Slide 1: Q1 2026 Earnings
fréshpet Q1 2026 Earnings May 6, 2026
Slide 2: Forward Looking Statements & Non-GAAP Measures
2 Forward Looking Statements & Non-GAAP Measures Forward-looking statements Certain statements in this presentation by Freshpet, Inc. (the “Company”) constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on our current expect
Slide 3: Freshpet strengthens the bond between people and our pets
3 Freshpet strengthens the bond between people and our pets so that we both live longer, healthier and happier lives while being kind to the planet. 1Q26 Earnings Presentation
Slide 4: Highlights
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Slide 5: Encouraged by our strong start to 2026
5 We are encouraged by our strong start to 2026, delivering first quarter sales growth in excess of our 2026 guidance and reinforcing our confidence in Freshpet’s long-term growth opportunity. Our performance reflects the strength of our differentiated product offerings, our manufacturing scale and
Slide 6: Q1 2026: Growth and progress across key metrics
6 Source: Internal Data, Numerator for 12 months ended 3/29/26, Nielsen for 52W ended 3/28/26 1 Ecommerce includes Click & Collect, Last Mile Delivery, Pure Play, and DTC 2 Market share of US dog food and treats from Nielsen Omnichannel Q1 2026: Growth and progress across key metrics Financial Retai
Slide 7: Freshpet's opportunity: Large category, growing market share
7 Freshpet’s opportunity Large category, growing market share Growing Total Addressable Market (TAM) Improving returns on capital Disciplined capital spending; applying capital efficiency framework with scale benefits 36M Households and growing; Generational shift ~$38B Dog food and treats category;
Slide 8: Significant runway for growth in a large category
8 Significant runway for growth in a large category Source: NIQ Total US Pet Food $ - OmniChannel by Category 52 Weeks Ended 3/28/26 ~$56B U.S. pet food category ~$38B Dog food and treats category 4.2% Freshpet market share of dog food and treats
Slide 9: Generational transition increases Total Addressable Market
9 Generational transition to younger pet parents continues to increase Freshpet’s Total Addressable Market (TAM) 27 33 36 2023 2024 2025 Freshpet Total Addressable Market (households in millions) Source: Internal Proprietary Model sourced from Numerator 1Q26 Earnings Presentation
Slide 10: Continued growth in consumer franchise; added ~1.3m households
10 10.0 10.8 13.0 14.8 16.1 2022 2023 2024 2025 2026 Continued growth in consumer franchise; added ~1.3m households YoY Source: Numerator Panel data for the 12-month periods ending 4/3/22, 4/2/23, 3/31/24, 3/30/25, 3/29/26 Freshpet Household Penetration Growth (in millions) (52 weeks) 9% 20% 14% 8%
Slide 11: Freshpet Users who are MVPs
11 Freshpet Users who are MVP’s* (Ultra/Super Heavy Buyers) (in millions) Source: Numerator Panel data for the 12-month periods ending 4/3/22, 4/2/23, 3/31/24, 3/30/25, 3/29/26 *Most Valuable Pet Parents Freshpet Users who are MVP’s (Ultra/Super Heavy Buyers) (in millions) 1.1 1.4 1.8 2.2 2.5 $430 $
Slide 12: MVP growth supporting buy rate expansion
12 MVP growth is also supporting buy rate expansion Freshpet Buy Rate (52 weeks) $76 $92 $102 $107 $114 2022 2023 2024 2025 2026 Source: Numerator Panel data for the 12-month periods ending 4/3/22, 4/2/23, 3/31/24, 3/30/25, 3/29/26 20% 11% 5% 6% 1Q26 Earnings Presentation
Slide 13: Large retail footprint acts as micro fulfillment centers
13 Large retail footprint acts as micro fulfillment centers for omnichannel customers with ~80% of our delivered sales through the fridge network Second/Third Fridges 25% One Fridge 75% 19,499 21,570 22,716 23,631 25,281 26,777 28,141 30,235 30,425 10,825 13,386 15,023 16,562 18,095 19,829 22,385 24
Slide 14: Winning with the omnichannel consumer
14 Winning with the omnichannel consumer • Large fridge network evolves to take advantage of fast local delivery and increase holding capacity for online sales • Incremental distribution points in club and rural lifestyle retail • Testing new retail display concepts • Expect outsized growth in digit
Slide 15: Building a stronger product proposition with breakthrough technology
15 Building a stronger product proposition by leveraging breakthrough technology Unlocks product appeal, freshness and innovation capabilities Aim to deliver lower cost through increased yields and throughput, and increasing capacity Designed to increase bagged product margins and decrease margin ga
