Financial Performance - For the quarter ended December 2025, Sprouts Farmers (SFM) reported revenue of $2.15 billion, reflecting a year-over-year increase of 7.6% [1] - The earnings per share (EPS) for the quarter was $0.92, up from $0.79 in the same quarter last year [1] - The reported revenue was slightly below the Zacks Consensus Estimate of $2.16 billion, resulting in a revenue surprise of -0.51% [1] - The EPS exceeded the consensus estimate of $0.89, leading to an EPS surprise of +3.66% [1] Key Metrics - Comparable store sales growth was 1.6%, surpassing the four-analyst average estimate of 1.3% [4] - The number of stores at the end of the period was 477, matching the four-analyst average estimate [4] - A total of 13 new stores were opened, consistent with the three-analyst average estimate [4] - The number of stores at the beginning of the period was 464, aligning with the two-analyst average estimate [4] Stock Performance - Shares of Sprouts Farmers have returned -5.1% over the past month, compared to a -0.8% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

Financial Data and Key Metrics Changes - In Q4 2025, total sales reached $2.1 billion, an increase of $152 million or 8% year-over-year, driven by a 1.6% rise in comparable store sales and strong performance from new stores [9] - For the full year 2025, total sales increased nearly 14% to $8.8 billion, with comparable store sales growth of 7.3% [11] - Gross margin for Q4 was 38.0%, a decrease of 10 basis points compared to the previous year, while full-year gross margin was 38.8%, an increase of 70 basis points [10][12] - Net income for Q4 was $90 million, with diluted earnings per share of $0.92, a 16% increase year-over-year; for the full year, net income was $524 million, with diluted earnings per share of $5.31, a 42% increase [11][13] Business Line Data and Key Metrics Changes - E-commerce sales grew by 15%, accounting for approximately 15.5% of total sales in Q4 [9] - The Sprouts Brand represented nearly 26% of total sales for the quarter, indicating strong brand resonance [9] Market Data and Key Metrics Changes - The health and wellness landscape is evolving, with consumers becoming more discerning and value-conscious, seeking innovation, quality, and transparency [7] - The company noted that while customer engagement has increased among loyalty members, lower-engaged customers are visiting less often and purchasing fewer items [14] Company Strategy and Development Direction - The company aims to leverage operational strengths and enhance customer engagement, real estate, and supply chain initiatives to prepare for the next phase of growth [20] - Investments in talent, technology, and affordability are prioritized to reinforce the company's unique value proposition [20] - The company plans to open at least 40 new stores in 2026, with a robust pipeline of over 140 approved locations [15][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term growth potential despite short-term challenges, emphasizing the need for sharper execution and deeper customer engagement [19] - The macro environment remains uneven, with consumers increasingly focused on affordability, prompting the company to explore pricing and promotional strategies [32][45] - For 2026, the company expects total sales growth between 4.5% and 6.5%, with comparable sales projected to range from -1% to +1% [15] Other Important Information - The company generated $716 million in operating cash flow for the year, enabling self-funding of capital expenditures of $224 million [13] - The company returned $472 million to shareholders through share repurchases, with $836 million remaining under the current repurchase authorization [14] Q&A Session Questions and Answers Question: Current comp momentum and affordability investments - Management acknowledged the uncertain macro environment and the challenges of lapping previous strong performance, indicating a need to explore pricing and promotional strategies to support customers [32][33] Question: Comp guidance and traffic versus ticket assumptions - Management indicated slight pressure on traffic with expectations for sequential improvement as the year progresses, while basket size is expected to increase slightly [41] Question: Store openings and new store productivity - New store performance remains strong, with the company pleased with the response in new communities, reinforcing confidence in long-term growth [52][53] Question: Vendor participation in the loyalty program - Management noted that vendor participation is just beginning to unlock value in the loyalty program, with a focus on providing access to target audiences for emerging brands [85][86]

