The Chefs' Warehouse, Inc. · NASDAQ:CHEF
The Chefs' Warehouse — Investor Day (March 2025)
33 slides from The Chefs' Warehouse's investor day presentation, Mar 13, 2025
Slide 1: Chefs' Warehouse Investor Day
Chefs’ Warehouse Investor Day Thursday, March 13, 2025
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: Today's Speakers
Today’s Speakers Chris Pappas Jim Leddy John Pappas Founder, Chairman, President, and CEO CFO COO, Founder and Vice Chairman Pat O’Callaghan Ari Pappas EVP – Midwest, East Coast, VP Digital Product and International and Innovation Ken Klauser Lex Carter VP Pricing and Procurement Director of Treasur
Slide 4: Key Topics and Agenda
Key Topics and Agenda Introduction Lex Carter Chefs’ Warehouse Chris Pappas Overview Sales Team Pat O’Callaghan Digital Platform Ari Pappas Innovation Procurement and Pricing Ken Klauser Distribution and John Pappas Operations Capital Allocation and Jim Leddy Path to 2028 Q&A 4
Slide 5: Chefs' Warehouse Overview
Chefs’ Warehouse Overview Chris Pappas Founder, Chairman, President, and CEO 5
Slide 6: Chefs' Warehouse Footprint
Chefs’ Warehouse Footprint ~ 50,000 + Customers ~ 1,000 Sales Professionals 49 Distribution Center locations ~ 88,000 SKUs ~ 1,000 Fleet ~ 4,000 Suppliers 6
Slide 7: Unique Competitive Position
Unique Competitive Position Average Average Specialty Broadline Distributors Distributors Breadth and Depth of Specialty Products ✓ Broadline Selection ✓ ✓ Geographic Diversity ✓ ✓ Chef Focused ✓ ✓ Relationship Oriented ✓ ✓ Differentiated ✓ ✓ High Growth ✓ 7
Slide 8: Market Share Expansion & Customer Engagement
Market Share Expansion & Customer Engagement Customer Growth Category growth Digital Platform • Continue to gain share via growing unique customers • Grow relevance with customers via category growth and unique item penetration growth Compliment sales force with category specialists – team selling
Slide 9: Scaling Into Investments in Infrastructure
Scaling Into Investments in Infrastructure Continue to expand and consolidate facilities/routes in certain markets • NorCal COP consolidation completed in Q4 2024 • Florida consolidation of COP/specialty • Southern California – Capacity in place and Category expansion • New England route and categor
Slide 10: Create "True" Chefs' Warehouse in Key Markets
Create “True” Chefs’ Warehouse in Key Markets Florida • Beta CW model to create one-stop-shop for Chefs/operational efficiencies • High-growth market with expanded capacity and categories • Integration with protein cut-shop - ops efficiencies/GP$ growth • Expanded Sales force – early innings of matu
Slide 11: Chef Middle East – Growth in a Dynamic Market
Chef Middle East – Growth in a Dynamic Market • Distribution Center Expansion: Completed Q4 2024 • State-of-the-Art Test Kitchen and Sales Training Facility • Dubai Population Rapidly Growing with High-Net-Worth Demographic Concentration • 2025/26 GDP +4%-5%, 100+ New Hotels Expected Focused on Luxu
Slide 12: Sales Team
Sales Team Pat O’Callaghan EVP – Midwest, East Coast, and International 12
Slide 13: Sales Team and CW Go-to-Market Model
Sales Team and CW Go-to-Market Model • Sales Associates supported by experienced regional leaders, recognized as high-end food service segment leaders in our mature markets • Team-Selling Approach - Category specialists provide training and in- market support for our sales team, facilitating categor
Slide 14: Strategic Regional Investments
Strategic Regional Investments Sales Team strategy aligns with investments in growth markets Northern California • $30M COP Facility expansion • 4-plant consolidation • $120M rev. Produce acquisition New England, New York, Pennsylvania • Combine Produce, Specialty, COP • Ops efficiency gains Souther
Slide 15: Digital Platform Innovation
Digital Platform Innovation Ari Pappas VP Digital Product and Innovation 15
Slide 16: Chefs' Warehouse Digital Transformation
Chefs’ Warehouse Digital Transformation Serving over 20,000 customers across Markets and Categories Mission • Save chefs’ time by making product discovery effortless • Expose customers to new products and inspire innovation • Create a unified digital experience across the Chefs’ Warehouse family • E
Slide 17: Chefs' Warehouse Digital Transformation
