What changed in this filing

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Item 1. Business

2025-08-21 compared with 2024-08-22 · 37 added, 41 removed, 125 unchanged (38% of the section changed)

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Company Overview

Lancaster Colony Corporation, an Ohio corporation, is a manufacturer and marketer of specialty food products for the retail and foodservice channels.

Reflecting the evolution and growth of our company, Lancaster Colony Corporation changed its name to The Marzetti Company effective June 27, 2025.

Since the divestiture of our last non-food businesses in 2014, Lancaster Colony Corporation operated as a food-only business best-known by our customers, licensing partners, suppliers, and employees as Marzetti.

While Lancaster Colony Corporation will always be an important part of our heritage, changing our company name to The Marzetti Company provides a single brand identity for our business across all stakeholders.

As The Marzetti Company, we are positioned for further growth in today’s food industry with an authentic brand name rooted in quality, innovation and collaboration.

The Marzetti Company, an Ohio corporation, is a manufacturer and marketer of specialty food products for the retail and foodservice channels.

Our principal executive offices are located at 380 Polaris Parkway, Suite 400, Westerville, Ohio 43082 and our telephone number is 614-224-7141.

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Expand our core business with our Retail licensing program and complementary mergers and acquisitions .

As used in this Annual Report on Form 10-K and except as the context otherwise may require, the terms “we,” “us,” “our,” “registrant,” or “the Company” mean Lancaster Colony Corporation and its consolidated subsidiaries, except where it is clear that the term only means the parent company.

As used in this Annual Report on Form 10-K and except as the context otherwise may require, the terms “we,” “us,” “our,” “registrant,” or “the Company” mean The Marzetti Company and its consolidated subsidiaries, except where it is clear that the term only means the parent company.

Unless otherwise noted, references to “year” pertain to our fiscal year which ends on June 30;

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Available Information

Our Internet website address is https://www.lancastercolony.com.

Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 are available free of charge through our website as soon as reasonably practicable after such material is electronically filed with, or furnished to, the Securities and Exchange Commission (the “SEC”).

Our Internet website address is www.marzetticompany.com.

Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 are available free of charge through the Investor Relations section of our website at investors.marzetticompany.com as soon as reasonably practicable after such material is electronically filed with, or furnished to, the Securities and Exchange Commission (the “SEC”).

The information contained on our website or connected to it is not incorporated into this Annual Report on Form 10-K.

The SEC also maintains a website, https://www.sec.gov, that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

The SEC also maintains a website, www.sec.gov, that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

DESCRIPTION OF AND FINANCIAL INFORMATION ABOUT BUSINESS SEGMENTS

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Frozen Breads

Frozen garlic breads New York BRAND Bakery

Frozen garlic breads New York Bakery TM

Frozen Parkerhouse style yeast rolls and dinner rolls Sister Schubert’s ®

Refrigerated Dressings and Dips

Salad dressings Marzetti, Marzetti Simply

Salad dressings Marzetti ® , Marzetti Simply TM

Vegetable dips and fruit dips Marzetti ®

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Salad dressings Marzetti ® , Cardini’s ® , Girard’s ®

Croutons and salad toppings New York BRAND Bakery, Chatham Village, Marzetti

We also manufacture and sell other products pursuant to brand license agreements, including Chick-fil-A ® sauces and dressings, Olive Garden ® dressings and Buffalo Wild Wings ® sauces.

Croutons and salad toppings New York Bakery TM , Chatham Village ® , Marzetti ®

We also manufacture and sell other products pursuant to brand license agreements, including Chick-fil-A ® sauces and dressings, Olive Garden ® dressings, Buffalo Wild Wings ® sauces, Texas Roadhouse ® steak sauces and frozen rolls, and Subway ® sauces.

Additionally, a small portion of our Retail sales are products sold under private label to retailers.

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Frozen Breads and Other

Frozen garlic breads New York BRAND Bakery

Frozen garlic breads New York Bakery TM

Frozen Parkerhouse style yeast rolls and dinner rolls Sister Schubert’s ®

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Most of the products we sell in the Foodservice segment are custom-formulated sauces, salad dressings, frozen breads and yeast rolls.

Finally, within this segment, for a period of up to twelve months commencing in March 2025, we are manufacturing and selling certain salad dressing and sauce products under a temporary supply agreement (“TSA”) resulting from the Atlanta plant acquisition.

Our top five Foodservice direct customers accounted for 53%, 53% and 58% of this segment’s total net sales in 2025, 2024 and 2023, respectively.

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Net sales attributed to Walmart Inc.

(“Walmart”) totaled 18% of consolidated net sales for 2024, 2023 and 2022.

Net sales attributed to McLane Company, Inc.

(“McLane”), a wholesale distribution subsidiary of Berkshire Hathaway, Inc., totaled 8%, 11% and 11% of consolidated net sales for 2024, 2023 and 2022, respectively.

McLane is a large, national distributor that sells and distributes our products to several of our foodservice national chain restaurant accounts, principally in the quick service, fast casual and casual dining channels.

In general, these national chain restaurants have direct relationships with us for culinary research and development, menu development and production needs, but choose to buy our products through McLane, who acts as their distributor.

McLane orders our products on behalf of these national chain restaurants, and we invoice McLane for these sales.

The 2024 decline in sales to McLane primarily reflects certain national chain restaurant accounts shifting their purchases from McLane to other distributors or to direct purchases.

(“Walmart”) totaled 19%, 18% and 18% of consolidated net sales for 2025, 2024 and 2023, respectively.

Our relationship with Chick-fil-A, Inc.

(“Chick-fil-A”), one of our national chain restaurant accounts, also represents a significant portion of our consolidated net sales.

In Foodservice, we primarily supply Chick-fil-A indirectly through distributors, including McLane.

