The Marzetti Company · NASDAQ:MZTI
The Marzetti — Investor Presentation (September 2026)
46 slides from The Marzetti's investor presentation, September 2026
Slide 1: The Marzetti Company September 2026
TheMarzettiCompan September 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement 2 This presentation was prepared by The Marzetti Company for information purposes only and is not an offer or solicitation with respect to the purchase or sale of Company securities. We desire to take advantage of the “safe harbor” provisions of the Private Securities Litigatio
Slide 3: About The Marzetti Company
About The Marzetti Company 3 Manufacturer and Marketer of Specialty Food Products Established in 1961 Headquartered in Westerville, Ohio Fiscal 2026 Net Sales of $1.9 Billion (primarily U.S.) 13 Production Facilities in Seven States Approximately 3,500 Employees
Slide 4: Company Highlights
Company Highlights 4 Fiscal 2026 Marked the Fourth Consecutive Year of Record-High Net Sales and Gross Profit and the Third Consecutive Year of Record-High Operating Income Record-High Operating Cash Flow of $283.8 Million in Fiscal 2026 Leading Market Share Positions in Retail Food Categories Diffe
Slide 5: Net Sales 11% Compound Annual Growth Rate
Company Highlights 5 $2,000 11% Compound Annual Growth Rate * $1,500 2003 $1,000 2000 1997 $500 1989 1978 1969 1971 1980 1990 2000 2010 2025 Net sales information is presented as originally reported in The Marzetti Company’s (formerly named Lancaster Colony Corporation) Annual Report for the fiscal
Slide 6: Retail Sales Mix (52% of Total Net Sales)
6 Retail Sales Mix (52% of Total Net Sales) 6 * Refrigerated Dressings, Frozen Dips & Other Breads 18.4% * 39.3% Shelf-Stable Dressings, Sauces * & Croutons 42.3% * * * * * Based on reported net sales for the fiscal year ended June 30, 2026 • Products for these brands are produced and sold to the re
Slide 7: Foodservice Sales Mix (48% of Total Net Sales)
Foodservice Sales Mix (48% of Total Net Sales) 7 Branded & Other 1 23.0% National Accounts 77.0% QSR Customers Based on reported net sales for the fiscal year ended June 30, 2026 1 – Branded & Other includes $20.4 million (2.2% of total Foodservice net sales) in non-core sales attributed to a Tempor
Slide 8: Evolution of Our "Better Food Company" Strategy
4 Evolution of Our “Better Food Company” Strategy 8 1. Defined Winning - Pursue Top Quartile Financial Performance Grow Organic Sales Volumes Low- to Mid-Single Digit (pounds shipped basis) Grow Operating Margins FY27 Guidance – Adjusted Net Sales up Mid-Single Digit; Adjusted Gross Margin improveme
Slide 9: Strategic Growth Initiatives – Retail: Licensing
4 Strategic Growth Initiatives – Retail 9 Initiative Brand Portfolio Highlights New Items Initial Ship Timing Chick-fil-A Sauces Club Variety Pack * New Items Spring 2026 Chick-fil-A Refrigerated Dressings Avocado Lime Ranch • Large Size - Spring 2026 • Single Serve – Club, late Licensing Summer 202
Slide 10: Strategic Growth Initiatives – Retail: Innovation & Renovation
4 Strategic Growth Initiatives – Retail 10 Initiative Brand Portfolio Highlights New Items Initial Ship Timing Licensing * Texas Roadhouse Dinner Rolls Club Offering Late Summer 2026 New York Bakery Loaf and Focaccia Late Summer 2026 Innovation & Renovation Sister Schubert’s Sausage Wrap Rolls Late
Slide 11: Consumer-Relevant Retail Licensing Program
