Flowers Foods, Inc. · NYSE:FLO
Flowers Foods — Q4 2025 Earnings Presentation
29 slides from Flowers Foods's earnings presentation, Feb 13, 2026
Slide 1: Fourth Quarter and Full Year 2025 Review
FOURTH QUARTER AND FULL YEAR 2025 REVIEW February 12, 2026
Slide 2: Regarding Forward-Looking Statements
REGARDING FORWARD -LOOKING STATEMENTS Statements contained in this presentation and certain other written or oral statements made from time to time by Flowers Foods, Inc. (the “company”, “Flowers Foods”, “Flowers”, “us”, “we”, or “our”) and its representatives that are not historical facts are forwa
Slide 3: Key Messages
KEY MESSAGES • Strong brand performance and disciplined execution of efficiency initiatives produced results at the high end of our guidance range • Persistent challenging consumer environment pressured categories, particularly traditional loaf • Conducting a comprehensive review of our operations —
Slide 4: Q4 2025 Financial Review
Q4 2025 FINANCIAL REVIEW NET SALES CASH FLOWS — FY’25 $1.233B +11.0% v PY Cash from Ops $446.2M Dividends $209.3M • Price/Mix +0.7% 1 • Volume -2.2% 2 Capex Acquisition 5 • Acquisition +4.7% $127.1M $791.9M • Extra week +7.8% NET LOSS GAAP DILUTED EPS $(67.1)M -$110.2M v PY $(0.32) -$0.52 v PY ADJ.
Slide 5: Q4 2025 Net Sales Highlights
Q4 2025 NET SALES HIGHLIGHTS Net sales increased 11.0% due to the extra week, Simple Mills Other net sales increased 1.6% due to the extra week, partially acquisition contribution, and increased price/mix, partly offset by offset by unfavorable price/mix and lower volumes softer volumes Branded Reta
Slide 6: Q4 2025 Highlights
Q4 2025 HIGHLIGHTS Net income decreased $110.2 million to a net loss of $67.1 million, primarily due to a non -cash impairment of intangible assets, higher interest expense and tax rate, partly offset by improved sales from the extra week and positive price/mix Adjusted EBITDA 1 increased primarily
Slide 7: Fiscal 2026 Guidance
FISCAL 2026 GUIDANCE (Provided February 12, 2026) NET SALES ADJ. EBITDA 1 ADJ. DIL. EPS 1 Fiscal 2026 $5.163 to $465 to $0.80 to Considerations $5.267B $495M $0.90 • Category headwinds • Promotional environment OTHER • Carryover of price increases Depreciation & amortization Effective tax rate • Inn
Slide 8: Guidance Drivers
GUIDANCE DRIVERS $1.09 $0.80 – $0.90 FY'25 Adj EBITDA D&A Net Int Exp Inc Tax Exp Extra week '25 FY'26 + Carryover of pricing and – Increased debt – Lower pretax income efficiency actions – Lower interest + Innovation income – Category declines KEY – Strategic investments CONSIDERATIONS – Normalizat
Slide 9: Long-Term Growth Target Scorecard
