Slide 1: Q3 2025 Earnings
Q3 2025 Earnings November 3, 2025 Q3 2025 Earnings Presentation 1
Slide 2: Forward Looking Statements & Non-GAAP Measures
Forward Looking Statements & Non-GAAP Measures FORWARD-LOOKING STATEMENTS as a % of net sales (adjusted Gross Margin), adjusted SG&A and non-GAAP financial measures may differ from methods used by other adjusted SG&A as a % of net sales. These non-GAAP financial measures companies. Management believ
Slide 3: Freshpet mission statement
Freshpet strengthens the bond between people and our pets so that we both live longer, healthier and happier lives while being kind to the planet. Q3 2025 Earnings Presentation 3
Slide 4: Highlights
Highlights Q3 2025 Earnings Presentation 4
Slide 5: Management quote on adjusting to new economic reality
“We are quickly adjusting to the new economic reality and remain one of the best performing pet food businesses— with strong financial and operational results and category-leading growth.” Q3 2025 Earnings Presentation 5
Slide 6: Growth across nearly all metrics
Q3 2025: Growth across nearly all metrics FINANCIAL RETAIL Q3 2025 YoY Change Comparisons to prior year period unless otherwise noted Q3 2025 Net Sales $288.8M +14.0% Total Household Penetration +10% Adjusted Gross Margin* 46.0% -50 bps Total Buy Rate +4% Adjusted EBITDA $54.6M +$11.1M MVP Household
Slide 7: Adapting our model to the current environment
Adapting our model to the current environment Targeted marketing Advertising & Innovation New advertising campaign Affordability / value portfolio Drive Expand HH Super serve MVPs Efficiencies Penetration Millennial/Gen Z expansion Build Organization Increase Capability to Increase Effectiveness & V
Slide 8: Addressing the current consumer environment: Marketing our best food
Addressing the current consumer environment: Marketing our best food October Launch August Launch Showcasing the lengths we go to produce the best food New advertising campaigns launched in late August and October complement more social/digital campaigns Targeting MVP’s through social, streaming, an
Slide 9: Addressing the current consumer environment: Strong value proposition
Addressing the current consumer environment: Strong value proposition Entry price point bag (Complete Nutrition) Multipacks/bundles now available in select retailers Sharpened price point on 1 lb chicken roll Q3 2025 Earnings Presentation 9
Slide 10: Addressing the current consumer environment: Improved accessibility
Addressing the current consumer environment: Improved accessibility Value-oriented channel expansion (club & mass) • Expanded distribution in club retailer from 125 to 590 stores • Started testing fridge island units in 16 stores Started test in rural lifestyle retailer Expect outsized growth in dig
Slide 11: Driving operational and capital efficiency
Driving operational and capital efficiency Testing new production Reducing capital technologies spending • Aim to deliver higher quality • Rightsizing our capital investments product at lower cost through due to improved operational increased yields and throughput performance, new technology and slo
Slide 12: Vast runway for growth in a large category
Vast runway for growth in a large category ~$56B U.S. pet food category1 95% ~$38B Dog food category1 3.9% Freshpet market share of fresh/frozen in Freshpet market share of dog food1 measured channels2 1. NIQ Total US Pet Food $ - OmniChannel by Category 52 Weeks Ended 9/27/25 2. NIQ Brick & Mortar
Slide 13: Continued growth in consumer franchise; added ~1.3m households YoY
Continued growth in consumer franchise; added ~1.3m households YoY Freshpet Household Penetration Growth (in millions) (52 weeks) 14.8 13.5 +10% 11.5 +17% 10.1 +14% 8.3 +23% 2021 2022 2023 2024 2025 Source: Numerator Panel data for the 52-week periods ending 10/3/21, 10/2/22, 10/1/23, 9/29/24, 9/28/
Slide 14: Sales concentrated in heaviest users, MVP's
Freshpet sales are increasingly concentrated in our heaviest users– now called MVP’s* – and account for 70% of LTM net sales Freshpet Users who are MVP’s (Ultra/Super Heavy Buyers) (in millions) MVP Household 2.5 Penetration MVP Buy Rate 2.3 $535 2.0 2.0 $515 1.6 $487 $490 $495 1.5 1.2 $493 70% $475
Slide 15: MVP growth is helping to increase buy rate
MVP growth is helping to increase buy rate Freshpet Buy Rate (52 weeks) $111 $107 $102 +4% +5% +21% $84 $78 +8% 2021 2022 2023 2024 2025 Source: Numerator Panel data for the 52-week periods ending 10/3/21, 10/2/22, 10/1/23, 9/29/24, 9/28/25 Q3 2025 Earnings Presentation 15
Slide 16: Expanding depth and breadth: 24% of stores have multiple fridges