4 Strategic Growth Initiatives – Retail 11 Consumer-Relevant Retail Licensing Program Successfully Developed Exclusive Licensing Agreements Through Our Proven Culinary Expertise and Demonstrated Sales Execution in the Retail Channel Combined with Our Strong Reputation and Longstanding Relationships
Slide 12: M&A Strategy
Strategic Growth Initiatives – M&A Strategy 12 • Near-Term Focus Upon Bachan’s Successful Integration and Growth • M&A Strategy Leverage Core Competency in Sauce and Dressing Flavor Systems Continued Build Out of Sauce Platform That Now Represents Nearly 40% of Consolidated Net Sales Other Key Crite
Slide 13: Strategic Growth Initiatives – Bachan's Acquisition
Strategic Growth Initiatives – Bachan’s Acquisition 13 Acquisition Completed on May 1, 2026 Bachan’s Continues the Path of Strong Growth, With Circana Data for the Quarter Ending June 30*, Showing Sales Growth of 8.7%, and TDPs Up Over 16% Bachan’s Added $15.4 Million in Net Sales for the Two Months
Slide 14: FY27 Supply Chain Path Forward
4 Strategic Growth Initiatives – Supply Chain 14 FY27 Supply Chain Path Forward … Maintain Continuous Supply Across the Entire Supply Chain Continue to Leverage ERP System’s Capabilities Continue to Prioritize Utilization of Expanded Horse Cave Sauce / Dressing Plant as a Strategic Asset to Enable G
Slide 15: Simplify Supply Chain and Reduce Costs: VE Approach
4 Strategic Growth Initiatives – Supply Chain 15 Simplify Supply Chain and Reduce Costs Value Engineering (VE) to Help offset Cost Inflation and Improve Profitability Identify Opportunities to Reduce Product VE Approach and Packaging Costs that Consumer Doesn’t Value Lower-Cost Packaging Materials A
Slide 16: Simplify Supply Chain and Reduce Costs: Strategic Procurement
4 Strategic Growth Initiatives – Supply Chain 16 Simplify Supply Chain and Reduce Costs Strategic Procurement Strategic Category Sourcing Extensive Competitive Bidding Optimize Contract Duration and Execution Timing Extend Payment Terms
Slide 17: Investing to Drive Efficiency and Support Growth
4 Strategic Growth Initiatives – Capacity Expansion 17 Investing to Drive Efficiency and Support Growth Significant Capacity Expansion Project for Sauces and Dressings * * * * * * Added 192,000 Square Feet to Existing Facility in Horse Cave, KY Fully Operational Beginning in March 2023 Provides Incr
Slide 18: Investing to Drive Efficiency: Production Facility Acquisition
4 Strategic Growth Initiatives – Production Facility Acquisition 18 Investing to Drive Efficiency and Support Growth Acquisition of Sauce and Dressing Production Facility – Atlanta, GA Strategic Addition to Our Manufacturing Network to Benefit Core Sauce and Dressing Operations Supports Improved Ope
Slide 19: Simplify Supply Chain: Transportation and Warehousing
4 Strategic Growth Initiatives – Transportation and Warehousing 19 Simplify Supply Chain and Reduce Costs Continue to Leverage Transportation Management System Utilize Carrier Segmentation and Lane Analysis to Ensure the Highest Level of Service at the Most Competitive Rate Improve Carrier Managemen
Slide 20: Culinary Excellence
4 Culinary Excellence 20 Our R&D Team is a Core Strength of Our Business … Based at Our Innovation Center in Central Ohio, Our R&D Team Brings Together the Best in Culinary Arts, Food Science and Technology Supports Collaboration and Innovation Among Our Foodservice and Retail Segments to Develop Re
Slide 21: Fiscal 2026 Financial Performance
