United Natural Foods, Inc. · NYSE:UNFI
United Natural Foods — Investor Day (December 2025)
100 slides from United Natural Foods's investor day presentation, Dec 10, 2025
Slide 1: Welcome
Welcome
Slide 2: Better Food. Better Future.
UNFIT | cio" BETTER FOOD. BETTER FUTURE.
Slide 3: 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 4: Today's Agenda
Today’s Agenda Advancing Our Strategy Sandy Douglas, Chief Executive Officer Operational Plan & Roadmap Matteo Tarditi, President & Chief Financial Officer People & Culture Danielle Benedict, Chief Human Resources Officer Sandy Douglas, Chief Executive Officer Retail Fireside Chat David Best, Presid
Slide 5: Advancing Our Strategy
Advancing Our Strategy Sandy Douglas Chief Executive Officer
Slide 6: Better Food. Better Future.
Better Food. Better Future. At UNFI, we’re guided by a simple purpose: to bring better food to more people, and in turn, to create a better future for the businesses and communities we serve. Investor Day 2025 | 6
Slide 7: Clear Path to Create Shared Value
What You'll Hear Today: Clear Path to Create Shared Value Updated FY28 Financial Our roadmap toward our aspiration of becoming the Commitments 1 most valued partner to grocery retailers and suppliers Improving value for retailers and suppliers through competitively- LSD Avg. Annual 2 priced and diff
Slide 8: Experienced and Engaged Management Team
Experienced and Engaged Management Team Mark Bushway Sandy Douglas Matteo Tarditi President, Natural, Organic, Specialty Chief Executive Officer President & Chief Financial Officer & Fresh Products and UNFI Chief Supply Chain Officer Louis Martin David Best President, Conventional Grocery Mario Maff
Slide 9: History of Bringing Better Food to More People
History of Future | Creating Shared Value • Sharpened focus on adding value and Bringing Better improving effectiveness + efficiency • Building long-term capabilities to help Food to More customers and suppliers win People 2020s | Refreshed Leadership & Growth Strategy • Strengthened management team
Slide 10: A Leading Wholesale Grocery Partner
UNFI Today: A Leading Wholesale Grocery Partner Advantaged Scale Across Grocery Retail Natural Conventional Retail FY25 Net Sales FY25 Adj. EBITDA 49 Distribution centers across the US & Canada 28% 49% ~$ 32B 44% $ 552M 1% ~10K Suppliers within >1B Cases planned for our network delivery in 2026 71%
Slide 11: Large, Fragmented, and Expanding Market
Large, Fragmented, and Expanding Market Target Market Is Made Up of Attractive Segments Growing $90B Diverse Product Attractive Retailer Segments1 Target Market1 Portfolio1 $60B +LSD $20B Multicultural and growing $90B Natural $75B Premium Experiences $30B and ~flat $15B Conventional 2024 2029E Comm
Slide 12: UNFI's Strategy at Scale
UNFI’s Strategy ING EFFEC TIVENESS A ND EF FI at Scale V C O 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 and Shared efficient company. Profitable Growth Our strategy uniquely positions us to help our partners
Slide 13: Accelerating Key Capabilities to Deliver Strategy
Accelerating Key Capabilities to Deliver Strategy Adding Value Customer Merchandising & Professional & Private for Customers Stewardship Supplier Support Digital Services Brands & Suppliers Improving Technology & Next Generation Effectiveness Innovation Supply Chain Productivity & Efficiency On a Fo
Slide 14: Delivering on Our Commitments
Delivering on Our Commitments Investor Day 2025 | 14
Slide 15: FY25: Delivering on Our Commitments
FY25: Delivering on Our Commitments Financial Finished fiscal 2025 at or above our initial outlook Results for net sales, Adjusted EBITDA, and free cash flow Net Reduced our net leverage ratio from 4x to 3.3x, Leverage with net debt at the lowest level since 2018 Operational Brought Lean practices i
Slide 16: Introducing New FY25-FY28 Financial Targets
Introducing New FY25- FY28 Financial Targets LSD Avg. Annual Net Sales Growth: FY28 ~$33B LDD Avg. Annual Adj. EBITDA Growth: FY28 ~$800M Adj. EBITDA +65 bps Margin Rate FY28 ~2.4% Free Cash Flow ~$300M/year Note: Definition and reconciliations for non-GAAP measures are provided at the end of the pr
Slide 17: Clear Path to Create Shared Value
Key Takeaways: Clear Path to Create Shared Value FY25-FY28 Financial Targets We are executing a focused strategy to add value for customers and suppliers LSD Avg. Annual within our target market while becoming Net Sales Growth a more effective and efficient company. LDD Avg. Annual Adj. We believe t
