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Investor PresentationJanuary 2026NASDAQ: MAMA
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NASDAQ: MAMA | 2 Forward Looking StatementsThis presentation may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future,” "plan" or "planned,” "will" or "should,” "expected,” "anticipates,” "draft,” "eventually" or "projected.” You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in the Company’s 10-K for the fiscal year ended January 31, 2025 and other filings made by the Company with the Securities and Exchange Commission.This press release includes the following non-GAAP measure – adjusted EBITDA, which is not a measure of financial performance under GAAP and should not be considered as an alternative to net income as a measure of financial performance. Adjusted EBITDA represents net income (loss) before interest, taxes, depreciation and amortization adjusted for stock-based compensation. The company believes this non-GAAP measure, when considered together with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to the company’s results of operations. However, this non-GAAP measure has significant limitations in that it does not reflect all the costs and other items associated with the operation of the company’s business as determined in accordance with GAAP. In addition, the company’s non-GAAP measures may be calculated differently and are therefore not comparable to similar measures by other companies. Therefore, investors should consider non-GAAP measures in addition to, and not as a substitute for, or superior to, measures of financial performance in accordance with GAAP. A reconciliation of Adjusted EBITDA to net income, its corresponding GAAP measure, is shown in the Company’s earnings press releases.
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NASDAQ: MAMA | 3 Mama’s Creations OverviewOur Objective: To become the leading national “one-stop-shop” solution for high quality fresh, clean and easy to prepare foods Tier-1 Distribution Partnerships •Consumer Preferences are Changing: Shoppers increasingly prefer ready to eat, prepared food options at grocery and convenience stores with a focus on cleaner, protein-forward items with simple ingredients•Family of Brands: Growing variety of products geared towards today’s consumer demands, serving several client needs under a single roof•Platform Company Model: Recent acquisition of Crown adds ~$56M of incremental annual revenue to MAMA, with ongoing search program to acquire complementary, accretive near-in food product companies•Ongoing Product Innovation: Vertical integration creates a platform to efficiently develop, market test and launch new products nationally•Robust Commodities Strategy: In-house chicken trimming capabilities + commodities contracts + post-M&A bulk buys blunts macro pressure•Targeted Growth Strategy: Focused on synergy realization and cross selling, goal of being in every part of the deli counter (proteins, salads, grains, etc.) with significantly more SKUs per store NASDAQ: MAMAShare Price1 $12.81Market Cap1 $521MQ3 FY26 Revenues2 $47.3MQ3 FY26 Gross Margin2 23.6%Q3 FY26 Net Income2 $0.5MQ3 FY26 Adj. EBITDA2 $3.8MRevenue Run Rate (Crown 1 Pro-Forma)3 ~$200MShares Outstanding40.7M 1)As of January 5, 20262)Q3 FY26 ended October 31, 20253)Revenue run rate, approximate, post Crown 1
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NASDAQ: MAMA | 4 Macro Trends: The Rise of Fresh FoodGrocers investing in grab-n-go food offerings are emerging as a quick service restaurant alternative•Consumers are increasingly time and budget constrained, with grocery deli sections expanding to become shoppers’ meal of choice•Cost of food away from home at restaurants is rising faster than overall inflation, pushing consumers toward deli fresh alternativesLTM Ended 7/31/25 Consumer Price Index Inflation1 -Food at home inflation: 2.2% -Food away from home: 3.9% -All inflation: 2.5%•Grocers are capitalizing on the opportunity by investing heavily in attractive deli displays, but need prepared food options that maximize their limited labor force 1) U.S. Bureau of Labor Statistics Mama’s Creations is at the intersection of this trend:-Offering affordable restaurant GRANDMA-quality food-Drives incremental trips & larger baskets for grocers with minimal on-site preparation required
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NASDAQ: MAMA | 5 The Mama’s Creations Origin Story In 1921, Daniel Mancini’s grandmother Anna Mancini made her way to America through Ellis Island with his grandfather, Nicola Mancini. They settled in Bay Ridge, Brooklyn and raised five children. Shortly after Daniel Mancini was born, he was in the kitchen cooking alongside his grandmother. None of the recipes were written down, just stored in her heart.“I chose my Grandmothers Meatballs and Slow Cooked Italian Sauce as the first recipe we would bring to your table. We prepare this dish the exact way she did so many years ago. The meatballs are made from 100% beef, whole fresh eggs, Romano cheese, onion, parsley, a pinch of salt and pepper and the exact amount of bread crumbs. They are formed by hand just like Anna did and lightly browned. This is the only way to prepare authentic old world meatballs and sauce. Gently stirring every 20 minutes guarantees perfect meatballs every time. There are no shortcuts.” – Daniel Mancini Building upon MamaMancini’s strong legacy in Italian-inspired foods “Every Sunday I would wake to the amazing aroma of my Grandmother frying meatballs. I call this a ‘Scented Memory.’”