4 Fiscal 2026 Financial Performance 21 Fiscal 2026 Results vs. Prior Year $ in Millions (Twelve Months Ended June 30, 2026) (Except Per Share) Value $ Change % Change Net Sales (a) $1,930 $21 1.1% Gross Profit $477 $22 4.7% SG&A (b) $255 $24 10.6% Restructuring, Impairment and Other, Net (c) ($16) (
Slide 22: Strong Balance Sheet
Strong Balance Sheet 22 Fiscal Year Ended June 30 2024 2025 2026 $ in Millions Cash and Equivalents $163 $161 $25 Total Debt $0 $0 $199 Acquired Bachan’s, Inc. in May 2026 for $400 Million In Addition to the $200 Million Term Loan Used to Finance the Bachan’s Acquisition, Borrowing Capacity as of Ju
Slide 23: Investing to Grow While Returning Cash to Shareholders
4 Investing to Grow While Returning Cash to Shareholders 23 Cash Priorities Major Cash Uses Fiscal Year Ended 2026 $ in Millions (rounded) Invest in Existing Business - Fiscal 2027 Capital Expenditures Estimated at $90 Million Good-Fitting Acquisitions - May 2026 Acquisition of Bachan’s - February 2
Slide 24: Best-in-Class Return on Invested Capital
4 Best-in-Class Return on Invested Capital 24 Strong ROIC Illustrates Differentiated Business Quality and Capital Efficiency The Marzetti Company’s ROIC of 17.9% is More Than 2X Peer Average of 8.4% (a) Superior Returns Reflect: – Efficient Asset Utilization – Consistent Deployment of Capital Toward
Slide 25: Appendix A: Supplemental Financial Information
4 Appendix A Supplemental Financial Information
Slide 26: Results of Consolidated Operations
Results of Consolidated Operations A1 Most Recent Fiscal Year Periods
Slide 27: Reconciliation of GAAP to non-GAAP Net Sales and Gross Margin
Reconciliation of GAAP to non-GAAP Net Sales and Gross Margin A2 Most Recent Fiscal Year Periods Note: Adjusted Consolidated Net Sales, Adjusted Foodservice Net Sales, Adjusted Cost of Sales, Adjusted Gross Profit and Adjusted Gross Margin are non-GAAP financial measures that exclude non-core sales
Slide 28: Reconciliation of GAAP to non-GAAP Operating Income and Diluted EPS
Reconciliation of GAAP to non-GAAP Operating Income and Diluted EPS A3 Most Recent Fiscal Year Periods Note: Adjusted Operating Income and Adjusted Diluted EPS are non-GAAP financial measures that exclude certain items affecting comparability, which can impact the analysis of our underlying core bus
Slide 29: Summarized Earnings Per Share Bridge
Summarized Earnings Per Share Bridge A4 Fiscal Year 2025 to Fiscal Year 2026 Fiscal Year Ended June 30 (Diluted Earnings Per Share) $0.12 ($0.35) $1.14 $0.91 Core Other SG&A Other Items Fiscal 2026 EPS (Diluted) improved $0.91driven by strong core business performance, the favorable impact of the ga
Slide 30: Net Sales Growth Primarily Driven By
Net Sales Growth Primarily Driven By: Fiscal 26: Higher Pricing and Incremental Bachan’s and TSA Sales*, Partially Offset by Lower Volume A5 Fiscal 25: Volume Gains and Incremental TSA Sales A5 Fiscal 24: Volume Gains, Partially offset by Deflationary Pricing in Foodservice Net Sales Fiscal Year End
Slide 31: Capital Expenditure History
Capital Expenditure History A6 Capital (Property Additions) Fiscal Year Ended June 30 $ in Millions
Slide 32: Regular Cash Dividends Per Share
Regular Cash Dividends Per Share A7 Dividends Fiscal Year Ended June 30 $ per Share * * Excludes special cash dividend of $5.00 per share paid in 2016
Slide 33: Appendix B: Retail Brand Market Share and Related Information
Appendix B Retail Brand Market Share and Related Information
Slide 34: Portfolio of Strong Brand Relationships
