SpartanNash Company (SPTN) investor relations material

Executive summary

• Net sales rose 1.8% year-over-year to $2.27 billion in Q2 2025, with Retail segment up 12.8% and Wholesale down 3.0%, driven by acquisitions offsetting lower Wholesale volumes.

• Net earnings were $6.2 million ($0.18 per diluted share), down from $11.5 million ($0.34 per share) in Q2 2024, mainly due to merger costs and higher non-cash expenses.

• Adjusted EPS was $0.54, compared to $0.59 in the prior year quarter.

• Adjusted EBITDA increased to $68.7 million from $64.5 million year-over-year.

• Entered a Merger Agreement with C&S Wholesale Grocers for $26.90 per share, totaling $1.77 billion, a 52.5% premium, expected to close in late 2025.

Financial highlights

• Gross profit margin improved to 16.8% from 15.8% year-over-year, driven by higher Retail mix and improved Wholesale margin.

• Cash from operating activities was $112.6 million for the first half, down from $132.1 million year-over-year.

• Capital expenditures and IT capital totaled $56.2 million in H1 2025, down from $73.4 million in H1 2024.

• $15.5 million returned to shareholders via dividends in H1 2025.

• Retail segment net sales up 12.8% to $762.9 million; Wholesale segment net sales down 3.0% to $1.51 billion.

Outlook and guidance

• Anticipates unfavorable Wholesale sales impact due to a major customer transitioning to in-sourcing.

• Expects continued capital and operating investments to support growth and cost-saving initiatives.

• Macroeconomic headwinds, including input cost inflation and changing consumer demand, may pressure future results.