# EDGAR Filing Document

**Accession Number:** 0001611647
**File Stem:** 0001611647-25-000027
**Filing Date:** 2025-11
**Character Count:** 59402
**Document Hash:** 7677e3ba25a011d60647ec803d18b9f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001611647-25-000027.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0001611647-25-000027

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 48

**CONFORMED PERIOD OF REPORT**: 20251103

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Freshpet, Inc.
- **CENTRAL INDEX KEY:** 0001611647
- **STANDARD INDUSTRIAL CLASSIFICATION:** GRAIN MILL PRODUCTS [2040]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 201884894
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36729
- **FILM NUMBER:** 251442026

**BUSINESS ADDRESS:**
- **STREET 1:** 1450 US-206
- **CITY:** BEDMINSTER
- **STATE:** NJ
- **ZIP:** 07921
- **BUSINESS PHONE:** 201-520-4000

**MAIL ADDRESS:**
- **STREET 1:** 1450 US-206
- **CITY:** BEDMINSTER
- **STATE:** NJ
- **ZIP:** 07921

?xml version='1.0' encoding='ASCII'? frpt-20251103

**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): November 3, 2025**

**FRESHPET, INC.**

**(Exact name of Registrant as Specified in Its Charter)** 

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-36729** | **20-1884894** |
| **(State or Other Jurisdiction**<br>**of Incorporation)** | **(Commission File Number)** | **(IRS Employer**<br>**Identification No.)** |
| **1450 US-206,** <br>**Bedminster, New Jersey** | | **07921** |
| **(Address of Principal Executive Offices)** | | **(Zip Code)** |

---

**Registrant**'**s Telephone Number, Including Area Code: (201**) **520-4000**

**Not Applicable** 

**(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:

☐ 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 pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered <br> <u>Common Stock</u> <u>FRPT</u> <u>NASDAQ Global Market</u>

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. ☐

------

**Item 2.02. Results of Operations and Financial Condition.**

On November 3, 2025, Freshpet, Inc. ("Freshpet") issued a press release disclosing its financial results for the quarter ended September 30, 2025. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

As previously announced, Freshpet will hold a conference call at 8:00 a.m., Eastern Time, on Monday, November 3, 2025, to discuss its financial results for the quarter ended September 30, 2025.

Freshpet references non-GAAP financial information in the press release and makes similar references in the transcript to the conference call. A reconciliation of these non-GAAP financial measures to the nearest comparable GAAP financial measures is contained in the attached Exhibit 99.1 press release.

**Item 7.01. Regulation FD Disclosure.**

On November 3, 2025, Freshpet published to the investor relations section of its website a presentation which will be used by Freshpet's management team in meetings with analysts and stockholders. A copy of the presentation is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

The information furnished with Item 2.02 and this Item 7.01, including Exhibits 99.1 and 99.2, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("the Exchange Act") or incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Freshpet uses the "Investors" section of its website (*investors.freshpet.com*) as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 99.1 | <u>[Press Release, dated](frpt-exx991x20251103.htm)[November 3](frpt-exx991x20251103.htm)[, 2025](frpt-exx991x20251103.htm)</u> |
| 99.2 | <u>[Investors Presentation](frpt-exx992x20251103.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURE**

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.

---

| | | |
|:---|:---|:---|
| | FRESHPET, INC. | FRESHPET, INC. |
| Date: November 3, 2025 | By: | /s/ Ivan Garcia |
|  | Name: Ivan Garcia | Name: Ivan Garcia |
|  | Title: Interim Chief Financial Officer | Title: Interim Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![logoa.jpg](logoa.jpg)

**Freshpet, Inc. Reports Third Quarter 2025 Financial Results**

*Net Sales Growth of 14% Outperforms Category*

*Company Achieves Positive Free Cash Flow in Third Quarter and Now Expects to be Free Cash Flow Positive in 2025*

*Updates 2025 Guidance*

Bedminster, N.J. – November 3, 2025 – Freshpet, Inc. ("Freshpet" or the "Company") (Nasdaq: FRPT) today reported financial results for its third quarter and nine months ended September 30, 2025.

**Third Quarter 2025 Financial Highlights Compared to Prior Year Period**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net sales of $288.8 million, an increase of 14.0%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross margin of 39.5%, compared to the prior year period of 40.4%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Gross Margin of 46.0%, compared to the prior year period of 46.5%.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income of $101.7 million, including a discrete $77.9 million tax benefit as a result of sustained profitability, compared to the prior year period net income of $11.9 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA of $54.6 million, compared to the prior year period of $43.5 million.<sup>1</sup>

"We are quickly adjusting to the new economic reality and remain one of the best performing pet food businesses—with strong financial and operational results and category-leading growth," commented Billy Cyr, Freshpet's Chief Executive Officer. "With such rapid change in consumer behavior earlier this year, we quickly adapted our marketing, distribution, and innovation strategies. While we believe that those strategies will drive further household penetration growth, we are revising our guidance to the lower end of the previous range to reflect the current environment. We are also maintaining financial discipline by further lowering our capital spending plans, which helped us achieve positive free cash flow in the third quarter and we now expect to be free cash flow positive for fiscal year 2025 as well—a year earlier than our original goal. While we are not where we expected to be at the start of the year, we firmly believe Freshpet is best positioned to capture the future growth of the category and expect to continue to build market share, grow household penetration, and win a disproportionate share of new pet parents. That will enable us to create significant shareholder value and fulfill our mission to elevate the way we feed our pets with fresh food that nourishes all."

**Third Quarter 2025**

Net sales increased 14.0% to $288.8 million for the third quarter of 2025 compared to $253.4 million in the prior year period. The increase in net sales was primarily driven by volume gains of 12.9% and favorable price/mix of 1.1%.

