Flowers Foods, Inc. · NYSE:FLO
Flowers Foods — Q1 2026 Earnings Presentation
34 slides from Flowers Foods's earnings presentation, May 22, 2026
Slide 1: First Quarter 2026 Review
FIRST QUARTER 2026 REVIEW May 21, 2026
Slide 2: Regarding Forward-Looking Statements
REGARDING 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 forwar
Slide 3: Key Messages
KEY MESSAGES • Disciplined cost management drove financial results ahead of market expectations despite challenging market conditions causing softer top -line • Progress on comprehensive review of portfolio, supply chain, and financial strategy – initial findings provide clear direction for sharper
Slide 4: Resetting Dividend to $0.50/Share Annual Rate Enables De-Levering and Growth Investment
RESETTING DIVIDEND TO $0.50/SHARE ANNUAL RATE ENABLES DE- LEVERING AND GROWTH INVESTMENT Clear path to deleveraging Enable the strategic plan Support shareholder returns Support steady debt Re -invest to grow our leading Attractive yield reduction brands Sustainable payout ratio Path to < 3x leverag
Slide 5: How We Will Lead in Our Category
HOW WE WILL LEAD IN OUR CATEGORY Strengthen our brands Nature’s Own Relaunch example Simpler ingredients • ~1/3 fewer ingredients Reinvent the Bread, Buns & Rolls category • Non-GMO / “Simply No” claims Upgraded packaging • Premium “real” graphics • Stronger flavor designator #1 Keto brand National
Slide 6: Q1 2026 Financial Review
Q1 2026 FINANCIAL REVIEW NET SALES CASH FLOWS — 1Q26 $1.572B +1.1% v PY Cash from Ops $107.9M Dividends $54.4M • Price/Mix +2.1% 1 • Volume –3.3% 2 Capex • Acquisition +2.3% $20.6M NET INCOME GAAP DILUTED EPS $42.1M -$10.9M v PY $0.20 -$0.05 v PY ADJ. EBITDA 3 ADJ. DILUTED EPS 5 159.0M -1.8% v PY $0
Slide 7: Q1 2026 Net Sales Highlights
Q1 2026 NET SALES HIGHLIGHTS Net sales increased 1.1% due to performance in customer Other net sales decreased 3.1% due to inflationary pressures on aligned brands, Simple Mills acquisition contribution, consumer spending and from executing margin optimization favorable price/mix, partially offset b
Slide 8: Q1 2026 Highlights
Q1 2026 HIGHLIGHTS Net income decreased $10.9 million to $42.1 million primarily due to a challenging consumer environment and higher interest expense offset by prior year plant closure costs and moderating ingredient costs Adjusted EBITDA 1 decreased primarily due to lower gross margin, partial off
Slide 9: Fiscal 2026 Guidance
FISCAL 2026 GUIDANCE (Provided May 21, 2026) NET SALES ADJ. EBITDA 1 ADJ. DIL. EPS 2 Fiscal 2026 $5.163 to $465 to $0.80 to Considerations $5.267B $495M $0.90 • Category headwinds • Promotional environment OTHER • Carryover of price increases Depreciation & amortization Effective tax rate • Innovati
Slide 10: Guidance Drivers
GUIDANCE DRIVERS $1.09 $0.80 – $0.90 FY'25 Adj EBITDA D&A Net Int Exp Inc Tax Exp Extra week '25 FY'26 + Carryover of pricing – Increased debt – Lower pretax and efficiency actions income – Lower interest + Innovation income – Category declines KEY – Strategic investments CONSIDERATIONS – Normalizat
Slide 11: Long-Term Growth Target Scorecard
LONG-TERM GROWTH TARGET SCORECARD LT CAGR1 Targets1 FY’201 FY’21 FY’22 FY’23 FY’24 FY’251 Net Sales 1-2% 6.4% 2.5% 5.2% 5.4% 4.4% 4.1% Adj EBITDA 4-6% 23.4% 7.8% 5.9% 4.4% 5.0% 4.0% Adj dil. EPS 7-9% 36.5% 13.7% 9.8% 5.7% 5.9% 2.1% (1) Off FY’19 base; FY’20 and FY’25 are 53 -week years 11
Slide 12: Volume Trends
VOLUME TRENDS • Branded retail impacted by continued weakness in the fresh packaged bread category, particularly traditional loaf • Other impacted by softness in store brand cake and loaf FLO Volume % Change (Y/Y) TOTAL COMPANY BRANDED RETAIL OTHER 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 1Q'25 2Q'25 3Q'25 4Q'
