United Natural Foods, Inc. · NYSE:UNFI
United Natural Foods — Q3 2025 Earnings Presentation
25 slides from United Natural Foods's earnings presentation, Jun 10, 2025
Slide 1: 3rd Quarter Fiscal 2025
3rd Quarter Fiscal 2025 June 10, 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
$ in Millions, except for per share data. Results Summary YTD Q3 YTD Q3 Q3 FY25 Q3 FY24 Change Change FY25 FY24 Net Sales $8,059 $7,498 7.5% $24,088 $22,825 5.5% Adjusted $157 $130 20.8% $436 $375 16.3% EBITDA Adjusted EPS $0.44 $0.10 $0.34 $0.82 $0.13 $0.69 Free Cash Flow $119 $49 $70 $153 $(163) $
Slide 5: Opening Remarks
Opening Remarks Sandy Douglas Chief Executive Officer
Slide 6: Solid Year-to-Date Performance Through Q3 Fiscal 2025
Solid Year-to-Date Performance Through Q3 Fiscal 2025 Driving customer and supplier value while improving effectiveness and efficiency across the business Customer and supplier value creation focus driving early successes under product-centered Wholesale realignment. Operational discipline has Ident
Slide 7: Financial Results
Financial Results Matteo Tarditi President and Chief Financial Officer
Slide 8: Q3 FY25 Net Sales
$ in Millions Q3 FY25 Net Sales 18 $8,059 94 2 447 +2.7% 0.4% +13.8% +12.0% $7,498 (2.4)% +7.5% Growth Q3 FY24 Natural Conventional Retail Elims Q3 FY25 • Wholesale sales change reflects positive unit volumes, including new business with new and existing customers, inflation and beneficial mix impac
Slide 9: Q3 FY25 Adjusted EBITDA
$ in Millions Q3 FY25 Adjusted EBITDA 50 4 (17) $157 (10) $130 +20.8% Growth Q3 FY24 Wholesale Gross Profit Wholesale Opex Retail Other Q3 FY25 • Increasing Adjusted EBITDA primarily reflects higher wholesale gross profit dollars driven by higher unit volumes, increased supplier programs and reduced
Slide 10: Continued Focus Driving Free Cash Flow and Lowering Leverage
Continued Focus Driving Free Cash Flow and Lowering Leverage Remain firmly on track to realize longer-term deleveraging goals as net leverage lowest in past 7 quarters Trailing Twelve Month Free Cash Flow Net Debt to Trailing Twelve Month Adj. EBITDA ($ in millions) $224 4.6x $154 4.2x $77 4.0x +$27
Slide 11: Fiscal 2025 Outlook
Fiscal 2025 Outlook (1) Reiterating following financial metrics: Capital and Cloud (2)(3) Implementation Net Sales Adjusted EBITDA(2) Adjusted EPS Expenditures (4) Free Cash Flow(4) $31.3 - $31.7B $550 - $580M $0.70 - $0.90 ~ $300M > $150M (Increase of 3.6% compared to (Increase of 11.2% compared to
Slide 12: Summary
Summary • Q3 FY25 21% Adjusted EBITDA growth driven by solid topline performance, operational execution and lean management. • Continued implementation of new strategy built upon delivering value for our customers and suppliers, while improving free cash flow generation and reducing net leverage. •
Slide 13: Appendix
Appendix
Slide 14: Capital Structure
Capital Structure $ in millions Maturity Rate (1) Q4 FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Secured term loan B (2) May 2031 S + 4.75% $ 1,773 $ 1,002 $ 800 $ 670 $ 670 $ 645 $ 645 $ 499 $ 498 $ 496 $ 495 $2.6B ABL revolver (2) June 2027 S + 1.0% / Prime
Slide 15: Free Cash Flow Performance
Free Cash Flow Performance Q3 FY25 YoY Dynamics Y/Y YTD Y/Y $ in millions Q3 FY25 Change Q3 FY25 Change • Net loss reduction due to continued acceleration in Net loss including non-controlling interests (7) 13 (29) 44 sales and operating cost efficiency Depreciation and amortization 81 5 242 14 • St
Slide 16: 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 17: Reconciliation – Adjusted EBITDA
Reconciliation – Adjusted EBITDA 17
Slide 18: Reconciliation – Adjusted EPS
Reconciliation – Adjusted EPS 18
Slide 19: Reconciliation – Adjusted EBITDA By Quarter
Reconciliation – Adjusted EBITDA By Quarter 19
Slide 20: Reconciliation – Trailing Twelve Months Adjusted EBITDA
Reconciliation – Trailing Twelve Months Adjusted EBITDA 20
Slide 21: Reconciliation – Adjusted EBITDA by Segment
Reconciliation – Adjusted EBITDA by Segment 21
Slide 22: Reconciliation – Free Cash Flow
Reconciliation – Free Cash Flow 22
Slide 23: Reconciliation – Net Leverage
Reconciliation – Net Leverage 23
Slide 24: Reconciliation – Trailing Twelve Month Free Cash Flow
Reconciliation – Trailing Twelve Month Free Cash Flow 24
Slide 25: Thank you
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