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Grocery Outlet Business Overview November 2025
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Disclaimer Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation other than statements of historical fact, including statements regarding the Company’s future operating results and financial position, the Company’s business strategy and plans, , the opening of new stores and new store growth, the acquisition integration of United Grocery Outlet, business and market trends, macroeconomic and geopolitical conditions, our private label program, and the sufficiency of the Company’s cash balances, working capital and cash generated from operating, investing, and financing activities for the Company’s future liquidity and capital resource needs may constitute forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "outlook," "plan," "project," "seek," "will," and similar expressions, are intended to identify such forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those expressed or implied by any forward-looking statements, including the following: failure to maintain or increase comparable store sales; any significant disruption to our distribution network, the operations, technology and capacity of our distribution centers and our timely receipt of inventory; risks associated with newly opened stores; risks associated with our growth strategy, including opening, relocating or remodeling stores on schedule and on budget, as well as the revised near-term new store growth strategy as reflected in the Restructuring Plan; financial and operating impacts associated with our Restructuring Plan; inflation and other changes affecting the market prices of the products we sell; failure to maintain our reputation and the value of our brand, including protecting our intellectual property; failure to remediate our material weakness in our internal control over financial reporting; inability to maintain sufficient levels of cash flow from our operations to fund our growth strategy; risks associated with leasing substantial amounts of space; inability to attract, train and retain highly qualified employees or the loss of executive officers or other key personnel; costs and successful implementation of marketing, advertising and promotions; natural or man-made disasters, climate change, power outages, major health epidemics, pandemic outbreaks, terrorist acts, global political events or other serious catastrophic events and the concentration of our business operations; unexpected costs and negative effects if we incur losses not covered by our insurance program; difficulties associated with labor relations and shortages; failure to participate effectively in the growing online retail marketplace; failure to properly integrate or achieve the expected benefits of any acquired businesses; risks associated with economic conditions; competition in the retail food industry; movement of consumer trends toward private labels and away from name-brand products; risks associated with deploying the Company's own private label brands; inability to attract and retain qualified independent operators of the Company ("IOs"); failure of the IOs to successfully manage their business; failure of the IOs to repay notes outstanding to the Company; inability of the IOs to avoid excess inventory shrink; any loss or changeover of an IO; legal proceedings initiated against the IOs; legal challenges to the IO/independent contractor business model; failure to maintain positive relationships with the IOs; risks associated with actions the IOs could take that could harm the Company's business; material disruption to information technology systems, including risks associated from our technology initiatives or third-party security breaches or other disruptions; risks associated with products the Company and its IOs sell; risks associated with laws and regulations generally applicable to retailers; legal or regulatory proceedings; the Company's substantial indebtedness could affect its ability to operate its business, react to changes in the economy or industry or pay debts and meet obligations; restrictive covenants in the Company's debt agreements may restrict its ability to pursue its business strategies, and failure to comply with any of these restrictions could result in acceleration of the Company's debt; risks associated with tax matters; changes in accounting standards and subjective assumptions, estimates and judgments by management related to complex accounting matters; and the other factors discussed under "Risk Factors" in the Company's most recent annual report on Form 10-K and in other subsequent reports the Company files with the United States Securities and Exchange Commission (the "SEC"). The Company's periodic filings are accessible on the SEC's website at www.sec.gov. Moreover, the Company operates in a very competitive and rapidly changing environment, and new risks emerge from time to time. