Performance Food Group Company (PFGC) Investor presentation summary

Strategic acquisitions and growth platforms

• Announced acquisitions of Cheney Bros., Inc. and José Santiago, Inc., expanding reach in the Southeast U.S. and Caribbean markets.

• José Santiago, Inc. closed in July 2024, adding ~5,800 customers and 530 employees in Puerto Rico.

• Cheney Brothers is a leading U.S. foodservice distributor with over $3 billion in net sales and state-of-the-art facilities.

• Both acquisitions provide access to high-growth markets and diverse customer bases, including significant independent restaurant exposure.

• Management teams and cultures of acquired companies are highlighted as strong fits.

Rationale and financial impact of Cheney Brothers acquisition

• Expands geographic reach in high-growth Southeastern U.S. markets with five new distribution facilities.

• Expected to generate $50 million in annual run-rate synergies by the end of the third full fiscal year post-closing.

• Purchase price of $2.1 billion reflects a synergized TTM April '24 Adj. EBITDA multiple of 9.9x.

• Anticipated to be accretive to Adjusted Diluted EPS by the end of the first full fiscal year, including year 1 synergies.

• Transaction subject to U.S. federal antitrust clearance and expected to close in calendar year 2025.

Market positioning and operational highlights

• Cheney Brothers enhances presence in key Southeastern geographies with favorable economic and population growth dynamics.

• Both acquisitions strengthen product offerings and customer diversity, including restaurants, hotels, government, and cash-and-carry segments.

• PFG has a strong track record of successful M&A integration and synergy realization.

• José Santiago, Inc. provides a platform for further Caribbean expansion.

• Facilities acquired are described as state-of-the-art and located in attractive, growing markets.