Slide 18: Operational Plan & Roadmap
Operational Plan & Roadmap Matteo Tarditi President & Chief Financial Officer
Slide 19: Strengthening Capabilities to Create Sustained Value
What You’ll Hear Today: Strengthening Capabilities to Create Sustained Value We are building strategic capabilities to create incremental value for customers, suppliers, and UNFI. By combining these capabilities at scale with our strong operational discipline, we believe we can create sustained, pro
Slide 20: Accelerating Key Capabilities to Deliver Strategy
Accelerating Key Capabilities to Deliver Strategy Adding Value Customer Merchandising & Professional & Private for Customers Stewardship Supplier Support Digital Services Brands & Suppliers Improving Technology & Next Generation Effectiveness Innovation Supply Chain Productivity & Efficiency On a Fo
Slide 21: Accelerating Key Capabilities to Deliver Strategy
Accelerating Key Capabilities to Deliver Strategy Adding Value Customer Merchandising & Professional & Private for Customers & Suppliers Stewardship Supplier Support Digital Services Brands Improving Technology & Next Generation Effectiveness Innovation Supply Chain Productivity & Efficiency On a Fo
Slide 22: Customer Stewardship
Customer Stewardship Significant opportunity to earn customer share UNFI share of customer cost of goods spend1 1 Product-oriented customer teams 80%+ 45-55% 2 Tailored, personalized customer approach 3 Collaborative, win-win growth partnerships Avg. Top Decile Customer Customer UNFI’s customer focu
Slide 23: Merchandising and Supplier Support
Merchandising and Supplier Support Building high-value, innovative, Accelerate merchandising growing assortment capability to drive growth 2025 estimated net growth by product type1 • Lead on growing categories and innovating brands 5-6% 4-5% • Help retailers create unique assortments • Increase pri
Slide 24: Professional and Digital Services
Professional and Digital Services Expanding portfolio to drive operational efficiency and business growth for our retailers Significant potential for • Base Services – Including ordering portal, price management service penetration • Premium Services – Including payments processing, coupon Number of
Slide 25: Private Brands
Private Brands Building winning private brands Significant potential for and driving margin upside private brands penetration Based on Q1FY26 UNFI net sales Innovate across the portfolio Drive adoption of new products ~4x Create tailored offerings Manage sourcing rigorously UNFI Natural UNFI Convent
Slide 26: Accelerating Key Capabilities to Deliver Strategy
Accelerating Key Capabilities to Deliver Strategy Adding Value Customer Merchandising & Professional & Private for Customers Stewardship Supplier Support Digital Services Brands & Suppliers Improving Technology & Next Generation Effectiveness Productivity & Efficiency Innovation Supply Chain On a Fo
Slide 27: Effectiveness – Supply Chain at Scale
Effectiveness – Supply Chain at Scale Competitive +11pts Advantage Fill Rates 100 111 Our supply chain at scale (Indexed to 100) creates a competitive advantage for retailers, Q1FY23 Q1FY26 suppliers, and UNFI Improved fill rates and on-time delivery enhance +5pts reliability and effectiveness On-Ti
Slide 28: Next Generation Supply Chain
Next Generation Supply Chain Transforming supply chain network to …driving improved operational and better serve customers and suppliers… financial outcomes through growth curve Throughput Shrink/Net Sales (Indexed to 100) • Investing in innovation, including AI-powered (13) bps +9pts emerging techn
Slide 29: Technology & Innovation
Technology & Innovation Simplicity Performance Effectiveness Building a resilient, Using technology to & Efficiency frictionless technology improve service levels and Modern, integrated ecosystem with security help partners more systems that improve at the center effectively compete speed and outcom
Slide 30: Productivity
Productivity Improved OpEx efficiency in With clear runway to continue DCs through growth curve improvements via rigorous execution OpEx as % of net sales Lean Implemented (50) bps Deployment in 34 out of 49 DCs Indirect Upcoming initiatives to address Costs full scope of indirect cost base Process
Slide 31: UNFI's Lean Transformation
UNFI’s Lean Transformation Investor Day 2025 | 31
Slide 32: UNFI's Lean Transformation
