Company: NGVC
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001437749-25-037556
Chunk: 44

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1A
Chunk 44
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			EBITDA. Earnings before interest, taxes, depreciation, and amortization (EBITDA) was $93.8 million for the year ended September 30, 2025, an increase of $15.9 million, or 20.4%, compared to EBITDA of $77.9 million for the year ended September 30, 2024. EBITDA is not a measure of financial performance under generally accepted accounting principles in the United States of America (GAAP). Refer to the “Non-GAAP Financial Measures” section in this MD&A for a definition of EBITDA and a reconciliation of net income to EBITDA.

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			Adjusted EBITDA. Adjusted EBITDA was $97.9 million for the year ended September 30, 2025, an increase of $14.6 million, or 17.5%, compared to Adjusted EBITDA of $83.3 million for the year ended September 30, 2024. Adjusted EBITDA is not a measure of financial performance under GAAP. Refer to the “Non-GAAP Financial Measures” section in this MD&A for a definition of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA.

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			Liquidity. As of September 30, 2025, cash and cash equivalents was $17.1 million, and there was $70.1 million available for borrowing under our Credit Facility, net of undrawn, issued and outstanding letters of credit of $2.4 million.

42

Industry Trends and Economics

We have identified the following recent trends and factors that have impacted and may continue to impact our results of operations and financial condition:

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			Impact of broader economic trends and political environment. The grocery industry and our sales are affected by general economic conditions, including, but not limited to, consumer spending, levels of disposable consumer income, consumer debt, interest rates, inflation or disinflation, periods of recession and growth, the price of commodities, tariffs and trade restrictions, the political environment and consumer confidence. Furthermore, our ability to meet our labor needs, while controlling wage and labor-related costs, is subject to numerous external factors, including the availability of a sufficient number of qualified persons in the workforce in the markets in which we are located, unemployment levels within those markets, prevailing wage rates, changing demographics, health and other insurance costs and changes in employment