FRPT Q3 2026 Earnings Presentation

Q3 2026

Earnings

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November 4, 2026

Freshpet's mission is to help dogs and cats live longer, happier, healthier lives with the people who love them

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3Q26 Earnings Presentation 3

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We have built a structurally different business than many of our CPG peers, with multiple strategic competitive advantages that have grown and evolved over the last 20 years -and are now the foundation of an advantaged business that has sizeable upside potential.

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Q3 2026: Strong sales and significant margin growth

*As a percent of net sales

Retail

Source: Internal Data, Numerator for 12 months ended 9/27/26, Nielsen for 52W ended 9/26/26

1. Ecommerce includes Click & Collect, Last Mile Delivery, Pure Play, and DTC

2. Market share of US dog food and treats from Nielsen Omnichannel

**The decrease in net income was primarily due to the $77.9 million deferred income tax benefit recognized in the prior year as a result of the release of the majority of the valuation allowance

3Q26 Earnings Presentation 6

Freshpet's opportunity

Large category, growing market share

~$38B Dog food and treats category; Freshpet has 4.5% market share

Growing Total Addressable Market (TAM)

10M MVP Households and 36M Households and growing; Generational shift

Improving returns on capital

Disciplined capital spending; applying capital efficiency framework with scale benefits

Source: NIQ Total US Pet Food $ - OmniChannel by Category 52 Weeks Ended 9/26/26

Total Addressable Market based on Internal Proprietary Model sourced from Numerator 3Q26 Earnings Presentation 7

Significant runway for growth in a large category

~$57B

U.S. pet food category

~$38B

Dog food and treats category

4.5%

Freshpet market share of dog food and treats

Source: NIQ Total US Pet Food $ - OmniChannel by Category 52 Weeks Ended 9/26/26

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Generational transition to younger pet parents continues to increase Freshpet's Total Addressable Market (TAM)

Freshpet Total Addressable Market (households in millions)

Total Freshpet

33M

Total Freshpet

36M

MVP

7.5M

2024

MVP

10M

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2026

Source: Internal Proprietary Model sourced from Numerator, 2026 MVP Different Methodology MVP= Most Valuable Pet Parents

3Q26 Earnings Presentation 9

Continued growth in consumer franchise with increased mix of MVP's

Freshpet Household Penetration Growth (in millions)

(52 weeks)

MVP Households Non-MVP Households

15.3

15.5

13.7

11.8

10.2

11.6

12.8

12.9

9.0

% of total Freshpet households that are MVP's

Source: Numerator Panel data for the 12-month periods ending 10/2/22, 10/1/23, 9/29/24, 9/28/25, 9/27/26

3Q26 Earnings Presentation 10

MVP Buy Rate

(52 weeks)

$522

MVPs

represent

72%

of Freshpet sales

$486

$484

$492

$441

2022

2023

2024

2025

2026

MVP* household mix and buy rate growth are driving total buy rate expansion

Total Freshpet Buy Rate

(52 weeks)

$122

$101

$106

$112

$85

2022

2023

2024

2025

2026

Non-MVP Buy Rate

(52 weeks)

$41

$37

$39

$40

$35

2022

2023

2024

2025

2026

Source: Numerator Panel data for the 12-month periods ending 10/2/22, 10/1/23, 9/29/24, 9/28/25, 9/27/26

*Most Valuable Pet Parents

3Q26 Earnings Presentation 11

Large retail footprint acts as micro fulfillment centers for omnichannel customers with 82% of our delivered sales through the fridge network

Freshpet Store & Fridge Counts

Store Count Fridge Count

Number of Fridges per Store*

40,523

39,347

36,544

34,274

Second/Third Fridges

25%

29,547

26,963

30,235

22,385

24,717

28,141

26,777

25,281

19,829

19,499

22,716

23,631

21,570

15,023

16,562

18,095

13,386

10,825

One Fridge 75%

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD

2026

Source: Internal data for the period ending 9/30/26; *U.S. and Canada Fridges 3Q26 Earnings Presentation 12

Building a franchise for MVPs

Marketing &

Consumer Engagement

• Concentrating investment across the highest-value MVP touchpoints

• "Better Food for Your Better Half" creative addressing MVP motivations & barriers to purchase

