The Chefs' Warehouse, Inc. · NASDAQ:CHEF
The Chefs' Warehouse — Q2 2025 Earnings Presentation
10 slides from The Chefs' Warehouse's earnings presentation, Jul 30, 2025
Slide 1: Second Quarter 2025 Earnings Presentation
Second 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: Second Quarter 2025 Highlights
Second Quarter 2025 Highlights Q2 2025 vs. Q2 2024 Excl. Hardie’s* Sales +8.4% Specialty Sales +8.7% Unique Customers +3.6% Placements +8.7% Specialty Cases +3.5% +5.8%* Center-of-Plate Pounds -4.0% +5.8%* *Excluding elimination of Hardie’s non-core programs: Produce processing/packaging in specialt
Slide 4: Adj. EBITDA / Headcount Updates
Second Quarter 2025 Updates $3,000 $2,500 GP$ per Route: +36.2% LTM Q2 2025 vs. 2019 GP $ / ROUTE (US& CANADA) ** $2,000 +2.8% LTM Q2 2025 vs. 2024 $1,500 $1,000 Facility Consolidations Regional route consolidations $500 Transfer reductions $- 2019 2024 LTM Q2 2025 $1,000 $50,000 $900 $45,000 adj. E
Slide 5: Financial Summary
Second Quarter 2025 Financial Summary Q2 2025 vs. Q2 2024 Net Sales +8.4% Gross Profit Dollars +11.1% SG&A +9.7% *Adj. Opex +9.3% *Adj. EBITDA +16.5% The Chefs’ Warehouse, Inc. *Please refer to reconciliation of Adjusted EBITDA & Adjusted Operating Expense included with this 5 presentation
Slide 6: Capital Allocation Q2 2025 Update
Capital Allocation Q2 2025 Update Net Debt Leverage Share Repurchases Free Cash Flow* (in thousands) 2.0x – 3.0x $25mm - $100mm Debt Balances YE 2024 Q2 2025 2022-23 2024 2025 • Chefs repurchased $10mm/ Secured Term Loan 260,000 253,500 Senior Convert 2028 287,500 287,500 YTD 160k shares of common s
Slide 7: Appendix
Appendix The Chefs’ Warehouse, Inc. 7
Slide 8: 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 9: 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 Q2 2025* (6) Quarterly YOY Q2 2025 Q2 2024 YOY ∆ (Unaudited, in millions) Net Income $ 24.2 $ 34.6 $ 55.5 $ 69.6 (Unaudited, in millions) Interest Expense 18.3 45.5 48.7 44.7 Net Income $ 21.2 $ 15.5 Depreci
Slide 10: Reconciliation of Total Opex to Adj. Opex
Reconciliation of Total Opex to Adj. Opex Quarterly YOY Q2 2025 Q2 2024 YOY ∆ Fiscal Years Ended 2019 2023 2024 LTM Q2 2025* (6) (Unaudited, in millions) (Unaudited, in millions) Selling, general and administrative expenses $ 213.8 $ 194.8 Selling, general and administrative expenses $ 329.5 $ 704.8