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Item 1. Business

2025-11-26 compared with 2024-11-27 · 314 added, 342 removed, 65 unchanged (91% of the section changed)

Central Garden & Pet Company (“Central”) is a market leader in the pet and garden industries in the United States.

For over 40 years, Central has marketed innovative and trusted solutions helping lawns grow greener, gardens bloom bigger, pets live healthier, and communities grow stronger.

We manage our operations through two reportable segments:

Central Garden & Pet Company (“Central”) is a market leader in the U.S.

pet and garden industries.

For more than 40 years, we have delivered innovative, trusted solutions that help lawns grow greener, gardens bloom bigger, pets live healthier, and communities grow stronger.

We operate through two reportable segments:

Pet and Garden.

Our Pet segment includes dog and cat supplies such as treats and chews, toys, beds and containment, grooming products, waste management and training pads;

supplies for aquatics, small animals, reptiles and pet birds including toys, enclosures and habitats, bedding, food and supplements;

products for equine and livestock, animal and household health and insect control products;

live fish and small animals as well as outdoor cushions.

These products are sold under brands such as Aqueon ® , Cadet ® , C&S ®, Comfort Zone ® , Farnam ® , Four Paws ® , Kaytee ® , Nylabone ® and Zilla ® .

Our Pet segment offers a broad range of products for dog and cat supplies, including treats and chews, toys, beds and containment, grooming items, waste management and training pads.

We also provide supplies for aquatics, small animals, reptiles and pet birds, such as toys, enclosures, habitats, bedding, food and supplements, equine and livestock products, animal and household health solutions and insect control items.

This segment also includes live fish and small animals as well as outdoor cushions.

Products are sold under well-recognized brands including Aqueon ® , Best Bully Sticks ® , Cadet ® , C&S ®, Comfort Zone ® , Farnam ® , Four Paws ® , Kaytee ® , Nylabone ® , Zilla ® and Zoëcon ® .

Our Garden segment includes lawn and garden consumables such as grass seed;

3 unchanged sentences

fertilizers and live plants.

These products are sold under brands such as Amdro ® , Ferry-Morse ® , Pennington ® and Sevin ® .

The following charts indicate each class of similar products that represented approximately 10% or more of our consolidated net sales and the percentage of net sales represented by each segment in fiscal 2024.

Our Central to Home strategy reinforces our unique purpose to nurture happy and healthy homes and our ambition to lead the future of the pet and garden industries.

Our objective is to grow net sales, operating income and cash flows by developing new products, increasing market share, acquiring businesses and working in partnership with our customers to grow the categories in which we participate.

We run our business with a long-term perspective, and we believe the successful delivery of our strategy will enable us to create sustainable value for all our stakeholders.

To achieve our objective, we plan to capitalize on our competitive strengths and favorable industry trends by executing on five key strategic pillars to drive long-term growth.

Brands in this segment include 3D ® , Amdro ® , Ferry-Morse ® , Pennington ® and Sevin ® .

The charts below present product classes that accounted for approximately 10% or more of our consolidated net sales and the percentage of net sales represented by segment for fiscal 2025.

Our Central to Home strategy reflects our purpose of nurturing happy and healthy homes and our ambition to lead the pet and garden industries.

Our goal is to grow net sales, operating income and cash flows by developing innovative products, expanding market share, acquiring complementary businesses and partnering with our customers to grow the categories we serve.

We manage our business with a long-term view, confident that delivering on this strategy will generate sustainable value for all stakeholders.

To achieve this, we leverage our competitive strengths and favorable industry dynamics by executing against five strategic pillars designed to drive long-term growth.

Build and Grow Brands that Consumers Love

To grow, we are seeking to develop more differentiated new produ cts and reinvest some of our annual cost savings in brand building and demand creation to help us drive sustainable organic growth and build market share.

We continuously strive to get a deeper understanding of our consumers, the products and features they desire and how they make their purchasing decisions.

We are investing in consumer insights, data analytics as well as research and development to achieve our innovation goals with a strong pipeline of new products.

We recognize that consumers are increasingly researching, as well as buying products online and we continue to advance our digital capabilities.

We have seen promising marketing campaign results driving accelerated growth and share gains across several brands, including our Farnam “Everything for the Ride” and Zilla “Rep Yourself” campaigns.

We are focusing on developing differentiated new produ cts and reinvesting some of our annual cost savings into brand building and demand creation to deliver sustainable organic growth and expand market share.

To deepen our understanding of consumers, the products and features they value, and how they make their purchasing decisions, we are investing in consumer insights, data analytics, and research and development.

These efforts are fueling our product innovation pipeline.

Recognizing that more consumers research and buy products online, we are further enhancing our digital capabilities to meet them where they are.

Recent marketing initiatives, including our Farnam “Everything for the Ride”, Nylabone’s 70 th birthday campaign and DoMyOwn’s “Chief Solutions Officer” initiative with Richard Karn have delivered promising results, accelerating growth and driving share gains across multiple brands.

Win with Winning Customers and Channels

We are building on our strong customer relationships by developing and executing winning category growth strategies.

We produce both branded and private label products for our customers as well as distribute third-party brands that give our retail partners a breadth of selection from premium to value products.

Recent trends have shown that eCommerce channels, including pure-play, omnichannel and direct-to-consumer, are the preferred solutions for today's convenience-oriented consumers.

To address the changing consumer landscape, we continue to build out our digital and eCommerce capabilities while also ensuring we have the right policies, products and programs to allow all channels to compete effectively.

Concurrently, we are optimizing our supply chain for high-demand eCommerce items to ensure customer and consumer availability requirements are met at optimal cost.

Finally, we are also investing in sales planning, net revenue management and price pack architecture.

We produce both branded and private label products for our customers as well as distribute third-party brands that give our retail partners a breadth of selection from ultra-premium to value offerings.

Today's convenience-oriented consumers increasingly rely on eCommerce channels, including pure-play, omnichannel and direct-to-consumer, as part of their shopping routine.

To meet this demand, we continue to expand our digital and eCommerce capabilities while ensuring the right policies, products and programs enable all channels to compete effectively.

At the same time, we are optimizing our supply chain for high-demand eCommerce items, ensuring customer and consumer availability requirements are fulfilled at optimal cost.

We are also investing in sales planning, net revenue management and price pack architecture to strengthen our position across the marketplace.

Fortify the Central Portfolio

We are managing each business differentially, based on clearly articulated strategies that define the role of each business within our portfolio.

We regularly assess the profitability and growth potential of each of our businesses.

All businesses have clear roles in the portfolio and a strategy that is consistent with that role.

Some of our businesses are managed to optimize top-line growth, whereas others are more focused on reducing costs and maximizing operating income.

We are building out our portfolio in attractive, broadly defined pet and garden markets.

We intend to strengthen our portfolio with organic growth and acquisitions.

Our M&A priorities are to build scale in our core pet and garden categories, enter priority adjacencies and enhance key capabilities, including digital and eCommerce capabilities.

We generally seek growth and margin accretive, brand-focused companies with talented management teams.

For example, we acquired TDBBS, LLC ("TDBBS") in 2023, a business in the attractive pet treat segment with strong eCommerce capabilities.

We are also committed to divesting businesses where we cannot find a path to sustainable profitability.

For instance, in 2023 we sold our low-margin distribution business into the independent garden channel.

Central Ventures, our venture fund which we established in 2020, further supports our M&A strategy.

Our objective is to partner with leading entrepreneurs and innovators in the pet and garden industries and leverage our experience and capabilities to accelerate growth.

The fund is primarily focused on three emerging growth areas in our two industries:

sustainability, health and wellness, and digitally connected products and services.

Grounded in our purpose to nurture happy and healthy homes, we are working towards a more sustainable future for all.

We believe we have not only the opportunity but also the responsibility to make a difference and drive positive change.

Our Central Impact program - focused on protecting our planet, cultivating our communities, and empowering our employees - is our commitment and approach to corporate sustainability.

We manage each business based on clearly articulated strategies that establish its role within our portfolio.

Profitability and growth potential are regularly assessed, with some businesses managed for top-line growth and others focused on cost efficiency and maximizing operating income.

Our portfolio spans attractive, broadly defined pet and garden markets, and we aim to strengthen it through both organic growth and acquisitions.

Our M&A priorities include building scale in our core categories, expanding into priority adjacencies, filling whitespaces and enhancing key capabilities such as digital and eCommerce.

We generally target growth- and margin-accretive, brand-focused companies led by strong management teams.

Recent examples include our fiscal 2023 acquisition of TDBBS, LLC ("TDBBS"), a leader in the attractive pet treat segment with robust eCommerce capabilities.

We are equally committed to exiting businesses where sustainable profitability cannot be achieved.

For example, in fiscal 2023 we divested our low-margin distribution business servicing the independent garden channel.

Grounded in our purpose to nurture happy and healthy homes, we are also focused on building a more sustainable future.

Our Central Impact program, centered on protecting our planet, cultivating our communities, and empowering our employees, reflects both our responsibility and our approach to corporate sustainability.

Reduce Cost to Improve Margins and Fuel Growth

Optimizing our supply chain footprint is a priority as we seek to become more efficient and cost-effective while enabling our businesses to meet the demands of our existing and new customers.

We have already consolidated some of our dog and cat treat and toy businesses and numerous garden manufacturing facilities.

Further, we combined our outdoor cushion business with our pet bed business given the synergies in sourcing, manufacturing and innovation.

We are making progress toward significantly simplifying our business and improving our efficiency across the organization by rationalizing our footprint, streamlining our portfolio, and improving our cost structure.

Our Cost and Simplicity program spans procurement, logistics, manufacturing, portfolio optimization and administrative costs.

