Sysco Corporation · NYSE:SYY
Sysco — Barclays Global Consumer Staples Conference 2025
26 slides from Sysco's conference presentation, Sep 3, 2025
Slide 1: Barclays Global Consumer Staples Conference 2025
Barclays Global Consumer Staples Conference 2025 September 3, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements Statements made in this presentation that look forward in time or that express management’s beliefs, expectations or hopes are forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements concern, among other things, our future fi
Slide 3: Kevin Hourican, Chair of the Board and CEO
Kevin Hourican CHAIR OF THE BOARD AND CHIEF EXECUTIVE OFFICER 3
Slide 4: Sysco Business at a Glance
Sysco Business at a Glance Other 17% Education & Only Global Player Government 8% Leading1 Market Share + Best-in-Class Food Export Business Restaurants 8% 60% Healthcare $81+ billion 75,000 337 in FY25 Sales Global Colleagues Distribution 7% Facilities Travel & Leisure #1 Market $9+ billion ~730K S
Slide 5: Food Away From Home Continues to Gain Share
Food Away From Home Continues to Gain Share Multi-Decade Trend of Consumer Spending Favoring Food Away From Home Occasions Remains Intact 70% 65% 60% Wallet Share 55% 50% 45% 40% 35% 30% Jun-94 Jun-95 Jun-96 Jun-97 Jun-98 Jun-99 Jun-00 Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 J
Slide 6: Growing Sales in 54 Out of 57 Years
Growing Sales in 54 Out of 57 Years POSITIONED TO WIN • #1 position across $90 National, Local, and $80 Specialty Fiscal Year Sales in Billions $70 ▪ Robust cross-selling $60 opportunities with $50 11% Broadline scale & $40 CAGR specialty expansion to $30 fuel future sales growth $20 • International
Slide 7: Sysco Has A Compelling Global Foodservice Model
Sysco Has A Compelling Global Foodservice Model United States: #1 Position Ireland: #1 Position 17.4% 19.7% 15.4% $370B 14.9% $4B TAM TAM 2019 2024 2019 2024 Canada: #1 Position Great Britain: #1 Position 26.0% 13.7% 24.0% 10.1% $23B $27B TAM TAM 2019 2024 2019 2024 Sweden: #2 Position Bahamas: #1 P
Slide 8: Local Performance Inflecting Positive
Q1 MOMENTUM Local Performance CONTINUING Inflecting Positive • Positive USBL Local expected in Q1 0.0% • Continued Sequential Improvement in USFS Local expected in Q1 (1.0%) • QTD Volume Improvement: (1.5%) • Sales Professional (2.0%) Retention • Expanding New/Lost (3.0%) Spread vs Q4 and Prior (3.5
Slide 9: Salesforce Investments
Actions Driving Compelling Local Case Momentum Salesforce Investment Capacity & Cuisine Expansion 1,250 Salesforce Investments ~1,000 1,000 ~300 750 750 300 500 450 750 250 450 - Drivers FY24 FY25 FY26E of Local Case Total Team Selling Growth Selling Initiatives US Broadline Only $ US Broadline + On
Slide 10: Kenny Cheung, EVP and Chief Financial Officer
Kenny Cheung EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER 10
Slide 11: Advancing Our Leading Industry Position
Advancing Our Leading Industry Position Attractive Return Profile 1 Net Sales Adj. EPS in Billions 5% 9% #1 Market Share CAGR CAGR + Industry Leading: $84.6 $4.55 $81.4 $78.8 $4.46 $76.3 $68.6 $4.31 • Sales $4.01 • Gross Margins • EBITDA Margins • Free Cash Flow • ROIC $3.25 • Investment Grade Balan
Slide 12: Strong and Diverse Sales Growth Across Channels
Strong and Diverse Sales Growth Across Channels Restaurants Education & Travel & Healthcare 60% of Total Sales Government Leisure 8% of Total Sales 8% of Total Sales 7% of Total Sales +18% +7% +3% +15% YoY YoY YoY YoY $48.7 $6.3 $6.2 $47.2 $5.9 $5.7 $5.4 Sales in Billions $4.8 FY24 FY25 FY24 FY25 FY
Slide 13: Superior Performance vs. Core Peers
Superior Performance vs. Core Peers Adj. Operating Free Cash Flow 1 Gross Margin Dividend Yield Margin1 $2,500 in Mil. 20% 5% 3% 2.7% 18.4% 4.3% 14.6% 4% $2,000 $1,818 15% 2.9% 2% 3% $1,500 10% 1.3x 2% 1.5x $1,000 $741 2.5x 1% 5% 1% $500 No Dividends 0% Paid 0% 0% $- Core Peers Sysco Core Peers Sysc
