Performance Food Group Company · NYSE:PFGC
Performance Food — Investor Day (May 2025)
74 slides from Performance Food's investor day presentation, May 28, 2025
Slide 1: PFG One
PFG ONE PERFORMANCE’ C°) core-mark WISTAR. =
Slide 2: Senior Vice President, Investor Relations Bill Marshall
Senior Vice President, Investor Relations Bill Marshall
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
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
Slide 5: Feeding America Away From Home
Feeding America AWAY FROM HOME
Slide 6: Chairman & Chief Executive Officer George Holm
Chairman & Chief Executive Officer George Holm
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
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
Slide 9: Geographic Reach
Geographic Reach Key PFG Headquarters Foodservice Convenience Specialty
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.
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
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
Slide 13: Senior Vice President, Strategy & M&A Liz Mountjoy
Senior Vice President, Strategy & M&A Liz Mountjoy
Slide 14: M&A Strategy - Resilience & Sustainable Growth
M&A Strategy - resilience & sustainable growth
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
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
Slide 17: Differentiated Strengths
Differentiated Strengths Proven Process Integration Balance Deal Sourcing
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
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
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
Slide 21: President & Chief Operating Officer Scott McPherson
President & Chief Operating Officer Scott Mcpherson
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
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
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
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
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 %
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
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
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
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 %
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
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
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
Slide 34: EVP & Chief Human Resources Officer Erika Davis
Executive Vice President & Chief Human Resources Officer Erika Davis
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
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.
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
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
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,
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
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
Slide 42: President & Chief Operating Officer Scott McPherson
President & Chief Operating Officer Scott Mcpherson
Slide 43: Fueling Success – Key Strategic Levers
Fueling success – Key Strategic Levers Sales Approach Proprietary Brands Technology Redistribution Operational Excellence
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
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
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
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
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
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
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
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
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
Slide 53: After Redistribution: Efficient Model
AFTER REDISTRIBUTION: EFFICIENT MODEL $4B shipped across all segments and product categories in 2025 10,500 Deliveries made to PFG OpCos Expansion planned in California to support western foodservice distribution SUPPLIER FORWARD WAREHOUSE SUPPLIER C SUPPLIER B SUPPLIER A SUPPLIER C SUPPLIER B SUPPL
Slide 54: Transportation Excellence
Transportation Excellence Fleet, Technology & Performance TRANSPORTATION TECHNOLOGY Dynamic routing (Descartes/Roadnet) Samsara Integrated Camara Crossbow Logistics Solution DELIVERY SOLUTIONS PACE Defensive Driving Electronic Vehicle Inspection Reports ACAT Driver training Proof of Delivery Sustain
Slide 55: Warehouse Excellence
Warehouse Excellence WAREHOUSE TECHNOLOGIES Radio Frequency Hand-Held & Ringscan Voice Directed Selection Pick to Light Technology INVENTORY ACCURACY Scan-based verification Electronic cycle counting Container content traceability WAREHOUSE AUTOMATION Robotic wrappers/scrubbers Dense storage solutio
Slide 56: Key Takeaways
1 2 3 4 Key Takeaways Sales Organization Brands Technology Redistribution 5 Operating Efficiency
Slide 57: EVP & Chief Financial Officer Patrick Hatcher
Executive Vice President & Chief Financial Officer Patrick hatcher
Slide 58: Our Strategic Roadmap to Success
Our strategic roadmap to success Resulting in Strong Adjusted EBITDA Growth Drive Sales Growth Outperform with Our People & Culture Strategy Deliver Operational Efficiency by Leveraging Technology
Slide 59: PFG Strategies & Priorities
PFG Strategies & Priorities Consistent Organic Sales Growth Adjusted EBITDA Margin Expansion Capital Allocation to Drive Shareholder Value
Slide 60: Consistent, Profitable Growth
Consistent, Profitable Growth CAGR: +6.5% ($ 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
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
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
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
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
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
Slide 66: Share Repurchase Authorization $500M
Share repurchase authorization $500m
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
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
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 $2.5 B
Slide 70: Q&A Session
Q&A Session
Slide 71: Appendix
Appendix
Slide 72: Statement Regarding Non-GAAP Financial Measures
STATEMENT REGARDING NON-GAAP FINANCIAL MEASURES This presentation includes certain non-GAAP financial measures, including Adjusted EBI TDA and Adjusted Diluted Earnings Per Share. These metrics have important limitations and should not be considered in isolation or as a substitute for measures of ou
Slide 73: Adjusted EBITDA Reconciliation
NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA RECONCILIATION ($ 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
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.