Slide 16: Manufacturing Capacity Update
16 Manufacturing Capacity Update Source: Internal Data Owning our manufacturing enables us to advance the technology of the fresh pet food category New technology showing encouraging results: • First bag line successfully commenced production in January 2026 • Converted bag line with “lite” version
Slide 17: Capital Efficiency Framework
17 Capital Efficiency Framework More out of existing lines More out of existing sites Develop & implement new technologies
Slide 18: 7) = =) W) J) x Ne) N 2) N = oO
7) = =) W) J) x Ne) N 2) N = oO
Slide 19: Q1 2026 Net sales primarily driven by volume
19 Q1 2026 Net sales primarily driven by volume $263.2 $297.6 Q1 2025 Q1 2026 13.1% Source: Internal Data 15% -2% 13% Volume Price/Mix Net Sales Growth Q1 2026 Net Sales ($m) Q1 2026 Net Sales Bridge 1Q26 Earnings Presentation
Slide 20: Consumption growth across all channels
20 Consumption growth across all channels Source: NIQ consumption data, latest 13 weeks thru 3/28/26 and internal sales data Q1 2026 Consumption Growth ($) Consumption Growth Trends (volume in pounds) 13.5% 10.4% 10.2% 5.4% 6.5% Total US Pet Retail Plus + Costco Total US Pet Retail Plus XAOC Food Pe
Slide 21: Q1 2026 delivered Adj. Gross Margin improvement
21 Q1 2026 delivered 120 basis point Adj. Gross Margin improvement Q1 2026 Adj. Gross Margin % of net sales Q1 2026 Adj. EBITDA ($m) % of net sales 45.7% 46.9% Q1 2025 Q1 2026 $35.5 $37.9 Q1 2025 Q1 2026 13.5% 12.7% Net Income (loss)($12.7m) $48.5mGross Margin (GAAP) 40.5%39.4% Source: Internal Data
Slide 22: Guidance
22 Guidance
Slide 23: FY 2026 Guidance
23 FY 2026 Guidance Additional considerations: • Net Sales: Uncertain consumer environment; lapping large club customer expansion in Q3 • Adjusted Gross Margin: Expect ~50-100 bps improvement year-over-year at midpoint of sales range • Inflation: Now anticipate higher costs in logistics, packaging,
Slide 24: 2027 Targets
24 2027 Targets Expand HH Penetration & Buy Rate Increase Velocity Advertising & Innovation Expand Visibility & Availability Drive Efficiencies Build Organization Capability to Increase Effectiveness & Leverage Scale Expand Capacity >48% Adjusted Gross Margin Target 20-22% Adjusted EBITDA Margin Tar
Slide 25: Capital Spending, Cash Flow & Liquidity
25 Capital Spending, Cash Flow & Liquidity
Slide 26: Strong financial position with increasing flexibility
26 Strong financial position with increasing flexibility Source: Internal Data Operating Cash Flow ($m) $4.8 $40.3 Q1 2025 Q1 2026 Capital Spending: • Q1 2026 spend of $27.6 million • Estimated 2026 spending of ~$150 million unless we decide to accelerate new technology investments or we have sizabl
Slide 27: Appendix
27 Appendix
Slide 28: Reconciliation between Gross Profit and Adjusted Gross Profit
28 Freshpet, Inc. and Subsidiaries Reconciliation between Gross Profit and Adjusted Gross Profit Source: Internal Data 1Q26 Earnings Presentation Three Months Ended March 31, 2026 2025 (Dollars in thousands) Gross profit $ 120,674 $ 103,788 Depreciation expense 17,298 15,179 Non-cash share-based com
Slide 29: Reconciliation between Net Income and Adjusted EBITDA
29 Freshpet, Inc. and Subsidiaries Reconciliation between Net Income and Adjusted EBITDA a. Includes true-ups to share-based compensation expense. We have certain outstanding share-based awards with performance-based vesting conditions that require the achievement of certain Adjusted EBITDA margins,
Slide 30: Reconciliation between Operating Cash Flow and Free Cash Flow
30 Freshpet, Inc. and Subsidiaries Reconciliation between Net Cash Flows Provided by Operating Activities and Free Cash Flow [1] 1 Capital expenditures is equivalent to the amount included in "Acquisitions of property, plant and equipment, software and deposits on equipment" on our Consolidated Stat
Slide 31: Convertible Share Dilution Calculations at Maturity
31 Convertible Share Dilution Calculations at Maturity We have run share dilution calculations to compare outcomes for the 2028 convertible notes • Freshpet has structured the convertible with Flexible Settlement, so we have the option to settle the convertible in shares, cash, or a combination at i
Slide 32: Thank you
fréshpet Thank you