Slides
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Q3 2026 Earnings Presentation November 2026
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Reporting Disclaimer 2 This presentation contains, in addition to historical information, certain “forward -looking statements” (within the meaning of S ection 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended), that are based on our current assumptions, expectations and projections about future performance an d events and relate to, among other matters, our future financial performance, our corporate strategies, industry and market trends, future expectations concerning our market position, future operations and capital exp enditures. Statements in this presentation that are forward -looking include, but are not limited to, statements related to the Vital Farms’ long-term opportunity, business strategy and commercial and operational priorities, the impact and expected benefits of changes in Vital Farms’ cost structure and capital expenditures, and Vital Farms’ future financial performance, including management’s outlook for fiscal year 2026 . Forward-looking statements generally contain words such as “anticipates,” “approximately,” “believes,” “estimates,” “expects,” “ may,” “plans,” “position,” “should,” “will,” and similar expressions. These forward-looking statements are only predictions, not historical fact. You should, therefore, not rely on these forward -looking statements as representing our views as of any date subsequent to the date of this presentation. Forward -looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward -looking statements. Important factors that could cause actual results to differ materially from expectations include, among others: Vital Farms’ expectations regarding its revenue, expenses, and other operating results; Vital Farms’ ability to attract new consumers and customers, to successfully retain existing consumers and customers, to attract and retain its suppliers, distributors, and co -manufacturers, and to maintain its relationships with the farmers in its network and further expand its farm network, and plans for operation of accelerator farms and the impact of its decision to pause development of future accelerator farms; Vital Farms’ ability to sustain or increase its prof itability; Vital Farms’ expectations regarding its future growth in the foodservice channel; Vital Farms’ ability to procure sufficient high-quality eggs and other raw materials; Vital Farms’ ability to effectively manage its supply o f eggs and the impact of its current and planned supply control initiatives; real or perceived quality or food safety issues with Vital Farms’ products or other issues that adversely affect Vital Farms’ brand and reputation; Vital Farms’ ability to manage changes in the tastes and preferences of consumers; the financial condition of, and Vital Farms’ relationships with, its farmers, pullet vendors, suppliers, co-manufacturers, distributors, retailers, and foodservice customers, as well as the health of the foodservice industry generally; the effects of outbreaks of agricultural diseases, including avian influenza and egg drop syndrome, the perception that outbreaks may occur or regulatory or market responses to such outbreaks generally; the ability of Vital Farms, its farmers, pullet vendors, suppliers, and its co-manufacturers to comply with its standards and food safety, environmental or othe r laws or regulations; the potential outcome and impact of pending or future litigation, and the costs, expenses, and uncertainties associated therewith; specifications and timing of the expansion of Vital Farms’ processin g capacity, including the impact of Vital Farms’ decision to halt construction on its planned second egg washing and processing facility, by the end of 2026, and the impacts of prior or future expansions of such facilities on Vital Farms’ future revenue and farm network; future investments in its business, anticipated capital expenditures and estimates regarding capital requirements; anticipated changes in Vital Farms’ product offerings, including s pecifications, timing and financial impacts of the planned discontinuation of its butter products and Vital Farms’ pilot offering of free-range shell egg products, and Vital Farms’ ability to innovate to offer new products or enter into new product categories; the costs and success of marketing efforts and ability to promote its brand; Vital Farms’ reliance on key personnel and its ability to identify, recruit and retain personnel; Vital Farms’ abi lity to effectively manage its growth; the potential influence of Vital Farms’ focus on a specific public benefit purpose and producing a positive effect for society; Vital Farms’ stated impact goals, opportunities and initiatives, as well as the standards and expectations of third parties regarding these matters; Vital Farms’ ability to maintain effective internal controls over financial reporting and to remediate and prevent material weaknesses in its inte rnal controls; Vital Farms’ ability to compete effectively with existing competitors and new market entrants; the impact of adverse economic conditions, including as a result of unfavorable global economic and political conditions, international trade restrictions and tariffs, elevated interest rates, and inflation; Vital Farms’ estimates of future capital expenditures and the sufficiency of Vital Farms’ cash, cash equivalents, any marketable securitie s and availability of credit under its credit facilities to meet liquidity needs; seasonality; and the growth rates of the markets in which Vital Farms competes; and other risks and uncertainties detailed in Vital Farms’ Quarterly Report on Form 10-Q for the 13-week period ended September 27, 2026, which Vital Farms expects to file on November 3, 2026, and in its other filings made from time to time with the Securities and Exchange Commission. We are under no duty to update any of these forward-looking statements after the date of this presentation except as otherwise required by law. This presentation also contains estimates and other statistical data obtained from independent parties and by us relating to market size and growth and other data about our industry, customers and consumers, including syndicated retail scanner data (Circana) and household panel data (Numerator). This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates and data. In addition, projections, assumptions and estimates of our future performance and the future performance of the geographic and o ther markets in which we operate are necessarily subject to a high degree of uncertainty and risk. Our historical results are not necessarily indicative of the results to be expected for any future periods and our oper ating results for the 13-week period ended September 27, 2026, are not necessarily indicative of the results that may be expected for any other interim periods or any future year or period. * The trademarks included in this presentation are the property of the owners thereof and are used for reference purposes onl y.
