The Chefs' Warehouse, Inc. · NASDAQ:CHEF
The Chefs' Warehouse — Q2 2026 Earnings Presentation
15 slides from The Chefs' Warehouse's earnings presentation, Jul 29, 2026
Slide 1: Second Quarter 2026 Earnings Presentation
Second Quarter 2026 Earnings Presentation The Chefs’ Warehouse, Inc. 1
Slide 2: Safe Harbor Statement
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 uncertain
Slide 3: Second Quarter 2026 Highlights
Second Quarter 2026 Highlights Q2 2026 vs. Q2 2025 Excl. CME* Organic Sales +12.2% Specialty Sales +10.0% Unique Customers +3.6% +4.9%* Placements +7.2% Specialty Cases +6.0% Center-of-Plate Pounds +8.8% All measures illustrated are organic * Excluding impact by the conflict in the Middle East The C
Slide 4: Second Quarter 2026 Financial Summary
Second Quarter 2026 Financial Summary Q2 2026 vs. Q2 2025 Net Sales +12.9% Gross Profit Dollars +15.2% SG&A +9.6% *Adj. Opex +8.4% *Adj. EBITDA +34.6% *Please refer to reconciliations of Adjusted EBITDA & Adjusted Operating Expense included with this presentation The Chefs’ Warehouse, Inc. 4
Slide 5: Capital Allocation
Capital Allocation Q2 2026 Update Net Debt Leverage Free Cash Flow* Share Repurchases (in thousands) Debt Balances Q1 2026 Q2 2026 • $100mm share repo program 2024 2025 2026 reauthorized in Feb 2026 Secured Term Loan 246,250 245,500 Senior Convert 2028 287,500 287,500 ABL 100,000 70,000 • No shares
Slide 6: 2026 Full Year Guidance
2026 Full Year Guidance Financial guidance for fiscal year 2026: • Net sales: $4.50 billion - $4.60 billion • Gross profit: $1.102 billion - $1.125 billion • Adjusted EBITDA*: $305 million - $315 million. Please note: The Company’s full year diluted share count is forecasted to be between 46.0 and 4
Slide 7: Five-Year Financial Targets
Five-Year Financial Targets The Chefs’ Warehouse, Inc. 7
Slide 8: 2030 Financial Goals
2030 Financial Goals Revenue $4,390 $6,000 – 6,500 $ Millions $600.0 AI-Tech $450 - $520 $500.0 Growth Operating Deployment CW Model Leverage Differentiation 7% – 10% Rev. Pricing $400.0 Adj. EBITDA $ Millions growth** DC/Route $294 Specialists Sourcing adj. $300.0 Team Sell Consolidation EBITDA Mar
Slide 9: Capital Allocation
Capital Allocation Target FCF Conversion ~40-60% of AEBITDA Cash From Ops Variability driven by potential impact of working capital investment timing Uses of Cash Capex • Targeting ~1% annual revenue over the 5-year time frame • Focused investment in facility consolidation, capacity expansion and di
Slide 10: Appendix
Appendix The Chefs’ Warehouse, Inc. 10
Slide 11: Second Quarter 2026 Updates
Second Quarter 2026 Updates $3,250 $3,000 GP$ per Route: $2,750 +12.2% LTM Q2 2026 vs. 2024 GP $ / ROUTE (US& CANADA) ** $2,500 +5.6% LTM Q2 2026 vs. 2025 $2,250 Facility Consolidations $2,000 Regional route consolidations Transfer reductions $1,750 $1,500 2024 2025 2026 Q2 LTM $1,300 $60,000 *adj.
Slide 12: Reconciliation of Net Income to EBITDA and Adj. EBITDA
Reconciliation of Net Income to EBITDA and Adj. EBITDA Fiscal Years Ended 2024 2025 LTM Q2 2026 (6) (Unaudited, in millions) Twenty-Six Weeks Ended Thirteen Weeks Ended Net Income $ 55.5 $ 72.4 $ 92.0 Jun '26 Jun '25 Jun '26 Jun '25 CQ YOY ∆ Interest expense 48.7 41.6 40.4 (Unaudited, in millions) D
Slide 13: Reconciliation of Total Opex to Adj. Opex
Reconciliation of Total Opex to Adj. Opex Twenty-Six Weeks Ended Thirteen Weeks Ended Fiscal Years Ended 2024 2025 LTM Q2 2026 (6) Jun '26 Jun '25 Jun '26 Jun '25 CQ YOY ∆ (Unaudited, in millions) (Unaudited, in millions) Selling, general and administrative expenses $ 458.3 $ 416.5 $ 234.2 $ 213.8 S
Slide 14: Reconciliation of Net Income to Adj. Net Income & Adj. Net Income per Share
Reconciliation of Net Income to Adj. Net Income & Adj. Net Income per Share Thirteen Weeks Ended Jun '26 Jun '25 (Unaudited, in millions) Net income $ 33.8 $ 21.2 Other operating expenses, net (2) 0.1 0.3 (3) Duplicate rent 1.0 0.8 Moving expenses (4) - 0.1 (5) Debt modification and extinguishment e
Slide 15: Reconciliation of Adjusted EBITDA Guidance for Fiscal 2026
Reconciliation of Adjusted EBITDA Guidance for Fiscal 2026 Low-End High-End Guidance Guidance (Unaudited, in millions) Net income $ 104.0 $ 108.0 Provision for income tax expenses 47.0 48.0 Depreciation and amortization 83.0 85.0 Interest expense 40.0 41.0 (1) EBITDA 274.0 282.0 Adjustments: Stock c