United Natural Foods (UNFI) investor relations material

Strategic achievements and leadership

• Achieved strong EBITDA growth of 26% in fiscal 2026, with significant deleveraging from 4x to 2x over two years.

• Recruited top talent from leading companies and rebuilt the leadership team to drive transformation.

• Refocused strategy on a $90 billion addressable market, targeting retailers pursuing differentiation.

• Delivered 40% EBITDA improvement and significant free cash flow over two years.

• Positioned for continued growth, with guidance for high single-digit EBITDA growth and a return to top-line growth in the second half of fiscal 2027.

Consumer and market trends

• Retailers pursuing differentiation, such as natural and ethnic grocers, are gaining share and performing well.

• Consumers are experiencing strain from fuel costs and reduced SNAP benefits, but health and wellness trends support growth in natural products.

• Food inflation has moderated to 2%-3%, with similar expectations for fiscal 2027.

• Procurement gains from inflation are short-term and not included in high-confidence planning.

Portfolio and growth strategy

• Offers a broad product portfolio from conventional to natural and organic, supporting customer differentiation.

• Natural and organic products are higher margin and on-trend, driving above-industry growth.

• Shifted focus from a $150 billion TAM to a more profitable $90 billion TAM, optimizing distribution centers and customer relationships.

• Confident in returning to growth in the second half of fiscal 2027, supported by a strong business pipeline and customer performance.