Vital Farms, Inc. · NASDAQ:VITL
Vital Farms — Investor Day (December 2025)
110 slides from Vital Farms's investor day presentation, Dec 16, 2025
Slide 1: 2025 Investor Day
2025 Investor Day December 16, 2025
Slide 2: Brian Shipman
Brian Shipman Vice President of Investor Relations
Slide 3: 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 4: Brian Shipman
Brian Shipman Vice President of Investor Relations
Slide 5: Russell Diez-Canseco
Russell Diez-Canseco President & Chief Executive Officer
Slide 6: Vital Farms is a differentiated brand that commands strong loyalty
Vital Farms is a differentiated brand that commands strong loyalty 6
Slide 7: Vital Farms: A Branded CPG Company with a Unique Purpose
Vital Farms: A Branded CPG Company with a Unique Purpose Differentiated Brand & Strong Building Trusted Partnerships with Relationship With Consumers Retailers Strong & Growing Relationships With Strong Culture & Leadership Farmers Attractive Business Model with Scaling Production Capacity Financial
Slide 8: We have built a strong and growing business on solid foundations
We have built a strong and growing business on solid foundations A PREMIUM TRUSTED BY DEMANDED BY BRAND CONSUMERS RETAILERS Over 15.7 Million ~23,500 Households Retailers A RESILIENT FARMER NETWORK WORLD-CLASS PROCESSING FACILITIES Egg Central Station, ECS (Missouri) 575 Family Farms Vital Crossroad
Slide 9: We have a distinct brand and very loyal consumers
We have a distinct brand and very loyal consumers And Loyal Fans! 9
Slide 10: We have established a differentiated supply chain—from pasture to plate
We have established a differentiated supply chain —from pasture to plate 575 Family Farms Cold Storage Egg Central Station & Vital Crossroads (2027) Distributors 23,500 Retail Stores Consumers 10
Slide 11: We play in the fastest-growing segments of Eggs and Butter
We play in the fastest-growing segments of Eggs and Butter Segment Volume Growth, 2020 - 2025 Egg Category Volume Growth Rates Butter Category Volume Growth Rates 27% 18% 12% 12% -2% -6% Conventional Cage Free Pasture- Non Grass-Fed Grass-Fed Free Range Raised Source: Circana | MULO+ | Shell Eggs, B
Slide 12: We have a compelling history of strong financial growth
We have a compelling history of strong financial growth, exceeding expectations Vital Farms Net Sales, Million Dollars 760 666 606 CAGR: 544 29% 472 496 444 394 362 301 301 261 233 199 214 2020 2020 2021 2021 2022 2022 2023 2024 2025E 2025E IPO forecast 2023 Analyst Day implied forecast Actual Sourc
Slide 13: Our New 2030 Growth Targets: $2 Billion in Net Revenue
Our New 2030 Growth Targets: $2 Billion in Net Revenue and Adjusted EBITDA Margin Between 15%-17% GROSS ADJUSTED NET REVENUE MARGIN EBITDA MARGIN $2B 35+% 15 - 17% By 2030 By 2030 Note: These metrics are management goals are subject to a number of risks and uncertainties, including risks described i
Slide 14: Here is our action plan for $2 Billion in Net Revenue by 2030
Here is our action plan for $2 Billion in Net Revenue by 2030 Drive brand awareness to expand Building Trusted Partnerships with household penetration and loyalty Retailers Build on strong farm recruitment Invest in crew and leadership pipeline, invest in farm support to development to scale culture
Slide 15: You will hear more about these priorities from our leaders
You will hear more about these priorities from our exceptional leaders Kathryn McKeon Pete Pappas Differentiated Brand & Strong Building Trusted Partnerships with Relationship With Consumers Retailers Pete Pappas Russell Diez-Canseco Strong & Growing Relationships with Strong Culture & Leadership Fa
Slide 16: Vital Farms: A Branded CPG Company With A Unique Purpose
Vital Farms: A Branded CPG Company With A Unique Purpose Differentiated Brand & Strong Building Trusted Partnerships with Relationship With Consumers Retailers Strong & Growing Relationships With Strong Culture & Leadership Farmers Attractive Business Model with Strong Scaling Production Capacity Fi
Slide 17: Kathryn McKeon