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NASDAQ: MAMA | 6 Adam MichaelsChairman & Chief Executive OfficerAdam is a seasoned industry executive with nearly two decades of industry expertise, having most recently served with Mondelez International, a multinational food and beverage company with operations in over 150 countries. Previously he worked at Booz & Company as a management consultant specializing in the food & beverage sector. He holds a B.S.E. in Bioengineering from University of Pennsylvania & MBA from Columbia Business School. Anthony GruberChief Financial OfficerAnthony Gruber is a financial executive with significant experience leading and optimizing finance organizations in the consumer products arena. Previously, Anthony served as CFO of De’Longhi America, Inc. Anthony also served as VP Finance and CFO of Richemont North America, Inc., the NA subsidiary of the Swiss-based luxury goods company. Anthony began his career in public accounting, including Ernst & Young. Mr. Gruber earned a BS in Accounting from the University of Bridgeport and is a Certified Public Accountant. Lauren SellaChief Marketing OfficerLauren Sella brings over 16 years of marketing experience and a proven track record of achievement in consumer-packaged goods. Prior to joining Mama’s Creations, she was Chief Marketing Officer of Tate’s Bake Shop – a Mondelēz-owned brand, having served over 14 years at Mondelēz International across several roles. Sella holds a Bachelor of Science in Economics and Applied Math from Brown University and an MBA in Marketing & Operations from the Wharton School of the University of Pennsylvania. Skip TappanChief Operating OfficerSkip brings over 30 years of operational experience to Mama’s Creations. Prior to joining Mama’s Creations, Skip served as Chief Supply Chain Officer at Gordon Food Service, North America’s largest privately-owned food distributor, where he led end-to-end supply chain strategies. He also held leadership roles at Walmart, where he oversaw the Northeast Division’s supply chain network, and at Campbell Soup Company, managing logistics for North America. Mr. Tappan holds a B.S. in Industrial Engineering from the University of South Florida. Chris DarlingChief Commercial OfficerChris brings more than 20 years of senior leadership experience in the CPG, deli/prepared foods, and retail space, most recently as EVP of Sales and Brand Diversification for Boar’s Head. Chris has held senior leadership positions across the grocery retailer landscape, including President of Lucky’s Markets, Group Vice President at Albertsons, Director of Customer Strategy & Insights at Ahold and General Manger of Sales & Operations at HEB-Central Market. Chris holds a B.S. in Business Administration from the University of Central Florida. Experienced Management Team
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NASDAQ: MAMA | 7 Mama’s Creations Strategic PlatformOne-stop-shop Deli solution for Grocery, Mass, Club and Convenience store owners to procure high quality, fresh, clean prepared foods ProteinsSaladsPasta & GrainsOlivesSandwichesSoupsPizzas Current CategoriesOrganic Expansion Potential M&A Sushi
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NASDAQ: MAMA | 8 August 2025 Acquisition of Crown 1Strategic Asset Deal with Sysco Foods to Expand Customer Base and Production Capabilities•Incremental Capabilities: Crown 1 is a full-service manufacturer of grandma quality value-added proteins and ready-to-eat meals, with a 42K sq ft USDA-certified facility 10 miles from Farmingdale facility•Achieving Scale with Marquee Customers: Revenue of $56M in year ended 6/30/25 – profitable, and serving ‘hard to break into’ partners – brings MAMA to ~$200M run rate •Cross-Selling Opportunities: Complementing existing roster and opening new channels and cross selling opportunities for growth•Operational Efficiency : Meaningful cost synergies and operational efficiency gains to distill “the MAMA way” into Crown’s operations are expected to improve gross margin profile from teens to to mid/upper 20% range in 12-18 months•Attractive Valuation: $17.5M all-cash deal, valued at ~0.3x FY25 revenue, financed through a private placement with existing institutional investors, further supported by $27.4M credit facility with M&T Bank $56 Million RevenueFY Ended June 30, 2025