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Agenda 1. What drove our performance this year 2. Q3 2026 progress 3. Our outlook for Q4 2026 has changed 4. Why we believe in our long-term potential 5. Q3 2026 financial results and updated outlook
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What Drove Our Performance This Year
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For three years, avian influenza narrowed our price gap; in 2026 it went back to where it was in 2023 Source: Circana, Total US MULO+ excluding Retailer A. 1 EQ = 1 dozen eggs. Average retail price per EQ = retail dollars / retail EQ volume, by fiscal quarter, Q1 2022 through Q3 2026 (13 weeks ended 9/27/26). Private label = all store-brand shell eggs. $7.44 $8.78 $8.00 $2.03 $5.56 $2.20 $0 $1 $2 $3 $4 $5 $6 $7 $8 $9 $10 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 Jul-26 Shell eggs, average retail price per EQ, Total MULO+ Vital Farms ($ per EQ) Private label ($ per EQ) 5 Vital Farms price as a multiple of private label, by fiscal quarter Q3 2023 last fully supplied market 3.7x Q1 2025 peak of the shortage 1.7x Q3 2026 most recent quarter 3.8x Store-brand eggs are back to about $2 a dozen, and the gap between our price and the rest of the shelf is back to where it was in mid-2023.
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We believe many of the light buyers that we gained during the shortage have left Source: Numerator Insights, Total Commerce panel, Vital Farms shell eggs. Left: share of US households buying in the 52 weeks to mid-October of each year. Right: rolling 52 weeks ending every fourth week. Total = households buying Vital Farms in the 52 weeks (52-week household penetration x US households). Retained = households that bought Vital Farms in both the 52 weeks shown and the 52 weeks before, from the Lapsed, Retained, New report, which counts only households in the panel in both years. 7.2% 8.1% 9.2% 11.0% 9.6% 2022 2023 2024 2025 2026 Vital Farms household penetration, 52 weeks to October (% of US HH) 6 14.6 13.1 5.8 5.9 0 2 4 6 8 10 12 14 16 Dec 14 '25 Feb 8 Apr 5 May 31 Jul 26 Sep 20 Vital Farms buying households (millions), 52 weeks ending each date Total Vital Farms HH (52-week panel) Retained Vital Farms HH (lapsed/retained/new panel)
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Light buyers went back to private label, not to other outdoor-access brands; excluding one highly promotional retailer, our premium is where it was in Q3 2023 Source: Circana, Total US MULO+. 1 EQ = 1 dozen eggs. Total US MULO+ excluding Retailer A. Price multiple = Vital Farms average retail price per EQ / competitor average retail price per EQ, by fiscal quarter. Branded Competitor A includes its sister brand. 3.7x 1.7x 3.8x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 4.5x Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Vital Farms price premium over private label, MULO+ excl. Retailer A 1.37x 1.38x 1.34x 1.29x 1.0x 1.1x 1.2x 1.3x 1.4x 1.5x Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Vital Farms price premium over branded outdoor-access competitors, MULO+ excl. Retailer A vs Branded Competitor A vs Branded Competitor B Price multiple, MULO+ excl. Retailer A Q3 2023 Q3 2026 vs private label 3.7x 3.8x vs Branded Competitor A 1.37x 1.38x vs Branded Competitor B 1.34x 1.29x 7
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Q3 2026 Progress
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We executed our Q3 plan Source: Vital Farms company data; Circana, Total US MULO+ (TDPs, share). What we said What happened The second quarter would be the trough Q3 net revenue $182.2M, up 10% vs Q2; Adjusted EBITDA $1.5M vs a loss of $26.6M in Q2; gross margin 23.1%, up more than 16 points Farmer contract amendments would bring supply closer to retail demand Amendments in place; volume sent to breaker and wholesale channels down 59% vs Q2, the single biggest driver of the margin recovery $6–7M out of our annualized SG&A run rate Done 170–175 shell egg TDPs in Q4 Q3 average 162; 176 in the week ending October 25. Record 7.2% dollar share and 2.3% volume share of shell eggs in Q3 Protect the balance sheet Vital Crossroads still on track to pause once the building is enclosed. 2026 Capex spending on track with previous guidance 9
