Flowers Foods, Inc. · NYSE:FLO
Flowers Foods — Barclays Global Consumer Staples Conference 2025
60 slides from Flowers Foods's conference presentation, September 2025
Slide 1: Barclays Global Consumer Staples Conference
/ / — ‘<Flowers FOODS BARCLAYS GLOBAL CONSUMER STAPLES CONFERENCE September 3-4, 2025
Slide 2: Forward-looking statements
Statements contained in this presentation and certain other written or oral statements made from time to time by Flowers Foods, Inc. (the “company”, “Flowers Foods”, “Flowers”, “us”, “we”, or “our”) and its representatives that are not historical facts are forward-looking statements as defined in th
Slide 3: Business Overview & Strategy
Slide 4: Investment Highlights
INVESTMENT HIGHLIGHTS LEADER IN LARGE AND ATTRACTIVE CATEGORIES Operate the #1 loaf, organic, and gluten-free bread brands; gaining share in categories with stability throughout the economic cycle ICONIC BRANDS DRIVE GROWTH Brand-focused portfolio strategy drives above-market growth via innovation,
Slide 5: 100+ Year History of Growth and Evolution
100+ YEAR HISTORY OF GROWTH AND EVOLUTION en V #1 loaf, organic, and gluten-free bread brands in the U.S. Vvaa operating bakeries V 2nd-largest baked foods company in U.S. ——+| iF ug 1 = sr Y Proven business model V Efficient bakeries & distribution v Experienced team One family-owned bakery Listed
Slide 6: Business Overview
BUSINESS OVERVIEW Diverse product line across the baked foods spectrum 2024 SALES MARKET SHARE! = FLOWERS BRANDED =BBU = PEPPERIDGE FARM = PRIVATE LABEL = OTHER BRANDS Majority of business composed of faster-growing, higher-margin branded retail products SALES MIX = Branded Retail = Other tabase. Ce
Slide 7: Large and Stable U.S. Fresh Bakery Market
LARGE AND STABLE U.S. FRESH BAKERY MARKET ESTIMATED $55.6B' U.S. MARKET FOR US FRESH BAKERY RETAIL SALES FRESH AND FROZEN BAKERY ATRETAIL —_(inbilions) Large and stable U.S. Fresh Bakery category with sales of $31.9B+2 $32 $32 $30 Present in 98% of households with a frequency $26 $27 of purchase eve
Slide 8: Strategic Priorities
STRATEGIC PRIORITIES Aligned to long-term targets and disciplined capital policies LONG-TERM GROWTH +1-2% +4 - 6% TARGETS!2 NET SALES? Adj. EBITDA4 Develop Our Team Focus on Brands Invest in our team to drive portfolio Pursue targeted innovation and optimization through brand growth, marketing to en
Slide 9: Enhanced Talent and Organizational Structure
ENHANCED TALENT AND ORGANIZATIONAL STRUCTURE Investing in capabilities and enabling success PRIORITIZING BRAND + Supplemented experienced Flowers team with dynamic BUILDING AND external talent to enable additional capabilities in sales, FURTHERING STRATEGIC : INITIATIVES brand development, supply ch
Slide 10: Management and Shareholder Interests Aligned
MANAGEMENT AND SHAREHOLDER INTERESTS ALIGNED Performance-based compensation and long-term incentive plans tied to value creation Incentive compensation for executives is largely performance-based - Annual cash incentive awards tied to revenues and adjusted EBITDA — Performance shares tied to ROIC >
Slide 11: Away-From-Home
Away-From-Home • • • • • • • • • • • • •
Slide 12: Branded Retail and Other Sales CAGR
CAGR 5.6% $ 3.3 B $ 2.5 B CAGR 2.3% $ 1.8 B $ 1.6 B Branded Retail Sales Other Sales
Slide 13: (1) Circana Scan Data – Total US Multi Outlet+ w Conv Flowers Custom Database
(1) Circana Scan Data – Total US Multi Outlet+ w Conv Flowers Custom Database December 29, 2024 (2) 2019-2024
Slide 14: Source: Flowers Custom Database – Circana Total US Multi Outlet+ w Conv, TTM ended
• • • Source: Flowers Custom Database – Circana Total US Multi Outlet+ w Conv, TTM ended December 29, 2024
