The Marzetti Company · NASDAQ:MZTI
The Marzetti — Stephens Investment Conference 2025
48 slides from The Marzetti's conference presentation, November 2025
Slide 1: Stephens Investment Conference November 2025
Stephens Investment Conference November 2025
Slide 2: Safe Harbor Statement
Safe Harbor Statement 2 This presentation was prepared by The Marzetti Company for information purposes only and is not an offer or solicitation with respect to the purchase or sale of Company securities. We desire to take advantage of the “safe harbor” provisions of the Private Securities Litigatio
Slide 3: About The Marzetti Company
About The Marzetti Company 3 Manufacturer and Marketer of Specialty Food Products Established in 1961 Headquartered in Westerville, Ohio Fiscal 2025 Net Sales of $1.9 Billion (primarily U.S.) 13 Production Facilities in Seven States Approximately 3,800 Employees
Slide 4: Company Highlights
Company Highlights 4 Leading Market Share Positions in Retail Food Categories Supplier to 17 of the Top 30 National Restaurant Chains Growing and Consumer-Relevant Retail Licensing Program Long History of Sustained Organic Sales Growth Strong Cash Flows One of 12 U.S. Companies to have Increased Reg
Slide 5: 11% Compound Annual Growth Rate
Company Highlights 5 $2,000 11% Compound Annual Growth Rate * $1,500 2003 $1,000 2000 1997 $500 1989 1978 1969 1971 1980 1990 2000 2010 2025 Net sales information is presented as originally reported in The Marzetti Company’s (formerly named Lancaster Colony Corporation) Annual Report for the fiscal
Slide 6: Retail Sales Mix (53% of Total Net Sales)
6 Retail Sales Mix (53% of Total Net Sales) 6 Refrigerated * Dressings, Frozen Dips & Other * Breads 19% 38% Shelf-Stable Dressings, Sauces & Croutons 43% * * * * * * Based on reported net sales for the fiscal year ended June 30, 2025 • Products for these brands are produced and sold to the retail c
Slide 7: Foodservice Sales Mix (47% of Total Net Sales)
Foodservice Sales Mix (47% of Total Net Sales) 7 Branded & Other 1 23% National Accounts 77% QSR Customers Based on reported net sales for the fiscal year ended June 30, 2025 1 – Branded & Other includes $14. 2 million in Net Sales attributed to a Temporary Supply Agreement (TSA) with Winland Foods.
Slide 8: Evolution of Our "Better Food Company" Strategy
4 Evolution of Our “Better Food Company” Strategy 8 1. Defined Winning - Pursue Top Quartile Financial Performance Grow Organic Sales Volumes Low- to Mid-Single Digit (pounds shipped basis) Grow Operating Margins 2. Developed Strategy Strategic Growth Initiatives – Accelerate Base Business Growth –
Slide 9: Retail Segment Growth Initiatives: Licensing
4 Retail Segment Growth Initiatives 9 Initiative Brand Products Initial Ship Date NEW Chick-fil-A Sauces Expanded Distribution Into Club Channel and Added Honey Mustard * and Zesty Buffalo Flavors to Core Lineup Spring 2025 Chick-fil-A NEW Refrigerated Dressings Adding Large Size Avocado Lime Ranch
Slide 10: Retail Segment Growth Initiatives: Innovation & Renovation
4 Retail Segment Growth Initiatives 10 Initiative Brand Products Initial Ship Date * Texas Roadhouse Dinner Rolls Commenced National Launch Licensing (All Major Grocery Retailers) Fall 2025 NEW Subway Signature Sauces * Adding Honey Mustard Flavor Spring 2026 New York Bakery Gluten Free Texas Toast
Slide 11: Consumer-Relevant Retail Licensing Program
4 Retail Segment Growth Initiatives 11 Consumer-Relevant Retail Licensing Program Successfully Developed Exclusive Licensing Agreements Through our Proven Culinary Expertise and Demonstrated Sales Execution in the Retail Channel Combined with our Strong Reputation and Longstanding Relationships in t
