Flowers Foods, Inc. · NYSE:FLO
Flowers Foods — Q3 2025 Earnings Presentation
30 slides from Flowers Foods's earnings presentation, Nov 7, 2025
Slide 1: Third Quarter 2025 Review
THIRD QUARTER 2025 REVIEW November 6, 2025
Slide 2: Regarding Forward-Looking Statements
REGARDING FORWARD -LOOKING STATEMENTS Statements contained in this presentation and certain other written or oral statements made from time to time by Flowers Foods, Inc. (the “company”, “Flowers Foods”, “Flowers”, “us”, “we”, or “our”) and its representatives that are not historical facts are forwa
Slide 3: Key Messages
KEY MESSAGES • Portfolio transformation efforts driving strong relative performance —all leading brands either gained or held unit share • Persistent challenging consumer environment pressured categories, particularly traditional loaf • Announced exciting slate of on -trend innovation , including a
Slide 4: Q3 2025 Financial Review
Q3 2025 FINANCIAL REVIEW NET SALES CASH FLOWS — YTD’25 $1.227B +3.0% v PY Cash from Ops $320.8M Dividends $157.0M • Price/Mix -2.3% 1 • Volume -0.6% 2 Capex Acquisition 5 • Acquisition +5.9% $80.3M $791.9M NET INCOME GAAP DILUTED EPS $39.5M -39.2% v PY $0.19 -$0.12 v PY ADJ. EBITDA 3 ADJ. DILUTED EP
Slide 5: Q3 2025 Net Sales Highlights
Q3 2025 NET SALES HIGHLIGHTS Net sales increased 3.0% due to the Simple Mills acquisition Other net sales decreased 3.8% due to unfavorable price/mix, contribution, partly offset by softer volumes and negative partially offset by increased volume for non -retail items price/mix Branded Retail net sa
Slide 6: Q3 2025 Highlights
Q3 2025 HIGHLIGHTS Net income decreased 39.2% to $39.5 million, primarily due to lower operating income and higher net interest expense Adjusted EBITDA 1 decreased primarily due to a challenging consumer environment, partially offset by the acquisition contribution ADJUSTED EBITDA 1 (MILLIONS) $140
Slide 7: Fiscal 2025 Guidance
FISCAL 2025 GUIDANCE (Provided November 6, 2025) FLOWERS SIMPLE MILLS FLOWERS STANDALONE (PARTIAL YEAR) TOTAL Net Sales $5.033 to $5.083B $221 to $223M $5.254 to $ 5.306B Fiscal 2025 Considerations Adj. EBITDA 1 $485 to $499M $30 to $33M $515 to $532M • 53 rd week expected to Adj. dil. EPS 2 $1.10 t
Slide 8: Guidance Drivers
GUIDANCE DRIVERS $1.28 $1.02 – $1.08 FY'24 Adj EBITDA D&A Net Int Exp Inc Tax Exp Simple Mills FY'25 + Carryover of new – Higher capital – Higher interest rates – Lower tax rate y/y – Higher D&A from business wins, and employed from ERP acquisition intangibles pricing and efficiency – Lower interest
Slide 9: Long-Term Growth Target Scorecard
LONG -TERM GROWTH TARGET SCORECARD LT CAGR1 Targets1 FY’201 FY’21 FY’22 FY’23 FY’24 FY’251,2 Net Sales 1-2% 6.4% 2.5% 5.2% 5.4% 4.4% 3.5% Adj EBITDA 4-6% 23.4% 7.8% 5.9% 4.4% 5.0% 2.6%3 Adj dil. EPS 7-9% 36.5% 13.7% 9.8% 5.7% 5.9% 2.7% (1) Off FY’19 base; FY’20 and FY’25 are 53 -week years (2) Impli
Slide 10: Private Label Unit Share
PRIVATE LABEL UNIT SHARE CHANGE IN PRIVATE LABEL UNIT SHARE (Y/Y) 0.7 0.5 0.2 0.1 -0.2 -0.3 -0.3 -0.3 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 Source: Flowers Custom Database – Circana Total US Mulo+ with Conv Due to a change in methodology and sources, data provided previously by Circana may
Slide 11: Volume Trends
