Slides
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4th Quarter Fiscal 2026 September 8, 2026
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Disclaimer Certain information in this presentation and discussed on the conference call which this presentation accompanies constitutes forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this presentation regarding the Company’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties and are based on current expectations and management estimates; actual results may differ materially. The risks and uncertainties which could impact these statements are described in the Company’s filings under the Securities Exchange Act of 1934, as amended, including its annual report on Form 10-K for the year ended August 2, 2025 filed with the Securities and Exchange Commission (the “SEC”) on October 1, 2025 and other filings the Company makes with the SEC, and include, but are not limited to, our dependence on principal customers; our relatively low margins, which are sensitive to inflationary and deflationary pressures and intense competition, including as a result of the continuing retailer consolidation and the growth of consumer choices for grocery and consumable purchases; our ability to realize the anticipated benefits of our strategic initiatives; changes in relationships with our suppliers; our ability to develop, implement, operate, and maintain, and rely on third parties to operate and maintain, reliable and secure technology systems; the effectiveness of our business continuity plans in response to incidents impacting our operating network or technology systems; our sensitivity to general economic conditions including inflation, tariff policy and changes in disposable income levels and consumer purchasing habits; labor and other workforce shortages and challenges; the addition or loss of significant customers or material changes to our relationships with these customers; our ability to continue to grow sales, including of our higher margin natural and organic foods and non-food products; our ability to maintain sufficient volume in our Natural and Conventional businesses to support our operating infrastructure; increases in healthcare, pension and other costs under our single employer benefit plan and multiemployer benefit plans; the potential for our insurance and self-insurance programs not to be adequate to cover our claims; the potential for disruptions in our supply chain or our distribution capabilities from circumstances beyond our control, including due to lack of long-term contracts, severe weather, labor shortages or work stoppages or otherwise; the effect of adverse decisions in, or settlement of, litigation or other proceedings to which we are subject; volatility in fuel costs; our ability to access additional capital; our ability to realize anticipated benefits of strategic transactions; the potential for additional asset impairment charges; our ability to maintain food quality and safety; moderated supplier promotional activity, including decreased forward buying opportunities; union-organizing activities that could cause labor relations difficulties and increased costs; and changes in tax laws and regulations, and actions by federal, state and local taxing authorities related to the interpretation and application of such tax laws and regulations. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. The Company is not undertaking to update any information in the foregoing reports until the effective date of its future reports required by applicable laws. Any estimates of future results of operations are based on a number of assumptions, many of which are outside the Company’s control and should not be construed in any manner as a guarantee that such results will in fact occur. These estimates are subject to change and could differ materially from final reported results. The Company may from time to time update these publicly announced estimates, but it is not obligated to do so. This presentation also contains the non-GAAP financial measures Adjusted EBITDA, Adjusted EPS, Net leverage ratio, Adjusted EBITDA margin rate, Free cash flow, adjusted effective tax rate and Capital and cloud implementation expenditures. The reconciliation of these non-GAAP financial measures (except for capital and cloud implementation expenditures) to the most directly comparable GAAP financial measure is presented in the appendix to this presentation. The components of capital and cloud implementation expenditures for fiscal 2027 will be primarily dependent on the nature of certain contracts to be executed. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. The Company believes that presenting non-GAAP financial measures aids in making period-to- period comparisons, assessing the performance of our business and understanding the underlying operating performance and core business trends, and is a meaningful indication of its actual and estimated operating performance. The Company's management utilizes and plans to utilize this non-GAAP financial information to compare the Company's operating performance during certain fiscal periods to the comparable periods in the other fiscal years and, in certain cases, to internally prepared projections.