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The distribution we expected is now on the shelf, and we posted a record share in shell eggs Source: Circana, Total US MULO+. 1 EQ = 1 dozen eggs. TDPs = average weekly total points of distribution in the fiscal quarter; latest week ending 10/25/26. Share of shell egg retail dollars and EQ volume by fiscal quarter. 132 142 146 147 162 176 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Week of 10/25/26 Vital Farms shell egg TDPs, Total MULO+ Q4 2026 expectation set in August: 170 to 175 4.7% 7.2% 1.5% 2.3% 0% 1% 2% 3% 4% 5% 6% 7% 8% Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Vital Farms share of shell eggs, Total MULO+ Dollar share Volume share 10
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Our Outlook for Q4 2026 has Changed
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Three things changed how we look at the fourth quarter; we are reducing 2026 net revenue guidance to around $730 million 12 In August we assumed What we see now What we assume for Q4 The fourth quarter would build into the holidays the way it has in prior years, for the category and for us Our orders are not rising the way they usually do by this point in the year, and what we hear about the category says the same. Retailers are buying for immediate needs rather than building inventory ahead of Thanksgiving. No holiday lift. Velocity holds at the Q3 run rate on the shelf we have. The new distribution would be on the shelf in time to contribute through the quarter We got the distribution we said we would get, but some of it reached the shelf later than we planned. Less Q4 revenue from the new placements. Their start date, and the velocity build that follows it, move back by the same weeks. Conventional egg prices would firm into the holidays, as they do in a normal year, narrowing our price gap As orders are not rising like they usually do at this point of the year, we are now assuming that historic Q4 conventional pricing trends might be more muted than in prior years. No firming of conventional prices vs. Q3. We plan for the rest of the market to stay where it is.
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In years with a full egg supply, our fourth-quarter volume rose almost 20% over the third quarter; this year’s outlook assumes no seasonal lift Source: Circana, Total US MULO+. 1 EQ = 1 dozen eggs. Change in Vital Farms EQ volume, fiscal Q4 vs fiscal Q3. Fiscal Q4 2023 had 14 weeks, so all years are compared on average weekly volume to keep the extra week from overstating 2023. In 2024 and 2025 our volume was limited by our egg supply. Shell egg category volume rose 9–10% from Q3 to Q4 in each of these years. +18% +19% +3% +4% 2022 Full supply 2023 Full supply 2024 Supply limited 2025 Supply limited 2026 Outlook Vital Farms Q4 volume vs Q3 No seasonal lift assumed Velocity held at roughly the Q3 run rate Why we are not assuming a lift 1. Our orders are not rising the way they usually do at this point in the year. 2. Industry indicators have not shown the usual pre-holiday pickup. 3. Retailers appear to be buying for immediate needs, not building inventory ahead of Thanksgiving. 13
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Why We Believe in Our Long-Term Potential
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Against Q3 2023, the last normally supplied third quarter, we are a much larger brand at the same premium, with velocity holding on expanded distribution Source: Vital Farms company data (net revenue); Circana, Total US MULO+ (TDPs, velocity, share, price); Numerator Insights, Total Commerce panel (households, 52 weeks to mid-October 2023 and 2026). Velocity = units per item per store selling per week. Q3 2023 Q3 2026 Change Net revenue $110.4M $182.2M +65% Total points of distribution (shell egg, quarter average) 112 162 +45% Total points of distribution (shell egg, Q3 2023 quarter average vs. Q3 2026 as of 10/25/26) 112 176 +58% Velocity (shell eggs, EQ units per item per store per week) 23.1 25.4 +10% Dollar share of shell eggs 4.7% 7.2% +2.5 pts Households buying Vital Farms shell eggs (52-week penetration) 8.1% 9.6% +19% Shell egg price premium over private label 3.7x 3.8x unchanged $110.4 $182.2 Q3 2023 Q3 2026 Net revenue ($M) 15
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Q3 2026 financial results and updated outlook
