(Nasdaq: VITL) • February 2026 Corporate Presentation Vital Farms, Inc. Adjusted EBITDA and Adjusted EBITDA Margin are financial measures that are not required by or presented in accordance with generally accepted accounting principles in the United States ("GAAP"). We believe that these measures, when taken together with our financial results presented in accordance with GAAP, provide meaningful supplemental information regarding our operating performance and facilitates internal comparisons of our histori ...

Industry Overview - The natural foods industry has transformed from a niche market to a mainstream powerhouse due to increasing consumer health consciousness and environmental awareness [1] - Consumers are prioritizing clean eating practices and ethical sourcing, leading to a surge in demand for natural and organic food products [1][2] - The global healthy foods market is projected to reach $2.26 trillion by 2035, indicating significant growth potential [4] Consumer Trends - There is a heightened preference for transparency in sourcing and minimal processing, with organic, non-GMO, and preservative-free options becoming standard [2] - Governments worldwide are reinforcing this shift through stricter food labeling regulations, enhancing market expansion and consumer trust [2] Company Responses - Companies like General Mills, Inc. and The Hain Celestial Group, Inc. are adapting to the rising demand for organic and clean-label foods [3] - Vital Farms is expanding its network to over 450 family farms, a 50% increase since the end of 2023, to secure a stable supply of pasture-raised eggs [7] - Sprouts Farmers Market has introduced over 7,100 new items in 2024, with more than 70% of its products being attribute-driven [9][10] Investment Opportunities - Vital Farms is seeing robust growth in its butter segment, with net revenues increasing by 41% year over year [7] - Sprouts Farmers generated $1.7 billion in sales from private-label products in 2024, enhancing its reputation for high-quality offerings [10] - United Natural Foods, Inc. reported a 12% sales growth in its Wholesale Natural Products segment, outpacing the broader food industry [12] Innovation and Infrastructure - Companies are investing in plant-based alternatives, functional foods, and sustainable farming technologies to meet growing consumer demand [4] - Vital Farms is constructing a new facility in Indiana and enhancing its egg grading capacity to boost efficiency [8] - United Natural Foods is streamlining processes through Lean Daily Management across 20 distribution centers, improving fill rates and service levels [13][14] Product Development - Beyond Meat is focusing on clean-label credentials and health-forward innovation, launching products like Beyond Chicken Pieces and reformulated Beyond Burger [15][16] - The company emphasizes transparency and health impact through marketing campaigns that track health improvements in consumers [17]