Slide 15: (1) Circana Scan Data – Total US Multi Outlet+ w Conv Flowers Custom Database
− − − (1) Circana Scan Data – Total US Multi Outlet+ w Conv Flowers Custom Database December 29, 2024
Slide 16: (1) Circana Scan Data – Total US Multi Outlet+ w Conv Flowers Custom Database
− − − (1) Circana Scan Data – Total US Multi Outlet+ w Conv Flowers Custom Database Calendar Year Ending December 29, 2024 (2) Flowers Custom Database – Circana Total US Mulo+ with Conv
Slide 17: Circana Scan Data – Total US Multi Outlet+ w Conv Flowers Custom Database Calendar
− − − (1) Circana Scan Data – Total US Multi Outlet+ w Conv Flowers Custom Database Calendar Year Ending December 29, 2024 (2) Flowers Custom Database – Circana Total US Mulo+ with Conv
Slide 18: Circana Scan Data – Total US Multi Outlet+ w Conv Flowers Custom Database Calendar
− − − (1) Circana Scan Data – Total US Multi Outlet+ w Conv Flowers Custom Database Calendar Year Ending December 29, 2024
Slide 19: For Over 100 Years…Now Made Sweeter!
FOR OVER 100 YEARS…NOW MADE SWEETER! − − − − (1) Circana Scan Data – Total US Multi Outlet+ w Conv Flowers Custom Database Calendar Year Ending December 29, 2024
Slide 20: Sample Innovation in Core Categories
SAMPLE INNOVATION IN CORE CATEGORIES Flowers had the #1 New SIU introduced inthe bread category in 2022 and 2023 — Nature’s Own Jawaiian Loaf’ in 2022 - Nature’s Own KETO Net One Loaf in 2023 eee, A) Nan peRFECTi, SOFT 169215. WHIT
Slide 21: Agile Innovation in Action
Slide 22: Long-Term Targets
• • • (1) Earnings before interest, taxes, depreciation & amortization, adjusted for matters affecting comparability. See non-GAAP reconciliations at the end of this slide presentation.
Slide 23: Margin and Efficiency Initiatives
• Backhaul utilization • Bakery of the future • Optimize strategic • Staffing optimization sourcing strategies • Cube optimization • Autonomous planning • Testing and • Leverage scale with implementing • Depot consolidation • SKU rationalization centralized buying maintenance and • Optimize number •
Slide 24: Acquisitions
Source: Flowers Custom Database – Circana Total US Multi Outlet+ w Conv 1. Acquired 2015 2. Acquired 2018
Slide 25: Net Sales by Category 2024E
• • • • Net Sales by Category2024E Snack Bars Baking Mixes Cookies Crackers (1) SPINS, Circana, Nielsens; Total US – Natural Expanded, MULO, Whole Foods Market; Natural Crackers; L52W ending 08/11/2024 (sum of channels) (2) SPINS, Circana, Nielsens; Total US – Natural Expanded, MULO, Whole Foods Mar
Slide 26: Long-Term Targets
(1) Any reference to sales refers to net sales inclusive of allowances and deductions against gross sales. (2) Earnings before interest, taxes, depreciation & amortization, adjusted for matters affecting comparability. (3) Earnings before interest, taxes, depreciation & amortization, adjusted for ma
Slide 27: ACV: all commodity volume AIC: average items carried
(1) ACV: all commodity volume (2) AIC: average items carried
Slide 28: Financial Review & Capital Allocation
Slide 29: Q2 2025 Financial Review
Q2 2025 FINANCIAL REVIEW NET SALES CASH FLOWS — YTD’25 Cash from Ops Dividends 1.243B +15%v py $1. oN $266.5M $104.8M + Price/Mix -1.2%! + Volume -2.4%2 Capex Acquisition® + Acquisition +5.1% $56.4M $791.9M NET INCOME GAAP DILUTED EPS S58.4M -12.8% v PY SO.28 -$0.04 v PY ADJ. EBITDA? ADJ. DILUTED EP
Slide 30: Fiscal 2025 Guidance
FISCAL 2025 GUIDANCE (Provided August 15, 2025) FLOWERS SIMPLE MILLS FLOWERS STANDALONE (PARTIAL YEAR) TOTAL Net Sales $5.0211 $5.083B $218+ $225M $5.2391. $ 5.308B Adj. EBITDA! $482+ $505M $301 $33M $512+$538M 537 week expected to j. di contribute $70-80M net sales, Adj. dil. EPS $1.08 1 $1.17 ($0.
