# EDGAR Filing Document

**Accession Number:** 0000050493
**File Stem:** 0000050493-26-000016
**Filing Date:** 2026-6
**Character Count:** 33645
**Document Hash:** 0396d5d5dbbebfcf643ae2bbf09a33fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000050493-26-000016.hdr.sgml**: 20260617

**ACCESSION NUMBER**: 0000050493-26-000016

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260617

**DATE AS OF CHANGE**: 20260617

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INGLES MARKETS INC
- **CENTRAL INDEX KEY:** 0000050493
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-GROCERY STORES [5411]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 560846267
- **STATE OF INCORPORATION:** NC
- **FISCAL YEAR END:** 0926

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-14706
- **FILM NUMBER:** 261099347

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 6676
- **CITY:** ASHEVILLE
- **STATE:** NC
- **ZIP:** 28816
- **BUSINESS PHONE:** 828-669-2941

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 6676
- **CITY:** ASHEVILLE
- **STATE:** NC
- **ZIP:** 28816

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

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**FORM 11-K**

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**(Mark One)**

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☒ **ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

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**For the fiscal year ended December 31, 2025**

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**OR**

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**☐ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

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**For the transition period from to** 

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**Commission file number 0-14706.** 

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A.Full title of the plan and the address of the plan, if different from that of the issuer named below:

**INGLES MARKETS, INCORPORATED**

**INVESTMENT/PROFIT SHARING PLAN**

B.Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

**Ingles Markets, Incorporated**

**P.O. Box 6676**

**Asheville, North Carolina 28816**

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**INGLES MARKETS, INCORPORATED** 

**INVESTMENT/PROFIT SHARING PLAN** 

**Table of Contents**

December 31, 2025 and 2024

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| | |
|:---|:---|
|  | **Page(s)** |
| Report of Independent Registered Public Accounting Firm | 3 |
| Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Net Assets Available for Benefits | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Changes in Net Assets Available for Benefits | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements | 6-10 |
| Supplemental Schedule: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule H, Line 4i–Schedule of Assets (Held at End of Year) | 11-13 |
| Signatures | 14 |
| Exhibit Index | 15 |

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#### Report of Independent Registered Public Accounting Firm
Participants of the Ingles Markets, Incorporated Investment / Profit Sharing Plan

and the Audit Committee of

Ingles Markets, Incorporated

Black Mountain, North Carolina

#### Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of the Ingles Markets, Incorporated Investment/Profit Sharing Plan (the "Plan") as of December 31, 2025 and 2024, the related statement of changes in net assets available for benefits for the year ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

#### Basis of Opinion
These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

#### Report on Supplemental Information
The supplemental information in the accompanying schedule of assets (held at end of year) has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental schedule is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the *Employee Retirement Income Security Act of 1974*. In our opinion, the supplemental schedule is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.

*/s/ Forvis Mazars, LLP*

We have served as the Company's auditor since 2011.

#### Jackson, Mississippi
June 17, 2026

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**INGLES MARKETS, INCORPORATED** 

**INVESTMENT/PROFIT SHARING PLAN** 

Statements of Net Assets Available for Benefits

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; **<u>Assets</u>** | **2025** | **2024** |
| Investments at fair value (See Notes 3 and 5) | $219034163 | $188731965 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes receivable from participants | 8447810 | 7735134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 741 | 315307 |
| Total Assets | 227482714 | 196782406 |
| &nbsp;&nbsp;&nbsp;&nbsp; **<u>Liabilities</u>** |  |  |
| Trades pending | 7322 | 7186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets available for benefits | $227475392 | $196775220 |

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The accompanying notes are an integral part of these financial statements.

