyst asks for details on the planned regional DSD expansion in the convenience channel, what success looks like, and why the company is moving forward now. / A: Convenience is 10% of the total RTD protein category, and BellRing currently has very little share of this channel, making it meaningful white space. New product launches (the 42g Premier Protein Ultimate) have expanded the portfolio to be better suited for convenience channel consumers. The company has built internal DSD expertise and is planning initial regional partnerships in key markets to launch in fiscal 2027, with further expansion based on initial learnings. Management will share more detailed updates on this initiative when it releases 2027 guidance in November.

Q: Analyst asks why excess bottled inventory developed despite healthy overall consumption. / A: The excess inventory is isolated to the PET bottle business, not the Tetra packaging line. Tetra packaging launched in e-commerce cannibalized bottled sales more than management originally forecast. Demand planning teams did not lower production forecasts quickly enough to offset this higher cannibalization, leading to a build-up of unsold inventory. The excess is ~2% of total company inventory, and management is increasing promotional activity in Q4 to sell through remaining excess, with the issue largely behind the company after this quarter.