United Natural Foods, Inc. · NYSE:UNFI
United Natural Foods — Q4 2025 Earnings Presentation
26 slides from United Natural Foods's earnings presentation, Sep 30, 2025
Slide 1: 4th Quarter Fiscal 2025
4th Quarter Fiscal 2025 September 30, 2025
Slide 2: Disclaimer
Disclaimer Certain information in this presentation and discussed on the conference call which this presentation accompanies constitutes forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this presentation regarding the Company’s bus
Slide 3: Agenda
Agenda Introduction Steve Bloomquist Vice President, Investor Relations Opening Remarks Sandy Douglas Chief Executive Officer Financial Results Matteo Tarditi President and Chief Financial Officer Q&A
Slide 4: Results Summary
Results Summary $ in Millions, except for per share data. % Change % Change Q4 FY25 Q4 FY24 Excl. 14th FY25 FY24 Excl. 53rd Week Week Net Sales $7,696 $8,155 1.6% $31,784 $30,980 4.6% Adjusted EBITDA $116 $143 (12.8)% $552 $518 8.7% Adjusted EPS $(0.11) $0.01 $0.71 $0.14 Free Cash Flow $86 $71 $239
Slide 5: Opening Remarks
Opening Remarks Sandy Douglas Chief Executive Officer
Slide 6: Raising and Accelerating 3-Year Financial Objectives
Raising and Accelerating 3-Year Financial Objectives Executing strategy to become food retail industry’s most valued partner and deliver sustainable shareholder value Prior Objective Revised Objective • Low-single digit average annual sales growth from fiscal 2024 to fiscal 2027. • Flat sales from f
Slide 7: Financial Results
Financial Results Matteo Tarditi President and Chief Financial Officer
Slide 8: Q4 FY25 Net Sales
$ in Millions Q4 FY25 Net Sales $8,155 +2.7% 335 (6.1)% 9.1% (1.7%) 21 $7,696 (223) (10) (582) Q4 FY24 53rd Week (FY24) Natural Conventional Retail Elims Q4 FY25 Fourth quarter sales growth of 1.6% (on a comparable 13-week basis) includes estimated 5% cyber incident impact, and supported full-year s
Slide 9: Q4 FY25 Adjusted EBITDA
$ in Millions Q4 FY25 Adjusted EBITDA Adjusted EBITDA impacted by an estimated $50 million from the June 2025 cyber incident $143 13 $133 (10) $116 (30) Q4 FY24 53rd week in FY24 Q4 FY24 (13 weeks) Gross Profit Opex Q4 FY25 Underlying performance reflects continued focus on increasing effectiveness
Slide 10: Continued Focus Driving Free Cash Flow and Lowering Leverage
Continued Focus Driving Free Cash Flow and Lowering Leverage Remain firmly on track to realize accelerated longer-term deleveraging goals Trailing Twelve Month Free Cash Flow Net Debt Net Debt to Trailing Twelve Month ($ in millions) ($ in millions) Adj. EBITDA $239 4.2x $2,228 $224 4.0x $2,064 $2,0
Slide 11: Deepening Lean Practices
Deepening Lean Practices Long runway of benefits ahead as we deepen our lean practices Lean Deployment DC Count Areas of Focus in FY26 28 • Continuing to implement lean daily management routines across supply chain network. 20 • Optimizing indirect spend, which is a meaningful portion of ~$4 billion
Slide 12: Fiscal 2026 Outlook
Fiscal 2026 Outlook (1) Capital and Cloud (2)(3) Implementation Net Sales Adjusted EBITDA(2) Adjusted EPS Expenditures (4) Free Cash Flow(4) $31.6 - $32.0B $630 - $700M $1.50 - $2.30 ~ $250M ~ $300M (Flat to Fiscal 2025 at midpoint (Increase of 20% at midpoint (Increase of ~ $1.20 at midpoint (In li
Slide 13: Summary
Summary • Finished FY25 at or above initial outlook for net sales, Adjusted EBITDA and free cash flow driven by solid customer performance, operational execution and lean management. • Completed first year of new strategy built upon delivering value for our customers and suppliers, while increasing
Slide 14: Appendix
Appendix
Slide 15: Capital Structure
Capital Structure $ in millions Maturity Rate (1) Q4 FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 (2) Secured term loan B May 2031 S + 4.75% $ 1,773 $ 1,002 $ 800 $ 670 $ 499 $ 498 $ 496 $ 495 $ 383 $2.6B ABL revolver (2) June 2027 S + 1.0% / Prime + 0.0% 757 701 840 812 983
Slide 16: Free Cash Flow Performance
Free Cash Flow Performance Q4 FY25 YoY Dynamics $ in millions Q4 Y/Y FY25 Y/Y • Net loss increase driven by lost income and costs FY25 Change Change associated with cyber incident Net loss including non-controlling interests (86) (49) (115) (5) • Strong working capital performance: Depreciation and
Slide 17: Non-GAAP Metric Definitions
Non-GAAP Metric Definitions Adjusted EPS: The non-GAAP adjusted earnings per diluted common share measure is a consolidated measure, which the Company reconciles by adding Net income attributable to UNFI plus the LIFO charge or benefit, goodwill impairment benefits and charges, restructuring, acquis
Slide 18: Reconciliation – Adjusted EBITDA
Reconciliation – Adjusted EBITDA 18
Slide 19: Reconciliation – Adjusted EPS
Reconciliation – Adjusted EPS 19
Slide 20: Reconciliation – Adjusted EBITDA By Quarter
Reconciliation – Adjusted EBITDA By Quarter 20
Slide 21: Reconciliation – Trailing Twelve Months Adjusted EBITDA
Reconciliation – Trailing Twelve Months Adjusted EBITDA 21
Slide 22: Reconciliation – Adjusted EBITDA by Segment
Reconciliation – Adjusted EBITDA by Segment 22
Slide 23: Reconciliation – Free Cash Flow
Reconciliation – Free Cash Flow 23
Slide 24: Reconciliation – Net Leverage
Reconciliation – Net Leverage 24
Slide 25: Reconciliation – Trailing Twelve Month Free Cash Flow
Reconciliation – Trailing Twelve Month Free Cash Flow 25
Slide 26: Thank you
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