Natural Grocers by Vitamin Cottage (NGVC) Investor presentation summary

Company overview and strategy

• Founded in 1955, operates 169 stores in 21 states with a focus on natural and organic groceries, supplements, and body care products.

• Emphasizes five founding principles: quality, nutrition education, affordability, community, and crew well-being.

• All produce departments are 100% organic and USDA certified, ensuring product integrity from farm to consumer.

• Offers free nutrition education and personalized health coaching in every store.

• Maintains a small-format, convenient store model with best-in-class customer service and no prepared foods or meat counters.

Differentiation and customer engagement

• Product standards include 100% organic produce, pasture-based dairy, free-range eggs, and humanely sourced meats.

• Over 50% of products are organic and 65% are non-GMO, with a dedicated team reviewing ingredient standards.

• {N}power Rewards Program drives 84% of sales, with members spending nearly 50% more per transaction.

• Natural Grocers brand products represent 9.8% of sales, with over 900 SKUs and continued expansion.

Market opportunity and growth

• U.S. natural and organic product sales reached $342B in 2025, growing at 5-6% annually, outpacing conventional products.

• Organic produce sales rose 5.3% to $22.7B in 2025; dietary supplement sales grew 5.5% to $73B.

• Small-box format enables flexibility and profitability in rural, suburban, and urban markets.

• Plans to open 6-8 new stores in FY26, targeting 4-5% annual unit growth and 25-30% cash-on-cash returns by year 5.