UNFI’s Lean Transformation Deliberate approach to deploying Lean across UNFI Focus on the customer, continuous improvement, waste elimination at every turn Impact Broaden Adoption Stronger customer relationships 2026+ Scale Practices 2025-2026 • Promote Lean leadership Safety, quality, delivery, Bui
Slide 33: Lean Daily Management (LDM) in Action
Lean Daily Management (LDM) in Action Progress at Early LDM Adopter DC on West Coast Launched Lean Daily Management in December 2024 +9% +3% (16)% Dec 2024 Oct 2025 Dec 2024 Oct 2025 Dec 2024 Oct 2025 Throughput On-Time Delivery Shrink All LDM best practices being scaled across DC Network Investor D
Slide 34: Strengthening Capabilities to Create Sustained Value
Key Takeaways: Strengthening Capabilities to Create Sustained Value We are building strategic capabilities to create incremental value for customers, suppliers, and UNFI. By combining these capabilities at scale with our strong operational discipline, we believe we can drive sustained, profitable gr
Slide 35: People & Culture
People & Culture Danielle Benedict Chief Human Resources Officer
Slide 36: UNFI Talent Driving Strategy & Capabilities
What You’ll Hear Today: UNFI Talent Driving Strategy & Capabilities 1 Our team is our #1 differentiator We have a strong and experienced 2 senior management team We’re building the next generation of 3 talent to accelerate our capabilities Investor Day 2025 | 36
Slide 37: Our People-First Culture Drives Our Purpose
Our People-First Culture Drives Our Purpose Shared Purpose Strong Foundation Next Generation Better Food. Better Future. For nearly 50 years, UNFI Our passion for serving Drives associate engagement associates have taken pride customers and suppliers and high performance in delivering better food to
Slide 38: Our Values
Our Values Better Every Day Do The Right Thing Win Together We continuously improve by We choose what’s right over what’s We work as one UNFI team, staying curious, never settling for comfortable, prioritizing the safety, holding each other accountable the status quo, and challenging security, and w
Slide 39: Experienced and Engaged Management Team
Experienced and Engaged Management Team Mark Bushway Sandy Douglas Matteo Tarditi President, Natural, Organic, Specialty Chief Executive Officer President & Chief Financial Officer & Fresh Products and UNFI Chief Supply Chain Officer Louis Martin David Best President, Conventional Grocery Mario Maff
Slide 40: Accelerating Key Capabilities to Deliver Strategy
Accelerating Key Capabilities to Deliver Strategy Adding Value Customer Merchandising & Professional & Private for Customers Stewardship Supplier Support Digital Services Brands & Suppliers Improving Technology & Next Generation Effectiveness Innovation Supply Chain Productivity & Efficiency On a Fo
Slide 41: UNFI Leaders Accelerating Capabilities
UNFI Leaders Accelerating Capabilities Kelly Sosa JJ Schlangen Saman Saiy Tyler Buttle President, Conventional President, Natural President, Whole SVP, Commercial Products Products Foods / Amazon Value Creation Investor Day 2025 | 41
Slide 42: Investing in Leadership Development
Investing in Leadership Development Adopting a Lean mindset across the enterprise High-impact development programs focus on commercial and operational competencies Focus: leading high-performing teams that deliver value for UNFI people and partners Investor Day 2025 | 42
Slide 43: UNFI Leadership Development in Action
UNFI Leadership Development in Action Belinda Bowman Ron Selders Ria Gray Operations Manager II, Atlanta President, Fresh VP, Grocery, Frozen & Distribution Center Dairy Merchandising Investor Day 2025 | 43
Slide 44: Our High-Performing Culture
Our High-Performing Culture Organizational Effectiveness Reducing managerial layers to drive faster decision-making across the business Value Delivery Office Drives strategic initiatives, operating discipline, and accountability across the enterprise Core Values Recruiting talent that models Better
Slide 45: UNFI Talent Driving Strategy & Capabilities
Key Takeaways: Key Takeaways: UNFI Talent Driving Strategy & Capabilities The UNFI team is our #1 reason to believe that the future is bright. Together, we’re developing the talent and the capabilities to become our industry’s most valued partner. Investor Day 2025 | 45
Slide 46: Retail Fireside Chat
Retail Fireside Chat David Best President & Chief Executive Officer of Retail
Slide 47: Retail Fireside Chat
Retail Fireside Chat UNFI ays BETTER FOOD. BETTER FUTURE.
