Fourth Quarter and Fiscal Year 2025 Results February 12, 2026 Disclaimer Page Cautionary Statements Regarding Forward-Looking Information This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, forecasted financial performance or guidance, statements about future results of operations and other statements which are not purely historical facts or that necessarily depend upon ...

Core Insights - US Foods reported strong financial results for the fourth quarter and fiscal year 2025, with significant increases in net sales, net income, and earnings per share, indicating robust operational performance despite economic challenges [1][2][3]. Fiscal Year 2025 Highlights - Net sales grew by 4.1% to $39.4 billion - Net income increased by 36.8% to $676 million - Diluted EPS rose by 45.5% to $2.94 - Adjusted EBITDA increased by 11.0% to $1.93 billion, with an adjusted EBITDA margin expansion of 30 basis points to 4.9% [1][3][7]. Fourth Quarter Fiscal 2025 Highlights - Diluted EPS surged by 192.9% to $0.82, while adjusted diluted EPS increased by 23.8% to $1.04 - Adjusted EBITDA rose by 11.1% to $490 million - Net income jumped by 178.8% to $184 million - Gross profit increased by 3.2% to $1.7 billion, with net sales up by 3.3% to $9.8 billion [1][2][3]. Case Volume and Market Segments - Total case volume increased by 0.8%, driven by a 4.1% rise in independent restaurant case volume - Organic case volume grew by 0.3%, with independent restaurant case volume growth at 3.7% - The company experienced a 3.4% decrease in chain volume, indicating a shift in market dynamics [2][3][6]. Share Repurchase and Capital Allocation - US Foods repurchased $934 million of shares during the fiscal year, reflecting confidence in future growth and commitment to shareholder value - The company announced a new $1 billion share repurchase authorization [2][3][6]. Cash Flow and Debt Management - Cash flow from operating activities for fiscal year 2025 was $1.37 billion, an increase of $195 million from the previous year - Net debt at the end of fiscal year 2025 was $5.2 billion, with a net debt to adjusted EBITDA ratio of 2.7x [3][6][7]. Outlook for Fiscal Year 2026 - The company provided guidance for fiscal year 2026, projecting adjusted diluted EPS growth of 18% to 24%, adjusted EBITDA growth of 9% to 13%, and net sales growth of 4% to 6% [3][6][7].

Core Insights - Chefs' Warehouse reported a 10.5% increase in net sales for Q4 2025, reaching $1.143 billion, driven by organic sales growth of approximately 9.7% and a 0.8% contribution from acquisitions [2][7] - The company anticipates net sales for 2026 to be between $4.35 billion and $4.45 billion, with adjusted EBITDA projected at $276 million to $286 million [5][17] - Management highlighted strong demand in the upscale dining segment and continued market share gains, despite challenges from the elimination of non-core programs in Texas [4][3] Financial Performance - Gross profit increased by 10.2% to $276.6 million, while gross margin slightly decreased to 24.2% [11] - Adjusted EBITDA for Q4 was $80.3 million, up from $68.2 million in the prior year, reflecting efficiency gains [14][7] - Selling, general, and administrative expenses rose by 8.9% to $225.2 million, primarily due to increased compensation and benefits [12] Inflation and Pricing Metrics - Net inflation for the quarter was reported at 8.3%, with center-of-the-plate inflation at 16.1% and specialty inflation at 3.4% [8][10] - Excluding the impact of the Texas poultry program exit, center-of-the-plate inflation would have been approximately 9.5% [10][6] - Specialty inflation, adjusted for cross-sell effects, would have been around 0.8% [10] Capital Structure and Liquidity - As of the end of Q4 2025, total liquidity was $280.5 million, with net debt approximately $529.5 million, resulting in a net debt to adjusted EBITDA ratio of about 2.1x [15][16] - The company completed a term loan repricing, reducing the fixed spread above SOFR from 3.0% to 2.5% [15] Strategic Priorities and Investments - Management's capital allocation strategy for 2026 includes maintaining liquidity for acquisitions, strengthening the balance sheet, and opportunistic share buybacks [19] - The company plans to invest in facilities and growth markets, particularly in Colorado and Texas, to enhance operational efficiency and market presence [20] - Chefs' Warehouse is also focusing on technology and advanced analytics to improve customer insights and operational efficiency [21]

