Sysco Corporation · NYSE:SYY
Sysco — Deutsche Bank Global Consumer Conference 2026
49 slides from Sysco's conference presentation, Jun 2, 2026
Slide 1: Deutsche Bank Global Consumer Conference 2026
Deutsche Bank Global Consumer Conference 2026 June 2, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended. Words such
Slide 3: Kevin Hourican
Kevin Hourican CHAIR OF THE BOARD AND CHIEF EXECUTIVE OFFICER 3
Slide 4: Business at a Glance
Sysco Business at a Glance Only Global Player Leading Market Share + Best-in-Class Food Export Business 1 Houston, TX ~$84.5 billion 75,000 337 #1 Market ~730K in Expected FY26 Distribution Customer Global HQ Sales Global Colleagues Facilities Share1 Locations Sales by Customer Type (FY25) Leading S
Slide 5: Sysco Has A Compelling Global Foodservice Model
Sysco Has A Compelling Global Foodservice Model United States: #1 Position Ireland: #1 Position 17.6% 21.1% 15.4% $377B 14.9% $4B TAM TAM 2019 2025 2019 2025 Canada: #1 Position Great Britain: #1 Position 26.5% 15.6% 24.0% 10.1% $23B $27B TAM TAM 2019 2025 2019 2025 Sweden: #2 Position Bahamas: #1 P
Slide 6: Sysco is #1 in an Attractive, Growing Industry
Sysco is #1 in an Attractive, Growing Industry Sysco is the Market Leader in Multi-Decade Trend of Consumer Spending Favoring FAFH with Leading Market 70% Food Away From Home Occasions Remains Intact Share Position Across Key 65% Verticals 60% Share Growth of Food Away Wallet Share 55% From Home Dri
Slide 7: Growing Sales in 54 Out of 57 Years
Sysco Growing Sales in 54 Out of 57 Years Positioned to Win $90 • #1 position across $80 National, Local, and Fiscal Year Sales in Billions $70 Specialty $60 • Compelling growth $50 11% opportunities with specialty $40 CAGR (produce, protein, non-food) $30 • International segment $20 continues to dr
Slide 8: Sysco is Regaining Momentum Through Local Performance
Sysco is Regaining Momentum Projecting Through Local Performance Sequentially Improved Two-Year 4.0% 3.0% 3.3% +2.5% Stack of +120 bps 2.0% 1.2% • Sysco-specific 1.0% initiatives 0.0% (1.0%) • Productivity (0.2%) (2.0%) (1.4%) improvements (3.0%) • Sequentially improved (4.0%) (3.4%) • New account Q
Slide 9: Performance for Today, Accelerating Future Growth
Performance for Today, Accelerating Future Growth AI Tech Modernization & Jetro Restaurant Depot Agentic AI 9
Slide 10: Accelerating Future Growth: AI Driving Growth, Expense Reduction & Margin Expansion
Accelerating Future Growth: AI Driving Growth, Expense Reduction & Margin Expansion Sales Supply Chain Back Office Supply Chain & Revenue Growth & Working Capital Customer Experience & Sales Productivity Optimization Back Office Margin Expansion & Warehouse Labor & Enterprise AI Platform & Enterpris
Slide 11: Combining Two Industry Leaders with Attractive Businesses
Combining Two Industry Leaders with Attractive Businesses #1 in Foodservice Distribution #1 in Cash & Carry $90 $18 $80 $16 +6% CAGR +5% CAGR $70 $14 $60 $12 Sales in ($B) Sales in ($B) $50 $10 $40 $8 $30 $6 $20 $4 $10 $2 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 2017 2018 2019 2020 202
