Slide 1: Sysco Headquarters Visit and Jetro Restaurant Depot Store Tour
Sysco Headquarters Visit and Jetro Restaurant Depot Store Tour August 12, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended. Words such
Slide 3: Today's Presenters
Today’s Presenters Kevin Hourican Brandon Sewell Stanley Fleishman Richard Kirschner CHAIR OF THE BOARD AND INTERIM CHIEF FINANCIAL OFFICER EXECUTIVE CHAIRMAN CHIEF EXECUTIVE OFFICER CHIEF EXECUTIVE OFFICER Previously CFO of Sysco’s U.S. Business JETRO RESTAURANT DEPOT JETRO RESTAURANT DEPOT 6 YEARS
Slide 4: U.S. Foodservice 2H Improvement
U.S. Foodservice 2H Improvement • FY27 sales expectations of 6%-7% include: Net Sales Growth Local Case Growth Adj. Operating Income 1 • Volume growth, including Growth local case growth of ~2.5% 3.8% • Inflation of 1.5%-2.0% 2.9% 2.7% • FY27 adjusted EPS growth 2.3% expected at high-end of earnings
Slide 5: Sysco's Local Performance Has Meaningful Momentum into FY27
Sysco’s Local Performance Has Meaningful Momentum into FY27 4.0% 2.9% 3.0% ~2.5% 2.0% Projecting approximately 2.5% local case growth 1.0% 0.5% in FY27, reflecting a 2-year stack of 400+ bps 0.0% (1.0%) (1.4%) (2.0%) (3.0%) FY 2025 1H26 2H26 FY 2027E Data represents USFS local case growth. 5
Slide 6: Fiscal Year 2027 Guidance
Fiscal Year 2027 Guidance • Sales expectations include: • volume growth, Sales Growth Adj. EPS Growth1 • inflation of ~1.5%-2%, • ~2% related to 53rd week 6-7% 9-11% • FY27 adjusted EPS growth expected at high-end of earnings algorithm including: Targeting ~2.5% local case growth • ~$100 million in
Slide 7: $100 Million in FY27 Cost Out, Driven by Technology & AI Transformation Initiatives
$100 Million in FY27 Cost Out, Driven by Technology & AI Transformation Initiatives The Framework AI Focus Areas Why It Matters Tech & AI-enabled tools: • Unlock durable efficiency gains Better 1 Improved service to customers and across sales, supply chain, and back office functions. improved insigh
Slide 8: Commercial & Working Capital Optimization
Commercial & Working Capital Optimization The adoption of AI positions Sysco to deliver improved forecast accuracy and to be increasingly proactive across revenue, margin, working capital, and cost to serve FROM TO Occasional stockouts lead to lost sales and More consistent fill rates protect revenu
Slide 9: Transportation and Warehouse Labor Optimization
Transportation and Warehouse Labor Optimization Accelerating the adoption of AI to drive productivity gains, operational efficiencies, and meaningful cost savings FIVE PILLARS OF EXECUTION EXAMPLES OF KEY INITIATIVES Transportation Transformation • Optimizes routes using real-time data to reduce cos
Slide 10: AI is Accelerating How Technology Creates and Delivers Value For Sysco
AI is Accelerating How Technology Creates and Delivers Value For Sysco A common AI, data, and technology foundation is enabling better customer experiences, smarter operations and faster innovation. Foundational AI Capabilities AI Platforms & Enterprise Data & Agents Analytics Sales Supply Chain Bac
Slide 11: Combined Company Expected to Grow Faster, Be More Profitable, and Return More Value to Shareholders
Combined Company Expected to Grow Faster, Be More Profitable, and Return More Value to Shareholders Than a Stand-Alone Sysco Creating a Preeminent Delivering Significantly Unlocking Meaningful Multi-Channel Foodservice Enhanced Financial Profile2 Value Creation Distribution Platform Foodservice Reve
Slide 12: Restaurant Depot is the Leader in U.S. Wholesale Cash & Carry