Gross profit was $114.2 million, or 39.5% as a percentage of net sales, for the third quarter of 2025, compared to $102.2 million, or 40.4% as a percentage of net sales, in the prior year period. The decrease in reported gross profit as a percentage of net sales was primarily due to reduced leverage on plant expenses, partially offset by lower input costs. For the third quarter of 2025, Adjusted Gross Profit was $132.8 million, or 46.0% as a percentage of net sales, compared to $117.7 million, or 46.5% as a percentage of net sales, in the prior year period.<sup>1</sup>

Selling, general and administrative expenses ("SG&A") were $89.3 million for the third quarter of 2025 compared to $90.3 million in the prior year period. SG&A as a percentage of net sales decreased by 480 basis points to 30.9% for the third quarter of 2025 compared to 35.7% in the prior year period, primarily due to decreased share-based compensation and variable compensation accrual, partially offset by increased media spend as a percentage of net sales. Adjusted SG&A for the third quarter of 2025 was $78.2 million, or 27.1% as a percentage of net sales, compared to $74.2 million, or 29.3% as a percentage of net sales, in the prior year period.<sup>1</sup>

<sup>1.</sup>Adjusted Gross Margin, Adjusted Gross Profit, Adjusted SG&A and Adjusted EBITDA are non-GAAP financial measures. See "Non-GAAP Measures" for how the Company defines these measures and the financial tables that accompany this release for reconciliations of these measures to the closest comparable GAAP measures.

------

Net income was $101.7 million for the third quarter of 2025 compared to $11.9 million in the prior year period. The increase in net income was due to the deferred income tax benefit resulting from the release of a $77.9 million valuation allowance in the current period as a result of sustained profitability and the expected future profitability, contribution from higher sales, and decreased SG&A expenses, partially offset by decrease in gross profit as a percentage of net sales.

Adjusted EBITDA was $54.6 million for the third quarter of 2025 compared to $43.5 million in the prior year period.<sup>1</sup> The increase in Adjusted EBITDA was a result of increased Adjusted Gross Profit, partially offset by higher Adjusted SG&A.

**First Nine Months of 2025**

Net sales increased 14.6% to $816.8 million for the first nine months of 2025 compared to $712.5 million in the prior year period. The increase in net sales was primarily driven by volume gains of 12.8% and favorable price/mix of 1.8%.

Gross profit was $326.2 million, or 39.9% as a percentage of net sales, for the first nine months of 2025, compared to $284.4 million, or 39.9% as a percentage of net sales, in the prior year period. The gross profit as a percentage of net sales remained consistent for both periods as the benefit from lower input costs and reduced quality costs was fully offset by reduced leverage on plant expenses. For the first nine months of 2025, Adjusted Gross Profit was $377.1 million, or 46.2% as a percentage of net sales, compared to $327.2 million, or 45.9% as a percentage of net sales, in the prior year period.<sup>1</sup>

SG&A expenses were $295.0 million for the first nine months of 2025 compared to $265.7 million in the prior year period. SG&A as a percentage of net sales decreased by 120 basis points to 36.1% for the first nine months of 2025 compared to 37.3% in the prior year period, primarily due to decreased share-based compensation and variable compensation accrual, partially offset by increased media spend as a percentage of net sales and higher non-recurring charges in 2025. Adjusted SG&A for the first nine months of 2025 was $242.5 million, or 29.7% as a percentage of net sales, compared to $218.0 million, or 30.6% as a percentage of net sales, in the prior year period.<sup>1</sup>

Net income was $105.3 million for the first nine months of 2025 compared to net income of $28.8 million in the prior year period. The increase in net income was due to the deferred income tax benefit resulting from the release of a $77.9 million valuation allowance in the current period as a result of sustained profitability and the expected future profitability, and contributions from higher sales, partially offset by increased SG&A, including increased media spend of $24.0 million and $17.7 million of non-recurring charges in 2025, compared to $9.9 million gain on equity investment in the prior year period.

Adjusted EBITDA was $134.5 million for the first nine months of 2025 compared to $109.2 million in the prior year period.<sup>1</sup> The increase in Adjusted EBITDA was a result of increased Adjusted Gross Profit, partially offset by higher Adjusted SG&A.

**Balance Sheet**

As of September 30, 2025, the Company had cash and cash equivalents of $274.6 million with $396.8 million of debt outstanding, net of $5.7 million of unamortized debt issuance costs. For the nine months ended September 30, 2025, cash from operations was $105.5 million, an increase of $1.6 million compared to the prior year period driven largely by the increase in net sales, partially offset by the higher variable incentive compensation payment in the first quarter of 2025.

The Company will utilize its balance sheet to support its ongoing capital needs in connection with its long-term capacity plan.

**Outlook**

For full year 2025, the Company is updating its guidance to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net sales growth of ~13%, compared to an increase of 13% to 16% from 2024 previously;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA in the range of $190 million to $195 million, compared to $190 million to $210 million previously; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital expenditures of ~$140 million, compared to ~$175 million previously.

------

The Company does not provide guidance for net income, the U.S. GAAP measure most directly comparable to Adjusted EBITDA, and similarly cannot provide a reconciliation between its forecasted Adjusted EBITDA and net income metrics without unreasonable effort due to the unavailability of reliable estimates for certain components of net income and the respective reconciliations, including the timing of and amount of costs of goods sold and selling, general and administrative expenses. These items are not within the Company's control and may vary greatly between periods and could significantly impact future results.

**Conference Call & Earnings Presentation Webcast Information** 

As previously announced, today, November 3, 2025, the Company will host a conference call beginning at 8:00 a.m. Eastern Time with members of its leadership team. The conference call webcast will be available live over the Internet through the "Investors" section of the Company's website at www.freshpet.com. To participate on the live call, listeners in North America may dial (877) 407-0792 and international listeners may dial (201) 689-8263; the passcode is 13756551.

