Freshpet, Inc. · NASDAQ:FRPT
Freshpet — Q3 2026 Earnings Presentation
32 slides from Freshpet's earnings presentation, Nov 4, 2026
Slide 1: Q3 2026 Earnings
1 November 4, 2026 Q3 2026 Earnings
Slide 2: Forward Looking Statements & Non-GAAP Measures
2 Forward Looking Statements & Non-GAAP Measures Forward-looking statements Certain statements in this presentation by Freshpet, Inc. (the “Company”) constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on our current expect
Slide 3: Freshpet's mission statement
3 Freshpet’s mission is to help dogs and cats live longer, happier, healthier lives with the people who love them 3Q26 Earnings Presentation
Slide 4: Highlights
4 Highlights
Slide 5: Structurally different business with multiple competitive advantages
5 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.
Slide 6: Q3 2026: Strong sales and significant margin growth
6 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 mil
Slide 7: Freshpet's opportunity
7 Freshpet’s opportunity Large category, growing market share Growing Total Addressable Market (TAM) Improving returns on capital Disciplined capital spending; applying capital efficiency framework with scale benefits 10M MVP Households and 36M Households and growing; Generational shift ~$38B Dog fo
Slide 8: Significant runway for growth in a large category
8 Significant runway for growth in a large category Source: NIQ Total US Pet Food $ - OmniChannel by Category 52 Weeks Ended 9/26/26 ~$57B U.S. pet food category ~$38B Dog food and treats category 4.5% Freshpet market share of dog food and treats
Slide 9: Generational transition increases Total Addressable Market
9 Generational transition to younger pet parents continues to increase Freshpet’s Total Addressable Market (TAM) Freshpet Total Addressable Market (households in millions) Source: Internal Proprietary Model sourced from Numerator, 2026 MVP Different Methodology MVP= Most Valuable Pet Parents 3Q26 Ea
Slide 10: Continued growth in consumer franchise with increased MVP mix
10 Continued growth in consumer franchise with increased mix of 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 Freshpet Household Penetration Growth (in millions) (52 weeks) 3Q26 Earnings Presentation 1.3 1.7 2.1 2.4 2.6 9.0 10.1 11.6 1
Slide 11: MVP household mix and buy rate growth driving buy rate expansion
11 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 MVP* household mix and buy rate growth are driving total buy rate expansion 3Q26 Earnings Presentation MVPs represent 72% of Freshpet sales $85 $101 $106 $112 $122 2
Slide 12: Large retail footprint acts as micro fulfillment centers
12 Large retail footprint acts as micro fulfillment centers for omnichannel customers with 82% of our delivered sales through the fridge network Second/Third Fridges 25% One Fridge 75% 19,499 21,570 22,716 23,631 25,281 26,777 28,141 30,235 31,164 10,825 13,386 15,023 16,562 18,095 19,829 22,385 24,
Slide 13: Building a franchise for MVPs
13 Building a franchise for MVPs • 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 • Concentrating investment a
Slide 14: New bag technology as strategic enabler
14 New bag technology is a strategic enabler for better product quality, greater capacity, and new forms of innovation Our New Technology Unlocking Innovation Capabilities 3Q26 Earnings Presentation Texture Shape Aroma Quality Consistency, days open Color Simplified recipes Clean ingredients New and
Slide 15: New bag technology expected to deliver ~100 bps margin improvement
15 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: *Basis point improvement on total business on an annualized basis and based on lines we have installed by the end 2027 P
Slide 16: Manufacturing Capacity Update
16 Manufacturing Capacity Update Source: Internal Data • 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 n
Slide 17: Capital Efficiency Framework
17 Capital Efficiency Framework More out of existing lines More out of existing sites Develop & implement new technologies
Slide 18: Q3 2026 Results
18 Q3 2026 Results
Slide 19: Q3 2026 Net sales primarily driven by volume
19 Q3 2026 Net sales primarily driven by volume $288.8 $317.8 Q3 2025 Q3 2026 10.0% Source: Internal Data 10% 0% 10% Volume Price/Mix Net Sales Growth Q3 2026 Net Sales ($m) Q3 2026 Net Sales Bridge 3Q26 Earnings Presentation
Slide 20: Consumption growth across all channels
20 Consumption growth across all channels Source: NIQ consumption data, latest 13 weeks thru 9/26/26 and internal sales data Q3 2026 Consumption Growth ($) Consumption Growth Trends (volume in pounds) 13% 10% 9% 5% 8% Total US Pet Retail Plus + Costco Total US Pet Retail Plus XAOC Food Pet Specialty
Slide 21: Q3 2026 delivered significant margin improvement
21 Q3 2026 delivered significant margin improvement Q3 2026 Adj. Gross Margin % of net sales Q3 2026 Adj. EBITDA ($m) % of net sales 46.0% 50.0% Q3 2025 Q3 2026 $54.6 $64.5 Q3 2025 Q3 2026 18.9% 20.3% Net Income$101.7m $29.7m*Gross Margin (GAAP) 44.5%39.5% Source: Internal Data *The decrease in net
Slide 22: Guidance
22 Guidance
Slide 23: FY 2026 Guidance
23 FY 2026 Guidance Additional considerations: • Net Sales: Consistent revenue performance in an uncertain consumer environment • Adjusted Gross Margin: Now expect ~150 bps* improvement year-over-year primarily driven by operational improvements • Inflation: Anticipate higher costs in logistics, pac
Slide 24: 2027 Targets
24 2027 Targets Expand HH Penetration & Buy Rate Increase Velocity Advertising & Innovation Expand Visibility & Availability Drive Efficiencies Build Organization Capability to Increase Effectiveness & Leverage Scale Expand Capacity >49% Adjusted Gross Margin Target 20-22% Adjusted EBITDA Margin Tar
Slide 25: Capital Spending, Cash Flow & Liquidity
25 Capital Spending, Cash Flow & Liquidity
Slide 26: Strong financial position with growing cash flow
26 Strong financial position with growing cash flow Source: Internal Data Cash Flow ($m) $105.5 $145.5 $10.3 $65.3 YTD Q3 2025 YTD Q3 2026 Operating Cash Flow Free Cash Flow* Capital Spending: • YTD spend of $80.3 million • Estimated 2026 spending in the range of $125 to $150 million • First share r
Slide 27: Appendix
27 Appendix
Slide 28: Reconciliation between Gross Profit and Adjusted Gross Profit
28 Freshpet, Inc. and Subsidiaries Reconciliation between Gross Profit and Adjusted Gross Profit Source: Internal Data 3Q26 Earnings Presentation Nine Months Ended September 30, Three Months Ended September 30, 2025202620252026 (Dollars in thousands) $ 326,170$ 390,674$ 114,192$ 141,307Gross profit
Slide 29: Reconciliation between Net Income and Adjusted EBITDA
29 Freshpet, Inc. and Subsidiaries Reconciliation between Net Income and Adjusted EBITDA a. 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,
Slide 30: Reconciliation between Operating Cash Flow and Free Cash Flow
30 Freshpet, Inc. and Subsidiaries Reconciliation between Net Cash Flows Provided by Operating Activities and Free Cash Flow 1 Capital expenditures is equivalent to the amount included in "Acquisitions of property, plant and equipment, software and deposits on equipment" on our Consolidated Statemen
Slide 31: Convertible Share Dilution Calculations at Maturity
31 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 i
Slide 32: Thank you
fréshpet Thank you