Freshpet, Inc. · NASDAQ:FRPT
Freshpet — Q2 2026 Earnings Presentation
33 slides from Freshpet's earnings presentation, Aug 5, 2026
Slide 1: Q2 2026 Earnings
Q2 2026 Earnings August 5, 2026 1
Slide 2: Forward Looking Statements & Non-GAAP Measures
Forward Looking Statements & Non-GAAP Measures Forward-looking statements Certain statements in this presentation by Freshpet, Inc. (the Non-GAAP measures with both the Company’s GAAP results and the reconciliation to the “Company”) constitute “forward-looking” statements within the most comparable
Slide 3: Freshpet's mission statement
Freshpet’s mission is to help dogs and cats live longer, happier, healthier lives with the people who love them 2Q26 Earnings Presentation 3
Slide 4: Highlights
Highlights 4
Slide 5: Fresh is the future of pet food
Our results, and the number of competitors trying to emulate us, continue to prove that fresh is the future of pet food, and we remain well positioned to capture a meaningful share of what we believe can become a $10 billion category over time. 5
Slide 6: Q2 2026: Strong sales and margin growth
Q2 2026: Strong sales and margin growth Financial Retail Q2 2026 YoY Change Comparisons to prior year period unless otherwise noted Q2 2026 Net Sales $305.6M +15.5% Total Household Penetration +5% Adjusted Gross Margin* 48.6% +170 bps Total Buy Rate +7% Net Income $19.5M +$3.1M MVP Household Penetra
Slide 7: Freshpet's opportunity: Large category, growing market
Freshpet’s opportunity Large category, Growing Total Improving growing market Addressable returns on share Market (TAM) capital ~$38B Dog food and treats 36M Households and growing; Disciplined capital spending; category; Freshpet has 4.3% Generational shift applying capital efficiency market share
Slide 8: Significant runway for growth in a large category
Significant runway for growth in a large category ~$57B ~$38B 4.3% U.S. pet food category Dog food and Freshpet market treats category share of dog food and treats Source: NIQ Total US Pet Food $ - OmniChannel by Category 52 Weeks Ended 6/27/26 8
Slide 9: Generational transition increases Total Addressable Market
Generational transition to younger pet parents continues to increase Freshpet’s Total Addressable Market (TAM) Freshpet Total Addressable Market (households in millions) 36 33 27 2023 2024 2025 Source: Internal Proprietary Model sourced from Numerator 2Q26 Earnings Presentation 9
Slide 10: Continued growth in consumer franchise; added ~0.8M households YoY
Continued growth in consumer franchise; added ~0.8M households YoY Freshpet Household Penetration Growth (in millions) (52 weeks) 15.9 15.1 5% 13.4 13% 11.2 19% 10.2 10% 2022 2023 2024 2025 2026 Source: Numerator Panel data for the 12-month periods ending 7/3/22, 7/2/23, 6/30/24, 6/29/25, 6/28/26 2Q
Slide 11: Freshpet Users who are MVPs (Ultra/Super Heavy Buyers)
Freshpet Users who are MVP’s* (Ultra/Super Heavy Buyers) (in millions) Freshpet Users who are MVP’s (Ultra/Super Heavy Buyers) (in millions) MVP Household Penetration MVP Buy Rate 2.9 2.6 $545 2.4 2.3 $515 $525 1.9 1.9 $505 1.5 $491 $492 71% of Freshpet 1.4 1.2 sales $485 $483 0.9 $465 0.4 $437 $445
Slide 12: MVP growth supports buy rate expansion
MVP growth supports buy rate expansion Freshpet Buy Rate (52 weeks) $117 $109 $104 7% $97 4% 7% $81 19% 2022 2023 2024 2025 2026 Source: Numerator Panel data for the 12-month periods ending 7/3/22, 7/2/23, 6/30/24, 6/29/25, 6/28/26 2Q26 Earnings Presentation 12
Slide 13: Large retail footprint acts as micro fulfillment centers
Large retail footprint acts as micro fulfillment centers for omnichannel customers with 78% of our delivered sales through the fridge network Freshpet Store & Fridge Counts Number of Fridges per Store* Store Count Fridge Count 39,938 39,347 36,544 Second/Third 34,274 Fridges 25% 29,547 26,963 30,235
Slide 14: Building a franchise for MVPs
Building a franchise for MVPs Marketing & ‘Real’ Food Leadership Omnichannel focus Consumer Engagement • Concentrating investment across • Expanding our product leadership • Driving more access via retail the highest-value MVP in ‘real’ food drives main meal based TDP’s (+13%) and online touchpoints
Slide 15: New bag technology is a strategic enabler
New bag technology is a strategic enabler for better product quality, greater capacity, and new forms of innovation Our New Technology Unlocking Innovation Capabilities Aroma Simplified recipes Clean ingredients Texture Shape Color Quality Consistency, days open 2Q26 Earnings Presentation 15
Slide 16: New bag technology to deliver ~100 bps gross margin improvement