We expect to reduce complexity, which means fewer SKUs, fewer plants and fewer distribution centers.

We further expect lower cost of goods sold through lower logistics costs and better procurement, lower administrative costs through scale, leverage and efficiency, and a gradual shift in focus to our higher margin, higher growth potential branded pet and garden consumer products.

For example, we have closed several pet and garden manufacturing and distribution facilities, recently consolidated four garden distribution locations into a new fulfillment center and are in the process of exiting our pottery business.

We are simplifying our operations and improving efficiency across the organization while meeting the needs of both existing and new customers.

Our Cost and Simplicity agenda addresses procurement, logistics, manufacturing, portfolio optimization and administrative functions.

The program is designed to reduce complexity by streamlining our product assortment, consolidating plants and logistics centers, lowering cost of goods sold through improved logistics and procurement, and reducing administrative costs through scale and efficiency.

We are also shifting our focus to our higher-margin, higher-growth branded pet and garden consumer products.

As part of these efforts, we have consolidated portions of our dog and cat treat and toy operations, combined multiple garden manufacturing facilities, merged our outdoor cushion business with our pet bed business to leverage synergies in sourcing, manufacturing and innovation, consolidated legacy garden distribution locations into modern fulfillment centers, exited our pottery business and sold our U.K.

Strengthen Our Entrepreneurial Business Unit-Led Growth Culture

Our values, established by leaders across the organization, are the cornerstone of our culture, and they are at the root of every decision we make – we call them “The Central Way.” We believe having a strong set of values provides a foundation for employees and strengthens how we all work together.

They comprise six simple values:

“We do the right thing.” “We strive to be the best.” “We are entrepreneurial.” “We win together.” “We grow every day.” and “We are passionate.”

Employee well-being is a key part of creating a sustainable business and a passionate and effective team.

We strive to achieve this by focusing on occupational health & safety, diversity & inclusion, and learning & development.

For example, in fiscal 2023, we implemented our global health and safety policy across the organization, promoting our mission to prevent all injuries.

Also, in fiscal 2023, the Women in Leadership Council, comprised of female leaders from across the organization, held its inaugural virtual summit, themed "Women are Central to Growth".

In fiscal 2024, the Council held its first in-person summit, themed "We Rise by Lifting Others" enabling Central's women leaders to network and shape the Council's initiatives for impactful outcomes.

We expanded the

Council's membership to include a greater representation of our female leadership and added a new Women's Leadership Track to our 2024 Mentorship Program.

Our values, established by leaders across the organization, are the foundation of our culture, and at the heart of every decision we make.

Known as “The Central Way,” these principles guide how we work, collaborate and lead, shaping both our daily actions and our long-term strategy.

We believe that a strong set of values provides a unifying framework for employees, strengthens our ability to work together, and drives consistent performance.

These six values define who we are:

We do the right thing.

We strive to be the best.

We are entrepreneurial.

We win together.

We grow every day.

We are passionate.

Employee well-being is essential to building a sustainable business and fostering a passionate, engaged and effective team.

We advance this priority through our focus on occupational health & safety, inclusion, and learning & development.

In fiscal 2023, we implemented a health and safety policy across the organization aimed at preventing all injuries.

In fiscal 2024, our Women in Leadership Council, comprising female leaders from across the organization, held its first in-person summit, "We Rise by Lifting Others" creating opportunities for networking and shaping impactful initiatives.

We further expanded Council membership to better reflect of our female leadership and introduced a dedicated Women's Leadership Track to our Mentorship Program.

In fiscal 2025, we advanced Basecamp, our frontline-manager development program focused on communication and practical leadership.

Since its fiscal 2023 launch, we have held more than 20 Basecamp sessions, and 280 managers from manufacturing and distribution sites nationwide have completed the 2.5-day course.

Competitive Strengths

We believe we have a number of competitive strengths, which serve as the foundation of our Central to Home strategy, including the following:

We believe we have a number of competitive strengths that serve as the foundation of our Central to Home strategy, including the following:

Broad Portfolio of Leading Brands Across Key Pet and Garden Segments

We are one of the leaders in the U.S.

We are a leader in both the U.S.

pet supplies market and the lawn and garden consumables market.

We have a diversified portfolio of brands in both segments, many of which are among the leading brands in their respective market categories, ranging from Aqueon in aquatics, Cadet in dog treats and chews, Farnam in equine, Four Paws in waste management and grooming, K&H in heated pet products, Kaytee in pet bird and small animal, and Nylabone in dog toys and treats to Amdro in controls, Ferry-Morse in packet seed and Pennington in wild bird products, grass seed and fertilizer.

The majority of our brands have been marketed and sold for more than 40 years.

Our diversified portfolio spans many of the most recognized brands in their categories, including Aqueon in aquatics, Cadet in dog treats and chews, Farnam in equine, Four Paws in waste management and grooming, K&H in heated pet products, Kaytee in pet bird and small animal, and Nylabone in dog toys and treats as well as Amdro in controls, Ferry-Morse in packet seed and Pennington in wild bird products, grass seed and fertilizer.

The majority of our brands have been marketed for over 40 years, establishing deep consumer trust and strong market positions.

Robust Financial Performance

We have demonstrated strength in our financial performance, in net sales, earnings and cash flow.

Our net sales grew on average 6.1% annually over the last five years, driven by acquisitions and organic growth.

Operating income grew on average 4.0% on a GAAP basis annually over the same period.

We have a strong cash and liquidity position driven by a combination of capital raises and cash flow from operations which puts us in a strong position to grow further through both acquisitions and organically.

Proven Track Record of M&A

Since 1992, we have completed over 60 acquisitions to create a company of approximately $3.2 billion in net sales.

These acquisitions have successfully expanded the breadth of our pet and garden portfolios.

Most recently, in November 2023, we acquired TDBBS, a provider of premium natural dog chews and treats.

The addition of TDBBS expanded our portfolio with bully and collagen sticks, bones and jerky, added scale to our dog and cat business and enhance our eCommerce and digital capabilities.

We are a patient and disciplined value buyer, typically focused on opportunities that build scale in our core pet and garden categories or in priority adjacencies, with a recent emphasis on those that enhance key capabilities, for example in digital and eCommerce.

We are open to businesses that, on top of traditional operating synergies, can leverage our expertise and capabilities and allow us to add value through our low-cost manufacturing and distribution competencies.

We generally prefer to acquire brand-focused businesses with growth and margin rates above Central’s rates, with proven, seasoned management teams, who are committed to stay with the acquired business.

We have been successful in growing our acquisitions organically after acquiring them into our portfolio.

We continually review our businesses to ensure they meet expectations and have implemented strategies to reverse sub-par performance or take other appropriate action when necessary.

Strong Relationships with Retailers

We have developed strong relationships with major and independent brick & mortar and online retailers, providing them broad product offerings including new product innovation, premium brands, private label programs, proprietary sales and logistics capabilities and a high level of customer service.

Major retailers value the efficiency of dealing with suppliers with national scope and strong brands.

We believe our ability to meet their unique needs for packaging and point of sale displays provides us with a competitive advantage.

Independent retailers value our high level of customer service and broad array of premium branded products.

We believe these strengths have assisted us in becoming one of the largest pet supplies vendors to Costco, Amazon and Walmart, and a leading supplier to independent pet retailers in the United States and among the largest lawn and garden consumables vendors to Home Depot, Walmart and Lowe’s.

In addition, we are a leading pet and lawn and garden supplier for the food, drug and mass merchandise channels.

Home Depot, our largest customer, represented approximately 17% of our total company net sales in fiscal 2024 and 16% in fiscal 2023.

Walmart, our second largest customer, represented approximately 16% of our total net sales in fiscal 2024 and 16% in fiscal 2023.

Costco, Lowe's and Amazon are also significant customers, and together with Home Depot and Walmart, they accounted for approximately 54% of our net sales in fiscal 2024 and 52% in fiscal 2023.

Leading Manufacturing, Sales and Distribution Network

We manufacture the majority of our branded products in our network of manufacturing facilities, located primarily in the United States.

In addition, some of our proprietary branded products are manufactured by contract manufacturers, including one of our registered active ingredients, (S)-Methoprene, which is manufactured by a third party under an exclusive arrangement.

We are a leading supplier to independent specialty retailers for the pet supplies market and to select national retailers for the lawn and garden consumables market.

Our sales and distribution facilities are strategically placed across the United States to allow us to service both our mass market customers, as well as independent pet specialty retail stores, serving traditional brick-and-mortar but increasingly also

omnichannel and pure-play retailers selling only through the internet.

In addition, we operate facilities in China, Canada, the United Kingdom and Mexico.

This network also supports distribution of many other manufacturers’ brands and combines these products with our branded products into single shipments, enabling us to serve our customers in an effective and cost-efficient manner.

We believe this gives us a competitive advantage over other suppliers, as this network provides us with key access to independent pet specialty retail stores and select national retail lawn and garden customers that require two-step distribution, facilitating acquisition and maintenance of shelf placement, prompt product replenishment, customization of retailer programs, quick responses to changing customer and retailer preferences, rapid deployment and feedback for new products and immediate exposure for new internally developed and acquired brands.

We plan to continue to utilize our team of dedicated salespeople and our sales and logistics networks to expand sales of our branded pet and garden products.

Strong and Experienced Leadership Team

Our leadership team is committed to delivering value for all our stakeholders and is comprised of highly tenured professionals, combining both deep Central and consumer products industry expertise.

We believe the depth and breadth of their perspectives and experiences create an optimal foundation for our entrepreneurial business-unit led growth culture and facilitates innovation, which is critical to capturing and maintaining market share.