LONG -TERM GROWTH TARGET SCORECARD LT CAGR1 Targets1 FY’201 FY’21 FY’22 FY’23 FY’24 FY’251 Net Sales 1-2% 6.4% 2.5% 5.2% 5.4% 4.4% 4.1% Adj EBITDA 4-6% 23.4% 7.8% 5.9% 4.4% 5.0% 4.0% Adj dil. EPS 7-9% 36.5% 13.7% 9.8% 5.7% 5.9% 2.1% (1) Off FY’19 base; FY’20 and FY’25 are 53 -week years 9
Slide 10: Private Label Unit Share
PRIVATE LABEL UNIT SHARE CHANGE IN PRIVATE LABEL UNIT SHARE (Y/Y) 0.4 0.3 0.2 -0.2 -0.2 -0.3 -0.3 -0.6 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Source: Flowers Custom Database – Circana Total US Mulo+ with Conv Due to a change in methodology and sources, data provided previously by Circana ma
Slide 11: Volume Trends
VOLUME TRENDS • Branded retail impacted by continued weakness in the fresh packaged bread category, particularly traditional loaf • Other impacted by softness in foodservice and store brand cake FLO Volume % Change (Y/Y) TOTAL COMPANY BRANDED RETAIL OTHER 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 4Q'24 1Q'25 2Q
Slide 12: Branded vs Store Brand Market Share
BRANDED VS STORE BRAND MARKET SHARE Long -term trend of branded share gains interrupted by inflationary pressure on consumers Branded Dollar Share Store Branded Dollar Share 78.00 27.00 26.2 77.0 25.6 26.00 77.00 76.6 24.9 76.1 25.00 76.00 23.9 24.00 23.3 75.1 75.00 23.0 23.00 74.4 74.00 73.8 22.00
Slide 13: Flowers Market Share
FLOWERS MARKET SHARE FLO Bread Dollar Share FLO Cake Dollar Share 16.9 16.8 16.8 16.7 16.7 16.5 15.9 15.6 6.6 6.2 6.2 6.1 6.1 6.3 6.1 5.6 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Source: Flowers Custom Database – Circana Total US Mulo+ with Conv 13 Due to a change in methodolo
Slide 14: Flowers Fresh Packaged Breads
FLOWERS FRESH PACKAGED BREADS Dollar Sales % Chg Unit Sales % Chg 4.5% 2.0% 1.5% 0.5% 0.3% 0.3% -1.4% -1.6% -1.9% -2.5% -2.8% -3.1% -3.0% -3.4% -3.4% -3.7% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Source: Flowers Custom Database – Circana Total US Mulo+ with Conv 14 Due to a c
Slide 15: Flowers Commercial Cake
FLOWERS COMMERCIAL CAKE Dollar Sales % Chg Unit Sales % Chg 7.7% 4.4% 4.6% 3.6% 1.2% 1.6% -1.6% -2.8% -4.0% -3.8% -5.0% -5.4% -5.6% -6.4% -7.2% -9.6% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Source: Flowers Custom Database – Circana Total US Mulo+ with Conv 15 Due to a change
Slide 16: Organic Category Sales
ORGANIC CATEGORY SALES ORGANIC FRESH PACKAGED BREADS xFLO FLOWERS ORGANICS FLOWERS SHARE OF ORGANICS $1,500.0 80.0 $1,420.0 74.3 74.1 73.7 72.9 $1,340.0 71.3 $1,260.0 68.9 70.0 $1,180.0 $1,100.0 $1,020.0 60.0 $940.0 $860.0 $1,006.8 $965.3 $780.0 $927.5 Millions $850.5 50.0 $700.0 $768.2 $705.9 $620.