**About Freshpet**

Freshpet's mission is to elevate the way we feed our pets with fresh food that nourishes all. Freshpet foods are blends of fresh meats, vegetables and fruits farmed locally and made at our Freshpet Kitchens. We thoughtfully prepare our foods using natural ingredients, cooking them in small batches at lower temperatures to preserve the natural goodness of the ingredients. Freshpet foods and treats are kept refrigerated from the moment they are made until they arrive at Freshpet Fridges in your local market.

Our foods are available in select grocery, mass, digital, pet specialty, and club retailers across the United States, Canada and Europe, as well as online in the U.S. From the care we take to source our ingredients and make our food, to the moment it reaches your home, our integrity, transparency and social responsibility are the way we like to run our business. To learn more, visit www.freshpet.com.

Connect with Freshpet:

https://www.facebook.com/Freshpet

https://x.com/Freshpet

http://instagram.com/Freshpet

http://pinterest.com/Freshpet

https://www.tiktok.com/@Freshpet

https://www.youtube.com/user/freshpet400

**Forward Looking Statements**

Certain statements in this press release constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on our current expectations and assumptions. These include statements regarding the ability of our strategies to drive further household penetration growth, revisions to 2025 guidance, lowering our capital spending plans, expectation to the free cash flow positive for fiscal year 2025, our belief that we are positioned to capture the future growth of the category, and expectation we continue to build market share, grow household penetration, and win a disproportionate share of new pet parents. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in the forward-looking statements including, but not limited to, difficulties in launching our new technology, economic uncertainty, changes in rates of pet acquisition, the launch of new competitive products, impact of tariffs and ingredient pricing, effectiveness of media campaigns, success rate of new chillers, and most prominently, the risks discussed under the heading "Risk Factors" in the Company's latest annual report on Form 10-K and quarterly reports on Form 10-Q filled with the Securities and Exchange Commission. Such forward-looking statements are made only as of the date of this presentation. Freshpet undertakes no obligation to publicly update or revise any forward-looking statement because of new information, future events or otherwise, except as otherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.

------

**Non-GAAP Financial Measures**

Freshpet uses the following non-GAAP financial measures in its financial communications. These non-GAAP financial measures should be considered as supplements to the U.S. GAAP reported measures, should not be considered replacements for, or superior to, the U.S. GAAP measures and may not be comparable to similarly named measures used by other companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Gross Profit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Gross Profit as a percentage of net sales (Adjusted Gross Margin)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted SG&A Expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted SG&A Expenses as a percentage of net sales

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EBITDA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA as a percentage of net sales (Adjusted EBITDA Margin)

<u>Adjusted Gross Profit:</u> Freshpet defines Adjusted Gross Profit as gross profit before depreciation expense, non-cash share-based compensation and loss on disposal of manufacturing equipment.

<u>Adjusted SG&A Expenses:</u> Freshpet defines Adjusted SG&A as SG&A expenses before depreciation and amortization expense, non-cash share-based compensation, loss on disposal of equipment, distributor transition costs, legal obligation and international business changes.

<u>EBITDA and Adjusted EBITDA:</u> EBITDA represents net income plus interest expense net of interest income, income tax (benefit) expense and depreciation and amortization expense, and Adjusted EBITDA represents EBITDA less gain on equity investment, plus non-cash share-based compensation expense, loss on disposal of property, plant and equipment, distributor transition costs, legal obligation, and international business changes.

Management believes that the non-GAAP financial measures are meaningful to investors because they provide a view of the Company with respect to ongoing operating results. The non-GAAP financial measures are shown as supplemental disclosures in this release because they are widely used by the investment community for analysis and comparative evaluation. They also provide additional metrics to evaluate the Company's operations and, when considered with both the Company's GAAP results and the reconciliation to the most comparable U.S. GAAP measures, provide a more complete understanding of the Company's business than could be obtained absent this disclosure. The non-GAAP measures are not and should not be considered an alternative to the most comparable U.S. GAAP measures or any other figure calculated in accordance with U.S. GAAP, or as an indicator of operating performance. The Company's calculation of the non-GAAP financial measures may differ from methods used by other companies. Management believes that the non-GAAP measures are important to an understanding of the Company's overall operating results in the periods presented. The non-GAAP financial measures are not recognized in accordance with U.S. GAAP and should not be viewed as an alternative to U.S. GAAP measures of performance.

**Investor Contact:**

Rachel Ulsh

Rulsh@freshpet.com

**Media Contact:**

Press@freshpet.com

------

**FRESHPET, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

(Unaudited, in thousands, except per share data)

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| **ASSETS** | | |
| CURRENT ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $274591 | $268633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for doubtful accounts | 64327 | 68419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 69845 | 80794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 9332 | 16026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 5456 | 3126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Assets | 423551 | 436998 |
| Property, plant and equipment, net | 1112864 | 1065869 |
| Deposits on equipment | 118 | 1047 |
| Operating lease right of use assets | 66703 | 3366 |
| Long term investment in equity securities | 33446 | 33446 |
| Deferred tax assets | 77919 |  |
| Other assets | 30941 | 34152 |
| Total Assets | $1745542 | $1574878 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| CURRENT LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $30839 | $39164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 41488 | 56263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current operating lease liabilities | 2155 | 1322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current finance lease liabilities | 2266 | 2120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Liabilities | $76748 | $98869 |
| Convertible senior notes | 396781 | 395163 |
| Long term operating lease liabilities | 65081 | 2213 |
| Long term finance lease liabilities | 28527 | 23273 |
| Total Liabilities | $567137 | $519518 |
| Commitments and contingencies |  |  |
| STOCKHOLDERS' EQUITY: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock — voting, $0.001 par value, 200,000 shares authorized, 48,807 issued and 48,793 outstanding on September 30, 2025, and 48,716 issued and 48,702 outstanding on December 31, 2024 | 49 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 1355518 | 1338160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (176484) | (281806) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (422) | (787) |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost — 14 shares on June 30, 2025 and on December 31, 2024 | (256) | (256) |
| Total Stockholders' Equity | 1178405 | 1055360 |
| Total Liabilities and Stockholders' Equity | $1745542 | $1574878 |

