Ingles Markets, Incorporated · NASDAQ:IMKTA
Ingles Markets — Investor Presentation (April 2026)
51 slides from Ingles Markets's investor presentation, Apr 8, 2026
Slide 1: Leading Southeastern Supermarket Chain Well Positioned for Significant, Sustainable Value Creation
Leading Southeastern Supermarket Chain Well Positioned for Significant, Sustainable Value Creation April 8, 2026
Slide 2: Forward Looking Statements
Forward Looking Statements This communication includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, the Company’s expected financial and operational results and the r
Slide 3: Executive Summary (1)
Executive Summary (1) • The grocery industry requires long-term focus and investment, day-to-day operations are just one driver of success Ingles is a leading regional grocer with strong • Ingles Markets has 60+ years of market leadership — enabled by an experienced management team, vertically commu
Slide 4: Executive Summary (2)
Executive Summary (2) We tried repeatedly to reach a • Ingles offered — on multiple occasions — to collaborate with Sacklers’ Summer Road on identifying an independent constructive resolution to avoid director unaffiliated with the Sacklers this proxy contest • Summer Road rejected every proposal we
Slide 5: Executive Summary (3)
Executive Summary (3) • Ingles’ shareholder returns have consistently and significantly outperformed relevant benchmarks The claims made by Sacklers’ Summer Road are flawed and • Ingles’ financial trends are in line with industry trends misleading. Contrary to those • Ingles’ ROIC is well within ind
Slide 6: Ingles is a leading regional grocer with strong community relationships
Ingles is a leading regional grocer with strong community relationships, a record of solid performance and a strategy that is delivering significant, sustainable shareholder returns 6
Slide 7: The Grocery Industry Requires Long-Term Focus and Investment
The Grocery Industry Requires Long-Term Focus and Investment Day-to-Day Operations Are Just One Driver of Success MERCHANDISE AND PRIVATE LABEL STRATEGY INFRASTRUCTURE AND LOGISTICS Developing store brands takes years of planning, sourcing and brand Distribution networks, warehouses and cold transpo
Slide 8: Ingles Markets: 60+ Years of Market Leadership
3rd experienced and stable leadership generation team with decades of combined grocery experience 25,000+ associates grocer owned and integrated distribution of supermarket inventory Distribution center strategically located within 300 miles of all stores 60% supplied by owned, centrally located dis
Slide 9: Ingles' Brand is Differentiated by Long History as Trusted Employer and Community Partner
Ingles’ Brand is Differentiated by Long History as Trusted Employer and Community Partner Our Associates and Customers Are Friends. Our Communities Are Home ASSOCIATES COMMUNITY One of the largest employers in the communities we serve $18M+ Tools for Schools since 2000 Benefit packages that recogniz
Slide 10: Record of Strong Financial Performance Over the Long-Term
Record of Strong Financial Performance Over the Long-Term… Sustainable Value Creation for Shareholders 10-Year1 192% $291 41% 42% TSR2 value per share increase in net sales increase in same if $100 invested 10 years ago2 store sales 38% 54% 10% 4% expansion of gross profit net income growth net inco
Slide 11: With Shareholder Returns that Exceed Relevant Benchmarks
…With Shareholder Returns that Exceed Relevant Benchmarks Sustainable Value Creation for Shareholders TOTAL SHAREHOLDER RETURNS1 YTD 1-Year 3-Year 5-Year 10-Year 2.91%2 Ingles Markets 28.05% 39.20% (Hurricane Helene 44.55% 191.91% period – ’24, ‘25) S&P SmallCap 600 1.42% 16.10% 35.79% 21.02% 159.87
Slide 12: We Have Been Operating Amidst Unprecedented, Unpredictable External Challenges Over Past 5 Years
Beacon Village near Ingles’ warehouse was We Have Been Operating Amidst Unprecedented, completely under water Unpredictable External Challenges Over Past 5 Years… COVID (2020-2021) LABOR MARKET TIGHTNESS HURRICANE HELENE (FALL 2024-2025) Tight labor market, increased employee attrition, (2021–2023)
Slide 13: Yet, Ingles is Resilient, and Those Challenges Are Now Behind Us
…Yet, Ingles is Resilient, and Those Challenges Are Now Behind Us Fiscal Q1 2026 Year-Over-Year Results Significantly Improved and Indicate Path to Upside Ahead 6.6% increase 6.2% increase in net sales to $1.37B1 in same store sales1 24.4% Nearly doubled expansion of gross profit as % of net sales n