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Today’s Agenda Q&A Introduction Opening Remarks Sandy Douglas Chief Executive Officer Financial Results Matteo Tarditi President & Chief Operating Officer | 3 Jeremy Perron SVP Investor Relations & Corporate Development
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Results Summary • Net sales in the quarter included an approximately 500 basis point adverse impact from planned optimization actions and 150 basis point impact of short-term project work, which were partially offset by lapping last year’s cybersecurity incident. • Higher Adj. EBITDA driven by the cycling of last year’s cybersecurity incident, benefits of network optimization, and continued focus on enhancing effectiveness and efficiency. • Adj. EPS growth benefited from Adj. EBITDA growth, lower interest expense from debt reduction and lower depreciation expense from network optimization. • Free cash flow driven by higher profitability. Definitions and reconciliations for non-GAAP measures are provided at the end of the presentation. | 4 Q4 FY26 Q4 FY25 Change FY26 FY25 Change Net Sales $7,642 $7,696 (0.7)% $31,152 $31,784 (2.0)% Adjusted EBITDA $172 $116 48.3% $701 $552 27.0% Adjusted EPS $0.69 $(0.11) $0.80 $2.65 $0.71 $1.94 Free Cash Flow $80 $86 $(6) $323 $239 $84 $ in Millions, except for per share data
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Opening Remarks Sandy Douglas Chief Executive Officer
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1. Representative differentiated grocers. Not exhaustive of all differentiated grocers. Totals may not sum due to rounding. Source: Company and third-party estimates and research based on a calendar year. Target Market Continues to Demonstrate Resilience andGrowth Value-creation strategy designed to support customer differentiation and shared, profitable growth Estimated Total US Grocery Market Retail Sales Size and Market Share | 6
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UNFI's Value Creation Strategy Adding value for customers Adding value for suppliers IMPROVINGEFFECTIVENESS ANDEFFICIENCY We are focused on adding value for our customers and suppliers while becoming a more effective and efficient company. Shared Profitable Growth Our strategy uniquely positions us to help our partners differentiate, compete, and profitably grow.
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Advancing Strategic Capabilities Aligned senior leadership structure to accelerate strategy, capability building, and enhance operational execution Adding Value for Customers and Suppliers Becoming More Effective and Efficient • Introduced over 130 new private brand innovations to help customers differentiate and meet shopper needs. • Continued development of merchandising and supplier programs that help customers build unique product assortments. • Introduced AI-enabled features on the UNFI Insights platform for our suppliers. • Continued to optimize the network through DC consolidation initiatives into modernized facilities. • Completed rollout of AI-based inventory planning platform, helping improve fill rates and free cash flow. • Deployed Lean daily management in 44 DCs; steadily improving safety , quality , delivery , and cost. • Improved service levels through operating discipline and network optimization. | 8
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4.0x 3.3x 2.2x <2.0x FY24 FY25 FY26 FY27E $518 $552 $701 $755 FY24 FY25 FY26 FY27E Midpoint Adjusted EBITDA $ Millions Free Cash Flow $ Millions Net Leverage Ratio Guidance at beginning of FY Strong Momentum Heading into FY27 Well-positioned to drive strong profitability and free cash flow while reducing net leverage in FY27 and beyond Raised Target2: $730-$780M FY27 Prior Target1: >$730M FY27 Reiterated Target2: <2.0x by YE FY27 1. As of December 10, 2025 2. As of September 8, 2026 Note: Definitions and reconciliations for non-GAAP measures are provided at the end of the presentation Updated Target2: $275-325M FY27 | 9 ($92) $239 $323 ~$300 FY24 FY25 FY26 FY27E Midpoint Investor Day Target Prior Target1: ~$300M FY27 Prior Target1: <2.0x by YE FY27
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Financial Results Matteo Tarditi President & Chief OperatingOfficer
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Q4 FY26 Net Sales Net sales change of (0.7)% included an approximately 500 basis point adverse impact from planned optimization actions and 150 basis point impact of short-term project work, which were partially offset by lapping last year’s cybersecurity incident Underlying sales in -line with estimated low single -digit growth of $90 billion target wholesale market 262 (293) 22 (45) Q4 FY25 Natural Conventional Retail Eliminations Q4 FY26 $7,696 $7,642 $ in Millions | 11