Kathryn McKeon Chief Marketing Officer & General Manager, Butter
Slide 18: The Vital Farms Brand
The Vital Farms Brand Growing We Chose We Are A Awareness The Right Brand Translates To Consumers Long-Term A Very Loyalty And They Special One Love Us
Slide 19: Vital Farms bucks convention
Vital Farms bucks convention
Slide 20: Our unique and enduring brand strength comes from truth
Our unique and enduring brand strength comes from truth Our brand isn’t part of a “Selling Toolkit” We are getting credit for what Vital Farms Our brand is part does differently of our identity 20
Slide 21: We are focused on six things that really set us apart
We are focused on six things that really set us apart Our commitment across every Bullsh*t-Free is Extraordinary product touchpoint earns 1 our brand promise 4 experience lasting trust Real humans Showcase conviction 2 5 who deeply care, in our purpose bucking corporate norms Confident + Approachabl
Slide 22: This allows us to accomplish things that shouldn't be possible
This allows us to accomplish things that shouldn’t be possible The “Rule” The Vital Farms Way Advertising spend amplifies what already exists, it doesn’t Advertising creates the brand create it Scale integrity, not shortcuts Scale requires compromise More like-minded farms, increasing standards, unr
Slide 23: We chose awareness to drive growth
We chose awareness to drive growth – A strong brand deserves more introductions Widen our lead Fill a very Build “mental in the category strong funnel; availability” to win Add households at the shelf It’s working and working well. Let us show you... 23
Slide 24: We broke from the pack and expanded the awareness gap
Once we set our sights on an awareness strategy in 2022, we broke from the pack and expanded the awareness gap Aided Brand Awareness, % of Consumers 33% Started awareness strategy 28% 23% Competitor 1 18% Competitor 2 Competitor 3 13% 8% Q2+Q3'20 Q1'21 Q3'21 Q1'22 Q3'22 Q1'23 Q3'23 Q1'24 Q3'24 Q1'25
Slide 25: Awareness growth drives household growth
Awareness growth drives household growth Vital Farms Aided Brand Awareness and Total Households 35% 20 30% 18 25% 16 % of Consumers 20% 14 Millions 15% 12 10% 10 5% 8 0% 6 2020 2021 2022 2023 2024 Q3 2025 Awareness Household Source: Brand Health Tracker, Base: Past 3 Month Egg Purchasers (Current Wa
Slide 26: New households stay and more than double purchases in two years
When we bring in new households, they stay…and they grow – consistently more than doubling purchases with us in just two years New Vital Farms Buyers Turn into Heavy Loyalists by the End of Year 2 5.5 5.0 New Vital Farms Shoppers Annualized Purchase Frequency 4.5 2020 4.0 2021 3.5 2022 3.0 2023 2.5
Slide 27: As loyalty and retained households grow, so does the business
As loyalty and retained households grow, so does the business Vital Farms, New & Retained HHs Vital Farms, New & Retained HH Dollars $600,000,000 16,000,000 14,000,000 $500,000,000 12,000,000 Households (millions) $400,000,000 Revenue ($M) 10,000,000 $300,000,000 8,000,000 34.2% CAGR 6,000,000 26.8%
Slide 28: Shell Egg buy rate is growing across all household income levels
Vital Farms Shell Egg buy rate is growing across all household income levels Vital Farms Buy Rate by High, Mid, Low Income $45.99 $45.41 $41.35 $36.13 $35.84 $33.36 $32.28 $31.80 $31.04 $29.98 $28.63 $27.97 $25.24 $24.46 $22.28 $21.31 $19.59 $19.00 2020 2021 2022 2023 2024 Q3 2025 High Income Mid In
Slide 29: We chose the right consumer target Bridget and Ben
We chose the right consumer target Bridget and Ben Bridget and Ben are our highest value, most • Make 7 more egg purchases than the average HH strategically aligned consumer • Put Vital Farms in their basket 2 more times than the average shopper, spending $18 more per year Buying Outdoor on Vital Fa
Slide 30: We know Bridget & Ben well
We know Bridget & Ben well – who they are and what matters most While we know their demographics, it’s their mindset that drives everything • They are health-focused, knowledgeable foodies who actively seek out clean, natural, and organic products • They’re motivated by personal wellness, invested i
