Performance Food Group Company · NYSE:PFGC

Performance Food — Investor Day (May 2025)

74 slides from Performance Food's investor day presentation, May 28, 2025

  1. Slide 1: PFG One

    PFG ONE PERFORMANCE’ C°) core-mark WISTAR. =

  2. Slide 2: Senior Vice President, Investor Relations Bill Marshall

    Senior Vice President, Investor Relations Bill Marshall

  3. Slide 3: Disclaimer

    DISCLAIMER 2025 P F G / I N V E STO R D AY This communication contains 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. These statements include, but are not limited to, stateme

  4. Slide 4: Agenda

    Agenda 1 Welcome & Introduction | Bill Marshall | SVP, Investor Relations 2 Strategic Roadmap to Success | George Holm | Chairman & CEO 4 Differentiated Value Proposition| Scott McPherson | President & COO 6 Operational Excellence | Scott McPherson | President & COO 7 Financial Overview | Patrick Ha

  5. Slide 5: Feeding America Away From Home

    Feeding America AWAY FROM HOME

  6. Slide 6: Chairman & Chief Executive Officer George Holm

    Chairman & Chief Executive Officer George Holm

  7. Slide 7: Diversified Business Model

    DIVERSIFIED BUSINESS MODEL One of the largest broadline distributors by net sales in the United States A leading distributor to independent pizzerias in the United States A leading distributor to the family and casual dining channel One of the top distributors of convenience retail products in North

  8. Slide 8: PFG at a Glance

    PFG AT A GLANCE 10 K+ suppliers 40 K+ associates 9 K+ vehicles 250 K+ products 150+ company locations 300 K+ customer locations

  9. Slide 9: Geographic Reach

    Geographic Reach Key PFG Headquarters Foodservice Convenience Specialty

  10. Slide 10: PFG Addressable Market

    PFG Addressable Market Serviceable Available Market (SAM) is defined as total U.S. distributor industry dollar sales where PFG companies currently compete or have the ability to compete without significant new capital investment or infrastructure Total Addressable Market (TAM) is defined as total U.

  11. Slide 11: PFG Addressable Market by Segment

    PFG Addressable Market by Segment PFG Total Addressable Market ~$787 billion $ BILLIONS $ BILLIONS PFG Serviceable Available Market ~$560 billion Source: Technomic, NACS, and Company Estimates

  12. Slide 12: Our Strategic Roadmap to Success

    Our strategic roadmap to success Resulting in Strong Adjusted EBITDA Growth Drive Sales Growth Outperform with Our People & Culture Strategy Deliver Operational Efficiency by Leveraging Technology

  13. Slide 13: Senior Vice President, Strategy & M&A Liz Mountjoy

    Senior Vice President, Strategy & M&A Liz Mountjoy

  14. Slide 14: M&A Strategy - Resilience & Sustainable Growth

    M&A Strategy - resilience & sustainable growth

  15. Slide 15: M&A Priorities Support This Strategy

    M&A Priorities support this strategy Grow and protect core Foodservice business Ensure preparedness for longer-term, ongoing growth platforms Expand West Fill in white space in key markets Protect existing market and platform strengths Margin expansion High-growth channels Tuck-ins Close-in adjacenc

  16. Slide 16: Disciplined M&A Strategy

    DISCIPLINED M&A STRATEGY Growth Oriented Geographic expansion Channel growth Scale Aligned to Market Dynamics Insights-driven Opportunistic Customer-centric Compelling Strategic Fit Financially disciplined Operational upside Culturally compatible M&A APPROACH

  17. Slide 17: Differentiated Strengths

    Differentiated Strengths Proven Process Integration Balance Deal Sourcing

  18. Slide 18: Recent Acquisitions

    Recent ACQUISITIONS BENEFITS SALES MIX BY END MARKET 1 4 BACKGROUND José Santiago, Inc. is headquartered at its facility in Bayamon, Puerto Rico José Santiago is a leading independent broadline foodservice distributor with ~5,800 customers in Puerto Rico Employs ~530 employees, all based in Puerto R

  19. Slide 19: M&A Success Proof Points

    M&a Success proof points 108 New Locations 2.6 M Trending annualized volume for FY25 (Manufacturing division cases) 19.5% CAGR in dollars for Foodservice cases into Convenience & Retail since 2020 <3 YRS Synergy capture proven when announcing public targets 40% Procurement synergies already captured

