Vital Farms (VITL) 27th Annual ICR Conference 2025 summary

Business performance and growth

• Achieved 35% CAGR in net revenue and over 40% CAGR in Adjusted EBITDA from 2018–2023, with 2024 YTD revenues and EBITDA up 31% and 96%, respectively.

• Raised 2024 revenue outlook to at least $600 million and Adjusted EBITDA to at least $80 million, with confidence in meeting these targets.

• Expanded farm network by 125 new family farms in 2024, a 40% increase, supporting future supply growth.

• New egg grading line at ECS will boost capacity by 30%, raising facility revenue capacity from $800 million to over $1 billion.

• Indiana facility, opening late 2026/early 2027, will add $350 million in revenue capacity.

Supply chain and farmer relationships

• Operates with over 425 small family farms in the Pasture Belt, focusing on mutual accountability and long-term partnerships.

• Provides construction bonuses to new farmers to offset higher building and financing costs, amortized over contract terms.

• Maintains strong farmer loyalty by supporting partners through market cycles, including paying farmers not to produce during oversupply.

• No difficulty attracting new farmers, with a reputation for honoring commitments and supporting rural lifestyles.

Business model and innovation

• Remains committed to a decentralized model, partnering with independent family farms rather than vertical integration.

• Accelerator farms serve as R&D hubs to test new technologies and best practices, not a shift toward vertical integration.

• Focuses on conscious capitalism, prioritizing long-term sustainability for all stakeholders.