# EDGAR Filing Document

**Accession Number:** 0000814586
**File Stem:** 0001683168-25-009372
**Filing Date:** 2025-12
**Character Count:** 20126
**Document Hash:** 557106e3c96db757582d7e67740de373
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683168-25-009372.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001683168-25-009372

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20251229

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lifeway Foods, Inc.
- **CENTRAL INDEX KEY:** 0000814586
- **STANDARD INDUSTRIAL CLASSIFICATION:** DAIRY PRODUCTS [2020]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 363442829
- **STATE OF INCORPORATION:** IL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42398
- **FILM NUMBER:** 251607454

**BUSINESS ADDRESS:**
- **STREET 1:** 6431 W OAKTON
- **CITY:** MORTON GROVE
- **STATE:** IL
- **ZIP:** 60053
- **BUSINESS PHONE:** 847-967-1010

**MAIL ADDRESS:**
- **STREET 1:** 6431 W OAKTON
- **CITY:** MORTON GROVE
- **STATE:** IL
- **ZIP:** 60053

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LIFEWAY FOODS INC
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? LIFEWAY FOODS, INC. 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): December 29, 2025

**LIFEWAY FOODS, INC.**

(Exact Name of Registrant as Specified in Its Charter)

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| | | |
|:---|:---|:---|
| **Illinois** | **000-17363** | **36-3442829** |
| (State or Other Jurisdiction<br> of Incorporation) | (Commission <br> File Number) | (IRS Employer <br> Identification No.) |

---

---

| | | |
|:---|:---|:---|
| **6431 Oakton Street** **Morton Grove, Illinois** | **6431 Oakton Street** **Morton Grove, Illinois** | <br> **60053** |
| (Address of Principal Executive Offices) | (Zip Code) | (Zip Code) |

---

Registrant's telephone number, including area code: **(847) 967-1010**

**N/A**

(Former Name or Former Address, if Changed Since Last Report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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| |
|:---|
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

---

Securities registered or to be registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock | LWAY | Nasdaq Global Market |
| Preferred Stock Purchase Rights | None | Nasdaq Global Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ◻

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

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| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure.** |

---

On December 29, 2025, Lifeway Foods, Inc. (the "Company"), Julie Smolyansky, the Company's Chief Executive Officer, presented slides at the Company's annual meeting of shareholders (the "Presentation"). A copy of the Presentation is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

The information included in this Item 7.01 of this Current Report on Form 8-K, including the attached Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such filing.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

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(d) Exhibits:

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Presentation dated December 29, 2025.](lifeway_ex9901.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  | **LIFEWAY FOODS, INC.** | **LIFEWAY FOODS, INC.** | **LIFEWAY FOODS, INC.** |
| Date: December 29, 2025 | By: | /s/ Eric Hanson | /s/ Eric Hanson |
|  |  | Name: | Eric Hanson |
|  |  | Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](image_032.jpg)

Lifeway Foods, Inc. ANNUAL SHAREHOLDERS MEETING 2025

![](image_033.jpg)

Forward Looking Statements 2 This presentation contains "forward - looking statements" as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives. These statements use words, and variations of words, such as "will," "expect," "next," "project," "potential," "continue," "trend," "outlook," and "grow." Other examples of forward looking statements may include, but are not limited to, (i) projections of revenues, income or loss, earnings or losses per share, capital expenditures, dividends, capital structure and other financial items, (ii) statements of our plans and objectives, including the introduction of new products, or estimates or predictions of actions by customers, suppliers, competitors or regulatory authorities, (iii) statements of future economic performance, and (iv) statements of assumptions underlying other statements and statements about Lifeway or its business. You are cautioned not to rely on these forward - looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, our actual results could vary materially from our expectations and projections. These risks, uncertainties, and other factors include: price competition; the decisions of customers or consumers; the actions of competitors; changes in the pricing of commodities; the effects of government regulation; and possible delays in the introduction or acceptance of new products. A further list and description of these risks, uncertainties, and other factors can be found in Lifeway's Annual Report on Form 10 - K for the fiscal year ended December 31, 2024, and our subsequent filings with the SEC. Copies of these filings are available online at https://www.sec.gov, http://lifewaykefir.com/investor - relations/, or on request from Lifeway. Information in this presentation is as of the dates and time periods indicated therein, and Lifeway does not undertake to update any of the information contained in these materials. Accordingly, YOU SHOULD NOT RELY ON THE ACCURACY OF ANY OF THE STATEMENTS OR OTHER INFORMATION CONTAINED IN ANY ARCHIVED PRESENTATIONS.