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**INGLES MARKETS, INCORPORATED** 

**INVESTMENT/PROFIT SHARING PLAN** 

Statement of Changes in Net Assets Available for Benefits

For the Year Ended December 31, 2025

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| | |
|:---|:---|
| Additions to net assets attributed to: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net appreciation in fair value of investments | $23087654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends  | 2828179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income on notes receivable from participants | 658942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contributions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employer | 6374195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Participant | 14143566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rollovers | 464487 |
|  | 20982248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total additions | 47557023 |
| Deductions to net assets attributed to: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefits paid to participants | 16458434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative expenses | 398417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deductions | 16856851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase | 30700172 |
| Net assets available for benefits: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 196775220 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $227475392 |

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The accompanying notes are an integral part of these financial statements.

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**INGLES MARKETS, INCORPORATED** 

**INVESTMENT/PROFIT SHARING PLAN** 

Notes to Financial Statements

December 31, 2025 and 2024

1.  **<u>Description of the Plan</u>** 

The following description of the Ingles Markets, Incorporated Investment/Profit Sharing Plan (the "Plan") provides only general information about the Plan. Participants should refer to the Plan document for a more complete description of the Plan's provisions. Copies of the Plan are available from the Ingles Markets, Inc. Fiduciary Investment and Administrative Committee (the "Committee").

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**<u>General</u>** - The Plan is a defined contribution plan covering substantially all employees of Ingles Markets, Incorporated (the "Company" and "Plan Sponsor") and its wholly owned subsidiary, Milkco, Inc. Full-time employees who have completed 90 days of eligible service, or part-time employees who have completed 12 months of eligible service, as defined in the Plan document, and who are at least 18 years of age are covered under the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA").

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**<u>Contributions</u>** - The Plan provides for four types of contributions: (i) Company profit sharing plan contributions to the Ingles Stock - Class B made by the Company - discretionary in nature; no participant 401(k) contributions can be made to the Ingles Stock - Class B; (ii) participant 401(k) contributions from one percent to 50 percent (in increments of one percent) of their pre-tax annual compensation as defined in the Plan (subject to regulatory limitations); (iii) Company 401(k) matching contributions, discretionary in nature and determined by the Company and remitted for each payroll period, and (iv) participant rollover contributions. Participants are allowed to make designated Roth contributions and Roth rollovers to the Plan. The Company matches 75% of each participant's contributions up to 5% of such participant's compensation as defined in the Plan. In addition, all participants who have attained age 50 before the close of the Plan year shall be eligible to make catch-up contributions, also subject to regulatory limitations.

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Upon enrollment in the Plan, participants may direct participant and Company matching contributions in one percent increments to any of the Plan's fund options, including the Ingles Class A Stock. Participants may change their investment options daily. Plan participants may divest employer contributions of Company Class B stock and reinvest in other investment options.

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In 2025, the Company made net discretionary 401(k) matching contributions of $6,374,195. The Company made no discretionary profit sharing contributions during 2025.

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**<u>Participant Accounts</u>** - Each participant's account is maintained to reflect the participant's contributions, any Company matching and profit-sharing contributions, and any rollover contributions, as well as the participant's related share of the Plan's income and losses, benefit payments and certain related administrative expenses. Allocations of Plan earnings or losses are based on participant account balances, participant compensation as defined in the Plan, or participant contributions. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account.

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**<u>Vesting and Forfeitures</u>** - Contributions and rollovers by participants plus actual earnings thereon are immediately vested and non-forfeitable. Participants become vested in the Company's matching and profit sharing contributions on a graduated basis with 100 percent vesting occurring after the completion of two years of service.

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Forfeited balances can be utilized to pay Plan expenses, reduce matching contributions or to reduce non-elective contributions. Forfeitures of $58,587 were used during 2025 to reduce the Company's matching contributions. Unallocated forfeitures at December 31, 2025 and 2024 were $3,212 and $20,297, respectively.

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**<u>Notes Receivable from Participants</u>** - Participants may borrow from their fund accounts a minimum of $500 to a maximum equal to the lesser of $50,000 and 50 percent of their vested balances with the term of the loan not exceeding five years except for loans to purchase the participant's principal residence, which may have a

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term not exceed more than ten years. The loans are secured by the balance in the participant's account. The interest rates used are comparable to rates charged by local lending institutions for similar loans. Principal and interest are paid ratably through employee payroll deductions. At December 31, 2025, outstanding loans bore interest rates ranging from 4.25% to 9.50%.

