# EDGAR Filing Document

**Accession Number:** 0001611647
**File Stem:** 0001611647-26-000008
**Filing Date:** 2026-5
**Character Count:** 56598
**Document Hash:** 6148238a83e1034a81496bd97491ca04
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001611647-26-000008.hdr.sgml**: 20260506

**ACCESSION NUMBER**: 0001611647-26-000008

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 46

**CONFORMED PERIOD OF REPORT**: 20260506

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260506

**DATE AS OF CHANGE**: 20260506

**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:** 26945680

**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-20260506

**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): May 6, 2026**

**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 May 6, 2026, Freshpet, Inc. ("Freshpet") issued a press release disclosing its financial results for the quarter ended March 31, 2026. 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 Wednesday, May 6, 2026, to discuss its financial results for the quarter ended March 31, 2026.

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 May 6, 2026, 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-exx991x20260506.htm)[May](frpt-exx991x20260506.htm)[6](frpt-exx991x20260506.htm)[, 2026](frpt-exx991x20260506.htm)</u> |
| 99.2 | <u>[Investors Presentation](frpt-exx992x20260306.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: May 6, 2026 | By: | /s/ John G. O'Connor |
|  | Name: John G. O'Connor | Name: John G. O'Connor |
|  | Title: Chief Financial Officer | Title: Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![logo.jpg](logo.jpg)

**Freshpet, Inc. Reports First Quarter 2026 Financial Results**

*Delivers ~13% Net Sales Growth*

*Company Updates 2026 Outlook; Raises Net Sales Guidance*

Bedminster, N.J. – May 6, 2026 – Freshpet, Inc. ("Freshpet" or the "Company") (Nasdaq: FRPT) today reported financial results for its first quarter ended March 31, 2026.

**First Quarter 2026 Financial Highlights Compared to Prior Year Period**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net sales of $297.6 million, an increase of 13.1%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross margin of 40.5%, compared to the prior year period of 39.4%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Gross Margin of 46.9%, compared to the prior year period of 45.7%.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income of $48.5 million, compared to the prior year period net loss of $12.7 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA of $37.9 million, compared to the prior year period of $35.5 million.<sup>1</sup>

"We are encouraged by our strong start to 2026, delivering first quarter sales growth in excess of our 2026 guidance and reinforcing our confidence in Freshpet's long-term growth opportunity. Our performance reflects the strength of our differentiated product offerings, our manufacturing scale and expertise, our extensive omnichannel marketing and distribution capabilities, and our ability to adapt in a dynamic environment to drive market share gains and lead the growing fresh pet food segment," commented Billy Cyr, Freshpet's Chief Executive Officer. "As strong as our performance is, we remain mindful of ongoing macroeconomic volatility and inflation. We are modestly raising our net sales guidance to reflect our strong start to the year, while balancing broader economic risks. We have a large and expanding addressable market, continued momentum with customers and consumers, and early progress on our operational and technology initiatives. We believe we are well positioned to drive sustainable, profitable growth and long-term value creation while fulfilling our mission to help dogs and cats live longer, happier lives with the people who love them."

**First Quarter 2026**

Net sales increased 13.1% to $297.6 million for the first quarter of 2026, compared to $263.2 million in the prior year period. The increase in net sales was primarily driven by volume gains of 14.6%, partially offset by unfavorable price/mix of 1.5%.

Gross profit was $120.7 million, or 40.5% as a percentage of net sales, for the first quarter of 2026, compared to $103.8 million, or 39.4% as a percentage of net sales, in the prior year period. Gross profit as a percentage of net sales increased primarily due to lower input costs and improved leverage on plant expenses. For the first quarter of 2026, Adjusted Gross Profit was $139.6 million, or 46.9% as a percentage of net sales, compared to $120.2 million, or 45.7% as a percentage of net sales, in the prior year period.<sup>1</sup>

Selling, general and administrative expenses ("SG&A") were $116.3 million, or 39.1% as a percentage of net sales, for the first quarter of 2026, compared to $115.3 million, or 43.8% as a percentage of net sales, in the prior year period. SG&A as a percentage of net sales decreased primarily due to a decrease in non-recurring charges that occurred in the first quarter of 2025, partially offset by increased media spend as a percentage of net sales. Adjusted SG&A for the first quarter of 2026 was $101.7 million, or 34.2% as a percentage of net sales, compared to $84.7 million, or 32.2% as a percentage of net sales, in the prior year period.<sup>1</sup>

Net income was $48.5 million for the first quarter of 2026 compared to a net loss of $12.7 million in the prior year period. The increase in net income was due to the gain on equity investment as a result of the sale of 100% of our non-controlling interest in a privately held company following its acquisition by a third party, contributions from higher sales, and decreased non-recurring SG&A charges, partially offset by the increase in income tax expense.