![](image_034.jpg)

Lifeway Foods: Leader in Gut Health 3 Lifeway's Mission Statement About Us Sustainability This Family Business Begun in a Basement Has Gone Big Time Daughter Grows Family Business At Lifeway, we're here to provide the best in nutritious, probiotic - rich foods that support health and well - being. We're working to make the world a better place through initiatives focused on helping people and the planet. • #1 Kefir and Farmer Cheese Brand in U.S. • Category Leader for Over 35 Years • Sold Nationally & Internationally • Support Our Local Communities • Manufactured in IL, WI, PA & CA • Publicly traded on NASDAQ Renewable Energy Credits offset 100% of electricity used at Lifeway facilities Process improvements at the Morton Grove, IL facility will lead to less gas used, less heating energy, and quicker pasteurization. USDA Organic is Regenerative, and so much more! USDA Organic is the only environmental label claim in the US that is backed by third party certification and federal oversigh t, which provides traceability from farm to consumer • Lifeway's 8oz bottles are made from sugarcane, a 100% renewable energy source • 100% recyclable • Helps reduce greenhouse gases • Potentially switching 32oz bottles to this material Increased Capacity at Waukesha, WI Plant

![](image_035.jpg)

Why Lifeway Kefir 4 9 Reasons to Drink Lifeway Kefir

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Health 5 The health beneﬁts are so science - backed, they sound like magic "Keﬁr is a more powerful probiotic than yogurt" – Healthline "In general, Keﬁr is better for you than yogurt as it contains more strains of probiotics and beneﬁcial yeast. – Cleveland Clinic "Protects consumers from enteric infections and improves immune and metabolic health." "A review of 19 studies examining the effect of fermented foods, including keﬁr, on the gut microbiota found that these foods help modify the microbial makeup of the gut and may help improve immunity and metabolic factors [2] ." – Forbes Health

![](image_037.jpg)

Lifeway is sold in every major grocery chain in the U.S. 6

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Highlights of the Year: New Products & New Distribution 7 New Distribution

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How will we continue our incredible household penetration and revenue growth? 8 PRICE 1. Offer exceptional value 2. Showcase cost per ounce advantage PRODUCT 1. Grow number of items on shelf 2. Innovation / expansion of existing items PROMOTIONS 1. More demos 2. More displays 3. Advertising and digital promos PLACE/DISTRIBUTION 1. New retailers (BJ's, Costco) 2. Increase store count 3. New channels (Food Service) to increase awareness

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… 9 Lifeway had strong household growth, repeat purchase and loyalty Source : TriLens Panel Total Outlets L52wks & L26wks 10.5.25; SPINS YTD 10.5.25 Lifeway Kefir Total Outlets 4.3 4.8 5.5 2023 2024 2025 L52wks 10.5.25 vs prior years Lifeway Kefir Household Penetration Repeat Purchase 62% High Loyalty 59% Total Lifeway within US MULO grew +20% dollars and +24% units

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10 Lifeway Grew +151% in 6 years! $75 $92 $97 $118 $139 $167 $188 +$113M 151% MULO Brand Lifeway (Kefir & FC) – Dollars (Millions) Full Year comparison Source: SPINS; 2019 – Est 2025 2019 2020 2021 2022 2023 2024 Est 2025

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GLP - 1 and Lifeway Kefir's benefits to gut health 12 • Loss of Lean muscle mass • Gastrointestinal issues • Loss of key nutrients Side Effects of GLP - 1 medications: How can Lifeway Kefir help with side effects of GLP - 1 medications? Improved Gut Health Probiotic Powerhouse Packed with Protein Nutrient - Rich Excellent source of vitamin D Reduced Inflammation Immune System Support Excellent source of vitamin B12 Naturally Gluten - Free Excellent source of Calcium Improved Nutrient Absorption