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, and the Company’s expectations based on third-party information and projections are from sources that management believes to be reputable, the Company cannot guarantee that future results, levels of activity, performance or achievements. These forward-looking statements are made as of the date of this presentation or as of the date specified herein and the Company has based these forward-looking statements on current expectations and projections about future events and trends. Except as required by law, the Company does not undertake any duty to update any of these forward-looking statements after the date of this presentation or to conform these statements to actual results or revised expectations. . Industry Information Market data and industry information used throughout this presentation are based on management's knowledge of the industry and the good faith estimates of management. The Company also relied, to the extent available, upon management's review of independent industry surveys and publications and other publicly available information prepared by a number of third-party sources. All of the market data and industry information used in this presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Although the Company believes that these sources are reliable, it cannot guarantee the accuracy or completeness of this information, and the Company has not independently verified this information. While the Company believes the estimated market position, market opportunity and market size information included in this presentation are generally reliable, such information, which is derived in part from management's estimates and beliefs, is inherently uncertain and imprecise. Projections, assumptions and estimates of the Company's future performance and the future performance of the industry in which the Company operates are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in the Company's estimates and beliefs and in the estimates prepared by independent parties.. Non-GAAP Financial Measures In this presentation, the Company provides EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, interest coverage, net debt and net leverage as supplemental measures that are not required by, or presented in accordance with, United States ("U.S.") generally accepted accounting principles ("GAAP"). Management believes it is useful to investors and analysts to evaluate these non-GAAP measures on the same basis as management uses to evaluate the Company's operating results and liquidity. The Company uses EBITDA, adjusted EBITDA, adjusted EBITDA margin and adjusted net income as supplemental measures of operating performance to evaluate the effectiveness of its business strategies, to make budgeting decisions, to compare its performance against that of other peer companies using similar measures and, for certain measures, to evaluate performance in connection with compensation decisions. The Company uses interest coverage, net debt and net leverage as supplemental measures of its liquidity performance to monitor and evaluate the Company's overall liquidity and financial flexibility to pursue operational strategies and to evaluate its capital structure, progress towards leverage targets and ability to service its long-term debt obligations. These non-GAAP measures should not be considered in isolation or as a substitute for any operating performance or liquidity measures derived in accordance with U.S. GAAP. The presentation of these non-GAAP measures should not be construed as an inference that future results will be unaffected by the adjustments used to derive these non- GAAP financial measures. See the supplemental materials to this presentation for reconciliations to the most directly comparable GAAP financial measures. The Company has not reconciled forward-looking guidance or outlooks included in this presentation to the most directly comparable GAAP measures because this cannot be done without unreasonable effort due to the variability and low visibility with respect to taxes and non-recurring items, which are potential adjustments to future earnings. The Company expects the variability of these items to have a potentially unpredictable, and a potentially significant, impact on the Company’s future GAAP financial results. Data in this presentation is generally as the fiscal year ended December 28, 2024, unless otherwise noted 2
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COMPANY OVERVIEW
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Grocery Outlet Is a Differentiated, High-Growth, Off-Price Retailer 4 ATTRACTIVE STORE BASE DIFFERENTIATED MODEL STRONG FINANCIAL PERFORMANCE 40%-70% Prices Below Conventional Retailers On Our Best Deals (1) 5,000+ Ever-Changing SKUs Per Store Promote Treasure Hunt Experience 500+ Independent Operators Create Local Shopping Experience ~14,000 Square Foot Average Store Size $4.57bn Net Sales (2) 5.1% Average Comparable Store Sales Growth Since Over 21 Years Ago (3) $243.5M Adjusted EBITDA (2), (4) $71.0M Adjusted Net Income (2), (4) 1.8x Net Leverage (2), (4), (5) (1) Savings vs. Conventional/Discount derived from Grocery Outlet’s Fiscal 2024 pricing research. (2) LTM as of Q3’25. (3) Fiscal year 2004 – Q3’25. (4) See the Appendix to this presentation for a reconciliation of net income to adjusted EBITDA and a reconciliation of net income to adjusted net income. (5) Defined as Net Debt / Adj. EBITDA. 563 Grocery Outlet Stores Across 16 States 11 75 63 16 38 9 1 9 281 17 1 24 1 8 4 15 1
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(1) Savings vs. Conventional/Discount derived from Grocery Outlet’s Fiscal 2024 pri cing research. The WOW! Shopping Experience 5 PRICE QUALITY SERVICE • Extreme value - ~40% average basket savings (1) - ~40% - 70% savings on best deals (1) • Distinct and proven buying model • Name-brand products • Fresh • Natural Organic Specialty Healthy (NOSH) • Quality guarantee • Clean, well-merchandised stores • Primarily locally owned and operated • Friendly, high-touch service • Active in community • Family-run stores • Easy-to-shop stores • Unexpected deals • Ever-changing assortment • Curated and localized merchandise TREASURE HUNT DISCOVERY = FUN!