  20. Slide 20: Our Track Record of Successful M&A

    OUR TRACK RECORD OF SUCCESSFUL M&A Proven integrator of large strategic and bolt-on transactions Demonstrated ability to capture synergies Experienced M&A team & process discipline More opportunity ahead

  21. Slide 21: President & Chief Operating Officer Scott McPherson

    President & Chief Operating Officer Scott Mcpherson

  22. Slide 22: A Differentiated Value Proposition

    A Differentiated Value Proposition Driving Growth, Efficiency, and Value Positioned for Long-Term Performance Leverage Our Diverse Business Segments

  23. Slide 23: PFG - Food Away From Home

    Monday Tuesday Wednesday Thursday Friday Saturday Sunday Fine dining Office coffee Quick service restaurant Dollar store FOOD STOPS EVENT/ CATERING AIRPORT RESTAURANT Commute coffee Retail candy (big box) College cafeteria CONVENIENCE STORE NEIGHBORHOOD BAR & GRILL GAS/ CONVENIENCE STORE Airport gif

  24. Slide 24: Foodservice Segment Snapshot

    FOODSERVICE SEGMENT Snapshot 1 Customer Mix Independent Restaurant Customer Mix Chain Independent $32.1 B TTM FY 2025 Sales 175 K Customer locations 82 % Sales came from restaurants $7.4B+ TTM FY 2025 Sales of proprietary Performance Brands Independent Share Growth Leader Continuous Investment in Sa

  25. Slide 25: Foodservice Strategic Pathways

    Foodservice Strategic pathways Growth focused sales organization with consistent commission structure Highly trained salespeople with close connections to our customers Local decision making on products, pricing & services Over 25,000 proprietary brand SKUs Over 27K valued associates dedicated to ma

  26. Slide 26: Convenience Segment Snapshot

    CONVENIENCE SEGMENT Snapshot 1 $24.3 B TTM FY 2025 Sales 51 K Customer locations 68 % Gross profit from Food, Foodservice, and Related Products Largest Convenience Distributor in North America Differentiated Foodservice Product Offering Expanding Portfolio of Industry’s Best In Class Retailers 32 %

  27. Slide 27: Convenience Strategic Pathways

    Convenience strategic pathways Consistent share growth across all customer segments Largest street sales organization in the industry with uncapped commission structure Turnkey foodservice solutions & unmatched food sourcing capabilities Best in class customer operational performance metrics Growing

  28. Slide 28: Specialty Segment Snapshot

    Specialty SEGMENT Snapshot 1 Customer Mix Product Mix Vending Theater Value E-Comm OCS Concessions & Other Hospitality & Travel Office $4.8 B TTM FY 2025 Sales 75 K+ Customer locations 41% 10% 10% 9% 7% 7% 6% 4% Candy Snacks Beverage Frozen Foods Other Fresh Foods Non-Food 6% Corrections Leverage Na

  29. Slide 29: Specialty Strategic Pathways

    Specialty strategic pathways Diverse customer & product portfolio Growth focused with share gains & strong margin performance Supplier solutions to expand their consumer touchpoints Dynamic and growing e-commerce platform servicing a wide array of B2B & B2C Growing portfolio of customer focused prop

  30. Slide 30: E-Commerce

    E-Commerce NETWORK 1 DAY TRANSIT 2 DAYS 3 DAYS 4 DAYS 1.1 M 9 M+ 99.9 % 1.5 Sq/ft of temperature-controlled space Parcel packages shipped in FY 2024 On-time shipment Average shipping days 1 DAY Population shipping coverage 2 DAYs Population shipping coverage 54 % 96 %

  31. Slide 31: Prominent Convenience Customer Expanding Their Foodservice Offerings

    Prominent Convenience Customer Expanding Their Foodservice Offerings SITUATION Rutter’s, a prominent convenience store operator, sought a comprehensive turnkey solution that seamlessly integrates robust traditional convenience supply with an exceptional foodservice offering. RESULT Over the past thr

  32. Slide 32: Leveraging Our Manufacturing Capabilities to Deliver Unique Customer Solutions

    Leveraging Our Manufacturing Capabilities to Deliver Unique Customer Solutions SITUATION PFG’s convenience segment identified the need for a high-quality, value-priced pizza and breakfast sandwich offering. RESULT The branded solution was launched in February 2024 and successfully reached the target

