United Natural Foods, Inc. · NYSE:UNFI
United Natural Foods — Q2 2025 Earnings Presentation
25 slides from United Natural Foods's earnings presentation, Mar 11, 2025
Slide 1: 2nd Quarter Fiscal 2025
2nd Quarter Fiscal 2025 March 11, 2025
Slide 2: Disclaimer
Disclaimer Certain information in this presentation and discussed on the conference call which this presentation accompanies constitutes forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this presentation regarding the Company’s bus
Slide 3: Agenda
Agenda Introduction Steve Bloomquist Vice President, Investor Relations Opening Remarks Sandy Douglas Chief Executive Officer Financial Results Matteo Tarditi President and Chief Financial Officer Q&A
Slide 4: Results Summary
$ in Millions, except for per share data. Results Summary Q2 FY25 Q2 FY24 % Change Net Sales $8,158 $7,775 4.9% Adjusted EBITDA $145 $128 13.3% Adjusted EPS $0.22 $0.07 214.3% Free Cash Flow $193 $116 66.4% Key Notes: • Net sales increase for the second quarter includes volume increase of approximat
Slide 5: Opening Remarks
Opening Remarks Sandy Douglas Chief Executive Officer
Slide 6: Solid Start to Fiscal 2025
Solid Start to Fiscal 2025 Driving enhanced effectiveness, efficiency and strengthening service levels Improvement opportunity is large and growing; continue to identify new areas to add value and increase effectiveness and efficiency. Fiscal Delivering strategic plan to add 2025 value to customers
Slide 7: Financial Results
Financial Results Matteo Tarditi President and Chief Financial Officer
Slide 8: Q2 FY25 Net Sales
$ in Millions Q2 FY25 Net Sales 78 (3.3)% 20 $8,158 306 +2.1% (21) +13.8% +8.2% $7,775 (2.4)% + 4.9% Growth Q2 FY24 Natural Conventional Retail Elims Q2 FY25 • Wholesale sales change reflects positive unit volumes, including new business with new and existing customers, and inflation. 8
Slide 9: Q2 FY25 Adjusted EBITDA
$ in Millions Q2 FY25 Adjusted EBITDA 36 $145 1 (18) (2) $128 + 13.3% Growth Q2 FY24 Wholesale Gross Profit Wholesale Opex Retail Other Q2 FY25 • Increasing adjusted EBITDA primarily reflects higher wholesale gross profit dollars driven by higher volumes, increased supplier programs and reduced shri
Slide 10: Improving Free Cash Flow Drives Leverage Below 4x
Improving Free Cash Flow Drives Leverage Below 4x Remain firmly on track to realize longer-term deleveraging goals Trailing Twelve Month Free Cash Flow Net Debt to Trailing Twelve Month Adj. EBITDA ($ in millions) $154 4.6x 4.3x $77 4.2x +$184M YoY 4.0x 3.7x ($30) ($46) Down 0.6x YoY and 0.5x Sequen
Slide 11: Raising Fiscal 2025 Outlook
Raising Fiscal 2025 Outlook (1) Capital and Cloud (2)(3) Implementation Net Sales Adjusted EBITDA(2) Adjusted EPS Expenditures (4) Free Cash Flow(4) $31.3 - $31.7B $550 - $580M $0.70 - $0.90 ~ $300M > $150M (Increase of 3.6% on 52-week basis) (Increase of 11.2% on 52-week basis) (Increase of over 5-
Slide 12: In Summary
In Summary • Adjusted EBITDA growth of over 13% driven by solid topline performance, operating momentum and lean management. • Implementing our new strategy built upon delivering value for our customers and suppliers, while improving free cash flow generation and reducing net leverage. • Saw meaning
Slide 13: Appendix
Appendix
Slide 14: Capital Structure
Capital Structure $ in millions Maturity Rate (1) Q4 FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 (2) Secured term loan B May 2031 S + 4.75% $ 1,773 $ 1,002 $ 800 $ 670 $ 670 $ 645 $ 645 $ 499 $ 498 $ 496 $2.6B ABL revolver (2) June 2027 S + 1.0% / Prime + 0.0% 757 70
Slide 15: Free Cash Flow Performance
Free Cash Flow Performance Q2 FY25 YoY Dynamics Y/Y YTD Y/Y • Improving net loss primarily reflects benefits of higher sales as $ in millions Q2 FY25 Change Q2 FY25 Change well as cost control and efficiency initiatives Net loss including non-controlling interests (2) 12 (22) 31 • Working capital im
Slide 16: Non-GAAP Metric Definitions
Non-GAAP Metric Definitions Adjusted EPS: The non-GAAP adjusted earnings per diluted common share measure is a consolidated measure, which the Company reconciles by adding Net income attributable to UNFI plus the LIFO charge or benefit, goodwill impairment benefits and charges, restructuring, acquis
Slide 17: Reconciliation – Adjusted EBITDA
Reconciliation – Adjusted EBITDA 17
Slide 18: Reconciliation – Adjusted EPS
Reconciliation – Adjusted EPS 18
Slide 19: Reconciliation – Adjusted EBITDA By Quarter
Reconciliation – Adjusted EBITDA By Quarter 19
Slide 20: Reconciliation – Trailing Twelve Months Adjusted EBITDA
Reconciliation – Trailing Twelve Months Adjusted EBITDA 20
Slide 21: Reconciliation – Adjusted EBITDA by Segment
Reconciliation – Adjusted EBITDA by Segment 21
Slide 22: Reconciliation – Free Cash Flow
Reconciliation – Free Cash Flow 22
Slide 23: Reconciliation – Net Leverage
Reconciliation – Net Leverage 23
Slide 24: Reconciliation – Trailing Twelve Month Free Cash Flow
Reconciliation – Trailing Twelve Month Free Cash Flow 24
Slide 25: Thank you
Thank you Corporate Headquarters: 313 Iron Horse Way, Providence, RI 02908