BofA Securities Consumer and Retail Conference 2026 (bofa securities consumer and retail conference 2026)

BANK OF AMERICA CONSUMER & RETAIL CONFERENCE

March 10, 2026

Business Overview & Strategy

3

INVESTMENT HIGHLIGHTS

LEADER IN LARGE AND ATTRACTIVE CATEGORIES

Operate the #1 loaf, organic, and gluten-free bread brands; gaining share in categories with stability throughout the economic cycle

ICONIC BRANDSDRIVE GROWTH

Brand-focused portfolio strategy drives above-market growth via innovation, improved brand presence and relevance, and M&A

STRONG FINANCIAL POSITION WITH MARGIN UPSIDE

Attractive cash flow generation, investment grade credit profile, and significant margin expansion opportunity

CONSISTENT CAPITAL ALLOCATION TO OPTIMIZE RETURNS

Dividend paid in 93 consecutive quarters, opportunistic share repurchases, strong track record of generating value through M&A

4

100+ YEAR HISTORY OF GROWTH AND EVOLUTION

Today

#1 loaf, organic, and gluten-free bread brands in the U.S.

1968 to 2025

1919 1968

One family-owned bakery

in Thomasville, GA

FLO

Listed publicly as "FLO"

More than 100 acquisitions

44 operating bakeries

2nd-largest baked foods company in U.S.

Proven business model Efficient bakeries & distribution

Experienced team

5

BUSINESS OVERVIEW

Diverse product line across the baked foods spectrum

Majority of business composed

of faster-growing, higher-margin branded retail products

Diversified channel mix with broad distribution reach and e-Commerce upside

2025 SALES

MARKET SHARE1SALES MIX BY CHANNEL2

26%

16%

27%

26%

5%

Flowers Branded

BBU

Pepperidge Farm

Private Label

Branded Retail

34%

66%

Other

Supermarket/Drug

25%

40%

35%

Mass/Discount

3

All Other

Other Brands

1. Circana Total US Multi Outlet+ w Conv-53 weeks ended 1/04/26, Flowers custom fresh packaged bread database. Certain amounts may not add due to rounding.

2. Internal Sales Data Warehouse, 53 Weeks Ending January 3, 2026; includes sales from e-commerce, click and collect, and other online channels

3. Includes foodservice, restaurant, institutional, vending, thrift stores, convenience and contract manufacturing 6

LARGE AND STABLE U.S. FRESH BAKERY MARKET

ESTIMATED $55B1U.S. MARKET FOR FRESH AND FROZEN BAKERY AT RETAIL

• Large and stable U.S. Fresh Bakery category with sales of $31.9B+2

• Present in 98% of households with a frequency of

  purchase every 17 days3

• Consumers willing to pay premium for brands

• Highly profitable category for retailers

ATTRACTIVE BRAND ECONOMICS4

$6.20 $6.66

$3.76

$2.66

Store Brand

NO DKB CB

1. Flowers internal estimate, based on 2025 Circana data

   
   
   

2. Circana Scan data 2025, Total US Multi Outlet+ w Conv, Fresh Packaged Bread + Commercial Cake

3. Circana Panel data Total US All Outlets

4. Average retail price per unit for 2025

5. Total US: Circana Multi Outlet+ w Conv

US FRESH BAKERY RETAIL SALES

(In billions)

$32 $32 $32

$30

$26

$27

$24

FY'19 FY'20 FY'21 FY'22 FY'23 FY'24 FY'25

BRANDED CATEGORY SHARE5

76.1%

77.0%

76.6%

73.7%

75.1%

74.3%

73.8%

FY'19 FY'20 FY'21 FY'22 FY'23 FY'24 FY'25

7

STRATEGIC PRIORITIES

Aligned to long-term targets and disciplined capital policies

Develop Our Team

Invest in our team to drive portfolio optimization through brand growth, innovation, and enhanced capabilities

Focus on Brands

Pursue targeted innovation and marketing to enhance relevancy and opportunistically grow share

Prioritize Margins

Orient asset base to higher margin products, reducing network complexity and enhancing profitability

Pursue Smart M&A

Employ a disciplined approach to acquisitions designed to enhance our branded portfolio, improve our margin profile, and broaden our geographic reach

1. Targets off 2019 base. Sales and adjusted EBITDA targets reflect organic business growth; adjusted EPS target includes the potential impact of future M&A and share repurchases.

2. No reconciliations of the forecasted ranges for adjusted EBITDA and adjusted EPS are included in this presentation because we are unable to quantify certain amounts that would be required to be included in the GAAP measures without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision that would be confusing or misleading to investors.

   
   
   

3. Any reference to sales refers to net sales inclusive of allowances and deductions against gross sales.

4. Earnings before interest, taxes, depreciation & amortization (EBITDA), adjusted for matters affecting comparability.

5. Earnings per share (EPS), adjusted for matters affecting comparability.

8

ENHANCED TALENT AND ORGANIZATIONAL STRUCTURE

Investing in capabilities and enabling success

PRIORITIZING BRAND BUILDING AND FURTHERING STRATEGIC INITIATIVES

• New structure for DSD team, placing full P&L responsibility at the regional level, expected to improve execution, increase accountability, and ensure strong results aligned with company goals.

