Vital Farms, Inc. · NASDAQ:VITL
Vital Farms — Q1 2025 Earnings Presentation
18 slides from Vital Farms's earnings presentation, May 8, 2025
Slide 1: Vital Farms, Inc. May 2025 Corporate Presentation
Vital Farms, Inc. (Nasdaq: VITL) • May 2025 Corporate Presentation
Slide 2: Reporting Disclaimer
Reporting Disclaimer This presentation contains, in addition to historical information, certain “forward-looking statements” (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended), that are based on our curren
Slide 3: Bird of the Quarter
Slide 4: Our Values Are Rooted in Conscious Capitalism
Our Values Are Rooted in Conscious Capitalism CKHOLDER TO We operate a S S STAKEHOLDER MODEL that prioritizes the long-term benefits of each Y & ENVIRO RS & CONS NIT ME of our stakeholders UM COMMU TO NM ERS CUS ENT Our approach has been validated by our designation as a CERTIFIED B CORPORATION, FA
Slide 5: We have developed an alternative to factory farming practices
We have developed an alternative to factory farming practices Year-Round Production Our Framework LIVING OPEN AIR, 108 SQUARE CONDITIONS FEET PER HEN OMNIVOROUS, FEED INCLUDING GRAIN, PLANTS, INSECTS LAND SUSTAINABLE PRACTICES MANAGEMENT DIRECT RELATIONSHIPS NETWORK WITH FAMILY FARMS 5
Slide 6: Our model allows us to deliver quality at scale
Our model allows us to deliver quality at scale Network of more than National Distribution 450 + Family Farms (Products in ~26,000 Retail Stores) WE DELIVER WE EGG CENTRAL DIRECTLY TO AGGREGATE STATION CUSTOMERS PRODUCTS FROM FARM Springfield, MO AND THROUGH RETAIL WASH, GRADE, PACK, DISTRIBUTORS NE
Slide 7: Performance Charts
~~, \ oe ¢ Performance Charts Va ‘
Slide 8: We have continued to grow aided brand awareness faster than our most relevant competitors
We have continued to grow aided brand awareness faster than our most relevant competitors Aided Brand Awareness – Vital Farms and most relevant competitors Vital Farms Competitor A Competitor B Competitor C 31% 26% 23% 21% 20% 17% 15% 16% 15% 2020 2021 2022 2023 2024 Q1 2025 Source: Vital Farms Prop
Slide 9: Vital Farms has doubled its consumer base with in-line growth of heavy and ultra heavy buyers
Vital Farms has doubled its consumer base with in-line growth of heavy and ultra heavy buyers Vital Farms segmentation of egg buyers by annual frequency of Total Q1 2025 volume purchased by each purchase buyer segment 15.1M 12.0M 11.9M Light buyers 47% (1 unit/yr) 9.3M Light Total Households: 48% 48
Slide 10: Financial Update
Financial Update
Slide 11: Q1 2025 Key Financial Metrics
Q1 2025 KEY FINANCIAL METRICS Net Revenue Gross Margin Adj. EBITDA Diluted EPS $162M 38.5% $27M $0.37 +9.6%* (127)bps* (5.5)%* (14.7)%* * Compared to prior year period. 11
Slide 12: Financial Summary Highlights: Q1 2025 Update
Financial Summary Highlights: Q1 2025 Update Highlights Financial Performance • Net Revenue increased 9.6% to $162.2 million in Q1 ($ thousands) ($ thousands) Q1'25 Q1'24 % Change $Q1'24 Q1'25 Change 2025 versus Q1 2024. The increase in net revenue was driven by a volume-related and price/mix Net Re
Slide 13: Financial Summary Highlights: Net Revenue Growth
Financial Summary Highlights: Net Revenue Growth Q1 ‘25 Net Revenue Growth Highlights Net Revenue by product segment ($ Millions) Growth Rates • Net revenue for Q1 2025 was $162.2 Q1 '24 Q1 '25 million, compared to $147.9 million for Q1 Eggs 27% 9% 2024, representing growth of 9.6%. +9.6% Butter -35
Slide 14: Financial Summary Highlights: Margin Performance
Financial Summary Highlights: Margin Performance Highlights Gross profit and margin Operating Expenses • Gross profit increased $3.6 million in Q1 Gross Margins SG&A as a % of Net Revenue 2025 versus Q1 2024, driven by greater net revenue, operational scale and price/mix 39.8% 38.5% 18.3% 19.7% bene
Slide 15: Our reiterated 2025 guidance keeps us on the path to our 2027 targets
Our reiterated 2025 guidance keeps us on the path to our 2027 targets NET REVENUE At least $740 Million ADJUSTED EBITDA At least $100 Million CAPTIAL $50 to $60 Million EXPENDITURES Note: These metrics are management goals only and are subject to a number of risks and uncertainties, including risks
Slide 16: We are aiming to deliver $1 billion in net sales by 2027
We are aiming to deliver $1 billion in net sales by 2027 NET REVENUE $1 Billion GROSS MARGIN ~35% ADJUSTED 12% to 14% of Net Revenue EBITDA MARGIN Note: These metrics are management goals only and are subject to a number of risks and uncertainties, including risks described in the "Risk Factors" in
Slide 17: Appendix
APPENDIX
Slide 18: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation 13-Weeks 13-Weeks Ended Ended ($ thousands) 30-Mar-25 31-Mar-24 Net income $ 16,901 $ 19,023 Depreciation and amortization 3,259 3,211 Stock-based compensation expense 2,853 1,982 Provision for income tax 5,441 5,702 Interest expense 234 255 Interest income (1,211) (1,