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Investor Presentation February 2026
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2 Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 in addition to historical information. All statements that are not statements of historical fact, including those that relate to matters such as our industry, business strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources, future growth, pending legal proceedings and other financial and operating information, are forward-looking statements. We may use the words “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “target” and similar terms and phrases to identify forward-looking statements in this presentation. The forward-looking statements contained in this presentation are based on management’s current expectations and are subject to uncertainty and changes in circumstances. We cannot assure you that future developments affecting us will be those that we have anticipated. Actual results may differ materially from these expectations due to changes in global, national, regional or local political, economic, inflationary, disinflationary, recessionary, business, interest rates, labor market, competitive, market, regulatory, trade policy, supply chain and other factors, many of which are beyond our control. In addition to the foregoing, we believe the factors that could cause our actual results to differ materially from the forward-looking statements in this presentation include those referenced in Item 1A - “Risk Factors” in our Annual Report on Form 10-K and in our most recently filed Form 10-Q. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, our actual results may vary in material respects from those projected in these forward- looking statements. Any forward-looking statement made by us in this presentation speaks only as of the date of this report. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable securities laws. You are advised, however, to consult any disclosures we may make in our future reports filed with the Securities and Exchange Commission (the SEC). Our reports and other filings with the SEC are available at the SEC’s website at www.sec.gov. Our reports and other filings with the SEC are also available, free of charge, through our website at http://Investors.NaturalGrocers.com . Non-GAAP Financial Measures In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (GAAP), this presentation provides information regarding EBITDA, and Adjusted EBITDA, which are not in accordance with, or an alternative to, GAAP (i.e., non-GAAP measures). The definition and reconciliation from the non- GAAP measures EBITDA and Adjusted EBITDA to net income are provided in the appendix to this presentation. Additionally, this presentation provides information regarding forward-looking Four-Wall EBITDA, which is a non-GAAP measure. The definition of this non-GAAP measure is provided in the appendix to this presentation. Disclosures
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3 Company Overview Founded in 1955, Natural Grocers® is an authentic company guided by its founding principles that continue to drive every aspect of our business practices. An expanding specialty retailer of natural and organic groceries, body care and dietary supplement products. We focus on providing high-quality products at Always AffordableSM prices, exceptional customer service, nutrition education and community outreach. TTM Net Sales1,2 $1.34B +5.2% Growth TTM Adjusted EBITDA1,2,3 $98.6M 7.4% Margin 1 TTM = Trailing 12 Months 2 As of 12/31/25 168 stores in 21 states2 73% 18% 9% Grocery Dietary Supplements Body Care, Pet Care & Other Q1 2026 Sales Mix Financial Sustainability4 • 22 consecutive years of positive daily average comparable store sales growth • Diluted earnings per share growth of 125% over the previous five years good4uSM Crew • Approximately 4,200 Crew2 • Approx. 80% full-time / 20% part-time2 • Experienced management team • Prioritize promoting leaders from within our organization 3 38 6 5 4 1 6 3 2 4 24 6 14 1 11 45 8 6 1 7 3 See appendix for definition and reconciliation of Adjusted EBITDA (a non-GAAP measure) to Net Income (a GAAP measure). 4 Fiscal Year 2025 ended 9/30/25
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4 An Authentic Company Guided by Five Founding Principles Nutrition EducationQuality Always AffordableSM Pricing Community Crew We provide free nutrition education in the communities we serve. Empowering our customers and our Crew members to take charge of their lives and their health is the foundation upon which our business is built. Every product on our shelves must go through a standards-based screening and approval process. Our mission includes providing the highest quality groceries and supplements, Natural Grocers brand products and only USDA certified organic, fresh produce. We work hard to secure the best possible prices on all of our customers’ favorite natural and organic foods and supplements. We believe everyone should be able to afford to care for their health by buying high-quality, natural and organic products. From free nutrition education, to bag-free checkouts, to sourcing local products, to our fundraising and donation programs, we strive to serve the communities that help shape our world. Our Crew members make our Company great. We work hard to ensure that our Crew members are able to live healthy, balanced lifestyles. We support them with free nutrition education programs, good pay and excellent benefits.