---

------

**FRESHPET, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME**

(Unaudited in thousands, except per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended<br>September 30,** | **For the Three Months Ended<br>September 30,** | **For the Nine Months Ended<br>September 30,** | **For the Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| NET SALES | $288848 | $253367 | $816786 | $712469 |
| COST OF GOODS SOLD | 174656 | 151120 | 490616 | 428112 |
| GROSS PROFIT | 114192 | 102247 | 326170 | 284357 |
| SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES | 89291 | 90338 | 294961 | 265734 |
| INCOME FROM OPERATIONS | 24901 | 11909 | 31209 | 18623 |
| OTHER (EXPENSES) INCOME: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and Other Income, net | 2356 | 2963 | 6948 | 9158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Expense | (3552) | (2923) | (10761) | (8734) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on Equity Investment |  |  |  | 9918 |
|  | (1196) | 40 | (3813) | 10342 |
| INCOME BEFORE INCOME TAXES | 23705 | 11949 | 27396 | 28965 |
| INCOME TAX (BENEFIT) EXPENSE | (77958) | 54 | (77926) | 162 |
| INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $101663 | $11895 | $105322 | $28803 |
| OTHER COMPREHENSIVE (LOSS) INCOME: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in foreign currency translation | $(86) | $604 | $365 | $407 |
| TOTAL OTHER COMPREHENSIVE (LOSS) INCOME | (86) | 604 | 365 | 407 |
| TOTAL COMPREHENSIVE INCOME | $101577 | $12499 | $105687 | $29210 |
| NET INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-BASIC | $2.08 | $0.25 | $2.16 | $0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-DILUTED | $1.86 | $0.24 | $2.00 | $0.57 |
| WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-BASIC | 48787 | 48509 | 48766 | 48436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-DILUTED | 55875 | 50282 | 55991 | 50203 |

---

------

**FRESHPET, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** 

(Unaudited, in thousands)

---

| | | |
|:---|:---|:---|
| | **For the Nine Months Ended<br>September 30,** | **For the Nine Months Ended<br>September 30,** |
| | **2025** | **2024** |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $105322 | $28803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash flows provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for loss on accounts receivable | 12130 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of property, plant and equipment | 1355 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 20256 | 37862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory obsolescence |  | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 66798 | 52249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 1618 | 1559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in operating lease right of use asset | 1529 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on equity investment |  | (9918) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (77919) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (7410) | (8294) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 9825 | (8852) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (3992) | (803) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 80 | (1540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (7097) | 8839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | (15874) | 2355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability | (1166) | (1187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows provided by operating activities | 105455 | 103919 |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of property, plant and equipment, software and deposits on equipment | (95134) | (128828) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows used in investing activities | (95134) | (128828) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax withholdings related to net shares settlements of restricted stock units | (3054) | (1440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal payments under finance lease obligations | (1573) | (1444) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of options to purchase common stock | 264 | 5516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows (used in) provided by financing activities | (4363) | 2632 |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | 5958 | (22277) |
| CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 268633 | 296871 |
| CASH AND CASH EQUIVALENTS, END OF PERIOD | $274591 | $274594 |

---

------

**FRESHPET, INC. AND SUBSIDIARIES**

**RECONCILIATION BETWEEN GROSS PROFIT AND ADJUSTED GROSS PROFIT**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended<br>September 30,** | **For the Three Months Ended<br>September 30,** | **For the Nine Months Ended<br>September 30,** | **For the Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Gross profit | $114192 | $102247 | $326170 | $284357 |
| Depreciation expense | 17115 | 13197 | 46024 | 35698 |
| Non-cash share-based compensation | 1503 | 1610 | 4617 | 6451 |
| Loss on disposal of manufacturing equipment | 32 | 639 | 287 | 692 |
| **Adjusted Gross Profit** | $**132842** | $**117693** | $**377098** | $**327198** |
| Adjusted Gross Profit as a % of Net Sales | 46.0% | 46.5% | 46.2% | 45.9% |

---

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**FRESHPET, INC. AND SUBSIDIARIES**

**RECONCILIATION BETWEEN SG&A EXPENSES AND ADJUSTED SG&A EXPENSES**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended<br>September 30,** | **For the Three Months Ended<br>September 30,** | **For the Nine Months Ended<br>September 30,** | **For the Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| SG&A expenses | $89291 | $90338 | $294961 | $265734 |
| Depreciation and amortization expense | 6535 | 5512 | 18639 | 15967 |
| Non-cash share-based compensation (a) | 3716 | 10498 | 15639 | 31411 |
| Loss on disposal of equipment | 94 | 129 | 486 | 362 |
| Distributor transition costs (b) |  |  | 10680 |  |
| Legal obligation (c) | 716 |  | 5703 |  |
| International business charges (d) |  |  | 1273 |  |
| **Adjusted SG&A Expenses** | $**78230** | $**74199** | $**242541** | $**217994** |
| Adjusted SG&A Expenses as a % of Net Sales | 27.1% | 29.3% | 29.7% | 30.6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Includes true-ups to share-based compensation expense. We have certain outstanding share-based awards with performance-based vesting conditions that require the achievement of certain Adjusted EBITDA margins, Adjusted EBITDA and/or Net Sales targets as a condition of vesting. At each reporting period, we reassess the probability of achieving the performance criteria and the performance period required to meet those targets. When the probability of achieving such performance conditions changes, the compensation cost previously recorded is adjusted as needed. When such performance conditions are deemed to be improbable of achievement, the compensation cost previously recorded is reversed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Represents a non-recurring loss as a result of an accounts receivable write-off in connection with the liquidation of one of our pet specialty distributors. Concurrent with its liquidation, we transitioned to a new distribution partner, who is a leading pet specialty distributor and who we anticipate will facilitate sales to pet specialty stores. Thus, despite the transitory impact during the first quarter of 2025, our ability to continue to generate sales is consistent with what we would expect to generate within the pet specialty channel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Represents the net settlement charges for all claims related to the litigation with Phillips.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Represents termination costs due to a business change in our international go-to-market strategy.