Financial Data and Key Metrics Changes - Net sales for Q4 2025 increased approximately 10.5% to $1.143 billion from $1.034 billion in Q4 2024, driven by a 9.7% increase in organic sales and a 0.8% contribution from acquisitions [12][15] - Gross profit increased 10.2% to $276.6 million, with gross profit margins decreasing approximately 8 basis points to 24.2% [15] - Adjusted EBITDA for Q4 2025 was $80.3 million, compared to $68.2 million for the prior year [17] - Adjusted net income was $29.9 million or $0.68 per diluted share for Q4 2025, compared to $23.9 million or $0.55 per diluted share for Q4 2024 [17] Business Line Data and Key Metrics Changes - Organic specialty sales grew 6.4% year-over-year, driven by unique placement growth of 4.2% and reported specialty case growth of 3.3% [7] - Excluding the Texas Produce Processing and Packaging Program, specialty case growth was 5.4% compared to the prior year [8] - Pounds in Center of the Plate were approximately 2.4% lower than the prior year, but excluding the Texas Commodity Poultry Program attrition, growth was 7.5% higher [8] Market Data and Key Metrics Changes - Net inflation was 8.3% in Q4 2025, with 3.4% inflation in the specialty category and 16.1% in the center of plate category [13] - Excluding the impact of the Commodity Poultry Program attrition, net inflation in center of the plate was 9.5% [13] Company Strategy and Development Direction - The company aims to continue growing market share and expanding its customer base, focusing on upscale casual to higher-end dining [5][29] - Investments in distribution center capacity expansion and facility consolidation are ongoing, with a focus on operational efficiency and talent acquisition [10][11] - The company is cautiously optimistic about overcoming challenges such as inflation and tariff noise, leveraging a diversified portfolio of suppliers [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong performance of January 2026 despite challenges from winter weather, indicating a strong recovery in February [21] - The company anticipates revenue growth of 6%-8% for 2026, with a focus on maintaining operating expense leverage [37] - Management remains optimistic about the M&A environment, looking for strategic opportunities while maintaining a strong balance sheet [51][52] Other Important Information - The company achieved over $4 billion in revenue for the first time in its history, with a full-year organic revenue growth of 9.1% [10] - Total liquidity at the end of Q4 2025 was $280.5 million, with net debt to adjusted EBITDA at approximately 2.1 times [18] Q&A Session Summary Question: How have year-to-date sales tracked versus expectations given the winter weather? - Management reported that January was strong, and the storm only temporarily impacted the first week of February, with a strong recovery in the second week [21] Question: Can you discuss the drivers of operating expense leverage? - Management indicated that gross profit margins are expected to remain flat, focusing on growing gross profit dollars higher than adjusted operating expenses [23] Question: What are the biggest challenges or uncertainties for 2026? - Management highlighted inflation, tariff noise, and the need for continued growth as key challenges, but expressed cautious optimism due to a diversified customer base [29] Question: What are the capital allocation priorities for 2026? - Management aims to keep dry powder for potential acquisitions while also returning cash to shareholders opportunistically [31] Question: Any notable regional performance variances? - Management reported strong performance across key markets, including California, Texas, and Florida, with ongoing investments in facilities and sales force [41][42] Question: How is the company leveraging AI for dynamic pricing and customer behavior analysis? - Management stated that AI is ingrained in operations, continuously improving insights into customer behavior and operational efficiencies [49] Question: What is the outlook for the M&A environment? - Management remains cautious but optimistic about finding strategic M&A opportunities that align with the company's growth objectives [51][52]