Slide 12: FY26 Supply Chain Path Forward
4 Strategic Growth Initiatives 12 FY26 Supply Chain Path Forward … Maintain Continuous Supply Across the Entire Supply Chain Continue to Leverage New ERP System’s Capabilities Continue to Prioritize Utilization of Expanded Horse Cave Sauce / Dressing Plant as a Strategic Asset to Enable Growth, Impr
Slide 13: Simplify Supply Chain and Reduce Costs: Value Engineering
4 Strategic Growth Initiatives 13 Simplify Supply Chain and Reduce Costs Value Engineering (VE) to Help Offset Cost Inflation and Improve Profitability Identify Opportunities to Reduce Product VE Approach and Packaging Costs that Consumer Doesn’t Value Lower-Cost Packaging Materials Alternative/Subs
Slide 14: Simplify Supply Chain and Reduce Costs: Strategic Procurement
4 Strategic Growth Initiatives 14 Simplify Supply Chain and Reduce Costs Strategic Procurement Strategic Category Sourcing Extensive Competitive Bidding Optimize Contract Duration and Execution Timing Extend Payment Terms
Slide 15: Investing to Drive Efficiency and Support Growth
4 Strategic Growth Initiatives 15 Investing to Drive Efficiency and Support Growth Significant Capacity Expansion Project for Sauces and Dressings * * * * * * * Added 192,000 Square Feet to Existing Facility in Horse Cave, KY Fully Operational Beginning in March 2023 Provides Increased Processing, W
Slide 16: Acquisition of Sauce and Dressing Production Facility – Atlanta
4 Strategic Growth Initiatives 16 Investing to Drive Efficiency and Support Growth Acquisition of Sauce and Dressing Production Facility – Atlanta, GA Strategic Addition to Our Manufacturing Network to Benefit Core Sauce and Dressing Operations Supports Improved Operational Efficiency Adds Capacity
Slide 17: Simplify Supply Chain and Reduce Costs: Transportation and Warehousing
4 Strategic Growth Initiatives 17 Simplify Supply Chain and Reduce Costs Transportation and Warehousing Initiatives Continue to Leverage Transportation Management System Utilize Carrier Segmentation and Lane Analysis to Ensure the Highest Level of Service at the Most Competitive Rate Improve Carrier
Slide 18: Culinary Excellence
4 Culinary Excellence 18 Our R&D Team is a Core Strength of our Business … Based at our Innovation Center in Central Ohio, our R&D Team Brings Together the Best in Culinary Arts, Food Science and Technology Supports Collaboration and Innovation Among our Foodservice and Retail Segments to Develop Re
Slide 19: Fiscal 2026 – First Quarter Financial Performance
4 Fiscal 2026 – First Quarter Financial Performance 19 Fiscal 2026 Q1 Results vs. Prior Year $ in Millions (Three Months Ended September 30, 2025) (Except Per Share) Value $ Change % Change Net Sales (a) $493.5 $26.9 5.8% Gross Profit $118.8 $8.0 7.2% SG&A $58.4 $3.5 6.3% Restructuring and Impairmen
Slide 20: Strong Balance Sheet
Strong Balance Sheet 20 Quarter Ended Fiscal Year Ended June 30 September 30 2023 2024 2025 2025 $ in Millions Cash and Equivalents $88 $163 $161 $182 Total Debt $0 $0 $0 $0 Debt Free Credit Revolver of $150 Million, Expandable up to $225 Million Acquired Sauce and Dressing Production Facility Locat
Slide 21: Cash Priorities
4 Investing to Grow While Returning Cash to Shareholders 21 Major Cash Uses Cash Priorities Fiscal Year Ended 2025 $ in Millions Invest in Existing Business - Fiscal 2026 Capital Expenditures Share Estimated at $75 to $85 Million Repurchases, Regular $8.0 Dividend Acquisition, Payments, Good-Fitting