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Committed to affordability Competitively priced with a value advantage against our larger format competitors Nutritional Health Coach Program educates and empowers customers and Crew to make informed decisions • Every store has a Nutritional Health Coach with a nutrition-related degree • Provide free one-on-one nutrition health coaching sessions, in-store events, personalized shopping experiences, and hold community nutrition classes • Serve as an onsite resource for nutrition training and education for crew members 5 Product standards are differentiated and include: • 100% certified organic produce • 100% pasture-based dairy • Minimum egg standard is free range • Humanely raised and sustainably sourced meats, fish and seafood • More than 50% organic and 65% non-GMO across all products • Quality Standards Team consistently reviews the latest scientific research to evaluate ingredient issues and concerns. Maintain a growing list of ingredients that are not sold in store. Differentiated Offering Compelling value proposition comprised of a carefully vetted offering of high-quality, natural and organic products at always affordable prices, and free nutrition education
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6 Small format stores provide a convenient shopping experience • Average ~11,000 selling square feet • Assortment meets core grocery needs • Average 20K SKUs per store, including 6.5K supplements • Unique format with no prepared foods or meat counters Differentiated Shopping Experience Best-in-class customer service • Focused on the engagement, development, retention and well- being of crew members • Operational focus on delivering high quality customer service • Crew members are carefully trained to present nutrition information appropriately with customers
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Our Growth Opportunity 7
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Our Growth Opportunity 8 Well-positioned within the attractive, fast growing natural and organic market Highly scalable platform Convenient, small format stores well suited for all market types Differentiated in-store experience with high-quality natural & organic offerings Strong brand loyalty and customer following Track record of strong operating and financial performance
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Our Growth Opportunity: The Market Natural and organic products continue to outperform conventional as consumers increasingly focus on health, wellness and sustainability • The U.S. natural and organic products industry sales grew an estimated 5.7% to $325B in 2024, and is expected to grow at an annual rate of 4-6% in the next few years 1 • Organic fresh produce sales increased 5.7% in 2024 to $9.5B 2 • U.S. dietary supplement sales grew an estimated 5.2% to $69.3B in 2024 and 9.1% on a two-year basis 1 Natural and Organic Sales in the U.S. 1 $ Billions $231B $325B 0 50 100 150 200 250 300 350 400 2019 2020 2021 2022 2023 2024 2025e 2026e 2027e 2028e $ IN BILLIONS Sources: 1 New Hope Network / SPINS 2 Organic Produce Network 9
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1 Represents targets and not projections; subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based on assumptions with respect to future decisions, which may be subject to change. Actual results for new stores may vary and the variances may be material. Nothing in this presentation should be regarded as a representation that these targets will be achieved and the Company undertakes no duty to update its targets. See “Forward-Looking Statements.” 2 Four-Wall EBITDA is a non-GAAP measure. See appendix for a definition of Four-Wall EBITDA. We are not providing a quantitative reconciliation of forward-looking Four-Wall EBITDA targets, as a percentage of sales, because certain reconciling items are not available without unreasonable effort. 3 Average new store investment including Cap Ex, Inventory and Pre-opening expenses; net of Landlord Incentives 4 Varies by build type 10 Our Growth Opportunity: Store Unit Growth We believe our attractive, growing and highly profitable existing store base can be replicated with new stores • Convenient, small box format provides flexibility when seeking new locations • Profitable in all market types: rural, suburban and urban • Significant whitespace: opportunity for accelerated store growth in both existing and new markets • Third party distribution provides flexibility to open anywhere in the United States Metric New Unit Economics1 Sales • $5M average in first year (12mos) • Comps average low-double-digits through year 5 • Maturity typically by year 6 Four-Wall EBITDA2 10-11% of sales by year 5 Cash Investment3,4 $2.0-3.6M Cash-on-Cash Return4 25-30% by year 5 168 stores in 21 states (as of 12/31/25) FY26 Outlook: open 6-8 new stores FY26+: targeting 4-5% annual new store unit growth 3 38 6 5 4 1 6 3 2 4 24 6 14 1 11 45 8 6 1 7