------

**FRESHPET, INC. AND SUBSIDIARIES**

**RECONCILIATION BETWEEN NET INCOME AND ADJUSTED EBITDA**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended<br>September 30,** | **For the Three Months Ended<br>September 30,** | **For the Nine Months Ended<br>September 30,** | **For the Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Net income | $101663 | $11895 | $105322 | $28803 |
| Depreciation and amortization | 23650 | 18709 | 64663 | 51665 |
| Interest expense, net of interest income | 1194 | (40) | 3803 | (424) |
| Income tax (benefit) expense | (77958) | 54 | (77926) | 162 |
| **EBITDA** | **48549** | **30618** | **95862** | **80206** |
| Non-cash share-based compensation (a) | 5219 | 12108 | 20256 | 37862 |
| Loss on disposal of property, plant and equipment | 126 | 768 | 773 | 1054 |
| Distributor transition costs (b) |  |  | 10680 |  |
| Legal obligation (c) | 716 |  | 5703 |  |
| International business charges (d) |  |  | 1273 |  |
| Gain on equity investment |  |  |  | (9918) |
| **Adjusted EBITDA** | $**54610** | $**43494** | $**134547** | $**109204** |
| Adjusted EBITDA as a % of Net Sales | 18.9% | 17.2% | 16.5% | 15.3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Includes true-ups to share-based compensation expense. We have certain outstanding share-based awards with performance-based vesting conditions that require the achievement of certain Adjusted EBITDA margins, Adjusted EBITDA and/or Net Sales targets as a condition of vesting. At each reporting period, we reassess the probability of achieving the performance criteria and the performance period required to meet those targets. When the probability of achieving such performance conditions changes, the compensation cost previously recorded is adjusted as needed. When such performance conditions are deemed to be improbable of achievement, the compensation cost previously recorded is reversed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Represents a non-recurring loss as a result of an accounts receivable write-off in connection with the liquidation of one of our pet specialty distributors. Concurrent with its liquidation, we transitioned to a new distribution partner, who is a leading pet specialty distributor and who we anticipate will facilitate sales to pet specialty stores. Thus, despite the transitory impact during the first quarter of 2025, our ability to continue to generate sales is consistent with what we would expect to generate within the pet specialty channel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Represents the net settlement charges for all claims related to the litigation with Phillips.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Represents termination costs due to a business change in our international go-to-market strategy.

## Exhibit 99.2

![](frpt-exx992x20251103001.jpg)

Q3 2025 Earnings Presentation 1 Q3 2025 Earnings November 3, 2025

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![](frpt-exx992x20251103002.jpg)

Q3 2025 Earnings Presentation 2 Forward Looking Statements & Non-GAAP Measures FORWARD-LOOKING STATEMENTS Certain statements in this presentation by Freshpet, Inc. (the "Company") constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on our current expectations and assumptions. These include statements related to our ability to capture future growth in the category, strategies to address the current consumer environment, drive operational efficiencies, the timing and expected impact of new technology, expectations on capital spending, runway for growth, projected number of lines and capital efficiency plans, updated 2025 guidance, 2027 targets, expectations to be free cash flow positive. Words such as "anticipate", "believe", "could", "estimate", "expect", "guidance", "intend", "may", "might", "outlook", "plan", "predict", "seek", "will", "would" and variations of such word and similar future or conditional expressions are intended to identify forward looking statements. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in the forward-looking statements including difficulties in launching our new technologies, changes in consumer sentiment, failure of our marketing or new distribution to meet expectations, the launch of new competitive products, increases or unavailability of ingredients, difficulties in managing operational efficiencies, and most prominently, the risks discussed under the heading "Risk Factors" in the Company's latest annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. Such forward-looking statements are made only as of the date of this presentation. Freshpet undertakes no obligation to publicly update or revise any forward-looking statement because of new information, future events or otherwise, except as otherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements. NON-GAAP MEASURES Freshpet uses certain non-GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted EBITDA as a % of net sales (adjusted EBITDA Margin), adjusted Gross Profit, adjusted Gross Profit as a % of net sales (adjusted Gross Margin), adjusted SG&A and adjusted SG&A as a % of net sales. These non-GAAP financial measures should be considered as supplements to GAAP reported measures, should not be considered replacements for, or superior to, GAAP measures and may not be comparable to similarly named measures used by other companies. Freshpet defines EBITDA as net income (loss) plus interest expense, income tax expense and depreciation and amortization expense, and adjusted EBITDA as EBITDA plus net income (loss) on equity method investment, non-cash share-based compensation, fees related to equity offerings of our common stock, implementation and other costs associated with the implementation of an ERP system, and other expenses, including loss on disposal of equipment, and organization changes designed to support long-term growth objectives. Freshpet defines adjusted Gross Profit as gross profit before depreciation expense, and non-cash share-based compensation, and adjusted SG&A as SG&A expenses before depreciation and amortization expense, non-cash share-based compensation, gain (loss) on disposal of equipment, fees related to equity offerings of our common stock, implementation and other costs associated with the implementation of an ERP system, and organization changes designed to support long term growth objectives. Management believes that the non-GAAP financial measures are meaningful to investors because they provide a view of the Company with respect to ongoing operating results. Non-GAAP financial measures are shown as supplemental disclosures in this presentation because they are widely used by the investment community for analysis and comparative evaluation. They also provide additional metrics to evaluate the Company's operations and, when considered with both the Company's GAAP results and the reconciliation to the most comparable GAAP measures, provide a more complete understanding of the Company's business than could be obtained absent this disclosure. adjusted EBITDA is also an important component of internal budgeting and setting management compensation. The non-GAAP measures are not and should not be considered an alternative to the most comparable GAAP measures or any other figure calculated in accordance with GAAP, or as an indicator of operating performance. The Company's calculation of the non-GAAP financial measures may differ from methods used by other companies. Management believes that the non-GAAP measures are important to an understanding of the Company's overall operating results in the periods presented. The non-GAAP financial measures are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. Certain of these measures represent the Company's guidance for fiscal year 2025. The Company is unable to reconcile these forward-looking non-GAAP financial measures to the most directly comparable GAAP measures without unreasonable efforts because the Company is currently unable to predict with a reasonable degree of certainty the type and impact of certain items, including the timing of and amount of costs of goods sold and selling, general and administrative expenses, that would be expected to impact GAAP measures for these periods but would not impact the non-GAAP measures. The unavailable information could significantly impact our financial results. These items are not within the Company's control and may vary greatly between periods. Based on the foregoing, the Company believes that providing estimates of the amounts that would be required to reconcile these forecasted non-GAAP measures to forecasted GAAP measures would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above.