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Q4 FY26 Adjusted EBITDA Disciplined execution and solid expense management resulted in strong Q4 results 5 39 11 1 Q4 FY25 Natural¹ Conventional¹ Retail¹ Other¹ Q4 FY26 $116 $172 $ in Millions 1.Natural Adjusted EBITDA YoY growth adversely impacted by changes in allocated corporate overhead, with offsets across remaining segments. Definitions and reconciliations for non-GAAP measures are provided at the end of the presentation. Adjusted EBITDA growth driven by cycling of last year’s cybersecurity incident as well as ongoing conventional product- focused network optimization and continued productivity improvements | 12
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Chart figures indexed to Q4 FY25 Fourth consecutive quarter of YoY improvement for fill rate, on -time delivery and throughput Lean Continues to Scale Across UNFI • Steady progress made on technology solution deployments, which is benefiting network and supply chain • Completed initial deployment phase of Lean daily management to 44 distribution centers 100 102 Q4'FY25 Q4'FY26 Fill Rate 100 105 Q4'FY25 Q4'FY26 On-Time Delivery Rate 100 Q4'FY25 Q4'FY26 Throughput Up 2 PTS 112 Up 5 PTS Up 12 PTS | 13
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Net Debt and Leverage Continue to Improve Free cash flow generation reduced net debt to lowest level since fiscal 2018 Net Leverage Ratio decreased by 0.3x sequentially and by 1.1x compared to Q4 FY25 3.3x 3.2x 2.7x 2.5x 2.2x Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Net Leverage Ratio $1,834 $1,897 $1,678 $1,632 $1,539 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Net Debt ($ in millions) Down $295M YoY Definitions and reconciliations for non-GAAP measures are provided at the end of the presentation. Down 1.1x YoY | 14
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Fiscal 2027 Outlook(1) Reflects high-confidence plan to deliver another year of improved performance (1) The outlook provided above is for fiscal 2027. This outlook is forward looking, is based on management's current estimates and expectations and is subject to several risk s, including many that are outside of management's control. See cautionary language on slide 2 and the risk factors contained in the Company’s Annual Re port on Form 10-K for the year ended August 2, 2025 and other filings the Company makes with the SEC. (2) The Company is unable to provide a full reconciliation to the most comparable GAAP measure without unreasonable effort due to the difficulty in predicting the amounts for certain adjustment items. (3) Reflects approximately $500 million of below-the-line impacts including net interest expense, stock compensation, net periodic b enefit income, depreciation and amortization and other expenses. (4) The components of capital and cloud implementation expenditures for fiscal 2027 will be primarily dependent on the nature of certain contracts to be executed. As such, the Company is unable to reconcile the outlook for free cash flow as well as capital and cloud implementation expenditures in fiscal 2027 to the most comparable GAAP measure. ~ $300M$31.2 - $31.8B Net Sales Capital and Cloud Implementation Expenditures (4) ~ $300M$3.00 - $3.50 Adjusted EPS (2)(3) $730 - $780M Adjusted EBITDA(2) $275-$325M Free Cash Flow(4) (+8% at midpoint compared to Fiscal 2026) (+23% at midpoint compared to Fiscal 2026) ($300M at midpoint in -line with Fiscal 2025 – 2028 targets) (+1% at midpoint compared to Fiscal 2026) (Roughly +$50M increase over Fiscal 2026) | 15 Fiscal 2027 outlook reflects a return to profitable revenue growth as well as continued growth in Adjusted EBITDA and Adjusted EPS
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Disciplined execution of our value-creation strategy is generating strong Adjusted EBITDA and Free Cash Flow Continuing to advance capability building to add value for customers and suppliers Strategically investing in technology and next-gen supply chain solutions, while advancing lean practices to improve effectiveness and efficiency | 16 Helping customers execute their differentiation strategies, supportingsupplier growth with these retailers, and continuing to improve services levels Key Takeaways
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Appendix
