Vital Farms : CAGNY LUNCH PRESENTATION 5.13.24

Vital Farms, Inc.

CAGNY LUNCH

May 13, 2024

Reporting Disclaimer

This presentation contains, in addition to historical information, certain forward-looking statements, as defined in Private Securities Litigation Reform Act of 1995, that are based on our current assumptions, expectations and projections about future performance and events and relate to, among other matters, our future financial performance, our business strategy, industry and market trends, future expectations concerning our market position, future operations and capital expenditures. Statements in this presentation that are forward-looking include, but are not limited to, statements related to the company's ability to acquire new customers and successfully retain existing customers, the Company's ability to effectively manage long-term growth, market opportunity, future expansion of our processing capacity, future growth of our farm network, future expansion of our customer and consumer base, anticipated growth, and future financial performance, including management's outlook for fiscal year 2024 and management's long-term outlook.

Forward-looking statements generally contain words such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "estimates," "anticipates," and similar expressions. These forward-looking statements are only predictions, not historical fact. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause actual results to differ materially from expectations include, among others: the demand for its products, and on overall economic conditions and consumer confidence and spending levels; expectations regarding its revenue, expenses and other operating results; Vital Farms' ability to acquire new customers, to successfully retain existing customers and to attract and retain its personnel, farmers, suppliers, distributors, and co-manufacturers; Vital Farms' ability to sustain or increase its profitability; Vital Farms' ability to procure sufficient high-quality eggs, cream for its butter and other raw materials; real or perceived quality or food safety issues with Vital Farms' products or other issues that adversely affect Vital Farms' brand and reputation; changes in the tastes and preferences of consumers; the financial condition of, and Vital Farms' relationships with, its farmers, suppliers, co-manufacturers, distributors, retailers, and foodservice customers, as well as the health of the foodservice industry generally; the impact of agricultural risks, including diseases such as avian influenza, or the perception that such outbreaks may occur or regulatory or market responses to such outbreaks generally; the ability of Vital Farms, its farmers, suppliers, and its co-manufacturers to comply with food safety, environmental or other laws or regulations; future investments in its business, anticipated capital expenditures and estimates regarding capital requirements; anticipated changes in Vital Farms' product offerings and Vital Farms' ability to innovate to offer successful new products or enter new product categories; the costs and success of marketing efforts; Vital Farms' ability to effectively manage its growth and to compete effectively with existing competitors and new market entrants; the impact of adverse economic conditions, including as a result of unfavorable global economic and political conditions, increased interest rates and inflation; the impact of increased interest rates; the impact of Vital Farms' implementation of a new enterprise resource planning system; the potential negative impact of Vital Farms' focus on a specific public benefit purpose and producing a positive effect for society on its financial performance; the sufficiency of Vital Farms' cash, cash equivalents, marketable securities and availability of credit under its credit facility to meet liquidity needs; seasonality; and the growth rates of the markets in which Vital Farms competes; and other risks and uncertainties detailed in Vital Farms' Quarterly Report on Form 10-Q, filed on May 9, 2024 and in subsequent filings made with the Securities and Exchange Commission. We are under no duty to update any of these forward-looking statements after the date of this presentation except as otherwise required by law.

This presentation also contains estimates and other statistical data obtained from independent parties and by us relating to market size and growth and other data about our industry, customers and consumers. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates and data. In addition, projections, assumptions and estimates of our future performance and the future performance of the geographic and other markets in which we operate are necessarily subject to a high degree of uncertainty and risk. Our historical results are not necessarily indicative of the results to be expected for any future periods and our operating results for the 13-week period ended March 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 29, 2024, or any other interim periods or any future year or period.

The trademarks included in this presentation are the property of the owners thereof and are used for reference purposes only.

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Non-GAAP Financial Measures

Adjusted EBITDA and Adjusted EBITDA Margin are financial measures that are not required by or presented in accordance with generally accepted accounting principles in the United States ("GAAP"). We believe that Adjusted EBITDA and Adjusted EBITDA Margin, when taken together with our financial results presented in accordance with GAAP, each provides meaningful supplemental information regarding our operating performance and facilitates internal comparisons of our historical operating performance on a more consistent basis by excluding certain items that may not be indicative of our business, results of operations or outlook. Adjusted EBITDA and Adjusted EBITDA Margin should not be considered as alternatives to net (loss) income, net (loss) income per share, or any other performance measures derived in accordance with GAAP as measures of operating performance, operating cash flows or liquidity. Our presentation of Adjusted EBITDA and Adjusted EBITDA Margin should not be construed to imply that our future results will be unaffected by these items. See the appendix to this presentation for a reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin to net income, the most directly comparable financial measure presented in accordance with GAAP.

