Vital Farms, Inc. · NASDAQ:VITL
Vital Farms — Q3 2025 Earnings Presentation
21 slides from Vital Farms's earnings presentation, Nov 4, 2025
Slide 1: Vital Farms, Inc. November 2025 Corporate Presentation
Vital Farms, Inc. (Nasdaq: VITL) • November 2025 Corporate Presentation
Slide 2: Reporting Disclaimer
Reporting Disclaimer This presentation contains, in addition to historical information, certain “forward-looking statements” (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended), that are based on our curren
Slide 3: Bird of the Quarter
BIRD OF THE QUARTER Jurassic Jackie channels her inner dinosaur as she grips the rocky terrain with her talons. —
Slide 4: Our values are rooted in Conscious Capitalism
Our values are rooted in Conscious Capitalism CKHOLDER TO We operate a S S STAKEHOLDER MODEL that prioritizes the long-term benefits of TY & ENVIR ERS & CON SU NI M each of our stakeholders ON COMMU ME O CUST MENT RS Our approach has been validated by our designation as a CERTIFIED B CORPORATION, FA
Slide 5: We have developed an alternative to factory farming practices
We have developed an alternative to factory farming practices Year-Round Production Our Framework LIVING OPEN AIR, 108 SQUARE CONDITIONS FEET PER HEN OMNIVOROUS, FEED INCLUDING GRAIN, PLANTS, INSECTS LAND SUSTAINABLE PRACTICES MANAGEMENT DIRECT RELATIONSHIPS NETWORK WITH FAMILY FARMS & ACCELERATOR F
Slide 6: Our model is designed to deliver quality at scale
Our model is designed to deliver quality at scale National Distribution Network of 575 family farms (Products in more than 23,500 Retail Stores) WE EGG CENTRAL WE DELIVER AGGREGATE DIRECTLY TO PRODUCTS STATION CUSTOMERS FROM FARM Springfield, MO AND THROUGH RETAIL NETWORK WASH, GRADE, PACK, DISTRIBU
Slide 7: Performance Charts
An SS FA EST.2007 re ! { | FARMS” y
Slide 8: We are aiming to deliver $1 billion in net sales by 2027
We are aiming to deliver $1 billion in net sales by 2027 NET REVENUE $1 Billion GROSS MARGIN ~35% ADJUSTED 12% to 14% of Net Revenue EBITDA MARGIN Note: These metrics are management goals only and are subject to a number of risks and uncertainties, including risks described in the "Risk Factors" in
Slide 9: Q3 results and initiatives position us to deliver long-term targets
We believe the Q3 results and initiatives position us to deliver our long- term targets • Growth is volume-led and sustainable – reflecting continued category expansion and Vital Farms’ brand strength • Supply expansion remains on track – farm recruiting pipeline and onboarding remains robust, ensur
Slide 10: Consumer metrics continue to improve
Consumer metrics continue to improve; Household penetration is growing, buy rate on an upward trend Shell Egg Household Penetration Shell Egg Brand Aided Awareness (Millions of Households) Shell Egg Buy Rate $39.22 $39.25 $34.63 Comp A not to scale 14.3M Comp A not to scale 33% 12.2M $27.21 $24.87 2
Slide 11: To meet growing consumer demand, we are expanding our distribution
To meet the growing consumer demand, we are expanding our distribution Vital Farms Eggs Average Items Selling (AIS) MULO+ Channel 2.6 TDPs: 143 2.4 2.1 1.9 1.8 1.5 TDPs: 59 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q
Slide 12: We are increasing both distribution and velocity
We are increasing both distribution and velocity, which we believe reflects the strength of our brand Vital Farms Eggs $ per Average Items Selling (AIS) MULO+ Channel $/AIS: +66% $243 AIS: +83% 2.6 $/AIS: $146 AIS: 1.4 Q1'22 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q2'22 Q3'22 Q4'22 Q1'23 Q2'
Slide 13: Our growth has primarily been volume driven
Our growth has primarily been volume driven Vital Farms: 21 quarters of volume and revenue growth since IPO 70% 60% 50% 40% 30% 20% 10% 0% -10% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 20
Slide 14: Financial Update
Financial Update
Slide 15: Q3 2025 Key Financial Metrics
Q3 2025 KEY FINANCIAL METRICS Net Revenue Gross Margin Adj. EBITDA Diluted EPS $199M 37.7% $27M $0.36 +37%* +80bps* +80%* +120%* * Compared to prior year period. 15
Slide 16: Financial Summary Highlights: Q3 2025 Update
Financial Summary Highlights: Q3 2025 Update Highlights Financial Performance • Net Revenue increased 37.2% to $198.9 million in ($ thousands) Q3'25 Q3'24 % Change $ Change Q3 2025 versus Q3 2024. The increase in net Net Revenue $ 198,936 $ 145,002 37.2% 53,934 revenue was driven by price/mix benefi
Slide 17: Financial Summary Highlights: Net Revenue Growth
Financial Summary Highlights: Net Revenue Growth Q3 ‘25 Net Revenue Growth Highlights Net Revenue by product segment ($ Millions) Growth Rate • Net revenue for Q3 2025 was $198.9 Q3 '25 million, compared to $145.0 million for +37.2% Eggs 39% Q3 2024, representing growth of 37.2%. Butter -8% • The in
Slide 18: Financial Summary Highlights: Margin Performance
Financial Summary Highlights: Margin Performance Highlights Gross profit and margin Operating Expenses • Gross profit increased $21.5 million in Q3 Gross Margin SG&A as a % of Net Revenue 2025 versus Q3 2024, driven by higher revenue from volume growth, increased 36.9% 37.7% 24.9% 22.3% pricing acro
Slide 19: Our updated 2025 guidance keeps us on the path to our 2027 targets
Our updated 2025 guidance keeps us on the path to our 2027 targets At least $775 Million NET REVENUE (Previous Guidance: At least $770 Million in August 2025, and at least $740 Million in February 2025) At least $115 Million ADJUSTED EBITDA (Previous Guidance: At least $110 Million in August 2025, a
Slide 20: Appendix
APPENDIX
Slide 21: Adjusted EBITDA and Adjusted EBITDA Margin reconciliation
Adjusted EBITDA and Adjusted EBITDA Margin reconciliation 13-Weeks 13-Weeks 39-Weeks 39-Weeks Ended Ended Ended Ended ($ thousands) 28-Sep-25 29-Sep-24 28-Sep-25 29-Sep-24 Net income $ 16,419 $ 7,446 $ 49,958 $ 42,808 Depreciation and amortization 3,236 3,330 9,963 9,829 Stock-based compensation exp