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Track Record of Adjusted EBITDA(2) Growth Strong Comp Performance Store Growth Consistent Margins Solid Growth and Consistent Margin Performance 6 TotalStores Gross Margin% Adjusted EBITDA($M) (2) Average:5.1% Strong and Consistent Annual Gross Margins Comp Store Sales (1) Includes UGO Acquisition of 40 stores. (2) See the Appendix to this presentation for a reconciliation of net income to adjusted EBITDA. (1)
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While Each Recession is Unique, Grocery Outlet Had Strong Comparable Store Sales Growth Performance in 2008-2009 7 Source: Company filings, company projections, publicly available information and FactSet. n = 184 (1) Reflects 2008 and 2009 comparable store sales growth stack for all U.S. retailers that were public during 2008 and 2009 and have reported comparable store sales growth figures for these years on FactSet. 2-year stack Comparable Store Sales Growth of selected public retailers(1) (15%) 27% (9%) (5%) 3% 7% 19%8% 4% (3%) (2%)(6%) Recessionary Conditions (2008-2009)
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Grocery Outlet Evolution: Over 75 Years of Delivering the WOW! 8 NOSH: Natural, Organic, Specialty, or Healthy TLF: Touching Lives Foundation IFH: Independence from Hunger GHG: Greenhouse gas
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Our ESG Strategy 9 OVER $5 MILLION RAISED The equivalent of about 10 million meals benefiting over 500 local organizations in 2025.
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INVESTMENT HIGHLIGHTS & GROWTH STRATEGIES
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Investment Highlights & Growth Strategies 11 Investment Highlights Powerful customer value proposition supported by a “WOW!” experience Flexible sourcing and distribution model that is difficult to replicate Independent Operators: Our “small business at scale” model Strong consumer engagement and alignment with macro trends Attractive and consistent new store economics support whitespace Growth Strategies Strengthen our core business model Evolve our business Expand our footprint Be the First Choice for Bargain-Minded Customers Across the Country
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Key Strategic Initiatives 12 TACKLING NEW STORE PERFORMANCE SECURING TOP TALENT ADDRESSING EXECUTION GAPS EXECUTING AT SCALE Matt Delly Chief Merchandising Officer Frank Kerr Chief Store Operations Officer More than 20 years of experience spanning merchandising, supply chain, assortment planning and product development Over a decade of leadership experience in grocery retail with a proven track record of driving growth, efficiency, and profitability across large store fleets Increasing Focus on Core Markets Enhancing IO Support Improving Merchandising Optimizing Store Footprint Implementing Disciplined Underwriting Standards Completing Systems Upgrade Unlocking Opportunistic Merchandise Access Delivering Value with Known Value Items Driving Supply Chain Efficiencies Rolling Out New Layouts, Signage and Storytelling Expanding Merchandising and Ordering Tools Supporting IOs with Data, Training and Programs
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Our Fundamentally Different Approach To Buying and Selling 13 HOW WE BUY • Opportunistic sourcing of quality, name- brand consumables and fresh products • Large, centralized purchasing team • Long-standing, actively managed supplier relationships • Proactive sourcing of on-trend products and brands • Everyday core staples to complement our WOW! offerings HOW WE SELL • Primarily independently operated, local, small-box stores • Personalized customer service • High community involvement • IOs control store operations and oversee: • Product selection • Hiring, training and managing their store workers • Local marketing “Out Chain the Locals, Out Local the Chains”
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Flexible Sourcing and Distribution Model Anchored by Purchasing Team and Relationships 14 Long-Standing Suppliers… …And New Emerging Suppliers …Who Make Us One of Their First Calls RELATIONSHIP BRAND PROTECTION EXECUTION SCALE
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Substantial Opportunity to Further Grow Opportunistic Supply 15 Significant Share Gain Opportunity Ongoing Secondary Market Growth Secondary Market
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Grocery Outlet’s Differentiated Sourcing Model Delivers Great Value To Customers 16 Two Primary Methods Opportunistic Everyday Core Staples • Opportunistic purchases represent CPG excess inventory • GO is a preferred CPG partner for a non-disruptive, brand- protected sales channel • Allows GO to pass along significant savings to customers while making a healthy margin • When staples, such as milk or sugar, cannot be sourced opportunistically, GO buys from traditional suppliers • Provides customer convenience via a more complete product assortment • Products priced at or below conventional supermarkets’ and discount competitors’ everyday prices