Slide 31: Consistent Sales and Margin Profile
CONSISTENT SALES AND MARGIN PROFILE Stable performance in a variety of economic environments FY'06 mm Sales. ——Adj EBITDA margin* Recession nl Recession | | Fy'07 FY'08* FY'0O9 FYIO) FYI! FYI2) FYI3) FY14* FYI5 FYI6 FYI7 FYI8 FYI9 FY'20° * 53-week year ** Adjusted for items affecting comparability.
Slide 32: Free Cash Flow
• • $454 • $413 $367 $361 $345 $349 (1) Cash provided by operating activities minus Capital Expenditures. See non-GAAP reconciliations at the end of this slide presentation. (2) Free cash flow impacted by $23.0 million, $61.3 million, $27.8 million, and $6.0 million of ERP-related capital expenditur
Slide 33: Capital Allocation
• $275 • • • $35 $46 $23 • $7 $1 $10 $187 $195 $203 $160 $167 $176 FY'19 FY'20 FY'21 FY'22 FY'23 FY'24
Slide 34: Leverage
(1) 2020 was a 53-week year (2) Earnings before interest, taxes, depreciation & amortization, adjusted for matters affecting comparability. See non-GAAP reconciliations at the end of this slide presentation. (3) Net debt excludes lease liabilities; net debt equals Total Debt, less cash and cash equi
Slide 35: Capital Allocation Priorities
• • • • • • • • (1) Year-end figures. Debt excludes lease liabilities. Net Debt equals Total Debt, less cash and cash equivalents. See reconciliation of non-GAAP measures at the end of this slide presentation.
Slide 36: Key Messages
Key Messages Right structure with an enhanced team committed to continued success Iconic brands driving growth Executing on portfolio strategy to enable margin expansion Allocating capital to optimize returns and grow shareholder value
Slide 37: Market Share Review
Slide 38: Private Label Unit Share
PRIVATE LABEL UNIT SHARE CHANGE IN PRIVATE LABEL UNIT SHARE (Y/Y) 0.9 0.7 0.5 -0.2 0.3 3Q'23 4Q'23 10'24 2Q'24 3Q'24 Source: Flowers Custom Database - Circana Total US Mulo+ with Conv Due to a change in methodology and sources, data provided previously by Circana may not be comparable to current dat
Slide 39: Volume Trends
VOLUME TRENDS + Branded retail impacted primarily by softness in traditional loaf sales + Other pressured by widespread softness in private label and away-from-home FLO Volume % Change (Y/Y) TOTAL COMPANY BRANDED RETAIL OTHER 20'24 30'24 40'24 10'25 2Q'25 2Q'24 30'24 4Q'24 1Q'25 2Q'25 2Q'24 30'24 4Q
Slide 40: Branded Dollar Share
Branded Dollar Share Store Branded Dollar Share 78.00 27.00 26.1 77.1 25.6 26.00 77.00 76.7 76.2 24.8 25.00 76.00 23.8 24.00 23.3 75.2 75.00 22.9 74.4 23.00 73.9 74.00 22.00 21.00 73.00 20.00 72.00 19.00 71.00 18.00 70.00 17.00 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 L52 WE 07-13-25
Slide 41: Flowers Market Share
FLOWERS MARKET SHARE =FLO Bread Dollar Share = = FLO Cake Dollar Share 16.7 16.9 16.8 16.8 16.7 16.0 15.9 5.9 5.9 5.9 5.9 . 5.8 ; | ; ; ; : | | ; Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q@2 2025 16.6 6.3 Source: Flowers Custom Database - Circana Total US Mulo+ ony 41 Z# Due to a chan
Slide 42: Flowers Fresh Packaged Breads
