The Chefs' Warehouse, Inc. · NASDAQ:CHEF
The Chefs' Warehouse — Q3 2025 Earnings Presentation
11 slides from The Chefs' Warehouse's earnings presentation, Oct 29, 2025
Slide 1: Third Quarter 2025 Earnings Presentation
Third 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: Third Quarter 2025 Highlights
Third Quarter 2025 Highlights Q3 2025 vs. Q3 2024 Excl. Hardie’s* Sales +9.6% Specialty Sales +7.7% Unique Customers +2.6% Placements +5.3% Specialty Cases +3.2% +5.4%* Center-of-Plate Pounds -1.1% +9.6%* *Excluding elimination of Hardie’s non-core programs: Produce processing/packaging in specialty
Slide 4: Adj. EBITDA / Headcount
Third Quarter 2025 Updates $3,000 $2,500 GP$ per Route: +37.8% LTM Q3 2025 vs. 2019 GP $ / ROUTE (US & CANADA) ** $2,000 +4.0% LTM Q3 2025 vs. 2024 $1,500 Facility Consolidations $1,000 Regional route consolidations $500 Transfer reductions $- 2019 2024 LTM Q3 2025 $1,000 $50,000 $900 $45,000 adj. E
Slide 5: Financial Summary
Third Quarter 2025 Financial Summary Q3 2025 vs. Q3 2024 Net Sales +9.6% Gross Profit Dollars +10.0% SG&A +7.9% *Adj. Opex +7.0% *Adj. EBITDA +19.5% The Chefs’ Warehouse, Inc. *Please refer to reconciliation of Adjusted EBITDA & Adjusted Operating Expense included with this 5 presentation
Slide 6: Capital Allocation Q3 2025 Update
Capital Allocation Q3 2025 Update Net Debt Leverage Share Repurchases Free Cash Flow* (in thousands) 2.0x – 3.0x $25mm - $100mm Debt Balances YE 2024 Q3 2025 • Chefs repurchased $5mm/ 2022-23 2024 2025 Secured Term Loan 260,000 252,750 YTD 81k shares of common stock Senior Convert 2028 287,500 287,5
Slide 7: Appendix
Appendix The Chefs’ Warehouse, Inc. 7
Slide 8: 2028 Financial Goals
2028 Financial Goals $400.0 $300 - $350 $350.0 Procurement Digital $300.0 & Pricing Operations AI driven Sales Growth Predictive Merch. Adj. EBITDA $250.0 6.5 -7.0% Acquisition demand $ Millions $219 4 – 7% (organic) Route forecasting Integration Consolidation Real-time data $200.0 to support High-g
Slide 9: Reconciliation of Net Income to EBITDA and Adj. EBITDA
Reconciliation of Net Income to EBITDA and Adj. EBITDA Fiscal Years Ended 2019 2023 2024 LTM Q3 2025 (6) Thirty-Nine Weeks Ended Thirteen Weeks Ended (Unaudited, in millions) Sep '25 Sep '24 Sep '25 Sep '24 CQ YOY ∆ Net Income $ 24.2 $ 34.6 $ 55.5 $ 74.6 (Unaudited, in millions) Interest Expense 18.
Slide 10: Reconciliation of Total Opex to Adj. Opex
Reconciliation of Total Opex to Adj. Opex Thirty-Nine Weeks Ended Thirteen Weeks Ended Fiscal Years Ended 2019 2023 2024 LTM Q3 2025 (6) Sep '25 Sep '24 Sep '25 Sep '24 CQ YOY ∆ (Unaudited, in millions) (Unaudited, in millions) Selling, general and administrative expenses $ 329.5 $ 704.8 $ 784.9 $ 8
Slide 11: 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 Thirteen Weeks Ended Sep '25 Sep '24 (Unaudited, in millions) Net Income $ 19.1 $ 14.1 Other operating expenses (income), net (2) 0.1 (0.0) (3) Duplicate Rent 1.2 0.9 Moving Expenses (4) 0.1 0.9 Debt modification and extingu