Slide 14: Underpinned by Balanced Capital Allocation
Underpinned by Balanced Capital Allocation Invest for Maintain a Strong Return Cash to Growth Balance Sheet Shareholders Capex Investments Commitment to Balanced Shareholder ~1% of Annual Sales Investment Grade Rating Return with Growing with Net Leverage Target Dividend & Share of 2.50x – 2.75x1 Re
Slide 15: Compelling Investment Opportunity
Compelling Investment Opportunity Market leader in foodservice with key strategic advantages and significant scale, benefitting from FAFH trends Resilient business model, balanced across end geographies, channels, and product mixes Multiple vectors of growth in international, core volumes and throug
Slide 16: The heart of food and service
[ the heart of food and service S/Sco [+ food and service
Slide 17: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS food and service
Slide 18: Impact of Certain Items
Impact of Certain Items The discussion of our results includes certain non-GAAP financial measures, including EBITDA and adjusted EBITDA, that we believe provide important perspective with respect to underlying business trends. Other than EBITDA and free cash flow, any non-GAAP financial measures wi
Slide 19: Non-GAAP Reconciliation: Impact of Certain Items
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items (Dollars in Millions, Except for Share and Per Share Data) 52-Week 52-Week 52-Week 52-Week Period Ended Period Ended Period Ended Period Ended Jun. 28, 2025 Jun. 29, 2024 Jul. 1, 2023 Jul.
Slide 20: Non-GAAP Reconciliation: Impact of Certain Items (Continued)
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items (Dollars in Millions, Except for Share and Per Share Data) Continued 52-Week 52-Week 52-Week 52-Week Period Ended Period Ended Period Ended Period Ended Jun. 28, 2025 Jun. 29, 2024 Jul. 1,
Slide 21: Non-GAAP Reconciliation: Impact of Certain Items (Continued)
Tax impact of restructuring and transformational project costs (42) (29) (15) (28) Tax impact of acquisition-related costs (6 ) (37) (38) (29) (36) Tax impact of bad debt reserve adjustments (6 ) - - 1 7 Sysco Corporation Tax and its ofConsolidated impact goodwill impairment (6Subsidiaries ) (10) -
Slide 22: Non-GAAP Reconciliation: Impact of Certain Items (Footnotes)
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items (Dollars in Millions, Except for Share and Per Share Data) Continued (1) Fiscal 2023 represents an adjustment to a product return allowance, related to COVID-related personal protection eq
Slide 23: Non-GAAP Reconciliation: Free Cash Flow, YTD25
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Free Cash Flow, YTD25 (Dollars in Millions) Free cash flow represents net cash provided from operating activities less purchases of plant and equipment and includes proceeds from sales of plant Free and cash flow
Slide 24: Projected Adjusted EPS Guidance
Projected Adjusted EPS Guidance Adjusted earnings per share is a non-GAAP financial measure; however, we cannot predict with certainty certain items that would be included in the most directly comparable GAAP measure for the relevant future periods. Due to these uncertainties, we cannot provide a qu
Slide 25: Projected Adjusted EBITDA Guidance
Projected Adjusted EBITDA Guidance Adjusted EBITDA is a non-GAAP financial measure; however, we cannot predict with certainty the particular certain items that would be excluded from the calculation of this measure for future periods. Due to these uncertainties, we cannot provide a quantitative reco
Slide 26: Net Debt to Adjusted EBITDA Leverage Ratio Targets
Net Debt to Adjusted EBITDA Leverage Ratio Targets We expect to achieve our net debt to adjusted EBITDA leverage ratio forecast in fiscal 2026. We cannot predict with certainty when we will achieve these results or whether the calculation of our EBITDA will be on an adjusted basis in future periods
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