Slides
Page 1
Introduction to Central 1.13.2026
Page 2
Central and Our Central to Home Strategy Pet Business Garden Business Central Impact People and Culture Financial Overview Summary Agenda 22025 Introduction to Central
Page 3
Forward-Looking Statements This presentation includes “forward -looking statements.” Forward -looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, plans or intentions relat ing to acquisitions, our competitive strengths and weaknesses, our business strategy and the trends we anticipate in the industries in which we operate and other information that is not historical information. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward -looking statements contained in this presentation, which are described in t he Central’s filings with the SEC. Central undertakes no obligation to publicly update these forward -looking statements to reflect new information, subsequent events or otherwise, except as required by law. For a reconciliation of GAAP to non -GAAP financial measures, please see the Appendix in this presentation. 32025 Introduction to Central
Page 4
Central and Our Central to Home Strategy
Page 5
Key T akeaways Pet & garden are highly attractive, resilient growth industries Central is an industry leader with a strong foundation and significant untapped potential We are positioned to deliver meaningful long-term shareholder value 52025 Introduction to Central Our long-term strategy sets a bold ambition for the future
Page 6
6 Central Garden & Pet at a Glance Pet 58% Garden 42% FY25 Sales by Segment Sales & Logistics Manufacturing Headquarters Nationwide Presence Market leader in the pet and lawn & garden industries Leading portfolio of more than 60 high-quality brands Net sales of $3.1B in FY25, with more than 95% generated in the U.S. Acquired over 60 companies in the last 45 years Q4 FY25 Company Presentation NASDAQ: CENT NASDAQ: CENTA
Page 7
7 Pet is an Attractive Growing Industry 7 Large Market Broad Consumer Base Growing & Resilient Strong T ailwinds $158B Industry Low Single-digit Growth Over 90% Household Penetration1) Aligned with Consumer Trends 2025 Introduction to Central 1) Pet Supplies Household Penetration
Page 8
Pet Populations Growing Millennial/Gen Z homeownership expands pet adoption and sustains category growth Retail Evolution Accelerating hybrid shopping behavior: 79% buy pet products in-store, 70% buy online, and 39% use subscriptions Favorable Pet Industry Trends 82025 Introduction to Central 1) Packaged Facts Nov 2025 Invested in Health Longer pet lifespans increase lifetime spend; 76% of owners seek products that enhance pet comfort Premium Influence High-spending households drive premium trends with emphasis on product quality and lifestyle alignment Pets are Health Over 60% say pets support their mental health, reinforcing resilient spending under economic uncertainty
Page 9
51% 38% 24% 15% 51% 38% 24% 14% Any Pets Dogs Cats Other Pets 2023 2025 Large Pet Household Penetration Households Buying Pet Supplies (in millions) 92025 Introduction to Central Number of Pet Owning Households (in percent of all households) 103.2 104.2 105.3 106.2 108.6 108.6 Nov '20 Nov '21 Nov '22 Nov '23 Nov '24 Nov '25 Long-term growth is driven by durable consumer trends
Page 10
Garden is an Attractive Industry 10 Large Market Resilient Industry High Consumer Engagement Broad Consumer Base $33B Industry Low Single-digit Growth Over 86% Household Engagement1) Strong Retention & Loyalty 2025 Introduction to Central 1) Numerator through 12/30/2024
Page 11
Strong Garden Industry Trends 112025 Introduction to Central 1) Freedonia 2024 L&G Consumables 2) Freedonia Group, 2024 US Lawn Care Consumer Insights Urbanization Growth of suburban homes with larger outdoor spaces continues to outpace urban1) Sustainability 66% of Gardeners1) feel it is important to use environmentally friendly products Convenience Growth of ready-to-use products and smaller package sizes outperforms the lawn & garden space Demographics Gen Z and Millennials are driving category growth (Berries and indoor houseplants) eCommerce Emerging home and garden eCommerce is growing faster than the category
Page 12
Significant and Growing Lawn & Garden Household Participation 20242023 122025 Introduction to Central National Gardening Survey 2025 122M Estimated number of households engaged in gardening +6% new households entering the category in 2025 vs PY +3% Household penetration 81.0 84.0
Page 13
Central has a Strong Foundation for Sustainable Growth 132025 Introduction to Central Leading brand portfolio across key pet and garden segments Consistent financial performance Strong relationships with retailers built over 45 years Superior manufacturing and distribution network Proven track record of M&A Experienced leadership team supported by an entrepreneurial culture 1 6 2 5 3 4
Page 14
Dog & Cat Supplies Dog Treats & Chews Aquatics Supplies Small Animal Supplies Pet Bird Supplies Reptile Supplies Equine Supplies Professional Live Fish & Small Animals Dog & Cat Food * Cat Treats Cat Litter Services (Vet/ non-medical) Broad, Diversified Portfolio across Pet and Garden 142025 Introduction to Central * Cat food only # 2 Lawn & Garden Consumables # 2 Pet Supplies (ex- Dog & Cat Food, Cat Litter) Garden Pet Major Participant Meaningful Participant Minor Participant Controls Grass Seed Packet Seed Wild Bird Fertilizer Live Plants Growing Media & Mulch