In 2023, our Chairman and founder, William E.

Brown, was recognized with the prestigious Lifetime Achievement Award by the World Pet Association for his achievements and contributions in the pet industry.

We are one of the leading producers and marketers of branded pet supplies in the United States.

We also produce numerous private label brands.

In addition, our Pet segment operates one of the largest sales and distribution networks in the industry, strategically supporting our brands.

We have demonstrated strength in net sales, earnings and cash flow.

Over the past five years, net sales have grown at an average rate of 3.0% annually, driven by both acquisitions and organic growth, while GAAP operating income has grown at an average annual rate of 4.8%.

We maintain a strong cash and liquidity position, supported by cash flow from operations and capital raises, providing flexibility to pursue both acquisitions and organic initiatives.

Proven Track Record of Value Enhancing M&A

Since 1992, we have completed more than 60 acquisitions, building a company with approximately $3.1 billion in net sales.

These acquisitions have broadened our pet and garden portfolios and strengthened our capabilities.

Most recently, in November 2023, we acquired TDBBS, a provider of premium natural dog chews and treats, expanding our presence in bully and collagen sticks, bones and jerky, and enhancing our eCommerce and digital capabilities.

We pursue disciplined, value-focused M&A, typically targeting businesses that expand scale in our core categories, strengthen priority adjacencies, enter whitespaces, or enhance key capabilities such as digital and eCommerce.

We are seeking businesses that, in addition to traditional operating synergies, can leverage our expertise and benefit from our low-cost manufacturing and distribution competencies to drive incremental value.

We prioritize brand-driven businesses with growth and margin rates above Central’s averages, led by strong management teams committed to remaining post-acquisition.

We have a proven track record of integrating acquisitions realizing synergies and driving further organic growth.

We continually evaluate our businesses to ensure they meet performance expectations and implement targeted strategies to improve underperformance or reallocate resources where appropriate.

Deep and Diversified Relationships with Retailers

We have long-standing relationships with leading national, regional and independent retailers across brick-and-mortar and online channels.

We deliver a wide range of branded products, private label offerings, packaging and merchandising solutions and a high-touch customer service.

Major retailers value our national scope and operational capabilities while independent retailers value our premium portfolio and service levels.

We believe these strengths have positioned us as one of the largest pet supplies vendors to Costco, Amazon and Walmart, a leading supplier to independent pet retailers in the United States and among the largest lawn and garden consumables vendors to The Home Depot, Walmart and Lowe’s.

We also hold a leading position as a supplier of pet and lawn and garden products to the food, drug and mass merchandise channels.

In fiscal 2025, Central was recognized as Lowe’s “Vendor Partner of the Year” for the Lawn & Garden division, reflecting the strength of our customer partnerships.

Walmart, our largest customer, accounted for approximately 17% of total net sales in fiscal 2025 and 16% in fiscal 2024.

Home Depot, our second largest customer, represented approximately 16% of total net sales in fiscal 2025 and 17% in fiscal 2024.

Together with Costco, Lowe's and Amazon these major retailers represented approximately 54% of total net sales in fiscal 2025 and 2024.

Scaled Manufacturing, Sales and Logistics Network

We manufacture the majority of our branded products in our U.S.-based facilities, supplemented by select contract manufacturing arrangements, including an exclusive supply of our registered active ingredient (S)-Methoprene.

In addition, we operate manufacturing facilities in Canada and Mexico.

Our pet and garden sales and fulfillment facilities are strategically located across the United States, enabling us to serve both mass-market customers and independent pet specialty retail stores.

This network supports traditional brick-and-mortar outlets as well as increasingly omnichannel and online-only retailers.

Our integrated logistics system also consolidates products from other manufacturers with our branded products into single shipments.

This capability allows us to deliver cost-efficient service, maintain shelf placement, provide timely replenishment, customize retailer programs, and respond quickly to changing customer needs.

It also supports rapid product launches, giving immediate visibility to new and acquired brands.

We continue to leverage our dedicated sales force and our sales and extensive logistics networks to expand distribution and grow sales of our branded pet and garden products.

Experienced and Entrepreneurial Leadership Team

Our leadership team combines deep Central expertise with broad consumer products industry expertise.

This balance fosters an entrepreneurial, business-unit led culture, while maintaining a disciplined approach to execution, which is critical to capturing and maintaining market share.

We are one of the leading producers and marketers of branded pet supplies in the United States and also produce a wide range of private label products.

Our Pet segment is supported by one of the largest sales and distribution networks in the industry, which provides strategic reach and scale for our brands.

Pet Industry Background

The pet industry includes food, supplies, veterinary care and non-medical services, and live animals.

We operate primarily in the pet supplies segment of the industry as well as in the live fish and small animal categories.

The pet supplies segment includes:

dog and cat treats and chews, toys, beds and containment, grooming products, waste management and training pads;

supplies for aquatics, small animals, reptiles and pet birds including toys, enclosures and habitats, bedding, food and supplements;

products for equine and livestock, animal and household health and insect control products;

live fish and small animals.

The total annual retail sales of the pet food, treats and chews, supplies, veterinary and non-medical services and live animal industry in 2024 was estimated by Packaged Facts to be approximately $151 billion.

We expect the industry to continue to grow from that foundation.

Based on Packaged Facts estimates for 2024, we estimate the annual retail sales of the pet supplies, treats and chews, and live animal markets in the categories in which we participate to be approximately $39 billion.

The pet industry encompasses food, supplies, veterinary care, non-medical services, and live animals.

We participate primarily in pet supplies as well as in live fish and small animal categories.

The pet supplies segment includes dog and cat treats, chews, toys, beds, containment, grooming products, waste management solutions;

aquatics, reptile, small animal, and pet bird supplies, including toys, enclosures, habitats, bedding, food and supplements;

as well as equine and livestock products, animal and household health and insect control products;

and live fish and small animals.

Packaged Facts estimated that in 2025, U.S.

retail sales of pet food, treats and chews, supplies, veterinary and non-medical services and live animals will total approximately $158 billion, with about $40 billion attributable to the categories where we compete.

According to Packaged Facts, the U.S.

pet supplies market is highly fragmented with over 2,500 manufacturers, ranging from mostly single-category or limited-range players to approximately two dozen companies with a solid multi-category presence.

The majority of these smaller companies do not have a captive sales and logistics network and rely on us or other independent distributors to supply their products to regional pet specialty chains and independent retailers.

The pet food and supplies industry retail channel is composed of a wide range of retailers, from national chains like Petco and PetSmart to approximately 5,900 independent/non-chain pet stores in addition to mass-market, farm & feed stores, online and other retailers.

Pure play online players have grown to be an increasingly significant share of pet retail, by capitalizing on the shift to omni shopping driven by the pandemic.

Continued growth is expected to come from digitally-savvy, native eCommerce shoppers aging into prime pet ownership years and projected to spend significantly more than previous generations.

Traditional mass-market and pet specialty brick & mortar have ramped up their eCommerce and omnichannel capabilities in the last five years to remain competitive and minimize attrition.

Independent pet stores continue to suffer from the expanded competition in offerings and capabilities from online, mass-market, and pet chain retailers.

pet supplies market is highly fragmented, with more than 2,500 manufacturers, most operating in single or limited categories.

Only about two dozen companies maintain a solid multi-category presence, and brands are even more fragmented within the supplies categories than food and treats.

Many smaller players lack in-house sales and logistics capabilities and rely on distributors such as us to reach regional pet specialty chains and independent retailers.

The retail channel is equally diverse, ranging from national chains like Petco, Pet Supplies Plus and PetSmart with over 6,000 locations to the roughly 5,900 independent stores, along with mass merchants, farm & feed outlets, and online retailers, including pet-centric e-tailers like Chewy with unlimited shelf space.

Pure-play eCommerce players continue to gain share, as younger, digitally-native consumers, now entering prime pet-owning years, outspend older generations.

Mass-market and pet specialty retailers have expanded their omnichannel capabilities to remain competitive, while independent stores face pressure from these larger more versatile rivals.

Long-Term Pet Industry Characteristics

Long term, we believe the U.S.

pet supplies market will continue to grow due to favorable trends tracking within the pet industry, including the demographics shift to younger shoppers, humanization and premiumization, and health and wellness.

Pet ownership is now split equally between younger generations (Gen Z and Millennials) and older generations (Gen X and Baby Boomers), with the younger generations spending more on their pet in the past year.

A 2024 Packaged Facts survey found that across generations, the majority of pet owners depend on their pets intensely for companionship, affection, fun and mental and physical health benefits.

The same survey found that approximately 95% of U.S.

pet owners view their pet as family.

Moreover, younger adults see pets as companions and a precursor to

parenthood, and pets are interwoven into all aspects of life.

This motivates the majority of pet owners to look for products that promote overall health and well-being.

We expect the U.S.

pet supplies market to continue to grow, supported by long-term trends, including demographics shifts, humanization and premiumization of pets, and heightened focus on health and wellness.

Pet ownership is evenly split between younger generations (Gen Z and Millennials) and older generations (Gen X and Baby Boomers), with younger owners spending more on their pet.

A 2024 Packaged Facts survey found that about 95% of U.S.

pet owners view their pet as family, and across all ages, pets are seen as essential companions for affection, fun and mental and physical health, with new research continuing to validate this human-pet bond.

For many younger adults, pets are viewed as a precursor to parenthood and are deeply integrated into daily life.

Taken together, these long-term trends are driving demand for premium products that promote overall health and well-being.

Branded Pet Products

Our principal pet supplies categories are dog and cat supplies, treats and chews;

aquatics and reptile supplies, small animal and pet bird supplies, animal health products as well as live fish and small animals.