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NASDAQ: MAMA | 9 Full Line of All-Natural Products•50+ distinct Italian-inspired protein products, packaged in both retail & bulk packages (for supermarket or food service)•150+ chicken and salad products •25+ olive and savory products •Growing portfolio of international cuisine with launch of Mama’s Creations platform brand at IDDBA in June 2023 One stop shop for freshly prepared meals – from our kitchen to yours – found in the deli Research & DevelopmentManufacturing & PackagingDistribution In-House Capabilities for the Entire Product Lifecycle NASDAQ: MAMA | 9
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NASDAQ: MAMA | 10 Mama’s Creations invited to be featured on IDDBA’s immersive deli experience – highlighting the real-world applications of MAMA’s versatile products IDDBA 2025: Product Launches•New SKUs Help Retailers Expand Fresh Prepared Foods Variety with Clean, High-Quality, and Easy to Prepare Turnkey Options Across the Deli Spectrum•Launched products included:-Mama’s Creations Roasted Chicken Strips;-Mama’s Creations Chicken Stuffed Meatballs;-Mama’s Creations Roasted Vegetables Lineup;-Expanded International Flavors Lineup; ranging from Korean Beef BBQ Meatballs to Teriyaki Chicken and Fried Rice IDDBA 2024 Launches •Incremental offerings expand into new white spaces (Breakfast, Entertaining & On-the-Go Snacking), while concurrently introducing new ethnic flavors•Launched products included:•Mama’s Creations heat & eat Breakfast Wraps;•Mama’s Creations vacuum packed Grilled Chicken Breasts;•Mini Meatball Entertaining Trios retail sleeves;•Mama Mancini’s three new flavors of Grab-and-Go Gourmet Paninis including Meatball Parmesan, Chicken Parmesan and Nashville Hot Expanded offerings across product lines
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NASDAQ: MAMA | 11 18-2425-3435-4445-5455-6465+ Broad Consumer Demographic Reach Gender Age Mama’s Creations has an extensive reach across the United StatesMama’s Creations is popular across all demographics, especially females age 45-54 Mid AtlanticMidwest New England Pacific Northwest Southeast SouthwestCalifornia FemaleMale Consistently strong consumer satisfaction rankings 2022 Mama’s Creations Facebook Analytics 2022 Mama’s Creations Consumer Survey2022 Mama’s Creations Consumer SurveySatisfied as shown above reflects both very satisfied and somewhat satisfied responses Consumers Satisfied with Ease of Preparation Consumers Satisfied with Product Quality90%95%
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NASDAQ: MAMA | 12 Distribution & Sales Channels•Products are primarily sold to supermarkets & mass-market retailers•Mama’s Creations products are found in over 12,000 stores nationally •Focus on growing the number of products (SKUs) per store-Selling in new deli offerings into existing tier-1 distribution channels-Leveraging longstanding connections in a relationship-driven business to drive growth in established channels •Strong Entry into C-Channel with Sheetz-Assortment and quality aligned with Sheetz food strategy Client Case Study: Over the Last Decade, Sales to Publix Grew Over 900% •Began 15 years ago with two retail pack SKUs in the meat department-In 2017, became exclusive meatball provider for top selling meatball sub-In 2018 gained distribution in the Deli with Grab & Go meatballs and sauce-In 2019 introduced pasta bowl kits for grab-n-go; currently 6 varieties•Today every Publix carries at least 8 SKUs•To this day, we are the only branded meal in Publix’s grab-n-go section! >10 Customers with $2M+ in Annual Sales in FY2025 New Customers in FY2025 North Cal Texas SouthEast (Exiting FY25 Run Rate)
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NASDAQ: MAMA | 13 Strategic Sales Initiatives Sustainable Double Digit Revenue GrowthExpand Average Items Per Existing CustomerMajor Account Acquisition & Balance Channel MixIncreasing YoY revenues by double digit percentage in a sustainable, profitable and purposeful mannerTwo item increase in same account AIC with a focus on opportunistic selling of line extensions through existing and new itemsStrategic entry into Target and Kroger as well as expansion in C Store channel Product AssortmentSet & Achieve Strategic Product Mix TargetsEstablish product development cadence and process focused on expanded branded offerings and increasing branded market penetrationTargets balance of chicken portion demand with product development and sell-in that utilizes trim output