Page 15
ProfessionalGardenPet 152025 Introduction to Central #1 Farm Insect Control #1 Municipal Mosquito Control Leading Brands across Attractive Segments #1 in Wild Bird #1 in Suet #2 in Small Animal #1 in Pet Bird #3 in Controls #2 in Aquatics #2 in Calming Products #3 in Dog Toys #5 in Reptile #2 in Fly Control #2 in Grass Seed #1 in Packet Seed
Page 16
Cash & Cash Equiv. $882MM +128MM Net Sales $3.1B (2)% Non-GAAP Operating Income1) $265MM +19% Non-GAAP EPS 1) $2.73 +$0.60 Fiscal 2025 Financial Results 162025 Introduction to Central
Page 17
Proven Track Record of M&A 172025 Introduction to Central Acquisitions over the past 35 years 60+
Page 18
Deep, Long-standing Retail Partnerships 182025 Introduction to Central • 45 years of strong partnership with top-tier retailers • Strong joint business planning • Private label producer for many retailers in key categories • Growing leadership in eCommerce
Page 19
Superior Manufacturing & Fulfillment Network 192025 Introduction to Central Strong fulfillment capabilities in pet and garden Low-cost producer across several categories Large national footprint with sales, manufacturing and logistics sites
Page 20
20 18 years 19 years 33 years 43 years 18 years 7 years 5 years 14 years 29 years 46 years 14 years 29 years 27 years 27 years 46 years 14 years 13 years 19 years Niko Lahanas CEO Brad Smith CFO Marilyn Leahy Interim Senior Vice President, Human Resources Glen Axelrod Senior Vice President, Dog & Cat Brands John Hanson President, Pet Consumer Products J.D. Walker President, Garden Consumer Products Chris Walter Senior Vice President & Chief Information Officer Dan Pennington Senior Vice President, Wild Bird, Chemicals & Fertilizers Experienced Leadership T eam Consumer Central Combination of Deep Central Experience and Relevant Consumer Industry Experience George Yuhas General Counsel & Secretary Footer / Transparent Graphic
Page 21
21 Thank Y ou T eam CENTRAL! 2025 Introduction to Central
Page 22
and our future is brightOur foundation is strong
Page 23
Our New Purpose & Mission 232025 Introduction to Central Our Purpose Lead the future of the garden and pet industries... one blade of grass and one wagging tail at a time Nurture happy and healthy homes Our Mission
Page 24
Our Identity 242025 Introduction to Central Home is central to life, we are central to home
Page 25
Our Long-T erm Strategy CONSUMER CUSTOMER COST CULTURE Build and grow brands Consumers love Win with winning Customers and Channels Reduce Cost to improve margins and fuel growth Balance our entrepreneurial, BU-led, growth Culture CENTRAL Fortify the Central Portfolio 252025 Introduction to Central
Page 26
26 CONSUMER Deeply understand our consumer's needs and expectations Develop winning brands, products and platforms Invest in demand creation to accelerate organic growth Build & grow brands Consumers love 2025 Introduction to Central
Page 27
Innovating for Growth 272025 Introduction to Central • EPA approved long-lasting and highly effective fly control for horses • Initial customer feedback has been highly positive • Pure plant-based, biodegradable, non-toxic • Powerful 30% vinegar cleaner for tough messes – much stronger than household cleaner • Initial launch exceeded expectations, achieving targets 50% faster than planned CONSUMER • Shipping as of early February
Page 28
282025 Introduction to Central CONSUMER Investing in Digital Marketing “Monster Bug” campaign Results • Generated 26M+ impressions • Achieved 60,000+ landing page visits • Increased product adoption “Red Rocks” campaign Results • Brand recognition increased from 8% to 15% • T otaling over 800K impressions to date • Increased average cushion sales by 1900%
Page 29
CUSTOMER 29 Win with winning Customers & Channels Build a leading eCommerce platform Strengthen relationships with winning customers Quickly adapt and respond to channel shifts 2025 Introduction to Central
Page 30
Build a Leading eCommerce Platform 302025 Introduction to Central *organic (excluding Garden IGC distribution, including 53rd week in FY23) eCommerce Flywheel Content Activation Assortment Availability Search CUSTOMER +2% 2025 eCommerce Net Sales growth ~27% of Pet business HSD% of Garden business in fiscal 2025 ~18% of total business in fiscal 2025 Developing Winning Capabilities T op10 Customers for Central
Page 31
CENTRAL 31 Fortify the Central Portfolio Pennington - Habitat for Humanity Invest in core and adjacent categories where we have a right to win Exit underperforming and non- core businesses Ensure a responsible and sustainable future Accelerate the transition to a fully digital organization 2025 Introduction to Central
Page 32