Slide 17: Gluten-Free Category Sales
GLUTEN -FREE CATEGORY SALES GLUTEN FREE FPB xFLO FLOWERS GF FLOWERS SHARE OF GF $500.0 38.3 40.0 37.6 35.6 35.6 $450.0 35.0 31.8 $400.0 30.0 28.0 $350.0 $144.1 $146.8 $154.9 $157.5 25.0 $300.0 $96.7 $115.3 Millions $250.0 20.0 $200.0 15.0 $150.0 $261.0 $266.0 $256.9 $253.9 $248.7 $246.7 10.0 $100.0
Slide 18: Information Regarding Non-GAAP Financial Measures
INFORMATION REGARDING NON -GAAP FINANCIAL MEASURES Information Regarding Non -GAAP Financial Measures The company prepares its consolidated financial statements in accordance with U.S . Generally Accepted Accounting Principles (GAAP) . However, from time to time, the company may present in its publi
Slide 19: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON -GAAP FINANCIAL MEASURES RECONCILIATION OF EARNINGS (LOSS) PER SHARE TO ADJUSTED DILUTED EARNINGS PER SHARE For the 13-Week For the 12-Week Period Ended Period Ended January 3, 2026 December 28, 2024 Net (loss) income per diluted common share $ (0.32) $ 0.20 Business process im
Slide 20: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON -GAAP FINANCIAL MEASURES RECONCILIATION OF GROSS MARGIN EXCLUDING DEPRECIATION AND AMORTI ZATION TO GROSS MARGIN (000S OMITTED) For the 13-Week For the 12-Week Period Ended Period Ended January 3, 2026 December 28, 2024 Net sales $ 1,232,860 $ 1,111,125 Materials, supplies, lab
Slide 21: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON -GAAP FINANCIAL MEASURES RECONCILIATION OF SELLING, DISTRIBUTION AND ADMINISTRATIVE EXPEN SES TO ADJUSTED SD&A (000S OMITTED) For the 13-Week For the 12-Week Period Ended Period Ended January 3, 2026 December 28, 2024 Selling, distribution, and administrative expenses (SD&A) $
Slide 22: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON -GAAP FINANCIAL MEASURES RECONCILIATION OF NET (LOSS) INCOME TO EBITDA AND ADJUSTED EBITD A (000S OMITTED) For the 13-Week For the 12-Week Period Ended Period Ended January 3, 2026 December 28, 2024 Net (loss) income $ (67,072) $ 43,122 Income tax (benefit) expense (19,677) 13,
Slide 23: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON -GAAP FINANCIAL MEASURES RECONCILIATION OF INCOME TAX (BENEFIT) EXPENSE TO ADJUSTED INCOM E TAX EXPENSE (000S OMITTED) For the 13-Week For the 12-Week Period Ended Period Ended January 3, 2026 December 28, 2024 Income tax (benefit) expense $ (19,677) $ 13,783 Tax impact of: Bus
Slide 24: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON -GAAP FINANCIAL MEASURES RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED NET INCOME (000S OMITTED) For the 13-Week For the 12-Week Period Ended Period Ended January 3, 2026 December 28, 2024 Net (loss) income $ (67,072) $ 43,122 Business process improvement costs 793 (937) Plan
Slide 25: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON -GAAP FINANCIAL MEASURES RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA (000S OMITTED) For the 53-Week Period Ended January 3, 2026 Net income $ 83,825 Income tax expense 31,243 Interest expense, net 59,294 Depreciation and amortization 167,427 EBITDA 341,789 Other
Slide 26: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON -GAAP FINANCIAL MEASURES RECONCILIATION OF DEBT TO NET DEBT AND CALCULATION OF NET DEBT TO TRAILING TWELVE MONTH ADJUSTED EBITDA RATIO (000S OMITTED) As of January 3, 2026 Current maturities of long-term debt $ 399,575 Long-term debt 1,355,557 Total debt 1,755,132 Less: Cash an
Slide 27: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON -GAAP FINANCIAL MEASURES RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA (000S OMITTED) For the Fiscal Year For the Fiscal Year Ended Ended December 28, 2024 December 30, 2023 Net Income $ 248,116 $ 123,416 Income tax expense 80,826 33,691 Interest expense, net 19,62
Slide 28: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON -GAAP FINANCIAL MEASURES RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA (000S OMITTED) For the Fiscal Year For the Fiscal Year For the Fiscal Year For the Fiscal Year For the Fiscal Year Ended Ended Ended Ended Ended December 30, 2023 December 31, 2022 January 1, 20
Slide 29: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON -GAAP FINANCIAL MEASURES RECONCILIATION OF EARNINGS PER SHARE TO ADJUSTED EARNINGS PER SH ARE For the Fiscal Year For the Fiscal Year For the Fiscal Year For the Fiscal Year For the Fiscal Year For the Fiscal Year Ended Ended Ended Ended Ended Ended December 28, 2024 December 3