  33. Slide 33: PFG One - Creating Differentiation

    PFG one - creating differentiation Diversified Business Model Segment collaboration driving revenue growth Adoption of sales compensation models and training on a broad scale Complementary vendor portfolio across segments creating synergy opportunities Logistics footprint provides powerful network t

  34. Slide 34: EVP & Chief Human Resources Officer Erika Davis

    Executive Vice President & Chief Human Resources Officer Erika Davis

  35. Slide 35: Key Messages

    Key Messages Unparalleled Industry Reputation Customer-Centric and Empowered Culture Robust Talent Pipeline and Development High-Performing Teams Delivering Growth 1 2 3 4

  36. Slide 36: Unparalleled Industry Reputation

    Unparalleled industry reputation CUSTOMERS They tell others about us. TALENT They want to work for us. ACQUISITIONS They choose us.

  37. Slide 37: Leading with a Strong and Performance-Driven Team

    Leading with a strong and performance-driven team 11K+ trailers Generationally Balanced Baby Boomers Gen X Millennials Gen Z 40 K + associates ~6.5 YRS average tenure 30 + languages spoken

  38. Slide 38: Customer-Centric and Empowered Culture

    PFG has successfully integrated approximately 22,000 associates through acquisitions since 2020 of people leaders have been with PFG 5+ years 63 % Customer-centric and Empowered Culture Focus on strengths and expertise Autonomous ownership mentality Unwavering commitment to deliver to our customer 2

  39. Slide 39: Robust Talent Pipeline and Development

    Track record of supporting our people Robust Talent Pipeline and Development We attract top talent because: We attract people that are entrepreneurial: We leverage our expertise to develop talent: We invest in a sustainable future: Purpose-driven, essential work Exemplify PFG in action values Agile,

  40. Slide 40: High-Performing Teams Delivering Growth

    High-Performing Teams Delivering Growth Balance margin and volume goals to drive a unified strategy Align associates on performance metrics to foster collective success Update associates on compensation details and performance expectations High associate participation in equity and stock purchase pr

  41. Slide 41: Key Takeaways

    1 2 3 4 Key Takeaways Unparalleled Industry Reputation Customer-Centric and Empowered Culture Robust Talent Pipeline and Development High-Performing Teams Delivering Growth

  42. Slide 42: President & Chief Operating Officer Scott McPherson

    President & Chief Operating Officer Scott Mcpherson

  43. Slide 43: Fueling Success – Key Strategic Levers

    Fueling success – Key Strategic Levers Sales Approach Proprietary Brands Technology Redistribution Operational Excellence

  44. Slide 44: Salesforce Differentiation

    Salesforce Differentiation Growth Focus Training Compensation Technology Expanding sales organization to drive growth across segments Diverse customer base creates insulation Bringing foodservice to our Specialty segment Dedicated e-commerce platform and sales effort Full transition to PFS style sal

  45. Slide 45: Foodservice Investment in Growth - Post Covid

    foodservice Investment in growth - Post Covid Performance Brand Independent Case Growth CAGR 10 % Independent Foodservice Account Growth CAGR 7 % Salesforce Headcount Growth CAGR 8 % Salesforce Headcount Independent Accounts Independent Brand Cases

  46. Slide 46: Performance Brands Are a Competitive Advantage

    25 K+ Unique Brand SKUs $ 7.4 B In Sales of Performance Brands in TTM FY2025 Brand Penetration ~53% of Our Independent Foodservice Sales PERFORMANCE BRANDS ARE A COMPETITIVE ADVANTAGE Turnkey Convenience Foodservice Programs Manufacturing of Proprietary Customer Brands 10 % Compounded Growth in Perf

  47. Slide 47: Turnkey Foodservice Programs into Convenience

    TURNKEY Foodservice PROGRAMS into Convenience All resources provided with built in flexibility Leveraged buying power to benefit our customers Low cost of entry with no licensing or franchise fees Restaurant-quality food through top manufacturers

