Slide 1: Q4 & FY 2025 Earnings
Q4 & FY 2025 Earnings February 23, 2026 1
Slide 2: Forward Looking Statements & Non-GAAP Measures
Forward Looking Statements & Non-GAAP Measures Forward-looking statements Non-GAAP measures with both the Company’s GAAP results and the reconciliation to the most comparable GAAP measures, provide a more complete Certain statements in this presentation by Freshpet, Inc. (the Freshpet uses certain n
Slide 3: Freshpet strengthens the bond between people and our pets
Freshpet strengthens the bond between people and our pets so that we both live longer, healthier and happier lives while being kind to the planet. 4Q & FY 2025 Earnings Presentation 3
Slide 4: Highlights
Highlights 4
Slide 5: Fiscal year 2025 taught us some very important lessons
Fiscal year 2025 taught us some very important lessons and challenged the resilience of our business and our organization. In the end, our team demonstrated tremendous agility – delivering growth well in excess of the dog food category, surpassing $1 billion in net sales for the first time, expandin
Slide 6: Q4 & FY 2025: Solid growth and improvement across key metrics
Q4 & FY 2025: Solid growth and improvement across key metrics Financial Retail Q4 2025 FY 2025 Comparisons to prior year period unless otherwise noted FY 2025 Net Sales $285.2M $1,102.0M Total Household Penetration +10% Net Sales Growth YoY +8.6% +13.0% Total Buy Rate +4% Adjusted Gross Margin* 48.4
Slide 7: Adapting our model to the current environment
Adapting our model to the current environment Targeted marketing Advertising & Innovation New advertising campaign Innovation unlocked by new bag technology Expand HH Drive Super serve MVPs Penetration Efficiencies and Buy Rate Millennial/Gen Z expansion Build Organization Capability to Increase Inc
Slide 8: Marketing to our full total addressable market (TAM)
Marketing to our full total addressable market (TAM) TV Influencer DTC Engaging pet parents with new emotionally relevant and healthy messaging creative Leveraging trusted voices to build relevance & credibility Utilizing digital and retail media to super serve our MVPs from discovery, purchase and
Slide 9: Strong value proposition
Strong value proposition Club Affordable innovation Club channel sales ramping, new innovation, and full year acceleration Sharpened entry level price point on 1 lb chicken roll Affordable innovation with multipacks/bundles now available in select retailers and Complete Nutrition line 4Q & FY 2025 E
Slide 10: Improved accessibility and visibility for omnichannel consumer
Improved accessibility and visibility for omnichannel consumer Fridge island Testing new Rural lifestyle Fresh leading the expansion fridge concepts retailer category • Fridge island units in mass retailer expanded to 28 stores • Testing new concept open air end-cap and bunkers Test in rural lifesty
Slide 11: Building a stronger product proposition leveraging breakthrough technology
Building a stronger product proposition leveraging breakthrough technology Unlocks product appeal, freshness Aim to deliver lower cost through Designed to increase bagged product and innovation capabilities increased yields and throughput, and margins and decrease margin gap increasing capacity betw
Slide 12: Driving operational and capital efficiency
Driving operational and capital efficiency Disciplined capital spending • Expect to spend ~$150m in capex in 2026, • Utilizing existing staffing to with the potential for incremental support volume growth this year investment to accelerate the rollout of new with improved OEE technology or if we hav
Slide 13: Significant runway for growth in a large category