Slide 22: Appendix A: Supplemental Financial Information
4 Appendix A Supplemental Financial Information
Slide 23: Results of Consolidated Operations: First Quarter
Results of Consolidated Operations A1 First Quarter
Slide 24: Reconciliation of GAAP to non-GAAP Net Sales and Gross Margin
Reconciliation of GAAP to non-GAAP Net Sales and Gross Margin A2 First Quarter Three Months Ended September 30, 2025 Adjusted (Unaudited, Dollars in Thousands) Reported TSA-Related (non-GAAP) Consolidated Net Sales $ 493,472 $ 10,691 $ 482,781 Cost of Sales $ 374,653 $ 10,691 $ 363,962 Gross Profit
Slide 25: Reconciliation of GAAP to non-GAAP Operating Income
Reconciliation of GAAP to non-GAAP Operating Income A3 First Quarter Note: Adjusted Operating Income is a non-GAAP financial measure that excludes certain items affecting comparability, which can impact the analysis of our underlying core business performance and trends. The table above presents a r
Slide 26: Summarized Earnings Per Share Bridge
Summarized Earnings Per Share Bridge A4 First Quarter Three Months Ended September 30 (Diluted Earnings Per Share) * Values may not foot due to rounding * FY26 Q1 restructuring and impairment charges consisted of one-time termination benefits and other costs related to the closure of our sauce and d
Slide 27: Results of Consolidated Operations: Recent Fiscal Year Periods
Results of Consolidated Operations A5 Recent Fiscal Year Periods
Slide 28: Fiscal Year Net Sales Results
Fiscal 25 Sales Growth Driven by Volume Gains and Incremental Sales related to the Foodservice TSA * Fiscal 24 Sales Driven by Volume Gains Partially Offset by Deflationary Pricing in Foodservice A6 Fiscal 23 Sales Gains Driven by Pricing Actions Taken to Offset Inflationary Costs Fiscal Year Net Sa
Slide 29: Reconciliation of GAAP to non-GAAP Operating Income
Reconciliation of GAAP to non-GAAP Operating Income A7 Recent Fiscal Year Periods Note: Adjusted Operating Income is a non-GAAP financial measure that excludes certain items affecting comparability, which can impact the analysis of our underlying core business performance and trends. The table above
Slide 30: Summarized Earnings Per Share Bridge
Summarized Earnings Per Share Bridge A8 Fiscal Year 2024 to Fiscal Year 2025 Fiscal Year Ended June 30 (Diluted Earnings Per Share) Notes: (a) FY24 restructuring and impairment charges and inventory write-down resulting from our decision to exit our perimeter-of-the-store bakery product lines (b) FY
Slide 31: Capital Expenditure History
Capital Expenditure History * A9 $ in Millions * Property Additions for the Fiscal Year Ended June 30
Slide 32: Regular Cash Dividends Per Share
Regular Cash Dividends Per Share * A10 $ per Share (a) * Regular cash dividends for the Fiscal Year ended June 30 (a) Excludes special cash dividend of $5.00 per share paid in 2016
Slide 33: Appendix B: Retail Brand Market Share and Related Information
Appendix B Retail Brand Market Share and Related Information
Slide 34: Portfolio of Strong Brands Relationships
(Retailer Sales and Market Portfolio of Strong Brands Relationships 1 Share Data per Circana ) B1 Marzetti® Sister Schubert’s® 2 Frozen Dinner Rolls Produce Dressing Produce Dip $ Sales: 158.7 MM $ Sales: 148.0 MM $ Sales: 158.2 MM $ Share: 50.6% $ Share: 27.1% $ Share: 81.6% New York Brand® Bakery
Slide 35: Portfolio of Licensing Relationships