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Continue to expand our line of Natural Grocers Brand Products • Positioned as premium quality offerings at compelling prices • Includes diverse assortment of products found throughout the store • Represented 9.6% of total sales in Q1 2026 • Introduced 26 new products in Q1 2026 and 119 new products in FY 2025; total SKU count is approximately 900 • Top selling categories include bulk, dietary supplements, cheese, coffee, frozen fruit, bacon, and eggs 11 Our Growth Opportunity: {N}power® Rewards Program and Natural Grocers Brand Products Leverage our established {N}power Customer Rewards Program • {N}power penetration 83% of total sales in Q1 2026 • Designed to drive higher average transaction size: {N}power members’ average basket size is almost 50% more than non-members • Efficient and effective marketing outreach to {N}power members • Mobile App provides access to rewards, coupons, recipes, and articles
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Financial Highlights 12
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13 Historical Financial Metrics Revenue ($ millions) and Daily Average Comparable Store Sales Growth 13 Adjusted EBITDA ($ millions)* Net Income ($ millions) Diluted Earnings per Share * See appendix for definition and reconciliation of Adjusted EBITDA (a non-GAAP measure) to Net Income (a GAAP measure). 1,056 1,090 1,141 1,242 1,331 330 336 0.7% 2.6% 3.6% 7.0% 7.3% 8.9% 1.7% 0% 2% 4% 6% 8% 10% 2021 2022 2023 2024 2025 Q1 25 Q1 26 Revenue Comp % 60 62 63 83 98 23 24 5.7% 5.7% 5.6% 6.7% 7.4% 6.9% 7.0% 2021 2022 2023 2024 2025 Q1 25 Q1 26 Adjusted EBITDA Adjusted EBITDA Margin 21 21 23 34 46 10 11 1.9% 2.0% 2.0% 2.7% 3.5% 3.0% 3.4% 2021 2022 2023 2024 2025 Q1 25 Q1 26 Net Income Net Income Margin $0.91 $0.94 $1.02 $1.47 $2.00 $0.43 $0.49 2021 2022 2023 2024 2025 Q1 25 Q1 26
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14 Recent Financial Highlights—Q1 2026 Net Sales $336M Sales Comp1 1.7% 1 Daily Average Comparable Store Sales 2 Profitability variances compared to Q1’25 Transaction Comp1 1.0% Basket Comp1 0.7% 12th consecutive quarter with positive transaction count comps Included annualized product inflation of approximately 2-2.5%. Items per basket down less than half an item vs. Q1’25. 10.6% on a two-year basis Sales Profitability2 Other events Gross Margin -40 basis points Operating Margin +40 basis points Net Income +14.0% to $11.3M Diluted EPS +14.0% to $0.49 Declared quarterly dividend of $0.15 per common share, payable in March 2026 +1.6% Growth
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15 Capital Allocation Strong financial position to support investment in growth • Strong liquidity position including $23.2 million of cash and cash equivalents and $67.6 million available to borrow on our $70.0 million revolving credit facility. No outstanding borrowings on our credit facility as of 12/31/25. Commitment to returning value to our stockholders • Since initiating the dividend in 2019, the Company has cumulatively returned $122 million in capital to our stockholders through $5.39 of cumulative cash dividends per common share. 1 • $10.0 million share repurchase program in place through May 2026, with $8.1 million remaining to be repurchased 1 The timing, declaration, amount and payment of any future cash dividends are at the discretion of the Board and will depend on many factors, including our available cash, working capital, financial condition, earnings, results of operations and capital requirements; the covenants in our credit agreement; applicable law; and other business considerations that our Board considers relevant. 2 Debt includes finance lease obligations consistent with ASC 842 lease method 3 Debt/Adj. EBITDA calculation utilizes trailing 12-month Adj. EBITDA. See appendix for reconciliation of Adj. EBITDA (a non-GAAP measure) to Net Income (a GAAP measure). Capital Expenditures ($ in millions) Balance Sheet Metrics (12/31/2025) Cash Debt2 Debt/Adjusted EBITDA3 $23.2M $47.7M 0.5x 28 31 38 39 31 - 10 20 30 40 50 2021 2022 2023 2024 2025
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16 Outlook Fiscal 2026 Outlook Number of new stores 6 to 8 Number of relocations/remodels 2 to 3 Daily average comparable store sales growth 1.5% to 4.0% Diluted earnings per share $2.00 to $2.15 Capital expenditures (in millions) $50 to $55 As of February 5, 2026, the Company affirmed its fiscal 2026 outlook originally provided November 20, 2025.
