The Marzetti Company · NASDAQ:MZTI
The Marzetti — Investor Presentation (March 2026)
50 slides from The Marzetti's investor presentation, March 2026
Slide 1: The Marzetti Company March 2026
The MarzettiCompany = SRLIC March 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 2025 Net Sales of $1.9 Billion (primarily U.S.) 13 Production Facilities in Seven States Approximately 3,800 Employees
Slide 4: Company Highlights
Company Highlights 4 Leading Market Share Positions in Retail Food Categories Supplier to 17 of the Top 30 National Restaurant Chains Growing and Consumer-Relevant Retail Licensing Program Long History of Sustained Organic Sales Growth Strong Cash Flows One of 12 U.S. Companies to have Increased Reg
Slide 5: Company Highlights: 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 (53% of Total Net Sales)
6 Retail Sales Mix (53% of Total Net Sales) 6 Refrigerated * Dressings, Frozen Dips & Other * Breads 19% 38% Shelf-Stable Dressings, Sauces & Croutons 43% * * * * * * Based on reported net sales for the fiscal year ended June 30, 2025. • Products for these brands are produced and sold to the retail
Slide 7: Foodservice Sales Mix (47% of Total Net Sales)
Foodservice Sales Mix (47% of Total Net Sales) 7 Branded & Other 1 23% National Accounts 77% QSR Customers Based on reported net sales for the fiscal year ended June 30, 2025. 1 – Branded & Other includes $14. 2 million in Net Sales attributed to a Temporary Supply Agreement (TSA) with Winland Foods
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 2. Developed Strategy Strategic Growth Initiatives – Accelerate Base Business Growth –
Slide 9: Strategic Growth Initiatives – Retail: Licensing
4 Strategic Growth Initiatives – Retail 9 Initiative Brand Products Initial Ship Date Chick-fil-A Sauces Added Honey Mustard and Zesty Buffalo Flavors and Expanded Distribution * Into Club Channel Spring 2025 Chick-fil-A NEW Refrigerated Dressings Adding Large Size Avocado Lime Ranch Licensing Sprin
Slide 10: Strategic Growth Initiatives – Retail: Innovation & Renovation
4 Strategic Growth Initiatives – Retail 10 Initiative Brand Products Initial Ship Date Licensing * Texas Roadhouse Dinner Rolls Commenced National Launch (All Major Grocery Retailers) Fall 2025 NEW New York Bakery Adding Baked Bites (Garlic & Cheese and Jalapeno Cheddar Cheese) Summer 2026 Innovatio
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: Strategic Growth Initiatives – Bachan's Acquisition
4 Strategic Growth Initiatives – Bachan’s Acquisition 12 Marzetti to Strengthen its Sauces Platform Through the Bachan’s Acquisition Planned Acquisition Overview Marzetti has Entered into a Definitive Agreement to Acquire the Fast-Scaling Authentic Japanese Barbecue Sauce Brand Bachan’s for $400 Mil
Slide 13: Bachan's: First Authentic Japanese-American Flavor Brand
4 Strategic Growth Initiatives – Bachan’s Acquisition 13 Bachan’s® is the First of its Kind Authentic Japanese-American Flavor Brand Portfolio of Unique Flavors` Sweet Honey Leading Premium Brand Growing Faster than the Category Earned Consumer Loyalty by Offering High Quality, Flavorful Products wi
Slide 14: Advancing the "Better Food" Company Vision through Authentic Flavor
4 Strategic Growth Initiatives – Bachan’s Acquisition 14 Advancing the “Better Food” Company Vision through Authentic Flavor AUTHENTIC Bachan’s Created the Original Japanese Barbecue Sauce, Born from a Multi- Generational Family Recipe Uses Simple, Clean, Non-GMO Ingredients that are “Better-For-You
Slide 15: Bachan's Acquisition: Driving Significant Value Creation
4 Strategic Growth Initiatives – Bachan’s Acquisition 15 Driving Significant Value Creation Expected to Deliver Incremental Growth Near-Term, Expected to be Accretive to our Long-Term Growth Growth Enhancing & Expected to be Accretive to EBITDA Margin Near-Term, with More Potential Margin Accret
Slide 16: FY26 Supply Chain Path Forward
4 Strategic Growth Initiatives – Supply Chain 16 FY26 Supply Chain Path Forward … Maintain Continuous Supply Across the Entire Supply Chain Continue to Leverage New ERP System’s Capabilities Continue to Prioritize Utilization of Expanded Horse Cave Sauce / Dressing Plant as a Strategic Asset to Enab
Slide 17: Simplify Supply Chain and Reduce Costs: Value Engineering