• Supplemented experienced Flowers team with dynamic external talent to enable additional capabilities in sales, brand development, supply chain, and human resources

• Shifted bakery operations to supply chain team, freeing up sales team to focus on growing revenues

9

MANAGEMENT AND SHAREHOLDER INTERESTS ALIGNED

Performance-based compensation and long-term incentive plans tied to value creation

Incentive compensation for executives is largely performance-based

− Annual cash incentive awards tied to revenues and adjusted EBITDA

− Performance shares tied to ROIC > WACC and TSR vs peer group

* Amounts in the pie charts above were determined based on year-end base salary rate, target annual incentive award value annualized based on the target annual incentive percentage opportunity as of year-end, and target long-term

incentive award value. Certain amounts may not add up to 100% due to rounding. 10

PORTFOLIO STRATEGY FOCUSED ON GROWTH

Allocates investment to the highest-return brands

3

High

BALANCE GROWTH

Grow at or slightly above the category rate

11 ACCELERATE GROWTH

Grow at or near double-digit rate

• LOAF

• CAKE

  Store Brand Bread

• PRIORITY

  Away-From-Home

  • LOAF • LOAF

Right To Win

4 MAXIMIZE PROFITABLITY

2 LEARN AND PROVE

Improve profitability through price action or tactical exit Prove ability to win in attractive product segments

Low

Store Brand Cake

Store Brand Bread

• TACTICAL

  • BUNS

  • BREAKFAST

• BUNS & ROLLS

• BREAKFAST

• SNACKS

• BUNS & ROLLS

• FLATBREADS

  Low

  
  
  

  Growth Potential High

  11

  GROWING SALES WITH ICONIC BRANDS
  
  

  Flowers' branded products driving top line growth

  NET SALES BY CLASS

  CAGR 5.7%

  $ 3.5 B

  FY'19

  FY'25

  $ 2.5 B

  CAGR 2.0%

  $ 1.6 B

  $ 1.8 B

  Branded Retail Sales Other Sales

  
  
  

  12

  LEVERAGING INNOVATION TO GROW ADJACENT SEGMENTS

  TARGETED INNOVATION TO

  DRIVE GROWTH

  IN ADJACENT SEGMENTS AND ENTRY INTO NEW AREAS

  FLOWERS DOLLAR SHARE1

  
  
  

  28.0

  28.4

  FY'19

  FY'25

  11.0

  8.7

  9.4

  6.8

  LOAF SANDWICH BUNS/ROLLS BREAKFAST ITEMS

  	LOAF	SANDWICH BUNS/ROLLS	BREAKFAST ITEMS
  U.S. Total Segment Size (Annual)	$9.8B	$5.1B	$3.2B
  Flowers $ Sales CAGR2	+ 5.8%	+ 11.2%	+ 13.1%

  
  
  

  1. Circana Scan Data - Total US Multi Outlet+ w Conv Flowers Custom Database Calendar Year Ending January 04, 2026 13

  2. 2020-2025

EXPANDING BRAND PRESENCE GEOGRAPHICALLY

Under-developed markets offer significant growth potential

CAPITALIZING ON BRAND GROWTH POTENTIAL BY INCREASING PRESENCE

• Expand breadth and depth

  of distribution

• Drive awareness, trial, and repeat with increased advertising and shopper

  14.2%

  SHARE

  7.8%

  
  
  

  SHARE

  5.4%

  SHARE

  10.8%

  SHARE

  marketing

• Intense focus by our DSD sales

organization and IDPs

16.3%

SHARE

20.9%

SHARE

27.2%

SHARE

30.8%

SHARE

Source: Flowers Custom Database - Circana Total US Multi Outlet+ w Conv, fresh packaged bread, TTM ended January 4, 2026 14

NATURE'S OWN

Leading market share in loaf bread

+6%

CAGR

1,463

1,022

SALES1(MM)

FY'19 FY'25

1. Circana Scan Data - Total US Multi Outlet+ w Conv Flowers Custom Database 2025

   15

   
   
   
   
   DAVE'S KILLER BREAD

   The #1 organic bread in the U.S.

   − 74% market share1 of organic fresh packaged bread category

   − Highest loyalty of all national non-gluten free brands

   − Non-GMO and USDA organic

SALES2(MM)

1007

+10%

CAGR

557

FY'19 FY'25

16

CANYON BAKEHOUSE

The #1 gluten-free bread brand in the U.S.

SALES2(MM)

+17%

CAGR

158

61

FY'19 FY'25

1. Circana Scan Data - Total US Multi Outlet+ w Conv Flowers Custom Database Calendar Year Ending January 4, 2026

2. Flowers Custom Database - Circana Total US Mulo+ with Conv

   17

   
   
   
   
   WONDER

   A trusted brand for more than 100 years

   −

   #1 recognized bread brand with 93% consumer

   awareness1

   −

   #2 White Loaf brand SKU

   SALES2(MM)

   510

   +5%

   CAGR

   382

   FY'19 FY'25

   1. 2025 Kantar Study

   2. Circana Scan Data - Total US Multi Outlet+ w Conv Flowers Custom Database Calendar Year Ending January 04, 2026 18

SIMPLE MILLS

Leading brand across the Natural Cracker, Cookie and Baking Mix segments

−

−

#2 Natural Cookie & Cracker brand1

#1 buy rate for natural cookies and crackers2

SALES1(MM)

386

+19%

2025 SALES3(% OF TOTAL)

Crackers Cookies Bars Baking

CAGR

231

11%

6%

23%

59%

FY'22 FY'25

1. Circana MULO+ 2025

2. Numerator Shopper Metrics Report for Natural Cookies and Crackers 52 WE 11/2025

3. Company measured gross sales; components may not sum to 100% due to rounding

19

SWEET BAKED GOODS

Targeting improved sales and margin performance

FOR OVER 100 YEARS…NOW MADE SWEETER!

− Introduced Wonder snack cakes to reinvigorate our sales in that category

− Capitalizing on 93% brand awareness1

− Minimal financial investment

− National launch in 2025

(1) 2025 Kantar Study 20