VOLUME TRENDS • Branded retail impacted by continued weakness in the fresh packaged bread category and increased hurricane -driven demand in the prior year quarter • Other benefitted from growth in contract manufacturing and vending, net of foodservice volume declines FLO Volume % Change (Y/Y) TOTAL
Slide 12: Branded vs Store Brand Market Share
BRANDED VS STORE BRAND MARKET SHARE Long -term trend of branded share gains interrupted by inflationary pressure on consumers Branded Dollar Share Store Branded Dollar Share 78.00 27.00 26.1 77.1 25.5 26.00 77.00 76.7 76.2 24.8 25.00 76.00 23.8 24.00 23.2 75.2 75.00 22.8 74.4 23.00 74.00 73.8 22.00
Slide 13: Flowers Market Share
FLOWERS MARKET SHARE FLO Bread Dollar Share FLO Cake Dollar Share 16.9 16.8 16.8 16.7 16.7 16.5 16.0 15.9 6.3 5.9 5.9 5.9 5.8 5.8 6.0 5.4 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Source: Flowers Custom Database – Circana Total US Mulo+ with Conv 13 Due to a change in methodolo
Slide 14: Flowers Fresh Packaged Breads
FLOWERS FRESH PACKAGED BREADS Dollar Sales % Chg Unit Sales % Chg 4.3% 2.9% 1.9% 1.4% 0.7% 0.4% 0.2% -1.3% -1.6% -1.8% -1.8% -2.3% -2.5% -2.9% -2.9% -3.2% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Source: Flowers Custom Database – Circana Total US Mulo+ with Conv 14 Due to a ch
Slide 15: Flowers Commercial Cake
FLOWERS COMMERCIAL CAKE Dollar Sales % Chg Unit Sales % Chg 4.1% 3.5% 1.0% 1.1% -1.6% -1.7% -2.6% -3.3% -4.3% -5.2% -5.1% -6.2% -7.0% -6.7% -7.6% -10.0% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Source: Flowers Custom Database – Circana Total US Mulo+ with Conv 15 Due to a chan
Slide 16: Organic Category Sales
ORGANIC CATEGORY SALES ORGANIC FRESH PACKAGED BREADS xFLO FLOWERS ORGANICS FLOWERS SHARE OF ORGANICS $1,500.0 80.0 $1,420.0 74.2 74.0 73.9 72.9 $1,340.0 71.1 $1,260.0 68.7 70.0 $1,180.0 $1,100.0 $1,020.0 60.0 $940.0 $860.0 $963.9 $983.4 $780.0 $925.6 Millions $848.3 50.0 $700.0 $703.9 $766.0 $620.0
Slide 17: Gluten-Free Category Sales
GLUTEN -FREE CATEGORY SALES GLUTEN FREE FPB xFLO FLOWERS GF FLOWERS SHARE OF GF $500.0 40.0 37.6 38.1 35.5 35.5 $450.0 35.0 31.7 $400.0 30.0 27.9 $350.0 $144.0 $146.9 $154.8 $154.3 25.0 $300.0 $96.3 $115.1 Millions $250.0 20.0 $200.0 15.0 $150.0 $261.9 $266.6 $257.3 $250.5 $249.0 $247.3 10.0 $100.0
Slide 18: Information Regarding Non-GAAP Financial Measures
INFORMATION REGARDING NON -GAAP FINANCIAL MEASURES Information Regarding Non -GAAP Financial Measures The company prepares its consolidated financial statements in accordance with U.S . Generally Accepted Accounting Principles (GAAP) . However, from time to time, the company may present in its publi
Slide 19: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON -GAAP FINANCIAL MEASURES RECONCILIATION OF EARNINGS PER SHARE TO ADJUSTED DILUTED EARNING S PER SHARE For the 12-Week For the 12-Week Period Ended Period Ended October 4, 2025 October 5, 2024 Net income per diluted common share $ 0.19 $ 0.31 Business process improvement costs N
Slide 20: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON -GAAP FINANCIAL MEASURES RECONCILIATION OF GROSS MARGIN EXCLUDING DEPRECIATION AND AMORTI ZATION TO GROSS MARGIN (000S OMITTED) For the 12-Week For the 12-Week Period Ended Period Ended October 4, 2025 October 5, 2024 Net sales $ 1,226,554 $ 1,190,561 Materials, supplies, labor