Slide 14: "One-Stop" Store Strategy with Vertically Integrated Operations
“One-Stop” Store Strategy with Vertically Integrated Operations Drive Traffic, Sales, Margins Each Touch Point Drives Sales. Together, They Create Synergies That Drive Repeat Trips and Stronger Relationships $5.3B Vertically Integrated Operations — Milk Production (One Of Highest Frequency Purchases
Slide 15: Investments in Stores and Value Drive Traffic, Sales and Margins
Investments in Stores and Value Drive Traffic, Sales and Margins ONE-STOP SHOP MODERN, UPDATED STORES Groceries, pharmacies, fuel Remodeling store base stations — convenience, loyalty, Introducing self-service food trip frequency, basket size offerings New, state-of-the-art lighting fixtures and equ
Slide 16: And We Continue to Prudently Invest for the Future
…And We Continue to Prudently Invest for the Future $120M to $160M of Capital Investments 2025-2026 to Support Profitable Growth and Operating Efficiencies Deploying New • Expanding electronic coupons, electronic payment options, Technology e-commerce options Remodeling • Up to 6 store remodels plan
Slide 17: Owned real estate is an important component of long-term growth
Owned real estate is an important component of long-term growth 17
Slide 18: Overview of Ingles' Real Estate Portfolio
Overview of Ingles’ Real Estate Portfolio Strategic ownership of quality assets — operational control, growth opportunities, and long-term value creation • 174 of 197 stores on owned property, either in free-standing stores or as anchor tenant in Company-owned shopping center • Warehouse and distrib
Slide 19: Owned Real Estate Provides Multiple Advantages
Owned Real Estate Provides Multiple Advantages Strategic • Control over shopping center conditions Stronger • Hard assets = collateral, leading to cheaper debt, Control • Control over co-tenants Balance better credit ratings, higher enterprise value • Growth opportunities Sheet Operational • Freedom
Slide 20: Ingles' Undeveloped Sites Have Multiple Avenues of Potential Value Creation
Like Ingles’ Real Estate Portfolio Overall, Ingles’ 29 Undeveloped Sites Have Multiple Avenues of Potential Value Creation 17 sites 12 sites are designated for are available for sale, ground lease or build-to-suit development future development • Eight of these properties are less than ~5.5 acres, w
Slide 21: Ingles' two new highly-qualified director candidates
Ingles’ two new highly- qualified director candidates have the experience and independence to foster accountability, oversee execution and drive value creation 21
Slide 22: Process Designed to Identify Highly-Qualified, Independent Candidates
Process Designed to Identify Highly-Qualified, Independent Candidates with “Fit for Purpose” Experience • Robust process with numerous director candidates considered REBEKAH LOWE • Ingles determined that Ms. Lowe and Mr. Jacobs were the right director candidates for Ingles’ Board 25+ years experienc
Slide 23: Ingles' Independent Director Candidates Have Experience Needed to Foster Accountability
Ingles’ Independent Director Candidates Have Experience Needed to Foster Accountability, Oversee Execution and Drive Value Creation REBEKAH LOWE DWIGHT JACOBS Distinguished career at Wachovia Bank Managed integration of largest independent 20+ year career at Duke Energy (a planning, acquisitions and
Slide 24: Any Sackler employed representative on the Ingles Board would be bad
We believe that any Sackler employed representative on the Ingles Board would be bad for Ingles, its shareholders, associates, customers and communities that we serve 24
Slide 25: Sacklers' Summer Road and Rory Held Are Hiding Material Information from Shareholders
Sacklers’ Summer Road and Rory Held Are Hiding Material Information from Shareholders • Summer Road and Rory Held claim they want “transparency.” Yet Summer Road is not being transparent with you • Summer Road is not an “investment fund” • It is an investment vehicle for members of the notorious Sac
Slide 26: Any Association with the Sackler Family Would Lead to Value Destruction
We Believe Any Association with the Sackler Family Would Lead to Value Destruction for Ingles THE SACKLER FAMILY: • Made up to $13B by pushing their company’s OxyContin drug with misleading statements 'An evil family': Sacklers condemned as they about its risk of addiction refuse to apologize for ro
