The Chefs' Warehouse (CHEF) investor relations material

Business performance and growth strategy

• Achieved strong acceleration in trends, driven by investments in people, technology, and new categories over the past decade.

• EBITDA margin reached 6.4% over the trailing four quarters, with a long-term target of 6–7% and potential for further improvement.

• Growth to $5 billion in sales could come via M&A or organic expansion, with margin outcomes varying by approach.

• Operational leverage is increasing as new facilities and consolidated routes improve efficiency.

• Focus remains on growing GP dollars faster than overhead to drive profitability.

Technology and operational initiatives

• Power BI and digital platforms have enhanced data-driven decision-making across sales, logistics, and procurement.

• Dynamic pricing and AI tools provide real-time insights, improving salesforce productivity and accountability.

• Route and facility consolidation in key markets like Florida and Texas are delivering operational synergies and marketing advantages.

• Technology adoption is creating a divide between advanced and traditional competitors, with significant advantages for those leveraging modern tools.

Geographic expansion and market dynamics

• Texas and Florida are in early stages of growth, with significant investments in facilities and category expansion underway.

• New York remains a mature and highly profitable market, while Texas faces logistical challenges but is improving.

• Canada is a small but profitable business, with potential for future acquisitions, though current focus is on U.S. growth.

• Middle East operations have been impacted by regional conflict, running at 60–75% of prior year levels, but management is praised for resilience.