Vital Farms, Inc. · NASDAQ:VITL
Vital Farms — Q1 2026 Earnings Presentation
27 slides from Vital Farms's earnings presentation, May 7, 2026
Slide 1: Vital Farms, Inc. May 2026 Corporate Presentation
Vital Farms, Inc. (Nasdaq: VITL) • May 2026 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
BIRD OF THE QUARTER ‘aot ee Mighty Melissa charges ahead into the forest, chasing a new adventure _ and a pesky grasshopper.
Slide 4: Performance Charts
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Slide 5: Wholesale Shell Egg Prices
Wholesale Shell Egg Prices Wholesale Shell Egg Prices (Large White $/dz) $9 2024 $8 2025 $7 2026 $6 $5 $4 $3 $2 $1 $0 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 Week Source: USDA 5
Slide 6: Average Retail Price by Subcategory
Average Retail Price by Subcategory Total Shell Egg Market % change (Average Retail Price per Volume EQ Unit) $8.0 (Periods ending 1/26/25 to $7.5 4/19/26) $7.0 $6.5 -9.6% $6.0 $5.5 $5.0 $4.5 $4.0 $3.5 -21.4% $3.0 -34.8% $2.5 $0.0 -55.9% 01-26-25 02-23-25 03-23-25 04-20-25 05-18-25 06-15-25 07-13-25
Slide 7: Vital Farms to Competitor Average Retail Price
Vital Farms to Competitor Average Retail Price Shell Egg Market (Average Retail Price per Volume EQ Unit) $9.0 Vital Farms $8.0 Branded Competitor A $7.0 Branded Competitor B Branded Competitor C $6.0 Outdoor Access Private Label $5.0 $4.0 $0.0 01-26-25 02-23-25 03-23-25 04-20-25 05-18-25 06-15-25 0
Slide 8: Price Gaps vs. Volume Change
Price Gaps vs. Volume Change Price Gap vs. Volume % Change 30.0% $4.27 $4.50 $3.62 $3.69 $4.00 20.0% $3.51 $3.59 $3.13 $3.13 $3.50 $3.01 10.0% $2.86 $2.88 $2.72 $2.73 $3.00 $2.47 $2.56 $2.56 $2.62 $2.65 0.0% $2.21 $2.22 $2.23 $2.28 $2.28 $2.30 $2.32 $2.33 $2.36 $2.09 $2.10 $2.19 $2.19 $2.50 $2.00 $2
Slide 9: Example: Price gap reduction at a top customer meaningfully improved volume
Example: Price gap reduction at a top 10 customer meaningfully improved volume $8 Retail price per dozen $7 $1.98 $6 $1.14 VITL price $1.35 Avg competitor price $5 $4 29-Mar 5-Apr 12-Apr 19-Apr 26-Apr 3-May Vital Farms volume (indexed to average volume between March 29 and April 19) +18% 120 +13% Ea
Slide 10: Aided Brand Awareness
Aided Brand Awareness Aided Brand Awareness (% of Consumers) 40% 35% Vital Farms 30% Branded Competitor A 25% Branded Competitor B Branded Competitor C 20% 15% 10% 5% 0% Q4’20 Q4’21 Q4’22 Q4’23 Q4’24 Q1’26 Source: Brand Health Tracker, Base: Past 3 Month Egg Purchasers; Numerator, Vital Farms Total
Slide 11: Vital Farms Aided Brand Awareness and Total Households
Vital Farms Aided Brand Awareness and Total Households Vital Farms Shell Eggs Aided Brand Awareness and Households (% of Consumers, Millions of HHs) 38% 17% 14.0 6.3 2020 2021 2022 2023 2024 2025 Q1 2026 Awareness Households Source: Brand Health Tracker, Base: Past 3 Month Egg Purchasers; Numerator,
Slide 12: Average Weekly Total Distribution Points (TDPs)
Average Weekly Total Distribution Points (TDPs) Average Weekly Total Distribution Points (TDPs) Vital Farms Shell Eggs MULO+ 150 to 160 130.5 123.4 107.8 96.3 76.1 2021 2022 2023 2024 2025 2026e Source: Circana MULO+ 2026 estimate represents the projected full year 2026 Average Weekly Weighted TDPs
Slide 13: Vital Farms Farm Network
Vital Farms Farm Network Vital Farms Farm Network (Number of farms under contract) 600 625 575 500 425 450 350 375 300 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Source: Vital Farms Company Data 13
Slide 14: Vital Farms ECS Net Revenue Capacity
Vital Farms ECS Net Revenue Capacity Vital Farms ECS Net Revenue Capacity ($, billions) $1.0+ $0.7 $0.3 2020 2021 2022 2023 2024 2025 ECS line 2 ECS line 3 Source: Vital Farms company filings 14
Slide 15: Retail Volume Sales by Subcategory
Retail Volume Sales by Subcategory Shell Egg Category Retail Volume Sales, First 16 Weeks of Each Year (Millions of EQ Units) 5yr YTD ’25-’26 +2.8% CAGR YTD 1,237.8 1,168.4 1,154.4 growth 1,109.5 1,070.0 189.8 85.1 115.0 144.1 Outdoor Access 30.6% 31.7% 87.0 Mainstream 0.8% 3.7% 1,024.3 983.0 1,053.