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![](frpt-exx992x20251103003.jpg)

Q3 2025 Earnings Presentation 3 Freshpet strengthens the bond between people and our pets so that we both live longer, healthier and happier lives while being kind to the planet.

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![](frpt-exx992x20251103004.jpg)

Q3 2025 Earnings Presentation 4 Highlights

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![](frpt-exx992x20251103005.jpg)

Q3 2025 Earnings Presentation 5 "We are quickly adjusting to the new economic reality and remain one of the best performing pet food businesses— with strong financial and operational results and category-leading growth."

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![](frpt-exx992x20251103006.jpg)

Q3 2025 Earnings Presentation 6 Source: Internal Data, Numerator for L52W ended 9/28/25 1 Ecommerce includes Click & Collect, Last Mile Delivery, Pure Play, and DTC Growth across nearly all metrics Q3 2025: RETAILFINANCIAL Q3 2025YoY ChangeQ3 2025 +10%Total Household Penetration+14.0%$288.8MNet Sales +4%Total Buy Rate-50 bps46.0%Adjusted Gross Margin\* +15%MVP Household Penetration+$11.1M$54.6MAdjusted EBITDA +12%Cubic Feet+170 bps18.9%Adjusted EBITDA Margin\* +7%Store Count-10 bps5.5%Logistics Costs\* +13%Total Distribution Points-50 bps29.1%Input Costs\* 14%Ecommerce1 Share of Sales–2.1%Quality Costs\* +$10.7M$66.8MOperating Cash Flow \*As a percent of net sales Comparisons to prior year period unless otherwise noted

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![](frpt-exx992x20251103007.jpg)

Q3 2025 Earnings Presentation 7 Targeted marketing New advertising campaign Affordability / value portfolio Super serve MVPs Millennial/Gen Z expansion Fridge Islands New channels (lifestyle retailer, ecommerce) Ecommerce/DTC Adapting our model to the current environment Expand HH Penetration Increase Velocity Advertising & Innovation Expand Visibility & Availability Drive Efficiencies Build Organization Capability to Increase Effectiveness & Leverage Scale Expand Capacity

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![](frpt-exx992x20251103008.jpg)

Q3 2025 Earnings Presentation 8 Addressing the current consumer environment: Marketing our best food Showcasing the lengths we go to produce the best food New advertising campaigns launched in late August and October complement more social/digital campaigns Targeting MVP's through social, streaming, and retail media October Launch August Launch

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![](frpt-exx992x20251103009.jpg)

Q3 2025 Earnings Presentation 9 Addressing the current consumer environment: Strong value proposition Entry price point bag (Complete Nutrition) Multipacks/bundles now available in select retailers Sharpened price point on 1 lb chicken roll

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![](frpt-exx992x20251103010.jpg)

Q3 2025 Earnings Presentation 10 Addressing the current consumer environment: Improved accessibility Value-oriented channel expansion (club & mass) • Expanded distribution in club retailer from 125 to 590 stores • Started testing fridge island units in 16 stores Started test in rural lifestyle retailer Expect outsized growth in digital sales including expansion in DTC

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![](frpt-exx992x20251103011.jpg)

Q3 2025 Earnings Presentation 11 Driving operational and capital efficiency • Aim to deliver higher quality product at lower cost through increased yields and throughput • Designed to increase bagged product margins and decrease margin gap between bags and roll products • Unlocks innovation capabilities Testing new production technologies Reducing capital spending • Rightsizing our capital investments due to improved operational performance, new technology and slower growth • Remaining nimble and can increase capital investments if needed • Expect to spend $140m in capex in 2025, and similar in 2026 unless we decide to accelerate new technology or have distribution breakthrough

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![](frpt-exx992x20251103012.jpg)

Q3 2025 Earnings Presentation 12 Vast runway for growth in a large category 1. NIQ Total US Pet Food $- OmniChannel by Category 52 Weeks Ended 9/27/25 2. NIQ Brick & Mortar Customers (defined as XAOC + Pet) 52 Weeks Ended 9/27/25, Gently Cooked Fresh/Frozen Branded Dog Food ~$56B U.S. pet food category1 ~$38B Dog food category1 3.9% Freshpet market share of dog food1 Freshpet market share of fresh/frozen in measured channels2 95%

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![](frpt-exx992x20251103013.jpg)

