Business Description

(1) Nature of Operation s Organization and Natu re of Operations B&G Foods, Inc. is a holding company whose principal assets are the shares of capital stock of its subsidiaries. Unless the context requires otherwise, references in this report to “B&G Foods,” “our company,” “we,” “us” and “our” refer to B&G Foods, Inc. and its subsidiaries. Our financial statements are presented on a consolidated basis. We manufacture, sell and distribute a diverse portfolio of high-quality shelf-stable and frozen foods across the United States, Canada and Puerto Rico. Our products include frozen and canned vegetables, vegetable, canola and other cooking oils, vegetable shortening, cooking sprays, oatmeal and other hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, wine vinegar, maple syrup, molasses, salad dressings, pizza crusts, Mexican-style sauces, dry soups, taco shells and kits, salsas, pickles, peppers, tomato-based products, crackers, baking powder, baking soda, corn starch, nut clusters and other specialty products. Our products are marketed under many recognized brands. Historically, we operated in a single industry segment. However, beginning with the first quarter of 2024, we are now organized into four reportable segments (also referred to as business units), as follows: (1) Specialty, which includes, among others, the Crisco , Clabber Girl , Bear Creek , Polaner , Underwood , B&G , Grandma’s , New York Style , B&M , Baker’s Joy , Regina , TrueNorth , Static Guard , SugarTwin and Brer Rabbit brands, and included the Don Pepino and Sclafani brands until our divestiture of those brands on May 23, 2025; (2) Meals, which includes, among others, the Ortega , Maple Grove Farms , Cream of Wheat , Las Palmas , Victoria , Mama Mary’s , Spring Tree , McCann’s , Carey’s and Vermont Maid brands; (3) Frozen & Vegetables, which primarily includes the Green Giant brand and included the Le Sueur brand in the United States until its divestiture on August 1, 2025; and (4) Spices & Flavor Solutions, which includes, among others, the Dash , Spice Islands , Weber , Ac’cent , Tone’s , Trappey’s , Durkee and Wright’s brands. We compete in the retail grocery, foodservice, specialty, private label, club and mass merchandiser channels of distribution. We sell and distribute our products directly and via a network of independent brokers and distributors to supermarket chains, foodservice outlets, mass merchants, warehouse clubs, non-food outlets and specialty distributors. Sales of a number of our products tend to be seasonal and may be influenced by holidays, changes in seasons/weather or certain other annual events. In general, our sales are higher in the first and fourth quarter. We purchase most of the produce used to make our frozen and shelf-stable canned vegetables, pickles, relishes, peppers, tomatoes and other related specialty items during the months of June through October, and we generally purchase the majority of our maple syrup requirements during the months of April through August. Consequently, our liquidity needs are greatest during these periods. Fiscal Year Typically, our fiscal years and fiscal quarters consist of 52 and 13 weeks, respectively, ending on the Saturday closest to December 31 in the case of our fiscal year and fourth fiscal quarter, and on the Saturday closest to the end of the corresponding calendar quarter in the case of our other fiscal quarters. As a result, a 53rd week is added to our fiscal year every five or six years. Generally, in a 53-week fiscal year, our fourth fiscal quarter contains 14 weeks. Our fiscal year ended January 3, 2026 (fiscal 2025) contained 53 weeks, the first three quarters of fiscal 2025 each contained 13 weeks, and the fourth quarter of fiscal 2025 contained 14 weeks. Our fiscal years ended December 28, 2024 (fiscal 2024) and December 30, 2023 (fiscal 2023) each contained 52 weeks and each quarter of fiscal 2024 and fiscal 2023 contained 13 weeks. Business and Credit Concentrations Our exposure to credit loss in the event of non-payment of accounts receivable by customers is estimated in the amount of the allowance for doubtful accounts. We perform ongoing credit evaluations of the financial condition of our customers. Our top ten customers accounted for approximately 63.6%, 62.7% and 60.8% of consolidated net sales in fiscal 2025, 2024 and 2023, respectively.…