<sup>1</sup> Adjusted Gross Margin, Adjusted Gross Profit, Adjusted SG&A, Adjusted EBITDA and Free Cash Flow 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.

------

Adjusted EBITDA was $37.9 million for the first quarter of 2026 compared to $35.5 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.

**Balance Sheet**

As of March 31, 2026, the Company had cash and cash equivalents of $381.4 million with $397.9 million of debt outstanding, net of $4.6 million of unamortized debt issuance costs. Cash and cash equivalents increased $103.4 million compared to $278.0 million as of December 31, 2025, primarily as a result of the $95.5 million of cash proceeds received from the sale of our equity investment. For the quarter ended March 31, 2026, cash from operations was $40.3 million, an increase of $35.5 million compared to the prior year period.

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 2026, the Company is updating its guidance and now expects the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net sales growth in the range of 8% to 11%, compared to an increase of 7% to 10% in the previous guidance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA in the range of $205 million to $215 million, unchanged from the previous guidance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Positive free cash flow with capital expenditures of ~$150 million, unchanged from the previous guidance.

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, May 6, 2026, 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 13760132.

**About Freshpet**

Freshpet's mission is to help dogs and cats live longer, happier, healthier lives with the people who love them. Developed by on-staff Veterinary Nutritionists, Veterinarians and Food Scientists, recipes are made from whole ingredients, like fresh meats, vegetables and fruits, and are cooked in small batches at lower temperatures to preserve their natural goodness and made at our Freshpet Kitchens. Freshpet foods and treats are kept refrigerated until they arrive at Freshpet Fridges in local markets or delivered directly to consumers.

Freshpet is 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 they take to source their ingredients and make their food, to the moment it reaches your home, Freshpet's commitment to integrity, transparency and social responsibility is a point of pride.

------

**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 our confidence in Freshpet's long-term growth opportunity, our net sales guidance, our position to drive sustainable, profitable growth and long-term value. 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, those identified in connection with such statements, the implementation of our new technologies in the time frame, at the rate, at the cost, or with anticipated efficiencies and impact on product quality we expect, economic uncertainty, changes in rates of pet acquisition, the launch of new competitive products, impact of tariffs, fuel, energy 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 in 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 release. 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. Such financial measures are not financial measures prepared in accordance with U.S. GAAP.

&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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free Cash Flow

<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 charges.

<u>EBITDA and Adjusted EBITDA:</u> EBITDA represents net income (loss) plus depreciation and amortization expense, interest expense net of interest income and income tax 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 charges.

<u>Free Cash Flow:</u> Freshpet defines Free Cash Flow as net cash flows provided by operating activities less capital expenditures.

------

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 their most directly 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 directly 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)

---

| | | |
|:---|:---|:---|
| | **March 31,<br>2026** | **December 31,<br>2025** |
| **ASSETS** | | |
| CURRENT ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $381381 | $277975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for doubtful accounts | 65370 | 63762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 80588 | 76766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 7338 | 9807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 7115 | 7404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Assets | 541792 | 435714 |
| Property, plant and equipment, net | 1143589 | 1138671 |
| Operating lease right of use assets | 65596 | 66424 |
| Long term investment in equity securities |  | 33446 |
| Deferred tax assets, net | 52824 | 68893 |
| Other assets | 35378 | 34627 |
| Total Assets | $1839179 | $1777775 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| CURRENT LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $35463 | $42429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 47504 | 31610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current operating lease liabilities | 2336 | 2241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current finance lease liabilities | 2346 | 2315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Liabilities | $87649 | $78595 |
| Convertible senior notes | 397884 | 397330 |
| Long term operating lease liabilities | 64412 | 65023 |
| Long term finance lease liabilities | 27060 | 28075 |
| Deferred tax liabilities, net | 111 | 93 |
| Total Liabilities | $577116 | $569116 |
| Commitments and contingencies |  |  |
| STOCKHOLDERS' EQUITY: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock — voting, $0.001 par value, 200,000 shares authorized, 49,155 issued and 49,141 outstanding on March 31, 2026, and 48,985 issued and 48,970 outstanding on December 31, 2025 | 49 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 1356890 | 1351201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (94161) | (142669) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive (loss) income | (459) | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost — 14 shares on March 31, 2026, and on December 31, 2025 | (256) | (256) |
| Total Stockholders' Equity | 1262063 | 1208659 |
| Total Liabilities and Stockholders' Equity | $1839179 | $1777775 |

---

------

**FRESHPET, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)**

(Unaudited, in thousands, except per share data)