Financial Data and Key Metrics Changes - In Q4 2025, total sales reached $2.1 billion, an increase of $152 million or 8% year-over-year, driven by a 1.6% increase in comparable store sales and strong performance from new stores [7][9] - For the full year 2025, total sales increased nearly 14% to $8.8 billion, with comparable store sales growth of 7.3% [9][10] - Gross margin for Q4 was 38.0%, a decrease of 10 basis points compared to the previous year, while full-year gross margin was 38.8%, an increase of 70 basis points [8][10] - Net income for Q4 was $90 million, with diluted earnings per share of $0.92, a 16% increase year-over-year; for the full year, net income was $524 million, with diluted earnings per share of $5.31, a 42% increase [9][11] Business Line Data and Key Metrics Changes - E-commerce sales grew 15%, representing approximately 15.5% of total sales for Q4 [7] - Sprouts Brand products accounted for nearly 26% of total sales in Q4, with organic sales mix exceeding 30% of total sales by the end of 2025 [7][21] Market Data and Key Metrics Changes - The macro environment remains uneven, with consumers increasingly focused on value, impacting transaction counts and customer behavior [5][12] - The company is experiencing challenges with lower-engaged customers who are visiting less often and purchasing fewer items due to economic pressures [12] Company Strategy and Development Direction - The company aims to leverage operational strengths and enhance customer engagement, real estate, and supply chain initiatives while investing in talent and technology to reinforce its value proposition [19][20] - Plans for 2026 include opening at least 40 new stores and enhancing the loyalty program to provide more value [14][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that 2026 will be a challenging year, particularly in lapping strong prior year comparisons, but remains confident in the long-term growth potential [5][18] - The company is focused on addressing affordability challenges for customers and is exploring various pricing and promotional strategies [30][76] Other Important Information - The company generated $716 million in operating cash flow for the year, enabling self-funding of capital expenditures of $224 million [11][12] - The company has a robust new store pipeline with over 140 approved locations and plans to open 40+ new stores in 2026 [24][27] Q&A Session Summary Question: Current comp momentum and affordability investments - Management noted that the uncertain macro environment and tough lapping are driving current comp momentum challenges, and they are exploring options for pricing and promotions to support customers [30][31] Question: Comp guidance and traffic versus ticket assumptions - Management indicated slight pressure on traffic with expectations for sequential improvement as the year progresses, while basket size is expected to increase slightly [38][39] Question: Margin profile and investment needs - Management discussed fixed cost deleverage impacting EBIT margins, but emphasized ongoing investments in inventory management and self-distribution to drive long-term profitability [45][46] Question: New store performance and productivity - New store performance remains strong, with consistent results across established and non-established markets, reinforcing confidence in long-term growth [49][50] Question: Vendor participation in the loyalty program - Management stated that vendor participation is just beginning to unlock value in the loyalty program, with no conflicts regarding Sprouts Brand products [81][83]

Exhibit 99.2 Sprouts Farmers Market Q4 & Full-Year 2025 Earnings Deck February 19, 2026 Forward-Looking Statements Certain statements in this presentation are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Any statements contained herein that are not statements of historical fact (including, but not limited to, statements to the effect that Sprouts Farmers Market, Inc. (the "Company") or its management "anticipates," "plans," "estimates," "expects," or "believes," or the ...

Core Insights - Realty Income (O) is expected to maintain stable operational performance in Q4 2025, supported by a diversified property portfolio of over 15,500 properties across 92 industries and 1,600 clients [1][8] - The company anticipates Q4 revenues of $1.46 billion, reflecting a 9.08% increase from the previous year [2][8] - Realty Income's focus on essential goods through its major industries, including grocery stores and convenience stores, is likely to ensure steady rental revenues [3] Revenue Generation - Realty Income primarily generates revenue through long-term net lease agreements, with 91% of annualized rental revenues coming from clients in non-discretionary sectors as of September 30, 2025 [2] - The consensus estimate for Q4 rental revenues (excluding reimbursable) is projected at $1.30 billion, up from $1.20 billion in the same quarter last year [3] Expansion and Investment - The company is targeting approximately $5.5 billion in investment volume for the full year 2025, which is expected to support top-line growth and enhance earnings potential [4][8] Industry Performance Comparison - Simon Property Group, Inc. (SPG) reported Q4 2025 revenues of $1.79 billion, exceeding estimates and showing a 13.2% year-over-year increase [5] - Kimco Realty Corp. (KIM) reported Q4 2025 revenues of $542.5 million, also surpassing estimates with a 3.3% year-over-year improvement [6] Stock Performance and Valuation - Realty Income's shares have increased by 16.4% year-to-date, outperforming the broader industry and the S&P 500 Index [7] - The company trades at a forward 12-month price-to-FFO of 14.63, which is below the industry average but above its one-year median of 13.22 [10] Estimate Revisions - The Zacks Consensus Estimate for Realty Income's FFO per share for 2025 and 2026 has been revised upward, indicating expected growth of 1.9% and 3.8% year-over-year, respectively [11]