Among our leading brands are:

Nylabone in dog toys and treats, Kaytee in pet birds and small animal, Farnam in equine, C&S in suet, Aqueon in aquatics and Comfort Zone in cat calming.

In addition, we operate our Arden Companies ® outdoor cushion business in the Pet segment due to synergies in sourcing, manufacturing and innovation with our pet bed business.

We continuously seek to introduce new products, both as complementary extensions of existing product lines and in new product categories.

In fiscal 2024, Nylabone extended its Gourmet Style line with new shapes and flavors.

Cadet announced an all new line of rawhide alternatives and added new flavors to it premium treats.

Paw Love debuted a new line of natural dog chews called Simply Smoked.

In fiscal 2023, our Nylabone brand launched a new collection of play toys for imaginative fun as well as four new product lines that include a variety of chew toys and chew treats.

These releases feature chew toy s hapes inspired by everyday objects with a fun twist;

multi-flavored Basted Blast chew toys;

the Sneaky Snacker TM chew & treat toy;

and Healthy Edibles ® Meaty Center chew treats.

And our Cadet brand introduced a unique line of all-natural, highly palatable, and digestible long-lasting chews called Bully Hide.

Over the last two years, many of our pet products have won industry awards.

Aqueon won “Health Focused Product of the Year” and “Waste Innovation of the Year” in the 2023 Pet Innovation Awards in addition to “Runner Up” at the SuperZoo New Product Showcase.

In fiscal 2023, Nylabone was selected as a finalist in the 2022 Pet Product News Editors’ Choice Awards for its Gourmet Style chew toys.

We are an industry leader in premium edible and non-edible chews, supplements, interactive toys, grooming supplies, beds and containment, training and waste management solutions featuring the brands Best Bully Sticks, Cadet, Four Paws, Healthy Edibles ® , K&H, Healthy Promise TM , Nylabone, Nubz ® , and Paw Love ® among others.

Our core categories include dog and cat supplies, treats and chews;

aquatics and reptile supplies, small animal and pet bird supplies, animal health and equine care;

as well as live fish and small animals.

Leading brands include Nylabone (dog toys and treats), Kaytee (pet birds and small animal), Farnam (equine), C&S (suet), Aqueon (aquatics), Comfort Zone (cat calming) and Zoëcon ® (professional pest control).

We also manage Arden Companies ® outdoor cushions within our Pet segment due to synergies with our pet bed business.

We continue to drive growth through new product launches, line extensions and entry into adjacent categories.

In fiscal 2025, Nylabone introduced new Nubz Chew Treats and released a limited-edition chew toy collection celebrating its 70 th birthday.

ADAMS TM debuted an innovative plant-based EPA approved flea and tick spray, while Arden launched an exclusive Red Rocks Cushion in collaboration with Denver-based artist Magik Studios and partnered with Alexandra Kay on a signature outdoor cushion collection.

In fiscal 2024, Nylabone expanded its Gourmet Style line, Cadet launched rawhide alternatives and new treat flavors, and Paw Love rolled out Simply Smoked chews.

Our products have earned industry recognition.

In fiscal 2025, ADAMS won “Flea & Tick Product of the Year” by Pet Innovation Awards and was also recognized as “Best Flea & Tick Solution:

2025 by LUXLife Magazine.

Nylabone has been honored with the Pet Insight 2025 Vanguard Award for Chew Toys.

We are an industry leader in premium edible and non-edible chews, supplements, toys, grooming supplies, beds, containment, training and waste management with brands including Best Bully Sticks, Cadet, Four Paws, Healthy Edibles ® , K&H, Healthy Promise TM , Nylabone, Nubz ® , and Paw Love ® .

Small Animal and Bird Supplies.

We are a leading manufacturer of supplies and food for small animals, pet birds and wild birds.

We offer a full range of products including species specific diets, treats, habitats, bedding, hay and toys under the Kaytee brand.

Our Kaytee small animal and pet bird food mixes are fortified with a proprietary blend of vitamins and minerals.

We also offer a complete portfolio of Kaytee wild bird food and C&S suet products for backyard birding.

Our brands are some of the most widely recognized and trusted brands for birds and small animals.

Under Kaytee, we provide fortified diets, habitats, bedding, hay treats and toys, along with suet products for backyard birding under C&S.

Animal Health (Health & Wellness, Equine and Professional).

We supply calming products under the Comfort Zone brand, and flea and tick controls under the Adams ® brand.

We also offer innovative products for horses in the fly control, supplements, grooming, deworming, wound care, leather care and rodenticides categories.

Our portfolio of brands for equine includes Farnam, Horse Health™ Products, Vita Flex ® , Just One Bite ® and Rodentex™.

These brands, along with sub-brands including Bronco ® , Endure ® , IverCare ® , Horseshoer’s Secret ® , Red Cell ® , Sand Clear™, Super Mask ® II and Vetrolin ® position us as a leader in these categories.

Moreover, we are a leading supplier of insect control products sold into various markets.

We are the only domestic provider of (S)-Methoprene, which is an active ingredient used to control mosquitoes, flies, fleas, beetles and ants in many professional and consumer insect control applications.

Our products are sold primarily under the Starbar ® and Zoëcon ® family of brands, as well as standalone brands such as Altosid ® , Centynal™, ClariFly ® IGR, Diacon ® , Essentria ® and Extinguish ® .

We also sell (S)-Methoprene to manufacturers of other insect control products, including Frontline Plus.

Aquatics and Reptile Supplies.

We are a leading manufacturer of aquariums and terrariums as well as related fixtures and stands, water conditioners and supplements, water pumps and filters, sophisticated lighting systems and accessories under the brands Aqueon, Blagdon ® , Coralife ® , Interpet ® and Zilla.

We offer calming solutions under the Comfort Zone brand and flea and tick controls under ADAMS.

Our equine portfolio spans fly control, supplements, grooming, deworming, wound care, leather care and rodenticides, marketed under Farnam, Horse Health™ Products, Vita Flex Pro ® , and Just One Bite ® , as well as sub-brands including Bronco ® , Endure ® , Horseshoer’s Secret ® , IverCare ® , Leather New ® , PuriShield ® , Red Cell ® , Sand Clear™, and Vetrolin ® .

These brands position us as a leader across Equine and Health & Wellness.

We are also a leading supplier of insect control products across multiple markets and the sole domestic provider of (S)-Methoprene, an active ingredient used in both professional and consumer insect control applications.

Our insect control products are marketed under the Starbar ® and Zoëcon ® families of brands, along with standalone brands such as Altosid ® , Centynal™, ClariFly ® IGR, Diacon ® , Essentria ® and Extinguish ® .

In addition, we supply (S)-Methoprene to manufacturers of other insect control products, including Frontline Plus.

Aquatics and Reptile.

We are a leading manufacturer of aquariums and terrariums along with related fixtures and stands, water conditioners and supplements, water pumps and filters, advanced lighting systems and accessories marketed under the Aqueon, Coralife ® , and Zilla brands.

Live Fish and Small Animals.

Segrest and SunPet are leading wholesalers of aquarium fish and plants, reptiles and small animals to pet specialty and mass merchandiser stores as well as public aquariums and research institutions.

Segrest and SunPet are leading wholesalers of aquarium fish and plants, reptiles and small animals serving pet specialty, mass merchants, aquariums and research institutions.

Outdoor cushions.

We sell Arden-branded outdoor cushions through major retailers, both in-store and online, and private label outdoor cushions through the largest big box stores in North America, all leveraging Arden's EverTru ® -branded outdoor fabric.

Our OceanTex™ fabrics, developed by EverTru, are responsibly made and composed of up to 100% recycled materials, including reclaimed ocean plastic and fishing nets.

Arden-branded and private label outdoor cushions are sold across major retailers both in-store and online, using Arden's EverTru ® -branded outdoor fabric and OceanTex™ fabrics, the latter made from up to 100% recycled materials, including reclaimed ocean plastic and fishing nets.

Pet Sales and Distribution Network

Our domestic sales and distribution network promotes both our proprietary brands and third-party brands.

It provides value-added service to over 10,000 retailers, many of which are independent specialty stores with fewer than 10 locations, and over 6,000 veterinary offices.

This includes acquisition and maintenance of premium shelf placement, prompt product replenishment, customization of retailer programs, quick response to changing customer and retailer preferences, rapid deployment and feedback for new products and immediate exposure for acquired brands.

The combination of brands in the network that are supplied in single shipments enables our independent customers to collaborate with us on a cost-effective basis to meet their pet supplies requirements.

We also operate a sales and logistics facility in the United Kingdom.

sales and distribution network supports almost 10,000 retailer locations and over 5,600 veterinary offices, with services ranging from shelf placement and replenishment, to tailored retailer programs, product launches and exposure for acquired brands.

By consolidating proprietary and third-party brands into single shipments, we help independent retailers operate more cost effectively.

Pet Sales and Marketing

Our sales strategy is multi-tiered and designed to maximize market share with retailers.

Our customers include retailers, such as club, regional and national specialty pet stores, independent pet retailers, food, drug and mass stores, as well as the eCommerce channel.

Our sales strategy is designed to maximize market share across retail channels, including club, regional and national specialty pet stores, independent, food, drug and mass, grocery, farm & feed and eCommerce.

We also serve the professional market with insect control and health and wellness products for use by veterinarians, municipalities, farmers and equine product suppliers.

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Amazon, Walmart, Petco and Kroger are also significant customers.

