The Chefs' Warehouse, Inc. · NASDAQ:CHEF
The Chefs' Warehouse — Q1 2026 Earnings Presentation
13 slides from The Chefs' Warehouse's earnings presentation, Apr 29, 2026
Slide 1: First Quarter 2026 Earnings Presentation
First Quarter 2026 Earnings Presentation The Chefs’ Warehouse, Inc. 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this presentation regarding the business of The Chefs’ Warehouse, Inc. (the “Company”) that are not historical facts are "forward-looking statements" that involve risks and uncertain
Slide 3: First Quarter 2026 Highlights
First Quarter 2026 Highlights Q1 2026 vs. Q1 2025 Excl. Hardie’s* Organic Sales +10.4% Specialty Sales +6.8% Unique Customers +1.9% +4.3%* Placements +6.2% Specialty Cases +5.7% Center-of-Plate Pounds +6.2% All measures illustrated are organic * Excluding attrition from Hardie’s commodity poultry pr
Slide 4: First Quarter 2026 Financial Summary
First Quarter 2026 Financial Summary Q1 2026 vs. Q1 2025 Net Sales +11.4% Gross Profit Dollars +13.9% SG&A +10.5% *Adj. Opex +10.5% *Adj. EBITDA +26.6% *Please refer to reconciliations of Adjusted EBITDA & Adjusted Operating Expense included with this presentation The Chefs’ Warehouse, Inc. 4
Slide 5: Capital Allocation
Capital Allocation Q1 2026 Update Net Debt Leverage Free Cash Flow* Share Repurchases (in thousands) Debt Balances YE 2025 Q1 2026 • $100mm share repo program 2024 2025 2026E reauthorized in Feb 2026 Secured Term Loan 252,000 246,250 Senior Convert 2028 287,500 287,500 ABL 100,000 100,000 • Chefs’ r
Slide 6: 2026 Full Year Guidance
2026 Full Year Guidance Financial guidance for fiscal year 2026: • Net sales: $4.35 billion - $4.45 billion • Gross profit: $1.053 billion - $1.076 billion • Adjusted EBITDA*: $276 million - $286 million. Please note: The Company’s full year diluted share count is forecasted to be between 46.0 and 4
Slide 7: Appendix
Appendix The Chefs’ Warehouse, Inc. 7
Slide 8: First Quarter 2026 Updates
First Quarter 2026 Updates $3,250 $3,000 GP$ per Route: $2,750 +13.6% LTM Q1 2026 vs. 2024 GP $ / ROUTE (US & CANADA) ** +6.9% LTM Q1 2026 vs. 2025 $2,500 $2,250 Facility Consolidations $2,000 Regional route consolidations $1,750 Transfer reductions $1,500 2024 2025 2026 Q1 LTM *adj. EBITDA per empl
Slide 9: 2028 Financial Goals
2028 Financial Goals $400.0 $300 - $350 $350.0 Procurement Digital $300.0 & Pricing Operations AI driven Sales Growth Predictive Merch. Adj. EBITDA $250.0 6.5 -7.0% Acquisition demand $ Millions $258 4 – 7% (organic) Route forecasting Integration Consolidation Real-time data $200.0 to support High-g
Slide 10: Reconciliation of Net Income to EBITDA and Adj. EBITDA
Reconciliation of Net Income to EBITDA and Adj. EBITDA Fiscal Years Ended 2024 2025 LTM Q1 2026 (6) Thirteen Weeks Ended (Unaudited, in millions) Mar '26 Mar '25 CQ YOY ∆ Net Income $ 55.5 $ 72.4 $ 79.4 (Unaudited, in millions) Interest expense 48.7 41.6 41.7 Net Income $ 17.4 $ 10.3 Depreciation an
Slide 11: Reconciliation of Total Opex to Adj. Opex
Reconciliation of Total Opex to Adj. Opex Thirteen Weeks Ended Fiscal Years Ended 2024 2025 LTM Q1 2026 (6) Mar '26 Mar '25 CQ YOY ∆ (Unaudited, in millions) (Unaudited, in millions) Selling, general and administrative expenses $ 784.9 $ 849.8 $ 871.2 Selling, general and administrative expenses $ 2
Slide 12: Reconciliation of Net Income to Adj. Net Income & Adj. Net Income per Share
Reconciliation of Net Income to Adj. Net Income & Adj. Net Income per Share Thirteen Weeks Ended Mar '26 Mar '25 (Unaudited, in millions) Net income $ 17.4 $ 10.3 Other operating expenses, net (2) 0.1 0.5 Duplicate rent (3) 1.1 1.0 Moving expenses (4) - 0.2 Debt modification and extinguishment expen
Slide 13: Reconciliation of Adjusted EBITDA Guidance for Fiscal 2026
Reconciliation of Adjusted EBITDA Guidance for Fiscal 2026 Low-End High-End Guidance Guidance (Unaudited, in millions) Net income $ 88.0 $ 92.0 Provision for income tax expenses 34.0 36.0 Depreciation and amortization 85.0 87.0 Interest expense 41.0 42.0 (1) EBITDA 248.0 257.0 Adjustments: Stock com