Company Overview - Sprouts Farmers Market is one of the largest specialty health-food retailers in the U.S., founded in 2002, operating with a unique "healthy grocery store" layout that places fresh produce at the center of the store [3] - The company focuses on natural, organic, and "attribute-driven" products, curating approximately 70% of its inventory around specific consumer trends such as keto, plant-based, and non-GMO [10] Financial Performance - Over the past 10 years, Sprouts has achieved revenue and earnings CAGRs of 9.80% and 15.79%, respectively, indicating sustainable growth with manageable debt levels [1] - In the latest quarter, net sales increased by 13% year-over-year to $2.2 billion, with earnings per share (EPS) rising by 34.1% to $1.22, surpassing the consensus estimate of $1.18 [6] - The company reported a cash balance of $322.42 million, which is higher than its short-term debt of $172.21 million, reflecting strong cash flow management [7] Expansion Strategy - As of early 2026, Sprouts operates over 450 stores across approximately 24 states and plans to grow its store count by 10% annually through 2027, with a pipeline of over 140 approved locations [2][12] - The company is executing a "smaller-format" expansion plan, opening stores at approximately 23,000 square feet, which requires less capital and allows for quicker profitability [12] Technological Integration - Sprouts has integrated AI into its operations, optimizing inventory management for high-turnover perishable items, which account for nearly 60% of its revenue, leading to a 60 basis points increase in gross margins [11] - The rollout of the Sprouts Rewards loyalty program in 2025 has enabled AI-driven personalized marketing, enhancing customer engagement and increasing average basket size [11] Market Position and Valuation - The current market capitalization of Sprouts is $6.6 billion, with the stock down 14% year-to-date [2] - Analysts have a "Moderate Buy" rating on SFM stock, with a mean target price of $105.92, indicating an upside potential of about 56% from current levels [14]

Core Viewpoint - Sprouts Farmers Market is expected to report an increase in quarterly earnings and revenue for the fourth quarter compared to the previous year [1][2]. Group 1: Earnings Expectations - Analysts anticipate that Sprouts Farmers Market will report quarterly earnings of 89 cents per share, an increase from 79 cents per share in the same period last year [1]. - The consensus estimate for the company's quarterly revenue is projected to be $2.15 billion, up from $2 billion a year earlier [1]. Group 2: Recent Performance and Guidance - On October 29, Sprouts Farmers Market reported third-quarter sales results that were worse than expected and provided fourth-quarter adjusted EPS guidance that fell below estimates [2]. - Following the announcement, Sprouts Farmers Market shares increased by 0.2%, closing at $67.67 [2].

Group 1 - Natural Grocers by Vitamin Cottage, Inc. (NYSE:NGVC) is recognized as a strong investment opportunity in the natural and organic food sector, with a Buy rating and a price target of $36 from Freedom Capital [1] - The company is expanding its footprint by opening a new store in Lake Geneva, Wisconsin, marking its first location in the state [2] - For fiscal Q1 2026, Natural Grocers reported net sales of $335.6 million, reflecting a growth of 1.6%, with daily average comparable store sales increasing by 1.7% and net income rising by 14.0% to $11.3 million [3] Group 2 - The company specializes in high-quality natural and organic groceries, dietary supplements, and body care products, ensuring no artificial additives in its offerings [4] - Natural Grocers exclusively sells USDA-certified organic produce, pasture-raised dairy, and free-range eggs, catering to various dietary needs including non-dairy, vegetarian, and gluten-free options [4]