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Q3 2026 KEY FINANCIAL METRICS Net Revenue Gross Margin Adj. EBITDA** Diluted EPS $182M 23.1% $1.5M -$0.15 -8%* -1455bps* -95% NA 17 * Compared to prior fiscal year quarter. ** Refer to Appendix for reconciliation of non-GAAP financial metrics
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Financial Summary Highlights: Q3 2026 Update (1) See Appendix for reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin 18 • Net revenue decreased 8.4% to $182.2 million in Q3 2026 versus Q3 2025. The decrease in net revenue was primarily driven by a price/mix decline of $14.3 million, and a volume-driven decline of $2.2 million, excluding breaker and wholesale channel sales. Sales to breaker and wholesale channels contributed $0.3 million to net revenue decline, as a large volume increase more than offset by a price decline. • Gross profit decreased to $42.1 million, or 23.1% of net revenue in Q3 2026. Gross profit and margin decreased compared to the prior year period reflecting higher input and production costs and unfavorable sales mix. The unfavorable sales mix was driven by an oversupply of egg inventory, which resulted in increased sales to breaker and wholesale channels at lower prices, reducing gross profit by $7.9 million. • Adj. EBITDA was $1.5 million, or 0.8% of net revenue, in Q3 2026; the decrease in Adj. EBITDA was driven by higher input and production costs as well as an unfavorable sales mix.(1) Highlights Financial Performance ($ thousands) % Change $ Change Net Revenue $ 182,164 $ 198,936 -8.4% (16,772) Gross Profit 42,140 74,962 -43.8% (32,822) Gross Margin % 23.1% 37.7% -1455 bps (Loss) Income from Operations (7,681) 21,399 -135.9% (29,080) Net (Loss) Income (6,460) 16,419 -139.3% (22,879) Adjusted EBITDA(1) $ 1,497 $ 27,387 -94.5% (25,890) Adjusted EBITDA Margin(1) 0.8% 13.8% -1294 bps Q3'26 Q3'25
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Financial Summary Highlights: Net Revenue Comparison 19 • Net revenue for Q3 2026 was $182.2 million, compared to $198.9 million for Q3 2025. • The decrease was primarily driven by a price/mix decline of $14.3 million, and a volume-driven decline of $2.2 million. • Sales to breaker and wholesale channels contributed $0.3 million to net revenue decline, as a large volume increase was more than offset by a price decline. Highlights Net Revenue by Product Segment -8.4% YOY ($ Millions) Product Segment Mix Q3 ’26 Net Revenue Comparison ($ Millions) Note: Component figures might not sum due to rounding Q3'25 Q3'26 Eggs 39% -8% Butter -8% -22% Consolidated 37% -8% Growth Rates
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Financial Summary Highlights: Margin Performance 20 • Gross profit decreased $32.8 million in Q3 2026 versus Q3 2025 and gross margin decreased to 23.1% in Q3 2026 versus 37.7% in Q3 2025, driven by higher input and production costs and unfavorable sales mix (including increases in sales to breaker and wholesale channels that reduced gross profit by $7.9 million). • SG&A expenses decreased by $6.3 million. As a percent of net revenue, SG&A was 20.9% in Q3 2026 versus 22.3% in Q3 2025. • Shipping & Distribution expenses increased to 6.4% of net revenues in the third quarter of 2026, up from 4.6% a year ago, driven by higher fuel rates and unfavorable linehaul rates. Highlights Gross profit and margin Operating Expenses Gross Margin 37.7% SG&A as a % of Net Revenue Shipping & Distribution as a % of Net Revenue ($ Millions) 23.1% -43.8% YOY 22.3% 20.9% 4.6% 6.4% ($ Millions)
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Our Revised 2026 Guidance Note: These metrics are management goals only and are subject to a number of risks and uncertainties, including risks describ ed in the “Risk Factors” in our Quarterly Report on Form 10-Q for the fiscal period ended September 27, 2026, which Vital Farms anticipates filing on November 3, 2026, and other filings and reports that we may file from time to time with the SEC. Reconciliation of Adjusted EBITDA on a forward-looking basis to net income, the most directly comparable GAAP measure, is not av ailable without unreasonable efforts due to the high variability and complexity and low visibility with respect to certain ch arges excluded from this non- GAAP measure, including depreciation and amortization, stock -based compensation expense, provision for income tax, interest expe nse and interest income. Vital Farms expects the variability of these items could have a significant, and potentially unpredi ctable, impact on its future GAAP financial results. 21 Around $730 Million NET REVENUE $70 Million to $75 MillionCAPITAL EXPENDITURES Around $(15) MillionADJUSTED EBITDA Unchanged from previous guidance