Slide 27: The Devastation that the Sacklers and Opioids Inflicted on Our Communities
The Devastation that the Sacklers and Opioids Inflicted on Our Communities is Recognized, Remembered and Reviled “Purdue is owned by the Sackler family, whose Forbes-rating fortune came almost entirely from the firm’s pushing of “On average, nine North Carolinians die “Under the Sacklers’ ownership,
Slide 28: As a Community-based Grocery Store, Ingles Depends on the Loyalty of Our Customers
As a Community-based Grocery Store, Ingles Depends on the Loyalty of Our Customers We believe customers may choose to shop anywhere else but at a store whose Board includes a Sackler Representative — particularly if they have experienced the loss of a family member or friend due to the addiction cau
Slide 29: The Threat of a Boycott is Real if Sackler Employee Rory Held is Elected
Experience Shows — the Threat of a Boycott is Real if Sackler Employee Rory Held is Elected EVEN SUMMER ROAD’S GENERAL COUNSEL HAS TESTIFIED UNDER OATH ABOUT THE KIND OF HARM WE BELIEVE THE SACKLERS POSE FOR INGLES’ BUSINESS “Mr. Vellucci similarly testified that he was informed that seven financial
Slide 30: Rory Held's Experience is Dominated by His Work at Investment Firms
Rory Held’s Experience is Dominated by His Work at Investment Firms — There is Little Evidence of His Claimed Experience and He Does Not Have Experience Shaping Strategy for Complex Organizations or Leading Companies Knowledge Public Company Enterprise Risk Capital Commercial Finance / Human of Regi
Slide 31: Sacklers' Summer Road's claims are flawed and misleading
Sacklers’ Summer Road’s claims are flawed and misleading 31
Slide 32: Ingles Shareholder Returns Have Consistently Outperformed Relevant Benchmarks
Fact: Ingles Shareholder Returns Have Consistently and Significantly Outperformed RELEVANT Benchmarks SUMMER ROAD CLAIM: TOTAL SHAREHOLDER RETURNS1 “Lagging shareholder returns” 191.91% FACT: 159.87% Summer Road’s benchmarks are not relevant comparison 144.44% • Ingles is a small cap company; not in
Slide 33: Ingles' Financial Performance Trends Are In Line With Industry Trends
Fact: Ingles’ Financial Performance Trends Are In Line With Industry Trends. Sacklers’ Summer Road Ignores COVID Impact for the Entire Grocery Sector… GROCERY INDUSTRY’S SAME STORE SALES AND PROFIT MARGINS PEAKED DURING SUMMER ROAD CLAIM: COVID-19 PANDEMIC “Business fundamentals have materially decl
Slide 34: Ingles Has Outperformed Peers on Substantially All Core Grocer Metrics
Fact: …Ingles Has Outperformed Peers on Substantially All Core Grocer Metrics RELATIVE 5-YEAR PERFORMANCE1 SUMMER ROAD CLAIM: “Business fundamentals have Ingles Peers materially declined over the past five years” Net Sales Growth(2) 2.8% 3.4% FACT: Same Store Sales Increase 4.8% 4.6% Sacklers’ Summe
Slide 35: Ingles' 2025 ROIC Is Well Within Industry Average
Fact: Ingles’ 2025 ROIC Is Well Within Industry Average – and Well Above on a Longer-Term Horizon. Sacklers’ Summer Road’s Calculation of ROIC is Wrong SUMMER ROAD CLAIM: “deployed $1.5 billion in capital expenditures… Ingles’ ROIC was ROIC of approximately 0.2% on ten years of reinvestment” FACT: C
Slide 36: In the Grocery Industry, a Narrow Financial Playbook is Not the Best Way
Fact: In the Grocery Industry, a Narrow Financial Playbook is Not the Best Way to Deliver Significant, Enduring Value for Shareholders SUMMER ROAD CLAIM: Grocers who have prioritized capital returns over long-term investment — “aggressive return of capital to shareholders likely like Summer Road and
Slide 37: Ingles' Board Includes Representatives of the Company's Largest, Long-Term Shareholders
Fact: Ingles’ Board Includes Representatives of the Company’s Largest, Long-Term Shareholders A LONG-TERM SHAREHOLDER? SUMMER ROAD CLAIM: Sacklers’ Summer Road first invested in Ingles 3 years ago Sacklers’ Summer Road is a Summer Road says its avg holding period is “long-term, significant just 5.5
Slide 38: Rory Held's Only Public Company Board Experience Was as a Sackler Representative
Fact: Rory Held’s Only Public Company Board Experience Was as a Sackler Representative • Rory Held has served on one public Board of Directors – Peak Resorts • At Peak Resorts, Rory Held was a Sackler representative SUMMER ROAD CLAIM: • Rory Held's appointment to Peak Resorts Board was made in conju