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Capital Structure (1) As of August 1, 2026. (2) Repriced the term loan from SOFR + 4.75% to SOFR + 4.00% in Q4 FY26. (3) Refinanced and downsized the ABL revolver from $2.6B to $2.4B in Q3 FY26. (4) Redeemed $115M and $35M of senior unsecured notes utilizing borrowings under the ABL revolver in Q3 and Q4 FY26, respectively. (5) Net debt, as shown, divided by trailing four quarters Adjusted EBITDA. (6) Balance sheet cash plus unused capacity under the ABL revolver. Definitions and reconciliations for non-GAAP measures are provided at the end of the presentation. $ in millions Maturity Rate(1) FY24 Q1 FY25 Q2 FY25 Q3 FY25 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Secured term loan B(2) May 2031 S + 4.00% $499 $498 $496 $495 $383 $382 $372 $371 $370 ABL revolver(3) April 2031 S + 1.125% 983 1,146 970 862 869 927 731 799 733 ABL FILO tranche April 2031 S + 2.00% 130 130 130 130 130 130 130 130 130 Senior unsecured notes(4) October 2028 6.75% 500 500 500 500 500 500 500 385 350 Finance leases Various Various 19 18 19 18 16 15 14 12 13 Equipment loans October 2024 4.43% 1 – – – – – – – – Original issue discount / deferred finance fees (28) (27) (25) (25) (20) (19) (17) (22) (20) Total Debt and Finance Leases (GAAP) $2,104 $2,265 $2,090 $1,980 $1,878 $1,935 $1,730 $1,675 $1,576 Balance sheet cash (40) (37) (44) (52) (44) (38) (52) (43) (37) Net Debt (GAAP) $2,064 $2,228 $2,046 $1,928 $1,834 $1,897 $1,678 $1,632 $1,539 LTM Adjusted EBITDA $518 $535 $552 $579 $552 $585 $619 $645 $701 Net Leverage Ratio(5) 4.0x 4.2x 3.7x 3.3x 3.3x 3.2x 2.7x 2.5x 2.2x Availability Liquidity(6) $1,275 $1,174 $1,312 $1,494 $1,497 $1,327 $1,337 $1,245 $1,268 | 18
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Free Cash Flow Performance Definitions and reconciliations for non-GAAP measures are provided at the end of the presentation. (1) Includes other non-cash adjustments to net income including non-controlling interests under the indirect method of cash flow accounting, which includes share-based compensation, gain or loss on sale of assets, asset impairment charges, net pension and other post-retirement benefit income, LIFO charge or benefit, non- cash interest expense and other adjustments. Q4 FY26 YoY Dynamics • Improving profitability largely driven by higher operating income and lower net interest expense and depreciation. • Working capital performance: ‒ Accounts receivable reflects last year's elevated balance due to delayed billings and collections from the cybersecurity incident, combined with sustained improvement in receivables management and optimization. ‒ Inventory reflects our focus on supporting fill rates. ‒ Accounts payable reflects a return to normal business following last year's cybersecurity incident. ‒ Operating assets and liabilities reflect higher payments for legal settlements and cloud technology implementation expenditures. • Capital expenditures increase reflects investments in supply chain, technology investments, and commercial capabilities. $ in millions Q4 FY26 Y/Y Change FY26 Y/Y Change Net income including non-controlling interests 35 121 84 199 Depreciation and amortization 78 (1) 303 (18) Changes in operating assets and liabilities Accounts and notes receivable 46 144 131 273 Inventories 47 (56) 130 43 Accounts payable (5) (119) (119) (319) Other operating assets and liabilities (26) (119) (132) (253) Other non-cash adjustments(1) 22 67 143 145 Cash flow from operations 197 37 540 70 Payments for capital expenditures (117) (43) (217) 14 Free cash flow 80 (6) 323 84 | 19
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Non-GAAP and Operating Metric Definitions Adjusted EPS: The non-GAAP adjusted earnings per diluted common share measure is a consolidated measure, which the Company reconciles by adding Net income attributable to UNFI plus the LIFO charge or benefit, goodwill impairment benefits and charges, restructuring, acquisition, and integration related expenses, gains and losses on sales of assets, certain legal charges and gains, surplus property depreciation and interest expense, losses on debt extinguishment, the impact of diluted shares when GAAP earnings is presented as a loss and non-GAAP earnings represent income, and the tax impact of adjustments and the adjusted effective tax rate, which tax impact is calculated using the adjusted effective tax rate, and certain other non-cash charges or items, as determined by management. Adjusted EBITDA: The non-GAAP Adjusted EBITDA measure is a consolidated measure which the Company reconciles by adding Net income (loss) including noncontrolling interests, less Net income