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**<u>Payment of Benefits</u>** - Upon termination of service, death, disability or retirement, participants, or their beneficiaries in the case of death, may receive a lump-sum amount, partial distribution or payments over a fixed period of whole years in monthly, quarterly, semiannual or annual cash installments equal to the vested value of their respective accounts.

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In-service withdrawals are available in certain circumstances, as defined in the Plan. Hardship withdrawals are allowed for participants incurring an immediate and heavy financial need. Hardship withdrawals are strictly regulated by the Internal Revenue Service ("IRS") and a participant must exhaust all available loan options and available distributions prior to requesting hardship withdrawals.

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**<u>Administrative Expenses</u>** - The Plan's administrative expenses are paid by either the Plan or the Company, as provided by the Plan. Certain legal and accounting fees and certain administrative expenses relating to the Plan are paid by the Company and will not be reimbursed by the Plan.

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**<u>Plan</u> <u>Termination</u>** - Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan, subject to the provisions of ERISA. In the event of Plan termination, participants will become 100 percent vested in their accounts.

2.  **<u>Summary of Accounting Policies</u>** 

**<u>Basis of Accounting</u>** - The financial statements of the Plan are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP").

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**<u>Estimates</u>** - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets, liabilities and changes therein, and disclosure of contingent assets and liabilities. Accordingly, actual results may differ from those estimates and assumptions.

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**<u>Investment Valuation and Income Recognition</u>** - Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 3 for discussion of fair value measurements. Plan management determines the Plan's valuation policies utilizing information provided by the trustee.

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Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation includes the Plan's gains and losses on investments bought and sold as well as held during the year.

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**<u>Notes Receivable From Participants</u>** - Notes receivable from participants are measured at their respective unpaid principal balances plus any accrued but unpaid interest. Delinquent participant loans are reclassified as distributions based upon the terms of the Plan.

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**<u>Payment of Benefits</u>** - Benefits are recorded when paid.

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**<u>Subsequent Events</u>** - The Company has evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through June 17, 2026, the date the financial statements were issued.

3.  **<u>Fair Value Measurements</u>** 

Fair value as defined under GAAP is an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers are:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Level 1: | Observable inputs such as quoted prices in active markets. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Level 2: | Inputs other than quoted prices in active markets that are either directly or indirectly observable.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Level 3: | Unobservable inputs about which little or no market data exists, therefore requiring an entity to develop its own assumptions.  |

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Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Plan's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The following is a description of the valuation methodologies used for assets measured at fair value:

**Common Stocks**

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**Common Stock – Level 1**

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Shares of Class A common stock in the Plan are publicly traded investments and are valued daily at the closing price reported on the active market on which the individual securities are traded.

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**Common Stock – Level 2**

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Shares of Class B common stock in the Plan are not publicly traded investments, however, the holder can exchange one for one for Class A stock and are valued daily at the closing price for the Class A common stock.

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**Mutual Funds**

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Mutual funds are publicly traded investments and are valued daily at the closing prices reported on the active market on which the funds are traded.

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**Common Collective Trust Funds**

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These funds are valued at the net asset value ("NAV") of units of the collective fund. The NAV is used as a practical expedient to estimate fair value. This practical expedient would not be used if it is determined to be probable that the funds will sell the investment for an amount different from the reported NAV. Participant transactions (purchases and sales) may occur daily. If the Plan initiates a full redemption of the collective trust, the issuer reserves the right to require 12 months' notification in order to ensure that securities liquidations will be carried out in an orderly business manner. The common collective trust funds are not required to be classified within a level on the fair value hierarchy.