Slide 48: We'll be right back after the break
We’ll be right back after the break
Slide 49: Adding Value for Customers & Suppliers
Adding Value for Customers & Suppliers Louis Martin President, Conventional Grocery Products & UNFI Chief Commercial Officer
Slide 50: Accelerating Key Capabilities to Deliver Strategy
Accelerating Key Capabilities to Deliver Strategy Adding Value Customer Merchandising & Professional & Private for Customers & Suppliers Stewardship Supplier Support Digital Services Brands Improving Technology & Next Generation Effectiveness Innovation Supply Chain Productivity & Efficiency On a Fo
Slide 51: How We Partner For Mutual Growth
What You’ll Hear Today: How We Partner For Mutual Growth Partnering with Retailers: to provide competitively priced and unique products, innovative merchandising programs, services, and private brands that help them profitably grow Partnering with Suppliers: to offer simpler experiences, go to marke
Slide 52: Customer Stewardship
Customer Stewardship Significant opportunity to earn customer share UNFI share of customer cost of goods spend1 1 Product-oriented customer teams 80%+ 45-55% 2 Tailored, personalized customer approach 3 Collaborative, win-win growth partnerships Avg. Top Decile Customer Customer UNFI’s customer focu
Slide 53: Growing with Differentiating Retailers
Growing with Differentiating Retailers 62 Stores in California Multicultural grocer 3 Stores in Vermont, New York Local, natural food pioneer 24 Stores in Ohio, Illinois Family-owned specialty retailer Investor Day 2025 | 53
Slide 54: Merchandising and Supplier Support
Merchandising and Supplier Support Building high-value, innovative, Accelerate merchandising growing assortment capability to drive growth 2025 estimated net sales growth by product type1 • Lead on growing categories and innovating brands 5-6% 4-5% • Help retailers create unique assortments • Increa
Slide 55: Our Industry-Leading Assortment
Our Industry-Leading Assortment ~10,000 ~230,000 suppliers SKUs Includes core brands that consumers love Features many innovative and emerging natural, organic, specialty, and fresh products that continue to gain share Investor Day 2025 | 55
Slide 56: Building a Best-in-Class Merchandising Capability
Building a Best-in-Class Merchandising Capability UNFI Merchandising Objectives Retailer Benefits Offer compelling pricing and Competitive with scaled programs on key value items grocers on key value items Offer unique assortments paired Create ‘incomparable’ assortment with category insights + expe
Slide 57: Enhancing the UNFI Supplier Experience
Enhancing the UNFI Supplier Experience Data-Driven Insights Providing brands with data to drive their business through UNFI Insights Growth Partnerships Adding high-value, go-to-market programs to address unique brand needs Simpler Processes Decreasing time to shelf and complexity of processes to he
Slide 58: Supporting Brand-Building Suppliers
Supporting Brand- Building Suppliers Leader in dairy alternatives $300M+ in retail volume1 Family farm-founded yogurt $25M+ in retail volume1 1. SPINS; TTM as of August 10, 2025 Investor Day 2025 | 58
Slide 59: Supporting Brand-Building Suppliers
Supporting Brand- Building Suppliers We continue strengthening our approach through faster onboarding, better analytics, and richer insights to make partnering with UNFI as seamless and impactful as possible. Investor Day 2025 | 59
Slide 60: Professional and Digital Services
Professional and Digital Services Expanding portfolio to drive operational efficiency and business growth for our retailers Significant potential for Base Services services penetration Including ordering, pricing, and data exchange tools Number of services used by services users1 Premium Services 6
Slide 61: Customer Spotlight: Niemann's