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Expanding Lifeway 8oz for Grab & Go Shoppers, Reducing Barrier to Entry Source: SPINS; All Channels L52wks 4.23.23; IRI 3.26.23 • Growing +58% units • Strong Hispanic loyalty • Appeals to all demographics • Top tier marketing, media and social media • Early acceptance from top tier c - stores • National Distribution Lifeway LF Conventional 8oz highly skewed towards: 2 - Person Household Established Workers (45+yrs, no kids) Retired 13 Lifeway grew +24% dollars and +10% units in ALL channels Upper Income Young Boomer

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Exciting, Buzzy, On - Trend Flavors in Whole Milk Organic 8oz Upper Income Who is the consumer? Lower Income Gen Z Upper Income Whole Milk Organic Lactose - Free 8oz Flavor Fusions Bringing excitement to the category! Source: Flavor & The Menu "Gen Z: Ready for the World" 12. 22; Food & Beverage Insider "Keys to food, beverage product success for Gen Z" 1.24; Edlong & Food Dive "Flavor Fusion: How to Quickly & Deliciously Transform Foods & Beverages into Functional Powerhouses" 2024 • Gen Z is more likely than any other generation to order new flavor experiences on the menu • 51% will try a new food just because it sounds exciting • 44% love trying new foods, the crazier and more unique the better • Half of Gen Zers like to have more meals with unique flavors or different cuisines • 32% of Gen Z love trying new types of foods • 71% of Millennials and Gen Z prefer meals they can enjoy on the go 8oz has proven to be incremental to 32oz & the category 14

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Starting Healthy Habits Early with ProBugs Lifeway Whole Milk Conventional ProBugs Lifeway® Foods Expands Beloved ProBugs® Kefir Line with New Conventional Whole Milk Pouches in Three Fun Flavors 15 Putting ProBugs in lunchboxes across America New equipment more than triples efficiency, reduces labor and increases capacity. Post - consumer recycled pouches, 30% less plastic in caps.

![](image_047.jpg)

Lifeway Farmer Cheese Converting Cottage Cheese Consumers 16 • 12 live & active probiotic cultures • Dry Curd Cheese • 2% milk (Reduced Fat) • High Protein (15g) • Low Sodium (40mg)/No salt added • Total Carbs (4g) • Good source of Calcium Whole Milk Organic Farmer Cheese & Whole Milk Conventional Farmer Cheese

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Source : PR Newswire 09.08.2025 Lifeway Foods Announces Muscle Mates Ρ : A Breakthrough Functional Beverage with Creatine, Protein and Probiotics Disrupting the Fitness Nutrition Category MORTON GROVE, Ill., Sept. 8, 2025 /PRNewswire/ -- Lifeway Foods , Inc. (Nasdaq: LWAY) ("Lifeway" or "the Company"), a leading U.S. supplier of kefir and fermented probiotic products that support the microbiome, is proud to announce Muscle Mates Ρ , an innovative, ready - to - drink functional beverage that pairs 20 grams of protein with 5 grams of creatine and Lifeway's 12 live and active probiotic cultures. Set to hit shelves in grocery stores, fitness centers and select retailers nationwide by year - end, Muscle Mates Ρ is poised to satisfy growing consumer demand for performance - driven, wellness - conscious products. Triple - Benefit Performance Meets Research - Backed Nutrition Lifeway Muscle Mates Ρ delivers a powerful trifecta: • Protein – builds and repairs muscle • Creatine – enhances strength, endurance, recovery and cognitive performance • Probiotics – support gut health and digestion Creatine has evolved from a niche supplement into a versatile super - nutrient with a wide spectrum of benefits. Recent research has focused on potential benefits for heart health, mental health and Alzheimer's patients. It remains one of the most affordable options available, with decades of scientific research backing its safety and effectiveness. Lifeway Meets the Moment "Muscle Mates Ρ is an exciting step forward in functional nutrition," said Julie Smolyansky, CEO of Lifeway Foods. "Our goal is to bring together the best of performance and wellness by offering support for strength, recovery, focus and gut health in one convenient and great - tasting format. We see opportunities to serve a wide range of consumers, from athletes and fitness enthusiasts to those simply looking to support their overall well - being. I am particularly eager to highlight creatine's emerging relevance for women, as more are exploring its potential role in energy, performance and healthy aging." Innovation 17