Significant runway for growth in a large category ~$56B $38B 4.0% U.S. pet food category Dog food category Freshpet market share of dog food Source: NIQ Total US Pet Food $ - OmniChannel by Category 52 Weeks Ended 12/27/25 13
Slide 14: Generational transition to younger pet parents increases TAM
Generational transition to younger pet parents continues to increase Freshpet’s Total Addressable Market (TAM) Freshpet Total Addressable Market (households in millions) 36 33 27 2023 2024 2025 Source: Internal Proprietary Model sourced from Numerator 4Q & FY 2025 Earnings Presentation 14
Slide 15: Continued growth in consumer franchise; added ~1.3m households YoY
Continued growth in consumer franchise; added ~1.3m households YoY Freshpet Household Penetration Growth (in millions) (52 weeks) 15.2 13.9 10% 11.9 17% 10.2 16% 8.8 17% 2021 2022 2023 2024 2025 Source: Numerator Panel data for the 12-month periods ending 12/31/21, 12/31/22, 12/31/23, 12/31/24, 12/3
Slide 16: Freshpet Users who are MVPs (Ultra/Super Heavy Buyers)
Freshpet Users who are MVP’s* (Ultra/Super Heavy Buyers) (in millions) Freshpet Users who are MVP’s (Ultra/Super Heavy Buyers) (in millions) MVP Household Penetration MVP Buy Rate 2.9 $545 2.4 2.4 2.2 $525 $506 1.9 1.7 $505 $488 71% 1.4 1.3 $499 of Freshpet $485 1.0 sales 0.9 $465 0.4 $438 $445 $448
Slide 17: MVP growth is helping to increase buy rate
MVP growth is helping to increase buy rate Freshpet Buy Rate +4% (52 weeks) +5% +21% $115 $110 +8% $103 4% 6% $88 17% $78 13% 2021 2022 2023 2024 2025 Source: Numerator Panel data for the 12-month periods ending 12/31/21, 12/31/22, 12/31/23, 12/31/24, 12/31/25 4Q & FY 2025 Earnings Presentation 17
Slide 18: Expanding depth and breadth: 24% of all stores have multiple fridges
Expanding depth and breadth: 24% of all stores have multiple fridges 2025 was the best year for new store count growth in the last decade Freshpet Store Count Number of Fridges per Store* +2,094 30,235 28,141 Second/Third 26,777 Fridges 25,281 24% 23,631 22,716 21,570 19,499 17,990 16,562 15,023 13,
Slide 19: Capacity Update
Capacity Update Facility # Lines Today # Lines Projected Ennis continues to be the most profitable Freshpet Kitchen and accounts for almost 40% of sales volume Bethlehem Kitchen 7 7 Bag line in Bethlehem with new technology successfully commenced production in January 2026 Kitchen South 4 7 Plan to
Slide 20: Capital Efficiency Framework
Capital Efficiency Framework More out of More out of Develop & implement existing lines existing sites new technologies 20
Slide 21: Q4 2025 Results
Q4 2025 Results 21
Slide 22: Q4 net sales primarily driven by volume
Q4 net sales primarily driven by volume Q4 2025 Net Sales ($m) Q4 2025 Net Sales Bridge 10% $285.2 9% 8.6% -1% $262.7 Q4 2024 Q4 2025 Volume Price/Mix Net Sales Growth Source: Internal Data 22
Slide 23: Consumption growth across all channels
Consumption growth across all channels Q4 2025 Consumption Growth ($) Consumption Growth Trends (volume in pounds) 21% 9.4% 9.0% 8.5% 15% 5.8% 12% 9% 9% 1.0% Total US Pet Total US Pet XAOC Food Pet Specialty Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Retail Plus + Retail Plus Costco Source: NIQ consump
Slide 24: Q4 2025 delivered strong Adjusted EBITDA improvement
Q4 2025 delivered strong Adjusted EBITDA improvement despite less volume growth Q4 2025 Adj. Gross Margin Q4 2025 Adj. EBITDA ($m) % of net sales % of net sales 48.4% $61.2 48.1% 21.4% $52.6 20.0% Q4 2024 Q4 2025 Q4 2024 Q4 2025 42.5% Gross Margin (GAAP) 43.3% $18.1m Net Income $33.8m Source: Intern
Slide 25: FY 2025 Results
FY 2025 Results 25