Q3 2025 Earnings Presentation 13 8.3 10.1 11.5 13.5 14.8 2021 2022 2023 2024 2025 +17% +10% +14% +23% Continued growth in consumer franchise; added ~1.3m households YoY Source: Numerator Panel data for the 52-week periods ending 10/3/21, 10/2/22, 10/1/23, 9/29/24, 9/28/25 Freshpet Household Penetration Growth (in millions) (52 weeks)

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![](frpt-exx992x20251103014.jpg)

Q3 2025 Earnings Presentation 14 0.9 1.2 1.6 2.0 2.3 $440 $436 $493 $487 $490 $415 $435 $455 $475 $495 $515 $535 0.0 0.5 1.0 1.5 2.0 2.5 2021 2022 2023 2024 2025 Freshpet sales are increasingly concentrated in our heaviest users– now called MVP's\* – and account for 70% of LTM net sales Source: Numerator Panel data for the 52-week periods ending 10/3/21, 10/2/22, 10/1/23, 9/29/24, 9/28/25 \*Most Valuable Pet Parents 16%15%14%12%11%% of total Freshpet households that are MVP's Freshpet Users who are MVP's (Ultra/Super Heavy Buyers) (in millions) MVP Household Penetration MVP Buy Rate 70% of Freshpet sales

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![](frpt-exx992x20251103015.jpg)

Q3 2025 Earnings Presentation 15 $78 $84 $102 $107 $111 2021 2022 2023 2024 2025 MVP growth is helping to increase buy rate Freshpet Buy Rate (52 weeks) +4% +5% +21% +8% Source: Numerator Panel data for the 52-week periods ending 10/3/21, 10/2/22, 10/1/23, 9/29/24, 9/28/25

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![](frpt-exx992x20251103016.jpg)

Q3 2025 Earnings Presentation 16 10,826 13,387 15,015 16,609 18,004 19,499 21,570 22,716 23,631 25,281 26,777 28,141 29,745 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3 2025 Expanding depth and breadth: 24% of all stores have multiple fridges Source: Internal data for the period ending 9/30/25; \*U.S. and Canada Fridges Freshpet Store Count Number of Fridges per Store\* Second/Third Fridges 24% One Fridge 76% YTD +1,604

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![](frpt-exx992x20251103017.jpg)

Q3 2025 Earnings Presentation 17 Capacity Update Source: Internal Data # Lines Projected # Lines TodayFacility 76Bethlehem Kitchen 74Kitchen South 10+5Ennis Kitchen 24+15Total Ennis continues to be the most profitable Freshpet Kitchen and accounts for 38% of sales volume New production technology line for bagged product to be commissioned later this quarter in Bethlehem • Plan to retrofit existing bag lines starting Spring 2026 with "lite" version Reduced capital requirements to support growth plans • We have $1.5 billion of installed capacity today that is not fully staffed

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![](frpt-exx992x20251103018.jpg)

Q3 2025 Earnings Presentation 18 Capital Efficiency Framework MORE OUT OF EXISTING LINES MORE OUT OF EXISTING SITES DEVELOP & IMPLEMENT NEW TECHNOLOGIES

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![](frpt-exx992x20251103019.jpg)

Q3 2025 Earnings Presentation 19 Q3 2025 Results

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![](frpt-exx992x20251103020.jpg)

Q3 2025 Earnings Presentation 20 Q3 net sales primarily driven by volume $253.4 $288.8 Q3 2024 Q3 2025 14.0% Q3 2025 Net Sales ($m) Q3 2025 Net Sales Bridge Source: Internal Data 13% 1% 14% Volume Price/Mix Net Sales Growth

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![](frpt-exx992x20251103021.jpg)

Q3 2025 Earnings Presentation 21 Consumption growth across all channels Source: NIQ consumption data, latest 13 weeks thru 9/27/25 and internal sales data Q3 2025 Consumption Growth ($) Consumption Growth Trends (volume in pounds) 10% 10% 8% 2% Total US Pet Retail Plus XAOC Food Pet Specialty 26% 21% 15% 12% 9% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 UNMEASURED CHANNEL ADDED ~2 PTS OF GROWTH

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![](frpt-exx992x20251103022.jpg)

Q3 2025 Earnings Presentation 22 Q3 2025 delivered strong Adjusted EBITDA improvement despite less volume growth Q3 2025 Adj. Gross Margin % of net sales Q3 2025 Adj. EBITDA ($m) % of net sales 46.5% 46.0% Q3 2024 Q3 2025 $43.5 $54.6 Q3 2024 Q3 2025 17.2% 18.9% Net Income (Loss) $11.9m $101.7m Source: Internal Data Gross Margin (GAAP) 39.5%40.4%

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![](frpt-exx992x20251103023.jpg)

Q3 2025 Earnings Presentation 23 29.6% 5.6% 2.1% 29.1% 5.5% 2.1% Input Costs Logistics Quality 60 basis point improvement across key focus areas in Q3 2025 Key Margin Improvement Targets & Progress Q3 2024 Q3 2025 Source: Internal Data -10 bps YoY no change-50 bps YoY

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![](frpt-exx992x20251103024.jpg)

Q3 2025 Earnings Presentation 24 Guidance

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![](frpt-exx992x20251103025.jpg)

Q3 2025 Earnings Presentation 25 FY 2025 Guidance Additional considerations: • Net Sales: Expect to be at the low end of the previous range • Adjusted Gross Margin: Now expect to be flat for the year • Advertising Investment: Expect media as a percent of sales to be greater than 2024 • Cash: Expect to end the year with ~$265M of cash and be free cash flow positive UpdatedPrevious ~13%13 – 16%Net Sales Growth YoY $190 - $195M$190M – $210MAdjusted EBITDA ~$140M~$175MCapital Expenditures

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![](frpt-exx992x20251103026.jpg)

Q2 2025 EARNINGS PRESENTATION26 2027 Targets Expand HH Penetration Increase Velocity Advertising & Innovation Expand Visibility & Availability Drive Efficiencies Build Organization Capability to Increase Effectiveness & Leverage Scale Expand Capacity 22% Adjusted EBITDA Margin Target 48% Adjusted Gross Margin Target Q3 2025 Earnings Presentation 26