322025 Introduction to Central CENTRAL M&A Remains a Growth Driver Our M&A Priorities Build scale in core categories Enter priority adjacencies Enhance key capabilities Pursue portfolio optimization Preferred acquirer in our industries • Track record of M&A success • Focused on maintaining entrepreneurial led culture • Immediate distribution and supply chain scale benefits • Merchandising, category management leadership • Stellar balance sheet and access to capital 1 2 3 4 Seeking growth and margin accretive, brand-focused companies with talented management teams
Page 33
332025 Introduction to Central Strengthening the Portfolio with Focus on Sustainability Cultivating our Communities Protecting our Planet Empowering our Employees CENTRAL
Page 34
COST 34 Reduce Costs to improve margins & fuel growth Simplify operations through continuous improvement and net productivity Capture scale and collaboration benefits across BUs Improve cash conversion cycle 2025 Introduction to Central
Page 35
Focus on Cost & Cash While Fueling Long-T erm Growth 352025 Introduction to Central COST Control Cost Simplify Operations Leverage Scale Enhance Efficiency
Page 36
CULTURE 36 Balance our entrepreneurial, BU-led, growth Culture Recruit, recognize, and retain high-performing individuals Build a diverse, collaborative, data-driven, knowledge-based learning organization Make Central a great place to work where employees can thrive, continually develop, and have fun 2025 Introduction to Central
Page 37
Maintain our Winning Growth Culture 372025 Introduction to Central Nurture our Entrepreneurial Spirit Leverage our Collective Expertise to Win Invest in Growth Capabilities Promote an Agile and Flexible Approach Increase External Focus and Consumer Orientation Live our Values to Support our Growth Ambition 1 2 3 4 5 6 CULTURE
Page 38
Committed to Driving Results 382025 Introduction to Central Deliver Strong Financial Performance Build a Portfolio of Market Leading Brands Be the Destination for T op T alent
Page 39
Pet Business 2025 Introduction to Central
Page 40
Pet is a Dynamic Growth Industry 402025 Introduction to Central Pet Industry Revenue Central participates in ~$40B of $158B Pet industry Strong growth dynamics Fragmented competitive set across categories Broad distribution across retail channels Growing eCommerce channel $53B Services (Vet & Non-Medical) $55B Dog & Cat Food $25B Pet Supplies $13B Dog & Cat Treats $5B Cat Litter $1B Live Pets & Fish
Page 41
Net sales of $1.8B in FY 2025 Consumer & professional businesses with leading brands ~76% Branded & Private Label ~24% Distribution Central is a Leader in the Pet Segment Solid 2025 performance in a dynamic operating environment 412025 Introduction to Central Non-GAAP Operating Margin eCommerce of Pet Sales 12.5% 27%
Page 42
Categories Leading brands Dog & Cat Aquatics Small Animal Bird Reptile Equine Live Pets (ex-Dog & Cat) Professional Leading Portfolio of Brands and Private Label 422025 Introduction to Central Our Leadership Positions Dog Chew Toys #3 Calming Products #2 #2 #2 Pet Bird #1 Suet #1 #5 Fly Controls #2 #1 Farm Insect Control #1 Municipal Mosquito Control #1 Aquatics Small Animal Reptile Live Pet (ex Dog & Cat) #2 in Dog Pads #4
Page 43
Innovation Expands our Industry Leadership Botanicals Flea & Tick Spray 432025 Introduction to Central “Best Flea & Tick Solution: 2025” by LUXlife Magazine “Flea & Tick Product of the Year” 2025 Pet Innovation Award 2025 AmeriStar Award for the sustainable design of the Power Chew packaging CONSUMER Power Chew Pack
Page 44
Investing in Demand Creation 442025 Introduction to Central *Time Jun-Sep 2025, L4weeks in Nielsen through 11/29/2025 CONSUMER Digital, social media, including Video Category share growth* Driving brand awareness, click- through rate and conversion “All About the Little Things” Marketing Campaign +160 bpts
Page 45
452025 Introduction to Central Positioned to Win Every Channel • Leading category insights and solutions to drive industry growth • Strong relationships across customers and channels • Growing strength in eCommerce • T enured Pet industry sales leadership CUSTOMER
Page 46
Solid 2025 Results* Winning in eCommerce Gaining Share in many categories 462025 Introduction to Central *organic (including TDBBS, including 53rd week in FY23) ~27% of Pet Sales CUSTOMER
Page 47
Competitive Advantages • Insight into leading consumer trends • Channel leadership in Pet Specialty • Strengthened category management with top customers • Access to emerging brands for M&A Pet Distribution Generates Competitive Advantage 472025 Introduction to Central ~18% Who We Serve Largest Assortment of supplies in Pet distribution with over 30,000 SKUs of Pet revenue 5,600+ Vet clinics 10,000+ Retailer locations ~80% Third-Party Brands ~20% Our Portfolio CUSTOMER
Page 48
• $1.4B U.S. insect controls market incl. flea, fly, tick, ant, mosquito, roach,grain pests and bed bugs • S-Methoprene is the “core” of insect growth regulators (IGR’s) • Central acquired S-Methoprene as part of the 1997 Wellmark acquisition • Low-cost producer of S-Methoprene worldwide • Central owns • S-Methoprene drug master file • Numerous product registrations • Patents • Manufacturing synthesis process Professional Business 48 S-Methoprene Hydroprene FluvalinateAcetamiprid Diflubenzuron Etofenprox Kinoprene Insect Growth Regulator Synthesis