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Favorable Value Proposition vs. Other Retailers 17 Further Differentiation % Savings Across Store Relative toCompetitors(1) ~40% Conventional Grocery ~20% Discount Retailers Basket Savings (1) Savings vs. Conventional/Discount derived from Grocery Outlet’s Fiscal 2024 pricing research. AND IN AN EASY- TO-SHOP STORE! AND WE PROVIDE EXTREME VALUE! BUT WITH NO MEMBERSHIP FEE OR BULK SIZES! BUT OFFERSLEADING NATIONALBRANDS! ACROSS A FULL GROCERY ASSORTMENT! BUT WITH FRIENDLY , HIGH-TOUCHSERVICE! CLUB STORES DEEP DISCOUNTERS DOLLAR STORES ONLINE
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Unique Independent Operator Model Fuels Success 18 “Out Chain the Locals, Out Local the Chains” • Autonomy • Scale benefits • Significant income opportunity • Aligned economic interests • Reduced fixedcosts • Locally driven loyalty Grocery Outlet Benefits IO Benefits GROCERY OUTLET INDEPENDENT OPERATORS Operational Financial Operational Financial Collaboration with and among IOs enables real-time feedback and best-practice sharing for continual improvement • Sourcing • Initial pricing • Recruiting and trainingIOs • Real estate • Distribution and logistics • Own inventory (consigned to IOs) • Regional marketing • Rent • CapEx • CorporateSG&A • Merchandising • Managing inventory • Modify pricing • Hiring and training store employees • Community and customer service • Wages • Local marketing • Store operating expenses • Operating working capital • Operating assets
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FixedCosts FixedCosts IO Commission COGS ex.Rent IO model COGS ex.Rent reduces fixedcost burden Compelling Store Economics For Both Grocery Outlet & Independent Operators 19 CapEx Buildout Inventory/Pre-Opening IO Assets/Working Capital GO IO Illustrative Year-4 P&L $7 mil $2 mil Sales Gross Profit Share of Gross Profit 50% 50% Wages, Taxes, Benefits Occupancy IO Model Reduces GO’s Fixed Cost Burden Illustrative ExpenseSplit "Traditional"Model IO Model VariableCosts Fixed Costs
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Selective Independent Operator Recruiting And Rigorous Training 20 Annual Leads: ~50,000 First Contact: Phone Screen & Initial Review Considered: Rigorous Interview Process Selected: 70+ Enter 6-9 Month Aspiring Operator in Training Program
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Centralized Marketing Coupled With Local IO Marketing Efforts 21 ENTERPRISE MARKETING DRIVEN BY GROCERY OUTLET LOCAL MARKETING DRIVEN BY OPERATORS IN-STORE LOCALIZATION TARGETED PROMOTIONS ACTIVE SOCIAL MEDIA PRESENCE COMMUNITY INVOLVEMENT DISPLAY ADS RADIO TELEVISION SOCIAL MEDIA WEEKLY ADS WOW! ALERTS RADIO/CONNECTED TV INFLUENCER PERSONALIZATION
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FINANCIAL PERFORMANCE & OUTLOOK
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Historical Financial Performance 23 Dollars in millions. Note: Fiscal 2020 was a 53-week year. The extra week contributed $53.3 million in sales in fiscal 2020. (1) See the Appendix to this presentation for a reconciliation of net income to adjusted EBITDA. = Adjusted EBITDA Margin (1) Strong and Disciplined Net Sales Growth Track Record of Adjusted EBITDA(1) Growth 1
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Long History of Comparable Store Sales Performance Across Cycles 24 Q1 2020 – Q3 2025 Quarterly Comparable Store Sales Results Recessionary Economic Conditions 2004 – Q3 2025 Average: ~5.1 % Q1’2020 – Q3’2025 Average: ~ 5.1 %
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Q3 2025 Highlights & Fiscal 2025 Outlook 25 -25.7%$20.7M Thirteen WeeksEnded September 27, 2025 Y-o-Y Change 563 6.4% +1.2% $1.17B 5.4% -7.7%$66.7M +2.4% (2) 2-Year Stack Stores Comparable Store Sales Growth Net Sales Adj. EBITDA(1) Adj. Net Income(1) Q3 Highlights Fiscal 2025 Outlook(3) • Adjusted EBITDA(1) decreased 7.7% to $66.7M • Opened 13 new stores with two store closures, ending the quarter with 563 stores in 16 states • Comp store sales increased 1.2% on top of 1.2% last year • Adjusted net income(1) decreased 25.7% to $20.7M • Expect to open 37 net new stores • Comp store sales of +0.6% to +0.9% (4) • Adjusted EBITDA(1) of $258M to $262M (1) See the Appendix to this presentation for a reconciliation of net income to adjusted EBITDA and a reconciliation of net income to adjusted net income. (2) Represents 2-year stacked comparable store sales growth, which is the sum of the increase in comparable store sales, as reported, in the fourth quarters of fiscal 2024 and 2023. (3) Includes 53rd week. (4) Excludes net sales in the non-comparable week of a 53-week year from the same store sales calculation and compares the current and prior year weekly periods that are most closely aligned. • Net sales of $4.70B to $4.72B • Adjusted earnings per diluted share(1) of $0.78 to $0.80