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Appendix 17
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18 Non-GAAP Financial Measures EBITDA and Adjusted EBITDA EBITDA and Adjusted EBITDA are not measures of financial performance under GAAP . We define EBITDA as net income before interest expense, provision for income taxes, depreciation and amortization. We define Adjusted as EBITDA as adjusted to exclude the effects of certain income and expense items that management believes make it more difficult to assess the Company’s actual operating performance, including certain items such as impairment charges, store closing costs, share-based compensation, amortization of software hosting arrangement (SaaS) implementation costs and non-recurring items. Management believes some investors’ understanding of our performance is enhanced by including EBITDA and Adjusted EBITDA, which are non-GAAP financial measures. We believe EBITDA and Adjusted EBITDA provide additional information about: (i) our operating performance, because they assist us in comparing the operating performance of our stores on a consistent basis, as they remove the impact of non-cash depreciation and amortization expense as well as items not directly resulting from our core operations, such as interest expense and income taxes and (ii) our performance and the effectiveness of our operational strategies. Additionally, EBITDA is a component of a measure in our financial covenants under our credit facility. Furthermore, management believes some investors use EBITDA and Adjusted EBITDA as supplemental measures to evaluate the overall operating performance of companies in our industry. Management believes that some investors’ understanding of our performance is enhanced by including these non-GAAP financial measures as a reasonable basis for comparing our ongoing results of operations. By providing these non-GAAP financial measures, together with a reconciliation from net income, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. (continues)
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19 Non-GAAP Financial Measures (continued) (EBITDA and Adjusted EBITDA, continued) Our competitors may define EBITDA and Adjusted EBITDA differently, and as a result, our measures of EBITDA and Adjusted EBITDA may not be directly comparable to EBITDA and Adjusted EBITDA of other companies. Items excluded from EBITDA and Adjusted EBITDA are significant components in understanding and assessing financial performance. EBITDA and Adjusted EBITDA are supplemental measures of operating performance that do not represent and should not be considered in isolation or as an alternative to, or substitute for, net income or other financial statement data presented in the consolidated financial statements as indicators of financial performance. EBITDA and Adjusted EBITDA have limitations as analytical tools, and should not be considered in isola tion, or as a substitute for analysis of our results as reported under GAAP . Some of the limitations are: • EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; • EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; • EBITDA and Adjusted EBITDA do not reflect any depreciation or interest expense for leases classified as finance leases; • EBITDA and Adjusted EBITDA do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments on our debt; • Adjusted EBITDA does not reflect share-based compensation, impairment of long-lived assets, store closing costs and amortization of SaaS implementation costs; • EBITDA and Adjusted EBITDA do not reflect our tax expense or the cash requirements to pay our taxes; and • although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements. Due to these limitations, EBITDA and Adjusted EBITDA should not be considered as measures of discretionary cash available to us to invest in the growth of our business. We compensate for these limitations by relying primarily on our GAAP results and using EBITDA and Adjusted EBITDA as supplemental information. Four-Wall EBITDA Four-Wall EBITDA is a non-GAAP measure. We define Four-Wall EBITDA as EBITDA (as defined above) before allocated corporate expenses, for a single store unit. We are not providing a quantitative reconciliation of forward-looking Four-Wall EBITDA target as a percentage of sales because we are unable to predict, forecast or determine the probable significance of various reconciling items with a reasonable degree of accuracy and without unreasonable e ffort, and therefore the reconciliation of this non-GAAP measure to the most comparable GAAP measure has been omitted.
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20 EBITDA and Adjusted EBITDA Reconciliation 2025 2024 Net income 11,334$ 9,938$ Interest expense, net 713 923 Provision for income taxes 2,600 2,487 Depreciation and amortization 7,973 7,950 EBITDA 22,620 21,298 Impairment of long-lived assets & store closing costs 45 87 Share-based compensation 857 1,435 Amortization of SaaS implementation costs 3 - Adjusted EBITDA 23,525$ 22,820$ Three months ended December 31, 2025 2024 2023 2022 2021 Net income 46,444$ 33,935$ 23,243$ 21,365$ 20,581$ Interest expense, net 3,063 4,176 3,299 2,371 2,271 Provision for income taxes 12,483 8,866 5,127 6,419 5,475 Depreciation and amortization 31,814 30,930 28,906 27,906 29,633 EBITDA 93,804 77,907 60,575 58,061 57,960 Impairment of long-lived assets & store closing costs 118 2,547 1,464 2,920 1,455 Share-based compensation 3,960 2,829 1,360 1,186 877 Amortization of SaaS implementation costs 7 - - - - Adjusted EBITDA 97,889$ 83,283$ 63,399$ 62,167$ 60,292$ Fiscal Year ended September 30,