United Natural Foods, Inc. · NYSE:UNFI
United Natural Foods — Q2 2026 Earnings Presentation
24 slides from United Natural Foods's earnings presentation, Mar 10, 2026
Slide 1: 2nd Quarter Fiscal 2026
2nd Quarter Fiscal 2026 March 10, 2026
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: Today's Agenda
Today’s 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 | 3
Slide 4: Results Summary
Results Summary $ in Millions, except for per share data. • Net sales reflects accretive conventional product- focused optimization actions impacting Q2’26 Q2 Q2 %/$ YTD YTD %/$ year-over-year growth by nearly 500 basis points FY26 FY25 Change FY26 FY25 Change as well as natural product segment grow
Slide 5: Opening Remarks
Opening Remarks Sandy Douglas Chief Executive Officer
Slide 6: Disciplined Strategic Execution Creating Shared Value
Disciplined Strategic Execution Creating Shared Value Building capabilities to add increasing value for customers, suppliers and, in turn, our shareholders Building Capabilities + Customer & Supplier Feedback = Delivering Results • AI-powered supply chain • Hosted nearly 7,000 customers • Adj. EBITD
Slide 7: Financial Results
Financial Results Matteo Tarditi President and Chief Financial Officer
Slide 8: Q2 FY26 Net Sales
Q2 FY26 Net Sales Net sales change of (2.6)% includes impact of nearly 500 BPS from accretive, conventional product-focused network optimization $ in Millions 269 $8,158 39 $7,947 (469) (50) Q2 FY25 Natural Conventional Retail Eliminations Q2 FY26 Continuing to deliver on growing demand for natural
Slide 9: Q2 FY26 Adjusted EBITDA
Q2 FY26 Adjusted EBITDA Adjusted EBITDA grew over 23% driven by ongoing benefits of effectiveness and efficiency initiatives, including conventional product-focused network optimization as well as automation $ in Millions 15 33 $179 (12) (2) $145 Q2 FY25 Natural Conventional Retail Other Q2 FY26 Str
Slide 10: Lean transformation continues
Lean transformation continues Meaningful implementation progress but still in early stages of lean transformation Lean Deployment DC Count Other Key Lean Milestones 36 34 • Conducted 12 process improvement workshops during Q2 28 • Focus areas included improving seasonal item buying process, 20 reduc
Slide 11: Net debt and leverage continue to improve
Net debt and leverage continue to improve Strong free cash flow generation reduced net debt to lowest level since fiscal 2018 Net Debt Net Leverage Ratio ($ in millions) $2,046 $1,928 3.7x $1,897 $1,834 3.3x 3.3x $1,678 3.2x Down $368M YoY Down 1.0x YoY 2.7x Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q
Slide 12: Fiscal 2026 Outlook
Fiscal 2026 Outlook(1) Updated expectations reflects solid execution of effectiveness and efficiency initiatives as well as impact of optimization Capital and Cloud (2)(3) Implementation Net Sales Adjusted EBITDA(2) Adjusted EPS Expenditures (4) Free Cash Flow(4) $31.0 - $31.4B $680 - $710M $2.30 -
Slide 13: Summary
Summary • Solid first half of fiscal 2026 with strong growth in Adjusted EBITDA and Free cash flow • Customer performance and execution of value-creation strategy driving results • Remain focused on building capabilities that help customers and suppliers execute their unique business strategies to a
Slide 14: Appendix
Appendix
Slide 15: Capital Structure
Capital Structure Definitions and reconciliations for non-GAAP measures are provided at the end of the presentation. | 15
Slide 16: Free Cash Flow Performance
Free Cash Flow Performance Q2 FY26 YoY Dynamics Q2 Y/Y YTD Y/Y • Improving profitability largely driven by higher operating income and $ in millions lower net interest and depreciation expense. FY26 Change FY26 Change Net income including non-controlling • Working capital performance: 20 22 16 38 in
Slide 17: Non-GAAP and Operating Metric Definitions
Non-GAAP and Operating Metric Definitions Adjusted EPS: The non-GAAP adjusted earnings per diluted common share measure is a consolidated measure, which the Net leverage ratio (previously referred to as Net Debt to Company reconciles by adding Net income attributable to UNFI Adjusted EBITDA leverage
Slide 18: Reconciliation – Adjusted EBITDA
Reconciliation – Adjusted EBITDA | 18
Slide 19: Reconciliation – Adjusted EPS
Reconciliation – Adjusted EPS | 19
Slide 20: Reconciliation – Trailing Twelve Months Adjusted EBITDA
Reconciliation – Trailing Twelve Months Adjusted EBITDA | 20
Slide 21: Reconciliation – Adjusted EBITDA by Segment
Reconciliation – Adjusted EBITDA by Segment | 21
Slide 22: Reconciliation – Free Cash Flow
Reconciliation – Free Cash Flow | 22
Slide 23: Reconciliation – Net Leverage Ratio
Reconciliation – Net Leverage Ratio | 23
Slide 24: Thank you
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