Expanding depth and breadth: 24% of all stores have multiple fridges Freshpet Store Count Number of Fridges per Store* YTD +1,604 29,745 28,141 Second/Third 26,777 Fridges 25,281 24% 23,631 22,716 21,570 19,499 18,004 16,609 15,015 One Fridge 13,387 76% 10,826 2013 2014 2015 2016 2017 2018 2019 2020
Slide 17: Capacity Update
Capacity Update # Lines # Lines Facility Today Projected Bethlehem Kitchen 6 7 Kitchen South 4 7 Ennis Kitchen 5 10+ Total 15 24+ Ennis continues to be the most profitable Freshpet Kitchen and accounts for 38% of sales volume New production technology line for bagged product to be commissioned later
Slide 18: Capital Efficiency Framework
Capital Efficiency Framework MORE OUT OF MORE OUT OF DEVELOP & IMPLEMENT EXISTING LINES EXISTING SITES NEW TECHNOLOGIES Q3 2025 Earnings Presentation 18
Slide 19: Q3 2025 Results
Q3 2025 Results Q3 2025 Earnings Presentation 19
Slide 20: Q3 net sales primarily driven by volume
Q3 net sales primarily driven by volume Q3 2025 Net Sales ($m) Q3 2025 Net Sales Bridge 1% 14% 13% $288.8 14.0% $253.4 Q3 2024 Q3 2025 Volume Price/Mix Net Sales Growth Source: Internal Data Q3 2025 Earnings Presentation 20
Slide 21: Consumption growth across all channels
Consumption growth across all channels Q3 2025 Consumption Growth ($) Consumption Growth Trends (volume in pounds) 10% 10% 26% 8% 21% 15% 12% 9% 2% Total US Pet XAOC Food Pet Specialty Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Retail Plus UNMEASURED CHANNEL ADDED ~2 PTS OF GROWTH Source: NIQ consumpti
Slide 22: Q3 2025 strong Adjusted EBITDA improvement despite less volume growth
Q3 2025 delivered strong Adjusted EBITDA improvement despite less volume growth Q3 2025 Adj. Gross Margin Q3 2025 Adj. EBITDA ($m) % of net sales % of net sales $54.6 46.5% 46.0% $43.5 18.9% 17.2% Q3 2024 Q3 2025 Q3 2024 Q3 2025 40.4% 39.5% $11.9m $101.7m Gross Margin (GAAP) Net Income (Loss) Source
Slide 23: Basis point improvement across key focus areas in Q3 2025
60 basis point improvement across key focus areas in Q3 2025 Key Margin Improvement Targets & Progress Q3 2024 Q3 2025 29.6% 29.1% 5.6% 5.5% 2.1% 2.1% Input Costs Logistics Quality -50 bps YoY -10 bps YoY no change Source: Internal Data Q3 2025 Earnings Presentation 23
Slide 24: Guidance
Guidance Q3 2025 Earnings Presentation 24
Slide 25: FY 2025 Guidance
FY 2025 Guidance Previous Updated Net Sales Growth YoY 13 – 16% ~13% Adjusted EBITDA $190M – $210M $190 - $195M Capital Expenditures ~$175M ~$140M Additional considerations: • Net Sales: Expect to be at the low end of the previous range • Adjusted Gross Margin: Now expect to be flat for the year • A
Slide 26: 2027 Targets
2027 Targets Advertising & Innovation 48% Adjusted Gross Drive Expand HH Margin Target Efficiencies Penetration Build Organization Capability to Increase Effectiveness & Increase Velocity 22% Leverage Scale Adjusted EBITDA Margin Target Expand Expand Visibility & Capacity Availability 26 2025 Earnin
Slide 27: Capital Spending, Cash Flow & Liquidity
Capital Spending, Cash Flow & Liquidity 27 Q2 2025 EARNINGS PRESENTATION
Slide 28: Now expect to be free cash flow positive in 2025
Now expect to be free cash flow positive in 2025 Capital Spending: • YTD Q3 2025 spend of $95.1 million Operating Cash Flow ($m) • Estimated 2025 spending of ~$140 million; 2026 estimated to be in-line with 2025 unless we decide to accelerate new technology or we have sizable retail expansion with n
Slide 29: Appendix
Appendix Q3 2025 Earnings Presentation 29
Slide 30: Reconciliation between Gross Profit and Adjusted Gross Profit
Freshpet, Inc. and Subsidiaries Reconciliation between Gross Profit and Adjusted Gross Profit For the Three Months Ended For the Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (Dollars in thousands) Gross profit $ 114,192 $ 102,247 $ 326,170 $ 284,357 Depreciation expense 17,115 1
Slide 31: Reconciliation between Net Income (loss) and Adjusted EBITDA
Freshpet, Inc. and Subsidiaries Reconciliation between Net Income (loss) and Adjusted EBITDA For the Three Months Ended For the Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (Dollars in thousands) Net income $ 101,663 $ 11,895 $ 105,322 $ 28,803 Depreciation and amortization 23,6
Slide 32: Convertible Share Dilution Calculations at Maturity
Convertible Share Dilution Calculations at Maturity We have run share dilution calculations to compare outcomes for the 2028 convertible notes Freshpet has structured the convertible with Flexible Settlement, so we have the option to settle the convertible in shares, cash, or a combination at it
Slide 33: Thank you
Thank you Q3 2025 Earnings Presentation 33