Customer Spotlight: “UNFI’s digital and professional services help us run a tighter, Niemann’s more competitive business. From payments to shelf services • Uses a broad set of UNFI services, on top of base services to retail pricing, these tools make • Payments and equipment services help them lower
Slide 62: Growing Existing & Building New Services
Growing Existing & Building New Services Expanding digital services like electronic shelf labels and dynamic pricing tools – leveraging data to provide our relevant service offerings to customers and help them achieve their goals Combining retail media, analytics, loyalty, and eCommerce into one con
Slide 63: Private Brands
Private Brands Significant potential for Building winning private brands private brands penetration and driving margin upside Based on Q1FY26 UNFI net sales Innovate across the portfolio ~4x Drive adoption of new products Create tailored offerings UNFI Natural UNFI Conventional Manage sourcing rigor
Slide 64: UNFI Private Brands
UNFI Private Brands UNFI offers a broad portfolio of conventional >20% 1 and natural private brands to complement of US grocery retailer assortments today are private brands Helps retailers differentiate, improve margins, and build lasting shopper loyalty 1. Nielsen 2025 growth Investor Day 2025 | 6
Slide 65: Private Brands Power Differentiation
Private Brands Power Differentiation UNFI Brands+ delivers a win-win-win Retailers Gain margin and loyalty Suppliers See category expansion Shoppers Better products at better value Investor Day 2025 | 65
Slide 66: Enhancing Customer & Supplier Offerings
Key Takeaways: Enhancing Customer & Supplier Offerings Our commercial capabilities are strong, our partnerships are deep, and our opportunities across categories, brands, and services are greater than ever before Investor Day 2025 | 66
Slide 67: Technology-Enabled Value Creation
Technology-Enabled Value Creation Mario Maffie Chief Information Officer
Slide 68: Accelerating Key Capabilities to Deliver Strategy
Accelerating Key Capabilities to Deliver Strategy Adding Value Customer Merchandising & Professional & Private for Customers Stewardship Supplier Support Digital Services Brands & Suppliers Improving Technology & Next Generation Effectiveness Productivity & Efficiency Innovation Supply Chain On a Fo
Slide 69: Technology Enables Outcomes
What You’ll Hear Today: Technology Enables Outcomes Simplicity 1 Building a resilient, frictionless technology ecosystem with security at the center Performance 2 Using technology to improve service levels and help customers meet digital challenges Effectiveness & Efficiency 3 Modernizing and integr
Slide 70: Simplicity & Resiliency Are Top Priorities
Simplicity & Resiliency Are Top Priorities Today Going Forward Large, Complex, ‘Always On’ System Simplify, Optimize for Growth Reducing Systems 49 Distribution 2.7M Cases moved To remove friction, simplify operations, improve Centers each day user experiences 475 Systems in active operation Maximiz
Slide 71: Performance & Efficiency Through Capabilities
Performance & Efficiency Through Capabilities Platform Name Business Benefits Deployment Stage Impact To Date Better Service • Tracking routes and deliveries in real-time Through Fleet 100% • Improved driver safety by 37% Management • Starting to use data to improve deliveries • Improving service le
Slide 72: Differentiation With AI + Analytics for UNFI & Customers
What's Ahead: Differentiation With AI + Analytics for UNFI & Customers Agentic Solutions Make it easier for customers to work with us – buy smarter, grow faster Business Process Automation Create a step-change in quality, throughput, and speed to market Predictive Capability Business-to-business int
Slide 73: Technology-Enabled Value Creation
Key Takeaways: Technology-Enabled Value Creation We’re building a simpler, more resilient technology ecosystem with security at the core – to add value for our partners and improve effectiveness and efficiency. Investor Day 2025 | 73
Slide 74: Next Generation Supply Chain
