Natural Grocers By Vitamin Cottage, Inc. · NYSE:NGVC
Natural Grocers By Vitamin Cottage — Q2 2026 Earnings Presentation
20 slides from Natural Grocers By Vitamin Cottage's earnings presentation, May 7, 2026
Slide 1: Investor Presentation
Investor Presentation May 2026
Slide 2: Disclosures
Disclosures Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 in addition to historical information. All statements that are not statements of historical fact, including those that relate to mat
Slide 3: Company Overview
Company Overview Founded in 1955, Natural Grocers® is an TTM Net Sales1,2 TTM Adjusted EBITDA1,2,3 authentic company guided by its $1.34B $99.7M +3.1% Growth 7.4% Margin founding principles that continue to drive every aspect of our business Q2 2026 Sales Mix 169 stores in 21 states2 5 practices. 9%
Slide 4: An Authentic Company Guided by Five Founding Principles
An Authentic Company Guided by Five Founding Principles Always Nutrition Quality AffordableSM Community Crew Education Pricing Every product on our We provide free We work hard to secure From free nutrition Our Crew members shelves must go through nutrition education in the best possible prices educ
Slide 5: Differentiated Offering
Differentiated Offering Compelling value proposition comprised of a carefully vetted offering of high-quality, natural and organic products at always affordable prices, and free nutrition education Product standards are Committed to Nutritional Health Coach differentiated and include: affordability
Slide 6: Differentiated Shopping Experience
Differentiated Shopping Experience Small format stores provide a convenient shopping experience • Average ~11,000 selling square feet • Assortment meets core grocery needs • Average 20K SKUs per store, including 6.5K supplements • Unique format with no prepared foods or meat counters Best-in-class c
Slide 7: Our Growth Opportunity
Our Growth Opportunity 7
Slide 8: Our Growth Opportunity
Our Growth Opportunity Well-positioned within the attractive, fast growing natural and organic market Highly scalable platform Convenient, small format stores well suited for all market types Differentiated in-store experience with high-quality natural & organic offerings Strong brand loyalty and cu
Slide 9: Our Growth Opportunity: The Market
Our Growth Opportunity: The Market Natural and organic products continue to outperform conventional as consumers increasingly focus on health, wellness and sustainability Natural and Organic Sales in the U.S. 1 $ Billions • The U.S. natural and organic products industry sales grew an estimated 5.2%
Slide 10: Our Growth Opportunity: Store Unit Growth
Our Growth Opportunity: Store Unit Growth Metric New Unit Economics1 We believe our attractive, growing and highly Sales • $5M average in first year (12mos) profitable existing store base can be replicated • Comps average low-double-digits with new stores through year 5 • Convenient, small box forma
Slide 11: Our Growth Opportunity: {N}power Rewards Program and Natural Grocers Brand Products
Our Growth Opportunity: {N}power® Rewards Program and Natural Grocers Brand Products Leverage our established {N}power Continue to expand our line of Customer Rewards Program Natural Grocers Brand Products • {N}power penetration 84% of total • Positioned as premium quality offerings sales in Q2 2026
Slide 12: Financial Highlights
Financial Highlights 12
Slide 13: Historical Financial Metrics
Historical Financial Metrics Revenue ($ millions) and Daily Average Comparable Store Sales Growth Adjusted EBITDA ($ millions)* 1,331 8.9% 10% 7.4% 7.4% 7.6% 1,242 6.7% 1,090 1,141 1,056 7.0% 7.3% 8% 5.7% 5.7% 5.6% 666 673 6% 3.6% 98 2.6% 4% 83 60 62 63 49 51 0.7% 1.1% 2% 0% 2021 2022 2023 2024 2025
Slide 14: Recent Financial Highlights—Q2 2026
Recent Financial Highlights—Q2 2026 Net Sales Sales Comp1 Transaction Comp1 Basket Comp1 $337M 0.5% (1.1%) 1.6% +0.5% Growth 9.4% on a two-year basis Included annualized Sales product inflation of approximately 3%. Items per basket down less than half an item vs. Q2’25. Gross Margin Operating Margin
Slide 15: Capital Allocation
Capital Allocation Balance Sheet Metrics (3/31/2026) Strong financial position to support investment in growth Cash $20.7M • Strong liquidity position including $20.7 million of cash and Debt2 $48.2M cash equivalents and $67.6 million available to borrow on our $70.0 million revolving credit facilit
Slide 16: Outlook
Outlook Fiscal 2026 Prior Outlook Updated Outlook Number of new stores 6 to 8 6 to 8 Number of relocations/remodels 2 to 3 2 to 3 Daily average comparable store sales growth 1.5% to 4.0% 1.5% to 2.5% Diluted earnings per share $2.00 to $2.15 $2.07 to $2.15 Capital expenditures (in millions) $50 to $
Slide 17: Appendix
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Slide 18: Non-GAAP Financial Measures
Non-GAAP Financial Measures EBITDA and Adjusted EBITDA EBITDA and Adjusted EBITDA are not measures of financial performance under GAAP. We define EBITDA as net income before interest expense, provision for income taxes, depreciation and amortization. We define Adjusted as EBITDA as adjusted to exclu
Slide 19: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) (EBITDA and Adjusted EBITDA, continued) Our competitors may define EBITDA and Adjusted EBITDA differently, and as a result, our measures of EBITDA and Adjusted EBITDA may not be directly comparable to EBITDA and Adjusted EBITDA of other companies. Items exclud
Slide 20: EBITDA and Adjusted EBITDA Reconciliation
EBITDA and Adjusted EBITDA Reconciliation Fiscal Year ended September 30, 2025 2024 2023 2022 2021 Net income $ 46,444 $ 33,935 $ 23,243 $ 21,365 $ 20,581 Interest expense, net 3,063 4,176 3,299 2,371 2,271 Provision for income taxes 12,483 8,866 5,127 6,419 5,475 Depreciation and amortization 31,81
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