  48. Slide 48: Serving Up Results - Cross-Segment Collaboration

    Serving up Results Cross-segment collaboration 17 % 10 + $400 m 1,500 30 % Performance Foodservice Share of Cases Sold into Convenience Channel 1 Cross-Segment Customers Bids Foodservice Cross-Segment Sales Turnkey Foodservice Programs Across PFG Convenience Segment Foodservice Sales as a % of Non-N

  49. Slide 49: Digital Ordering Platform

    Digital Ordering Platform SIMPLIFY: Align our segments and customers to a shared digital platform 1 2 3 MODERNIZE: State-of-the-art architecture and interface, providing a digital foundation for the future GROW: Complement our salesforce to increase customers and sales A digital platform meeting cus

  50. Slide 50: Connecting Our Segments, Salesforce and Customers

    Connecting our Segments, Salesforce and Customers Platform for partnership 67% of customers across all segments connecting to PFG’s digital ordering platform 76% of our total order volume is placed using our digital platform 15% of customers add cases based on our AI generated items missed or sugges

  51. Slide 51: Value of Redistribution to Customer, OpCo and Supplier

    Value to the Customer Better fill rates and inventory control Access to unique/proprietary items across OpCos Ease of execution on national promotions Value to the OpCo Reduces capacity needs and minimum order quantities Reduction in inventory on hand Increases inventory turns and reduces spoils/shr

  52. Slide 52: Before Redistribution: Fragmented Supply Chain

    BEFORE REDISTRIBUTION: FRAGMENTED SUPPLY CHAIN SUPPLIER C SUPPLIER B SUPPLIER A SUPPLIER FORWARD WH SUPPLIER FORWARD WH SUPPLIER FORWARD WH DC4 DC3 DC2 DC1 SUPPLIER C SUPPLIER B SUPPLIER A SUPPLIER FORWARD WH SUPPLIER FORWARD WH SUPPLIER FORWARD WH

  53. Slide 53: After Redistribution: Efficient Model

    AFTER REDISTRIBUTION: EFFICIENT MODEL $4B shipped across all segments and product categories in 2025 10,500 Deliveries made to PFG OpCos Expansion planned in California to support western foodservice distribution SUPPLIER FORWARD WAREHOUSE SUPPLIER C SUPPLIER B SUPPLIER A SUPPLIER C SUPPLIER B SUPPL

  54. Slide 54: Transportation Excellence

    Transportation Excellence Fleet, Technology & Performance TRANSPORTATION TECHNOLOGY Dynamic routing (Descartes/Roadnet) Samsara Integrated Camara Crossbow Logistics Solution DELIVERY SOLUTIONS PACE Defensive Driving Electronic Vehicle Inspection Reports ACAT Driver training Proof of Delivery Sustain

  55. Slide 55: Warehouse Excellence

    Warehouse Excellence WAREHOUSE TECHNOLOGIES Radio Frequency Hand-Held & Ringscan Voice Directed Selection Pick to Light Technology INVENTORY ACCURACY Scan-based verification Electronic cycle counting Container content traceability WAREHOUSE AUTOMATION Robotic wrappers/scrubbers Dense storage solutio

  56. Slide 56: Key Takeaways

    1 2 3 4 Key Takeaways Sales Organization Brands Technology Redistribution 5 Operating Efficiency

  57. Slide 57: EVP & Chief Financial Officer Patrick Hatcher

    Executive Vice President & Chief Financial Officer Patrick hatcher

  58. Slide 58: Our Strategic Roadmap to Success

    Our strategic roadmap to success Resulting in Strong Adjusted EBITDA Growth Drive Sales Growth Outperform with Our People & Culture Strategy Deliver Operational Efficiency by Leveraging Technology

  59. Slide 59: PFG Strategies & Priorities

    PFG Strategies & Priorities Consistent Organic Sales Growth Adjusted EBITDA Margin Expansion Capital Allocation to Drive Shareholder Value

  60. Slide 60: Consistent, Profitable Growth

    Consistent, Profitable Growth CAGR: +6.5% ($ in billions) NET SALES CAGR FY2022- FY2025 TTM ($ in millions) GROSS PROFIT CAGR FY2022-FY2025 TTM 3 ADJ. EBITDA CAGR FY2022-FY2025 TTM 1,3 ADJ. DILUTED EPS CAGR FY2022-FY2025 TTM 4 CAGR: +11% ($ in millions) ($ in millions) CAGR: +18% CAGR: +19% 1. Adjus