FLOWERS FRESH PACKAGED BREADS mDollar Sales % Chg 4.3% 3.3% 2.9% 19% 1.4% 0.2% — -2.0% 18% Q3 2023 Q4 2023 Q1 2024 Q2 2024 Source: Flowers Custom Database 1a Total US Mulot with Conv Due to a change in methodology and sources, data provided previously by Circana may not be comparable to current data
Slide 43: Flowers Commercial Cake
FLOWERS COMMERCIAL CAKE mDollar Sales % Chg == Unit Sales % Chg a6% 42% io Lo B 4% 33% 76% 4% “4A% 5.0% 5.1% 6.2% 7.2% 6.9% 76% -10.0% Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Source: Flowers Custom Database - Circana Total US Mulo+ with Conv 43 Due to a change in methodology
Slide 44: Organic Category Sales
ORGANIC CATEGORY SALES mms FLOWERS ORGANICS FLOWERS SHARE OF ORGANICS mmm ORGANIC FRESH PACKAGED BREADS xFLO 72.9 74.2 741 73.9 711 68.7 $972.0 a $925.6 $964.0 8 nEaG $848.3 5 $703.9 : $321.1 $311.5 $316.1 $321.2 $337.1 $342.9 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 L52 WE 07-13-25 44 Source: Flower
Slide 45: Gluten-Free Category Sales
GLUTEN-FREE CATEGORY SALES mmm GLUTEN FREE FPB XFLO = mm FLOWERS GF FY 2020 FY 2021 FY 2022 Source: Flowers Custom Database 1a Total US Mulot with Conv Due to a change in methodology and sources, data provided previously by Circana may not be comparable to current data ——FLOWERS SHARE OF GF $146.9 F
Slide 46: Reconciliation of Non-GAAP Financial Measures
Slide 47: Information Regarding Non-GAAP Financial Measures
INFORMATION REGARDING NON-GAAP FINANCIAL MEASURES Information Regarding Non-GAAP Financial Measures The company prepares its consolidated financial statements in accordance with U.S. Generally Accepted Accounting Principles (GAAP), However, from time to time, the company may present in its public st
Slide 48: Adjusted EPS Reconciliation Q2
For the 12-Week For the 12-Week Period Ended Period Ended July 12, 2025 July 13, 2024 Net income per diluted common share $ 0.28 $ 0.32 Business process improvement costs NM 0.01 Plant closure costs and impairment of assets — NM Restructuring charges — 0.02 Restructuring-related implementation costs
Slide 49: Adjusted EBITDA Reconciliation Q2
For the 12-Week For the 12-Week Period Ended Period Ended July 12, 2025 July 13, 2024 Net income $ 58,365 $ 66,967 Income tax expense 20,099 23,455 Interest expense, net 15,036 4,908 Depreciation and amortization 39,826 36,827 EBITDA 133,326 132,157 Other pension benefit (88) (118) Business process
Slide 50: Adjusted EBITDA Reconciliation FY2024
For the 52-Week For the 52-Week Period Ended Period Ended December 28, 2024 December 30, 2023 Net income $ 248,116 $ 123,416 Income tax expense 80,826 33,691 Interest expense, net 19,623 16,032 Depreciation and amortization 159,210 151,709 EBITDA 507,775 324,848 Other pension benefit (273) (269) Bus
Slide 51: Trailing 52-Week Adjusted EBITDA
For the 12 Weeks For the 12 Weeks For the 16 Weeks For the 12 Weeks Trailing 52 Week Ended Ended Ended Ended Period Ended October 5, 2024 December 28, 2024 April 19, 2025 July 12, 2025 July 12, 2025 Net Income $ 64,984 $ 43,122 $ 52,998 $ 58,365 $ 219,469 Income tax expense 20,536 13,783 18,204 20,0
Slide 52: Adjusted EBITDA Reconciliation FY2016-2024