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended<br>March 31,** | **For the Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| NET SALES | $297644 | $263249 |
| COST OF GOODS SOLD | 176970 | 159461 |
| GROSS PROFIT | 120674 | 103788 |
| SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES | 116343 | 115285 |
| INCOME (LOSS) FROM OPERATIONS | 4331 | (11497) |
| OTHER INCOME (EXPENSES): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and Other Income, net | 2883 | 2393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Expense | (3586) | (3459) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on Equity Investment | 62013 |  |
| TOTAL OTHER INCOME (EXPENSES) | 61310 | (1066) |
| INCOME (LOSS) BEFORE INCOME TAXES | 65641 | (12563) |
| INCOME TAX EXPENSE | 17133 | 134 |
| INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $48508 | $(12697) |
| OTHER COMPREHENSIVE (LOSS) INCOME: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in foreign currency translation | $(793) | $211 |
| TOTAL OTHER COMPREHENSIVE (LOSS) INCOME | (793) | 211 |
| TOTAL COMPREHENSIVE INCOME (LOSS) | $47715 | $(12486) |
| NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-BASIC | $0.99 | $(0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-DILUTED | $0.91 | $(0.26) |
| WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-BASIC | 49062 | 48733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-DILUTED | 56060 | 48733 |

---

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**FRESHPET, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** 

(Unaudited, in thousands)

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended<br>March 31,** | **For the Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $48508 | $(12697) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) 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 |  | 11452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of property, plant and equipment | 126 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 9137 | 8816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 24990 | 21827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 554 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in operating lease right of use asset | 828 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 16089 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on equity investment | (62013) |  |
| &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 | (1407) | (5609) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (3149) | (2952) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 544 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (1334) | (1102) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (8128) | 4574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 16100 | (21461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability | (516) | (317) |
| &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 | 40329 | 4807 |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of equity investment | 95459 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of property, plant and equipment, software and deposits on equipment | (27599) | (26491) |
| &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 (used in) investing activities | 67860 | (26491) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of options to purchase common stock | 743 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax withholdings related to net shares settlements of restricted stock units | (4542) | (2861) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal payments under finance lease obligations | (984) | (513) |
| &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 financing activities | (4783) | (3217) |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | 103406 | (24901) |
| CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 277975 | 268633 |
| CASH AND CASH EQUIVALENTS, END OF PERIOD | $381381 | $243732 |

---

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**FRESHPET, INC. AND SUBSIDIARIES**

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

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Gross profit | $120674 | $103788 |
| Depreciation expense | 17298 | 15179 |
| Non-cash share-based compensation | 1588 | 1283 |
| Loss (gain) on disposal of manufacturing equipment | 12 | (5) |
| **Adjusted Gross Profit** | $**139572** | $**120245** |
| Adjusted Gross Profit as a % of Net Sales | 46.9% | 45.7% |

---

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**FRESHPET, INC. AND SUBSIDIARIES**

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

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| | **(Dollars in thousands)** | **(Dollars in thousands)** |
| SG&A expenses | $116343 | $115285 |
| Depreciation and amortization expense | 6980 | 5937 |
| Non-cash share-based compensation (a) | 7549 | 7533 |
| Loss on disposal of equipment | 114 | 166 |
| Distributor transition costs (b) |  | 10680 |
| Legal obligation (c) |  | 4987 |
| International business charges (d) |  | 1273 |
| **Adjusted SG&A Expenses** | $**101700** | $**84709** |
| Adjusted SG&A Expenses as a % of Net Sales | 34.2% | 32.2% |

---

&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.

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**FRESHPET, INC. AND SUBSIDIARIES**

**RECONCILIATION BETWEEN NET INCOME (LOSS) AND ADJUSTED EBITDA**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Net income (loss) | $48508 | $(12697) |
| Depreciation and amortization | 24278 | 21116 |
| Interest expense, net of interest income | 705 | 1064 |
| Income tax expense | 17133 | 134 |
| **EBITDA** | **90624** | **9617** |
| Non-cash share-based compensation (a) | 9137 | 8816 |
| Loss on disposal of property, plant and equipment | 126 | 161 |
| Gain on equity investment | (62013) |  |
| Distributor transition costs (b) |  | 10680 |
| Legal obligation (c) |  | 4987 |
| International business charges (d) |  | 1273 |
| **Adjusted EBITDA** | $**37874** | $**35534** |
| Adjusted EBITDA as a % of Net Sales | 12.7% | 13.5% |

---

&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.

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**FRESHPET, INC. AND SUBSIDIARIES**

**RECONCILIATION BETWEEN NET CASH FLOWS PROVIDED BY OPERATING ACTIVITIES AND FREE CASH FLOW**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Net cash flows provided by operating activities | $40329 | $4807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;less: capital expenditures<sup>2</sup> | (27599) | (26491) |
| **Free Cash Flow** | $**12730** | $**(21684)** |

---

<sup>2</sup> Capital expenditures is equivalent to the amount included in "Acquisitions of property, plant and equipment, software and deposits on equipment" on our Consolidated Statements of Cash Flows for the reported period.