Slide 13: Private Label Unit Share
PRIVATE LABEL UNIT SHARE CHANGE IN PRIVATE LABEL UNIT SHARE (Y/Y) 0.2 0.2 -0.2 -0.2 -0.3 -0.3 -0.4 -0.5 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Source: Flowers Custom Database – Circana Total US Mulo+ with Conv Due to a change in methodology and sources, data provided previously by Circana m
Slide 14: Branded vs Store Brand Market Share
BRANDED VS STORE BRAND MARKET SHARE Long -term trend of branded share gains interrupted by inflationary pressure on consumers Branded Dollar Share Store Branded Dollar Share 78.00 27.00 26.2 26.1 77.0 25.6 26.00 77.00 76.6 24.8 25.00 76.00 24.00 23.3 75.1 75.00 23.0 23.00 74.4 74.00 73.8 73.8 22.00
Slide 15: Flowers Market Share
FLOWERS MARKET SHARE FLO Bread Dollar Share FLO Cake Dollar Share 16.8 16.8 16.7 16.5 16.6 15.9 16.0 15.6 6.6 6.7 6.2 6.1 6.2 6.3 6.1 5.6 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Source: Flowers Custom Database – Circana Total US Mulo+ with Conv 15 Due to a change in methodolo
Slide 16: Flowers Fresh Packaged Breads
FLOWERS FRESH PACKAGED BREADS Dollar Sales % Chg Unit Sales % Chg 2.0% 1.5% 0.6% 0.4% -1.4% -1.6% -1.9% -2.4% -2.7% -3.1% -3.0% -3.0% -3.4% -3.4% -3.7% -6.6% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Source: Flowers Custom Database – Circana Total US Mulo+ with Conv 16 Due to a
Slide 17: Flowers Commercial Cake
FLOWERS COMMERCIAL CAKE Dollar Sales % Chg Unit Sales % Chg 7.7% 6.0% 4.4% 4.6% 3.6% 1.2% 1.6% -0.9% -4.0% -3.8% -5.0% -5.4% -5.6% -6.4% -7.2% -9.6% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Source: Flowers Custom Database – Circana Total US Mulo+ with Conv 17 Due to a change i
Slide 18: Organic Category Sales
ORGANIC CATEGORY SALES ORGANIC FRESH PACKAGED BREADS xFLO FLOWERS ORGANICS FLOWERS SHARE OF ORGANICS $1,500.0 80.0 $1,420.0 74.4 74.2 73.0 73.8 73.3 $1,340.0 71.4 $1,260.0 70.0 $1,180.0 $1,100.0 $1,020.0 60.0 $940.0 $860.0 $988.6 $993.0 $965.4 $780.0 $927.5 Millions $850.5 50.0 $700.0 $768.2 $620.0
Slide 19: Gluten-Free Category Sales
GLUTEN-FREE CATEGORY SALES GLUTEN FREE FPB xFLO FLOWERS GF FLOWERS SHARE OF GF $500.0 38.8 38.6 40.0 38.1 36.0 36.0 $450.0 35.0 32.3 $400.0 30.0 $350.0 $144.1 $146.8 $154.9 $154.5 $154.5 25.0 $300.0 $115.3 Millions $250.0 20.0 $200.0 15.0 $150.0 $255.7 $260.6 $251.4 $246.2 10.0 $241.9 $243.7 $100.0
Slide 20: 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 publi
Slide 21: Reconciliation of Non-GAAP Financial Measures: EPS to Adjusted EPS
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES RECONCILIATION OF EARNINGS PER SHARE TO ADJUSTED DILUTED EARNING S PER SHARE Reconciliation of Earnings per Share to Adjusted Earnings per Share For the 16-Week Period For the 16-Week Period Ended Ended April 25, 2026 April 19, 2025 Net income per dilute
Slide 22: Reconciliation of Non-GAAP Financial Measures: Gross Margin
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES RECONCILIATION OF GROSS MARGIN EXCLUDING DEPRECIATION AND AMORTI ZATION TO GROSS MARGIN (000S OMITTED) Reconciliation of Gross Margin For the 16-Week Period For the 16-Week Period Ended Ended April 25, 2026 April 19, 2025 Net sales $ 1,571,577 $ 1,554,23
Slide 23: Reconciliation of Non-GAAP Financial Measures: Adjusted SD&A
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES RECONCILIATION OF SELLING, DISTRIBUTION AND ADMINISTRATIVE EXPEN SES TO ADJUSTED SD&A (000S OMITTED) Reconciliation of Selling, Distribution, and Administrative Expenses to Adjusted SD&A For the 16-Week Period For the 16-Week Period Ended Ended April 25,