• Capturing next generation of pet parents with disproportionate gains among Millennials & Gen Z

  'Real' Food Leadership

• Expanding our product leadership in 'real' food drives main meal feeding & buy rate

• Breadth of forms, sizes, prices and channels that continue to outsell competitive entries at retail

• Innovative technology enables new forms and formulation capabilities

  Omnichannel focus

• Driving more access via retail based TDP's (+14%) and online expansion

• Large fridge network enables local delivery and increases holding capacity for online sales

• Realizing outsized digital growth through ecommerce and DTC expansion

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New bag technology is a strategic enabler for better product quality, greater capacity, and new forms of innovation

Our New Technology

Unlocking Innovation Capabilities

Simplified recipes

Clean ingredients

Aroma

Texture

Shape

First beef recipe for New and improved Fresh Homestyle Creations From The Kitchen

Color

Quality

Consistency, days open

New pack sizes and recipes with more inclusions

Upgraded recipe for Vital's shredded chicken

3Q26 Earnings Presentation 14

Expect new bag technology to deliver ~100 basis points* of adjusted gross margin improvement on an annualized basis

When fully optimized, the new bag technology is expected to:

Produce more product per day than a conventional line and drive greater ROIC

Deliver a higher quality product with lower quality costs

Enable more innovative product forms Drive higher yields

*Basis point improvement on total business on an annualized basis and based on lines we have installed by the end 2027

3Q26 Earnings Presentation 15

Manufacturing Capacity Update

• Owning our manufacturing enables us to advance the technology of the fresh pet food category

• Operating efficiencies this year have unlocked

  $100+ million (the equivalent of a new line) of additional capacity

• Three bag lines now utilizing new technology across the network (1 full, 2 lite)

• Expect to spend in the range of $125 - $150m in capex in 2026, primarily on capacity

Source: Internal Data 3Q26 Earnings Presentation 16

Capital Efficiency Framework

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More out of existing lines

More out of existing sites

Develop & implement new technologies

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Q3 2026 Net sales primarily driven by volume

Q3 2026 Net Sales ($m)

Q3 2026 Net Sales Bridge

$317.8

10%

10%

0%

$288.8

Q3 2025

Q3 2026

Volume

Price/Mix

Net Sales Growth

Source: Internal Data

3Q26 Earnings Presentation 19

Consumption growth across all channels

Q3 2026 Consumption Growth ($)

Consumption Growth Trends (volume in pounds)

15%

15%

14%

13%

11%

10%

10%

9%

8%

5%

Total US Pet Total US Pet Retail Plus + Retail Plus

Costco

XAOC

Food

Pet Specialty

Q3 2025

Q4 2025

Q1 2026

Q2 2026

Q3 2026

Source: NIQ consumption data, latest 13 weeks thru 9/26/26 and internal sales data

3Q26 Earnings Presentation 20

Q3 2026 delivered significant margin improvement

Q3 2026 Adj. Gross Margin

% of net sales

50.0%

46.0%

Q3 2026 Adj. EBITDA ($m)

% of net sales

$64.5

$54.6

Q3 2025

Q3 2026

Q3 2025

Q3 2026

39.5% Gross Margin (GAAP) 44.5%

$101.7m

Net Income

$29.7m*

Source: Internal Data

*The decrease in net income was primarily due to the $77.9 million deferred income tax benefit recognized in the prior year as a result of the release of the majority of the valuation allowance

3Q26 Earnings Presentation 21

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FY 2026 Guidance

Additional considerations:

• Net Sales: Consistent revenue performance in an uncertain consumer environment

• Adjusted Gross Margin: Now expect ~150 bps* improvement year-over-year primarily driven by operational improvements

• Inflation: Anticipate higher costs in logistics, packaging, ingredients, etc.