attributable to noncontrolling interests, plus Non-operating income and expenses, including Net periodic benefit income, excluding service cost, Interest expense, net and Other (income) expense, net, plus (Benefit) provision for income taxes and Depreciation and amortization all calculated in accordance with GAAP, plus adjustments for Share-based compensation, non-cash LIFO charge or benefit, Restructuring, acquisition and integration related expenses, Goodwill impairment charges, Loss (gain) on sale of assets and other asset charges, certain legal charges and gains, certain other non-cash charges or other items, as determined by management. Adjusted EBITDA margin: The percentage that results from dividing Adjusted EBITDA by net sales. Net leverage ratio (previously referred to as Net Debt to Adjusted EBITDA leverage ratio): The non-GAAP Net leverage ratio is defined as the total carrying (GAAP) value of outstanding short- and long-term debt and finance lease liabilities less net cash and cash equivalents, the sum of which is divided by the trailing four quarters Adjusted EBITDA. Free cash flow: The non-GAAP free cash flow measure is defined as net cash provided by (used in) operating activities less payments for capital expenditures. Capital and cloud implementation expenditures: The non-GAAP capital and cloud implementation expenditures measure is defined as the sum of payments for capital expenditures and cloud technology implementation expenditures. Shrink: Represents physical inventory losses or gains that occur throughout the supply chain, after accounting for all recoverable amounts from responsible parties (vendors, carriers, customers, etc.). It is the aggregated cost of inventory that has become unsaleable, obsolete, damaged, lost or spoiled. Fill rate: Dollars shipped as a percentage of dollars ordered. Throughput: Outbound invoiced case quantity + inbound cases received quantity, the sum divided by direct labor hours. On-time delivery: Percentage deliveries made in the agreed upon delivery window. | 20
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Reconciliation – Adjusted EBITDA 1) Fiscal 2026 primarily reflects distribution center and store closure charges, costs associated with certain employee severance and other employee separation costs and adjustments to previously recorded multiemployer pension plan withdrawal liabilities. Fiscal 2025 primarily reflects the $53 million charge related to the Company’s termination of its supply agreement with a customer in the East region and costs associated with certain employee severance and other employee separation costs and outsourcing certain corporate functions under restructuring initiatives. 2) Fiscal 2026 primarily includes $30 million in non -cash asset impairment charges related to decisions to close certain retail store locations and discontinue operations at certain distribution centers, warehouses or offsite storage facilities, an $18 million gain on the sale of a surplus distribution center and $17 million in losses on the sales of receivables under the accounts receivable monetization program. Fiscal 2025 primarily includes a $24 million non -cash asset impairment charge related to a distribution center in our East region and $19 million in losses on the sales of receivables under the accounts receivable monetization program. 3) Fiscal 2026 reflects store closure inventory charges, which are included within Cost of sales in the Consolidated Statements of Operations. 4) Reflects costs associated with business transformation initiatives, primarily including third- party consulting costs and licensing costs, which are included within Operating expenses in the Consolidated Statements of Operations. 5) Fiscal 2026 includes $45 million of insurance recoveries, which are included within Operating expenses in the Consolidated Statements of Operations, partially offset by $24 million of costs and charges related to the June 2025 cybersecurity incident, of which $20 million is included within Gross profit and $4million is included within Operating expenses in the Consolidated Statements of Operations. Fiscal 2025 includes costs and charges related to the cybersecurity incident, of which $15million is included within Gross profit and $11 million is included within Operating expenses in the Consolidated Statements of Operations. 6) Primarily reflects accrued costs related to an agreement to settle certain legal proceedings, which are included within Operating expenses in the Consolidated Statements of Operations. Reconciliation of Net income (loss) including noncontrolling interests to Adjusted EBITDA (unaudited) | 21
