The Chefs' Warehouse (CHEF) investor relations material

Consumer and market trends

• Core customer base remains healthy with strong spending, especially for celebratory occasions and upscale dining, supported by diversification into various segments like cruise ships, hotels, and caterers.

• No significant slowdown anticipated in customer demand, with bookings for 2026 already showing strength.

• Tailwinds such as potential tax cuts and lower rates could further support consumer spending, though not explicitly modeled.

Inflation, tariffs, and supply chain

• Inflation in key categories like beef and chocolate has been volatile, but overall aggregate inflation in 2025 was around 3%, considered ideal for the business.

• Diversification across 90,000 SKUs and global sourcing from 50 countries enables effective price and supply management.

• Tariff risks have been mitigated through proactive inventory management and diversified sourcing; some tariffs remain but are manageable.

• Preference for moderate inflation (1%-4%) to maintain profitability and customer satisfaction.

Business model and competitive positioning

• Focus on serving independent restaurants and creative chefs, building exclusive relationships with small producers and developing proprietary brands.

• Not targeting large national chains, instead prioritizing niche markets and acting as a consultant and solution provider to customers.

• Category and territory expansion, especially in specialty produce and protein, are key growth drivers.

• Plans to double business over the next six years, aiming for 10% share of a $50 billion addressable market.