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The following tables set forth by level, within the fair value hierarchy, the Plan's investments at fair value as of December 31, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Fair Value as of December 31, 2025 | Fair Value as of December 31, 2025 | Fair Value as of December 31, 2025 | Fair Value as of December 31, 2025 |
|  | Level 1 | Level 2 | Level 3 | Total |
| Mutual funds | $90793676 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $90793676 |
| Common stock | 5665109 | 4978307 | &nbsp;&nbsp;&nbsp;&nbsp;— | 10643416 |
| Total assets in the fair value hierarchy | $96458785 | $4978307 | $&nbsp;&nbsp;&nbsp;&nbsp;— | 101437092 |
| Investments measured at net asset value (a) |  |  |  | 117597071 |
| Investments at fair value |  |  |  | $219034163 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Fair Value as of December 31, 2024 | Fair Value as of December 31, 2024 | Fair Value as of December 31, 2024 | Fair Value as of December 31, 2024 |
|  | Level 1 | Level 2 | Level 3 | Total |
| Mutual funds | $71276723 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $71276723 |
| Common stock | 5219511 | 4825525 | &nbsp;&nbsp;&nbsp;&nbsp;— | 10045036 |
| Total assets in the fair value hierarchy | $76496234 | $4825525 | $&nbsp;&nbsp;&nbsp;&nbsp;— | 81321759 |
| Investments measured at net asset value (a) |  |  |  | 107410206 |
| Investments at fair value |  |  |  | $188731965 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In accordance with GAAP, certain investments that were measured at NAV per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits .

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The following table summarizes investments for which fair value is measured using the NAV practical expedient as of December 31, 2025 and 2024. There are no participant redemption restrictions for these investments; the redemption notice period is applicable only to the Plan.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Fair Value<br>December 31,<br>2025 | Fair Value<br>December 31,<br>2024 | <br>Unfunded<br>Commitments | <br>Redemption<br>Frequency | Redemption<br>Notice <br>Period |
| Common collective trust funds | $117597071 | $107410206 |  | Daily | 12 months |

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The Plan recognizes transfers between the levels as of the beginning of the reporting period. There were no transfers between the levels for the years ended December 31, 2025 and 2024.

4.  **<u>Income Tax Status</u>** 

The Plan has not obtained a determination letter from the IRS stating that the non-standardized plan was in compliance with the applicable requirement of the IRC. The Plan is relying on the IRS approval of the non-standardized plan that it is utilizing. The IRS has determined and informed the document sponsor by a letter dated November 14, 2022 that the non-standardized plan document was designed in accordance with applicable sections of the IRC. The Plan has been amended since receiving the determination letter. However, the plan administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC. Therefore, the Plan administrator believes that the Plan was qualified and the related trust was tax exempt as of the financial statement date.

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GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2025 and 2024, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

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5.  **<u>Exempt Party-in-Interest Transactions</u>** 

Certain Plan investments were managed by Empower Trust Company, LLC, the trustee, during the year ended December 31, 2025 as defined by the Plan, and therefore these transactions qualify as exempt party-in-interest transactions.

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Participants may direct investment of their Plan balances into the Target My Retirement program where the trustee is responsible for managing the investments in participant accounts. These transactions qualify as party-in-interest transactions. Fees paid by Plan participants under the Target My Retirement program were included as a reduction of the return earned on each fund. Target My Retirement investments utilize the following funds:

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| |
|:---|
| SEI Trust PIMCO Stable Income Fund II Founder |
| Great Gray Trust Blackrock MSCI ACWI EX US IN R |
| Great Gray Trust Large Cap Growth Fund III Class R1 |
| Great Gray Trust Mid Cap Value R1 Fund |
| Great Gray Trust Mid Cap Growth R1 Fund |
| JP Morgan Smart Retirement DRE Income  |
| JP Morgan Smart Retirement DRE 2025 CF |
| JP Morgan Smart Retirement DRE 2030 CF |
| JP Morgan Smart Retirement DRE 2035 CF |
| JP Morgan Smart Retirement DRE 2040 CF |
| JP Morgan Smart Retirement DRE 2045 CF |
| JP Morgan Smart Retirement DRE 2050 CF |
| JP Morgan Smart Retirement DRE 2055 CF |
| JP Morgan Smart Retirement DRE 2060 CF |
| JP Morgan Smart Retirement DRE 2065 CF |

