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1 Supplemental Financial Presentation October 22, 2026 Q3 | 2026 EARNINGS HIGHLIGHTS
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2 All statements that are not statements of historical facts and that address activities, events or developments that we expect or anticipate will or may occur in the future are forward-looking statements, including statements regarding value creation, customer trends, new stores and distribution centers, store closures, return of capital, productivity and cost reduction initiatives and their expected benefits, operating margin improvement, and financial guidance for fiscal 2026, including net sales, comparable store sales, operating margin rates, adjusted operating margin rates, net income, adjusted net income, earnings per diluted share and adjusted earnings per diluted share. All forward-looking statements in this presentation are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and may be affected by certain risks and uncertainties, any one, or a combination, of which could materially affect the results of the Company’s operations. The Company intends for these forward- looking statements to speak only as of the time of the presentation and does not undertake any obligation to update or revise them after the date hereof or as more information becomes available, except as required by law. Actual results may differ materially from anticipated results described in these forward- looking statements. As with any business, all phases of our operations are subject to factors outside of our control. These factors include, without limitation, the impact of the recent and potential future tariff announcements and the corresponding macroeconomic pressures and those factors discussed in the “Risk Factors” section of the Company’s Annual Reports on Form 10-K and other filings with the Securities and Exchange Commission. As a result, all of the forward-looking statements made are qualified by these cautionary statements and those contained in the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 27, 2025, its Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. SAFE HARBOR Q3 | 2026
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3 Thank Y ou to the Team!
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• Q3 marked a step forward, with sales strengthening throughout the quarter • Consumable, usable and edible (C.U.E.) categories continued to outperform the chain average • Customer initiatives gained traction across key areas • Targeted value investments drove unit growth • Pet comps improved sequentially • Digital sales grew approximately 16% • Reaffirming fiscal year 2026 outlook • Updating net capital expenditures to $675 million to $700 million and share repurchases to $425 million to $450 million • Expect further sequential comp improvement in Q4, subject to weather and consumer uncertainty • Focused on restoring operating margins over time to reflect our earnings power • Taking material actions to improve gross margin and offset inflationary pressures • Targeting more than $75 million in incremental SG&A reductions over 2027 and 2028 CENTRAL MESSAGES Q3 Highlights Key Takeaways
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Q3 | 2026 3.9% 0.4% Q3 2025 Q3 2026 COMPARABLE SALES FINANCIAL HIGHLIGHTS Driven by New Store Openings, Acquisition of VIP Petcare and Growth in Comparable Store Sales Comparable Ticket Increase of 0.7% Comparable Transactions Decrease of 0.3% Strength in Seasonal Categories Including Wildlife Supplies, Equine & Livestock and Truck, Tool & Hardware C.U.E. Performed Above Company Average Double Digit Growth in Digital Offset by Continued Softness in Big Ticket and Companion Animal Categories $3.72B $3.91B Q3 2025 Q3 2026 NET SALES +5.1%
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Q3 | 2026 FINANCIAL HIGHLIGHTS Key Drivers Higher Transportation and Fuel Costs Investment to Strengthen Price-Value Position Key Drivers Deleverage from Lower Comparable Store Sales Startup Costs Associated with Opening of New Distribution Center Offset by Disciplined Expense Control across the Business 28.1% 28.6% Q3 2025 Q3 2026 SG&A EXPENSES AS A % OF NET SALES 43 bps Deleverage 37.4% 36.4% Q3 2025 Q3 2026 GROSS MARGIN AS A % OF NET SALES 92 bps Deleverage
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Q3 | 2026 FINANCIAL HIGHLIGHTS 9.2% 7.9% Q3 2025 Q3 2026 OPERATING MARGIN 135 bps Deleverage $259.3M $224.7 M Q3 2025 Q3 2026 NET INCOME -13.3% $0.49 $0.43 Q3 2025 Q3 2026 DILUTED EPS -11.6%
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Q3 | 2026 OPERATIONAL HIGHLIGHTS Launched Partnership with Instacart to Deliver Pet Supplies, Farm Essentials and Everything in Between for Life Out Here Expanded Pet Assortment to Include More than 200 New Dog and Cat Products Celebrated Animals Days for Pets and Livestock Celebrated Grand Opening of 11th Distribution Center in Nampa, Idaho
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Q3 | 2026 Continued to support veterans in farming and ranching through $100,000 donation to the Farmer Veteran Coalition’s Fellowship Fund SUPPORTING LIFE OUT HERE Celebrated Harvest F est to support Local F armers, Makers and Artisans in stores nationwide Awarded 146 students with the 2026 FFA Future Leaders Scholarship Announced support of over 1,000 fairs nationwide — its largest commitment to state and county fairs to date
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Q3 | 2026 REAFFIRMING FISCAL YEAR 2026 GUIDANCE Net Sales +2.5% to +3.5% Comparable Store Sales (1.0%) to Flat Operating Margin Rate 8.0% to 8.3% Net Income $990M to $1.05B Earnings per Diluted Share $1.78 to $1.88 Adjusted Operating Margin Rate* 8.5% to 8.8% Adjusted Net Income* Adjusted Earnings per Diluted Share* $1.90 to $2.00 $930M to $990M *Adjusted to exclude impairment charges and acquisition costs – refer to non-GAAP reconciliation Q3 2026 earnings release
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11 We are committed to being an integral part of our customers’ lives as the dependable supplier of Out Here Lifestyle solutions. Anytime. Anywhere. Any way . Option 3 Q3 | 2026