Slide 26: FY 2025 net sales primarily driven by volume
FY 2025 net sales primarily driven by volume FY 2025 Net Sales ($m) FY 2025 Net Sales Bridge $1,102.0 1% 13% 13.0% 12% $975.2 FY 2024 FY 2025 Volume Price/Mix Net Sales Growth Source: Internal Data 4Q & FY 2025 Earnings Presentation 26
Slide 27: FY 2025 delivered strong Adjusted EBITDA improvement
FY 2025 delivered strong Adjusted EBITDA improvement FY 2025 Adj. Gross Margin FY 2025 Adj. EBITDA ($m) % of net sales % of net sales 46.5% 46.7% $195.7 $161.8 17.8% 16.6% FY 2024 FY 2025 FY 2024 FY 2025 40.6% Gross Margin (GAAP) 40.8% $46.9m Net Income $139.1m Source: Internal Data 4Q & FY 2025 Ear
Slide 28: 140 basis point improvement across key focus areas in FY 2025
140 basis point improvement across key focus areas in FY 2025 Key Margin Improvement Targets & Progress FY 2024 FY 2025 29.7% 29.0% 6.0% 5.8% 2.6% 2.1% Input Costs Logistics Quality -70 bps YoY -20 bps YoY -50 bps YoY Source: Internal Data 4Q & FY 2025 Earnings Presentation 28
Slide 29: Guidance
Guidance he.
Slide 30: FY 2026 Guidance
FY 2026 Guidance Additional considerations: • Net Sales: Lapping large club customer FY 2026 expansion in Q3 • Adjusted Gross Margin: Expect ~50-100 bps Net Sales Growth YoY 7% - 10% improvement year-over-year at midpoint of sales range Adjusted EBITDA $205 - $215M • Advertising Investment: Expect m
Slide 31: 2027 Targets
2027 Targets Excludes impact from new technology Advertising & Innovation Net sales well in Expand HH Drive Efficiencies Penetration & >Category excess of category Buy Rate growth rate Build Organization >48% Adjusted Gross Margin Target Capability to Increase Increase Effectiveness & Velocity Lever
Slide 32: Capital Spending, Cash Flow & Liquidity
Capital Spending, Cash Flow & Liquidity 32
Slide 33: Achieved positive free cash flow in 2025
Achieved positive free cash flow* in 2025 Capital Spending: • FY 2025 spend of $148.2 million Operating Cash Flow ($m) • Estimated 2026 spending of ~$150 million unless we decide to accelerate new technology investments or we have $160.6 sizable retail expansion with new fridge islands $154.3 Cash f
Slide 34: Appendix
Appendix 34
Slide 35: Reconciliation between Gross Profit and Adjusted Gross Profit
Freshpet, Inc. and Subsidiaries Reconciliation between Gross Profit and Adjusted Gross Profit Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 (Dollars in thousands) Gross profit $ 123,455 $ 111,600 $ 449,626 $ 395,956 Depreciation expense 15,402 13,358 61,426 49,056 Non-c
Slide 36: Reconciliation between Net Income and Adjusted EBITDA
Freshpet, Inc. and Subsidiaries Reconciliation between Net Income and Adjusted EBITDA Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 (Dollars in thousands) Net income $ 33,815 $ 18,123 $ 139,137 $ 46,925 Depreciation and amortization 22,209 19,138 86,872 70,803 Interest
Slide 37: Reconciliation between Operating Cash Flow and Free Cash Flow
Freshpet, Inc. and Subsidiaries Reconciliation between Net Cash Flows Provided by Operating Activities and Free Cash Flow [1] Year Ended December 31, 2025 2024 2023 (Dollars in thousands) Net cash flows provided by operating activities $ 160,561 $ 154,288 $ 75,940 less: capital expenditures1 (148,18
Slide 38: Convertible Share Dilution Calculations at Maturity
Convertible Share Dilution Calculations at Maturity We have run share dilution calculations to Physical Settlement (mm shares) (1,2) Net Share Settlement (mm shares) compare outcomes for the 2028 convertible notes Stock Price Convert + Convert + Convert Convert • Freshpet has structured the converti
Slide 39: Thank you
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