Page 49
Professional Business - Verticals $320MM $75MM$35MM$210MM$80MM Customers Consumers Market Size Pest Control Farm & Ranch Livestock Prof. Agriculture Mosquito Control • Pest control distribution • eCommerce • Pest control distribution • Agri-/horticulture distribution • Livestock feed manufacturers • Agri-/horticulture distribution • Retailers e.g. TSCO • eCommerce • Licensed applicators treating hotels, restaurants, office spaces, cruise lines • Municipalities• Agriculture growers, mills, elevators, ocean vessels • Farms, ranches• Farms, ranches 49
Page 50
• Delivering value-added solutions while building scale with key customers • 450+ EPA registrations, 200+ state registrations, and1,000+ sub-registrations from key partners Professional Business - Capabilities Formulation T esting Regulatory Manufacturing Marketing Flea, Fly, Tick, Ant, Mosquito, Roach, Grain pests, Bed bugs 50
Page 51
Professional Business - Manufacturing Capabilities Methoprene synthesis Flea and tick collar injection molding Dry product mixing and blending Thermoform and fill Liquid formulation and filling Diverse analytical capability Manufacturing facilities in Dallas, TX and Council Bluffs, IA 51
Page 52
Our Professional Business Powers Pet and Garden Products Kaffeeklatsc h am Sonntag im Salesforce Park Health & WellnessEquine Professional Controls Kaffeeklatsc h am Sonntag im Salesforce Park 52
Page 53
Generating Savings to Fuel Growth 532025 Introduction to Central COST Rightsizing Footprint Scaling Strong Businesses • Consolidated locations Optimizing Portfolio • SKU rationalization • Exit of low margin UK business Controlling Costs • T urned inventory into cash • Acquired Champion USA (Dec. 2025)
Page 54
Pet Business Key T akeaways: 542025 Introduction to Central Pet is a dynamic industry with strong consumer tailwinds We are executing effectively in a dynamic operating environment Central is a strong leader in the pet industry with untapped growth potential We have a bold, consumer-centric growth strategy supported by clear execution
Page 55
Garden Business 2025 Introduction to Central
Page 56
562025 Introduction to Central Garden is an Attractive Industry Lawn & Garden Consumables Industry Revenue Central participates in ~$32B of $33B Lawn & Garden Consumables Industry Seasonal business Dominated by home centers and mass merchandisers Central one of the few scaled players in a fragmented industry Underpenetrated in eCommerce, but accelerating Live Plants $18B Growing Media/Soil $1B Wild Bird $3B Fertilizers & Controls $4B Grass & Other Seed $2B Mulch $1B
Page 57
Net sales of $1.3B in FY 2025 >70% Sales from T op 3 customers ~82% Brands & Private Label ~18% Distribution Central is a Leader in the Garden Segment Solid 2025 performance in a dynamic operating environment 572025 Introduction to Central 11.1% Strong Non-GAAP Operating Margin eCommerce POS growth
Page 58
Categories Position Leading brands Wild Bird Packet Seed Grass Seed Controls Live Plants Leading Portfolio of Brands and Private Label 582025 Introduction to Central #1 #1 #3 #3 Our Leadership Positions #2 Number 3 Grower of Live Plants
Page 59
edffeererk Garden Distribution Advantage 59 ~18% Exclusive Distributor of Lawn & Garden Supplies to the T op 3 Retailers of Garden revenue Competitive Advantages • Valued partner for largest three retailers and select national accounts • Strengthened customer partnerships, category management • Insight into leading consumer trends • Access to emerging brands for M&A 5 Full-line DCs providing national footprint and coverage 2025 Introduction to Central
Page 60
602025 Introduction to Central Building Brands Consumers Love Wild BirdGrass Seed +47%+38% CONSUMER Sales at Top 3 2025 vs. 2020 Sales at Top 3 2025 vs. 2020 Fertilizer +147% Sales at Top 3 2025 vs. 2020
Page 61
Building and Growing Winning Innovation 61 Brand Building HSD POS $ growth in the category in a year where category contracted Brand Redesign CONSUMER 2025 Introduction to Central *excluding Wild Bird, 1H FY24 ** 1H FY24 Expanded into mulch glue category with all new mulch glue
Page 62
622025 Introduction to Central 1) Fiscal 2025 vs 2020 2) does not include Omni CUSTOMER Positioned to Win Every Channel Strengthening our Positions in Emerging Channels Growth in eCommerce +192% Growth in Farm & Ranch Growth in Hardware Winning at the Big 3 • Outstanding customer relationships • T enured Sales team with deep Lawn & Garden expertise • Leveraging our unique portfolio and consumer insights to tailor category solutions • Best in class retail activation and execution with >1,000 merchandisers in store in peak season +67% +28% Strengthening our Positions in Emerging Channels1) Growth in eCommerce vs. 20202) +75% Growth in Mass & General Merch. vs. 2020 Growth in Farm & Ranch vs. 2020 Winning at the Big 3 • Outstanding customer relationships • T enured sales team with deep Lawn & Garden expertise • Leveraging our unique portfolio and consumer insights to tailor category solutions • Best in class retail activation and execution with ~1,400 merchandisers in store in peak season +12%+54%
Page 63