Slide 31: As consumers evolve, so will our target consumer definition
And just as consumers evolve, so will the definition of our target consumer Target Households Over Time • Since IPO, our consumer + 20M target group has expanded Number of Households 34M +20M • We announce an evolved 14M consumer group every 3-4 years • New target consumer will be announced in 2026,
Slide 32: We reach consumers across paid, earned, and owned media
We reach consumers with a powerful strategy across paid, earned, and owned media, which reinforce each other Vital Farms Awareness Engine Builds trust & Owned consistency Earned Paid Gives us scale & reach Validates & amplifies 32
Slide 33: Our integrated approach unlocks a multiplier effect
Our integrated approach unlocks a multiplier effect, amplifying for maximum impact Owned Earned Paid Validates and amplifies Gives us scale and reach 33
Slide 34: We build meaningful, tangible touchpoints with intention
We build meaningful, tangible touchpoints that matter with a ton of intention The Good Eggs: Quality Vital Times ® See-a-Farm Program Standard-raising animal welfare Consumers can see the actual practices impact egg quality farm where their actual eggs were laid 52 quality factors monitored Scan car
Slide 35: Consumers choose Vital Farms because we are a unique brand
It’s all working: Consumers choose Vital Farms because we are a unique brand “They have an actual ethos AND I believe that directly translates to a higher quality of egg” Source: Numerator Panel Survey, November 2025 among Vital Farms Med-Heavy+ Buyers; Consumer Ethnographic Research 2023 35
Slide 36: Our brand moat is built with intention
Our brand moat is built with intention Our commitments earn us lasting trust across every Bullsh*t-Free is Extraordinary product 1 4 our brand promise experience touchpoint Real humans Showcase conviction 2 5 who deeply care, in our purpose bucking corporate norms Confident + Approachable + 3 Utiliz
Slide 37: The Vital Farms Brand
The Vital Farms Brand Growing We Chose We Are A Awareness The Right Brand Translates To Consumers Long-term A Very Loyalty And They Special One Love Us
Slide 38: Consumers
Consumers © Vital Farms
Slide 39: Pete Pappas
Pete Pappas President, Eggs & Chief Sales Officer
Slide 40: Vital Farms: A Branded CPG Company With A Unique Purpose
Vital Farms: A Branded CPG Company With A Unique Purpose Differentiated Brand & Strong Building Trusted Partnerships with Relationship With Consumers Retailers Strong & Growing Relationships With Strong Culture & Leadership Farmers Attractive Business Model with Strong Scaling Production Capacity Fi
Slide 41: Egg Category View
Egg Category View
Slide 42: Eggs are a big, dynamic category
Eggs are a big, dynamic Bird Eggs are a population category high growth, remains low Outdoor Access is a critically due to Avian fast-growing Influenza, resulting in important short supply portion of the category for for eggs category retailers 42
Slide 43: Eggs are a large, critically important category
Eggs are a large, critically important category Shell Egg Category Dollar Sales, Billion Dollars $15.8 Shell Eggs are a $16B category and $12.5 growing $10.6 $10.3 Eggs are high-visibility, “key value $7.3 $7.1 items” for retailers that are purchased frequently & strengthen loyalty Eggs are a trip d
Slide 44: Bird population remains low due to Avian Influenza
Bird population remains low due to Avian Influenza – below Jan 2020 levels Egg Laying Chicken Population – USDA, Millions 341M 301M Jan-2020 Jan-2021 Jan-2022 Jan-2023 Jan-2024 Jan-2025 Sept-2025 Source: USDA Table Egg Layers, First Day of the Month, US 44
Slide 45: Outdoor access has more than doubled over the last five years
Outdoor access has more than doubled over the last five years, and is well positioned to continue growing Outdoor Access volume, Percent of Shell Eggs 13.0% 5.7% 2020 2021 2022 2023 2024 2025 Source: Circana, MULO+, Shell Eggs, 2025 YTD Ending 11/23/25 and prior year end periods Outdoor Access = Fre