Restaurant Depot is the Leader in U.S. Wholesale Cash & Carry – a Large and Growing Channel #1 U.S. Cash & Carry Wholesaler to Restaurants and Small Businesses Unique value proposition to small businesses as a low-cost provider with a wide assortment of high-quality, foodservice products Whitestone,
Slide 13: Cash & Carry Historically Grows Faster Than Total Foodservice
Cash & Carry Historically Grows The Cash & Carry Faster Than Total Foodservice Advantages • Resilient business model Restaurant Depot is the leader in the $60-$70B growing B2B Cash & Carry channel with structurally lower cost Cash & Carry1 Channel Breakdown, U.S. Revenue Channel Growth, 2019-2025 Sa
Slide 14: Restaurant Depot: Consistent and Profitable Growth Over the Last Two Decades
Restaurant Depot: Consistent and Profitable Growth Over the Last Two Decades Restaurant Depot Historical Performance Over Time ($B) 18 ~$16 19 16 Deflation Same Store Sales1 Revenue Adj. EBITDA COVID Average Growth: CAGR: CAGR: 17 14 12 +7% +9% +14% 15 2004-2025 2004-2025 2004-2025 13% 10 13 8 11 Gl
Slide 15: Restaurant Depot: Efficient Store Layout with Comprehensive Product Selection
Restaurant Depot: Efficient Store Layout Restaurant Depot’s with Comprehensive Product Selection Winning Formula Savings, Selection & Service – 7 Days a Week! • Savings: Low prices driven by lower cost to serve • Service: No purchase minimums and product available on demand • One Stop Shopping: wide
Slide 16: JRD Has Higher Gross Margin & Lower OpEx Intensity Than Club Peers
JRD Has Higher Gross Margin & Lower OpEx Intensity Than Club Peers Average JRD vs. Club Peer Average Average Club Peer Net sales / store $97M $180M (w/out membership fees) JRD's gross margin is 6 ppt Gross profit %1 19% 13% higher than club peers average JRD's OpEx intensity is 5 ppt OpEx % 7% 12% l
Slide 17: Margin Bridge | Structural Advantages in Lean Operations & Product Mix
Margin Bridge | Structural Advantages in Lean Operations & Product Mix Drive Much of JRD’s Margin Advantage Walk from Club Store to JRD Operating Profit (% of sales, as of 2025) +2-3% (2%) (0-1%) 12% +3-4% +2-4% +0-1% 4% +0-2% Club op profit Lower Fewer Leaner Favorable Higher shrink All other Membe
Slide 18: Operating Hours | JRD Has 10-20% Fewer Operating Hours vs. Peers
Operating Hours | JRD Has 10-20% Fewer Operating Hours vs. Peers - Restaurant Operators Typically Have Narrower Shopping Windows Than Consumers Average Store Operating Hours Per Week JRD stores are open ~10-20%+ fewer hours per week compared 97 to peers 84 77 JRD forgoes longer 72 evening/weekend ho
Slide 19: Leaner Staffing | JRD Also Has ~50% Fewer Employees Per Store
Leaner Staffing | JRD Also Has ~50% Fewer Employees Per Store – Restaurant Operators Seek Fewer In-Store Services & Amenities Than Consumers Club Peer In-Store Positions Average Store Manager Cashier JRD serves restaurant operators Warehouse Associate who typically seek an assortment- Loading Dock A
Slide 20: Product Mix | Product Mix (Particularly Gas) Contributes to Spread in GM
Product Mix | Product Mix (Particularly Gas) Contributes to Spread in GM % of Sales by Product Category General Merchandise 11% 18% Gasoline & Services JRD has 6 ppt GM advantage vs. club peers 17% Product mix a driving factor – shrink varies General Merchandise by ~40 bps Food & Grocery 89% Food &
Slide 21: Investor Feedback and Questions Have Focused Upon the Following Topics Since Deal Announcement
Investor Feedback and Questions Have Focused Upon the Following Topics Since Deal Announcement Restaurant Better Margin Deleverage Depot's Together Profile Plan Future Store Synergies Growth 21
