The Chefs' Warehouse, Inc. · NASDAQ:CHEF
The Chefs' Warehouse — Q4 2025 Earnings Presentation
13 slides from The Chefs' Warehouse's earnings presentation, 2026
Slide 1: Fourth Quarter 2025 Earnings Presentation
Fourth Quarter 2025 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: Fourth Quarter 2025 Highlights
Fourth Quarter 2025 Highlights Q4 2025 vs. Q4 2024 Excl. Hardie’s* Organic Sales +9.7% Specialty Sales +6.4% Unique Customers +1.2% +3.5%* Placements +4.2% Specialty Cases +3.3% +5.4%** Center-of-Plate Pounds -2.4% +7.5%** All measures illustrated are organic * Excluding attrition from Hardie’s comm
Slide 4: Fourth Quarter 2025 Updates
Fourth Quarter 2025 Updates $3,250 $3,000 GP$ per Route: GP $ / ROUTE (US & CANADA) * * $2,750 +7.4% 2025 vs. 2023 +6.2% 2025 vs. 2024 $2,500 $2,250 $2,000 Facility Consolidations Regional route consolidations $1,750 Transfer reductions $1,500 2023 2024 2025 $1,100 $60,000 $1,000 *Adj. EBITDA per em
Slide 5: Fourth Quarter 2025 Financial Summary
Fourth Quarter 2025 Financial Summary Q4 2025 vs. Q4 2024 Net Sales +10.5% Gross Profit Dollars +10.2% SG&A +8.9% *Adj. Opex +7.4% *Adj. EBITDA +17.7% *Please refer to reconciliations of Adjusted EBITDA & Adjusted Operating Expense included with this presentation The Chefs’ Warehouse, Inc. 5
Slide 6: Capital Allocation Q4 2025 Update
Capital Allocation Q4 2025 Update Net Debt Leverage Free Cash Flow* Share Repurchases (in thousands $) 2.0x – 3.0x Debt Balances YE 2024 YE 2025 2022-23 2024 2025 • Chefs repurchased $15mm/ Secured Term Loan 260,000 252,000 241k shares of common stock Senior Convert 2028 287,500 287,500 in 2025. Sin
Slide 7: 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 46
Slide 8: Appendix
Appendix The Chefs’ Warehouse, Inc. 8
Slide 9: 2028 Financial Goals
2028 Financial Goals $400.0 $300 - $350 $350.0 Procurement Digital $300.0 & Pricing Operations AI driven Adj. EBITDA Sales Growth Predictive Merch. $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 Thirteen Weeks Ended Fiscal Years Ended 2023 2024 2025 (Unaudited, in millions) Dec '25 Dec '24 CQ YOY ∆ Net Income $ 34.6 $ 55.5 $ 72.4 (Unaudited, in millions) Interest expense 45.5 48.7 41.6 Net Income $ 21.7 $ 23.9 Depreciation and amortizat
Slide 11: Reconciliation of Total Opex to Adj. Opex
Reconciliation of Total Opex to Adj. Opex Thirteen Weeks Ended Fiscal Years Ended 2023 2024 2025 Dec '25 Dec '24 CQ YOY ∆ (Unaudited, in millions) (Unaudited, in millions) Selling, general and administrative expenses $ 704.8 $ 784.9 $ 849.8 Selling, general and administrative expenses $ 225.2 $ 206.
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 Fiscal Year Ended 2024 2025 Thirteen Weeks Ended (Unaudited, in millions) Dec '25 Dec '24 Net income $ 55.5 $ 72.4 (Unaudited, in millions) (2) Net income $ 21.7 $ 23.9 Other operating expenses (income), net 1.1 9.2 (2) (3)
Slide 13: Reconciliation 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