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Our values are rooted in Conscious Capitalism 22 STOCKHOLDERS CUSTOMERS & CONSUMERS CREW MEMBERS FARMERS & SUPPLIERS COMMUNITY & ENVIRONMENT These principles guide our day-to-day operations and, we believe, deliver a more SUSTAINABLE AND SUCCESSFUL business We operate a STAKEHOLDER MODEL that prioritizes the long-term benefits of each of our stakeholders Our approach has been validated by our designation as a CERTIFIED B CORPORATION, a certification reserved for businesses that balance profit and purpose to meet the highest verified standards of social and environmental performance, public transparency, and legal accountability
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We have developed an alternative to factory farming practices 23 LIVING CONDITIONS OPEN AIR, 108 SQUARE FEET PER HEN FEED OMNIVOROUS, INCLUDING GRAIN, PLANTS, INSECTS LAND MANAGEMENT SUSTAINABLE PRACTICES NETWORK DIRECT RELATIONSHIPS WITH FAMILY FARMS & ACCELERATOR FARMS Our Framework Year-Round Production
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Our model is designed to deliver quality at scale 24 RETAIL FOODSERVICE National Distribution (Products in more than 24,500 Retail Stores) EGG CENTRAL STATION Springfield, MO WASH, GRADE, PACK, SHIP , QUALITY CONTROL REMOTE WORKFORCE Across the United States BRANDING, SELLING, SUPPORTING WE DELIVER DIRECTLY TO CUSTOMERS AND THROUGH DISTRIBUTORS WE AGGREGATE PRODUCTS FROM FARM NETWORK Source: Circana Network of over 600 small farms
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APPENDIX
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Non-GAAP Financial Measures We report our financial results in accordance with U.S. Generally Accepted Accounting Principles (GAAP). However, management believes that non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net (Loss) Income and Adjusted Net (Loss) Income per Share, provide investors with additional useful information in evaluating our performance. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net (Loss) Income and Adjusted Net (Loss) Income per Share are financial measures that are not required by or presented in accordance with GAAP . We believe that these non-GAAP financial measures, when taken together with our financial results presented in accordance with GAAP , provide meaningful supplemental information regarding our operating performance and facilitate internal comparisons of our historical operating performance on a more consistent basis by excluding certain items that may not be indicative of our business, results of operations or outlook. In particular, we believe that the use of Adjusted EBITDA and Adjusted EBITDA Margin is helpful to our investors as they are measures used by management in assessing the health of our business, determining incentive compensation and evaluating our operating performance, as well as for internal planning and forecasting purposes. We calculate Adjusted EBITDA as net (loss) income, adjusted to exclude: (1) depreciation and amortization; (2) stock-based compensation expense; (3) (benefit) or provision for income taxes as applicable; (4) interest expense; (5) interest income; (6) amortization of cloud computing arrangements; (7) restructuring and severance costs; and (8) costs related to the exit of our butter business. We calculate Adjusted EBITDA Margin as Adjusted EBITDA divided by net revenue. We believe that the use of Adjusted Net (Loss) Income and Adjusted Net (Loss) Income per Share is helpful to our investors, as these measures are used by management in assessing the ongoing operating performance and underlying earnings potential of our business, as well as for internal planning and forecasting purposes. Unlike Adjusted EBITDA, these measures retain the impact of depreciation, amortization, interest, taxes, and non-cash charges. We calculate Adjusted Net (Loss) Income as net (loss) income, adjusted to exclude: (1) restructuring and severance costs; and (2) costs related to our exit of our butter business. We calculate Adjusted Net (Loss) Income per