Freshpet, Inc. · NASDAQ:FRPT
Freshpet — Deutsche Bank Global Consumer Conference 2026
40 slides from Freshpet's conference presentation, Jun 2, 2026
Slide 1: Deutsche Bank Global Consumer Conference
Deutsche Bank Global Consumer Conference June 2, 2026 1 DEUTSCHE BANK GLOBAL CONSUMER CONFERENCE 2026
Slide 2: Forward Looking Statements & Non-GAAP Measures
Forward Looking Statements & Non-GAAP Measures Forward-looking statements Non-GAAP measures Certain statements in this presentation by Freshpet, Inc. (the Freshpet uses certain non-GAAP financial measures, including business than could be obtained absent this disclosure. “Company”) constitute “forwa
Slide 3: Today's Presenters
Today’s Presenters JOINED JOINED JOINED 2016 2024 2026 Billy Cyr | CEO Nicki Baty | COO John O’Connor | CFO DEUTSCHE BANK GLOBAL CONSUMER CONFERENCE 2026 3
Slide 4: An Advantaged Position in the Future Pet Food Category
An Advantaged Position in the Future Pet Food Category DEUTSCHE BANK GLOBAL CONSUMER CONFERENCE 2026 4
Slide 5: Key Messages
Key Messages Generational transition is leading to fresh being the pet food segment of the future Our investment in manufacturing scale and expertise delivers a more appealing, diverse portfolio of products at low cost that insulates our business from narrowly focused competitors We are building a c
Slide 6: Nourishing Pets, People & Planet
Fresh, wholesome, All-natural foods Humanization of pets Nourishing Pets, People & Planet We pioneer fresh food technology We define the best, real food We are widely accessible & available Wellness We lead category growth DEUTSCHE BANK GLOBAL CONSUMER CONFERENCE 2026 6
Slide 7: Freshpet's opportunity
Freshpet’s opportunity Large category, Growing Total Improving growing Addressable returns on market share Market (TAM) capital Source: NIQ Total US Pet Food $ - OmniChannel by Category 52 Weeks Ended 3/28/26 DEUTSCHE BANK GLOBAL CONSUMER CONFERENCE 2026 7 Total Addressable Market based on Internal
Slide 8: Consumers are choosing to switch to Freshpet
Consumers are choosing to switch to Freshpet ~$56B ~$38B $10B U.S. pet food Dog food and Estimated Future category1 treats category1 Fresh/Frozen Category2 Source: 1. NIQ Total US Pet Food $ - OmniChannel by Category 52 Weeks Ended 3/28/26 DEUTSCHE BANK GLOBAL CONSUMER CONFERENCE 2026 8 2. Freshpet
Slide 9: The category is evolving as pet parents choose fresh/frozen
The category is evolving as pet parents choose fresh/frozen over legacy dry and wet dog food Dog food dollar share in total US food year-over-year Dry $ Share Wet $ Share Fresh $ Share 73.3% Dry 51.2% 47.9% Dollar Share Dry 32.1% 27.4% Wet 23.1% Fresh 24.6% 23.1% 21.4% 20.0% 2.2% Wet Fresh 2014 2015
Slide 10: Generational transition grows our Total Addressable Market
Generational transition to younger pet parents grows our Total Addressable Market (TAM) enabling the future $10 billion category Freshpet Total Addressable Market (households in millions) 36 33 27 2023 2024 2025 Source: Internal Proprietary Model DEUTSCHE BANK GLOBAL CONSUMER CONFERENCE 2026 10
Slide 11: Broad-based household adoption of fresh drives growth
Broad-based household adoption of fresh drives growth Freshpet Household Penetration 16.0M 14.3M 10.3M 7.5M 4.8M 2018 2020 2022 2024 L52W 2026 Source: Numerator, 52W 4/12/26 DEUTSCHE BANK GLOBAL CONSUMER CONFERENCE 2026 11
Slide 12: Broad-based household adoption across income levels drives growth
Broad-based household adoption across income levels drives growth Freshpet Households Split by Income Group 45% 34% 21% Low Income Middle Income High Income Source: Numerator, 52W 4/19/26 DEUTSCHE BANK GLOBAL CONSUMER CONFERENCE 2026 12
Slide 13: Broad-based household adoption by Millennials and Gen Z drives growth
Broad-based household adoption by Millennials and Gen Z drives growth Generational Trends Freshpet Category Household Growth: Freshpet vs. Category 13% 12% 12% 7% 5% 3% -1% 28% of Freshpet households and growing -3% Boomers Gen X Millennial Gen Z Source: Numerator, 52W 4/12/26 DEUTSCHE BANK GLOBAL C
Slide 14: Omni-channel access drives buy rate amongst younger consumers
Omni-channel access drives buy rate amongst younger consumers Millennial / Gen Z Dog Food Buy Rate by Channels More Access = More Spend +205% +141% +77% 1 Channel 2 Channels 3 Channels 4 Channels Source: Numerator, 52W 4/12/26, % increase vs 1 channel DEUTSCHE BANK GLOBAL CONSUMER CONFERENCE 2026 14
Slide 15: Freshpet brand strength moves from niche to mainstream