"Adjusted EBITDA" is defined as net income, adjusted to exclude: (1) depreciation and amortization; (2) (benefit) or provision for income taxes as applicable; (3) stock-based compensation expense; (4) interest expense; (5) change in fair value of contingent consideration; (6) interest income; (7) the costs related to the dissolution of the Ovabrite, Inc. variable interest entity and (8) the costs related to our exit of the convenient breakfast product line. We believe the costs directly related to the dissolution of Ovabrite, Inc. and the convenient breakfast exit should be excluded as they are unlikely to recur. "Adjusted EBITDA Margin" is defined as Adjusted EBITDA divided by net revenue.

Adjusted EBITDA and Adjusted EBITDA Margin are presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Some of the limitations of Adjusted EBITDA and Adjusted EBITDA Margin include that (1) they do not properly reflect capital commitments to be paid in the future, (2) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA and Adjusted EBITDA Margin do not reflect these capital expenditures, (3) Adjusted EBITDA and Adjusted EBITDA Margin do not consider the impact of stock-based compensation expense, (4) Adjusted EBITDA and Adjusted EBITDA Margin do not include costs related to the discontinuation of our convenient breakfast product line or the dissolution of Ovabrite, Inc.; (5) Adjusted EBITDA and Adjusted EBITDA Margin do not reflect other non-operating expenses, including interest expense; (6) Adjusted EBITDA and Adjusted EBITDA Margin do not consider the impact of any contingent consideration liability valuation adjustments; and (7) Adjusted EBITDA and Adjusted EBITDA Margin do not reflect tax payments that may represent a reduction in cash available to us. In addition, our use of Adjusted EBITDA and Adjusted EBITDA Margin may not be comparable to similarly titled measures of other companies because they may not calculate Adjusted EBITDA and Adjusted EBITDA Margin in the same manner, limiting the usefulness as comparative measures. Because of these limitations, when evaluating our performance, you should consider Adjusted EBITDA and Adjusted EBITDA Margin alongside other financial measures, including our net income, cash provided by operating activities and other results stated in accordance with GAAP.

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Thilo Wrede

Chief Financial Officer

We are Vital Farms

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We have built a strong and growing business

A PREMIUM	TRUSTED BY	DEMANDED BY
BRAND	CONSUMERS	RETAILERS

10 Million	~24,000
Households	Retailers

A RESILIENT FARMER NETWORK	A WORLD-CLASS PROCESSING FACILITY
>300 Family Farms	Egg Central Station

6	Source: Numerator, 52-week period ending 31-Dec-2023; SPINS, 36-week period ended 18-June-2023, Vital Farms

We deliver quality at scale

FARM	COLD STORAGE	EGG CENTRAL STATION
Supply eggs	Store eggs	Wash and pack eggs

CUSTOMERS & DISTRIBUTORS	RETAILERS &	CONSUMERS
Store eggs, distribute to retailers &	RESTAURANTS
restaurants	Sell to consumers

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We have delivered our growth commitment ahead of schedule

Net Revenue (millions)

472

362

301

		233	261
199	214

394

2020	2021	2022	2023
			IPO Net Revenue Forecast		Net Revenue

8	Source: Vital Farms Company Filings, IPO forecasts from Investor Presentation June 17, 2020

Delivered strong profit despite macro noise

Adjusted EBITDA1 (millions)

48

39

	17	19	16
10	8	8

2020	2021	2022	2023
		IPO Adjusted EBITDA Forecast		Adjusted EBITDA

9 Source: Vital Farms Company Filings, IPO forecasts from Investor Presentation June 17, 2020

1 Adjusted EBITDA is a non-GAAP financial measure and is reconciled to net income, its closest comparable GAAP measure, in the appendix

With gross margin stability supported by the strength of the Vital Farms brand

10 Source: Vital Farms and Cal-Maine Company Filings