4 Strategic Growth Initiatives – Supply Chain 17 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 18: Simplify Supply Chain and Reduce Costs: Strategic Procurement
4 Strategic Growth Initiatives – Supply Chain 18 Simplify Supply Chain and Reduce Costs Strategic Procurement Strategic Category Sourcing Extensive Competitive Bidding Optimize Contract Duration and Execution Timing Extend Payment Terms
Slide 19: Investing to Drive Efficiency and Support Growth
4 Strategic Growth Initiatives – Capacity Expansion 19 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 In
Slide 20: Acquisition of Sauce and Dressing Production Facility – Atlanta, GA
4 Strategic Growth Initiatives – Production Facility Acquisition 20 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 21: Transportation and Warehousing
4 Strategic Growth Initiatives – Transportation and Warehousing 21 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 22: Culinary Excellence
4 Culinary Excellence 22 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 23: Fiscal 2026 – Second Quarter Financial Performance
4 Fiscal 2026 – Second Quarter Financial Performance 23 Fiscal 2026 Q2 Results vs. Prior Year $ in Millions (Three Months Ended December 31, 2025) (Except Per Share) Value $ Change % Change Net Sales (a) $518.0 $8.7 1.7% Gross Profit $137.3 $4.5 3.4% SG&A $60.4 $3.3 5.8% Restructuring and Impairment
Slide 24: Strong Balance Sheet
Strong Balance Sheet 24 Quarter Ended Fiscal Year Ended June 30 December 31 2023 2024 2025 2025 $ in Millions Cash and Equivalents $88 $163 $161 $202 Total Debt $0 $0 $0 $0 Debt Free Credit Revolver of $150 Million, Expandable up to $225 Million Acquired Sauce and Dressing Production Facility Locate
Slide 25: Cash Priorities
4 Investing to Grow While Returning Cash to Shareholders 25 Major Cash Uses Cash Priorities Fiscal Year Ended 2025 $ in Millions Invest in Existing Business - Fiscal 2026 Capital Expenditures Share Estimated at $75 to $85 Million Repurchases, Regular $8.0 Dividend Acquisition, Payments, Good-Fitting
Slide 26: Appendix A: Supplemental Financial Information
4 Appendix A Supplemental Financial Information
Slide 27: Results of Consolidated Operations: Second Quarter
Results of Consolidated Operations A1 Second Quarter
Slide 28: Reconciliation of GAAP to non-GAAP Net Sales and Gross Margin
Reconciliation of GAAP to non-GAAP Net Sales and Gross Margin A2 Second Quarter Three Months Ended December 31, 2025 Adjusted (unaudited, Dollars in Thousands) Reported TSA-Related (non-GAAP) Consolidated Net Sales $ 517,953 $ 8,185 $ 509,768 Cost of Sales $ 380,693 $ 8,185 $ 372,508 Gross Profit $
Slide 29: Reconciliation of GAAP to non-GAAP Operating Income
Reconciliation of GAAP to non-GAAP Operating Income A3 Second Quarter Notes: Adjusted Operating Income is a non-GAAP financial measure that excludes certain items affecting comparability, which can impact the analysis of our underlying core business performance and trends. The table above presents a
Slide 30: Summarized Earnings Per Share Bridge
Summarized Earnings Per Share Bridge A4 Second Quarter Three Months Ended December 31 (Diluted Earnings Per Share) * * ** ** Values may not foot due to rounding • * In the prior-year quarter, a noncash settlement charge attributed to the termination of the company’s legacy pension plans reduced earn
Slide 31: Results of Consolidated Operations: Recent Fiscal Year Periods
Results of Consolidated Operations A5 Recent Fiscal Year Periods
Slide 32: Fiscal Year Net Sales Results
Fiscal 25 Sales Growth Driven by Volume Gains and Incremental Sales related to the Foodservice TSA * Fiscal 24 Sales Driven by Volume Gains Partially Offset by Deflationary Pricing in Foodservice A6 Fiscal 23 Sales Gains Driven by Pricing Actions Taken to Offset Inflationary Costs Fiscal Year Net Sa
Slide 33: Reconciliation of GAAP to non-GAAP Operating Income
Reconciliation of GAAP to non-GAAP Operating Income A7 Recent Fiscal Year Periods Note: Adjusted Operating Income is a non-GAAP financial measure that excludes certain items affecting comparability, which can impact the analysis of our underlying core business performance and trends. The table above
Slide 34: Summarized Earnings Per Share Bridge FY2024 to FY2025
Summarized Earnings Per Share Bridge A8 Fiscal Year 2024 to Fiscal Year 2025 Fiscal Year Ended June 30 (Diluted Earnings Per Share) Notes: (a) FY24 restructuring and impairment charges and inventory write-down resulting from our decision to exit our perimeter-of-the-store bakery product lines (b) FY