To optimize our product placement and visibility in retail stores, our focused sales resources are segmented as follows:

• a sales organization operating by category and channel;

• dedicated account teams servicing our largest customers;

• a group of account managers focused on regional chains;

• a geographic based group of territory managers dedicated to the independent retailer;

• a specialized group of account managers dedicated to the professional and equine markets.

These sales teams deliver our marketing strategy that is consumer, brand and channel driven.

We provide value creation with a focus on innovation, product quality and performance, premium packaging, product positioning and consumer value.

We collaborate closely with our customers to identify their needs, jointly develop strategies to meet those needs and deliver programs that include digital execution, print, broadcast and direct mail.

We continue to invest in talent, innovation, brand building, digital capabilities and eCommerce as these play a critical role in our ambition to lead in the pet segment.

In fiscal 2024, Farnam partnered with country music trio The Castellows to debut the brands' new logo to be used across all point of sale and marketing, including a new Amazon storefront.

At the 2024 Global Pet Expo, D&D Commodities took third place in best in show for its Wild Delight Squirrel Away Zero-Waste bird feed and our Reptifauna bioactive plants won second place in the Reptile best in show category.

Barkworthies' new floor display won first place in the point of purchase category at SuperZoo.

Sales resources are structured to optimize coverage:

• Category- and channel-based sales teams

• Dedicated account teams for our largest customers

• Account managers for regional chains

• Territory managers for independents

• Specialists for professional and equine markets

Our marketing strategy is consumer-, brand- and channel-driven, with value creation centered on innovation, product quality and performance, premium packaging, product positioning and consumer relevance.

We work closely with our customers to identify their needs, co-develop strategies, and deliver programs that span digital execution, print, broadcast and direct mail.

We continue to invest in talent, innovation, brand building, digital capabilities and eCommerce as these are critical to our ambition to lead in the pet segment.

In fiscal 2025, the Davey Awards recognized Central Life Sciences' “Monster Bug” Campaign – Integrated Campaign B2B with a SILVER award for excellence in marketing and advertising.

Farnam updated its loyalty program, now called Farnam Rewards, to offer an improved customer experience.

In fiscal 2024, Farnam partnered with country music trio The Castellows to launch the brands' new logo across all marketing and point of sale channels, including a refreshed Amazon storefront.

At the 2024 Global Pet Expo, D&D Commodities earned third place in the “Best in Show” category for its Wild Delight Squirrel Away Zero-Waste bird feed while our Reptifauna bioactive plants won second place in the Reptile category.

In addition, Barkworthies' new floor display received first place in the “Point of Purchase category” at SuperZoo.

Pet Competition

The pet supplies industry is highly competitive and has experienced considerable consolidation.

Our branded pet products compete against national and regional branded products and private label products produced by various suppliers.

Our largest competitors in the product categories in which we participate are Mars, Inc., Spectrum Brands and the J.M.

The Pet segment competes primarily on the basis of brand recognition, innovation, upscale packaging, quality and service.

Our Pet segment’s sales and distribution network competes with Animal Supply Co., Phillips Pet Food & Supplies and a number of smaller local and regional distributors, with competition based on product selection, price, value-added services and personal relationships.

The pet supplies industry is highly competitive and increasingly consolidated.

Our brands compete with national and regional branded players as well as private label products, with Mars, Inc., Spectrum Brands and the J.M.

among our largest competitors.

Competition is driven by brand recognition, innovation, packaging, quality and service.

Our distribution network also competes with Animal Supply Co., Phillips Pet Food & Supplies and smaller local and regional distributors, with differentiation based on selection, price, service and relationships.

Garden Segment

Garden Overview

We are a leader in the consumer lawn and garden consumables market in the United States and offer both premium and value-oriented branded products.

We also produce numerous private label products for key customers.

In addition, our Garden segment operates a sales and distribution network that strategically supports our brands.

We are a leading provider in the U.S.

consumer lawn and garden consumables market, offering a broad portfolio of premium and value-oriented branded products, as well as private label solutions for key customers.

Our Garden segment is further supported by a strategically designed sales and distribution network that enhances brand reach and performance.

Garden Industry Background

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Long-Term Garden Industry Characteristics

Transitioning from COVID highs to a new normal level, the lawn and garden industry has experienced volatility driven by supply chain challenges, unpredictable weather patterns, and retailer destocking initiatives.

Based on estimates of Freedonia Group, we expect the

industry sales for 2024 to remain above 2019 pre-pandemic levels.

Gardening, lawn care, and outdoor recreation continue to be popular among many consumers.

Lifestyle changes and shifts in demographics are creating new opportunities in gardening, including convenience through easy-to-use products and smaller package sizes, premiumization, customization, urbanization, and sustainability as well as transforming large grass spaces into planned gardens intended to be easier to maintain.

Millennials and Gen Z’s have high engagement and participation in gardening and house plant ownership.

Interest in outdoor living is particularly high among millennials, the nation's largest group of gardeners.

Following the surge in demand during the COVID-19 pandemic, the lawn and garden industry is adjusting to a new baseline marked by ongoing volatility.

Supply chain challenges, shifting weather patterns, and retailer destocking have added uncertainty.

Nonetheless, overall industry sales in 2025 are expected to remain above 2019 pre-pandemic levels, according to Freedonia Group estimates.

Consumer interest in gardening, lawn care, and outdoor recreation remains strong, supported by lifestyle and demographic shifts.

These trends are creating opportunities in areas such as convenience (easy-to-use products and smaller package sizes), premiumization, customization, urban gardening, sustainability and the transformation of large grass spaces into lower-maintenance planned gardens.

Engagement is particularly strong among younger consumers:

Millennials and Gen Z’s demonstrate high participation in gardening and houseplant ownership, with Millennials standing out as the largest group of gardeners and a key driver of the growing interest in outdoor living.

Branded Lawn and Garden Products

Our principal lawn and garden consumables product lines are grass seed, wild bird products, lawn and garden care products including fertilizers, insect control products, live plants and packet seed to help consumers grow their lawns greener and gardens bloom bigger.

Our Pennington brand is one of the largest in grass seed, wild bird feed and birding accessories.

Ferry-Morse is a leader in vegetable, herb and flower packet seed, and our Amdro brand is a leading portfolio of control products.

We continuously introduce new products, both as complementary extensions of existing product lines and in new product categories.

In fiscal 2024, Ferry-Morse introduced its Colossal Seed collection that will grow vegetables at least double the average size and expanded the line of organic seeds, which now features more than 100 organic vegetables, fruit and herb see varieties.

In fiscal 2023,Ferry-Morse introduced more than 40 different Plantlings™ Garden Starter Kits, curated bundles of Plantlings that complement each other and take the guesswork out of planning and buying.

We are a leading manufacturer of numerous varieties and mixtures of cool and warm season grass seed for both the residential and professional markets, as well as forage and wildlife seed mixtures.

We sell these products under the Pennington brand along with several sub-brands including Lawn Booster, One Step Complete ® , Rackmaster ® , Slopemaster ® , Smart Seed, Smart Patch, The Rebels ® and other brand names.

We also produce numerous private label brands of grass seed.

The Pennington grass seed manufacturing facilities are some of the largest and most modern seed coating and conditioning facilities in the industry.

We are the leading producer of wild bird feed.

These products are sold under the Pennington, 3-D ® Pet Products and Wild Delight ® brands.

Many of our branded wild bird feed mixes are treated with a proprietary blend of vitamins and minerals.

For example, our Pennington brand feed mixes are enriched with Bird-Kote ® , our exclusive process which literally seals each seed with a nutritious coating containing vitamins and minerals that are beneficial to the health of wild birds.

We also manufacture bird feeders, bird houses and other birding accessories.

Our core lawn and garden consumables portfolio includes grass seed, wild bird products, lawn and garden care products (such as fertilizers, insect control products), live plants and packet seed designed to help consumers grow their lawns greener and gardens bloom bigger.

The Pennington brand is one of the largest names in grass seed, wild bird feed and birding accessories.

Ferry-Morse is a leader in vegetable, herb and flower packet seed, while Amdro represents a strong portfolio of pest and weed control products.

We continue to expand our portfolio through new product introductions, adding both extensions to established lines and entirely new categories.

In fiscal 2025, Ferry-Morse unveiled innovative flower seed mixes and new varieties, while Pennington introduced a water-soluble all-purpose plant food.

In fiscal 2024, Ferry-Morse launched its Colossal Seed collection, producing vegetables at least twice the average size, and broadened its organic selection to over 100 varieties of vegetables, fruit and herbs.

We are a leading producer of cool and warm season grass seed varieties and mixtures for residential and professional use, as well as forage and wildlife blends.

Products are sold under the Pennington brand and sub-brands including Lawn Booster, One Step Complete ® , Rackmaster ® , Slopemaster ® , Smart Seed, Smart Patch, The Rebels ® and others, along with private label offerings.

Pennington’s seed coating and conditioning facilities rank among the largest and most advanced in the industry.

We are the leading supplier of wild bird feed, sold under Pennington, 3-D ® Pet Products and Wild Delight ® .

Many branded blends are enhanced with proprietary vitamins and minerals;

for example, Pennington Bird-Kote ® seals each seed with a nutritious coating to support avian health.

We also manufacture bird feeders, bird houses and accessories.

Fertilizer and Controls.

We are a leading manufacturer of soil supplements and stimulants.

We produce several lines of lawn and garden fertilizers and soil supplements in granular and liquid form under the Alaska ® Fish Fertilizer, Ironite ® , Pennington, Pro Care ® and Superthrive ® brand names and other private and controlled labels.

We also manufacture lawn and garden weed, moss, insect and pest control products.

