Chewy, Inc. · NYSE:CHWY
Chewy — Investor Presentation (April 2026)
23 slides from Chewy's investor presentation, Apr 23, 2026
Slide 1: Chewy Vet Care (CVC) Overview
Chewy Vet Care (CVC) Overview April 23, 2026 1
Slide 2: Forward looking statements
Forward looking statements This presentation contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of o
Slide 3: Our opportunity
Our opportunity 3
Slide 4: CVC unlocks a $40B+ TAM opportunity
CVC unlocks a $40B+ TAM opportunity $160B $54B U.S. Pet TAM Pet Health TAM $6B Insurance $106B $8B Retail Health Products Pet Food, Supplies, and Non-Health Pet Services $40B In-Clinic Products and Vet Services $54B Pet Health 2026E 2026E Chewy Vet Care clinics enable us to address the entire $160B
Slide 5: Chewy's end-to-end health ecosystem
Chewy’s end -to-end health ecosystem • Unifies our health platform • Delivers seamless Chewy ecosystem connectivity • Strengthens cross- category engagement 1 [1] Connect with a Vet. 5
Slide 6: Purpose built clinics deliver customer excellence
Purpose built clinics deliver customer excellence Care teams that deliver the Chewy way - empathy, compassion, and trust 4.8 Convenience - easy booking, seamless visits, Average network and a connected digital experience for records, Google review score1 invoices, and ordering all via the Chewy App
Slide 7: And care team excellence
And care team excellence <4 Mo. Avg. DVM1 time-to-hire vs. A trusted Chewy brand that attracts top 12-15 months for industry2 veterinary talent Innovation, technology, and AI that make care delivery easier 11+ Yrs. Avg. CVC DVM clinical experience Strong support model to reduce burnout - staffing ra
Slide 8: Thoughtful CVC footprint & expansion strategy
Thoughtful CVC footprint & expansion strategy ~30 CVC clinics exiting FY’26, building density in high -value MSAs Washington (+1) Site selection informed by Chewy customer concentration Density in MSAs accelerates clinic ramp and utilization Colorado (3, +4) MSA-level marketing improves awareness an
Slide 9: CVC Customer Experience
CVC Customer Experience 9
Slide 10: Seamless, end-to-end customer experience
Seamless, end-to-end customer experience Personalized CVC discovery welcome Integrated Chewy.com Access medical and scheduling in in the clinic ordering and Autoship notes, Rx refills, and the Chewy app setup during the appt. appt. reminders in the Chewy app 10
Slide 11: AI enhances our care model & drives efficiency
AI enhances our care model & drives efficiency Medical history summarization 11
Slide 12: AI enhances our care model & drives efficiency
AI enhances our care model & drives efficiency Medical notes Discharge notes 12
Slide 13: Telemedicine extends care beyond the clinic
Telemedicine extends care beyond the clinic Expands access to care through convenient, virtual touchpoints Strengthens Chewy’s Rx ecosystem by driving higher prescription capture and compliance Optimizes CVC case mix by triaging lower-acuity needs and prioritizing higher-value in-clinic visits Enabl
Slide 14: CVC – Leading Clinic Economics
CVC – Leading Clinic Economics 14
Slide 15: CVC is a revenue and customer engine
CVC is a revenue and customer engine CVC clinics... 1 2 3 Generate strong Act as high value Drive cross-category standalone customer acquisition spend across Chewy returns channels ecosystem Resulting in revenue and EBITDA far exceeding the industry model. 15
Slide 16: Best in class 4-wall economics
Best in class 4-wall economics $3.5M+ $0.9M Target steady state clinic revenue Target revenue per DVM (vs. $1.5-2.5M industry1) 22%+ ~20 month Target steady state 4-wall EBITDA Time to 4-wall breakeven margin (vs 18-20% industry) (faster than industry) [1] Packaged Facts (April 2026); Vetsource (Apr
Slide 17: Clinics drive Chewy ecosystem revenue
Clinics drive Chewy ecosystem revenue 15-20% uplift to ~60% are existing NSPAC on Chewy.com Chewy customers following their first CVC visit1 CVC customer $0.8M+ breakdown Incr. steady state Chewy ecosystem ~$900 NSPAC in year revenue/clinic 1 when converted to ~40% are new Chewy ecosystem,2 to Chewy
Slide 18: Chewy uniquely drives materially higher value from each clinic
Chewy uniquely drives materially higher value from each clinic $3.5M+ Target steady state revenue/clinic $130M+ Embedded steady state revenue contribution for 18 current2 and 12 $0.8M+ planned CVC clinics exiting FY’26 Incremental Chewy ecosystem revenue1 [1] Represents steady state revenue from new
Slide 19: chewy meek, hag
chewy meek, hag VetCare —— fi Animal | y
Slide 20: Modern Animal has industry leading clinic productivity
Modern Animal has industry leading clinic productivity Steady state 4-wall clinic net revenue Modern Animal <4-year clinic maturity with ~1/3 of clinics generating 20%+ 4-wall EBITDA margins ~$5-6M+2 Industry-leading per-DVM net revenue of ~$1.1M in mature clinics $3.5M+1 Density in attractive Calif
Slide 21: Acquisition will double our footprint exiting FY'26
Acquisition will double our footprint exiting FY’26 Access to key California markets, as well as additional density in existing CVC markets Washington (1) Bay Area (5) Colorado (7) ~60 (1) Combined clinics LA Metro (16) targeted exiting FY’26 Arizona (2) (1) Georgia (4) Texas (5) (7) FY’26 CVC Clini
Slide 22: CVC + Modern Animal: tangible value creation
CVC + Modern Animal: tangible value creation 30 clinics (FY’26E) 29 clinics today $130M+ $160M+ $290M+ Current state Embedded 4-Wall + Embedded revenue Embedded 4- ecosystem revenue Wall revenue exiting FY’26 10%+ Clinic revenue Accelerated clinic Future state Meaningful upside uplift from improved
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