Chefs’ Warehouse Digital Transformation Personalized experiences • Using advanced personalization engines, we are optimizing our customers’ attention by providing them with efficient workflows and hyper-relevant product and content recommendations. Behavioral data analytics • Using new sources of be
Slide 18: Procurement and Pricing
Procurement and Pricing Ken Klauser VP Pricing and Procurement 18
Slide 19: Supplier Partnerships and Procurement
Supplier Partnerships and Procurement Predictive Demand/Forecasting • Datawarehouse and analytics suite • Forward cost analysis to take advantage of inflationary cost environment • Enhancing automation within Supply Chain Purchasing Platform • Improved inventory planning via optimizing local vs. nat
Slide 20: Pricing – Team + Technology to Support Sales
Pricing – Team + Technology to Support Sales CW Dynamic Pricing Model (DPM) – Current Phase • Sales support via hybrid regional/national pricing function • Salesforce education & expanded tools utilization • Peer comparison for opportunity assessments • Sales/Pricing Team partnership key to margin s
Slide 21: Distribution and Operations
Distribution and Operations John Pappas COO, Founder and Vice Chairman 21
Slide 22: Facility and Route Strategy
Facility and Route Strategy New England • Consolidated routes of Allen Brothers / Foley Fish / Sid Wainer - reducing overhead • 55% fleet conversion to dual temp. vehicles – drives gross profit dollar growth NY Metro/Mid-Atlantic • Optimize Philly/NJ/NY/Maryland routes to drive opex savings Florida
Slide 23: Technology to Improve Operational Efficiency
Technology to Improve Operational Efficiency Select Prime • Order selection moving from voice pick to Select Prime wrist computer with ring scanning • Implemented in 8 of our Specialty locations in 2024 and on track to complete 6 Specialty locations in 2025 • Error/waste reduction - quicker training
Slide 24: Capital Allocation and Path to 2028
Capital Allocation and Path to 2028 Jim Leddy CFO 24
Slide 25: Capital Allocation
Capital Allocation 2024 Capex $180 Richmond CA Expansion $160 $153mm Chefs Middle East Expansion $140 IT/Digital Platform Maintenance/Equipment $120 $20mm $100 ($49mm) $80 ($17mm) ($23mm) $65mm $60 ($19mm) $40 $20 $0 Cash From Capex Cash Debt ABL Share Repo Other* Net Cash Ops Repayment Borrowings I
Slide 26: Invested Capital in High Growth Markets
Invested Capital in High Growth Markets • $1 billion + combined revenue presence New York Metro • ~5% to 10% YOY revenue growth Northern California • High EBITDA margin flow thru on growth Florida • $1 billion + combined revenue presence Chefs Middle East • Market presence small vs. opportunity Texa
Slide 27: Fiscal 2025 Guidance
Fiscal 2025 Guidance $3.94 billion to $4.04 Net Sales billion $951 million to $976 Gross Profit million $233 million to $246 Adjusted EBITDA* million Mid-point of guidance implies ~10% adj. EBITDA flow thru on est. revenue growth *Please refer to reconciliation of Adjusted EBITDA and Adjusted EBITDA
Slide 28: 2028 Financial Goals
2028 Financial Goals $400.0 $300 - $350 $350.0 Procurement Digital $300.0 & Pricing Sales Operations AI driven Adj. $250.0 Acquisition Growth Merch. $219 Predictive EBITDA $ Millions Integration Route 6.5 -7.0% $200.0 4 – 7% Consolidation demand Real-time Texas (organic) forecasting data to $150.0 A
Slide 29: Reconciliation of Adjusted EBITDA – 2024 & 2025 Guidance
Reconciliation of Adjusted EBITDA – 2024 & 2025 Guidance 2025 Low-End 2025 High-End Fiscal Years Ended 2024 Guidance Guidance (Unaudited, in millions) Net Income $ 55.5 $ 68.0 $ 72.0 Interest Expense 48.7 42.0 44.0 Depreciation and Amortization 64.9 74.0 76.0 Provision for income tax expenses 24.0 2
Slide 30: Q&A Session
Q&A Session iw ‘chefswaREHOUSE 30
Slide 31: Speaker Bios
Speaker Bios iw ‘chefswaREHOUSE 31
Slide 32: Speaker Bios
Speaker Bios Christopher Pappas is our founder and has served as CEO since 1985, as well as Board chairman since our IPO. He has been our president since 2009 and had also held the position from the company’s formation until 2007. With a degree in Business Administration from Adelphi University, he
Slide 33: Speaker Bios (cont.)
Speaker Bios (cont.) Pat brings more than 30 years of foodservice distribution experience to his role as EVP, wherein he serves as the general manager of our specialty divisions in the Eastern half of the country. He joined CW at the start of 2013 as a result of the acquisition of the company he co-