Slide 46: Vital Farms: A Branded CPG Company With A Unique Purpose
Vital Farms: A Branded CPG Company With A Unique Purpose Differentiated Brand & Strong Building Trusted Partnerships with Relationship With Consumers Retailers Strong & Growing Relationships With Strong Culture & Leadership Farmers Attractive Business Model with Strong Scaling Production Capacity Fi
Slide 47: Expand our Farm Base
EST. 2007 e ® FARMS Expand our Farm Base
Slide 48: Vital Farms Farm Network
Vital Farms Farm Network We have almost doubled farm supply in two years As of 2023 As of 2025 >300 farms 575 farms ~5M birds 10M birds Source: Vital Farms company data 48
Slide 49: We put our brand to work recruiting great farmers
We put our brand to work recruiting great farmers 49
Slide 50: Our farmer value proposition is grounded in long-term outcomes
Our farmer value proposition is grounded in long-term outcomes Source: Vital Farms company recruiting material 50
Slide 51: Farmers are excited about growing with Vital Farms
95% Average annual farmer retention since IPO Farmers are 32 excited about Existing farmers opting to build additional barns growing with in last two years Vital Farms 50% New 2025 farmers who were referred by current farmers Source: Vital Farms company data 51
Slide 52: No constraints on future farmer recruitment
No constraints on future farmer “I haven’t even gotten our birds yet recruitment: and I already feel like part of the family... My support team is There are plenty amazing and make me feel at ease of farmers to and prepared.” ~Vital Farms farmer support our growth >400k <.2% Small and mid-sized With
Slide 53: No constraints on future farm supply
VXR Seymour, IN No constraints on ECS Springfield, MO future farm supply: Plenty of farmland to grow >200M >125M <.02% <1% Acres of Occupied by Needed if all Total Acres in Farmland in the Vital Farms U.S. eggs were Pasture Belt Pasture Belt today Pasture-Raised* *Even if all U.S. eggs were pasture-
Slide 54: Delivering better outcomes for farmers
Delivering better Accelerator Farms: Company-owned outcomes for 1 innovation center for animal welfare and farmers: regenerative practices Contracted Pullet Farms: Improving Building two new 2 quality and consistency before birds programs even start laying
Slide 55: Eggs continue to be dynamic and we are well positioned for growth
Eggs continue to be dynamic – and we are well positioned for growth Eggs are a We have We are well high growth, nearly positioned to doubled our Dynamic bird supply in continue to category for two years grow our retailers farm network 55
Slide 56: Joe Holland
Joe Holland Chief Supply Chain Officer
Slide 57: Vital Farms: A Branded CPG Company With A Unique Purpose
Vital Farms: A Branded CPG Company With A Unique Purpose Differentiated Brand & Strong Building Trusted Partnerships with Relationship With Consumers Retailers Strong & Growing Relationships With Strong Culture & Leadership Farmers Attractive Business Model with Strong Scaling Production Capacity Fi
Slide 58: Two world-class facilities where we wash, grade and package eggs
Vital Farms - two world-class facilities where we wash, grade and package eggs Vital Crossroads (VXR), Seymour, IN Under Construction Egg Central Station (ECS) Springfield, MO 58
Slide 59: Welcome to Egg Central Station
Welcome to Egg Central Station, our facility here in Springfield, MO 59
Slide 60: We have grown facility capacity ahead of demand
We have successfully and intentionally grown facility capacity ahead of demand – and will continue to do so Vital Farms Facility Capacity and Net Revenue, Billion Dollars Vital Farms Net Revenue – Historical through $2.2 2024, Future Implied by New 2030 Target $2B Vital Farms Facility Revenue Capaci
Slide 61: At ECS, we've invested in automation to drive capacity expansion
