Natural Grocers By Vitamin Cottage, Inc. · NYSE:NGVC
Natural Grocers By Vitamin Cottage — Q4 2025 Earnings Presentation
20 slides from Natural Grocers By Vitamin Cottage's earnings presentation, Nov 20, 2025
Slide 1: Investor Presentation November 2025
Investor Presentation November 2025
Slide 2: Disclosures: Forward-Looking Statements
Disclosures wens) Forward-Looking Statements This presentation includes forward-looking statements within the meaning ofthe Private Securities Litigation Reform Act of 1995 in addition to historical information Allstatements that are not statements of historical fact, including those that relate to
Slide 3: Company Overview
Company Overview Founded in 1955, Natural Grocers® is an eee Fv25 eae EBITDA? authentic company guided by its = . founding principles that continue to HON Ses 74% Margin FY2025 Sales Mix 169 stores in 21 states? drive every aspect of our business | practices. a An expanding specialty retailer of nat
Slide 4: An Authentic Company Guided by Five Founding Principles
An Authentic Company Guided by Five Founding Principles “5 Quality Every product on our shelves must go through a standards-based screening and approval process. ur mission includes providing the highest quality groceries and supplements, Natural Grocers brand products and only USDA certified organi
Slide 5: Differentiated Offering
Differentiated Offering mass) Compelling value proposition comprised of a carefully vetted offering of high-quality, natural and organic products at always affordable prices, and free nutrition education Product standards are differentiated and include: + 100% certified organic produce + 100% pastur
Slide 6: Differentiated Shopping Experience
Differentiated Shopping Experience Small format stores provide a convenient shopping experience + Average ~11,000 selling square feet + Assortment meets core grocery needs + Average 20K SKUs per store, including 6.5K supplements + Unique format with no prepared foods or meat counters Best-in-class c
Slide 7: Our Growth Opportunity
Our Growth Opportunity
Slide 8: Our Growth Opportunity
Our Growth Opportunity Well-positioned within the attractive, fast growing natural and organic market Highly scalable platform “Convenient, small format stores well suited for all market types Differentiated in-store experience with high-quality natural & organic offerings Strong brand loyalty and c
Slide 9: Our Growth Opportunity: The Market
Our Growth Opportunity: The Market SNES Natural and organic products continue to outperform conventional as consumers \ increasingly focus on health, wellness and Native atid Ovgnnde'Salea wa the US.” sustainability $ Billions * The U.S, natural and organic products _ industry sales grew an estimate
Slide 10: Our Growth Opportunity: Store Unit Growth
Our Growth Opportunity: Store Unit Growth We believe our attractive, growing and highly profitable existing store base can be replicated | with new stores + Convenient, small box format provides flexibility when seeking new locations * Profitable in all market types: rural, suburban and urban *+ Sig
Slide 11: Our Growth Opportunity: {N}power Rewards Program and Natural Grocers Brand Products
Our Growth Opportunity: {N}power® Rewards Program aug) and Natural Grocers Brand Products = ; wae eet . 5 Leverage our established {N}power eee / Continue to expand our line of Customer Rewards Program Natural Grocers Brand Products + {N}power penetration approximately 82% * Positioned as premium qu
Slide 12: Financial Highlights
Financial Highlights
Slide 13: Historical Financial Metrics
Historical Financial Metrics Revenue ($ milions) and Daily Average Comparable Store Sales Growth Adjusted EBITDA ($ millions)* « ae biill seremree cores or er f setguestBTO4 gheusestaAtgn Net Income ($ millions) Diluted Earnings per Share severe ehtneonettaen sa00 iiiil + see append for dtinnion an
Slide 14: Recent Financial Highlights—Q4 2025
Recent Financial Highlights—Q4 2025 Net Sales Sales Comp? $336M 4.2% +4.2% Growth + 11.3% comp ona two-year basis + Stores 5 yrs and older 3.7% comp Gross Margin Operating Margin -10 basis points +90 basis points Transaction Comp? 2.4% Lith consecutive quarter with positive transaction count comps N
Slide 15: Capital Allocation
Capital Allocation fe * Balance Sheet Metrics (9/30/2025) Strong financial position to support investment in growth - cash $174M + Strong liquidity position including $17.1 million of cash and cash equivalents and $70.1 million available to borrow on Debt? $49.7 our $72.5 million revolving credit fa
Slide 16: Outlook
Outlook Fiscal 2026 Outlook Number of new stores 6t08 Number of relocations/remodels 2to3 Daily average comparable store sales growth —-‘1.5%t0 4.0% Diluted earnings per share $2.00 0 $2.15 Capital expenditures (in millions) $5010 $55 ‘As of November 20, 2025, the Company confirmed its fiscal 2026 o
Slide 17: Appendix
Appendix
Slide 18: Non-GAAP Financial Measures
Non-GAAP Financial Measures SNES EBITDA and Adjusted EBITOA EBITDA and Adjusted EBITDA are not measures of financial performance under GAAP. We define EBITDA as net income before interest expense, provision for income taxes, depreciation and amortization, We define Adjusted as EBITDA as adjusted to
Slide 19: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) SNES (EBITDA and Adjusted EBITDA, continued) ur competitors may define EBITDA and Adjusted EBITDA dfferenthy, and asa result, our measures of EBITDA and Adjusted EBITDA may not be drecty comparable to EBITDA and Adjusted EBITDA of other companies. tems exclude
Slide 20: EBITDA and Adjusted EBITDA Reconciliation
EBITDA and Adjusted EBITDA Reconciliation Fiscal Year ended September 30, 20252028 2023 2002 2021 Netincome SaaS 3300 8 226 § 21,005 8 20581 Interest expense, net 30634176 3209.37 2271 Provision for income taxes 12483 88885127 G49 5,475 Depreciation and amortization 3igi4 3099 28.906__27.906 29.633,
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