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The trustee for the Plan is responsible for maintaining custody of the investment funds, excluding Ingles Markets, Incorporated stock. The Company's Committee appoints the trustee responsible for maintaining custody of the Company stock component of the Ingles Stock – Class B and the Ingles Stock Class A. The Committee engages an independent co-fiduciary to assist in the selection and monitoring of the Plan's investments funds. As of December 31, 2025 and 2024, the Plan owned 72,623 and 74,884 shares of Ingles Stock – Class B, which had a fair value of $4,978,307 and $4,825,525, respectively. As of December 31, 2025 and 2024, the Plan owned 82,642 and 80,998 shares of Ingles Stock Class A, which had a fair value of $5,665,109 and $5,219,511, respectively. Transactions related to the Company stock, including dividend income of $99,501, qualify as party-in-interest transactions. The plan sold approximately $5,669,000 and $141,000 of Ingles Stock – Class A and Ingles Stock – Class B, respectively, in 2025. In addition, contributions used to purchase the Ingles Stock – Class A by the Plan was approximately $5,685,000 in 2025. There were no purchases of the Ingles Stock – Class B in 2025.

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Due to restrictions on the trading periods of the Company stock, effective May 2007, the Plan Sponsor may advance funds to the Plan for the purpose of making distributions of participants' holdings in the Company Stock – Class B. Advances are interest free and are repaid through the dividends received on the Company Class B stock and the sale of Class B shares to the Plan Sponsor or other qualified transferee, or the conversion of the Company Class B stock to Class A stock and subsequent market sale of the Class A shares. During 2025, the Plan did not receive an advance from nor made a repayment to the Plan Sponsor.

6.  **<u>Risks and Uncertainties</u>** 

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the statements of net assets available for benefits. Because the Ingles Stock - Class B and the Ingles Class A Stock are not diversified, they may experience wider variation in value than the other Plan funds.

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**<u>SUPPLEMENTAL SCHEDULE</u>**

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**INGLES MARKETS, INCORPORATED** 

**INVESTMENT/PROFIT SHARING PLAN** 

Schedule H, Line 4i—Schedule of Assets (Held at End of Year)

December 31, 2025

EIN: #56-0846267

Plan No. 001

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**(a)** | <br>**(b) Identity of Issue, Borrower,**<br>**Lessor or Similar Party** | **(c) Description of Investment**<br>**Including Maturity Date, Rate of**<br>**Interest, Collateral, Par or** <br>**Maturity Value** | <br>**(d) Cost \*\*** | <br>**(e)**<br>**Current**<br>**Value** |
|  | Common collective trust funds: |  |  |  |
|  | SEI Trust Company | PIMCO Stable Income Fund II Founder |  | $23716523 |
|  | Great Gray Trust Company | Blackrock MSCI ACWI EX US IN R |  | 1183603 |
|  | Great Gray Trust Company | Large Cap Growth Fund III Class R1 |  | 11527366 |
|  | Great Gray Trust Company | Mid Cap Value Fee Class R1 |  | 2155728 |
|  | Great Gray Trust Company | Mid Cap Growth Fund Fee Class R1 |  | 1 |
|  | JP Morgan Investment Advisors | Smart Retirement DRE Income  |  | 4563464 |
|  | JP Morgan Investment Advisors | Smart Retirement DRE 2025 CF |  | 8838568 |
|  | JP Morgan Investment Advisors | Smart Retirement DRE 2030 CF |  | 11537240 |
|  | JP Morgan Investment Advisors | Smart Retirement DRE 2035 CF |  | 10574727 |
|  | JP Morgan Investment Advisors | Smart Retirement DRE 2040 CF |  | 7699229 |
|  | JP Morgan Investment Advisors | Smart Retirement DRE 2045 CF |  | 8026666 |
|  | JP Morgan Investment Advisors | Smart Retirement DRE 2050 CF |  | 13265183 |
|  | JP Morgan Investment Advisors | Smart Retirement DRE 2055 CF |  | 8945161 |
|  | JP Morgan Investment Advisors | Smart Retirement DRE 2060 CF |  | 3963838 |
|  | JP Morgan Investment Advisors | Smart Retirement DRE 2065 CF |  | 1599774 |
|  |  |  |  | $117597071 |