At ECS, we’ve invested in automation to drive capacity expansion and improve working conditions MOBA Automatic Case Packers Sanovo Robotic Palletizers Takes our cases to create Packs graded, washed eggs into cartons and pallets saving our crew from cases, reducing the amount of time and labor stacki
Slide 62: We have invested in crew to improve capacity
50% Employee Safety 50% better safety record YTD compared to the industry average Attracting and +61pts We have invested Retaining Talent in crew to Hourly ECS crew improve capacity retention has improved by 61 points +28% Developing Talent Crew passing progression testing is up 28% 62
Slide 63: Our supplier stakeholders are part of our story
Our supplier stakeholders continue to be part of our story – partnered with the Erlen Group to open new cold storage and fulfillment center in Springfield
Slide 64: The new cold storage and fulfillment center is closer to ECS
The new cold storage and fulfillment center is closer to ECS and improves operational efficiency Less than 1 mile from ECS 171,000 ft2 expandable up to 400,000 ft2 Nest Run Pallet Capacity: 4 WOH Finished Good Pallet Capacity: 1 WOH Clean Nest Run Materials Support for all Customer Finished Goods Sh
Slide 65: Vital Crossroads (VXR) is a critical unlock
Vital Crossroads (VXR) is a critical unlock to deliver our new long- term target and is expected to be June 2024 August 2025 2027 open in 2027 Purchased land Announced Anticipated and announced accelerated opening of next facility in buildout of Vital Vital Crossroads Seymour, Indiana Crossroads 65
Slide 66: Now Introducing Vital Crossroads
Now Introducing Vital Crossroads
Slide 67: Pete Pappas
Pete Pappas Chief Sales Officer & President, Eggs
Slide 68: Vital Farms: A Branded CPG Company With A Unique Purpose
Vital Farms: A Branded CPG Company With A Unique Purpose Differentiated Brand & Strong Building Trusted Partnerships with Relationship With Consumers Retailers Strong & Growing Relationships With Strong Culture & Leadership Farmers Attractive Business Model with Strong Scaling Production Capacity Fi
Slide 69: Eggs are a large, critically important category
Eggs are a large, critically important category Shell Egg Category Dollar Sales, Billion Dollars $15.8 Shell Eggs are a $16B category and $12.5 growing $10.6 $10.3 Eggs are high-visibility, “key value $7.3 $7.1 items” for retailers (purchased frequently, strengthens loyalty) Eggs are a trip driving
Slide 70: Building Trusted Partnerships with Retailers
Building Trusted Partnerships with Retailers Clear strategy Help the retailer solve for growth their problems Continued brand & Our mission is to build category expansion with trust through smart, more SKUs, stores, and insights-driven, space sustainable solutions 70
Slide 71: We have a clear strategy for growth
We have a clear strategy for growth... Building trust through category driving solutions 04 4. Gain more Space 03 Brand and category performance continue to grow. Asks for additional 02 3. Expand SKUs facings, extra & Households merchandising support, We showcase insights of category and brand 01 2.
Slide 72: We are a strong partner for our retailers
As a result, we are a strong partner for our retailers We are the #1 or #2 branded Shell Egg in $ share at 9 of our top 10 retailers Source: Circana | MULO+ | Vital Farms Shell Eggs | L52 ending 11/23/25 Nielsen | Vital Farms Chicken Eggs| L52 ending 11/22/25 SPINS | Vital Farms RF EGGS | L52 ending
Slide 73: Our brand wins across market dynamics
First Mover We Continue To Win Head-to-head We Outperform Our brand wins across market dynamics Challenger We Quickly Overtake Competitive Activity We Remain Steady 73
Slide 74: Entrenched as a national First Mover
Entrenched as a national First Mover: We’ve delivered outstanding growth despite competitive entries Competitive Brands Volume Vital Farms Volume Million Dozens Million Dozens Competitive Brands New Pasture-Raised Competitive Brands x Pasture-Raised +7.5M <+1.8M 2021 2022 2023 2024 2025 2021 2022 20
Slide 75: Head-to-head: The power of the brand!