Slide 24: Reconciliation of Non-GAAP Financial Measures: Net Income to Adjusted EBITDA
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA (000S OMITTED) For the 16-Week Period For the 16-Week Period Ended Ended April 25, 2026 April 19, 2025 Net income $ 42,055 $ 52,998 Income tax expense 18,005 18,204 Interest expense, net 19,634 1
Slide 25: Reconciliation of Non-GAAP Financial Measures: Adjusted Income Tax Expense
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES RECONCILIATION OF INCOME TAX EXPENSE TO ADJUSTED INCOME TAX EXPENSE (000S OMITTED) Reconciliation of Income Tax Expense to Adjusted Income Tax Expense For the 16-Week Period For the 16-Week Period Ended Ended April 25, 2026 April 19, 2025 Income tax expe
Slide 26: Reconciliation of Non-GAAP Financial Measures: Adjusted Net Income
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME (000S OMITTED) Reconciliation of Net Income to Adjusted Net Income For the 16-Week Period For the 16-Week Period Ended Ended April 25, 2026 April 19, 2025 Net income $ 42,055 $ 52,998 Business process i
Slide 27: Reconciliation of Non-GAAP Financial Measures: FY2025 Adjusted EBITDA
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA (000S OMITTED) For the 53-Week Year Ended January 3, 2026 Net Income $ 83,825 Income tax expense 31,243 Interest expense, net 59,294 Depreciation and amortization 167,427 EBITDA 341,789 Other pen
Slide 28: Reconciliation of Non-GAAP Financial Measures: FY2025 EPS
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES RECONCILIATION OF EARNINGS PER SHARE – FULL YEAR FISCAL 2025 For the 53-Week Year Ended January 3, 2026 Net Income per Diluted Common Share* $ 0.40 Restructuring and related impairment charges 0.02 Impairment of intangible assets 0.48 Loss on inferior in
Slide 29: Reconciliation of Non-GAAP Financial Measures: Net Debt
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES RECONCILIATION OF DEBT TO NET DEBT AND CALCULATION OF NET DEBT TO TRAILING TWELVE MONTH ADJUSTED EBITDA RATIO (000S OMITTED) As of April 25, 2026 Current maturities of long-term debt $ 399,753 Long-term debt 1,324,019 Total debt 1,723,772 Less: cash and
Slide 30: Reconciliation of Non-GAAP Financial Measures: FY2026 Guidance EPS
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES RECONCILIATION OF EARNINGS PER SHARE – FULL YEAR FISCAL 2026 GUI DANCE RANGE ESTIMATE Reconciliation of Earnings per Share - Full Year Fiscal 2026 Guidance Range Estimate Net income per diluted common share $ 0.71 to $ 0.81 Business process improvement c
Slide 31: Reconciliation of Non-GAAP Financial Measures: Trailing Adjusted EBITDA
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA (000S OMITTED) Trailing 53 For the 12 For the 12 For the 13 For the 16 Week Period Weeks Ended Weeks Ended Weeks Ended Weeks Ended Ended July 12, 2025 October 4, 2025 January 3, 2026 April 25, 20
Slide 32: Reconciliation of Non-GAAP Financial Measures: Historical Adjusted EBITDA
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA (000S OMITTED) 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 December 30, 2023 December 31, 2022 January 1, 202
Slide 33: Reconciliation of Non-GAAP Financial Measures: Historical EPS
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES RECONCILIATION OF EARNINGS PER SHARE TO ADJUSTED EARNINGS PER SH ARE 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
Slide 34: Reconciliation of Non-GAAP Financial Measures: FY2024 and FY2023 Adjusted EBITDA
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA (000S OMITTED) For the Fiscal Year For the Fiscal Year Ended 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