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Healthy Balance Sheet with Strong Liquidity 26 • Reduced net leverage (1) from 5.8x pre-IPO (2) to 1.8x as of Q3’2025. • $175M remaining borrowing capacity under revolving credit facility at end of Q3’2025. (1) Defined as Net Debt / Adj. EBITDA. (2) Reflects fiscal 2018. IPO in June 2019. (3) Defined as long-term debt, net of unamortized debt discounts and debt issuance costs. (4) Defined as Total Debt, less Cash & Cash Equivalents. See the Appendix to this presentation for a reconciliation of total debt to net debt. (5) See the Appendix of this presentation for a reconciliation of net income to adjusted EBITDA. (6) Defined as Adj. EBITDA / Net Interest Expense. Net interest expense net of capitalized interest. Interest Coverage (6) Net Leverage (1) Capitalization ($ in millions) (3) (4) (2) (5) (4), (5)
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APPENDIX
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Quarterly Adjusted EBITDA Reconciliation 28 Note: Dollars in millions. Amounts may not sum to totals due to rounding. (1) Includes non-cash share-based compensation expense and cash dividends paid on vested share-based awards as a result of dividends declared in connection with recapitalizations that occurred in fiscal 2018 and fiscal 2016. (2) Represents non-restructuring asset impairment charges and gains or losses on dispositions of assets. (3) Represents costs related to the acquisition and integration of United Grocery Outlet, including due diligence, legal, other consulting and retention bonus expenses. (4) Represents charges related to the Restructuring Plan, which include lease termination costs, non-cash impairment and disposal of long-lived assets, employee severance and benefit costs and legal, professional and other costs. (5) Represents other non-recurring, non-cash or non-operational items, such as certain personnel-related hiring and termination costs, system implementation costs, strategic project costs, store closing costs, costs related to employer payroll taxes associated with equity awards, legal settlements and other legal expenses and miscellaneous costs. (6) Adjusted EBITDA margin represents adjusted EBITDA divided by net sales. (7) Defined as adjusted EBITDA divided by net interest expense.
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Quarterly Adjusted Net Income Reconciliation 29 Note: Dollars in millions. Amounts may not sum to totals due to rounding. (1) Includes non-cash share-based compensation expense and cash dividends paid on vested share-based awards as a result of dividends declared in connection with recapitalizations that occurred in fiscal 2018 and fiscal 2016. (2) Represents non-restructuring asset impairment charges and gains or losses on dispositions of assets. (3) Represents costs related to the acquisition and integration of United Grocery Outlet, including due diligence, legal, other consulting and retention bonus expenses. (4) Represents the incremental amortization of an asset step-up resulting from purchase price accounting related to our acquisition in 2014 by an investment fund affiliated with Hellman & Friedman LLC, as well as the amortization of debt issuance costs. (5) Represents charges related to the Restructuring Plan, which include lease termination costs, non-cash impairment and disposal of long-lived assets, employee severance and benefit costs and legal, professional and other costs. (6) Represents other non-recurring, non-cash or non-operational items, such as certain personnel-related hiring and termination costs, system implementation costs, strategic project costs, store closing costs, costs related to employer payroll taxes associated with equity awards, legal settlements and other legal expenses and miscellaneous costs. (7) Represents adjustments to normalize the effective tax rate for the impact of unusual or infrequent tax items that we do not consider in our evaluation of ongoing performance, including excess tax benefits or shortfalls related to stock option exercises and vesting of time-based restricted stock units and performance-based restricted stock units that are recorded in earnings as discrete items in the reporting period in which they occur. (8) Represents the tax effect of the total adjustments. We calculate the tax effect of the total adjustments on a discrete basis excluding any non-recurring and unusual tax items.