Core Insights - Central Garden & Pet Company (CENT) has increased its share repurchase authorization by an additional $100 million, indicating a commitment to enhancing shareholder value and a belief that its shares are currently undervalued [1][10]. Share Repurchase Program - The share repurchase program has no expiration date, allowing the company to limit, suspend, or terminate it at any time without prior notice, reflecting confidence in its financial position [2]. - In the first quarter of fiscal 2026, the company repurchased approximately 660,000 shares for $18.5 million, with $28 million remaining under the existing authorization for future buybacks [3][10]. Financial Performance and Strategy - Central Garden & Pet is executing a multi-year transformation plan aimed at strengthening its leadership in pet consumables and lawn and garden categories through innovation and supply-chain simplification [4]. - The company reported cash, cash equivalents, and short-term investments of $721 million at the end of the first quarter of fiscal 2026, a year-over-year increase of $103 million [6][10]. - Management reaffirmed its fiscal 2026 earnings per share target of $2.70 or higher, with the Pet segment showing steady growth and the Garden segment expected to recover seasonally [5][10]. Valuation and Market Performance - CENT shares have gained 19.7% in the past month, outperforming the industry growth of 9.3% [7]. - The company trades at a forward price-to-earnings ratio of 13.60X, which is lower than the industry's average of 18.23X, indicating potential value [8].

Core Viewpoint - Sprouts Farmers Market, Inc. (SFM) is set to announce its fourth-quarter 2025 earnings results on February 19, with expectations of continued growth despite challenges in the grocery sector [2][9]. Financial Performance Expectations - The Zacks Consensus Estimate for fourth-quarter revenues is $2,160 million, reflecting an 8.2% increase from the previous year [3]. - The earnings consensus estimate is stable at 89 cents per share, indicating a 12.7% year-over-year rise [3]. - Sprouts Farmers has a trailing four-quarter earnings surprise average of 10%, with a 4.3% beat in the last reported quarter [3]. Earnings Prediction Model - The Zacks model does not predict a definitive earnings beat for Sprouts Farmers this quarter, as it holds a Zacks Rank 2 and an Earnings ESP of 0.00% [4][5]. Factors Influencing Q4 Outcome - The company’s focus on product innovation, technology, and competitive pricing is expected to positively impact sales [6]. - Sprouts Farmers is expanding its presence in the natural and organic market, driven by strong consumer demand [6]. - The introduction of health-oriented products and a shift towards self-distribution in fresh meat and seafood are contributing to better operational execution [7]. Comparable Store Sales Growth - Comparable store sales growth is anticipated at 1.1% for the quarter, a deceleration from previous quarters' growth rates of 5.9%, 10.2%, and 11.7% [8]. Digital Infrastructure and E-commerce - Significant investments in digital infrastructure have enhanced the omnichannel shopping experience, with e-commerce sales rising 21% year-over-year in the third quarter [9][10]. Margin Expectations - Management expects gross margin expansion to slow to 20 basis points in Q4, following previous expansions of 60, 90, and 130 basis points [11]. - SG&A expenses are projected to increase by 8.4% year-over-year, with a slight deleverage expected as a percentage of net sales [11]. Stock Performance - Sprouts Farmers' shares have declined 15% over the past three months, underperforming the industry average drop of 2.8% [12]. - The company has lagged behind competitors such as Grocery Outlet, Albertsons, and Kroger [12]. Valuation Analysis - Despite the stock price decline, SFM's valuation remains elevated, trading at a forward 12-month price-to-sales (P/S) multiple of 0.68, above the industry average of 0.19 [13][14]. Strategic Positioning - Sprouts Farmers is approaching its earnings release with a solid strategy focused on health-and-wellness merchandising, expanding private label offerings, and ongoing investments in digital and supply-chain capabilities [16].