• Advertising Investment: Expect media as a percent of sales to be in-line with 2025

• Cash Flow: Free cash flow expected to be greater than 2025

*At midpoint of the net sales guidance

3Q26 Earnings Presentation 23

2027 Targets

Advertising & Innovation

Drive Efficiencies

Expand HH Penetration & Buy Rate

>Category

Net sales well in excess of category growth rate

Increase Velocity

>49%

20-22%

Adjusted Gross Margin Target

Build Organization Capability to Increase Effectiveness & Leverage Scale

Adjusted EBITDA Margin Target

Expand Capacity

Expand Visibility & Availability

3Q26 Earnings Presentation 24

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Liquidity:

• $345.9 million of cash-on-hand as of 9/30/26

• Strong balance sheet provides ample financial flexibility

  Capital Spending:

• YTD spend of $80.3 million

• Estimated 2026 spending in the range of $125 to $150 million

• First share repurchase authorization announced in May; executed

  $102.3 million and repurchased 1.8 million shares as of the end of September

  Cash flow:

• Generated $145.5 million of operating cash flow YTD, a YoY increase of $40.1 million driven by higher sales and changes in deferred income taxes

• YTD Free cash flow* of $65.3 million

Cash Flow ($m)

Operating Cash Flow Free Cash Flow*

$145.5

$105.5

$65.3

$10.3

YTD Q3 2025 YTD Q3 2026

Source: Internal Data

*Free Cash Flow is defined as net cash flows provided by operating activities less capital expenditures. 3Q26 Earnings Presentation 26

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Three Months Ended Nine Months Ended

September 30, September 30,

2026 2025 2026 2025

Freshpet, Inc. and Subsidiaries Reconciliation between Gross Profit and Adjusted Gross Profit

Source: Internal Data 3Q26 Earnings Presentation 28

Three Months Ended Nine Months Ended

September 30, September 30,

2026 2025 2026 2025

(Dollars in thousands)

1. Includes true-ups to share-based compensation expense. We have certain outstanding share-based awards with performance-based vesting conditions that require the achievement of certain Adjusted EBITDA margins, Adjusted EBITDA and/or Net Sales targets as a condition of vesting. At each reporting period, we reassess the probability of achieving the performance criteria and the performance period required to meet those targets. When the probability of achieving such performance conditions changes, the compensation cost previously recorded is adjusted as needed. When such performance conditions are deemed to be improbable of achievement, the compensation cost previously recorded is reversed.

2. Represents a non-recurring loss as a result of an accounts receivable write-off in connection with the liquidation of one of our pet specialty distributors. Concurrent with its liquidation, we transitioned to a new distribution partner, who is a leading pet specialty distributor and who we anticipate will facilitate sales to pet specialty stores. Thus, despite the transitory impact during the first quarter of 2025, our ability to continue to generate sales is consistent with what we would expect to generate within the pet specialty channel.

3. Represents the net settlement charges for all claims related to the litigation with Phillips.

4. Represents termination costs due to a business change in our international go-to-market strategy.

Freshpet, Inc. and Subsidiaries Reconciliation between Net Income and Adjusted EBITDA

Source: Internal Data 3Q26 Earnings Presentation 29

Freshpet, Inc. and Subsidiaries Reconciliation between

Nine Months Ended September 30,

2026

2025

(Dollars in thousands)

1 Capital expenditures is equivalent to the amount included in "Acquisitions of property, plant and equipment, software and deposits on equipment" on our Consolidated Statements of Cash Flows for the reported period.

Net Cash Flows Provided by Operating Activities and Free Cash Flow

Source: Internal Data 3Q26 Earnings Presentation 30

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 its option

• We have run convertible dilution calculations once using the most dilutive physical settlement method (i.e. Freshpet delivers all underlying shares upon conversion if the convertible is in-the-money) and again using net share settlement method (i.e. Freshpet delivers the $402.5mm principal amount in cash and any remaining in-the-money amount in shares under Treasury Stock method)

Note: Based on Freshpet's $402.5mm convertible offering, a $54.65 stock price at issue, a 27.5% conversion premium, and an up 120% capped call.

1. If the convertible is in-the-money, Freshpet can deliver full underlying shares at its option since it has chosen a Flexible Settlement Structure.

2. At stock prices below the conversion price, the convertible is redeemed for cash without any equity dilution.

Source: Internal Data 3Q26 Earnings Presentation 31

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Thank you