United Natural Foods, Inc. · NYSE:UNFI
United Natural Foods — Q1 2026 Earnings Presentation
27 slides from United Natural Foods's earnings presentation, Dec 2, 2025
Slide 1: 1st Quarter Fiscal 2026
1st Quarter Fiscal 2026 December 2, 2025
Slide 2: Disclaimer
Disclaimer Certain information in this presentation and discussed on the conference call which this presentation accompanies constitutes forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this presentation regarding the Company’s bus
Slide 3: Agenda
Agenda Introduction Steve Bloomquist Vice President, Investor Relations Opening Remarks Sandy Douglas Chief Executive Officer Financial Results Matteo Tarditi President and Chief Financial Officer Q&A
Slide 4: Results Summary
Results Summary $ in Millions, except for per share data. • Net sales in the first quarter were impacted by network Q1 FY26 Q1 FY25 % Change optimization actions that reduced total net sales growth by approximately 3%. Net Sales $7,840 $7,871 (0.4)% • Adjusted EBITDA up significantly driven by benef
Slide 5: Opening Remarks
Opening Remarks Sandy Douglas Chief Executive Officer
Slide 6: Driving Progress Across Both Strategic Pillars
Driving Progress Across Both Strategic Pillars Executing strategy to become food retail industry’s most valued partner and deliver sustainable shareholder value Adding Value for Customers & Suppliers + Becoming More Effective & Efficient • Working to revamp and strengthen merchandising • Network opt
Slide 7: Financial Results
Financial Results Matteo Tarditi President and Chief Financial Officer
Slide 8: Q1 FY26 Net Sales
$ in Millions Q1 FY26 Net Sales Net sales growth reduced by ~3% due to impacts of accretive network optimization 402 +10.5% (11.7)% $7,871 (5.5%) 38 $7,840 (6.1)% 9.1% (439) (32) Q1 FY25 Natural Conventional Retail Elims Q1 FY26 First quarter sales roughly flat driven by growth in Natural products o
Slide 9: Q1 FY26 Adjusted EBITDA
$ in Millions Q1 FY26 Adjusted EBITDA Adjusted EBITDA grew nearly 25% driven by wholesale segments 25 $167 25 (10) (7) $134 Q1 FY25 Natural Conventional Retail Other Q1 FY26 Higher profitability reflects continued focus on increasing effectiveness and efficiency as well as overall financial discipli
Slide 10: Continued Success Reducing Net Debt and Net Leverage
Continued Success Reducing Net Debt and Net Leverage Solidly on track to reduce net leverage to 2.5x or lower by year-end fiscal 2026 Net Debt Net Leverage Ratio ($ in millions) $2,228 4.2x $2,046 $1,928 3.7x $1,897 $1,834 3.3x 3.3x 3.2x Down $331M YoY Down 1.0x YoY Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q
Slide 11: Deepening Lean Practices
Deepening Lean Practices Lean daily management deployed in an additional 6 facilities Lean Deployment DC Count 34 28 20 9 2 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Lean continues to drive improvement to safety, quality, delivery and cost and benefit the customer and supplier experience 11
Slide 12: Affirming Fiscal 2026 Outlook
Affirming Fiscal 2026 Outlook (1) Capital and Cloud (2)(3) Implementation Net Sales Adjusted EBITDA(2) Adjusted EPS Expenditures (4) Free Cash Flow(4) $31.6 - $32.0B $630 - $700M $1.50 - $2.30 ~ $250M ~ $300M (Flat to Fiscal 2025 at midpoint (Increase of 20% at midpoint (Increase of ~ $1.20 at midpo
Slide 13: Summary
Summary • Solid start to FY26 with significant growth in Adjusted EBITDA driven by customer performance, operational execution, lean daily management, and the benefits from network optimization. • Continued execution against strategy to deliver value for our customers and suppliers, while increasing
Slide 14: Appendix
Appendix
Slide 15: Lean in action: reducing new item set up time
Lean in action: reducing new item set up time Unlocking Supplier Speed-to-Shelf at UNFI’s Chesterfield, NH Distribution Center • New item setup too lengthy – delaying product availability for retailers and sales for suppliers • Problem solving key constraints to reduce wait times • Assessed and anal
Slide 16: Capital Structure
Capital Structure $ in millions Maturity Rate (1) FY24 Q1 FY25 Q2 FY25 Q3 FY25 FY25 Q1 FY26 (2) Secured term loan B May 2031 S + 4.75% $ 499 $ 498 $ 496 $ 495 $ 383 $ 382 $2.6B ABL revolver June 2027 S + 1.0% / Prime + 0.0% 983 1,146 970 862 869 927 ABL FILO tranche June 2027 S + 2.5% 130 130 130 13
Slide 17: Free Cash Flow Performance
Free Cash Flow Performance Q1 FY26 YoY Dynamics Y/Y $ in millions Q1 FY26 Change • Improving net loss largely driven by higher operating income Net loss including non-controlling interests (4) 16 and lower net interest expense Depreciation and amortization 77 (3) • Strong working capital performance
Slide 18: Non-GAAP Metric Definitions
Non-GAAP Metric Definitions Adjusted EPS: The non-GAAP adjusted earnings per diluted common share measure is a consolidated measure, which the Company reconciles by adding Net income attributable to UNFI plus the LIFO charge or benefit, goodwill impairment benefits and charges, restructuring, acquis
Slide 19: Reconciliation – Adjusted EBITDA
Reconciliation – Adjusted EBITDA 19
Slide 20: Reconciliation – Adjusted EPS
Reconciliation – Adjusted EPS 20
Slide 21: Reconciliation – Adjusted EBITDA By Quarter
Reconciliation – Adjusted EBITDA By Quarter 21
Slide 22: Reconciliation – Trailing Twelve Months Adjusted EBITDA
Reconciliation – Trailing Twelve Months Adjusted EBITDA 22
Slide 23: Reconciliation – Adjusted EBITDA by Segment
Reconciliation – Adjusted EBITDA by Segment 23
Slide 24: Reconciliation – Free Cash Flow
Reconciliation – Free Cash Flow 24
Slide 25: Reconciliation – Net Leverage Ratio
Reconciliation – Net Leverage Ratio 25
Slide 26: Reconciliation – Trailing Twelve Month Free Cash Flow
Reconciliation – Trailing Twelve Month Free Cash Flow 26
Slide 27: Thank you
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