Slide 12: Combined Company Will Grow Faster, Be More Profitable, and Return More Value to Shareholders
Combined Company Will Grow Faster, Be More Profitable, and Return More Value to Shareholders Than a Stand-Alone Sysco Creating a Preeminent Delivering Significantly Unlocking Meaningful Multi-Channel Foodservice Enhanced Financial Profile2 Value Creation Distribution Platform Foodservice Revenue Adj
Slide 13: Restaurant Depot is the Leader in U.S. Wholesale Cash & Carry
Restaurant Depot is the Leader in U.S. Wholesale Cash & Carry – a Large and Growing Channel #1 U.S. Cash & Carry Wholesaler to Restaurants and Small Businesses Unique value proposition to small businesses as a low-cost provider with a wide assortment of high-quality, foodservice products Whitestone,
Slide 14: Cash & Carry Historically Grows Faster Than Total Foodservice
Cash & Carry Historically Grows Faster The Cash & Carry Than Total Foodservice Advantages Restaurant Depot is the leader in the $60-$70B growing B2B Cash & Carry channel • Resilient business model Cash & Carry1 Channel Breakdown, U.S. Revenue Channel Growth, 2019-2025 Sales CAGR with structurally lo
Slide 15: Restaurant Depot: Consistent and Profitable Growth Over the Last Two Decades
Restaurant Depot: Consistent and Profitable Growth Over the Last Two Decades Restaurant Depot Historical Performance Over Time ($B) 18 ~$16 19 16 Same Store Sales1 Revenue Adj. EBITDA Deflation Average Growth: CAGR: CAGR: COVID 17 +7% +9% +14% 14 12 2004-2025 2004-2025 2004-2025 15 13% 10 13 8 11 Gl
Slide 16: Brandon Sewell
Brandon Sewell INTERIM CHIEF FINANCIAL OFFICER 16
Slide 17: Advancing Our Leading Industry Position
Advancing Our Leading Industry Position Attractive Return Net Sales Adj. EPS 1 Profile in Billions 5% $84- 9% #1 Market Share CAGR CAGR High-End of $85 bil. $4.50-$4.60 + $81.4 $4.46 Industry Leading: • Sales $78.8 $4.31 $76.3 • Gross Margins • EBITDA Margins $4.01 $68.6 $3.25 • Free Cash Flow • ROI
Slide 18: Delivering Compelling Growth Globally
Delivering Compelling Growth Globally USFS Segment International Segment Local Case Volume Adj. Operating Income 1 Local Case Volume Adj. Operating Income 1 Improving Sequentially Returns to YoY Growth Consistently Strong Performance Achieves 10th Quarter of Double Digit Growth +3.3% $144 $830 ~+4%
Slide 19: Investor Feedback and Questions Since Deal Announcement
Investor Feedback and Questions Have Focused Upon the Following Topics Since Deal Announcement Restaurant Better Deleverage Margin Capital Depot's Together Plan Profile Expenditures Future Store Synergies Growth 19
Slide 20: Strong Commitment to Rapid Deleveraging
Strong Commitment to Rapid Deleveraging • Committed to ~1.0x net leverage reduction within 24 months post-close Net Debt to Adjusted EBITDA1 • Investment grade Leverage Trajectory cushion; $250M in net cost synergies fully ramping in 5x year 3 4.5x • Glidepath back to 4x 3.5x 2.75x target 2.9x 3x 2.