Slide 39: History Shows Rory Held is Beholden to the Sacklers
Fact: History Shows — Rory Held is Beholden to the Sacklers — Not to Serving All Shareholders’ Best Interests RORY HELD IS INEXTRICABLY LINKED TO AND INTERTWINED WITH THE SACKLER FAMILY. The attempt to SUMMER ROAD CLAIM: distance Rory Held from the Sacklers in the latest proxy materials filed by Sac
Slide 40: Ingles' Governance Advances Long-Term Focus and Preserves Community Connections
Fact: Ingles’ Governance Advances Long-Term Focus and Our Corporate Mission, Preserves Community Connections CONTROLLED COMPANY STRUCTURE BOARD HAS DEEP COMMUNITY ROOTS AND ENHANCING BOARD AND SUPPORTS BOARD FOCUS ON INSTITUTIONAL KNOWLEDGE OF INGLES GOVERNANCE LONG-TERM STEWARDSHIP OPERATIONS ✓ Thi
Slide 41: Ingles' Compensation is Market Aligned and Incentivizes Continued Performance
Fact: Ingles’ Compensation is Market Aligned, Recognizes Contributions and Incentivizes Continued Performance • Chairman Ingles’ compensation was designed to align pay with market benchmarks SUMMER ROAD CLAIM: FACT: • Pay levels recognize Chairman’s active engagement and significant day-to-day “incr
Slide 42: The Sackler Reputation Has Caused Harm to Public Companies with Summer Road Representatives
Fact: The Sackler Reputation Has Caused Harm to the Public Companies at Which Summer Road Has a Board Representative Grocery is a SUMMER ROAD’S GENERAL COUNSEL HAS TESTIFIED UNDER OATH ABOUT THE HARM CAUSED SUMMER ROAD CLAIM: BY THE SACKLERS TO OTHER CONSUMER FACING COMPANIES IN WHICH IT HAS INVESTE
Slide 43: Summer Road and Rory Held do not understand the grocery industry or Ingles
It is apparent that Sacklers’ Summer Road and Rory Held do not understand the grocery industry or Ingles 43
Slide 44: Summer Road's Assertions Regarding Ingles' Owned Properties
The Assertions Made by Sacklers’ Summer Road Regarding Ingles’ Owned Properties Show that Summer Road Does Not Understand the Long-Time Horizon Involved in Property Development and Real Estate’s Value Appreciation SUMMER ROAD FACT: CLAIM: Ingles “Owns 84% of Ingles’ strategic ownership of assets pro
Slide 45: Summer Road's Real Estate Suggestions Would Be Value Destructive
Sacklers’ Summer Road’s Real Estate Suggestions Would Be Value Destructive for Ingles SUMMER ROAD FACT: CLAIM: There is little to no The grocery industry has primarily two real estate models: value in owning real − Mostly lease estate. It should be − Mostly own separated The grocers adopting each mo
Slide 46: Summer Road's Capital Allocation Suggestions Would Be Value Destructive
Sacklers’ Summer Road’s Capital Allocation Suggestions Would Be Value Destructive for Ingles SUMMER ROAD FACT: CLAIM: The greatest value Investments in stores and operations must be made on an ongoing basis to creation opportunity stay competitive is an “aggressive” capital return Strong balance she
Slide 47: Summer Road Does Not Understand Ingles' Most Relevant Peer Groups
Sacklers’ Summer Road and Rory Held Do Not Understand Ingles’ Most Relevant Peer Groups SUMMER ROAD FACT: CLAIM: Ingles TSR is lagging When compared to actual peers, Ingles’ TSR outperforms peers (see slide 11) Index • Ingles is a small cap company. It is not part of the S&P 500 and does not have th
Slide 48: Ingles' Nominees Will Ensure Enduring Shareholder Value
Ingles’ Nominees Will Ensure That Ingles Is Able to Continue Creating Enduring Shareholder Value • Ingles is a leading regional grocer with strong community relationships, a record of solid performance and a strategy that is delivering significant, sustainable shareholder returns • Owned real estate
Slide 49: Protect Your Investment
Protect Your Investment The Ingles Board unanimously recommends that shareholders vote “FOR” only the Company’s director candidates — Rebekah Lowe and Dwight Jacobs — on the WHITE proxy card TODAY 49
Slide 50: Appendix
Appendix 50
Slide 51: Non-GAAP Measures Reconciliation to GAAP (unaudited)
Non-GAAP Measures Reconciliation to GAAP (unaudited) As used in this presentation, we believe that EBITDA, a non-GAAP financial measure, is useful in evaluating our performance because it eliminates interest, taxes, depreciation and amortization expense, which are not necessarily indicators of our o