Freshpet brand strength moves from niche to mainstream 1 in 5 2nd most dog food buyers popular brand purchase among New Gen Z/Millennial dog households The future growth of pet is expanding into Freshpet’s sweet spot Source: Numerator, CY 2025 DEUTSCHE BANK GLOBAL CONSUMER CONFERENCE 2026 15
Slide 16: We are still in the early part of our growth journey
We are still in the early part of our growth journey as a company Innovators Early adopters Early majority Late majority Laggards Source: Rogers Diffusion of Innovation DEUTSCHE BANK GLOBAL CONSUMER CONFERENCE 2026 16
Slide 17: Pioneering innovative product forms with unique production technologies
Pioneering innovative product forms with unique production technologies 2006 2010 2015 2018 2021 2023 2025 DEUTSCHE BANK GLOBAL CONSUMER CONFERENCE 2026 17
Slide 18: Introducing breakthrough bag technology
Introducing breakthrough bag technology – creating the best consumer experience of ‘real’ food Our New Bag Technology Simplified recipes Clean ingredients Aroma Shape Texture Quality Color Consistency, days open DEUTSCHE BANK GLOBAL CONSUMER CONFERENCE 2026 18
Slide 19: 3 kitchens, 16 production lines, 3 product forms
Today, we have 3 kitchens 16 production lines 3 product forms delivering: Highest Quality, Robust Lowest Best Product Shelf Life Cost DEUTSCHE BANK GLOBAL CONSUMER CONFERENCE 2026 19
Slide 20: Breadth & depth of affordable to ultra-premium products
Enabling a breadth & depth of affordable to ultra-premium products 81% of product sales you can buy for less than ≤$5/day to feed a 30 lb dog <$3 $3 - $5 $5+ 41% sales | ~10 products 40% sales | ~20 products 19% sales | ~30 products Source: Internal Data DEUTSCHE BANK GLOBAL CONSUMER CONFERENCE 2026
Slide 21: Our fresh pet food leadership is built on strategic competitive advantages
Our fresh pet food leadership is built on strategic competitive advantages Fresh manufacturing Unmatched fridge & Strong Continuous product technology expertise distribution network brand equity innovation & scale 30K+ 39K+ stores fridges Our unique mix of assets and capabilities gives us a scale ad
Slide 22: How Freshpet Wins the $10B Opportunity
We are just getting started: How Freshpet Wins the $10B Opportunity DEUTSCHE BANK GLOBAL CONSUMER CONFERENCE 2026 22
Slide 23: Building a franchise with new main meal households (MVPs)
Building a franchise with new main meal households (MVPs) Balancing early household penetration gains with future penetration + buy rate growth Household Penetration MVP Buy Rate TRANSITION BUILD ERA PENETRATION ERA BUY RATE ACCELERATION > PENETRATION 25,000,000 STRATEGIC $1,300 EVOLUTION $1,100 20,
Slide 24: Today, we have reached 25% of the potential MVP TAM
Today, we have reached 25% of the potential MVP TAM MVP acquisition creates a large sticky, durable growth engine Freshpet MVP Today Freshpet Addressable Market 2.5M Dog Food 78M Households MVP Households Fresh TAM Healthy Foodie $517 ~$2,500 36M HHs Lifetime spend last 3yr Annual buy rate Meaningfu
Slide 25: Introducing our Most Valuable Pet Parent (MVP)
Introducing our Most Valuable Pet Parent (MVP) Deep connection Look for the care and Want my dog to eat whatever it takes to attention that goes and live like I do, for protect their dog’s into the food longer life together health & happiness Source: Internal proprietary model DEUTSCHE BANK GLOBAL C
Slide 26: Accelerating Growth by Attracting New + Retaining MVPs
Accelerating Growth by Attracting New + Retaining MVPs >80% ‘Real’ Food of MVPs Leadership believe fresh, real, simple food is important 1 of 2 Omni Access MVP Prospects & Demand don’t go down the pet aisle in grocery Generation Source: Internal proprietary model DEUTSCHE BANK GLOBAL CONSUMER CONFER
Slide 27: Expanding our product leadership in 'real' food
‘Real’ Food Leadership Expanding our product leadership in ‘real’ food drives main meal feeding & buy rate Visibly Different Clean, High Quality Products Visibly Different Sourced by Freshest, Dog Happiness & Health Best Ingredients Visibly Different Texture, Engaging Vets with Real Superior Aroma &
Slide 28: Freshpet continues to grow quickly and outsell competitive entries
‘Real’ Food Leadership Freshpet continues to grow quickly, gain new distribution points and outsell all competitive entries at retail Nielsen xAOC Large Club Retailer Freshpet Velocity vs. Competition Freshpet Velocity vs. Competition 1,200 Last 4-week FRPT consumption growth = ~45% $1,024 $974 $16.
