Flowers Foods, Inc. · NYSE:FLO
Flowers Foods — Q2 2025 Earnings Presentation
30 slides from Flowers Foods's earnings presentation, Aug 15, 2025
Slide 1: Second Quarter 2025 Review
- em Z es & SF oe Seat —_* oy / es efi ia ~ 035 “Flowers FOODS SECOND QUARTER 2025 REVIEW August 15, 2025
Slide 2: 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 forward-looking statements as defined in th
Slide 3: Key Messages
KEY MESSAGES * Persistent challenging consumer environment pressured results * Benefits from portfolio strategy drove solid relative performance led by unit share gains for DKB, Wonder, and Canyon Bakehouse * Deep innovation pipeline targeting significant opportunities in faster-growing categories a
Slide 4: Q2 2025 Financial Review
Q2 2025 FINANCIAL REVIEW NET SALES CASH FLOWS — YTD’25 Cash from Ops Dividends 1.243B +15%v py $1. oN $266.5M $104.8M + Price/Mix -1.2%! + Volume -2.4%2 Capex Acquisition® + Acquisition +5.1% $56.4M $791.9M NET INCOME GAAP DILUTED EPS S58.4M -12.8% v PY SO.28 -$0.04 v PY ADJ. EBITDA? ADJ. DILUTED EP
Slide 5: 1,400 1,350 1,300 1,250 1,200 1,150 1,100
1,400 1,350 1,300 1,250 1,200 1,150 1,100
Slide 6: Q2 2025 Highlights
Q2 2025 HIGHLIGHTS Net income decreased 12.8% to $58.4 million, primarily due to lower operating income and higher net interest expense Adjusted EBITDA" decreased primarily due to greater outside purchases of product, higher workforce-related and rent costs, and lower production volumes ADJUSTED EBI
Slide 7: Fiscal 2025 Guidance
FISCAL 2025 GUIDANCE (Provided August 15, 2025) FLOWERS SIMPLE MILLS FLOWERS STANDALONE (PARTIAL YEAR) TOTAL Net Sales $5.0211 $5.083B $218+ $225M $5.2391. $ 5.308B Adj. EBITDA! $482+ $505M $301 $33M $512+$538M 537 week expected to j. di contribute $70-80M net sales, Adj. dil. EPS $1.08 1 $1.17 ($0.
Slide 8: Guidance Drivers
GUIDANCE DRIVERS $1.28 FY'24 Adj EBITDA + Carryover of new business wins, and pricing and efficiency actions KEY + Innovation CONSIDERATIONS + 534 week - Category declines - Tariffs - Competitive activity - Promotional activity — Strategic investments D&A - Higher capital employed from acquisition a
Slide 9: Long-Term Growth Target Scorecard
LONG-TERM GROWTH TARGET SCORECARD Net Sales 1-2% 6.4% 2.5% 5.2% 5.4% 4.4% 3.4% Adj EBITDA 4-6% 23.4% 7.8% 5.9% 4.4% 5.0% 2.6%3 Adj dil. EPS 7-9% 36.5% 13.7% 9.8% 5.7% 5.9% 2.7% ()_ Off FY'19 base; FY'20 and FY'25 are 53-week years (2) Implied return using FY’25 guidance midpoint for standalone Flowe
Slide 10: Private Label Unit Share
PRIVATE LABEL UNIT SHARE CHANGE IN PRIVATE LABEL UNIT SHARE (Y/Y) 0.9 0.7 0.5 -0.2 0.3 3Q'23 4Q'23 10'24 2Q'24 3Q'24 Source: Flowers Custom Database - Circana Total US Mulo+ with Conv Due to a change in methodology and sources, data provided previously by Circana may not be comparable to current dat
Slide 11: Volume Trends
VOLUME TRENDS + Branded retail impacted primarily by softness in traditional loaf sales + Other pressured by widespread softness in private label and away-from-home FLO Volume % Change (Y/Y) TOTAL COMPANY BRANDED RETAIL OTHER 20'24 30'24 40'24 10'25 2Q'25 2Q'24 30'24 4Q'24 1Q'25 2Q'25 2Q'24 30'24 4Q
Slide 12: Branded Dollar Share
Branded Dollar Share Store Branded Dollar Share 78.00 27.00 26.1 77.1 25.6 26.00 77.00 76.7 76.2 24.8 25.00 76.00 23.8 24.00 23.3 75.2 75.00 22.9 74.4 23.00 73.9 74.00 22.00 21.00 73.00 20.00 72.00 19.00 71.00 18.00 70.00 17.00 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 L52 WE 07-13-25
Slide 13: Flowers Market Share
FLOWERS MARKET SHARE =FLO Bread Dollar Share = = FLO Cake Dollar Share 16.7 16.9 16.8 16.8 16.7 16.0 15.9 5.9 5.9 5.9 5.9 . 5.8 ; | ; ; ; : | | ; Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q@2 2025 16.6 6.3 Source: Flowers Custom Database - Circana Total US Mulo+ ony 13 Z# Due to a chan
Slide 14: Flowers Fresh Packaged Breads
FLOWERS FRESH PACKAGED BREADS mDollar Sales % Chg 4.3% 3.3% 2.9% 19% 1.4% 0.2% — -2.0% 18% Q3 2023 Q4 2023 Q1 2024 Q2 2024 Source: Flowers Custom Database 1a Total US Mulot with Conv Due to a change in methodology and sources, data provided previously by Circana may not be comparable to current data
Slide 15: Flowers Commercial Cake
FLOWERS COMMERCIAL CAKE mDollar Sales % Chg == Unit Sales % Chg a6% 42% io Lo B 4% 33% 76% 4% “4A% 5.0% 5.1% 6.2% 7.2% 6.9% 76% -10.0% Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Source: Flowers Custom Database - Circana Total US Mulo+ with Conv 15 Due to a change in methodology
Slide 16: Organic Category Sales