Portfolio of Strong Brand Relationships B1 (Retailer Sales and Market 1 Share Data per Circana ) Marzetti® Sister Schubert’s® 2 Frozen Dinner Rolls Produce Dressing Produce Dip $ Sales: 159.4 MM $ Sales: 151.8 MM $ Sales: 139.4 MM $ Share: 79.3% $ Share: 44.8% $ Share: 26.8% New York Bakery TM Crout
Slide 35: Portfolio of Licensing Relationships
Portfolio of Licensing Relationships 1 B2 (Retailer Sales and Market 2 Share Data per Circana ) Olive Garden® Chick-fil-A Sauces® Shelf Stable Pourable Salad Dressing Custom Specialty Sauces & Condiments $ Sales: 164.7 MM $ Sales: 178.4 MM $ Share: 1.9% $ Share: 6.4% Total Category Sales: $2,561 MM
Slide 36: Produce Dressing Market Share
Produce Dressing Market Share 1 B3 Total Category Sales: $519.8 MM All Others 17.6% Marzetti & Chick-fil-A® 2 26.8% Bolthouse 10.6% Litehouse 26.9% Marie’s 18.1% 1 – 52 weeks ending 6/28/26, Source: Circana, Total U.S. Multi-Outlet 2 – Includes licensed Chick-fil-A® refrigerated dressing sales, whic
Slide 37: Marzetti Produce Dressing Distribution
Marzetti Produce Dressing Distribution 1 B4 ACV Distribution 50 - 60% 61 - 80% Total U.S. Multi-Outlet 62.4% ACV Weighted Distribution 1 - 52 weeks ending 6/28/26, Source: Circana, Total U.S. Multi-Outlet
Slide 38: Produce Dip Market Share
Produce Dip Market Share 1 B5 Total Category Sales: $201.0 MM Marzetti 79.3% Litehouse 8.5% All Others 12.2% 1 - 52 weeks ending 6/28/26, Source: Circana, Total U.S. Multi-Outlet
Slide 39: Marzetti Produce Dip Distribution
Marzetti Produce Dip Distribution 1 B6 ACV Distribution 50 - 60% 61 – 80% Total U.S. Multi-Outlet 67.4% ACV Weighted Distribution 1 - 52 weeks ending 6/28/26, Source: Circana, Total U.S. Multi-Outlet
Slide 40: Frozen Garlic Bread Market Share
Frozen Garlic Bread Market Share 1 B7 Total Category Sales: $847.0 MM Pepperidge Farm 6.2% New York Bakery 45.2% Private Label 39.0% All Others 1 - 52 weeks ending 6/28/26, Source: Circana, Total U.S. Multi-Outlet 9.6%
Slide 41: New York Bakery Frozen Garlic Bread Distribution
New York Bakery Frozen Garlic Bread Distribution 1 B8 ACV Distribution 70 - 74% 75 - 90% Total U.S. Multi-Outlet 82.3% ACV Weighted Distribution 1 - 52 weeks ending 6/28/26, Source: Circana, Total U.S. Multi-Outlet
Slide 42: Frozen Dinner Rolls Market Share
Frozen Dinner Rolls Market Share 1 B9 Total Category Sales: $338.8 MM Private Sister Schubert’s and Label 2 Texas Roadhouse® 4.1% 61.9% All Other 14.2% Rhodes 19.8% 1 - 52 weeks ending 6/28/26, Source: Circana, Total U.S. Multi-Outlet 2 - Sister Schubert’s holds a market share of 44.8%, while Texas
Slide 43: Sister Schubert's and Texas Roadhouse Distribution
Sister Schubert’s and Texas Roadhouse® Distribution 1 B10 ACV Distribution 45 - 60% 61 - 90% Total U.S. Multi-Outlet 69.9% ACV Weighted Distribution 1 – 52 weeks ending 6/28/26, Source: Circana, Total U.S. Multi-Outlet
Slide 44: Crouton Market Share
Crouton Market Share 1 B12 Total Category Sales: $305.5 MM Mrs. Cubbison’s / Fresh Gourmet 17.9% Marzetti, Cardini’s, New York Bakery, Chatham Village 28.2% Private Label 44.5% All Others 9.4% 1 - 52 weeks ending 6/28/26, Source: Circana, Total U.S. Multi-Outlet
Slide 45: New York Bakery Crouton Distribution
New York Bakery Crouton Distribution 1 B13 ACV Distribution 60 - 69% 70 - 85% Total U.S. Multi-Outlet 76.7% ACV Weighted Distribution 1 - 52 weeks ending 6/28/26, Source: Circana, Total U.S. Multi-Outlet
Slide 46: The Marzetti Company
The Marzetti Company 380 Polaris Parkway • Suite 400 • Westerville, Ohio 43082 www.marzetticompany.com SEPTEMBER 2026
The Marzetti Company — Investor Presentation (September 2026) on 6ix