Generating Savings to Fuel Growth 632025 Introduction to Central Rightsizing Footprint Streamlining Operations • Consolidated fulfilment centers and external storage into new DC in Salt Lake City • Consolidated and closed several live plants facilities COST Optimizing Portfolio • SKU rationalization • Exit of underperforming pottery business Controlling Costs • T urned inventory into cash
Page 64
642025 Introduction to Central Garden is a resilient industry with a broad base of loyal consumers Central is a strong leader in the garden industry with untapped growth potential We are executing well in a challenging environment We have a bold, consumer-centric growth strategy and a clear path forward Garden Business Key T akeaways:
Page 65
65 Central Impact
Page 66
Grounded in our purpose to nurture happy and healthy homes Integrated within our growth strategy Critical to our mission to lead the future of the garden and pet industries Important to our long-term profitability 2025 Introduction to Central 66 Sustainability is Integral to Our Long-T erm Strategy
Page 67
67 Our Central Impact Strategy has three priorities and 10 focus areas Protecting our Planet Energy & Greenhouse Gases Water Waste Biodiversity Cultivating our Communities Philanthropy Employee Volunteering Product Stewardship Empowering our Employees Health & Safety Inclusion & Belonging Learning & Development 2025 Introduction to Central
Page 68
2023 Highlights Protecting our Planet 68682025 Introduction to Central Our Goals Protect our Planet by Embedding Sustainability in our Processes and Products Our Focus Areas • Energy & Greenhouse Gases • Water • Waste • Biodiversity 2025 Introduction to Central 33 million pounds of recycled materials in our Kaytee small animal bedding 19 metric tons of GHG saved compressing Wee-Wee training pads during transport 100 million gallons of water use avoided using drip irrigation 12 million pounds of waste diverted from the landfill to be sold and repurposed from our bird feed
Page 69
69692025 Introduction to Central2025 Introduction to Central Our Goal Cultivate our Communities by Giving Back and Providing Better Products Our Focus Areas • Philanthropy • Employee Volunteering • Product Stewardship 2023 Highlights $1.5MM in monetary and product donations Community Health
Page 70
2023 Highlights Empower our Employees 70702025 Introduction to Central Our Goal Empower our Employees by Providing a Safe and Inclusive Workplace Our Focus Areas • Health & Safety • Inclusion & Belonging • Learning & Development 10 Percent reduction in safety incidents on average over the last four years 2025 Introduction to Central 400 educational courses taken by our employees
Page 71
71 People & Culture
Page 72
Our People 722025 Introduction to Central 722025 Introduction to Central 6,000 employees primarily in North America Domestic offices, manufacturing plants and fulfillment centers Additional locations in Mexico, Canada, the U.K. and China 6+ years Average tenure of Hourly FTEs 11+ years Average tenure of Salaried FTEs Passionate Engaged Employee Base Broad Domestic Footprint Deep Experience & Expertise
Page 73
732025 Introduction to Central 73 Develop, recruit& retain top talent Build winning capabilities Embrace inclusion & belonging Building Central as a Great Place to Work 73
Page 74
Develop, Recruit & Retain T op T alent 742025 Introduction to Central Strong succession & talent management planning with focus on critical roles Extended leadership community Targeted external hires to complement internal talent Robust development & career planning
Page 75
External Hires to Complement Internal T alent 40+ Internal promotions to director and above roles in the past year 5+ External hires in director and above roles in the past year 752025 Introduction to Central - Finance - Supply Chain - Sales & Marketing - Human Resources - In several business units - Finance - Marketing - Supply Chain
Page 76
Building Winning Capabilities 762025 Introduction to Central Consumer Insights Brand Building Innovation Marketing Omni-Channel Expansion Supply Chain Fulfillment Direct to Consumer eCommerce Data & Analytics Business performance Marketing, Sales & eCommerce Supply chain
Page 77
77772025 Introduction to Central2025 Introduction to Central * defined as Manager and above Mentorship • Mentorship Program and education subsidies to build a strong pipeline of future leaders Leadership Development • Inclusive Leadership embedded in our leadership development programs Recruiting • Recruiters/hiring managers apply inclusion outreach tools and track usage of system Employee Education • Learning Central includes rich content and can be accessed by all employees Embracing Inclusion & Belonging 35% Of leadership positions* held by women
Page 78
78 Financial Overview
Page 79
792025 Introduction to Central EPS (in $) Operating Income (in $ millions) Gross Margin (as a percentage of Net Sales) Net Sales (in $ millions) Solid FY25 Performance - GAAP (2)% +240bps +35% +$0.93 2
Page 80
802025 Introduction to Central Non-GAAP Operating Income (in $ millions) Non-GAAP Gross Margin (as a percentage of Net Sales) Net Sales (in $ millions) Solid FY25 Performance - Non-GAAP (2)% +210bps +19% +$0.60 Non-GAAP EPS (in $)
