United Natural Foods, Inc. · NYSE:UNFI
United Natural Foods — Q4 2026 Earnings Presentation
27 slides from United Natural Foods's earnings presentation, Sep 8, 2026
Slide 1: 4th Quarter Fiscal 2026
4th Quarter Fiscal 2026 September 8, 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 Jeremy Perron SVP Investor Relations & Corporate Development Opening Remarks Sandy Douglas Chief Executive Officer Financial Results Matteo Tarditi President & Chief Operating Officer Q&A | 3
Slide 4: Results Summary
Results Summary $ in Millions, except for per share data • Net sales in the quarter included an approximately Q4 FY26 Q4 FY25 Change FY26 FY25 Change 500 basis point adverse impact from planned optimization actions and 150 basis point impact of short-term project work, which were partially offset by
Slide 5: Opening Remarks
Opening Remarks Sandy Douglas Chief Executive Officer
Slide 6: Target Market Continues to Demonstrate Resilience and Growth
Target Market Continues to Demonstrate Resilience and Growth Value-creation strategy designed to support customer differentiation and shared, profitable growth Estimated Total US Grocery Market Retail Sales Size and Market Share 1. Representative differentiated grocers. Not exhaustive of all differe
Slide 7: UNFI's Value Creation Strategy
EC TIVENESS A EFF ND G EF FI UNFI's Value VIN C O Creation Strategy Adding value for IE PR NC customers IM Y We are focused on adding value for our customers and suppliers while becoming a more effective Shared and efficient company. Profitable Growth Our strategy uniquely positions us to help our p
Slide 8: Advancing Strategic Capabilities
Advancing Strategic Capabilities Aligned senior leadership structure to accelerate strategy, capability building, and enhance operational execution Adding Value for Becoming More Customers and Suppliers Effective and Efficient • Introduced over 130 new private brand • Continued to optimize the netwo
Slide 9: Strong Momentum Heading into FY27
Strong Momentum Heading into FY27 Well-positioned to drive strong profitability and free cash flow while reducing net leverage in FY27 and beyond Adjusted EBITDA Free Cash Flow Net Leverage Ratio $ Millions $ Millions 4.0x $323 ~$300 $239 3.3x $755 $701 2.2x <2.0x $552 $518 ($92) FY24 FY25 FY26 FY27
Slide 10: Financial Results
Financial Results Matteo Tarditi President & Chief Operating Officer
Slide 11: Q4 FY26 Net Sales
Q4 FY26 Net Sales Net sales change of (0.7)% included an approximately 500 basis point adverse impact from planned optimization actions and 150 basis point impact of short-term project work, which were partially offset by lapping last year’s cybersecurity incident $ in Millions 262 $7,696 $7,642 22
Slide 12: Q4 FY26 Adjusted EBITDA
Q4 FY26 Adjusted EBITDA Adjusted EBITDA growth driven by cycling of last year’s cybersecurity incident as well as ongoing conventional product- focused network optimization and continued productivity improvements $ in Millions 11 $172 39 1 $116 5 Q4 FY25 Natural¹ Conventional¹ Retail¹ Other¹ Q4 FY26
Slide 13: Lean Continues to Scale Across UNFI
Lean Continues to Scale Across UNFI Chart figures indexed to Q4 FY25 Fill Rate On-Time Delivery Rate Throughput 112 105 102 100 100 100 Up 2 PTS Up 5 PTS Up 12 PTS Q4'FY25 Q4'FY26 Q4'FY25 Q4'FY26 Q4'FY25 Q4'FY26 • Steady progress made on technology solution deployments, which is benefiting network a
Slide 14: Net Debt and Leverage Continue to Improve
Net Debt and Leverage Continue to Improve Free cash flow generation reduced net debt to lowest level since fiscal 2018 Net Debt Net Leverage Ratio ($ in millions) $1,897 3.3x 3.2x $1,834 2.7x $1,678 2.5x $1,632 2.2x $1,539 Down $295M YoY Down 1.1x YoY Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q4 FY25
Slide 15: Fiscal 2027 Outlook
Fiscal 2027 Outlook(1) Reflects high-confidence plan to deliver another year of improved performance Capital and Cloud (2)(3) Implementation Net Sales Adjusted EBITDA(2) Adjusted EPS Expenditures (4) Free Cash Flow(4) $31.2 - $31.8B $730 - $780M $3.00 - $3.50 ~ $300M $275-$325M ~ $300M (+1% at midpo
Slide 16: Key Takeaways
Key Takeaways Disciplined execution of our value-creation strategy is generating strong Adjusted EBITDA and Free Cash Flow Continuing to advance capability building to add value for customers and suppliers Strategically investing in technology and next-gen supply chain solutions, while advancing lea
Slide 17: Appendix
0D. BETTER FUTURE. . ~ oe a
Slide 18: Capital Structure
Capital Structure $ in millions Maturity Rate(1) FY24 Q1 FY25 Q2 FY25 Q3 FY25 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Secured term loan B(2) May 2031 S + 4.00% $499 $498 $496 $495 $383 $382 $372 $371 $370 ABL revolver(3) April 2031 S + 1.125% 983 1,146 970 862 869 927 731 799 733 ABL FILO tranche April
Slide 19: Free Cash Flow Performance
Free Cash Flow Performance Q4 Y/Y Y/Y $ in millions FY26 FY26 Change Change Q4 FY26 YoY Dynamics Net income including non-controlling interests 35 121 84 199 Depreciation and amortization 78 (1) 303 (18) • Improving profitability largely driven by higher operating income and lower net interest expen
Slide 20: 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 21: Reconciliation – Adjusted EBITDA
Reconciliation – Adjusted EBITDA Reconciliation of Net income (loss) including noncontrolling interests to Adjusted EBITDA (unaudited) 1) Fiscal 2026 primarily reflects distribution center and store closure charges, costs associated with certain employee severance and other employee separation costs
Slide 22: Reconciliation – Adjusted EPS
Reconciliation – Adjusted EPS Reconciliation of Net income (loss) attribute to United Natural Foods, Inc. 1) Fiscal 2026 primarily reflects distribution center and store closure charges, costs associated with certain employee to Adjusted net income (loss) and Adjusted EPS (unaudited) severance and o
Slide 23: Reconciliation – Trailing Twelve Months Adjusted EBITDA
Reconciliation – Trailing Twelve Months Adjusted EBITDA Trailing four quarters Adjusted EBITDA | 23
Slide 24: Reconciliation – Adjusted EBITDA by Segment
Reconciliation – Adjusted EBITDA by Segment Adjusted EBITDA by Segment(1) | 24
Slide 25: Reconciliation – Free Cash Flow
Reconciliation – Free Cash Flow Reconciliation of Net cash provided by operating activities to Free cash flow (unaudited) | 25
Slide 26: Reconciliation – Net Leverage Ratio
Reconciliation – Net Leverage Ratio Calculation of Net Debt to Adjusted EBITDA Leverage Ratio (unaudited) | 26
Slide 27: Thank You
Thank You LNFl BETTER FOOD. BETTER FUTURE.