Financial Data and Key Metrics Changes - Net sales for Q4 2025 increased approximately 10.5% to $1.143 billion from $1.034 billion in Q4 2024, driven by a 9.7% increase in organic sales and a 0.8% contribution from acquisitions [12][15] - Gross profit increased 10.2% to $276.6 million, with gross profit margins decreasing approximately 8 basis points to 24.2% [15] - Adjusted EBITDA for Q4 2025 was $80.3 million, compared to $68.2 million for the prior year [17] - Adjusted EPS grew 29% versus 2024, reaching $0.68 per diluted share [10][17] Business Line Data and Key Metrics Changes - Organic specialty sales were up 6.4% year-over-year, driven by unique placement growth of 4.2% and reported specialty case growth of 3.3% [7] - Excluding the Texas Produce Processing and Packaging Program, specialty case growth was 5.4% compared to the prior year quarter [8] - Pounds in Center-of-the-Plate were approximately 2.4% lower than the prior year, but excluding the Texas Commodity Poultry Program attrition, growth was 7.5% higher [8] Market Data and Key Metrics Changes - Net inflation was 8.3% in Q4, with 3.4% inflation in the specialty category and 16.1% in the center-of-plate category [13] - Excluding the impact of the Commodity Poultry Program attrition, net inflation in center-of-the-plate was 9.5% [13] Company Strategy and Development Direction - The company aims to continue growing market share and expanding its customer base, focusing on upscale casual to higher-end dining [5][6] - Investments in distribution center capacity expansion and facility consolidation are ongoing, with a focus on operational efficiency and talent development [10][11] - The company is cautiously optimistic about overcoming challenges such as inflation and tariffs, leveraging a diversified portfolio of suppliers [29][51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong performance of customers and the overall market, despite challenges posed by weather and inflation [21][29] - The company anticipates revenue growth of 6%-8% for 2026, with a focus on maintaining operating leverage and managing inflation [37][39] Other Important Information - The company achieved over $4 billion in revenue for the first time in its history, with a full-year organic revenue growth of 9.1% [10] - Total liquidity at the end of Q4 was $280.5 million, with net debt to adjusted EBITDA at approximately 2.1x [18] Q&A Session Summary Question: How have year-to-date sales tracked versus expectations given the winter weather? - Management noted that January was strong, and while the storm impacted the first week of February, sales bounced back in the following week [21] Question: Can you discuss the drivers of operating expense leverage? - Management indicated that gross profit margins are expected to remain flat, focusing on growing gross profit dollars higher than adjusted operating expenses [23] Question: What challenges or uncertainties does management foresee for 2026? - Management highlighted inflation, tariffs, and market volatility as potential challenges but expressed confidence in the company's diversified portfolio [29] Question: What are the capital allocation priorities for 2026? - Management aims to keep dry powder for acquisitions while also considering share buybacks and strengthening the balance sheet [31] Question: Any notable regional performance variances? - Management reported strong performance across key markets like California, Texas, and Florida, with ongoing investments in facilities and sales teams [41] Question: How is the company leveraging AI for customer insights? - Management stated that AI is integrated into daily operations, enhancing customer behavior analysis and operational efficiency [48] Question: What is the outlook for M&A activity? - Management remains cautious but optimistic about finding strategic M&A opportunities that align with the company's growth strategy [50][52]

Financial Data and Key Metrics Changes - Net sales for Q4 2025 increased approximately 10.5% to $1.143 billion from $1.034 billion in Q4 2024, driven by a 9.7% increase in organic sales and a 0.8% contribution from acquisitions [11][12] - Gross profit increased 10.2% to $276.6 million, while gross profit margins decreased approximately 8 basis points to 24.2% [13] - Adjusted EBITDA for Q4 2025 was $80.3 million, compared to $68.2 million for the prior year [16] - GAAP net income was $21.7 million, or $0.50 per diluted share, compared to $23.9 million, or $0.55 per diluted share for Q4 2024 [16] Business Line Data and Key Metrics Changes - Organic specialty sales grew 6.4% year-over-year, driven by unique placement growth of 4.2% and reported specialty case growth of 3.3% [5][6] - Excluding the Texas Produce Processing and Packaging Program, specialty case growth was 5.4% compared to the prior year quarter [6] - Pounds in Center of the Plate were approximately 2.4% lower than the prior year, but excluding the Texas program attrition, growth was 7.5% higher [7] Market Data and Key Metrics Changes - Net inflation was 8.3% in Q4 2025, with 3.4% inflation in the specialty category and 16.1% in the center of plate category [12] - The company experienced strong growth in various markets, particularly in upscale casual and higher-end dining segments [4] Company Strategy and Development Direction - The company aims to continue growing market share and expanding its customer base while focusing on operational efficiency and investment in technology [4][10] - There is a commitment to maintaining a diversified portfolio of suppliers and customers to mitigate risks associated with tariffs and commodity volatility [27][49] - The company plans to keep dry powder for potential acquisitions while also returning cash to shareholders opportunistically [28][32] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the business environment, noting strong customer performance and growth in hotel bookings [26][27] - The company anticipates a revenue growth of 6%-8% for 2026, with inflation expected to normalize between 2%-4% [35] - Management highlighted the importance of leveraging technology and improving operational efficiencies to enhance profitability [72] Other Important Information - The company achieved 9.1% full-year organic revenue growth, exceeding $4 billion in revenue for the first time [9] - Adjusted EBITDA margin for the year was 6.2%, with a 29% growth in adjusted EPS compared to 2024 [9] Q&A Session Summary Question: How have year-to-date sales tracked versus expectations given the winter weather? - Management noted that January was strong despite being seasonally weak, and the storm only temporarily impacted the first week of February, with a strong recovery in the second week [20] Question: Can you discuss the drivers of operating expense leverage? - Management indicated that gross profit margins are expected to remain flat, focusing on growing gross profit dollars higher than adjusted operating expenses [21] Question: What challenges or uncertainties does management foresee for 2026? - Management mentioned inflation, tariff noise, and the need to maintain a diversified customer base as potential challenges [26] Question: What are the capital allocation priorities for 2026? - Management aims to keep dry powder for acquisitions while also strengthening the balance sheet and returning cash to shareholders [28] Question: Are there notable regional performance variances? - Management reported strong performance across key markets, including California, Texas, and Florida, with ongoing investments in facilities and sales teams [37] Question: How is AI being utilized in the business? - Management stated that AI is integrated into daily operations, improving customer insights and operational efficiencies [45] Question: What is the outlook for M&A activity? - Management remains cautious but optimistic about potential M&A opportunities that align with strategic goals [48]