  61. Slide 61: Margin Opportunities

    margin opportunities Procurement Savings Target $ 100 - $ 125 M Margin Expansion Drivers Segment Cross-Selling & Redistribution Procurement Efficiencies Strategic Acquisitions Mix & Brand Penetration

  62. Slide 62: Adjusted EBITDA Margin Expansion Drivers

    2.7% Adjusted ebitda margin expansion drivers Adj. EBITDA CAGR FY2022- FY2025 1 CAGR: +18% Margin Expansion 2025-2028 Target +50-60 bps Adjusted EBITDA margin is a non-GAAP financial measure, for description and reconciliation to Adjusted EBITDA, see the appendix. FY2022 only reflects Core-Mark cont

  63. Slide 63: PFG Financial Priorities

    PFG Financial Priorities Robust operating cash flow supports deleveraging to our modest long-term leverage target of 2.5-3.5x Leverage CapEx Support capacity expansion and fleet investment, driving organic top and bottom-line growth and generating attractive ROI Target accretive and synergistic acqu

  64. Slide 64: Disciplined Use of Capital

    Disciplined Use of Capital Capital Investments to Support Growth 2025 Growth Expansion Projects Annual Capex $ Millions Capital Expenditures Long-Term Capital Expenditure Target 0.7 % of Revenue

  65. Slide 65: Leverage Reduction

    Leverage Reduction PFG Total Leverage* *Defined as Net Debt/Pro Forma Adjusted EBITDA. 4.5x 4.1x 4.0x 2.9x 2.7x 3.8x Long-Term Target Net Debt / Adjusted EBITDA 2.5x-3.5x

  66. Slide 66: Share Repurchase Authorization $500M

    Share repurchase authorization $500m

  67. Slide 67: Disciplined M&A Strategy

    DISCIPLINED M&A STRATEGY Growth Oriented Geographic expansion Channel growth Scale Aligned to Market Dynamics Insights-driven Opportunistic Customer-centric Compelling Strategic Fit Financially disciplined Operational upside Culturally compatible M&A APPROACH

  68. Slide 68: 2022 Long Range Plan vs. FY 2025 Guidance

    2022 Long range plan vs. FY 2025 Guidance $62B $63B $1.5B $1.725B $64B $63.5B $1.7B $1.75B Source: 2022 LRP represents targets announced at June 2022 Investor Day. FY2025 E represents current FY2025 guidance. 1. Adjusted EBITDA is a non-GAAP financial measure, for description and reconciliation to A

  69. Slide 69: Three Year Targets

    Three Year Targets 3-Year Sales 3-Year Adj EBITDA $73 B $75 B Annual net revenue in fiscal 2028 Annual Adj EBITDA in fiscal 2028 $2.3 B $2.5 B

  70. Slide 70: Q&A Session

    Q&A Session

  71. Slide 71: Appendix

    Appendix

  72. Slide 72: Statement Regarding Non-GAAP Financial Measures

    STATEMENT REGARDING NON-GAAP FINANCIAL MEASURES This presentation includes certain non-GAAP financial measures, including Adjusted EBI TDA and Adjusted Diluted Earnings Per Share. These metrics have important limitations and should not be considered in isolation or as a substitute for measures of ou

  73. Slide 73: Adjusted EBITDA Reconciliation

    NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA RECONCILIATION ($ in millions) March 29, 2025 TTM Fiscal year ended June 29, 2024 Fiscal year ended July 1, 2023 Fiscal year ended July 2, 2022 Fiscal year ended July 3, 2021 Fiscal year ended June 27, 2020 Net income (loss) (GAAP) $ 375.2 $ 435.9 $ 397.2

  74. Slide 74: Adjusted Diluted Earnings Per Share Reconciliation

    NON-GAAP FINANCIAL MEASURES ADJUSTED DILUTED EARNINGS PER SHARE RECONCILIATION March 29, 2025 TTM Fiscal year ended June 29, 2024 Fiscal year ended July 1, 2023 Fiscal year ended July 2, 2022 Fiscal year ended July 3, 2021 Fiscal year ended June 27, 2020 Diluted earnings per share (GAAP) $ 2.40 $ 2.

Performance Food Group — Investor Day (May 2025) on 6ix