For the Fiscal Year For the Fiscal Year For the Fiscal Year For the Fiscal Year For the Fiscal Year For the Fiscal Year For the Fiscal Year For the Fiscal Year For the Fiscal Year Ended Ended Ended Ended Ended Ended Ended Ended Ended December 28, 2024 December 30, 2023 December 31, 2022 January 1, 2
Slide 53: Adjusted EBITDA Reconciliation FY2011-2016
For the Fiscal For the Fiscal Year For the Fiscal Year For the Fiscal Year For the Fiscal Year Year Ended Ended Ended Ended Ended January 2, 2016 January 3, 2015 December 28, 2013 December 29, 2012 December 31, 2011 Net Income $ 189,191 $ 175,739 $ 230,894 $ 136,121 $ 123,428 Income tax expense 103,
Slide 54: Adjusted EBITDA Reconciliation FY2006-2011
For the Fiscal Year For the Fiscal Year For the Fiscal Year For the Fiscal Year For the Fiscal Year Ended Ended Ended Ended Ended January 1, 2011 January 2, 2010 January 3, 2009 December 29, 2007 December 30, 2006 Net Income attributable to Flowers Foods, Inc. $ 137,047 $ 130,297 $ 119,233 $ 94,615
Slide 55: Sales and Adjusted EBITDA Margin History
Adj EBITDA Sales Adj EBITDA Margin FY'24 5,103,487 538,531 10.6% FY'23 5,090,830 501,738 9.9% FY'22 4,805,822 502,030 10.4% FY'21 4,330,767 490,861 11.3% FY'20 4,387,991 521,690 11.9% FY'19 4,123,974 422,726 10.3% FY'18 3,951,852 410,936 10.4% FY'17 3,920,733 443,250 11.3% FY'16 3,926,885 447,468 11
Slide 56: Net Debt to Adjusted EBITDA July 2025
As of July 12, 2025 Current maturities of long-term debt $ - Long-term debt 1,749,154 Total debt 1,749,154 Less: Cash and cash equivalents 11,045 Net Debt $ 1,738,109 Adjusted EBITDA for the Trailing Twelve Months Ended July 12, 2025 $ 535,353 Ratio of Net Debt to Trailing Twelve Month Adjusted EBIT
Slide 57: Net Debt to Adjusted EBITDA History
December 28, 2024 December 30, 2023 December 31, 2022 January 1, 2022 January 2, 2021 December 28, 2019 December 29, 2018 December 30, 2017 December 31, 2016 January 2, 2016 Total debt* $ 1,021,644 $ 1,048,144 $ 891,842 $ 890,609 $ 960,103 $ 866,508 $ 979,594 $ 805,086 $ 927,730 $ 988,389 Less: Cash
Slide 58: Free Cash Flow Reconciliation
Cash Provided by Purchase of Plant, Operating Property and Time Period Activities Equipment Free Cash Flow FY'24 412,664 132,088 280,576 FY'23 349,353 129,078 220,275 FY'22 360,889 169,071 191,818 FY'21 344,610 135,964 208,646 FY'20 454,464 97,929 356,535 FY'19 366,952 103,685 263,267 * Operating ca
Slide 59: Adjusted EPS Reconciliation Fiscal Years
For the Fiscal Year For the Fiscal Year For the Fiscal Year For the Fiscal Year For the Fiscal Year For the Fiscal Year Ended Ended Ended Ended Ended Ended December 28, 2024 December 30, 2023 December 31, 2022 January 1, 2022 January 2, 2021 December 28, 2019 Net income per diluted common share $ 1.
Slide 60: Reconciliation of EPS - Full Year Fiscal 2025 Guidance
Reconciliation of Earnings per Share - Full Year Fiscal 2025 Guidance Range Estimate Net income per diluted common share $ 0.88 to $ 0.98 Business process improvement costs NM NM Plant closure costs and impairment of assets 0.03 0.03 Restructuring charges NM NM Restructuring-related implementation c
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