Fourth Quarter 2025 Earnings Presentation The Chefs' Warehouse, Inc. 1 Safe Harbor Statement Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this presentation regarding the business of The Chefs' Warehouse, Inc. (the "Company") that are not historical facts are "forward-looking statements" that involve risks and uncertainties and are based on current expectations and management estimates; actual results may differ materially. The risks and uncertainties which ...

Core Insights - The Chefs' Warehouse, Inc. reported strong financial results for the fourth quarter of 2025, with net sales increasing by 10.5% to $1.14 billion compared to $1.03 billion in the same quarter of 2024, driven by robust demand in the upscale dining sector [4][10]. Financial Performance - Net sales for Q4 2025 reached $1.14 billion, a 10.5% increase from $1.03 billion in Q4 2024. Organic sales grew by $99.9 million, or 9.7%, while acquisitions contributed an additional $9.1 million, or 0.8% [4][10]. - Gross profit rose by 10.2% to $276.6 million from $251.0 million in Q4 2024, although gross profit margins slightly decreased to 24.2% [5][10]. - Selling, general and administrative expenses increased by approximately 8.9% to $225.2 million, primarily due to higher compensation and benefits costs [6][10]. - Operating income for Q4 2025 was $43.2 million, down from $46.5 million in Q4 2024, reflecting increased operating expenses [8][10]. - Net income for Q4 2025 was $21.7 million, or $0.50 per diluted share, compared to $23.9 million, or $0.55 per diluted share, in Q4 2024 [9][10]. Operational Highlights - The company experienced a 3.3% increase in organic case count in its specialty category, with unique customer placements rising by 1.2% and unique item placements increasing by 4.2% compared to Q4 2024 [4][10]. - Organic pounds sold in the center-of-the-plate category decreased by approximately 2.4% due to the exit from a non-core commodity poultry program [4][10]. Future Guidance - For fiscal 2026, the company provided guidance for net sales in the range of $4.35 billion to $4.45 billion, gross profit between $1.053 billion and $1.076 billion, and adjusted EBITDA between $276 million and $286 million [16][31].

Core Viewpoint - Performance Food Group Company (NYSE:PFGC) is recognized as one of the best FMCG stocks to invest in, despite a recent price target reduction by UBS from $120 to $108 while maintaining a "Buy" rating, indicating a stable growth outlook for the company [1]. Financial Performance - For Q2 2026, Performance Food Group reported a 5.2% year-over-year increase in net sales, reaching $16.4 billion, driven by higher case sales and increased selling prices per case [3]. - The company's total case volume rose by 3.4% year-over-year, with organic case volume increasing by 2.8% due to a 5.3% rise in organic independent cases [2]. - Net income for Q2 2026 increased by $19.3 million year-over-year to $61.7 million, supported by higher gross profit, although this was partially offset by increased operating expenses, income taxes, and interest expenses [3]. Future Outlook - For Q3 2026, Performance Food Group anticipates net sales to be between approximately $16.0 billion and $16.3 billion, indicating continued growth in the upcoming quarter [4].

Core Viewpoint - Performance Food Group Company announced the intention to offer $1.06 billion in Senior Notes due 2034 to redeem outstanding 5.500% Senior Notes [1] Group 1 - The offering is subject to market and other conditions [1] - The net proceeds from the offering will be used alongside borrowings from the revolving credit facility [1] - The Issuer is an indirect wholly-owned subsidiary of Performance Food Group Company [1]