Head-to-head: The power of the brand! The Set-up The Outcome In 2015, we both launched in Kroger We quickly grew while Brand B did not Kroger: Vital Farms vs Brand B VF CAGR: Dollar Sales Over Time, Million Dollars +30% Vital Farms Brand B Pasture-Raised Brand B Pasture-Raised launched simultaneousl
Slide 76: How? The network effect at work!
How? The network effect at work! Velocity, Dollars / Store / Week We started by Vital Farms Shell Egg Households demonstrating stronger at Kroger (Millions) 20%+ velocity By 2016, our velocity was outperforming by ~1.7x 2016 2017 2018 2019 2020 2021 2022 2023 2024 2.85 Our strong velocity Stores Sel
Slide 77: Vital Farms as Challenger: 2x bigger than the incumbent
Vital Farms as Challenger: We quickly grew to be 2x bigger than the incumbent within two years of our launch! 2x bigger within two years Publix: Vital Farms vs Brand B Dollar Sales (despite Brand B being the first mover) Million Dollars 2017: Vital Farms launches at Publix; both brands grow 2018: Vi
Slide 78: Competitive Activity: The brand is price resilient
Competitive Activity: The brand is price resilient... despite low prices on shelf, we maintain our performance Vital Farms Volume Velocity, Dozens / Store / Week 71 72 Median Vital 69 68 66 68 66 Farms w this Product Image and mid-size image of the page it appears on 64 non-promoted base velocity We
Slide 79: Over time we grew share even as the price premium expands
Competitive Activity: Over time we grew share even as the price premium expands Vital Farms Price Premium to Rest of Shell Eggs Vital Farms category share (volume) Vital Farms price premium to rest of Shell Eggs, $ per dozen $3.35 $3.43 $2.99 $2.44 $2.11 34.9% 25.8% 2021 2022 2023 2024 2025 Source:
Slide 80: Building Trusted Partnerships with Retailers
Building Trusted Partnerships with Retailers Clear strategy Help the retailer solve for growth their problems Continued brand & Our mission is to build category expansion with trust through smart, more SKUs, stores, and insights-driven, space sustainable solutions 80
Slide 81: Opportunity to optimize space and maximize category performance
Opportunity to optimize space and maximize category performance Retailer example: Our share of dollar sales is 1.7x larger than of our share of facings Source: 84.51 On Demand | Large Retailer | % of Sales/% of Facings Latest 52 weeks ending 11/28/25 81
Slide 82: Merchandising Solution: Increased shelf space
Representative shelf-set at a …and again at 3:59pm Target at 8:12am… Merchandising . Solution: Increased shelf space and targeted merch support will reduce the risk of stock outs and lost sales for the retailer and us Source: Target Example 82
Slide 83: Eggs continue to be dynamic and we are well positioned for growth
Eggs continue to be dynamic – and we are well positioned for growth Clear Help the strategy retailer solve for growth their problems
Slide 84: 10 minute break
EST. 2007 e —_— | ® FARMS 10 minute break
Slide 85: Russell Diez-Canseco
Russell Diez-Canseco President & Chief Executive Officer
Slide 86: Vital Farms: A Branded CPG Company With A Unique Purpose
Vital Farms: A Branded CPG Company With A Unique Purpose Differentiated Brand & Strong Building Trusted Partnerships with Relationship With Consumers Retailers Strong & Growing Relationships With Strong Culture & Leadership Farmers Attractive Business Model with Strong Scaling Production Capacity Fi
Slide 87: Organizational Clarity
