Vital Farms (VITL) investor relations material

Strategic vision and growth targets

• Targets $2 billion in net revenue by 2030, doubling current levels, with a 15–17% adjusted EBITDA margin and gross margin above 35% from 2025 to 2030, reflecting a three-point EBITDA margin improvement from prior targets.

• 2025 guidance is $755–765 million net revenue, $80–90 million adjusted EBITDA, and at least $115 million in capital expenditures, with initial 2026 outlook at $930–950 million net revenue.

• Net revenue CAGR of 29% from 2020–2025, with a projected 21% CAGR from 2026–2030.

• Growth is driven by expanding household penetration, increasing buy rate, adding SKUs and shelf space, and scaling production capacity, including a new Indiana facility (Vital Crossroads) opening in 2027.

• The asset-light, self-funding model maintains a strong balance sheet with no debt, prioritizing business growth and capacity investments.

Brand, consumer, and retailer strategy

• Brand differentiation is built on trust, transparency, premium quality, animal welfare, and traceability, with growing awareness and loyalty across all income groups.

• Focused on expanding brand awareness, household penetration, and loyalty, with aided brand awareness up 16 points since 2020 and a bullseye target of 34 million consumers.

• Present in over 23,000 stores, with main growth from expanding SKUs and shelf space, and strong partnerships at 9 of the top 10 retailers.

• Retailer relationships are based on driving category value, high-margin, high-loyalty consumers, and a virtuous cycle of distribution, velocity, and space expansion.

• Brand has demonstrated resilience against price-based competition, maintaining and growing share even as price gaps widen.

Supply chain, farm network, and operational investments

• Farm network nearly doubled in two years to 575–600 farms and 10 million birds, with a 95% farmer retention rate and robust pipeline for future growth.

• No constraints on future farm or farmer recruitment, with less than 0.2% of eligible farms currently in the network.

• Investments in automation, accelerator farms, pullet programs, and new facilities (Egg Central Station, Cold Zone, Vital Crossroads) expand processing capacity and improve efficiency.

• New cold storage and fulfillment centers near ECS reduce travel miles and enhance operational efficiency.

• The supply chain is positioned as a competitive moat, with ample land and farmer availability to support long-term growth.