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Analogy 1: Think of them as the **Bertolli** of refrigerated, heat-and-eat Italian comfort foods for grocery store delis.

Analogy 2: They're like a **Boston Market** for Italian comfort food, supplying ready-to-heat meals directly to grocery delis.

Analogy 3: Imagine a **Stouffer's** for high-quality, refrigerated Italian comfort food, typically found in grocery store deli sections.

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• Meatballs: Ready-to-eat, pre-cooked meatballs offered in various sauces and packaging.
• Meat Loaf: Fully cooked and ready-to-heat meat loaf products.
• Pasta & Entrees: A range of prepared pasta dishes and other ready-to-serve refrigerated entrees.
• Deli Sides & Sausages: Complementary prepared side dishes and sausage products often found in deli sections.

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Mama's Creations (symbol: MAMA) primarily sells its products to other companies, specifically grocery chains, mass merchandisers, and club stores.

Based on their latest 10-K filing for the fiscal year ended January 28, 2024, the following companies are identified as major customers, individually accounting for 10% or more of Mama's Creations' consolidated net sales:

• The Kroger Co. (Symbol: KR)
• Publix Super Markets Inc. (This is a private company and does not have a public stock symbol.)

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Adam Michaels, Chairman & Chief Executive Officer

Adam Michaels is an experienced food industry executive and former management consultant, appointed CEO in September 2022. He previously spent nine years at Mondelez International, where he held various roles across Supply Chain, Commercial Sales & Marketing, and Strategy. At Mondelez, he led the North American Insights & Analytics organization and was responsible for M&A and Commercial for North American Ventures, which included brands like Perfect Snacks, Hu, and Tate's Bake Shop. Before Mondelez, he was a Principal at Booz & Company, a management consulting firm, specializing in the Food & Beverage sector for seven years. He began his career at Capital One Financial and holds an MBA in Marketing & Management from Columbia Business School. Michaels aims to grow Mama's Creations to a $1 billion business, partly through acquisitions.

Anthony Gruber, Chief Financial Officer

Anthony Gruber is a financial executive with significant experience leading and optimizing finance organizations in the consumer products arena, appointed CFO effective September 19, 2022. He previously served as Chief Financial Officer of De'Longhi America, Inc. Prior to that, he was the CFO of LBM Advantage, Inc. Gruber also held the position of Vice President Finance and Chief Financial Officer of Richemont North America, Inc., where he managed all finance activities for North America and was integral in integrating brands such as Cartier and Montblanc into its shared service platform. He began his career in public accounting, working with firms including Ernst & Young. Gruber holds a BS in Accounting from the University of Bridgeport and is a Certified Public Accountant.

Lauren Sella, Chief Marketing Officer

Lauren Sella brings over 16 years of consumer and customer marketing experience and a proven track record in consumer-packaged goods. She has driven integrated marketing strategies for prominent brands, including several at Mondelēz International and General Mills. Before joining Mama's Creations, Sella served as Chief Marketing Officer of Tate's Bake Shop, a Mondelēz-owned brand. She spent over 14 years at Mondelēz International in various roles, including Director of Ritz Crackers.

Skip Tappan, Chief Operating Officer

Skip Tappan brings over 30 years of broad cross-functional operational experience to Mama's Creations. Prior to his current role, he served as Chief Supply Chain Officer at Gordon Food Service, the largest privately owned food distributor in North America. Tappan's experience also includes serving as Vice President, Supply Chain Northeast Division of Walmart.

Daniel Mancini, Co-founder

Daniel Mancini is a co-founder of Mama's Creations.

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Key Risks to Mama's Creations (MAMA)

1. High Valuation and Investor Expectations: Mama's Creations trades at significantly high valuation multiples (e.g., 53.9x forward P/E and 43.9x P/CF), which are well above its peer group and sector medians. This reflects high investor expectations and a limited margin for error, posing a risk of sharp stock corrections if the company fails to meet growth projections or if earnings disappoint.
2. Competition from Large-Scale Competitors: The company operates within the prepared deli food market alongside large-scale competitors such as Hormel Foods and Tyson Foods. These larger players can create shelf-space risks and hold a stronger pricing position compared to Mama's Creations.
3. Execution and Integration Risks from Acquisitions and Growth Strategy: Mama's Creations has an ambitious growth strategy, including expanding through acquisitions. The integration of new acquisitions, such as Crown I Enterprises, introduces execution and integration risks, as each acquisition presents its own set of operational challenges.

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The clear emerging threat for Mama's Creations (MAMA) is the rapid growth and increasing consumer adoption of direct-to-consumer (DTC) prepared meal services.