Expect new bag technology to deliver ~100 basis points* of adjusted gross margin improvement on an annualized basis When fully optimized, the new bag technology is expected to: Produce more product per day than a conventional line and drive greater ROIC Deliver a higher quality product with lower qu
Slide 17: Manufacturing Capacity Update
Manufacturing Capacity Update Facility # Lines Today # Lines Projected • Owning our manufacturing enables us to advance the technology of the fresh pet food Bethlehem Kitchen 7 7 category • Three bag lines now utilizing new technology Kitchen South 4 7 across the network (1 full, 2 lite) Ennis Kitch
Slide 18: Capital Efficiency Framework
Capital Efficiency Framework More out of More out of Develop & implement existing lines existing sites new technologies 18
Slide 19: Q2 2026 Results
Q2 2026 Results 19
Slide 20: Q2 2026 Net sales primarily driven by volume
Q2 2026 Net sales primarily driven by volume Q2 2026 Net Sales ($m) Q2 2026 Net Sales Bridge $305.6 15.7% 15.5% 15.5% -0.2% $264.7 Q2 2025 Q2 2026 Volume Price/Mix Net Sales Growth Source: Internal Data 2Q26 Earnings Presentation 20
Slide 21: Consumption growth across all channels
Consumption growth across all channels Q2 2026 Consumption Growth ($) Consumption Growth Trends (volume in pounds) 15% 15% 13% 13% 11% 11% 10% 10% 9% 4% Total US Pet Total US Pet XAOC Food Pet Specialty Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Retail Plus + Retail Plus Costco Source: NIQ consumption
Slide 22: Q2 2026 strong margin improvement driven by operating performance
Q2 2026 delivered strong margin improvement driven by operating performance Q2 2026 Adj. Gross Margin Q2 2026 Adj. EBITDA ($m) % of net sales % of net sales 48.6% $52.2 46.9% 17.1% $44.4 16.8% Q2 2025 Q2 2026 Q2 2025 Q2 2026 40.9% Gross Margin (GAAP) 42.1% $16.4m Net Income $19.5m Source: Internal D
Slide 23: Guidance
Guidance he.
Slide 24: FY 2026 Guidance
FY 2026 Guidance Additional considerations: • Net Sales: Uncertain consumer environment; lapping large club customer expansion in Q3 Previous Updated • Adjusted Gross Margin: Now expect ~100-150 bps* improvement year-over-year primarily driven by Net Sales Growth YoY 8% - 11% 10% - 12% operational i
Slide 25: 2027 Targets
2027 Targets Raised Adjusted Gross Margin Target from >48% to >49% Advertising & Innovation Net sales well in Expand HH Drive Efficiencies Penetration & >Category excess of category Buy Rate growth rate Build Organization >49% Adjusted Gross Margin Target Capability to Increase Increase Effectivenes
Slide 26: Capital Spending, Cash Flow & Liquidity
Capital Spending, Cash Flow & Liquidity 26
Slide 27: Strong financial position with increasing flexibility
Strong financial position with increasing flexibility Liquidity: Operating Cash Flow ($m) • $350.8 million of cash-on-hand as of 6/30/26 • Strong balance sheet provides ample financial flexibility $84.8 Capital Spending: • YTD spend of $57.3 million • Estimated 2026 spending of ~$150 million • First
Slide 28: Appendix
Appendix 28
Slide 29: Reconciliation between Gross Profit and Adjusted Gross Profit
Freshpet, Inc. and Subsidiaries Reconciliation between Gross Profit and Adjusted Gross Profit Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 (Dollars in thousands) Gross profit $ 128,694 $ 108,190 $ 249,368 $ 211,978 Depreciation expense 17,858 13,729 35,156 28,909 Non-cas
Slide 30: Reconciliation between Net Income and Adjusted EBITDA
Freshpet, Inc. and Subsidiaries Reconciliation between Net Income and Adjusted EBITDA Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 (Dollars in thousands) Net income $ 19,488 $ 16,356 $ 67,996 $ 3,659 Depreciation and amortization 24,252 19,896 48,530 41,013 Interest expe
Slide 31: Reconciliation between Operating Cash Flow and Free Cash Flow
Freshpet, Inc. and Subsidiaries Reconciliation between Net Cash Flows Provided by Operating Activities and Free Cash Flow Six Months Ended June 30, 2026 2025 (Dollars in thousands) Net cash flows provided by operating activities $ 84,754 $ 38,693 less: capital expenditures (57,324) (59,932) Free Cas
Slide 32: Convertible Share Dilution Calculations at Maturity
Convertible Share Dilution Calculations at Maturity We have run share dilution calculations to Physical Settlement (mm shares) (1,2) Net Share Settlement (mm shares) compare outcomes for the 2028 convertible notes Stock Price Convert + Convert + Convert Convert • Freshpet has structured the converti
Slide 33: Thank you
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