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 ...

Net interest income rose 1.3% from the prior quarter to $62.1 million, while net interest margin expanded 7 basis points to 3.56%. CFO Dayna Matsumoto attributed the quarterly improvement to a reduction in deposit costs and relatively stable loan yields. Deposit costs declined 8 basis points to 0.94%, while total loan yields declined 2 basis points to 4.99%.CEO Arnold Martines said the company ended the year with “strong momentum” in the fourth quarter and “solid overall performance in 2025,” pointing to re ...

Financial Data and Key Metrics Changes - HF Foods reported a top-line business of over $1.2 billion, with a focus on the Asian specialty market, which represents a $50 billion addressable market [2][3] - The company has achieved a market share of approximately 16% with 15,000 accounts, indicating a strong position within the specialty food service distribution sector [3] Business Line Data and Key Metrics Changes - The frozen seafood business has grown from $300 million to over $400 million in the last couple of years, reflecting a 30% organic growth [4][5] - The company aims to expand its product offerings beyond Asian specialties, targeting Hispanic grocery as a significant growth area [4] Market Data and Key Metrics Changes - HF Foods operates in a market with roughly 94,000 restaurants, capturing 12% of the broader food service space [2] - The company has a 95% coverage of the continental U.S., positioning itself as the only distributor with coast-to-coast coverage in the Asian specialty market [3] Company Strategy and Development Direction - The company has rebranded its strategy to "Specialty Food is Our Specialty," aiming to become a dominant player in the specialty food sector [4] - HF Foods plans to invest significantly in capacity expansion, particularly in the Southeast and Midwest regions, with an estimated $700 million organic growth opportunity [7][8] - M&A remains a core pillar of the company's strategy, with a focus on acquiring smaller competitors to enhance market share and scale [13][14] Management's Comments on Operating Environment and Future Outlook - Management believes that independent restaurants, which make up 99% of their customer base, are more resilient to economic downturns compared to chain restaurants [16][17] - The company anticipates a more stable traffic environment in 2026 as it laps previous disruptions and tariff pressures [18] - Management is optimistic about the potential for margin expansion in the future, particularly as the company goes on the offensive to acquire new accounts [33][35] Other Important Information - HF Foods has completed a transition to a common ERP platform, enhancing visibility and operational efficiency [12] - The company owns 10 out of 14 distribution facilities and a significant portion of its truck fleet, making replication of its assets challenging for competitors [27] Q&A Session Summary Question: What is the company's strategy for M&A? - Management views smaller competitors as attractive acquisition targets and is preparing an M&A playbook to capitalize on opportunities in 2026 [13][14] Question: How does the company plan to address capacity constraints? - The company has launched a new facility in Atlanta and plans to expand capacity in the Midwest to support organic growth and cross-selling [9][10] Question: How flexible are customers in adjusting their menus in response to tariffs? - Customers have shown resilience and flexibility in menu adjustments, allowing them to manage costs effectively during periods of inflation [30][32] Question: What is the focus for 2026, growth or margin improvement? - The primary focus for 2026 is on acquiring new business and revenue, with margin improvement expected to follow as the market stabilizes [33][34] Question: What is the potential for the e-commerce business? - The e-commerce segment is seen as a complementary business that could grow significantly, potentially representing 10%-20% of the company's mix in the coming years [22][21]

