Slide 1: o a ° o a a o a
o a ° o a a o a
Slide 2: Forward Looking Statements & Non-GAAP Measures
Forward Looking Statements & Non-GAAP Measures Forward-Looking Statements Certain statements in this presentation constitute “forward-looking” statements, which include any statements related to the novel coronavirus ("COVID-19"), the Freshpet Kitchens Expansion, our net sales and Adjusted EBITDA gu
Slide 3: Forward Looking Statements & Non-GAAP Measures (cont.)
Forward Looking Statements & Non-GAAP Measures (cont.) Freshpet defines Adjusted Gross Profit as gross profit before depreciation expense, plant start-up expense, COVID-19 expenises and non-cash share-based compensation, and Adjusted SGBA as SGRA expenses before depreciation and amortization expense
Slide 4: Nourishing Pets, People and Planet
Nourishing Pets, People and Planet Freshpet strengthens the bond between people and our pets so that we both live longer, healthier and happier lives —- while being kind to the planet : : —
Slide 5: 2021 Results
freshpet 2021 Results
Slide 6: Consecutive years of accelerating growth
5 consecutive years of accelerating growth Freshpet Net Sales (Smilions) $152.4 117.0% 2017 2018 2019 2020 2021
Slide 7: Despite strong growth, inflation and operating inefficiencies eroded profitability in 2021
Despite strong growth, inflation and operating inefficiencies eroded profitability in 2021 NetSales Freshpet Financial Results S588) S469 461% 2020 mINet Sales ($ millions) $425.5 $43.0 8% 2021 Adj. EBITDA (S millions) ‘Adj. EBITDA
Slide 8: Adj. Gross Margin impacted by inflation and temporary operating inefficiencies
Adj. Gross Margin impacted by inflation and temporary operating inefficiencies Q4 2021 Adj. Gross Margin FY 2021 Adj. Gross Margin 98.3% 44.5% 41.7% 42020 42021 2020 2021 Gross Margin (GAAP)
Slide 9: G&A efficiency gains offset by higher freight costs
G&A efficiency gains offset by higher freight costs Q4 2021 Adj. SG&A Leverage | FY 2021 Adj. SG&A Leverage 33.4% | 33.6% 34.4% 15.0% 14.9% 10.7% | paar SG&A (GAAP)
Slide 10: Strong growth across all channels in 2021
Strong growth across all channels in 2021 Latest 52 wk Nielsen Consumption Growth 39% 25% pad 23% ‘Mega-Channel xaoc Food Big Box Pet
Slide 11: HH penetration growth was well below our historical trend
HH penetration growth was well below our historical trend due to massive out-of-stocks and delayed marketing Freshpet Penetration Growth Total HH’s 4,180,868 3,946,070 % 163,550 +33% 3,100,610 2,485,711 2018 2020 2021
Slide 12: Still on path to meet our 2025 HH penetration goal
Still on path to meet our 2025 HH penetration goal Progress Towards 2025 Household Penetration Goal 6.82 2025 Goal: 11 Million HH’s m Current HH Penetration Households to Achieve 2025 Target
Slide 13: Reduction in new buyers skewed buying rate well above long-term trend
Reduction in new buyers skewed buying rate well above long-term trend Freshpet Buying Rate $152.75 413% $138.91 $133.58 $133.81 $135.37 1% S 11% $118.02 $111.08 $112.98 2018 2020 2021 Core Dog Buying Rate
Slide 14: Added significant production capacity in 2021
Added significant production capacity in 2021 Freshpet Annualized Production Capacity, Line 3in Kitchens Kitchens 2.0ralls South: begins in Q1 Successfully 24/4 operation line to 24/7 oue0 a started up rolls. ‘on both lines in $710 in Kitchens 2.0 itchens ichens Kitchens 2.0 v $660 a. $560 ae ‘Equip
Slide 15: Distribution growth continues despite capacity limits
Distribution growth continues despite capacity limits Freshpet % ACV
Slide 16: Continued strong velocity gains
Continued strong velocity gains Freshpet Velocity $/SMM ACY OVID Crisis
Slide 17: Q4 2021: Strong performance on Upgrades & 2nd Fridges
Q4 2021: Strong performance on Upgrades & 2"4 Fridges Store Count 23,631 22716 82020 42021 2021 Gul 0 Net New Stores 1,146 915 345 350 (te nereace yr increase 082020 #042021 Bhs tai | ieiiabarardl rink E pisiheme | Lt sail 0% 2} 2B Fridge Upgrades 3.250 2.386 795 864 Total Operating YID New m4 2020
Slide 18: 2021: Despite out-of-stocks, store count continued to grow