These services, offered by companies such as Factor_ (owned by HelloFresh), CookUnity, and others, deliver fully cooked, ready-to-eat meals directly to consumers' homes. This model presents a significant threat to MAMA's traditional distribution through supermarket refrigerated sections for several reasons:

• Superior Convenience: While MAMA's products offer heat-and-eat convenience, DTC services provide even greater convenience by eliminating the need to visit a grocery store, directly delivering meals tailored to individual preferences or dietary needs.
• Disruptive Distribution Model: Similar to how Netflix bypassed Blockbuster's physical stores, DTC prepared meal services bypass traditional grocery retail channels, capturing a segment of consumers looking for convenient meal solutions outside of the supermarket.
• Market Share Erosion: As DTC prepared meal services expand their reach, offer competitive pricing, and enhance their product variety, they directly compete for the same consumer dollars and meal occasions that MAMA targets. The shift in consumer preference towards delivered convenience for prepared foods could significantly erode MAMA's market share in its core grocery channel.

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Mama's Creations (MAMA) operates in the expansive market of fresh deli-prepared foods within the United States. Their diverse product portfolio includes a variety of Italian-style foods such as meatballs, pasta and rice entrees, and sauces, alongside other deli offerings like chicken, meatloaf, olive products, salads, and recently introduced breakfast wraps and gourmet paninis.

The addressable market sizes for their main products and services in the specified regions are as follows:

• Chilled and Deli Food Market (North America): The global chilled and deli food market was valued at approximately USD 251.23 billion in 2024. North America accounted for a significant portion, holding a 34% share of this market, which translates to an estimated USD 85.42 billion for the region (including the U.S. and Canada).
• Pasta Sauce Market (U.S.): The United States pasta sauce market size reached USD 2.54 billion in 2024. This market is projected to grow to USD 3.01 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 1.85% from 2025 to 2033.
• Pasta Market (U.S.): The U.S. pasta market size is anticipated to reach USD 6.2 billion in 2025. It is estimated to grow further to USD 11.7 billion by 2033, with a CAGR of 8.3% from 2025-2033.

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Mama's Creations (MAMA) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and favorable market trends:

1. Expansion into New Retail Channels and Increased Distribution: Mama's Creations is focused on expanding its footprint by adding new customer doors and strengthening partnerships with various retailers, including grocery stores, club stores, mass-market retailers, and convenience stores. The company aims to increase both the breadth and depth of its distribution, with products already available in over 10,000 stores nationally. Recent expansions include new customers and product launches with major retailers like Walmart, all Albertsons' regions, all eight Costco regions, Kroger's HomeChef division, Lidl, BJ's, and Sheetz.
2. New Product Development and Innovation (One-Stop-Shop Deli Solution): A core driver for Mama's Creations is its strategy to become a "one-stop-shop deli solution" by continuously developing and launching new products and flavors. The company is expanding its portfolio beyond traditional Italian-inspired foods to include diverse offerings such as heat-and-eat breakfast wraps, grilled chicken breasts, mini meatball entertaining trios, gourmet paninis, roasted chicken strips, chicken stuffed meatballs, roasted vegetables, and globally inspired prepared foods. This innovation helps Mama's Creations enter new categories like breakfast, entertaining, and on-the-go snacking, catering to a broader consumer base and different meal occasions.
3. Strategic Acquisitions: Mama's Creations actively pursues accretive acquisitions to fuel its growth and expand its market presence. A significant example is the recent acquisition of Crown 1 Enterprises, which is expected to add approximately $56 million in profitable annual revenue, enhance production capabilities, and broaden its customer base. The company's "2030 Vision" outlines a goal to become a $1 billion deli provider through a combination of organic growth and strategic mergers and acquisitions.
4. Increased Volume and Velocity from Existing Customers: The company plans to drive revenue growth by increasing sales volume and product velocity within its current customer base. This is achieved through effective cross-selling of new items and accelerating the sales rate of existing products. Mama's Creations also intends to prudently increase its investment in high-return trade promotions, aiming to grow this spend from a low single-digit percentage of revenue to over 10% in the long term, thereby driving higher sales.
5. Capitalizing on Favorable Consumer Trends: Mama's Creations is strategically positioned to benefit from evolving consumer preferences, particularly the shift towards convenient, fresh, and high-quality prepared foods as alternatives to dining out. Consumers are increasingly opting for supermarket prepared meals due to factors like "restaurant fatigue" and more competitive pricing compared to food away from home. The company caters to the growing demand for prepared food options in the perimeter of grocery stores, especially among millennials and Gen Z consumers, who are significantly driving growth in this category.

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Share Issuance

• Mama's Creations has shown a consistent increase in shares outstanding over the last 3-5 years, rising from 34.22 million in 2020 to 37.68 million in 2025.
• The diluted share count is projected to increase from 39.5 million in Q2 2025 to 40.5 million in 2026.

Outbound Investments

• The company completed an all-cash acquisition of Crown I Enterprises for $17.5 million on September 2, 2025.
• This acquisition is expected to add $56 million in annual revenue and expand production capabilities.
• The investment aims to accelerate Mama's Creations' goal of becoming a $1 billion deli solutions platform by 2030 and to realize meaningful synergies and operational improvements.

Capital Expenditures

• Capital expenditures for the last 12 months were approximately $3.41 million.
• In the fiscal year ended January 31, 2025, strategic capital investments totaled $5.1 million.
• Expected capital expenditures are forecasted at $3.553 million for 2026 and $5 million for 2027, following $5.095 million in 2025.