Slide 22: Restaurant Depot Delivers Industry Leading EBITDA Margins
Restaurant Depot Delivers Industry Leading EBITDA Margins $16 Restaurant Depot's 13% EBITDA margin is $15 $15 sustainable and defensible. • Efficient inbound supply chain with 13% 13% 13% lowest net landed cost. • Lower SG&A as the customer handles selection, delivery, fuel cost, and no sales commis
Slide 23: Strong Commitment to Rapid Deleveraging
Strong Commitment to Rapid Deleveraging • Ended the quarter with a 2.7x net debt leverage ratio • Investment grade credit Net Debt to Adjusted EBITDA1 ratings maintained Leverage Trajectory • Committed to ~1.0x net 5x leverage reduction within 24 4.5x months post-close 4x 3.5x • Long-term target rem
Slide 24: Strong Cash Generation Drives Shareholder Returns
Strong Cash Generation Drives On-Track to return Shareholder Returns $20.7 $21.7 approximately $19.5 $21.7 billion $17.2 in cumulative cash $15.0 to shareholders $13.5 over 13 years $12.0 Dividends $11.1 $9.4 Share Repurchase $7.6 Returned ~1.2 billion in $5.9 cash to shareholders in $3.3 FY26 $0.7
Slide 25: High Confidence in Opening 125+ Net New Locations
High Confidence in Opening Differentiated Real 125+ Net New Locations Estate Strategy Overview of Real Estate Footprint • High-value real estate with first-to-market, strategic advantage in dense urban environments • 130 owned stores representing ~80% of store footprint • Strategically located store
Slide 26: "Better Together" Has Potential to Deliver Meaningful Upside to the $250 Million in Communicated Synergies
"Better Together" Has Potential to Deliver Meaningful Upside to the $250 Million in Communicated Synergies Opportunity to exceed the $250 Million Purchasing JRD Store included in Synergies Growth accretion figures Significant growth opportunities Broader Assortment, Enhanced Fulfillment Better repre
Slide 27: Better Together: Grow Faster, Step Up Profitability, and Return More Capital
Better Together: Grow Faster, Step Up Profitability, and Return More Capital 1.5x Local Revenue: Sysco’s most profitable U.S. Compelling Value foodservice business Creation ~55% Opportunities ~45% ~20% • Increased local revenue • Enhanced operating margins • Significantly accelerated total sharehold
Slide 28: Sysco - At the heart of food and service
S/sco At the heart of food and service
Slide 29: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS 29
Slide 30: Impact of Certain Items
Impact of Certain Items The discussion of our results includes certain non-GAAP financial measures, including EBITDA and adjusted EBITDA, that we believe provide important perspective with respect to underlying business trends. Other than EBITDA and free cash flow, any non-GAAP financial measures wi
Slide 31: Segment Results Non-GAAP Reconciliation
Sysco Corporation and its Consolidated Subsidiaries Segment Results Non-GAAP Reconciliation (Unaudited) Impact of Certain Items on Applicable Segments, FY26 vs FY25 (Dollars in Millions) 26-Week Period Ended Dec. 27, 2025 26-Week Period Ended Dec. 28, 2024 Change in Dollars %/bps Change U.S. FOODSER
Slide 32: Segment Results Non-GAAP Reconciliation (continued)
Sysco Corporation and its Consolidated Subsidiaries Segment Results Non-GAAP Reconciliation (Unaudited) Impact of Certain Items on Applicable Segments, FY26 vs FY25 (Dollars in Millions) continued 26-Week Period Ended Dec. 27, 2025 26-Week Period Ended Dec. 28, 2024 Change in Dollars %/bps Change U.