2021: Despite out-of-stocks, store count continued to grow Freshpet Store Count 23,631 22,716 21,570 19,499 18,004 16,609 15,015 13,387 10,826 2013 2014 2015 2016 2017 2018 2019 2020 2021
Slide 19: 2021: New fridge placements skew heavily to large and multi-fridge stores
2021: New fridge placements skew heavily to large and multi-fridge stores Freshpet Fridge Fleet New Fridge Installations by Size Distribution by Size (US 8 Canada) (US& Canada Stores) a | bo 18% 63% 68% ea 54% 53% 61% 22% 21% ers Te 22% 2017 2018 2019 2020 2021 Small a Medium = Large = 2+ Chillers M
Slide 20: Q4 2021 Freshpet E-Com grew +69%
Q4 2021 Freshpet E-Com grew +69% vs. amazonires)) y instacart ered SHIPT™ 74% % of Total FP Sales eee Through E-Com ae @ ClickList 86% of Sales op guart Contribute to Brick & Mortar
Slide 21: FY 2021 Freshpet E-Com grew +73%
FY 2021 Freshpet E-Com grew +73% vs amazoniresh + instacart Peapod? SHIPT™ 6.4% % of Total FP Sales ae Tieniieeonn ek 8 collect @ ClickList 87% of Sales ‘<5 Contribute to Brick : SMART & Mortar
Slide 22: Freshpet
freshpet
Slide 23: Canadian business accelerating behind advertising investment
Canadian business accelerating behind advertising investment Leading Canadian Freshpet Retailer = Weekly Sales Last 4 weeks +27% vs. YA | ——— ZRRRRERRRESERERERRRRRERRER
Slide 24: Freshpet's advertising-driven model works in the UK
Freshpet's advertising-driven model works in the UK Freshpet UK Weekly Sales by Retailer sf TT es
Slide 25: Slide 25
Slide 26: Sustained growth
g, sustained growth Nielsen Mega-Channel Consumption 4000000 1sc00000 22e00000 24000000 1os00200 000 Capacity constrained and out-of-stocks Nielsen Mega-Channel consumption vs. YA: + Latest 4 weeks: +37% + YTD: +35% ‘0000 7o0n000 000 PIPE LEE PEE EE EP PEEP OP EO ELS SF
Slide 27: Growth continues to accelerate
Growth continues to accelerate Freshpet Nielsen Mega-Channel Growth Rate PP GP gP PA P Pe PPP PP oP PP SP Koyo re MP oP SPP MMH HP MH MMM HH MM MO St
Slide 28: 2-year stacked growth rate consistently above 60%
2-year stacked growth rate consistently above 60% Nielsen Mega-Channel Consumption Growth (2Year Stacked) 7% on 55166% 65 core a oa on phos %on Rida (oe SO Nd 6% ce ee ee S465 sesh pox. si cong On Es a OBEN SR San BS ‘Sit sox] or Bowe oot Cae wt ae nl ARO AG DBsB L bepepetne Pel pac D 2 al) | Seas 2
Slide 29: Retail availability at the highest level since September
Retail availability at the highest level since September 2020 Freshpet Total Distribution Points (TDP) ‘Nielsen Mega-Channel {COVIO Crisis
Slide 30: Buffer capacity enabled us to meet customer demand in January despite Omicron
Buffer capacity enabled us to meet customer demand in January despite Omicron Omicron: soo Shut down 1 line feel as 2 pe ee ot = East a Year-on-Year Production Performance Comparison eee! Roling 7-Day Average Pounds Produced | Christmas & New Year's Holiday | Kitchens 1 shutdown for upgrade | 4 of J
Slide 31: 2022 Guidance & Plan
freshpet 2022 Guidance & Plan
Slide 32: 2022 Guidance: Accelerating growth and rebuilding profitability
2022 Guidance: Accelerating growth and rebuilding profitability NetSales Freshpet Financial Projections ‘Adj, EBITDA Az $55.0 “ oe: $43.0 428% $0 sexo EE Ps 202 2022 Guidance mNet Sales ($ millions) _m Adj. EBITDA (S millions)
Slide 33: Delivering consecutive year of accelerating growth
Delivering 6 consecutive year of accelerating growth Net Sales Freshpet Net Sales & Adj. EBITDA Performance Adj. 817A 700 $100 0 600 $575.0 ‘ 1358 seo $500 = s400 so 0 $200 ss 5200 $0 soo s100 20.3 $176 et 0 Et * so 217 mi 2018 2020 oat 2022 Guidance Net Sales ($ millions) ~—Adj. EBITDA (S millions)
Slide 34: Maintaining at least 15% buffer capacity to ensure continuity of operations
Maintaining at least 15% buffer capacity to ensure continuity of operations in preparation for projected demand Freshpet Capacity vs. Demand Ennis: Increasing FFTK capacity Ennis: Increasing all capacity Butfer Capacity ‘Kitchens South: Increasing bag capacity Demand/Production ‘Unabeorbedcont= ="$1
Slide 35: Excluding cost of buffer capacity, Adj. EBITDA would almost double