Slide 16: Financial Update
Financial Update
Slide 17: Q1 2026 Key Financial Metrics
Q1 2026 KEY FINANCIAL METRICS Net Revenue Gross Margin Adj. EBITDA Diluted EPS $187M 28.3% $5M -$0.03 +15%* -1022bps* -82%* -109%* * Compared to prior fiscal year quarter. 17
Slide 18: Financial Summary Highlights: Q1 2026 Update
Financial Summary Highlights: Q1 2026 Update Highlights Financial Performance • Net revenue increased 15.4% to $187.2 million in Q1 2026 versus Q1 2025. The increase in net revenue was driven by ($ thousands) Q1'26 Q1'25 % Change $ Change volume-related revenue growth and partially offset by a price
Slide 19: Financial Summary Highlights: Net Revenue Growth
Financial Summary Highlights: Net Revenue Growth Q1 ’26 Net Revenue Growth Highlights Net Revenue by Product Segment ($ Millions) Growth Rates • Net revenue for Q1 2026 was Q1 '26 $187.2 million, compared to $162.2 +15.4% Eggs 16% million for Q1 2025, representing growth YOY Butter 4% of 15.4%. Cons
Slide 20: Financial Summary Highlights: Margin Performance
Financial Summary Highlights: Margin Performance Highlights Gross profit and margin Operating Expenses • Gross profit decreased $9.5 million in Gross Margin SG&A as a % of Net Revenue Q1 2026 versus Q1 2025 and gross margin decreased to 28.3% in Q1 2026 versus 38.5% 28.3% 19.7% 23.7% 38.5% in Q1 202
Slide 21: Our new 2026 guidance
Our new 2026 guidance NET REVENUE $775 Million to $800 Million Assuming category price levels remain stabilized at current levels ADJUSTED EBITDA $0 Million to $10 Million Reflecting $32 million in estimated expenses to manage the oversupply of eggs CAPITAL $70 Million to $75 Million EXPENDITURES No
Slide 22: Our values are rooted in Conscious Capitalism
Our values are rooted in Conscious Capitalism CKHOLDER TO We operate a S S STAKEHOLDER MODEL that prioritizes the long-term benefits of TY & ENVIR ERS & CON SU NI M each of our stakeholders ON COMMU ME O CUST MENT RS Our approach has been validated by our designation as a CERTIFIED B CORPORATION, FA
Slide 23: We have developed an alternative to factory farming practices
We have developed an alternative to factory farming practices Year-Round Production Our Framework OPEN AIR, 108 SQUARE FEET LIVING CONDITIONS PER HEN OMNIVOROUS, INCLUDING FEED GRAIN, PLANTS, INSECTS LAND SUSTAINABLE PRACTICES MANAGEMENT DIRECT RELATIONSHIPS WITH NETWORK FAMILY FARMS & ACCELERATOR F
Slide 24: Our model is designed to deliver quality at scale
Our model is designed to deliver quality at scale National Distribution Network of over 625 family (Products in more than farms 23,500 Retail Stores) WE EGG CENTRAL WE DELIVER AGGREGATE DIRECTLY TO PRODUCTS STATION CUSTOMERS FROM FARM Springfield, MO AND THROUGH RETAIL NETWORK WASH, GRADE, PACK, DIS
Slide 25: Appendix
APPENDIX
Slide 26: Adjusted EBITDA and Adjusted EBITDA Margin reconciliation
Adjusted EBITDA and Adjusted EBITDA Margin reconciliation 13-Weeks 13-Weeks Ended Ended ($ thousands) 29-Mar-26 30-Mar-25 Net (loss) income $ (1,522) $ 16,901 Depreciation and amortization 3,959 3,259 Stock-based compensation expense 2,756 2,853 Income tax (benefit) provision (337) 5,441 Interest ex
Slide 27: EST. 2007
EST. 2007