Slide 33: Non-GAAP Reconciliation Impact of Certain Items FY26 vs. FY25
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items FY26 vs. FY25 (Dollars in Millions, Except for Share and Per Share Data) 52-Week Period Ended Jun. 27, 2026 52-Week Period Ended Jun. 28, 2025 Change in Dollars %/bps Change Sales (GAAP) $
Slide 34: Non-GAAP Reconciliation Impact of Certain Items FY26 vs. FY25 (continued)
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items FY26 vs. FY25 (Dollars in Millions, Except for Share and Per Share Data) continued 52-Week Period Ended Jun. 27, 2026 52-Week Period Ended Jun. 28, 2025 Change in Dollars %/bps Change Oper
Slide 35: Non-GAAP Reconciliation Impact of Certain Items FY26 vs. FY25 (continued)
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items FY26 vs. FY25 (Dollars in Millions, Except for Share and Per Share Data) continued 52-Week Period Ended Jun. 27, 2026 52-Week Period Ended Jun. 28, 2025 Change in Dollars %/bps Change Net
Slide 36: Non-GAAP Reconciliation Impact of Certain Items FY25 vs. FY24
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items FY25 vs. FY24 (Dollars in Millions, Except for Share and Per Share Data) 52-Week Period Ended Jun. 28, 2025 52-Week Period Ended Jun. 29, 2024 Change in Dollars %/bps Change Sales (GAAP) $
Slide 37: Non-GAAP Reconciliation Impact of Certain Items FY25 vs. FY24 (continued)
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items FY25 vs. FY24 (Dollars in Millions, Except for Share and Per Share Data) continued 52-Week Period Ended Jun. 28, 2025 52-Week Period Ended Jun. 29, 2024 Change in Dollars %/bps Change Oper
Slide 38: Non-GAAP Reconciliation Impact of Certain Items FY25 vs. FY24 (continued)
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items FY25 vs. FY24 (Dollars in Millions, Except for Share and Per Share Data) continued 52-Week Period Ended Jun. 28, 2025 52-Week Period Ended Jun. 29, 2024 Change in Dollars %/bps Change Dilu
Slide 39: Projected Adjusted EPS Guidance
Projected Adjusted EPS Guidance Adjusted earnings per share is a non-GAAP financial measure; however, we cannot predict with certainty the magnitude or scope of certain items that would be included in the most directly comparable GAAP measure for the relevant future periods, and such items may be si
Slide 40: Earnings Before Interest, Taxes, Depreciation and Amortization
Earnings Before Interest, Taxes, Depreciation and Amortization EBITDA represents net earnings (loss) plus (i) interest expense, (ii) income tax expense and benefit, (iii) depreciation and (iv) amortization. The net earnings (loss) component of our EBITDA calculation is impacted by Certain Items that
Slide 41: Projected Adjusted EBITDA Guidance
Projected Adjusted EBITDA Guidance Adjusted EBITDA is a non-GAAP financial measure; however, we cannot predict with certainty the particular certain items that would be excluded from the calculation of this measure for future periods. Due to these uncertainties, we cannot provide a quantitative reco
Slide 42: Non-GAAP Reconciliation Net Debt to Adjusted EBITDA
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Net Debt to Adjusted EBITDA (In Millions) Net Debt to Adjusted EBITDA is a non-GAAP financial measure frequently used by investors and credit rating agencies. It is an important measure used by management to eval
Slide 43: Impact of Certain Items on EBITDA (Trailing Twelve Months)
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items on Earnings Before Interest, Taxes, Depreciation and Amortization (Trailing Twelve Months) (In Millions) 13-Week 13-Week 13-Week 13-Week Period Ended Period Ended Period Ended Period Ended
Slide 44: Non-GAAP Reconciliation Net Debt to Adjusted EBITDA
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Net Debt to Adjusted EBITDA (In Millions) Net Debt to Adjusted EBITDA is a non-GAAP financial measure frequently used by investors and credit rating agencies. It is an important measure used by management to eval
Slide 45: Impact of Certain Items on EBITDA (Trailing Twelve Months)
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items on Earnings Before Interest, Taxes, Depreciation and Amortization (Trailing Twelve Months) (In Millions) 13-Week 13-Week 13-Week 13-Week Period Ended Period Ended Period Ended Period Ended
Slide 46: Net Debt to Adjusted EBITDA Leverage Ratio Targets
Net Debt to Adjusted EBITDA Leverage Ratio Targets We expect to achieve our long-term net debt to adjusted EBITDA leverage ratio target. We cannot predict with certainty when we will achieve these results or whether the calculation of our EBITDA will be on an adjusted basis in future periods to excl
Slide 47: Adjusted EBITDA to Free Cash Flow Conversion
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Adjusted EBITDA to Free Cash Flow Conversion (Trailing Twelve Months Ended Dec. 27, 2025, Dollars in Millions) EBITDA represents net earnings (loss) plus (i) interest expense, (ii) income tax expense and benefit,
Slide 48: Adjusted EBITDA to Free Cash Flow Conversion (continued)
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Adjusted EBITDA to Free Cash Flow Conversion (Trailing Twelve Months Ended Dec. 27, 2025, Dollars in Millions) continued 13-Week 13-Week 13-Week 13-Week 52- Week Period Ended Period Ended Period Ended Period Ende
Slide 49: Sysco - At the heart of food and service
S/sco At the heart of food and service