Natural Grocers by Vitamin Cottage (NGVC) Investor presentation summary

Company overview and strategy

• Operates 172 stores in 22 states, focusing on natural and organic groceries, supplements, and body care products.

• Emphasizes high-quality standards, 100% organic produce, and rigorous product screening.

• Provides free nutrition education and community outreach, with every store staffed by a Nutritional Health Coach.

• Maintains a small-format, convenient store model with about 11,000 square feet and 20,000 SKUs per location.

• Prioritizes crew development, internal promotions, and employee well-being.

Market position and growth opportunities

• Well-positioned in the fast-growing U.S. natural and organic market, which reached $342B in 2025 and is projected to grow 5-6% annually.

• Organic produce sales rose 5.3% to $22.7B in 2025; dietary supplement sales grew 5.5% to $73B.

• Plans to open 6-7 new stores in FY26 and targets 4-5% annual unit growth thereafter.

• New stores are profitable across rural, suburban, and urban markets, with a cash-on-cash return of 25-30% by year 5.

• Rewards program penetration at 84% of sales, with members spending nearly 50% more per transaction.

Financial performance and outlook

• TTM net sales of $1.34B (+2.0% growth), TTM Adjusted EBITDA of $97.8M (7.3% margin).

• Q3 2026 net sales were $335M (+1.8% growth), with diluted EPS down 4% to $0.48.

• 22 consecutive years of positive daily average comparable store sales growth.

• Fiscal 2026 outlook: 6-7 new stores, 1.5-2.0% comparable sales growth, $2.07-$2.11 diluted EPS, $45-50M in capex.

• Strong liquidity with $17.5M cash and $67.6M available on a $70M credit facility; $129M returned to shareholders since 2019.