Agreement solidifies Campbell's long-term strategic partnership with La Regina and is expected to fuel Rao's Homemade's continued growth

The Campbell's Company (NASDAQ:CPB) (Campbell's) today announced it has completed the acquisition of a 49% interest in La Regina di San Marzano di Antonio Romano S.p.A. and La Regina Atlantica, LLC (together, La Regina), the privately held maker of Rao's Homemade tomato-based, jarred pasta sauces.

Based in Scafati, Italy, and founded by Antonio Romano in 1972, La Regina has been a key partner of Rao's Homemade since 1993 and produces all Rao's Homemade tomato-based sauces today. La Regina also operates a facility in the U.S. in Alma, Georgia.

"Our investment in La Regina and partnership with the Romano family reinforces our commitment to preserving the artisanal craftsmanship of Rao's sauces," said Mick Beekhuizen, Campbell's President and Chief Executive Officer. "Consumer loyalty and ongoing household penetration expansion are born from what makes the brand special: exceptional taste, quality ingredients, and a restaurant‑quality experience at home. We could not be more excited about the momentum on the Rao's brand and the opportunities ahead."

The investment builds on Campbell's 2024 acquisition of Sovos Brands and marks a new milestone for Rao's Homemade, which recently surpassed $1 billion in trailing 12-month net sales, making it the fourth billion-dollar brand in Campbell's portfolio alongside Campbell's, Goldfish and Pepperidge Farm.

For further details on the transaction, please see Campbell's Form 8-K filed on December 9, 2025.

Campbell's continues to expect the transaction to be neutral to its fiscal 2026 adjusted EPS.

About The Campbell's Company

For more than 155 years, The Campbell's Company (NASDAQ:CPB) (Campbell's) has been connecting people through food they love. Headquartered in Camden, N.J. since 1869, generations of consumers have trusted us to provide delicious and affordable food and beverages. Today, the company is a North American focused brand powerhouse, generating fiscal 2025 net sales of $10.3 billion across two divisions: Meals & Beverages and Snacks. Our portfolio of 16 leadership brands includes Campbell's, Cape Cod, Chunky, Goldfish, Kettle Brand, Lance, Late July, Pace, Pacific Foods, Pepperidge Farm, Prego, Rao's, Snack Factory, Snyder's of Hanover, Swanson and V8. For more information, visit thecampbellscompany.com

Forward Looking Statements

This press release includes certain forward-looking statements within the meaning of U.S. federal securities laws. These forward-looking statements are based on management's current expectations and assumptions. The forward-looking statements, including statements concerning our current expectations about the transaction, are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. We do not undertake any obligation to update or revise these forward-looking statements to reflect new events or circumstances.

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Campbell's Completes Acquisition of 49% Interest in La Regina