~ ORGANIZATIONAL CLARITY 2+ WHY DO HOW DO WHAT DO WHERE ARE WE EXIST? WE BEHAVE? WE DO? WE GOING? We exist to improve © (humble We bring ethical Be America’s most the ives of people, © Berane food to the table trusted food @ Lead witha company animals & the planet through food. iN w W *« Ve > growth
Slide 88: The stakeholder model is the operating system
The stakeholder We prioritize the model is the long-term resilience of our operating system stakeholders that guides the We believe decisions we integrating their make every day perspectives into and co-creates decision-making unlocks enduring long-term value success and enhances value creation 88
Slide 89: Our culture embodies the brand
Our culture embodies the brand. From recruitment to engagement, we are raising the standards. Recruitment Engagement Retention “ …It’s refreshing to work at a place where the crew is as important as our customer “ 98% Acceptance rate on offers 86% of crew say Vital Farms is a great place to work 9%
Slide 90: Our culture has allowed us to scale the organization productively
Our unique culture has allowed us to scale the organization productively Total Crew Adjusted EBITDA per crew, Thousand Dollars $145 $156 CAGR $108 735 +14% CAGR 598 $81 +30% 447 368 $44 277 210 $29 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025E Source: Vital Farms company data Note: Ad
Slide 91: Our culture is shaped by a strong leadership team
JOANNE BAL STEPHANIE COON RUSSELL DIEZ-CANSECO JOE HOLLAND Our culture is shaped Strategyby a strong and Sr. Vice President General Counsel, Corporate Secretary & Head of Impact leadership President CEO team Chief Supply Chain Officer Our culture is 5 10 4 14 12 27 1 25 shaped by a strong leadership
Slide 92: Thilo Wrede
Thilo Wrede Chief Financial Officer
Slide 93: Vital Farms: A Branded CPG Company With A Unique Purpose
Vital Farms: A Branded CPG Company With A Unique Purpose Differentiated Brand & Strong Building Trusted Partnerships with Relationship With Consumers Retailers Strong & Growing Relationships With Strong Culture & Leadership Farmers Attractive Business Model with Strong Scaling Production Capacity Fi
Slide 94: We are updating our 2025 guidance
NET ADJUSTED CAPITAL REVENUE EBITDA1 EXPENDITURES We are updating our 2025 At least guidance $755-765 $115 $80-90 Million Million Million Note: We cannot provide a reconciliation between our forecasted Adjusted EBITDA and net income, its most directly comparable GAAP measure, without unreasonable ef
Slide 95: The temporary disruption after the ERP go-live is behind us
The temporary disruption to our order and fulfillment levels after the ERP go-live is behind us Shell Egg Retail Volume, million EQ units Shell Egg Retail Volume, EQ units, indexed to pre-ERP go live Shell Egg Retail Volume, year over year growth ERP slowdown 2.0 ERP slowdown 30% ERP ERP 1.9 go-live
Slide 96: Our New 2030 Growth Targets: $2 Billion in Net Revenue
Our New 2030 Growth Targets: $2 Billion in Net Revenue and Adjusted EBITDA Margin Between 15%-17% GROSS ADJUSTED NET REVENUE MARGIN EBITDA MARGIN $2B 35+% 15-17% By 2030 By 2030 Note: These metrics are management goals are subject to a number of risks and uncertainties, including risks described in
Slide 97: Our revenue growth drivers will continue to propel us forward
Our revenue growth drivers will continue to propel us forward MAIN DRIVERS FOR RETAILER METRICS CONTINUED GROWTH BRAND METRICS CONSUMER METRICS (SHELL EGGS) Versus 2020/21 Versus 2020 Versus 2020 1 Unique and 78% +1 pt vs 2021 33% +16 pts 2.7 +43% Differentiated Brand Trusted Brand Aided Brand Aware
Slide 98: Velocity gains have been the biggest driver of retail sales growth