Excluding cost of buffer capacity and including the full year benefit of higher pricing, Adj. EBITDA would almost double Net sales Freshpet Financial Projections ‘Ad. EBITDA ~$0-85 sox z “51347 Costol 15% eae milion butler sexo 3 capacly $43.0 sexo ro wo 2021 2022 Projection Net Sales ($ millions) _
Slide 36: 2022 Adj. Gross Margin negatively impacted by buffer capacity and price/inflation mismatch
2022 Adj. Gross Margin is negatively impacted by cost of buffer capacity and price/inflation mismatch 2022 Adj. Gross Margin Projection
Slide 37: At scale, Bethlehem Kitchens campus produces significant profitability and cash
At scale, Bethlehem Kitchens campus produces significant profitability and cash — with opportunity to improve further Bethlehem Campus Profitability “$535 million ~$145 million of Adj. EBITDA cash generation before media before media Significant opportunities for further margin improvement include:
Slide 38: 2022 Freshpet Guidance
2022 Freshpet Guidance $ in Millions 2021 2022 % Change Net Sales $425.5 >$575 +35% Adjusted EBITDA $43.0 >$55 +28% 2
Slide 39: 2022 Freshpet Guidance: Net Sales
2022 Freshpet Guidance: Net Sales Key Drivers of Net Sales Cadence ai a2 a3 aa FY 2022 neutral neutral ++ Ss [scenes] Complete trade +/-= comparison to average growth rate for the year
Slide 40: 2022 Freshpet Guidance: Adj. Gross Margin
2022 Freshpet Guidance: Adj. Gross Margin qi Q2z Q3 a4 FY 2022 = ie z : Buffer capacity Inflation in cost of materials, labor and transportation Bracket pricing Ennis start-up/under-utilization 77-= comparison to average Ad Gross Magi forthe ver]
Slide 41: 2022 Freshpet Guidance: Adj. EBITDA
2022 Freshpet Guidance: Adj. EBIT! ai a2 a3 a4 FY 2022 es + + at Le] [ Bulfer capacity | [ Fomioadedmedainesimen (6555) —+4|:~«SS [Ennis sertuplunderatitzaton | Mismatch between inflation costs and pricing +/-= comparison to average EBITDA margin for the year
Slide 42: Freshpet
freshpet
Slide 43: Pricing is just one piece of comprehensive plan to restore margins
Pricing is just one piece of comprehensive plan to restore margins Q4 2021 Q1 2022 Q2-4 2022 8% Price Increase ‘Second Price Increase Bracket Pricing Second DC (Timing 780) (Benefits begin 04) Freight ERP Implementation Note: Initiatives must also offset ongoing mix shift towards lower margin bags a
Slide 44: Visibility & Availability: 2022
freshpet Visibility & Availability: 2022
Slide 45: 2022: Continued increases in retail availability
2022: Continued increases in retail availability Store Count - Bes. freshpet J 23,631 4915 2021 2022 Projected
Slide 46: 2022: Continued increases in retail visibility
2022: Continued increases in retail visibility Upgrades & Second Fridges a 7 ee + Ems, omnia || wim fon Cumulative Upgrades ‘Cumulative Second Fridges 2021 2022 Projected
Slide 47: "Feed the Growth" creates scale and leverage through accelerated growth rate
“Feed the Growth” creates scale and leverage through accelerated growth rate freshpet D THE GROWTH ILLION HH BY 2025
Slide 48: Slide 48
Slide 49: Reconciliation between Gross Profit and Adjusted Gross Profit
FRESHPET, INC. AND SUBSIDIARIES RECONCILIATION BETWEEN GROSS PROFIT AND ADJUSTED GROSS PROFIT Gross Profit Depreciation expense Plant start-up expense (a) ‘Non-cash share-based compensation COVID-19 expense (b) Adjusted Gross Profit Adjusted Gross Profit as a % of Net Sales (a) Represents additional
Slide 50: Reconciliation between SG&A Expenses and Adjusted SG&A Expenses
FRESHPET, INC. AND SUBSIDIARIES RECONCILIATION BETWEEN SG&A EXPENSES AND ADJUSTED SG&A EXPENSES SGBA expenses Depreciation and amortization expense ‘Non-cash share-based compensation Launch expense (—) Loss on disposal of equipment Equity offering expenses (0) Enterprise Resource Planning () ‘COVID-
Slide 51: Reconciliation between Net Income (Loss) and Adjusted EBITDA
[RECONCILIATION BETWEEN SET INCOME (L089) AND ADJUSTED EBITDA. 5 eon 2a 16 = $ tows 1010 3150 13 Sao Rept fe sate 9 ees Reps COVID 19 expenses ca (os es te th eh a ae fu enpoes ut COVID19 ane )engoney eese [SEpeioe xe eee etd een Soy be Fens co Tome ft pe cham ee) Set sees
Slide 52: Freshpet: Feed the Growth
freshpet FEED THE GROWTH 11 MILLION HH BY 2025 ,