Slide 29: 70% of our MVPs shop across channels
Omni Access & Demand Generation Today, 70% of our MVPs shop across channels and we have an under-developed share in the channels with the highest buy rate potential Freshpet Dollar Share of Category 23.0 SHARE GROWTH 9.6 OPPORTUNITY 6.2 2.1 0.4 Grocery Mass Club Pet Amz+Chy Pure Play Online Retail B
Slide 30: Fridge network creates on-demand access with micro fulfillment
Omni Access & Demand Generation Decades of building a fridge network now creates unparalleled on-demand access with ‘micro fulfillment’ centers serving ~80% of our online sales Store count 39,464 Fridge count 30,425 Building multiple chillers Freshpet’s Retail + fast last mile distribution network +
Slide 31: Reimagining retail with island chillers
Omni Access & Demand Generation We are reimagining retail with island chillers to transform the pet food category to a destination shopping experience FROM: TO: In Aisle Fixture Destination Limited Expanded Assortment Range Constrained Holding inventory Power Branding Story telling DEUTSCHE BANK GLO
Slide 32: Building capabilities for online-only MVP shoppers
Omni Access & Demand Generation For online-only MVP shoppers, we are quickly building capabilities to reach ultra loyal buyers of fresh Pure Play (Online retailers) Direct to Consumer (DTC) Improving search, content Developing a direct relationship and subscription on key with MVPs by customized MVP
Slide 33: Demand generation model evolves
Omni Access & Demand Generation Freshpet demand generation model evolves to drive ‘real’ food leadership & omnichannel access Media Message Measurement HOW WHAT HOW WELL the shopper is reached motivates purchase demand is driven (Touchpoints/Activation) (Reason to Buy) (Performance & Tech Efficiency
Slide 34: Delivering Omni-Demand Driving Experiences
Developing vet engagement Building consideration Interactive with influencers shopping Delivering Omni-Demand Driving Stimulating demand Experiences Discovery through storytelling in-store DEUTSCHE BANK GLOBAL CONSUMER CONFERENCE 2026 34
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Slide 36: Guidance & Capital Allocation
Guidance & Capital Allocation DEUTSCHE BANK GLOBAL CONSUMER CONFERENCE 2026 36
Slide 37: FY 2026 Guidance
FY 2026 Guidance Additional considerations: • Net Sales: Uncertain consumer environment; lapping large Current club customer expansion in Q3 • Adjusted Gross Margin: Expect ~50-100 bps improvement Net Sales Growth YoY 8% - 11% year-over-year at midpoint of sales range • Inflation: Now anticipate hig
Slide 38: 2027 Targets
2027 Targets Advertising & Innovation Net sales well in Expand HH Drive Efficiencies Penetration & >Category excess of category Buy Rate growth rate Build Organization >48% Adjusted Gross Margin Target Capability to Increase Increase Effectiveness & Velocity Leverage Scale 20-22% Adjusted EBITDA Mar
Slide 39: Capital Allocation Priorities
Capital Allocation Priorities Revenue Generation & Growth: • Media & advertising • Portfolio innovation & expansion • Go to market capabilities Capital Expenditures: • Capacity expansion • Fridge network expansion • Product technology innovation • Manufacturing productivity enhancements Return Exces
Slide 40: Thank you!
Thank you! DEUTSCHE BANK GLOBAL CONSUMER CONFERENCE 2026 40
Freshpet — Deutsche Bank Global Consumer Conference 2026 on 6ix