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Reconciliation – Adjusted EPS 1) Fiscal 2026 primarily reflects distribution center and store closure charges, costs associated with certain employee severance and other employee separation costs and adjustments to previously recorded multiemployer pension plan withdrawal liabilities. Fiscal 2025 primarily reflects the $53million charge related to the Company’s termination of its supply agreement with a customer in the East region and costs associated with certain employee severance and other employee separation costs and outsourcing certain corporate functions under restructuring initiatives. 2) (Gain) loss on sale of assets and other asset charges, as reflected here, does not include losses on sales of receivables under the accounts receivable monetization program, which are included in Loss (gain) on sale of assets and other asset charges on the Consolidated Statements of Operations and are not adjusted in the calculation of Adjusted EPS. Fiscal 2026 primarily includes $30 million in non-cash asset impairment charges related to decisions to close certain retail store locations and discontinue operations at certain distribution centers, warehouses or offsite storage facilities and an $18million gain on the sale of a surplus distribution center. Fiscal 2025 primarily includes a $24million non-cash asset impairment charge related to a distribution center in our East region. 3) Reflects surplus, non-operating property depreciation and interest expense. 4) Fiscal 2026 reflects store closure inventory charges, which are included within Cost of sales in the Consolidated Statements of Operations. 5) Reflects costs associated with business transformation initiatives, primarily including third-party consulting costs and licensing costs, which are included within Operating expenses in the Consolidated Statements of Operations. 6) Fiscal 2026 includes $45million of insurance recoveries, which are included within Operating expenses in the Consolidated Statements of Operations, partially offset by $24million of costs and charges related to the June 2025 cybersecurity incident, of which $20million is included within Gross profit and $4million is included within Operating expenses in the Consolidated Statements of Operations. Fiscal 2025 includes costs and charges related to the cybersecurity incident, of which $15million is included within Gross profit and $11million is included within Operating expenses in the Consolidated Statements of Operations. 7) Primarily reflects accrued costs related to an agreement to settle certain legal proceedings, which are included within Operating expenses in the Consolidated Statements of Operations. 8) Represents the tax effect of the pre-tax adjustments using an adjusted effective tax rate. The adjusted effective tax rate is calculated based on adjusted net income before tax, and its impact reflects the exclusion of changes to uncertain tax positions, valuation allowances, tax impacts related to the vesting of share-based compensation awards and discrete GAAP tax items which could impact the comparability of the operational effective tax rate. The Company believes using this adjusted effective tax rate will provide better consistency across the interim reporting periods since each of these discrete items can cause volatility in the GAAP tax rate that is not indicative of the underlying ongoing operations of the Company. By providing this non-GAAP measure, management intends to provide investors with a meaningful, consistent comparison of the Company’s effective tax rate on ongoing operations. 9) Adjusted earnings (loss) per share amounts are calculated using actual unrounded figures. Reconciliation of Net income (loss) attribute to United Natural Foods, Inc. to Adjusted net income (loss) and Adjusted EPS (unaudited) | 22
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Reconciliation – Trailing Twelve Months Adjusted EBITDA Trailing four quarters Adjusted EBITDA | 23
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Reconciliation – Adjusted EBITDA by Segment Adjusted EBITDA by Segment(1) | 24
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Reconciliation – Free Cash Flow Reconciliation of Net cash provided by operating activities to Free cash flow (unaudited) | 25
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Reconciliation – Net Leverage Ratio Calculation of Net Debt to Adjusted EBITDA Leverage Ratio (unaudited) | 26
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Thank You