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Adjusted EBITDA Reconciliation 30 Note: Dollars in millions. Amounts may not sum to totals due to rounding. (1) Includes non-cash share-based compensation expense and cash dividends paid on vested share-based awards as a result of dividends declared in connection with recapitalizations that occurred in fiscal 2018 and fiscal 2016. (2) Represents the write-off of debt issuance costs and debt discounts as well as debt modification costs related to refinancing and/or repayment of our credit facilities. (3) Represents non-restructuring asset impairment charges and gains or losses on dispositions of assets. (4) Represents costs related to the acquisition and integration of United Grocery Outlet, including due diligence, legal, other consulting and retention bonus expenses. (5) Represents the incremental amortization of inventory step-ups resulting from purchase price accounting related to the acquisition of United Grocery Outlet. (6) Represents charges related to the Restructuring Plan, which include lease termination costs, non-cash impairment and disposal of long-lived assets, employee severance and benefit costs and legal, professional and other costs. (7) Represents other non-recurring, non-cash or non-operational items, such as certain personnel-related hiring and termination costs, system implementation costs, strategic project costs, store closing costs, costs related to employer payroll taxes associated with equity awards, legal settlements and other legal expenses and miscellaneous costs. (8) Adjusted EBITDA margin represents adjusted EBITDA divided by net sales. (9) Defined as adjusted EBITDA divided by net interest expense.
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Adjusted Net Income Reconciliation 31 Note: Dollars in millions. Amounts may not sum to totals due to rounding. (1) Includes non-cash share-based compensation expense and cash dividends paid on vested share-based awards as a result of dividends declared in connection with recapitalizations that occurred in fiscal 2018 and fiscal 2016. (2) Represents the write-off of debt issuance costs and debt discounts as well as debt modification costs related to refinancing and/or repayment of our credit facilities. (3) Represents non-restructuring asset impairment charges and gains or losses on dispositions of assets. (4) Represents costs related to the acquisition and integration of United Grocery Outlet, including due diligence, legal, other consulting and retention bonus expenses. (5) Represents the incremental amortization of an asset step-up resulting from purchase price accounting related to our acquisition in 2014 by an investment fund affiliated with Hellman & Friedman LLC, as well as the amortization of debt issuance costs. (6) Represents charges related to the Restructuring Plan, which include lease termination costs, non-cash impairment and disposal of long-lived assets, employee severance and benefit costs and legal, professional and other costs. (7) Represents other non-recurring, non-cash or non-operational items, such as certain personnel-related hiring and termination costs, system implementation costs, strategic project costs, store closing costs, costs related to employer payroll taxes associated with equity awards, legal settlements and other legal expenses and miscellaneous costs. (8) Represents adjustments to normalize the effective tax rate for the impact of unusual or infrequent tax items that we do not consider in its evaluation of ongoing performance, including excess tax benefits or shortfalls related to stock option exercises and vesting of time-based restricted stock units and performance-based restricted stock units that are recorded in earnings as discrete items in the reporting period in which they occur. (9) Represents the tax effect of the total adjustments. We calculate the tax effect of the total adjustments on a discrete basis excluding any non-recurring and unusual tax items.
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Net Debt and Net Leverage Reconciliation 32 Note: Dollars in millions. Amounts may not sum to totals due to rounding. (1) Defined as long-term debt, net of unamortized debt discounts and debt issuance costs. (2) Defined as Total Debt, less cash & cash equivalents. (3) Defined as Net Debt / Adjusted EBITDA.