Next Generation Supply Chain Mark Bushway President, Natural, Organic, Specialty & Fresh Products and UNFI Chief Supply Chain Officer
Slide 75: Accelerating Key Capabilities to Deliver Strategy
Accelerating Key Capabilities to Deliver Strategy Adding Value Customer Merchandising & Professional & Private for Customers Stewardship Supplier Support Digital Services Brands & Suppliers Improving Next Generation Technology & Effectiveness Productivity & Efficiency Innovation Supply Chain On a Fo
Slide 76: Supply Chain: The Engine Driving Our Strategy
What You’ll Hear Today: Supply Chain: The Engine Driving Our Strategy Safety 1 Working to protect our people and ensure stability Effectiveness 2 Delivering the right product, in the right quantity, at the right time for our customers Efficiency 3 Optimizing operations, improving service, and reduci
Slide 77: Driving Progress Through Disciplined Execution
Driving Progress Through Disciplined Execution Effectiveness Efficiency Fill Rate Throughput (Indexed to 100) (Indexed to 100) 109 105 102 100 100 Q1FY24 Q1FY26 FY24 FY25 Q1FY26 On-Time Delivery Shrink as % of Net Sales (Indexed to 100) 102 0.29% 100 0.18% 0.16% Q1FY24 Q1FY26 FY24 FY25 TTM Q1FY26 In
Slide 78: Network Optimization Spotlight
Network Optimization Spotlight Invested in built-for-purpose automation system in Carlisle and Manchester DCs Chesterfield Increasing assortment Consolidated Unit-Pick items into availability and order Hudson one automated hub in Carlisle, PA accuracy for customers Valley Dayville Manchester Replace
Slide 79: Performance & Efficiency Through Capabilities
Performance & Efficiency Through Capabilities Platform Name Business Benefits Deployment Stage Impact To Date Better Service • Tracking routes and deliveries in real-time Through Fleet 100% • Improved driver safety by 37% Management • Starting to use data to improve deliveries • Improving service le
Slide 80: What's Next: Our Supply Chain Roadmap
What’s Next: Our Supply Chain Roadmap Expand Broaden AI Optimize Our Scale Lean Automation Capabilities DC Network Across All DCs Strengthening Increasing Supporting growth Standardizing operational forecasting and returns on processes performance and replenishment invested capital accuracy Investor
Slide 81: Next Generation Supply Chain
Key Takeaways: Next Generation Supply Chain We’re confident in our roadmap. Every step strengthens our commitment to safety, effectiveness, and efficiency – fueling long-term value creation Investor Day 2025 | 81
Slide 82: Financial Outcomes & Growth Algorithm
Financial Outcomes & Growth Algorithm Matteo Tarditi President & Chief Financial Officer
Slide 83: Confident in FY25-FY28 Plan to Drive Long-term Growth & Operating Leverage
What You’ll Hear Today: Confident in FY25-FY28 Plan to Drive Long-term Growth & Operating Leverage We have made significant progress executing our multi-year strategy 1 introduced in fiscal 2024 and materially accelerated our progress We remain disciplined operators, applying Lean management and 2 e
Slide 84: Achieved Prior Financial Targets Ahead of Schedule
Achieved Prior Financial Targets Ahead of Schedule Prior Objective Adjusted EBITDA Free Cash Flow Net Leverage $ Millions $ Millions ~$300 ~$300 4.0x $239 >$730 3.3x $665 $518 $552 <2.5x <2.0x ($92) FY24 FY25 FY26E FY27E FY24 FY25 FY26E FY27E FY24 FY25 FY26E FY27E Midpoint Prior Objective1: Revised
Slide 85: New 3-Year (FY25-28) Value Creation Framework
New 3-Year (FY25-28) Value Creation Framework Expect profitable growth, margin expansion, and free cash flow across the business over the next three years and beyond Net Sales Adjusted EBITDA Free Cash Flow Low-Single Digit Low-Double Digit Avg. ~$300M Avg. Annual Growth Annual Growth Annually +65bp
Slide 86: Delivering Sustainable Growth
Delivering Sustainable Growth FY25-FY28E Net Sales CAGR Positioned to deliver growth through market cycles +LSD CAGR Natural Product Segment: Grow and Innovate • Delivering innovative and emerging natural, organic, specialty, and fresh products that continue to gain share Conventional Product Segmen