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Innovation 18 Colostrum Colostrum is the first form of milk produced by the mammary glands of humans and other mammals immediately following delivery of the newborn. Animal colostrum may be called beestings, the traditional word from Old English dialects. Most species will begin to generate colostrum just prior to giving birth. Source: Wikipedia "Lifeway has always been ahead of the curve," said Julie Smolyansky, CEO of Lifeway Foods. "We introduced kefir to mainstream America, and we launched a dietary supplement with kefir and colostrum 30 years before anyone else was ready. We started a conversation. Now that colostrum has gone mainstream and kefir is booming, it's the perfect time to reintroduce this powerful combination with Basics Plus. Many of the leading probiotic shots contain water, brown rice powder and sugar as their key ingredients. I believe there's an opportunity to bring consumers a higher - quality product, made with better ingredients, that is both nutritious and more affordable than what's currently on the market." MORTON GROVE, Ill., Aug. 22, 2025 /PRNewswire/ -- Lifeway Foods, Inc. (NASDAQ: LWAY) (Lifeway or The Company), a leading supplier of kefir and fermented probiotic products to support the microbiome, today announced the comeback of its Basics Plus Ρ line of kefir and colostrum supplement shots, a product that first debuted nearly three decades ago. Lifeway Foods Relaunches Basics Plus Ρ Line of Kefir and Colostrum Shots, Reviving a Functional Food Innovation 30 Years Ahead of Its Time Source : PR Newswire 8.22.25; Wikipedia

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Marketing That Drives Results 19 Media Socials Bethany Frankel 19.3k community - created posts Jan – Dec 2025 152 million i mpressions across social platforms, including both organic impressions and ads Jan – Dec 2025 High - quality media placements with Lifeway brand mentions generated ~3.6 billion potential reach. Top - tier publications featured Lifeway and Lifeway products. 2025 NOTABLE PLACEMENTS:

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Influencer Marketing 20 Making Lifeway Kefir a staple for on - the - go and in every kitchen

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Influencer Marketing 21 Introducing Lifeway Farmer Cheese as a cottage cheese upgrade 53.5k Likes 40.4k Comments 55k Likes 184 Comments 29.1k Likes 280 Comments 77.5k Likes 1.5k Comments 51.2k Likes 1.4k Comments

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22 Public Relations 22 In 2025, Lifeway received 208 media placements in target outlets resulting in a potential audience reach of more than 3.6 billion in top wellness, business, lifestyle and trade outlets.\* Data as of December 11, 2035

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Highlights of the Year: Awards and NASDAQ Closing Bell 23

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Highlights of the Year: Brand Collaboration and Pop Culture 24 Brand

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Highlights of the Year: National Kefir Day and 40 th Year Celebration 25 25

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Lifeway Marketing and Events 26 250,694 Kefir Servings 20,018 Cheese Servings Total YTD Donations: 800+ EVENTS!

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27 High Profile Event Partnerships 27

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Revenue 29 $102.0 $119.1 $141.6 $160.1 $186.8 $100.0 $120.0 $140.0 $160.0 $180.0 $200.0 FY 20 FY 21 FY 22 FY 23 FY 24 LIFEWAY 2.0 CAGR 16.3%

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Financial Highlights 30 F24 F23 x Revenue Growth vs. PY + 16.7% 13.1% x Gross Profit $48.6M $42.4M x Capital Investment $6.7M $4.4M x Operating Expense (SG&A) x Continued investment supporting brand awareness and revenue growth x Focused on expense management and operating expense leverage x Strong Balance Sheet x No outstanding bank debt at 12/31/2024. LIFEWAY 2.0

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31 Investing in our future 31 Expand Away from Home and brand ubiquity through Foodservice, Convenience, Club and Drug channel distribution expansion 2. Accelerate marketing strategy to drive consumption & grow penetration 1. Execute innovation effectively in all channels (Muscle Mates, Organic Farmer Cheese, Lactose - Free and Collagen) 4. Expand kids – Conventional ProBugs 5. Close voids & expand assortment in traditional and natural retails 3.