Page 81
Our Metrics Accelerated Over The Last Five Years 812025 Introduction to Central (1) See non-GAAP reconciliations in the Appendix. Non-GAAP Operating Income & Margin(1) (in $ millions) Net Sales (in $ millions) 3,304 3,339 3,310 3,200 3,129 FY21 FY22 FY23 FY24 FY25 Adj. EBITDA & Margin(1) (in $ millions) 971 992 957 960 1,004 29.4% 29.7% 28.9% 30.0% 32.1% FY21 FY22 FY23 FY24 FY25 Non-GAAP Gross Profit & Margin(1) (in $ millions) 254 260 227 223 265 7.7% 7.8% 6.9% 7.0% 8.5% FY21 FY22 FY23 FY24 FY25 352 367 343 334 371 10.7% 11.0% 9.4% 10.4% 11.9% FY21 FY22 FY23 FY24 FY25
Page 82
Cash Flow from Operations (in $ millions) Cash & Cash Equivalents (in $ millions) 822025 Introduction to Central Strong Financial Metrics 251 -34 382 395 333 FY21 FY22 FY23 FY24 FY25 426 177 489 754 882 FY21 FY22 FY23 FY24 FY25
Page 83
832025 Introduction to Central NOTE: Total Leverage calculated as total debt excluding leases divided by EBITDA. See non-GAAP reconciliation of EBITDA in the Appendix. Financial Resilience Gross Leverage 3.0x 2.9x 3.1x 3.1x 2.8x FY21 FY22 FY23 FY 24 FY 25 • Strong and resilient balance sheet • Refinanced debt at lower rates • Future leverage target of 3-3.5x, willing to go higher for the right target, then quickly de-lever • Reach investment grade rating
Page 84
84 2025 Introduction to Central Simplify our business, focus our portfolio and supply chain Improve our efficiency across everything we do Execute in market with excellence Take a disciplined and phased approach, avoid a “big bang” Procurement Manufacturing Logistics Portfolio Administration Multi-year Journey to Reduce Cost and Simplify our Business PRINCIPLES FOCUS AREAS Greater focus on higher margin consumer product Pet and Garden businesses Lower administrative costs through scale leverage and efficiency Lower COGS through lower logistics costs, better procurement Significantly reduced complexity: fewer SKUs, fewer plants, fewer distribution centers OUTCOMES 84
Page 85
852025 Introduction to Central Capital Allocation Priorities T argeted M&A Invest for Growth Share repurchases Debt Repayment • Build scale, fill white spaces and enter priority adjacencies • Enhance key capabilities and pursue portfolio optimization • Expand capacity and increase automation • Selectively invest in brand building, ecommerce, digital marketing, consumer insights • Opportunistic and programmatic share repurchases • Maintain flexibility for opportunistic M&A • Reach investment grade rating
Page 86
Organic Net Sales LSD Long-T erm Algorithm for Profitable Growth 86 Drivers: Operating leverage and cost excellence Drivers: Leverage improvement Drivers: Strengthened capabilities and increased investment in marketing and sales Operating Income MSD Earnings per Share MSD-HSD Outlook: Outlook:Outlook: Grow at or above category average Grow faster than Net Sales Grow faster than Operating Income 2025 Introduction to Central
Page 87
CENT CENTA CENTB Class Common Stock Class A Common Stock Class B Common Stock Exchange Listing NASDAQ NASDAQ Not listed Voting Rights 1 vote per share No voting rights 10 votes per share Economic Interest Identical Identical Identical Dividends Same per share Same per share Same per share Liquidation Rights Same Same Same Public Float Yes Yes No Typical Liquidity Lower Higher Not applicable Primary Holders Long-term institutions, generalist investors Liquidity-focused investors Founders / insiders • All three share classes represent the same economic ownership in Central Garden & Pet • Differences relate only to voting rights and liquidity, not financial returns • CENTB shares are not publicly traded and are primarily held by founders and insiders Share Class Structure: CENT , CENTA, and CENTB 2025 Introduction to Central Share class details are provided for informational purposes only. Economic rights are identical across all classes. 87
Page 88
Key T akeaways: Financial Overview 882025 Introduction to Central Robust financial performance Opportunities to expand margins and fuel growth Fortress balance sheet and strong cash generation Proven track record of M&A Long-term strategy designed to drive shareholder returns
Page 89
Summary
Page 90
Long-term Strategy 902025 Introduction to Central Build and grow brands Consumers love Win with winning Customers & Channels Fortify the Central portfolio Reduce Cost to improve margins & fuel growth Strengthen our entrepreneurial, business unit led, growth Culture Nurture happy and healthy homes OUR PURPOSE OUR MISSION Lead the future of the garden and pet industries… one blade of grass and one wagging tail at a time CONSUMER COST CUSTOMER CULTURE CENTRAL OUR STRATEGIES
Page 91
Recap: Key T akeaways 912025 Introduction to Central Pet & garden are highly attractive, resilient growth industries Central is an industry leader with a strong foundation and significant untapped potential We are positioned to deliver meaningful long-term shareholder value Our long-term strategy sets a bold ambition for the future
Page 92
Please reach out to us with any comments or questions: IR@Central .com (925) 948 -4657