Core Insights - IDEXX Laboratories, Inc. is a leading company in the pet healthcare sector, with a market capitalization of $55.7 billion, focusing on veterinary products and services for various animal markets [1] Performance Overview - Over the past year, IDXX shares have increased by 64.7%, significantly outperforming the S&P 500 Index, which rose by 10.5% [2] - Year-to-date in 2025, IDXX stock is up 66.7%, compared to the S&P 500's 11.2% increase [2] Comparison with Industry Peers - IDXX's performance is also superior to the SPDR S&P Health Care Equipment ETF (XHE), which has declined by 9.3% over the past year [3] - On a year-to-date basis, IDXX's double-digit returns contrast with the ETF's 8.1% losses [3] Financial Results - On November 3, IDXX reported Q3 results, with an EPS of $3.40, exceeding Wall Street's expectation of $3.14 [4] - The company's revenue for the quarter was $1.11 billion, surpassing the forecast of $1.07 billion [4] - For the full year, IDXX expects EPS to be between $12.81 and $13.01, with revenue projected between $4.27 billion and $4.30 billion [4] Analyst Expectations - Analysts predict a 21.2% growth in IDXX's EPS for the current fiscal year, estimating it to reach $12.93 on a diluted basis [5] - IDXX has consistently beaten consensus estimates in the last four quarters, indicating strong performance [5] - Among 13 analysts, the consensus rating for IDXX is a "Moderate Buy," with seven "Strong Buy" ratings, one "Moderate Buy," and five "Holds" [5] Price Targets - Analyst Chris Schott from JPMorgan Chase & Co. maintains a "Buy" rating on IDXX with a price target of $775, suggesting a potential upside of 12.4% [6] - The mean price target is $785.27, indicating a 13.9% premium to current levels, while the highest target of $830 suggests a 20.4% upside potential [6]

Core Viewpoint - The article discusses the tax exemption policies for agricultural wholesale markets and farmers' markets, specifically the exemption from property tax and urban land use tax until December 31, 2027, to promote rural specialty industries and facilitate agricultural product circulation [3][7]. Tax Exemption for Property Tax - Agricultural wholesale markets and farmers' markets that are used exclusively for agricultural product operations will be exempt from property tax until December 31, 2027 [3]. - For markets that also deal in other products, the property tax exemption will be determined based on the proportion of space used for agricultural transactions [3][5]. Tax Exemption for Urban Land Use Tax - Similar to property tax, agricultural wholesale markets and farmers' markets will be exempt from urban land use tax until December 31, 2027, provided the land is used solely for agricultural operations [7]. - For markets that operate with other products, the exemption will also be calculated based on the proportion of land used for agricultural transactions [7][8]. Eligibility Criteria - Agricultural wholesale markets and farmers' markets must be registered as operating entities and serve as venues for the wholesale or retail trading of agricultural products and their initial processed goods [5][8]. - Properties and land that are directly used for agricultural transactions are eligible for tax exemptions, while administrative offices, living areas, and commercial spaces not directly related to agricultural transactions are not eligible [5][8]. Policy Basis - The tax exemption policies are based on several official notifications and announcements from the Ministry of Finance and the State Administration of Taxation, including documents from 2019, 2022, and 2023 [10][11].

Group 1 - BRF S.A. is a major global producer of poultry, pork, processed foods, and pet food, focusing on alternative proteins and plant-based products [1] - On September 22, 2025, BRF S.A. merged with Marfrig Global Foods, creating MBRF Global Foods Company S.A., with shareholders receiving Marfrig shares at a ratio of 0.8521 ADS per BRF ADS [2] - The merger is expected to generate BRL 805 million ($141 million) in annual synergies and has been approved by Brazil's antitrust authority [2][4] Group 2 - BRF S.A. reported a 3% revenue growth in Q2 2025, reaching BRL 15.4 billion, with the pet food segment expanding by 8% and the plant-based division growing by 12.5% [3] - The company diversified its exports by adding 11 new markets, including Argentina and Saudi Arabia, which helped mitigate challenges faced in the EU and China [3] - Despite high leverage at 1.5, the merger has led to liquidity improvements, positioning MBRF Global Foods for stronger global growth and efficiency [4]

Core Insights - JBS N.V. is preparing for a significant shift in Brazil's cattle cycle, which is expected to lead to reduced availability of cattle for slaughter [1][2] - The company is focusing on partnerships and contracts to mitigate the anticipated cattle supply shortfall in Brazil, with a projected 9% decrease in cattle slaughter by 2026 [2][3] Group 1: Company Overview - JBS N.V. is a global protein and food company that produces and sells a variety of products, including beef, poultry, pork, and plant-based foods, as well as leather products [4] Group 2: Industry Context - Brazil has experienced an oversupply of cattle over the past 24 months, leading to higher processing rates, but this supply momentum has significantly faded [2] - The imminent cattle cycle shift presents challenges, prompting JBS to adopt strategies such as crop-livestock integration, technology adoption, and earlier slaughter ages to soften the impact [3]

Market Trends - The fast-food industry continues to see competition to attract consumers with fried chicken [1]