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**INGLES MARKETS, INCORPORATED** 

**INVESTMENT/PROFIT SHARING PLAN** 

Schedule H, Line 4i—Schedule of Assets (Held at End of Year) (Continued)

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December 31, 2025

EIN: #56-0846267

Plan No. 001

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**(a)** | <br>**(b) Identity of Issue, Borrower,**<br>**Lessor or Similar Party** | **(c) Description of Investment**<br>**Including Maturity Date, Rate of**<br>**Interest, Collateral, Par or** <br>**Maturity Value** | <br>**(d) Cost \*\*** | <br>**(e)**<br>**Current**<br>**Value** |
|  | Mutual funds: |  |  |  |
|  | DFA US  | US Targeted Value I |  | 1059297 |
|  | DFA | Emerging Markets Core Equity I |  | 1645720 |
|  | Fidelity | Extended Market Index |  | 8081958 |
|  | Fidelity | US Bond Index |  | 3877594 |
|  | Fidelity | 500 Index Fund |  | 37266244 |
|  | JP Morgan Investment Advisors | Mid Cap Value Growth R6 Fund |  | 5913307 |
|  | Baird | Core Plus Bond Inst |  | 7669208 |
|  | Pacific Investment Management Company | International Bond (USD-Hedged) A |  | 2456057 |
|  | Pacific Investment Management Company | Stable Income Fund II Founders |  | 2255208 |
|  | T. Rowe Price | Overseas Stock I |  | 10959116 |
|  | T. Rowe Price | Small Cap Stock I  |  | 2762695 |
|  | Vanguard | Equity Income |  | 6557125 |
|  | Vanguard | Federal Money Market Inv |  | 60879 |
|  | Blackrock | Liquid Treasury Fund |  | 229268 |
|  |  |  |  | $90793676 |
|  | Employer Securities: |  |  |  |
| \* | Ingles Markets, Incorporated  | Ingles Stock – Class B |  | 4978307 |
| \* | Ingles Markets, Incorporated  | Ingles Stock – Class A |  | 5665109 |
|  |  |  |  | $10643416 |
| \* | Participant loans\*\*\* | Interest-bearing at 4.25% - 9.50%, maturing |  |  |
|  |  | January 2026 through June 2035 |  | 8447810 |
|  |  |  |  | $227481973 |

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\*Party-in-interest

\*\*Cost information omitted for participant-directed investments.

\*\*\*The accompanying financial statements classify participant loans as notes receivable from participants.

See report of independent registered public accounting firm.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit Plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | Ingles Markets, Incorporated<br> Investment/Profit Sharing Plan | Ingles Markets, Incorporated<br> Investment/Profit Sharing Plan |
| Date: June 17, 2026 | By: | /s/ Patricia Jackson |
|  |  | Patricia Jackson<br> Fiduciary Investment and Administrative Committee Member |
|  | By: | /s/ Cynthia Brooks |
|  |  | Cynthia Brooks<br> Fiduciary Investment and Administrative Committee Member |
|  | By: | /s/ Catherine Phillips |
|  |  | Catherine Phillips<br> Fiduciary Investment and Administrative Committee Member |

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EXHIBIT INDEX

Exhibit 23 Consent of Forvis Mazars, LLP

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## Ex-23

#### Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the Registration Statements on Form S-8 (Nos. 033-52103 and 333-74459) of our report dated June 17, 2026, with respect to the financial statements and supplemental schedule of Ingles Markets, Incorporated Investment/Profit Sharing Plan, included in this Annual Report on Form 11-K for the year ended December 31, 2025.

/s/ Forvis Mazars, LLP

**Jackson, Mississippi**

**June 17, 2026**

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