Page 93
Appendix
Page 94
94 We report our financial results in accordance with GAAP. However, to supplement the financial results prepared in accordance with GAAP, we use non-GAAP financial measures including non-GAAP net income and diluted net income per share, non-GAAP operating income, non-GAAP gross profit and gross margin, non-GAAP selling, general and administrative expense and adjusted EBITDA. Management uses these non-GAAP financial measures that exclude the impact of specific items (described below) in making financial, operating and planning decisions and in evaluating our performance. Management believes that these non-GAAP financial measures may be useful to investors in their assessment of our ongoing operating performance and provide additional meaningful comparisons between current results and results in prior operating periods. While management believes that non-GAAP measures are useful supplemental information, such adjusted results are not intended to replace our GAAP financial results and should be read in conjunction with those GAAP results. Adjusted EBITDA is defined by us as income before income tax, net other expense, net interest expense, depreciation and amortization and stock-based compensation expense (or operating income plus depreciation and amortization expense and stock-based compensation expense). Adjusted EBITDA further excludes one-time charges related to facility closures, exits of businesses, intangible and investment impairments and gains from litigation. We present adjusted EBITDA because we believe that adjusted EBITDA is a useful supplemental measure in evaluating the cash flows and performance of our business and provides greater transparency into our results of operations. Adjusted EBITDA is used by our management to perform such evaluations. Adjusted EBITDA should not be considered in isolation or as a substitute for cash flow from operations, income from operations or other income statement measures prepared in accordance with GAAP. We believe that adjusted EBITDA is frequently used by investors, securities analysts and other interested parties in their evaluation of companies, many of which present adjusted EBITDA when reporting their results. Other companies may calculate adjusted EBITDA differently and it may not be comparable. The reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are shown in the tables below. Non-GAAP financial measures reflect adjustments based on the following items: • Facility closures and business exit: we have excluded charges related to the closure of distribution and manufacturing facilities and our decision to exit the pottery business as they represent infrequent transactions that impact the comparability between operating periods. We believe these exclusions supplement the GAAP information with a measure that may be useful to investors in assessing the sustainability of our operating performance. • Asset impairment charges: we exclude the impact of asset impairments on intangible assets and investments as such non-cash amounts are inconsistent in amount and frequency. We believe that the adjustment of these charges supplements the GAAP information with a measure that can be used to assess the performance of our ongoing operations. • Gain from litigation settlement: we exclude the gain from a litigation settlement as it is a one-time occurrence. We believe that the exclusion of this gain supplements the GAAP information with a measure that can be used to assess the performance of our ongoing operations. • Tax impact: adjustment represents the impact of the tax effect of the pre-tax non-GAAP adjustments excluded from non-GAAP net income. The tax impact of the non-GAAP adjustments is calculated based on the consolidated effective tax rate on a GAAP basis, applied to the non-GAAP adjustments. 2025 Introduction to Central Use of Non-GAAP Financial Measure
Page 95
95 From time to time in the future, there may be other items that we may exclude if we believe that doing so is consistent with the goal of providing useful information to investors and management. We have not provided a reconciliation of non-GAAP measures to the corresponding GAAP measures on a forward-looking basis as we cannot do so without unreasonable efforts due to the potential variability and limited visibility of excluded items; these excluded items may include facility closures and exit costs, impairment charges and restructuring costs, among others. The non-GAAP adjustments made reflect the following: Facility closures and business exits 1. During fiscal 2025, we recognized incremental expense of $5.0 million in our Garden segment in the consolidated statement of operations related to closing a distribution facility in Ontario, California and executing the consolidation of our Western distribution network. Additionally, the charge includes costs related to the closure of a live goods facility. 2. During fiscal 2025, we recognized incremental expense of $10.0 million in our Pet segment in the consolidated statement of operations related to our decision to wind-down our operations in the U.K. and the related facility as we move to a direct-export model. 