We sell these products under brands such as Amdro, Corry’s ® , Daconil ® , IMAGE ® , Knockout™, Lilly Miller ® , Moss Out ® , Over-N-Out ® , Rootboost™ and Sevin, as well as other private and controlled labels.

With Bell Nursery, we are the primary supplier of superior quality flowers, trees, shrubs and other plants to Home Depot in the Northeast and mid-Atlantic regions, producing and shipping tens of millions of annuals, perennials and indoor plants each year, also offering items we do not grow, such as orchids.

We are a leading provider of vegetable, herb and flower packet seeds and seed starters.

We sell these products under the American Seed ® , Ferry-Morse, Jiffy ® , Livingston ® , McKenzie ® Seed and other brand names.

Garden Sales and Distribution Network

Our sales and distribution network promotes our proprietary brands and provides us with key access to select national retail chains for our branded products, acquisition and maintenance of premium shelf placement, prompt product replenishment, customization of retailer programs, quick responses to changing customer and retailer preferences, rapid deployment and feedback for new products, market intelligence and potential acquisition targets.

The network also sells other manufacturers’ brands of lawn and garden supplies and combines these products with our branded products into single shipments enabling select national retail chains to deal with us on a cost-effective basis to meet their lawn and garden supplies requirements.

We produce a wide range of fertilizers, soil supplements and pest control products, in both granular and liquid form.

Brands include Alaska ® Fish Fertilizer, Ironite ® , Pennington, Pro Care ® and Superthrive ® as well as private and controlled labels.

Our weed, moss, insect and pest control products are marketed under brand names such as Amdro, Corry’s ® , Daconil ® , IMAGE ® , Knockout™, Lilly Miller ® , Moss Out ® , Over-N-Out ® , Rootboost™ and Sevin.

Through Bell Nursery, we serve as the primary supplier of high-quality flowers, trees, shrubs and other plants to The Home Depot stores in the Northeast and Mid-Atlantic regions, producing and shipping tens of millions of annuals, perennials and indoor plants each year, along with select offerings we do not grow, such as orchids.

We are a leading provider of packet seeds and seed starters across vegetables, herbs and flowers, sold under American Seed ® , Ferry-Morse, Jiffy ® , Livingston ® , McKenzie ® Seed and other well-known brands.

Garden Sales and Logistics Network

Our sales and logistics network not only promotes our proprietary brands but also provides critical access to leading national retail chains.

Through this network, we secure and maintain premium shelf placement, ensure timely product replenishment, customize retailer programs, and respond quickly to evolving customer and retailer needs.

It also enables the rapid launch of new products, provides valuable market intelligence and supports the identification of potential acquisition opportunities.

In addition to distributing our own branded products, the network also sells complementary lawn and garden supplies from other manufacturers.

By consolidating these products into single shipments, we offer select national retail chains a cost-effective solution to meet their lawn and garden needs.

Garden Sales and Marketing

The marketing strategy for our premium products is focused on meeting consumer needs through product performance, innovation, quality, upscale packaging and retail shelf placement.

The marketing strategy for our value products is focused on promotion of the quality and efficacy of our value brands at a lower cost relative to premium brands.

In 2024, we refreshed our Amdro brand with new eye-catching packaging graphics and optimized product claims that are simple and relevant to consumers.

Our customers include retailers, such as home improvement centers, food, drug and mass merchants, and professional end users.

Sales to Home Depot represented approximately 38% and 35%, sales to Walmart represented approximately 27% and 24% and sales to Lowe’s represented approximately 15% and 14% of our Garden segment’s net sales in fiscal 2024 and 2023, respectively.

To maximize our product placement and visibility in retail stores, we market our products through

• dedicated sales forces representing our combined brand groups;

• a retail sales and logistics network, which provides in-store training and merchandising for our customers, especially during the prime spring and summer seasons;

• dedicated account-managers and sales teams located near several of our largest customers;

• selected independent distributors who sell our brands.

We continue to invest in talent, digital capabilities and eCommerce as these play a critical role in our ambition to grow our business and lead in the Garden segment.

Our marketing strategy balances both premium and value offerings.

For premium products, we emphasize performance, innovation, quality, upscale packaging and strong retail shelf placement.

For value products, we highlight dependable quality and efficacy at a more accessible price point.

In fiscal 2025, Image® Herbicides introduced a bold new brand identity with redesigned packaging and refreshed positioning.

DoMyOwn strengthened its connection with DIY consumers by welcoming television personality and home improvement expert Richard Karn as Chief Solutions Officer.

Amdro expanded its visibility by sponsoring Brandon Jones in the NASCAR CRAFTSMAN® Truck Series™, following a 2024 brand modernization that introduced eye-catching packaging and simplified, consumer-relevant claims.

Our customer base includes home improvement centers, food, drug and mass merchants, as well as professional end users.

In fiscal 2025 and 2024, sales to The Home Depot accounted for approximately 37% and 38%, Walmart represented approximately 29% and 27%, and Lowe’s represented approximately 14% and 15% of our Garden segment’s net sales, respectively.

To maximize in-store placement and visibility, we deploy:

• Dedicated sales forces representing our brand portfolio

• A retail sales and logistics network providing in-store training and merchandising during the peak spring and summer seasons

• Account managers and sales teams located near key customers

• Selected independent distributors

We also continue to invest in talent, digital capabilities and eCommerce, recognizing their critical role in driving growth and strengthening our leadership in the Garden segment.

Garden Competition

The lawn and garden consumables industry is highly competitive.

Our lawn and garden products compete against national, regional and private label products produced by various suppliers.

Our turf and forage grass seed products, fertilizers, pesticides and combination products compete principally against products marketed by The Scotts Miracle-Gro Company.

In addition, Spectrum Brands and S.C.

The lawn and garden consumables industry is intensely competitive, with numerous national, regional and private label suppliers.

Our turf and forage grass seed, fertilizers, pesticides and combination products compete primarily with offerings from The Scotts Miracle-Gro Company, while Spectrum Brands and S.C.

Johnson & Son, Inc.

are strong competitors in yard and household insecticides.

Our Garden segment competes primarily based on its strong premium and value brands, quality, service, price and low-cost manufacturing.

While demand for our pet supplies products, except for pest controls, is generally balanced over the year, our lawn and garden consumables business is highly seasonal with approximately two-thirds of net sales occurring in our second and third fiscal quarters combined.

We build inventory based on expected demand and typically fill customer orders within a few days of receipt, so the backlog of unfilled orders is not material.

Funding for working capital items, including inventory and receivables, is normally sourced from operating cash flows and short-term borrowings under our revolving credit facility.

For additional information on our liquidity, working capital management, cash flow and financing activities, see Liquidity and Capital Resources, and Note 11, Long-Term Debt, appearing later in this Form 10-K.

represent major competitors in yard and household insecticides.

Within this environment, our Garden segment differentiates itself through a balanced portfolio of premium and value brands, a commitment to quality and service, competitive pricing and the advantage of efficient, low-cost manufacturing.

Demand for our pet supplies products is generally steady throughout the year, except for pest control items, which are seasonal.

By contrast, our lawn and garden consumables business is highly seasonal, with roughly two-thirds of annual net sales generated in our second and third fiscal quarters.

We build inventory in line with projected demand and typically fill customer orders within a few days, resulting in an immaterial backlog of unfilled orders.

Working capital requirements, including inventory and receivables, are funded primarily through operating cash flows and supplemented as needed by short-term borrowings under our revolving credit facility.

Additional details on our liquidity, working capital management, cash flow and financing activities, can be found in Liquidity and Capital Resources , and Note 11, Long-Term Debt , included in this Form 10-K.

Sources and Availability of Raw Materials

We purchase most of our raw materials from multiple suppliers but obtain one of the raw materials used to manufacture (S)-Methoprene from a single source of supply.

We maintain an inventory of this raw material (in addition to our (S)-Methoprene inventory) to reduce the possibility of interruption in the availability of (S)-Methoprene, since a prolonged delay in obtaining (S)-Methoprene or this raw material could result in a temporary delay in product shipments and have an adverse effect on our Pet segment’s financial results.

The key ingredients in our fertilizer and insect and weed control products are commodity and specialty chemicals, including urea, potash, phosphates, herbicides, insecticides and fungicides.

The prices of these raw materials are susceptible to fluctuations due to supply and demand trends, inflation, and government regulations.

We continuously monitor and evaluate our supplier network for quality, cost, and manufacturing capacity.

The principal raw materials required for our bird feed are bulk commodity grains, including millet, milo and sunflower seeds, which are generally purchased from large national commodity companies and local grain cooperatives.

In order to ensure an adequate supply of grains and seeds to satisfy expected production volume, we enter into contracts to purchase a portion of our expected grain and seed requirements at future dates by fixing the quantity, and often the price, at the commitment date.

Although we have never experienced a severe interruption of supply, we are exposed to price risk with respect to the portion of our supply which is not covered by contracts with a fixed price.

We source most of our raw materials from multiple suppliers;

however, one key input used to manufacture (S)-Methoprene is obtained from a single supplier.

To mitigate supply risk, we maintain inventories of both (S)-Methoprene and this raw material.

A prolonged disruption in supply could temporarily delay product shipments and adversely impact the financial performance of our Pet segment.

The primary ingredients for our fertilizer and insect and weed control products include both commodity and specialty chemicals, such as urea, potash, phosphates, herbicides, insecticides and fungicides, whose prices are subject to fluctuations driven by supply and demand dynamics, inflation, and regulatory factors.

We actively monitor and evaluate our supplier network to ensure quality, cost-effectiveness, and sufficient manufacturing capacity.

For our bird feed products, essential raw materials include bulk commodity grains such as millet, milo and sunflower seeds, which we procure from large national commodity companies and local grain cooperatives.