A portion of our Foodservice sales represent direct sales to Chick-fil-A.

In Foodservice, we primarily supply Chick-fil-A indirectly through multiple distributors with the remainder supplied directly to Chick-fil-A.

Chick-fil-A is also a significant contributor to our Retail sales as we sell their sauce and dressing products into the retail channel through an exclusive license agreement.

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As of June 30, 2025, we had 3,700 employees.

Of those employees, 22% are represented under various collective bargaining contracts and 8% are represented under a collective bargaining contract that will expire within one year.

Of those employees, 18% are represented under various ongoing collective bargaining contracts and 5% are represented under a collective bargaining contract that will expire within one year.

Our people are essential to our vision to be The Better Food Company — the industry leader in creating great tasting food and cultivating deep and lasting relationships with customers and consumers.

The honesty, integrity and sound judgment of our people in following our Code of Business Ethics are what enable us to be successful and fulfill our company’s purpose To Nourish Growth With All That We Do .

The honesty, integrity and sound judgment of our people in following our Code of Conduct are what enable us to be successful and fulfill our company’s purpose To Nourish Growth With All That We Do .

Consistent with this purpose, our human capital management strategy emphasizes six key areas of focus:

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Employee Engagement;

Diversity and Inclusion;

Respect and Belonging;

and Community Engagement.

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Talent Acquisition

We strive to attract and retain talented people by providing a great place to work.

We have built a collaborative and purpose-driven culture that attracts people who share our vision to be The Better Food Company .

In addition, we are committed to nourishing the growth of our employees by providing training and development opportunities to pursue their career paths and to ensure compliance with our policies.

Our ability to attract, retain, and develop top talent is integral to our long-term success and sustainability.

Our commitment to creating an environment that fosters growth, innovation, and excellence ensures that we remain well-positioned to meet both current and future business demands.

We employ a strategic, inclusive approach to talent acquisition, which emphasizes the identification and recruitment of individuals whose skills, values, and expertise align with our corporate vision of becoming The Better Food Company .

In order to drive our business forward, we focus on recruiting resilient, adaptable problem solvers who demonstrate the agility required to navigate an evolving industry landscape.

Additionally, we seek empowered innovators who are motivated to push boundaries and engage in continuous learning, as well as collaborative team players who contribute to the strength of our organizational culture.

Through ongoing investments in learning, development, and leadership programs, we ensure that our workforce is equipped with the tools necessary to thrive in their roles.

This commitment to professional development enables employees to pursue meaningful career paths while contributing to the achievement of our strategic objectives.

Total Rewards

We offer our employees competitive fixed and/or variable pay along with a Total Rewards package which typically includes medical, prescription, dental, vision and life insurance benefits, paid parental leave, adoption assistance, disability coverage, a 401(k) plan, and various employee assistance programs.

We have undertaken external benchmarking to ensure our compensation and benefits offerings remain competitive.

We continue to work to expand our Total Rewards program to strengthen our focus on work/life effectiveness and holistic well-being, which includes physical, financial, emotional, and social well-being.

We review external benchmarking annually to ensure our compensation and benefits offerings remain competitive.

In addition to our foundational compensation and benefits offerings, we continue to expand our Total Rewards program to strengthen our focus on work/life effectiveness and holistic well-being, which includes physical, financial, emotional, and social well-being.

We genuinely want to help our people to thrive both personally and professionally and have cultivated a high-performing workplace built on trust, accountability and growth.

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Based on feedback from the survey, management develops and implements plans to address the primary areas of opportunity that have been identified by employees.

Diversity and Inclusion

We foster a collaborative working environment where all our employees can thrive and feel they belong.

We believe our commitment to diversity, inclusion and belonging enhances our ability to attract and retain a high-performing and diverse team.

We monitor the diversity of our organization to identify areas of improvement and measure the effectiveness of our efforts.

Our goal is to establish a continuous improvement trend.

In 2024, our workforce was 36% female and 44% of our employees represented minority races or ethnicities.

In 2020, we adopted our Diversity Hiring Statement, which sets out our pledge to include women and minorities in the pool of candidates for new leadership positions.

We have already seen a positive impact with the percentage of women at levels of Vice President and above doubling from January 2020 to January 2024 and the percentages of non-white representation for positions of director and above nearly doubling in the same period.

We encourage employee-led initiatives to promote diversity within the organization.

Several employee resource groups (“ERGs”) have been established in the last few years.

These affinity-based groups provide a support network for colleagues from diverse backgrounds.

Each of our ERGs is sponsored by a member of our leadership team to ensure top-down accountability for the associated initiatives.

Respect and Belonging

We foster a collaborative work environment where all employees can thrive and feel a sense of respect and belonging.

We honor the dignity of every individual, believing that this commitment enhances our ability to attract and retain a high-performing team.

Our talent management strategy includes programs to support well-being, measure performance, encourage professional development, encourage belonging, and provide technical and leadership training to grow individual and team capability.

We measure the experiences of our employees to identify areas for improvement and assess the effectiveness of our efforts.

Our goal is to continuously develop a workplace where respect and belonging define our culture.

Community Engagement

Our volunteering and philanthropic efforts align with United Nations Sustainable Development Goals, with a particular focus on reducing poverty and food insecurity while promoting good health and quality education for all.

In 2024, our teams mobilized to support Pelotonia, Toys for Tots, and the United Way.

Our volunteering and philanthropic efforts focus on reducing poverty and food insecurity while promoting good health and quality education for all.

In 2025, our teams mobilized to support Pelotonia, Ronald McDonald House Charities, and Bonzy Charities.

We regularly donate funds and volunteer time to a range of other community organizations and foundations as well, including the Children’s Hunger Alliance, National Veterans Memorial and Museum, Jobs for America’s Graduates, and local food banks.

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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