3. During fiscal 2024, we recognized incremental expense of $20.3 million in our Garden segment in the consolidated statement of operations, from the closure of a manufacturing facility in California, the consolidation of our Southeast distribution network, the decision to exit the pottery business, the closure of a live goods distribution facility in Delaware, the relocation of our grass seed research facility related, and facility closures announced in fiscal 2023 4. During fiscal 2024, we recognized incremental expense of $7.5 million in our Pet segment in the consolidated statement of operations, from the closure of manufacturing facilities in California and Arizona. Intangible Impairments 5. During fiscal 2024, we recognized a non-cash impairment charge in our Pet segment of $12.8 million related to the impairment of intangible assets due primarily to changing market conditions resulting from the decline in demand for durable products and increased international competition. Gain from litigation and investment impairment 6. In fiscal 2024, within corporate, we received $3.2 million in settlement of litigation, the gain of which is included in selling, general and administrative expense. Additionally, we recognized a $7.5 million non-cash impairment charge for two related private company investments that is included within Other income (expense) in the consolidated statement of operations. 2025 Introduction to Central Use of Non-GAAP Financial Measure
Page 96
96 GAAP to Non-GAAP Reconciliation for the Fiscal Year Ended (in thousands, except for per share amounts) 2025 Introduction to Central Net Income & Diluted Net Income Per Share Reconciliation September 27, 2025 September 28, 2024 GAAP net income attributable to Central Garden & Pet Company $ 162,843 $ 107,983 Facility closures & business exits (1)(2)(3)(4) 15,005 27,842 Intangible impairments (5) — 12,790 Litigation settlement (6) — (3,200) Investment impairment (6) — 7,461 Tax effect of adjustments (3,654) (10,437) Non-GAAP net income attributable to Central Garden & Pet Company 174,194 142,439 GAAP diluted net income per share $ 2.55 $ 1.62 Non-GAAP diluted net income per share $ 2.73 $ 2.13 Shares used in GAAP and non-GAAP diluted net income per share calculation 63,815 66,860
Page 97
972025 Introduction to Central GAAP to Non-GAAP Reconciliation for the Fiscal Quarter Ended (in thousands) Operating Income Reconciliation September 27, 2025 GAAP Adjustments(1)(2) Non-GAAP Net sales $ 678,178 $ — $ 678,178 Cost of goods sold and occupancy 481,634 921 480,713 Gross profit 196,544 (921) 197,465 Selling, general and administrative expenses 202,944 4,830 198,114 Loss from operations $ (6,400) $ (5,751) $ (649) Gross margin 29.0% 29.1% Operating margin (0.9)% (0.1)% Pet Segment Operating Income Reconciliation September 27, 2025 September 28, 2024 GAAP operating income $ 27,618 $ 14,310 Facility closures (2)(4) 3,008 7,549 Intangible impairments (5) — 12,790 Non-GAAP operating income $ 30,626 $ 34,649 GAAP operating margin 6.4% 3.3% Non-GAAP operating margin 7.2% 8.0% Garden Segment Operating Income Reconciliation September 27, 2025 September 28, 2024 GAAP operating loss $ (1,741) $ (28,806) Facility closures (1)(3) 2,743 3,908 Non-GAAP operating income (loss) $ 1,002 $ (24,898) GAAP operating margin (0.7)% (12.3)% Non-GAAP operating margin 0.4% (10.6)%
Page 98
982025 Introduction to Central GAAP to Non-GAAP Reconciliation for the Fiscal Year Ended (in thousands) Operating Income Reconciliation September 27, 2025 GAAP Adjustments(1)(2) Non-GAAP Net sales $ 3,129,064 $ — $ 3,129,064 Cost of goods sold and occupancy 2,131,728 5,582 2,126,146 Gross profit 997,336 (5,582) 1,002,918 Selling, general and administrative expenses 747,294 9,423 737,871 Income from operations $ 250,042 $ (15,005) $ 265,047 Gross margin 31.9 % 32.1 % Operating margin 8.0 % 8.5 % Pet Segment Operating Income Reconciliation September 27, 2025 September 28, 2024 GAAP operating income $ 215,688 $ 203,425 Facility closures (2)(4) 10,018 7,549 Intangible impairments (5) — 12,790 Non-GAAP operating income $ 225,706 $ 223,764 GAAP operating margin 12.0 % 11.1% Non-GAAP operating margin 12.5 % 12.2% Garden Segment Operating Income Reconciliation September 27, 2025 September 28, 2024 GAAP operating income $ 142,402 $ 81,893 Facility closures (1)(3) 4,987 20,293 Non-GAAP operating income $ 147,389 $ 102,186 GAAP operating margin 10.7 % 6.0% Non-GAAP operating margin 11.1 % 7.5%
Page 99
992025 Introduction to Central GAAP to Non-GAAP Reconciliation for the Fiscal Year Ended (in thousands) Adjusted EBITDA Reconciliation September 27, 2025 September 28, 2024 Net income attributable to Central Garden & Pet Company $ 162,843 $ 107,983 Interest expense, net 32,812 37,872 Other expense 480 5,090 Income tax expense 52,787 33,112 Net income attributable to noncontrolling interest 1,120 1,330 Income from operations 250,042 185,387 Depreciation & amortization 84,894 90,807 Noncash stock-based compensation 21,060 20,583 Non-GAAP adjustments (1)(2) 15,005 (3)(4)(5)(6) 37,432 Adjusted EBITDA $ 371,001 $ 334,209