Velocity gains have been the biggest driver of our retail sales growth over the last 5 years; price and promotions are least relevant Retail Sales Growth Drivers, Annualized 2020-2025 Last Twelve Months (LTM) Velocity, 40% Promotions, 2% Price, 4% Mix, 21% Distribution, 33% Source: Circana, MULO+, V
Slide 99: We expect to maintain a very attractive net revenue growth rate
We expect to maintain a very attractive net revenue growth rate Net Revenue, Million Dollars, 2020-2030E $2,000 +21% CAGR +29% $760 CAGR $606 $472 $362 $214 $261 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Note: 2026 to 2030 growth rate does not represent net revenue guidance from managem
Slide 100: We have also delivered strong P&L and cash flow growth
We have also delivered strong P&L and cash flow growth Gross Profit, Millions Adjusted EBITDA, Millions Net Cash from Operations, 2020-2025 (*LTM) 2020-2025E Millions 2020-2025 (*LTM) $65 $269 $115 $230 $51 CAGR +31% CAGR $87 $43 +47% $162 $109 $48 $75 $83 $18 $12 $17 $16 $8 ($8) ’20 ’21 ’22 ’23 ’24
Slide 101: We expect Adjusted EBITDA margin expansion to come from OpEx leverage
We expect Adjusted EBITDA margin expansion to come from OpEx leverage COGS, % Variable vs Fixed Operating Expenses, % Variable vs Fixed • Commodities, farmer pay, packaging, • Salaried people costs, professional labor, etc. services, IT, etc. • Limited scale benefits • Distribution costs grow in lin
Slide 102: A strong balance sheet and asset light model deliver substantial ROIC
A strong balance sheet and an asset light model deliver substantial Return on Invested Capital (ROIC) ($M) 2020 2021 2022 2023 2024 2025YTD Growth Cash, equivalents, investment securities 97,901 99,587 78,728 116,816 160,293 145,053 48% PP&E 30,118 44,608 59,115 66,839 84,521 121,078 302% Total asse
Slide 103: Investment Priority
We continue to prioritize investments in future growth NTM Capex projection Operating Capital needed to continue to do what we do today: Highest $7M Necessity e.g., maintenance capital Scale Current Support growth in eggs and butter: $140M Business e.g., increased processing capacity, expanded capab
Slide 104: In summary: strong reasons to invest in Vital Farms
In summary: strong reasons to invest in Vital Farms • Our brand equity is built on trust, transparency, and authenticity A differentiated Consumer • Our brand propels our performance BRAND • Vital Farms’ brand strength is evidenced by consumer loyalty TARGETED marketing driving • We use our deep und
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EST.2007
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Slide 107: APPENDIX
APPENDIX 107
Slide 108: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation Adjusted EBITDA, Adjusted EBITDA Margin and Return on Invested Capital (“ROIC”) are financial measures that are not required by or presented in accordance with generally accepted accounting principles in the United States (“GAAP”). We believe that these mea
Slide 109: Adjusted EBITDA and Adjusted EBITDA Margin reconciliation
Adjusted EBITDA and Adjusted EBITDA Margin reconciliation 39-Weeks Ended 52-Weeks Ended 9/28 9/29 12/29 12/31 12/25 12/26 12/27 2025 2024 2024 2023 2022 2021 2020 Net income $ 49,958 $ 42,808 $ 53,388 $ 25,566 $ 1,230 $ 2,382 $ 8,884 Depreciation and amortization(1) 9,963 9,829 13,093 10,490 5,761 3
Slide 110: ROIC Reconciliation
ROIC Reconciliation FOR THE TRAILING FOUR QUARTERS ENDED 9/28 12/29 12/31 12/25 12/26 12/27 2025 2024 2023 2022 2021 2020 Numerator Net income $ 60,538 $ 53,388 $ 25,566 $ 1,230 $ 2,382 $ 8,884 Add: Income tax provision (benefit) 22,625 14,150 6,635 1,601 (2,028) 2,770 Add: Other income (expense), n