United Natural Foods, Inc. · NYSE:UNFI
United Natural Foods — Q3 2026 Earnings Presentation
25 slides from United Natural Foods's earnings presentation, Jun 9, 2026
Slide 1: 3rd Quarter Fiscal 2026
3rd Quarter Fiscal 2026 June 9, 2026
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: Today's Agenda
Today’s Agenda Introduction Kristyn Farahmand Chief Strategy Officer Opening Remarks Sandy Douglas Chief Executive Officer Financial Results Matteo Tarditi President and Chief Financial Officer Q&A | 3
Slide 4: Results Summary
Results Summary • Net sales reflect solid natural product sales $ in Millions, except for per share data. growth offset by 450 basis point impact from accretive conventional product-focused Q3 Q3 %/$ YTD YTD %/$ optimization actions. FY26 FY25 Change FY26 FY25 Change • Higher Adjusted EBITDA driven
Slide 5: Opening Remarks
Opening Remarks Sandy Douglas Chief Executive Officer
Slide 6: Industry Continues to Deliver Consistent Growth
Industry Continues to Deliver Consistent Growth Value-creation strategy designed to support continued customer and supplier differentiation and shared, profitable growth Estimated Total US Grocery Market Retail Sales Size and Market Share Natural and Organic Grocers Differentiated Regional and Indep
Slide 7: Delivering Steady Progress Building Capabilities
Delivering Steady Progress Building Capabilities Helping customers and suppliers differentiate, compete and achieve shared profitable growth Commercial Progress + Effectiveness and Efficiency = Delivering Results All vs. Prior Year Quarter • Continued to make strategic • AI-powered supply chain inve
Slide 8: Financial Results
Financial Results Matteo Tarditi President and Chief Financial Officer
Slide 9: Q3 FY26 Net Sales
Q3 FY26 Net Sales Net sales change of (4.2)% includes impacts of ~450 basis points from accretive, conventional product-focused network optimization as well as an incremental impact from the unwind of short-term project work $ in Millions 182 $8,059 32 $7,723 (492) (58) Underlying wholesale net sale
Slide 10: Q3 FY26 Adjusted EBITDA
Q3 FY26 Adjusted EBITDA Adjusted EBITDA grew nearly 17% driven by ongoing benefits of effectiveness and efficiency initiatives, including conventional product-focused network optimization as well as other productivity actions $ in Millions 17 22 $183 (10) (3) $157 Q3 FY25 Natural Conventional Retail
Slide 11: Improving Effectiveness and Efficiency
Improving Effectiveness and Efficiency Coupling technology and lean deployments to improve processes, service and productivity Chart figures indexed to prior year Fill Rate On-Time Delivery Rate Throughput 107 104 102 100 100 100 Up 2 PTS Up 4 PTS Up 7 PTS Q3'FY25 Q3'FY26 Q3'FY25 Q3'FY26 Q3'FY25 Q3'
Slide 12: Net Debt and Leverage Continue to Improve
Net Debt and Leverage Continue to Improve Strong free cash flow generation reduced net debt to lowest level since fiscal 2018 Net Debt Net Leverage Ratio ($ in millions) 3.3x 3.3x $1,928 3.2x $1,897 $1,834 2.7x 2.5x $1,678 $1,632 Down $296M YoY Down 0.8x YoY Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q
Slide 13: Fiscal 2026 Outlook
Fiscal 2026 Outlook(1) Reflects disciplined execution of effectiveness and efficiency initiatives as well as impact of optimization Capital and Cloud (2)(3) Implementation Net Sales Adjusted EBITDA(2) Adjusted EPS Expenditures (4) Free Cash Flow(4) $31.1 - $31.3B $685 - $705M $2.40 - $2.60 ~ $250M ~
Slide 14: Summary
Summary • Disciplined execution of our value- creation strategy is generating strong Adjusted EBITDA and Free cash flow • Continuing to make steady progress building capabilities to add more value for customers and suppliers • Strategically investing in technology and next-gen supply chain solutions
Slide 15: Appendix
Appendix
Slide 16: Capital Structure
Capital Structure Definitions and reconciliations for non-GAAP measures are provided at the end of the presentation. | 16
Slide 17: Free Cash Flow Performance
Free Cash Flow Performance Q3 FY26 YoY Dynamics Q3 Y/Y YTD Y/Y • Improving profitability largely driven by higher operating income and $ in millions FY26 Change FY26 Change lower depreciation and net interest expense. Net income including non-controlling • Working capital performance: 33 40 49 78 in
Slide 18: Non-GAAP and Operating Metric Definitions
Non-GAAP and Operating Metric Definitions Adjusted EPS: The non-GAAP adjusted earnings per diluted common share measure is a consolidated measure, which the Net leverage ratio (previously referred to as Net Debt to Company reconciles by adding Net income attributable to UNFI Adjusted EBITDA leverage
Slide 19: Reconciliation – Adjusted EBITDA
Reconciliation – Adjusted EBITDA | 19
Slide 20: Reconciliation – Adjusted EPS
Reconciliation – Adjusted EPS | 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 Ratio
Reconciliation – Net Leverage Ratio | 24
Slide 25: Thank you
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