Company: NGVC
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001437749-25-037556
Chunk: 365

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 3
Chunk 365
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	46,444

			33,935

			Interest expense, net

			3,063

			4,176

			Provision for income taxes

			12,483

			8,866

			Depreciation and amortization

			31,814

			30,930

			EBITDA

			93,804

			77,907

			Impairment of long-lived assets and store closing costs

			118

			2,547

			Share-based compensation

			3,960

			2,829

			Amortization of SaaS implementation costs

			7

			—

			Adjusted EBITDA

			$
			97,889

			83,283

Year ended September 30, 2025 compared to Year ended September 30, 2024

EBITDA increased 20.4% to $93.8 million for the year ended September 30, 2025 compared to $77.9 million for the year ended September 30, 2024. EBITDA as a percentage of net sales was 7.0% and 6.3% for the years ended September 30, 2025 and 2024, respectively.

Adjusted EBITDA increased 17.5% to $97.9 million for the year ended September 30, 2025 compared to $83.3 million for the year ended September 30, 2024. Adjusted EBITDA as a percentage of net sales was 7.4% and 6.7% for the years ended September 30, 2025 and 2024, respectively.

48

Year ended September 30, 2024 compared to Year ended September 30, 2023

A comparative discussion of EBITDA and Adjusted EBITDA for the years ended September 30, 2024 and September 30, 2023 is set out in our Annual Report on Form 10-K for the year ended September 30, 2024 under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP financial measures – EBITDA and Adjusted EBITDA.”

Management believes some investors’ understanding of our performance is enhanced by including EBITDA and Adjusted EBITDA, which are non-GAAP financial measures. We believe EBITDA and Adjust