ORGANIC CATEGORY SALES mms FLOWERS ORGANICS FLOWERS SHARE OF ORGANICS mmm ORGANIC FRESH PACKAGED BREADS xFLO 72.9 74.2 741 73.9 711 68.7 $972.0 a $925.6 $964.0 8 nEaG $848.3 5 $703.9 : $321.1 $311.5 $316.1 $321.2 $337.1 $342.9 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 L52 WE 07-13-25 16 Source: Flower
Slide 17: Gluten-Free Category Sales
GLUTEN-FREE CATEGORY SALES mmm GLUTEN FREE FPB XFLO = mm FLOWERS GF FY 2020 FY 2021 FY 2022 Source: Flowers Custom Database 1a Total US Mulot with Conv Due to a change in methodology and sources, data provided previously by Circana may not be comparable to current data ——FLOWERS SHARE OF GF $146.9 F
Slide 18: 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 public st
Slide 19: Net income per diluted common share
For the 12-Week For the 12-Week Period Ended Period Ended July 12, 2025 July 13, 2024 Net income per diluted common share $ 0.28 $ 0.32 Business process improvement costs NM 0.01 Plant closure costs and impairment of assets — NM Restructuring charges — 0.02 Restructuring-related implementation costs
Slide 20: Net sales
For the 12-Week For the 12-Week Period Ended Period Ended July 12, 2025 July 13, 2024 Net sales $ 1,242,835 $ 1,224,983 Materials, supplies, labor and other production costs (exclusive of depreciation and amortization) 636,060 613,362 Gross margin excluding depreciation and amortization 606,775 611,
Slide 21: Selling, distribution, and administrative expenses
For the 12-Week For the 12-Week Period Ended Period Ended July 12, 2025 July 13, 2024 Selling, distribution, and administrative expenses (SD&A) $ 473,537 $ 471,400 Business process improvement costs (471) (1,606) Restructuring-related implementation costs (2,896) (1,635) Acquisition-related costs (8
Slide 22: Net income to Adjusted EBITDA
For the 12-Week For the 12-Week Period Ended Period Ended July 12, 2025 July 13, 2024 Net income $ 58,365 $ 66,967 Income tax expense 20,099 23,455 Interest expense, net 15,036 4,908 Depreciation and amortization 39,826 36,827 EBITDA 133,326 132,157 Other pension benefit (88) (118) Business process
Slide 23: Income tax expense
For the 12-Week For the 12-Week Period Ended Period Ended July 12, 2025 July 13, 2024 Income tax expense $ 20,099 $ 23,455 Tax impact of: Business process improvement costs 118 401 Plant closure costs and impairment of assets — 344 Restructuring charges — 1,701 Restructuring-related implementation c
Slide 24: Net income to adjusted net income
For the 12-Week For the 12-Week Period Ended Period Ended July 12, 2025 July 13, 2024 Net income $ 58,365 $ 66,967 Business process improvement costs 353 1,205 Plant closure costs and impairment of assets — 1,033 Restructuring charges — 5,104 Restructuring-related implementation costs 2,172 1,226 Ac
Slide 25: Trailing 52-week Adjusted EBITDA
For the 12 Weeks For the 12 Weeks For the 16 Weeks For the 12 Weeks Trailing 52 Week Ended Ended Ended Ended Period Ended October 5, 2024 December 28, 2024 April 19, 2025 July 12, 2025 July 12, 2025 Net Income $ 64,984 $ 43,122 $ 52,998 $ 58,365 $ 219,469 Income tax expense 20,536 13,783 18,204 20,0
Slide 26: Net Debt as of July 12, 2025
As of July 12, 2025 Current maturities of long-term debt $ - Long-term debt 1,749,154 Total debt 1,749,154 Less: Cash and cash equivalents 11,045 Net Debt $ 1,738,109 Adjusted EBITDA for the Trailing Twelve Months Ended July 12, 2025 $ 535,353 Ratio of Net Debt to Trailing Twelve Month Adjusted EBIT
Slide 27: 52-Week Period Ended December 28, 2024
For the 52-Week For the 52-Week Period Ended Period 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 16,032 Depreciation and amortization 159,210 151,709 EBITDA 507,775 324,848 Other pension benefit (273) (269) Bus
Slide 28: Adjusted EBITDA by 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 December 30, 2023 December 31, 2022 January 1, 2022 January 2, 2021 December 28, 2019 Net Income $ 123,416 $ 228,394 $ 206,187 $ 152,318 $ 164,538 Income tax expense 33,6
Slide 29: Net income per diluted share by fiscal year
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, 2023 December 31, 2022 January 1, 2022 January 2, 2021 December 28, 2019 Net income per diluted common share $ 1.
Slide 30: Reconciliation of Earnings per Share - Fiscal 2025 Guidance
Reconciliation of Earnings per Share - Full Year Fiscal 2025 Guidance Range Estimate Net income per diluted common share $ 0.88 to $ 0.98 Business process improvement costs NM NM Plant closure costs and impairment of assets 0.03 0.03 Restructuring charges NM NM Restructuring-related implementation c