Share as Adjusted Net (Loss) Income divided by weighted average common shares outstanding, basic and diluted. These non-GAAP financial measures are presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP . Some of the limitations of Adjusted EBITDA and Adjusted EBITDA Margin include that (1) they do not properly reflect capital commitments to be paid in the future, (2) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA and Adjusted EBITDA Margin do not reflect these capital expenditures, (3) they do not consider the impact of stock-based compensation expense, (4) they do not reflect other non-operating expenses, including interest expense; (5) they do not reflect tax payments that may represent a reduction in cash available to us; and (6) they do not reflect certain non-recurring items such as restructuring, severance, and the wind-down of our butter business. In addition, some of the limitations of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net (Loss) Income and Adjusted Net (Loss) Income per Share include that (1) certain excluded items represent actual cash expenditures that reduced our liquidity; and (2) they involve management’s judgment as to what items to exclude. Our use of non-GAAP financial measures may not be comparable to similarly titled measures of other companies because they may not calculate such non-GAAP financial measures in the same manner, limiting the usefulness as comparative measures. Because of these limitations, when evaluating our performance, you should consider non-GAAP financial measures alongside other financial measures, including our net (loss) income, net (loss) income margin, net (loss) income per share and other results stated in accordance with GAAP . 26
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Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation 27 ($ thousands) Net (loss) income $ (6,460) $ 16,419 $ (39,047) $ 49,958 Depreciation and amortization 4,317 3,236 11,914 9,963 Stock-based compensation expense 3,122 3,239 4,500 9,126 Income tax (benefit) provision (2,775) 5,550 (12,837) 18,885 Interest expense 2,930 213 3,541 666 Interest income (330) (1,270) (1,330) (3,814) Amortization of cloud computing arrangements 693 0 2,090 0 Restructuring and severance costs 0 0 3,312 0 Costs related to our exit of butter products 0 0 7,764 0 Adjusted EBITDA $ 1,497 $ 27,387 $ (20,093) $ 84,784 Net (Loss) Income as a % of Net Revenue -3.5% 8.3% -7.3% 9.2% Adjusted EBITDA Margin 0.8% 13.8% -3.8% 15.5% Net Revenue 182,164 198,936 535,348 545,892 27-Sep-26 28-Sep-25 27-Sep-26 28-Sep-25 13-Weeks 13-Weeks 39-Weeks 39-Weeks Ended Ended Ended Ended
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Adjusted Net (Loss) Income and Adjusted Net (Loss) Income Per Share Reconciliation 28 ($ thousands) Net (loss) income $ (6,460) $ 16,419 $ (39,047) $ 49,958 Restructuring and severance costs 0 0 3,312 0 Costs related to our exit of butter products 0 0 7,764 0 Adjusted Net (Loss) Income $ (6,460) $ 16,419 $ (27,971) $ 49,958 Weighted average common shares outstanding — basic 42,931,849 44,721,206 42,730,366 44,521,146 Weighted average effect of potentially dilutive securities 0 1,484,531 0 1,444,841 Weighted average common shares outstanding — diluted 42,931,849 46,205,737 42,730,366 45,965,987 Adjusted net (loss) income per share: Basic (0.15)$ 0.37$ (0.65)$ 1.12$ Diluted (0.15)$ 0.36$ (0.65)$ 1.09$ 27-Sep-26 28-Sep-25 27-Sep-26 28-Sep-25 13-Weeks 13-Weeks 39-Weeks 39-Weeks Ended Ended Ended Ended
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Certain Q3 2026 Expenses 29Source: Vital Farms Company Data 13-Weeks Ended September 27, 2026 Excess Breaker Farmer Contract Amendments Net revenue 182,164$ 695$ Cost of goods sold 140,024 8,571 2,257 Gross profit 42,140 (7,876) Operating expenses: Selling, general and administrative 38,136 Shipping and distribution 11,685 409 Total operating expenses 49,821 (Loss) income from operations (7,681) (8,285) Other income (expense), net: Interest expense (2,930) Interest income 330 Other income, net 1,046 Total other income, net (1,554) Net (loss) income before income taxes (9,235) Income tax (benefit) provision (2,775) Net (loss) income (6,460)$ Net (loss) income per share: Basic: (0.15)$ Diluted: (0.15)$ Weighted average common shares outstanding: Basic: 42,931,849 Diluted: 42,931,849
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