To secure supply and manage cost, we enter into forward contracts for a portion of our anticipated grain and seed requirements, fixing quantities and often prices at the time of commitment.

While we have not experienced significant supply interruptions, we remain exposed to price volatility on any volumes not covered by fixed-price contracts.

Patents, Trademarks and Other Proprietary Rights

We hold numerous patents in the United States and in other countries and have several patent applications pending.

We consider the development of patents through creative research and the maintenance of an active patent program to be advantageous to our business, but do not regard any particular patent as essential to our operations.

In addition to patents, we have numerous active ingredient registrations, end-use product registrations and trade secrets.

Along with patents, active ingredient registrations, end use product registrations and trade secrets, we own numerous trademarks, service marks, trade names and logotypes.

Many of our trademarks are registered.

For those that are not, we rely on our common law trademark rights.

We hold numerous patents in the United States and abroad, with additional patent applications currently pending.

While we view the development of patents through innovative research and the maintenance of an active patent portfolio as beneficial to our business, we do not consider any single patent to be critical to our operations.

Beyond patents, our intellectual property includes a wide range of active ingredient registrations, end-use product registrations and trade secrets.

We also own an extensive collection of trademarks, service marks, trade names and logotypes.

Many of these trademarks are registered, and for those that are not, we rely on our common law trademark rights to protect our brand identity.

Human Capital Management

Every Central Team member and every job is important to our success and helping us to achieve our purpose.

As of September 28, 2024, we had approximately 6,450 employees, of whom approximately 6,100 were full-time employees and 350 were temporary or part-time employees.

We also hire substantial numbers of additional temporary employees for the peak lawn and garden shipping season of February through June to meet the increased demand during the spring and summer months.

The majority of our temporary employees are paid on an hourly basis.

Except for approximately 100 employees at our facilities in Puebla, Mexico and Brandon, Canada, none of our employees are represented by a labor union.

The attrition rate of our non-seasonal full-time and part-time workforce was 30% in fiscal 2024.

We believe that attracting, developing and retaining a diverse and inclusive workforce is important to our continued success.

Women represent 40% of our non-seasonal employees, and one of our key priorities is to amplify opportunities for women.

Women serve in several senior leadership roles, holding 33% of leadership positions (defined as Managers, Directors and Senior leaders (Vice President and above), including our General Counsel & Secretary, Interim Senior Vice President of Human Resources, Senior Vice President Pet Consumer Marketing, Vice President Digital Marketing & Commerce, Vice President Investor Relations & Corporate Sustainability, Vice President Risk Management and Real Estate, Vice President Tax, Vice President eCommerce Sales, President Segrest, General Manager Health & Wellness and Vice President Pet Sales.

We recognize that financial stability is a critical component to our employees’ well-being.

Our competitive compensation programs include base salary or hourly compensation for all employees.

In addition, we provide a discretionary annual 401k employer contribution and a bonus program for eligible employees, which is based on the success of our businesses as measured by designated performance metrics and individual performance contributions.

Another component of our overall compensation program is long-term equity, which is offered to eligible employees through annual and individual grants.

We use such long-term equity grants as a means of attracting and retaining key employees to reward performance and to give these employees a vested interest in the success of the Company.

Moreover, our physical health programs, like our medical and dental coverage, help our employees to feel their best on the job and at home.

Developing our employees so that they can assume key roles within Central is an important strategic priority for us.

We offer a variety of programs and resources to train and enhance the skill set of our workforce, including a robust online learning platform with a wide variety of course offerings, a mentoring program and a tuition reimbursement program that subsidizes college and advanced degrees for eligible employees.

We also engage in regular discussions around succession planning and talent development at all levels of the Company.

Our Board has frequent contact with business leaders within the organization and participates actively in the succession planning process.

Our Interim Senior Vice President of Human Resources reports directly to the Chief Executive Officer and works with management to evaluate internal talent for future leadership positions within the organization on an ongoing basis.

In evaluating potential acquisitions, an important consideration is the quality of the management team of the target company and our ability to obtain sufficient assurance that such management will remain with Central as needed if and after we acquire the business.

We encourage and drive high standards in our occupational health and safety performance by recording, reporting and investigating all incidents to root cause.

In the ongoing push for progress, we set new annual safety targets and invest in our operational capabilities.

While we have improved our recordable incident rate by 10% on average over the last four years, the recordable incident rate was slightly higher in fiscal 2024 compared to the prior year.

Every Central team member plays a vital role in our success and in advancing our purpose.

As of September 27, 2025, we had over 6,000 employees, including about 5,700 full-time and 300 part-time employees.

To meet the heightened seasonal demand in our lawn and garden business, we also hire a significant number of temporary employees between February and June.

The majority of these are hourly workers.

With the exception of approximately 100 employees at our facilities in Puebla, Mexico and Brandon, Canada, our workforce is not represented by labor unions.

In fiscal 2025, the attrition rate among our non-seasonal full-time and part-time workforce was 29%.

We are committed to attracting, developing and retaining an inclusive workforce, which we view as essential to our continued growth and long-term success.

Women make up 41% of our non-seasonal workforce and increasing opportunities for women remains a key priority.

Women hold 35% of leadership positions, including managers, directors and senior executives, and serve in critical roles across the organization.

These include our Senior Vice President of Human Resources, Senior Vice President Pet Consumer Marketing, Vice President Operations, Vice President Garden Digital Marketing, Vice President Investor Relations & Corporate Sustainability, Vice President Tax, Vice President Central Service Center, Vice President Garden eCommerce Sales, Vice President Sales (Walmart & Target), Vice President Health & Wellness and Vice President Pet Sales.

Supporting the financial security and well-being of our employees is also central to our human capital strategy.

We offer competitive compensation, consisting of either a base salary or hourly wages.

In addition, eligible employees receive a discretionary annual 401k employer contribution and may participate in our bonus program, which is tied to the performance of our businesses against defined metrics as well as individual contributions.

We also grant long-term equity awards to eligible employees through both annual and individual grants, which serve to attract and retain key talent, reward performance and align employees' interest with the success of the Company.

To further promote employee well-being, we provide comprehensive health benefits including medical and dental coverage, as well as an advanced wellness program designed to create sustainable life-style habits.

Employee development is a strategic priority for us.

We provide a wide array of training and career development resources, including a robust online learning platform, a mentoring program, and a tuition reimbursement program that helps fund undergraduate and advanced degrees for eligible employees.

Succession planning and talent development are ongoing processes at all levels of the Company, with our Board actively engaged.

Our Senior Vice President of Human Resources, who reports directly to the Chief Executive Officer, collaborates with management to evaluate and develop internal talent for future leadership positions.

We also prioritize leadership quality when evaluation acquisitions, ensuring continuity be securing commitments from key management teams.

We hold ourselves to high standards in occupational health and safety.

Incidents are recorded, reported and investigated to determine root cause, and we set new annual safety targets to drive continuous improvement.

Compared to the prior year, we’ve reduced our recordable incident rate by nearly 30% in fiscal 2025.

We continue to invest in safety and operational excellence to ensure progress and protect the well-being of our workforce.

Regulatory Considerations

Many of the products that we manufacture or distribute are subject to local, state, federal and foreign laws and regulations.

Such regulations are often complex and are subject to change.

For example, in the United States, all pesticides must be registered with the United States Environmental Protection Agency (“EPA”), in addition to individual state registrations before they can be sold.

Fertilizer products are also subject to state Department of Agriculture registration regulations.

Grass and other seeds are also subject to state and federal labeling regulations.

Prior to any international sales, all foreign agency requirements for shipment and labeling must be met.

The Food Quality Protection Act (“FQPA”) establishes a standard for food-use pesticides, which is a reasonable certainty that no harm will result from the cumulative effect of pesticide exposures.

Under this Act, the EPA is evaluating the cumulative risks from dietary and non-dietary exposures to pesticides.

Any pesticides in our products that are approved to be used on foods are evaluated by the EPA as part of this non-dietary exposure risk assessment.

In addition, the use of certain pesticide and fertilizer products is regulated by various local, state, federal and foreign environmental and public health agencies.

These regulations may include requirements that only certified or professional users apply the product or that certain products be used only on certain types of locations (such as “not for use on sod farms or golf courses”), may require users to post notices on properties to which products have been or will be applied, may require notification of individuals in the vicinity that products will be applied in the future or may ban the use of certain ingredients.

Various federal, state and local laws, including the federal Food Safety Modernization Act (“FSMA”), also regulate pet food products and give regulatory authorities the power to recall or require re-labeling of products.

Several new FSMA regulations have become effective in recent years.

Various local, state, federal and foreign environmental laws also impose obligations on various entities to clean up contaminated properties or to pay for the cost of such remediation, often upon parties that did not actually cause the contamination.

In the course of our extensive acquisition history, we have acquired a number of manufacturing and distribution facilities, and most of these facilities have not been subjected to Phase II environmental tests to determine whether they are contaminated.

Environmental, Social and Governance

The long-term profitability of our business requires us to do our part to protect the planet, care for the local areas we serve, and provide our employees a safe, healthy and rewarding workplace.

Corporate sustainability is embedded throughout our long-term enterprise roadmap and brought to life through our Central Impact strategy.

Our 2022-2023 Impact Report provides additional information about our commitment to and progress to protect our planet, cultivate our communities and empower our employees.

The report can be found on our website www.central.com.

In fiscal 2024, Nylabone was accredited by the Pet Sustainability Coalition (PSC) as a sustainably led and measured business that drives positive impact for pets, people, and the planet.