Slide 21: Restaurant Depot Delivers Industry Leading Adj. EBITDA Margins
Restaurant Depot Delivers Industry Leading Adj. EBITDA Margins 1 $16 Restaurant Depot's 13% Adjusted EBITDA $15 $15 margin is sustainable and defensible. • Efficient inbound supply chain with 13% 13% 13% lowest net landed cost. • Lower SG&A as the customer handles selection, delivery, fuel cost, and
Slide 22: Restaurant Depot's Leadership Prudently Deploys Capital
Restaurant Depot's Leadership Prudently Deploys Capital To Support New Store Growth & Maintain Existing Fleet Of Doors • Restaurant Depot's capital deployment strategy: o Open ~5 – 6 new stores per year Three Year Average Capex as % of Sales o Maintain current store fleet (buildings, cooling equipme
Slide 23: Kevin Hourican
Kevin Hourican CHAIR OF THE BOARD AND CHIEF EXECUTIVE OFFICER 23
Slide 24: Differentiated Real Estate Strategy; High Confidence in Opening 125+ Locations
High Confidence in Opening 125+ Differentiated Real Net New Locations Estate Strategy • High-value real estate with Overview of Real Estate Footprint first-to-market, strategic advantage in dense urban environments • 130 owned stores representing ~80% of store footprint • Strategically located store
Slide 25: "Better Together" Has Potential to Deliver Upside to $250 Million Synergies
"Better Together" Has Potential to Deliver Meaningful Upside to the $250 Million in Communicated Synergies Opportunity to exceed the $250 Million Purchasing JRD Store included in Synergies Growth accretion figures Significant growth opportunities Broader Assortment, Enhanced Fulfillment Better repre
Slide 26: Example Growth Opportunity: Expanded Assortment at Restaurant Depot Stores
Example Growth Opportunity: Expanded Assortment at Restaurant Depot Stores Customer profile Sysco + JRD = Better Together • Restaurant Depot gains access to pre- cut produce and portion cut steaks Broader via Sysco Assortment, Greater Value • Restaurant Depot wins produce and protein business • Digi
Slide 27: Example Growth Opportunity: Better Serving A Local Multi-Unit Restaurant Customer
Example Growth Opportunity: Better Serving A Local Multi-Unit Restaurant Customer Customer profile Sysco + JRD = Better Together • Customer has access to same day delivery or click and collect for 'need it Enhanced now' products. Ordered through Fulfillment Sysco website, fulfilled from Models Resta
Slide 28: Example Growth Opportunity: Better Serving A National Customer
Example Growth Opportunity: Better Serving A National Customer Customer profile Sysco + JRD = Better Together • Cheesecake Factory now able to get Enhanced same day delivery or pick up Fulfillment products if supply runs out on items Models stocked by Sysco • Sysco account rep engages locations abou
Slide 29: Serving Customers at Every Stage and Rewarding Loyalty
Serving Customers at Every Stage and • Cash and Carry locations Rewarding Loyalty Throughout the Journey perfect for micro- independent unable to reach delivery minimums • Delivery via Broadline and Specialty to serve small Multi- independent and multi-unit Independent Region Operator • Broadline an
Slide 30: Better Together: Grow Faster, Step Up Profitability, and Return More Capital
Better Together: Grow Faster, Step Up Profitability, and Return More Capital 1.5x Local Revenue: Sysco’s most profitable U.S. Compelling Value foodservice business Creation ~55% Opportunities ~45% ~20% • Increased local revenue • Enhanced operating margins • Significantly accelerated total sharehold
Slide 31: At the heart of food and service
S/SCcO At the heart of food and service
Slide 32: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS 32
Slide 33: Non-GAAP Reconciliation: Impact of Certain Items
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items The discussion of our results includes certain non-GAAP financial measures that we believe provide important perspective with respect to underlying business trends. Other than EBITDA and f
Slide 34: Non-GAAP Reconciliation: Impact of Certain Items
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items (Dollars in Millions, Except for Share and Per Share Data) 52-Week 52-Week 52-Week 52-Week Period Ended Period Ended Period Ended Period Ended Jun. 28, 2025 June. 29, 2024 Jul. 1, 2023 Jul
Slide 35: Non-GAAP Reconciliation: Impact of Certain Items, Continued
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items, Continued (Dollars in Millions, Except for Share and Per Share Data) 52-Week 52-Week 52-Week 52-Week Period Ended Period Ended Period Ended Period Ended Jun. 28, 2025 June. 29, 2024 Jul.
Slide 36: Non-GAAP Reconciliation: Impact of Certain Items, Continued
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items, Continued (Dollars in Millions, Except for Share and Per Share Data) 52-Week 52-Week 52-Week 52-Week Period Ended Period Ended Period Ended Period Ended Jun. 28, 2025 June. 29, 2024 Jul.