Slide 87: Driving Significant Adj. EBITDA Improvement
Driving Significant Adj. EBITDA Improvement Mix towards Natural and higher-margin capabilities combined with distribution optimization and enhanced productivity $ in millions ~$800 $552 Expect low-double digit average annual adjusted EBITDA growth from FY25-FY28 FY25 Organic Growth Value Added Produ
Slide 88: Distribution Center Productivity: Key Driver of Adjusted EBITDA Growth
Distribution Center Productivity: Key Driver of Adjusted EBITDA Growth Driving A High-Performing, More Throughput1 Efficient Distribution Center Network Cases per Hour (FY24=100) • Driving more effective training to improve employee flexibility, speed, and accuracy 113 • Improving inventory forecast
Slide 89: Actions Taken to Reduce Operating Expenses
Actions Taken to Reduce Operating Expenses OpEx as % of Net Sales Organizational Efficiency Simplifying organizational structure to drive accountability and accelerate decision-making, including spans and layers and process efficiencies 13.2% 13.0% Value Delivery Office FY25 and FY26 Value Delivery
Slide 90: Continued Operating Expense Opportunity: Indirect Spend
Continued Operating Expense $4.1 Billion Employee Benefits Opportunity: Indirect Spend Professional Services Travel & Entertainment ~50% Tech. & Telecom Driving Ongoing Cost Savings of total Facilities & Other OpEx base Indirect Expenses: Spend incurred as part of operations but not directly related
Slide 91: Expect Consistently Strong Free Cash Flow
Expect Consistently Strong Free Cash Flow Adj. EBITDA growth, working capital benefits, lower interest, and other initiatives offset by higher investments $ in millions ~$300 $239 Free cash flow generation climbing >$60M; Cumulative FY26E-FY28E FCF expected to be ~$900M FY25 Adj. EBITDA Lower Change
Slide 92: UNFI's Financial Priorities
Re-Invest in Our Strengthen Our Core Business UNFI’s Balance Sheet Safety and high-ROI investments that maintain our Financial Reduce net leverage to sub 2x by YE FY27; implies 2x reduction scaled network and extend our competitive advantages Priorities in net leverage from FY24 Well-positioned to m
Slide 93: Confident in FY25-FY28 Plan to Drive Long-term Growth & Operating Leverage
Key Takeaways: Confident in FY25-FY28 Plan to Drive Long-term Growth & Operating Leverage We have made significant progress executing our multi-year strategy 1 introduced in fiscal 2024 and materially accelerated our progress We remain disciplined operators, applying Lean management and 2 effectiven
Slide 94: Better Food. Better Future.
if Ln BETTER FOOD. BETTER FUTURE. —
Slide 95: Closing Remarks
Closing Remarks Sandy Douglas Chief Executive Officer
Slide 96: Thank you for joining us
Thank you for joining us Have a great day
Slide 97: Appendix
L R FOOD. BETTER FUTURE, 3 1
Slide 98: Non-GAAP Metric Definitions
Non-GAAP Metric Definitions Adjusted EBITDA: The non-GAAP Adjusted EBITDA measure Free cash flow: The non-GAAP free cash flow measure is is a consolidated measure which the Company reconciles by defined as net cash provided by (used in) operating activities adding Net (loss) income including noncont
Slide 99: Operating Metric Definitions
Operating Metric Definitions Shrink: Represents physical inventory losses or gains that occur throughout the supply chain, after accounting for all recoverable amounts from responsible parties (vendors, carriers, customers, etc.). It is the aggregated cost of inventory that has become unsaleable, ob
Slide 100: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted EBITDA / Adjusted EBITDA Margin Rate Net Leverage Ratio (in millions) FY2024 FY2025 (in millions, except ratios) FY2024 FY2025 Net loss including noncontrolling interests $ (110) $ (115) Long-term debt $ 2,081 $ 1,859 Adjustments to net loss including noncontrolling