The Chefs' Warehouse, Inc. · NASDAQ:CHEF
The Chefs' Warehouse — Q1 2025 Earnings Presentation
11 slides from The Chefs' Warehouse's earnings presentation, Apr 30, 2025
Slide 1: First Quarter 2025 Earnings Presentation
First Quarter 2025 Earnings Presentation The Chefs’ Warehouse, Inc. 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this presentation regarding the business of The Chefs’ Warehouse, Inc. (the “Company”) that are not historical facts are "forward-looking statements" that involve risks and uncertain
Slide 3: First Quarter 2025 Highlights
First Quarter 2025 Highlights Q1 2025 vs. Q1 2024 Sales +8.7% Specialty Sales +10.7% Unique Customers +4.5% Placements +7.7% Specialty Cases +5.7% Center-of-Plate Pounds -1.3% The Chefs’ Warehouse, Inc. 3
Slide 4: Updates: GP$ per Route and Adj. EBITDA per Headcount
First Quarter 2025 Updates $3,000 GP$ per Route: $2,500 LTM Q1 2025 +33.5% vs. 2019 2024 +32.5% vs. 2019 GP $ / ROUTE (US & CANADA) ** $2,000 $1,500 Facility Consolidations $1,000 Regional route consolidations Transfer reductions $500 $- 2019 2024 LTM Q1 2025 adj. EBITDA per employee $1,000 $44,000
Slide 5: Digital Updates
First Quarter 2025 Updates Digital Unique Customers Ordering Online (Specialty) * 2019 2023 2024 LTM Q1 2025 20% 48% 56% 58% 70% 60% Specialty locations’ online order 50% adoption rate continues to grow 40% 30% Approximately 58% of specialty location customers ordering via digital platform 20% 10% A
Slide 6: Financial Summary
First Quarter 2025 Financial Summary Q1 2025 vs. Q1 2024 Net Sales +8.7% Gross Profit Dollars +7.9% SG&A +6.5% *Adj. OpEx +5.5% *Adj. EBITDA +18.2% The Chefs’ Warehouse, Inc. *Please refer to reconciliation of Adjusted EBITDA & Adjusted Operating Expense included with this 6 presentation
Slide 7: Capital Allocation Q1 2025 Update
Capital Allocation Q1 2025 Update Net Debt Leverage Share Repurchases Free Cash Flow* (in thousands) 2.0x – 3.0x $25mm - $100mm Debt Balances YE 2024 Q1 2025 2022-23 2024 2025 • Chefs repurchased $17.4mm Secured Term Loan 260,000 259,250 Senior Convert 2028 287,500 287,500 YTD of common stock on the
Slide 8: Appendix
Appendix The Chefs’ Warehouse, Inc. 8
Slide 9: 2028 Financial Goals
2028 Financial Goals $400.0 $300 - $350 $350.0 Procurement Digital $300.0 & Pricing Operations AI driven Sales Growth Predictive Merch. Adj. EBITDA $250.0 6.5 -7.0% Acquisition demand $ Millions $219 4 – 7% (organic) Route forecasting Integration Consolidation Real-time data $200.0 to support High-g
Slide 10: Reconciliation of Net Income to EBITDA and Adj. EBITDA
Reconciliation of Net Income to EBITDA and Adj. EBITDA Fiscal Years Ended 2019 2023 2024 LTM Q1 2025* (6) (Unaudited, in millions) Quarterly YOY Q1 2025 Q1 2024 YOY ∆ Net Income $ 24.2 $ 34.6 $ 55.5 $ 63.8 (Unaudited, in millions) Interest Expense 18.3 45.5 48.7 45.7 Net Income $ 10.3 $ 1.9 Deprecia
Slide 11: Reconciliation of Total Opex to Adj. Opex
Reconciliation of Total Opex to Adj. Opex Quarterly YOY Q1 2025 Q1 2024 YOY ∆ Fiscal Years Ended 2019 2023 2024 LTM Q1 2025* (6) (Unaudited, in millions) (Unaudited, in millions) Selling, general and administrative expenses $ 329.5 $ 704.8 $ 784.9 $ 797.3 Selling, general and administrative expenses