Slide 37: Segment Results Non-GAAP Reconciliation, 3Q26 vs. 3Q25
Sysco Corporation and its Consolidated Subsidiaries Segment Results Non-GAAP Reconciliation (Unaudited) Impact of Certain Items on Applicable Segments, 3Q26 vs. 3Q25 (Dollars in Millions) 13-Week 13-Week Period Ended Period Ended Change Mar. 28, 2026 Mar. 29, 2025 in Dollars %/bps Change U.S. FOODSE
Slide 38: Projected Adjusted EPS Guidance
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Projected Adjusted EPS Guidance Adjusted earnings per share is a non-GAAP financial measure; however, we cannot predict with certainty the magnitude or scope of certain items that would be included in the most di
Slide 39: Impact of Certain Items on EBITDA
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items on Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) EBITDA represents net earnings (loss) plus (i) interest expense, (ii) income tax expense and benefit, (iii) depre
Slide 40: Net Debt to Adjusted EBITDA
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Net Debt to Adjusted EBITDA (Dollars in Millions) Net Debt to Adjusted EBITDA is a non-GAAP financial measure frequently used by investors and credit rating agencies. It is an important measure used by management
Slide 41: Impact of Certain Items on EBITDA (Trailing Twelve Months)
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items on Earnings Before Interest, Taxes, Depreciation and Amortization (Trailing Twelve Months) (Dollars in Millions) 13-Week 13-Week 13-Week 13-Week Period Ended Period Ended Period Ended Peri
Slide 42: Net Debt to Adjusted EBITDA
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Net Debt to Adjusted EBITDA (Dollars in Millions) Net Debt to Adjusted EBITDA is a non-GAAP financial measure frequently used by investors and credit rating agencies. It is an important measure used by management
Slide 43: Impact of Certain Items on EBITDA (Trailing Twelve Months)
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items on Earnings Before Interest, Taxes, Depreciation and Amortization (Trailing Twelve Months) (Dollars in Millions) 13-Week 13-Week 13-Week 13-Week Period Ended Period Ended Period Ended Peri
Slide 44: Net Debt to Adjusted EBITDA Leverage Ratio Targets
Net Debt to Adjusted EBITDA Leverage Ratio Targets We expect to target our net debt to adjusted EBITDA leverage ratio forecast in fiscal 2026. We cannot predict with certainty when we will achieve these results or whether the calculation of our EBITDA will be on an adjusted basis in future periods t
Slide 45: Projected Adjusted EBITDA Guidance
Projected Adjusted EBITDA Guidance Adjusted EBITDA is a non-GAAP financial measure; however, we cannot predict with certainty the particular certain items that would be excluded from the calculation of this measure for future periods. Due to these uncertainties, we cannot provide a quantitative reco
Slide 46: Impact of Certain Items on EBITDA (Trailing Twelve Months)
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items on Earnings Before Interest, Taxes, Depreciation and Amortization (Trailing Twelve Months) (Dollars in Millions) 46
Slide 47: Adjusted EBITDA to Free Cash Flow Conversion
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Adjusted EBITDA to Free Cash Flow Conversion (Trailing Twelve Months Ended December 27, 2025, Dollars in Millions) EBITDA represents net earnings (loss) plus (i) interest expense, (ii) income tax expense and bene
Slide 48: Adjusted EBITDA to Free Cash Flow Conversion, Continued
Depreciation and amortization (GAAP) 238 234 233 240 945 EBITDA (Non-GAAP) $ 910 $ 1,117 $ 1,005 $ 923 $ 3,955 Sysco Corporation and its Consolidated Subsidiaries Certain Item adjustments: Non-GAAP Impact of Reconciliation (Unaudited) restructuring and transformational project costs (1) $ 49 $ 74 $
Slide 49: At the heart of food and service
S/SCcO At the heart of food and service
Sysco — Deutsche Bank Global Consumer Conference 2026 on 6ix