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NASDAQ: MAMA | 14 Product Launch, Marketing & Trade In Store•Circulars•POS•In Store Displays•SamplingConsumer Living Life•Influencer Partnerships•Digital/Social Ads•Earned Media•Product Placement Consumer in Shopping Mindset•Retail content & search•Instacart campaign Retailer Consideration•Trade Shows•Awards Post Purchase•On Pack QR Code•Email Marketing Win their Heart (Advocacy & Customer Retention) Stick in their Mind (Awareness)•Trade Ads•Selling Tools Get in their Cart (Action) Goal to double trade promotion investments in FY26 New Item Launch
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NASDAQ: MAMA | 15 Achieving Best-in-Class Facilities Farmingdale, NY•Completion of summer 2024 construction doubles grilled chicken capacity and increases usable space by 10,000 sq. ft.•First ever chicken contracts at attractive rates to provide greater visibility into future input pricing and reduces margin fluctuations•Targeting to trim and tumble half of chicken production in-house by end of Q2•Improving people and process capabilities (ex: staffing model to maximize throughput while minimizing overtime)•Utilizing new demand vs. supply modeling tool to maximize grill throughput and customer delivery•Disciplined performance management – KPI based, “balanced” scorecardEast Rutherford, NJ•Lesson learned: Strategic investments in automation to start, stay, end on track via world class project mgmt. governance while minimizing operations impact: –Facility build-out–MAP technology •Expanding existing 24K sq. ft. facility into adjacent space of our building to grow usable space by nearly 100% (+19,000 sq. ft.) with no expected impact on existing operations•Executing full network analysis to optimize plant assets and customer sourcing / delivery. Expansion space, plus existing ER facility, will be optimized to enable overall network cost and service –Slicing and dicing–Pallet Wrapping–Smart belt–X-Ray–Corporate Reliability–Opportunistic Buying +19,000 sq. ft.Bay Shore, NY – August 2025 Crown 1 Acquisition•42,000-square-foot facility specializing in fresh food manufacturing, including ready-to-eat meals and raw value-added meat solutions using much of the same equipment as in Farmingdale•Recent $6M capital investment program prior to MAMA acquisition of Crown 1, complete with USDA cutting facility, combines automated processing as well as hand cut portion-controlled products as well as significant refrigeration and grill capacity to support growth of grilled chicken business
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NASDAQ: MAMA | 16 Then Managing Operational CostsStart by Setting the Right Price with the CustomerThe Result24%Q3 FY26 Gross Margin •Start by Understanding Our True Costs•Price Pack Architecture•Competitive Shelf Price / Quality! •Taking Price Often to Manage Commodity Risk •Economies of Scale•Purchasing / Logistics•Dedicated Resources•KPIs / Monthly Customer-Level Profitability•Sales & Operations Planning•Chicken Trimming In-House AlbertsonsAhold DelhaizeAldiCostcoBJ’sPublixShaw’sWakefernSchnuck’sWeisJewelWinn Dixie Customer Level ProfitabilityYear-Over-Year CY 2024 vs 2023 Top Priority: Margin, Margin & Then Margin12%Q2 FY23 Gross Margin
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NASDAQ: MAMA | 17 Balancing Organic & Inorganic Growth Salads, Sandwiches & Wraps Vision of Mama’s Creations as a national Deli Solutions company•Serving the full demands of deli & fresh departments via our suite of brands as a “One Stop Shop”Tremendous further distribution and velocity opportunities•Under 20% penetrated today with upside to items carried•Targeted programming will accelerate current velocitiesSeeking accretive acquisitions of near-peer firms at attractive multiples with complementary capabilities to Company’s existing network•Goal of aggressive synergy realization and rapid integration of acquisitions leveraging existing distribution network to accelerate growth trajectory Olive Dishes Prepared Foods Sales Agent Italian Inspired Foods Our Family of Brands Acquisition Case Study: Crown 1 EnterprisesAcquired Aug. 2025 for $17.5 million (0.3x FY25 Revenue)•Full-service food manufacturer that provides value-added meats and ready-to-eat meal solutions with $56 million in TTM revenue •State-of-the-art 42,000-square-foot facility specializing in fresh food Attractive customer base with hard to break into customers•Immediate synergies to core business with opportunity to expand and accelerate SKU penetration with Crown 1’s broad customer base International Cuisine Proteins & Value-Added Meals