(Retailer Sales and Market Portfolio of Licensing Relationships 1 2 Share Data per Circana ) B2 Olive Garden® Chick-fil-A Sauces ® Shelf Stable Pourable Salad Dressing Prep/Finishing Sauce $ Sales: 171.7 MM $ Sales: 175.6 MM $ Share: 6.5% $ Share: 16.6% Buffalo Wild Wings® Texas Roadhouse Rolls Prep
Slide 36: Produce Dressing Market Share
Produce Dressing Market Share 1 B3 Total Category Sales: $546.1 MM All Others 18.5% Marzetti & Chick-fil-A® 2 27.1% Bolthouse 10.8% Litehouse 25.7% Marie’s 17.9% 1 – 52 weeks ending 6/29/25, Source: Circana, Total U.S. Multi-Outlet 2 – Includes licensed Chick-fil-A® produce dressing sales, which acc
Slide 37: Marzetti Produce Dressing Distribution
Marzetti Produce Dressing Distribution 1 B4 ACV Distribution 41 - 70% 71 - 90% Total U.S. Multi-Outlet 67.3% ACV Weighted Distribution 1 - 52 weeks ending 6/29/25, Source: Circana, Total U.S. Multi-Outlet
Slide 38: Produce Dip Market Share
Produce Dip Market Share 1 B5 Total Category Sales: $193.9 MM Marzetti 81.6% Litehouse 8.8% All Others 9.6% 1 - 52 weeks ending 6/29/25, Source: Circana, Total U.S. Multi-Outlet
Slide 39: Marzetti Produce Dip Distribution
Marzetti Produce Dip Distribution 1 B6 ACV Distribution 21 - 70% 71 - 100% Total U.S. Multi-Outlet 65.9% ACV Weighted Distribution 1 - 52 weeks ending 6/29/25, Source: Circana, Total U.S. Multi-Outlet
Slide 40: Frozen Garlic Bread Market Share
Frozen Garlic Bread Market Share 1 B7 Total Category Sales: $853.7 MM Pepperidge Farm 7.0% New York Bakery 42.4% Private Label 40.3% All Others 1 - 52 weeks ending 6/29/25, Source: Circana, Total U.S. Multi-Outlet 10.3%
Slide 41: New York Bakery Frozen Garlic Bread Distribution
New York Bakery Frozen Garlic Bread Distribution 1 B8 ACV Distribution 0 - 74% 75 - 100% Total U.S. Multi-Outlet 83.2% ACV Weighted Distribution 1 - 52 weeks ending 6/29/25, Source: Circana, Total U.S. Multi-Outlet
Slide 42: Frozen Dinner Roll Market Share
Frozen Dinner Roll Market Share 1 B9 Total Category Sales: $313.8 MM All Other Sister Schubert’s and Texas Roadhouse 2 5.0% 61.1% Private Label 4.6% Rhodes 29.3% 1 - 52 weeks ending 6/29/25, Source: Circana, Total U.S. Multi-Outlet 2 - Sister Schubert’s holds a market share of 50.6%, while Texas Roa
Slide 43: Sister Schubert's Distribution
Sister Schubert’s Distribution 1,2 B10 ACV Distribution 21 - 40% 41 - 70% 71 - 100% Total U.S. Multi-Outlet 71.0% ACV Weighted Distribution 1 – 52 weeks ending 6/29/25, Source: Circana, Total U.S. Multi-Outlet 2 - Includes Sister Schubert’s distribution only as the Texas Roadhouse Rolls launch to ma
Slide 44: Crouton Market Share
Crouton Market Share 1 B11 Total Category Sales: $315.8 MM Mrs. Cubbison’s / Fresh Gourmet 19.9% Marzetti, Cardini’s, New York Bakery, Chatham Village 28.2% Private Label 43.2% All Others 8.7% 1 - 52 weeks ending 6/29/25, Source: Circana, Total U.S. Multi-Outlet
Slide 45: New York Bakery Crouton Distribution
New York Bakery Crouton Distribution 1 B12 ACV Distribution 60 - 100% Total U.S. Multi-Outlet 75.3% ACV Weighted Distribution 1 - 52 weeks ending 6/29/25, Source: Circana, Total U.S. Multi-Outlet
Slide 46: Strong Retail Sales and Volume Growth vs. Peers
The Marzetti Company Continues to Achieve Strong Retail Sales and Volume Growth vs. Peers B13 (Dollar Sales Growth and Volume (lbs) Per Circana *) Compound Annual Growth Rates - Calendar Year 2021 to 2024 Sales Volume (lbs) Dollar Sales Company 3-Yr CAGR 3-Yr CAGR THE MARZETTI COMPANY 5.4% 6.1% Peer
Slide 47: Notes
The MarzettiCompany«
Slide 48: The Marzetti Company
The Marzetti Company 380 Polaris Parkway • Suite 400 • Westerville, Ohio 43082 www.marzetticompany.com NOVEMBER 2025
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