Slide 35: Capital Expenditure History
Capital Expenditure History * A9 $ in Millions * Property Additions for the Fiscal Year Ended June 30
Slide 36: Regular Cash Dividends Per Share
Regular Cash Dividends Per Share * A10 $ per Share (a) * Regular cash dividends for the Fiscal Year ended June 30 (a) Excludes special cash dividend of $5.00 per share paid in 2016
Slide 37: Appendix B: Retail Brand Market Share and Related Information
Appendix B Retail Brand Market Share and Related Information
Slide 38: Portfolio of Strong Brands Relationships
(Retailer Sales and Market Portfolio of Strong Brands Relationships 1 Share Data per Circana ) B1 Marzetti® Sister Schubert’s® 2 Frozen Dinner Rolls Produce Dressing Produce Dip $ Sales: 158.7 MM $ Sales: 148.0 MM $ Sales: 158.2 MM $ Share: 50.6% $ Share: 27.1% $ Share: 81.6% New York Brand® Bakery
Slide 39: Portfolio of Licensing Relationships
(Retailer Sales and Market Portfolio of Licensing Relationships 1 2 Share Data per Circana ) B2 Olive Garden® Chick-fil-A Sauces ® Shelf Stable Pourable Salad Dressing Prep/Finishing Sauce $ Sales: 171.7 MM $ Sales: 175.6 MM $ Share: 6.5% $ Share: 16.6% Buffalo Wild Wings® Texas Roadhouse Rolls Prep
Slide 40: Produce Dressing Market Share
Produce Dressing Market Share 1 B3 Total Category Sales: $546.1 MM All Others 18.5% Marzetti & Chick-fil-A® 2 27.1% Bolthouse 10.8% Litehouse 25.7% Marie’s 17.9% 1 – 52 weeks ending 6/29/25, Source: Circana, Total U.S. Multi-Outlet 2 – Includes licensed Chick-fil-A® produce dressing sales, which acc
Slide 41: Marzetti Produce Dressing Distribution
Marzetti Produce Dressing Distribution 1 B4 ACV Distribution 41 - 70% 71 - 90% Total U.S. Multi-Outlet 67.3% ACV Weighted Distribution 1 - 52 weeks ending 6/29/25, Source: Circana, Total U.S. Multi-Outlet
Slide 42: Produce Dip Market Share
Produce Dip Market Share 1 B5 Total Category Sales: $193.9 MM Marzetti 81.6% Litehouse 8.8% All Others 9.6% 1 - 52 weeks ending 6/29/25, Source: Circana, Total U.S. Multi-Outlet
Slide 43: Marzetti Produce Dip Distribution
Marzetti Produce Dip Distribution 1 B6 ACV Distribution 21 - 70% 71 - 100% Total U.S. Multi-Outlet 65.9% ACV Weighted Distribution 1 - 52 weeks ending 6/29/25, Source: Circana, Total U.S. Multi-Outlet
Slide 44: Frozen Garlic Bread Market Share
Frozen Garlic Bread Market Share 1 B7 Total Category Sales: $853.7 MM Pepperidge Farm 7.0% New York Bakery 42.4% Private Label 40.3% All Others 1 - 52 weeks ending 6/29/25, Source: Circana, Total U.S. Multi-Outlet 10.3%
Slide 45: New York Bakery Frozen Garlic Bread Distribution
New York Bakery Frozen Garlic Bread Distribution 1 B8 ACV Distribution 0 - 74% 75 - 100% Total U.S. Multi-Outlet 83.2% ACV Weighted Distribution 1 - 52 weeks ending 6/29/25, Source: Circana, Total U.S. Multi-Outlet
Slide 46: Frozen Dinner Roll Market Share
Frozen Dinner Roll Market Share 1 B9 Total Category Sales: $313.8 MM All Other Sister Schubert’s and Texas Roadhouse 2 5.0% 61.1% Private Label 4.6% Rhodes 29.3% 1 - 52 weeks ending 6/29/25, Source: Circana, Total U.S. Multi-Outlet 2 - Sister Schubert’s holds a market share of 50.6%, while Texas Roa
Slide 47: Sister Schubert's Distribution
Sister Schubert’s Distribution 1,2 B10 ACV Distribution 21 - 40% 41 - 70% 71 - 100% Total U.S. Multi-Outlet 71.0% ACV Weighted Distribution 1 – 52 weeks ending 6/29/25, Source: Circana, Total U.S. Multi-Outlet 2 - Includes Sister Schubert’s distribution only as the Texas Roadhouse Rolls launch to ma
Slide 48: Crouton Market Share
Crouton Market Share 1 B11 Total Category Sales: $315.8 MM Mrs. Cubbison’s / Fresh Gourmet 19.9% Marzetti, Cardini’s, New York Bakery, Chatham Village 28.2% Private Label 43.2% All Others 8.7% 1 - 52 weeks ending 6/29/25, Source: Circana, Total U.S. Multi-Outlet
Slide 49: New York Bakery Crouton Distribution
New York Bakery Crouton Distribution 1 B12 ACV Distribution 60 - 100% Total U.S. Multi-Outlet 75.3% ACV Weighted Distribution 1 - 52 weeks ending 6/29/25, Source: Circana, Total U.S. Multi-Outlet
Slide 50: The Marzetti Company
The Marzetti Company 380 Polaris Parkway • Suite 400 • Westerville, Ohio 43082 www.marzetticompany.com MARCH 2026
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