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NASDAQ: MAMA | 18 LegacyMamaMancini’s 01 Breadth & Depth of Distribution Consumer-Driven Product Innovation Pursue Accretive,Near-In Acquisitions02 03 04 05 Becoming the One Stop Shop Deli Solution Founded upon the original Mancini meatball recipe, products offered nationwide. MamaMancini’s and T&L Creative Salads are still underpenetrated in existing sales channels, under-SKU’d in existing stores and have the potential to enter new channels. As we become even more consumer-focused, understand consumers’ unmet Deli needs and innovate to address them. The Company has the potential to achieve $1B in sales through a combination of accretive acquisitions of near-in private companies and organic growth spurred by cross-selling and new product innovation. Regularly identify and integrate major acquisitions in new categories, capitalizing on the highly fragmented nature of the fresh prepared foods space. Our 2030 Vision: We are on Our Way to Become the Next $1B Deli Provider
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NASDAQ: MAMA | 19 Financial Highlights•History of profitability and strong revenue growth; cash and equity to be used for potential M&A rather than to fund day-to-day operations•Post-Acquisition Integration: Synergies and cost-optimization to structurally improve the margin profile of the Crown 1 acquisition from mid-teens percentage to mid-20% range•Gross Margin Growth: Post-Crown margins sit in low-20% range, with expectation to expand to mid/high-20% range as synergies are realized •Methodically paying down debt balance using cash flows from operations $12.6 $18.0 $27.5 $28.5 $33.8 $40.8 $47.1 $93.2$103.3 $123.3 FY 16FY 17FY 18FY 19FY 20FY21FY 22FY 23FY 24FY 25 Strong Revenue Growth($Millions) (USD $ in Millions)Third Quarter Ended Oct 31, 2025Fiscal Year Ended Jan 31, 2025Fiscal Year EndedJan 31, 2024Revenue$47.3$123.3$103.3Gross Profit Margin23.6%24.8%29.3%Net Income $0.5$3.7$6.5Adj. EBITDA$3.8$10.1$11.7(USD $ in Millions)Oct 31, 2025Jan 31, 2025Jan 31, 2024Cash & Cash Equivalents$18.1$7.2$4.4Debt (excl. leases)$6.4$5.1$9.3Stockholder’s Equity$49.6$24.9$12.5
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NASDAQ: MAMA | 20 Key TakeawaysOur Objective: To become the leading national “one-stop-shop” solution for high quality, fresh, clean and easy to prepare foods •Consumer Preferences are Changing: Shoppers increasingly prefer ready to eat, prepared food options at grocery and convenience stores•Family of Brands: Growing variety of products geared towards today’s consumer demands, serving several client needs under a single roof•Platform Company Model: Recent acquisition of Crown adds ~$56M of incremental annual revenue to MAMA, with ongoing search program to acquire complementary, accretive near-in food product companies•Ongoing Product Innovation: Vertical integration creates a platform to efficiently develop, market test and launch new products nationally•Robust Commodities Strategy: In-house chicken trimming capabilities + first-ever commodities contracts blunts macro & commodity pressure•Targeted Growth Strategy: Focused on synergy realization and cross selling, goal of being in every part of the deli counter (proteins, salads, cheeses, etc.) with significantly more SKUs per store NASDAQ: MAMA | 20
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Investor RelationsLucas A. ZimmermanMZ North AmericaMain: (949) 259-4987MAMA@mzgroup.us Mama’s Creations Inc. (NASDAQ: MAMA)25 Branca Road, East Rutherford, NJ 07073www.mamascreations.com
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NASDAQ: MAMA | 22 GAAP Net Income to Adj. EBITDA ReconciliationThree Months EndedFiscal Year EndedOct 31, January 31,2025202420252024Net income available to common stockholders$540$410$3,711$6,512Depreciation9624511,5921,043Amortization 4813881,5711,110Taxes 1861289952,008Interest, net7783 259549Stock-based compensation5332801099436M&A related costs1,014- - -Stock & Cash Settlement Agreement- - 900-Adjusted EBITDA (Non-GAAP)$3,793$1,740$10,127$11,658