In fiscal 2023, Central was recognized for its efforts in promoting eco-conscious procurement practices by ODP Business Solutions.

Many of the products we manufacture or distribute are subject to local, state, federal and foreign laws and regulations.

These regulations are often complex and subject to change.

For example, in the United States, all pesticides must be registered with the United States Environmental Protection Agency (“EPA”), as well as individual states before they can be sold.

Fertilizer products require registration with state Departments of Agriculture, while grass and other seeds are subject to both state and federal labeling regulations.

Before any international sales, all foreign agency requirements for shipment and labeling must also be met.

The Food Quality Protection Act (“FQPA”) establishes a safety standard for food-use pesticides:

a reasonable certainty that no harm will result from the cumulative effects of pesticide exposure.

Under this Act, the EPA evaluates the cumulative risks from both dietary and non-dietary exposures to pesticides.

Any pesticides in our products that are approved for use on foods are reviewed by the EPA as part of this non-dietary exposure risk assessment.

Additionally, the use of certain pesticide and fertilizer products is regulated by various environmental and public health agencies at the local, state, federal and international level.

These regulations may restrict use to certified or professional applicators, limit use to specific sites (e.g., prohibiting application on sod farms or golf courses), require property posting or advance notification of neighbors, or prohibit the use of specific ingredients altogether.

Pet food products are regulated under federal, state and local laws, including the federal Food Safety Modernization Act (“FSMA”), which grants regulatory authorities the power to recall or require relabeling of products.

Several new FSMA regulations have taken effect in recent years.

Environmental laws at the local, state, federal and foreign levels also impose obligations to remediate contaminated properties or pay for associated clean-up costs, often extending liability to parties that did not cause the contamination.

Over the course of our extensive acquisition history, we have obtained a number of manufacturing and distribution facilities, most of which have not undergone Phase II environmental testing to determine whether contamination is present.

Packaging is facing heightened scrutiny from state governments.

Multiple states are advancing laws to curb single-use plastics and to implement extended producer responsibility (EPR) programs—frameworks that shift the cost of packaging disposal from municipalities to manufacturers to strengthen the recycling ecosystem.

These EPR programs commonly set targets and require reporting on areas such as post-consumer recycled content usage, compostable packaging, overall material reduction, and refill strategies.

Corporate Sustainability

The long-term success of our business depends on protecting the planet, supporting the communities we serve, and providing our employees with a safe, healthy and rewarding workplace.

Corporate sustainability is embedded in our long-term enterprise roadmap and brought to life through our Central Impact strategy.

Our 2022-2023 Impact Report details our commitment and progress in protecting the planet, cultivating communities and empowering employees, and is available on our website at www.central.com.

Central has disclosed its environmental impact through the Carbon Disclosure Project ("CDP") annual survey since 2022.

Nylabone has been recognized for its leadership in sustainability, winning the 2025 AmeriStar Sustainable Packaging Award for its new blister-free design.

In fiscal 2024, Nylabone also received accreditation from the Pet Sustainability Coalition (PSC) as a sustainably led and measured business, driving positive impact for pets, people, and the planet.

Information About Our Executive Officers

6 unchanged sentences

Walker 67 President, Garden Consumer Products

Joyce McCarthy 55 General Counsel & Secretary

Brown has been our Chairman since October 2019, having also served in this capacity from 1980 to 2018.

From 1980 to June 2003 and from October 2007 to February 2013, he served as our Chief Executive Officer.

From 1977 to 1980, Mr.

Brown was Senior Vice President of Vivitar Corporation with responsibility for Finance, Operations and Research & Development.

From 1972 to 1977, he was with McKesson Corporation where he was responsible for its 200-site data processing organization.

Prior to joining McKesson Corporation, Mr.

Brown spent the first 10 years of his business career at McCormick, Inc.

George Yuhas 73 General Counsel & Secretary

Brown has been our Chairman since October 2019, having previously served in this capacity from 1980 to 2018.

He was our Chief Executive Officer from 1980 to June 2003 and from October 2007 to February 2013.

From 1977 to 1980, he was Senior Vice President of Vivitar Corporation, responsible for Finance, Operations and Research & Development.

From 1972 to 1977, he worked at McKesson Corporation, overseeing its 200-site data processing organization.

Brown spent the first 10 years of his career at McCormick, Inc.

in manufacturing, engineering and data processing.

1 unchanged sentence

Lahanas became our Chief Executive Officer in September 2024.

He served as Chief Financial officer from May 2017 until September 2024, Senior Vice President of Finance and Chief Financial Officer of our Pet segment from April 2014 to May 2017, and Vice President of Corporate Financial Planning & Analysis from October 2011 to March 2014.

Lahanas was the Director of Business Performance from March 2008 to October 2011, where his primary focus was on business unit profitability, and was a Finance Manager from October 2006 to March 2008 in our Garden segment.

Prior to joining Central, he worked in private equity and investment banking for over eight years.

Hanson became our President of Pet Consumer Products in August 2019 after serving as a board member during portions of 2018 and 2019.

From 2015 to 2017, he served as Chief Executive Officer of Oasis Brands, Inc.

Beginning in 2013, Mr.

Hanson consulted for consumer products companies in the areas of strategy, operations, mergers, and acquisitions.

Prior to that, he had over 16 years of experience at ConAgra, where he served in a variety of senior-level roles including President of its Frozen Foods Division from 2008 to 2012 and Senior Vice President in Sales from 2006 to 2008.

He previously served as Chief Financial officer from May 2017 until September 2024, Senior Vice President of Finance and Chief Financial Officer of our Pet segment from April 2014 to May 2017, and Vice President of Corporate Financial Planning & Analysis from October 2011 to March 2014.

From March 2008 to October 2011, he was Director of Business Performance, focusing on business unit profitability, and from October 2006 to March 2008 he was Finance Manager in our Garden segment.

Prior to joining Central, Mr.

Lahanas worked in private equity and investment banking for more than eight years.

Hanson has served as President of Pet Consumer Products since August 2019, after serving as a board member during portions of 2018 and 2019.

From 2015 to 2017, he was Chief Executive Officer of Oasis Brands, Inc.

Beginning in 2013, he provided

consulting services for consumer products companies in strategy, operations, and mergers and acquisitions.

From 1996 to 2012, he held senior positions at ConAgra, including President of its Frozen Foods Division from 2008 to 2012 and Senior Vice President in Sales from 2006 to 2008.

Bradley "Brad" Smith .

1 unchanged sentence

He joined Central in 2017 as Chief Financial Officer of our Pet Segment.

Before joining Central, Mr.

Smith worked at the Delhaize Group (now Ahold Delhaize), where he served 12 years in finance roles of increasing responsibility, including Chief Financial Officer of their European operations.

Prior to Delhaize Group, he spent 11 years at Arthur Andersen.

Walker became our President of Garden Consumer Products in 2017 and has responsibility for Central's branded garden business including sales, marketing operations, the controls and fertilizer, grass seed and vendor partner business units, as well as the retail sales & service team.

He served as Executive Vice President and General Manager - Garden Branded Business from 2014 to 2017 and began with Central as Senior Vice President - Garden Sales in 2011.

Prior to joining Central, Mr.

Walker held increasingly senior positions for 13 years with Spectrum Brands and for 17 years with The Gillette Company's Duracell North American Group.

Joyce McCarthy .

McCarthy became our General Counsel & Secretary in April 2022.

From 2018-2022, she served as General Counsel & Secretary for Ferrara Candy Company where she oversaw all legal and compliance matters for the company.

From 2002 to 2018,

McCarthy held several key legal roles at Colgate-Palmolive Company, including four years as General Counsel of Hill’s Pet Nutrition, Inc., Colgate’s global pet food division.

Prior to joining Colgate, Ms.

McCarthy was an associate at Davis Polk & Wardwell and served as a law clerk to a U.S.

District Court judge in the Southern District of New York.

Before joining Central, he spent 12 years with Delhaize Group (now Ahold Delhaize) in progressively more senior finance roles, including Chief Financial Officer of its European operations.

Prior to Delhaize Group, Mr.

Smith spent 11 years at Arthur Andersen.

Walker has served as our President of Garden Consumer Products since 2017, overseeing Central's branded garden business, including sales, marketing operations, the controls and fertilizer, grass seed and vendor partner business units, and the retail sales & service team.

From 2014 to 2017, he was Executive Vice President and General Manager - Garden Branded Business, and he joined Central in 2011 as Senior Vice President - Garden Sales.

Before joining Central, he spent 13 years with Spectrum Brands in senior positions and 17 years with The Gillette Company's Duracell North American Group.

George Yuhas .

Yuhas became our General Counsel in July 2025 and our Secretary in August 2025.

From January 2023 to July 2025, he served as a consultant on legal matters.

Prior to that, Mr.

Yuhas was our General Counsel beginning in March of 2011 and our Secretary from September 2015.

Earlier in his career, from 1984 until 2011, he was a partner at Orrick, Herrington & Sutcliffe, LLP, where he specialized in commercial litigation.

Yuhas holds a bachelor’s degree in political science from the University of Chicago and a Juris Doctor from Stanford Law School.

Available Information

Our web site is www.central.com.

We make available free of charge, on or through our website, our annual, quarterly and current reports, and any amendments to those reports, as soon as reasonably practicable after electronically filing or furnishing such reports with the Securities and Exchange Commission.

Information contained on our web site is not part of this report.

We make available, free of charge on or through our website, our annual, quarterly and current reports, along with any amendments to those reports, as soon as reasonably practicable after they are electronically filed with or furnished to the Securities and Exchange Commission.

The information contained on our website is not incorporated by reference into, and does not form part of, this report.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business