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![](frpt-exx992x20251103027.jpg)

Q2 2025 EARNINGS PRESENTATION27 Capital Spending, Cash Flow & Liquidity

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![](frpt-exx992x20251103028.jpg)

Q3 2025 Earnings Presentation 28 Now expect to be free cash flow positive in 2025 Capital Spending: • YTD Q3 2025 spend of $95.1 million • Estimated 2025 spending of ~$140 million; 2026 estimated to be in-line with 2025 unless we decide to accelerate new technology or we have sizable retail expansion with new fridge islands Cash flow: • Generated $105.5 million of operating cash flow YTD Q3 2025, a YoY increase of $1.6 million driven by higher net sales, partially offset by one-time items and increase in variable incentive comp payments in the first quarter of 2025 • Now expect to be free cash flow positive in 2025, a year earlier than originally anticipated Liquidity: • $274.6 million of cash-on-hand as of 9/30/25 and expect to end 2025 with ~$265 million in cash Operating Cash Flow ($m) $103.9 $105.5 YTD Q3 2024 YTD Q3 2025 Source: Internal Data

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![](frpt-exx992x20251103029.jpg)

Q3 2025 Earnings Presentation 29 Appendix

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![](frpt-exx992x20251103030.jpg)

Q3 2025 Earnings Presentation 30 Freshpet, Inc. and Subsidiaries Reconciliation between Gross Profit and Adjusted Gross Profit Source: Internal Data For the Nine Months Ended September 30, For the Three Months Ended September 30, 2024202520242025 (Dollars in thousands) $284,357$326,170$102,247$114,192Gross profit 35,69846,02413,19717,115Depreciation expense 6, 4514,6171, 6101,503Non-cash share-based compensation 69228763932Loss on disposal of manufacturing equipment $327,198$377,098$117,693$132,842Adjusted Gross Profit 45.9%46.2%46.5%46.0%Adjusted Gross Profit as a % of Net Sales

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![](frpt-exx992x20251103031.jpg)

Q3 2025 Earnings Presentation 31 Freshpet, Inc. and Subsidiaries Reconciliation between Net Income (loss) and Adjusted EBITDA Source: Internal Data (a) Includes true-ups to share-based compensation expense. We have certain outstanding share-based awards with performance-based vesting conditions that require the achievement of certain Adjusted EBITDA margins, Adjusted EBITDA and/or Net Sales targets as a condition of vesting. At each reporting period, we reassess the probability of achieving the performance criteria and the performance period required to meet those targets. When the probability of achieving such performance conditions changes, the compensation cost previously recorded is adjusted as needed. When such performance conditions are deemed to be improbable of achievement, the compensation cost previously recorded is reversed. (b) Represents a non-recurring loss as a result of an accounts receivable write-off in connection with the liquidation of one of our pet specialty distributors. Concurrent with its liquidation, we transitioned to a new distribution partner, who is a leading pet specialty distributor and who we anticipate will facilitate sales to pet specialty stores. Thus, despite the transitory impact during the first quarter of 2025, our ability to continue to generate sales is consistent with what we would expect to generate within the pet specialty channel. (c) Represents the net settlement charges for all claims related to the litigation with Phillips. (d) Represents termination costs due to a business change in our international go-to-market strategy. For the Nine Months Ended September 30, For the Three Months Ended September 30, 2024202520242025 (Dollars in thousands) $28,803$105,322$11,895$101,663Net income 51,66564,66318,70923,650Depreciation and amortization (424)3,803(40)1,194Interest expense, net of interest income 162(77,926)54(77,958)Income tax (benefit) expense 80,20695,86230,61848,549EBITDA 37,86220,25612, 1085,219Non-cash share-based compensation (a) 1,054773768126Loss on disposal of property, plant and equipment —10,680——Distributor transition costs (b) —5,703—716Legal obligation (c) —1,273——International business charges (d) (9,918)———Gain on equity investment $109,204$134,547$43,494$54,610Adjusted EBITDA 15.3%16.5%17.2%18.9%Adjusted EBITDA as a % of Net Sales

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Q3 2025 Earnings Presentation 32 Convertible Share Dilution Calculations at Maturity  We have run share dilution calculations to compare outcomes for the 2028 convertible notes  Freshpet has structured the convertible with Flexible Settlement, so we have the option to settle the convertible in shares, cash, or a combination at its option  We have run convertible dilution calculations once using the most dilutive physical settlement method (i.e. Freshpet delivers all underlying shares upon conversion if the convertible is in-the-money) and again using net share settlement method (i.e. Freshpet delivers the $402.5 mm principal amount in cash and any remaining in-the-money amount in shares under Treasury Stock method) Note: Based on Freshpet's $402.5 mm convertible offering, a $54.65 stock price at issue, a 27.5% conversion premium, and an up 120% capped call. (1) If the convertible is in-the-money, Freshpet can deliver full underlying shares at its option since it has chosen a Flexible Settlement Structure. (2) At stock prices below the conversion price, the convertible is redeemed for cash without any equity dilution. Net Share Settlement (mm shares)Physical Settlement (mm shares) (1,2) Convert + Capped Call Convert Convert + Capped Call Convert Stock Price at Maturity 0.01.84.05.8$100.00 0.02.13.75.8$110.00 0.02.43.45.8$120.00 0.42.73.55.8$130.00 0.82.93.75.8$140.00 1.13.13.85.8$150.00 1.43.34.05.8$160.00 1.73.44.15.8$170.00 1.93.54.25.8$180.00 2.13.74.25.8$190.00 2.33.84.35.8$200.00 Source: Internal Data

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Q3 2025 Earnings Presentation 33 Thank you

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