Slide 21: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON -GAAP FINANCIAL MEASURES RECONCILIATION OF SELLING, DISTRIBUTION AND ADMINISTRATIVE EXPEN SES TO ADJUSTED SD&A (000S OMITTED) For the 12-Week For the 12-Week Period Ended Period Ended October 4, 2025 October 5, 2024 Selling, distribution, and administrative expenses (SD&A) $ 47
Slide 22: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON -GAAP FINANCIAL MEASURES RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA (000S OMITTED) For the 12-Week For the 12-Week Period Ended Period Ended October 4, 2025 October 5, 2024 Net income $ 39,534 $ 64,984 Income tax expense 12,617 20,536 Interest expense, net 14,45
Slide 23: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON -GAAP FINANCIAL MEASURES RECONCILIATION OF INCOME TAX EXPENSE TO ADJUSTED INCOME TAX EXPE NSE (000S OMITTED) For the 12-Week For the 12-Week Period Ended Period Ended October 4, 2025 October 5, 2024 Income tax expense $ 12,617 $ 20,536 Tax impact of: Business process improvemen
Slide 24: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON -GAAP FINANCIAL MEASURES RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME (000S OMITTE D) For the 12-Week For the 12-Week Period Ended Period Ended October 4, 2025 October 5, 2024 Net income $ 39,534 $ 64,984 Business process improvement costs 712 367 Plant closure costs and
Slide 25: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON -GAAP FINANCIAL MEASURES RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA (000S OMITTED) For the 12 Weeks For the 16 Weeks For the 12 Weeks For the 12-Week Trailing 52 Week Ended Ended Ended Period Ended Period Ended December 28, 2024 April 19, 2025 July 12, 2025 Octo
Slide 26: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON -GAAP FINANCIAL MEASURES RECONCILIATION OF DEBT TO NET DEBT AND CALCULATION OF NET DEBT TO TRAILING TWELVE MONTH ADJUSTED EBITDA RATIO (000S OMITTED) As of October 4, 2025 Current maturities of long-term debt $ 399,433 Long-term debt 1,380,190 Total debt 1,779,623 Less: Cash an
Slide 27: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON -GAAP FINANCIAL MEASURES RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA (000S OMITTED) For the 52-Week For the 52-Week Period Ended Period Ended December 28, 2024 December 30, 2023 Net income $ 248,116 $ 123,416 Income tax expense 80,826 33,691 Interest expense, net
Slide 28: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON -GAAP FINANCIAL MEASURES RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA (000S OMITTED) For the Fiscal Year For the Fiscal Year For the Fiscal Year For the Fiscal Year For the Fiscal Year Ended Ended Ended Ended Ended December 30, 2023 December 31, 2022 January 1, 20
Slide 29: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON -GAAP FINANCIAL MEASURES RECONCILIATION OF EARNINGS PER SHARE TO ADJUSTED EARNINGS PER SH ARE For the Fiscal Year For the Fiscal Year For the Fiscal Year For the Fiscal Year For the Fiscal Year For the Fiscal Year Ended Ended Ended Ended Ended Ended December 28, 2024 December 3
Slide 30: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON -GAAP FINANCIAL MEASURES RECONCILIATION OF EARNINGS PER SHARE - FULL YEAR FISCAL 2025 GUI DANCE RANGE ESTIMATE Range Estimate Net income per diluted common share $ 0.85 to $ 0.91 Business process improvement costs 0.01 0.01 Plant closure costs and impairment of assets 0.03 0.03