## Exhibit 99.2

![](frpt-exx992x20260306001.jpg)

1 May 6, 2026 Q1 2026 Earnings

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![](frpt-exx992x20260306002.jpg)

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 runway for growth, expected growth in TAM, buyrate expansion, onmichannel strategy, expected outsized growth in digital sales, strategies to drive operational efficiencies, expected impact of new technology, expectations on capital spending, projected number of lines and capital efficiency plans, 2026 guidance, 2027 targets, and 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 or effectiveness of our new technologies, changes in consumer sentiment, economic uncertainty, changes in rates of pet acquisition, the launch of new competitive products, impact of tariffs, fuel, energy and ingredient pricing, effectiveness of media campaigns, success rate of new chillers, failure of our marketing or new distribution channels to meet expectations, the 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, and Free Cash Flow. 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 plus depreciation and amortization expense, interest expense net of interest income and income tax (benefit) 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 charges. Freshpet defines Adjusted Gross Profit as gross profit before depreciation expense, non-cash share-based compensation and loss on disposal of manufacturing equipment, 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 charges, and Free Cash Flow as net cash flows provided by operating activities less capital expenditures. 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 2026. 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. 1Q26 Earnings Presentation

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![](frpt-exx992x20260306003.jpg)

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. 1Q26 Earnings Presentation

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![](frpt-exx992x20260306004.jpg)

4 Highlights

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![](frpt-exx992x20260306005.jpg)

5 We are encouraged by our strong start to 2026, delivering first quarter sales growth in excess of our 2026 guidance and reinforcing our confidence in Freshpet's long-term growth opportunity. Our performance reflects the strength of our differentiated product offerings, our manufacturing scale and expertise, our extensive omnichannel marketing and distribution capabilities, and our ability to adapt in a dynamic environment to drive market share gains and lead the growing fresh pet food segment.

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![](frpt-exx992x20260306006.jpg)

6 Source: Internal Data, Numerator for 12 months ended 3/29/26, Nielsen for 52W ended 3/28/26 1 Ecommerce includes Click & Collect, Last Mile Delivery, Pure Play, and DTC 2 Market share of US dog food and treats from Nielsen Omnichannel Q1 2026: Growth and progress across key metrics Financial Retail Q1 2026 YoY Change Comparisons to prior year period unless otherwise noted Q1 2026 Net Sales $297.6M +13.1% Total Household Penetration +8% Adjusted Gross Margin\* 46.9% +120 bps Total Buy Rate +6% Net Income $48.5M +$61.2M MVP Household Penetration +13% Adjusted EBITDA $37.9M +$2.4M Fridge Growth +7% Adjusted EBITDA Margin\* 12.7% -80 bps Cubic Feet of Fridges +7% Logistics Costs\* 6.3% +40 bps Store Count +7% Input Costs\* 28.5% -80 bps Total Distribution Points +10% Quality Costs\* 2.1% -10 bps Ecommerce1 Share of Sales 16.1% Operating Cash Flow $40.3M +$35.5M Market Share2 4.2% Free Cash Flow $12.7M +$34.4M \*As a percent of net sales 1Q26 Earnings Presentation

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![](frpt-exx992x20260306007.jpg)

7 Freshpet's opportunity Large category, growing market share Growing Total Addressable Market (TAM) Improving returns on capital Disciplined capital spending; applying capital efficiency framework with scale benefits 36M Households and growing; Generational shift ~$38B Dog food and treats category; Freshpet has 4.2% market share Source: NIQ Total US Pet Food $- OmniChannel by Category 52 Weeks Ended 3/28/26 Total Addressable Market based on Internal Proprietary Model sourced from Numerator 1Q26 Earnings Presentation

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![](frpt-exx992x20260306008.jpg)

8 Significant runway for growth in a large category Source: NIQ Total US Pet Food $- OmniChannel by Category 52 Weeks Ended 3/28/26 ~$56B U.S. pet food category ~$38B Dog food and treats category 4.2% Freshpet market share of dog food and treats

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![](frpt-exx992x20260306009.jpg)

9 Generational transition to younger pet parents continues to increase Freshpet's Total Addressable Market (TAM) 27 33 36 2023 2024 2025 Freshpet Total Addressable Market (households in millions) Source: Internal Proprietary Model sourced from Numerator 1Q26 Earnings Presentation

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![](frpt-exx992x20260306010.jpg)

10 10.0 10.8 13.0 14.8 16.1 2022 2023 2024 2025 2026 Continued growth in consumer franchise; added ~1.3m households YoY Source: Numerator Panel data for the 12-month periods ending 4/3/22, 4/2/23, 3/31/24, 3/30/25, 3/29/26 Freshpet Household Penetration Growth (in millions) (52 weeks) 9% 20% 14% 8% 1Q26 Earnings Presentation

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![](frpt-exx992x20260306011.jpg)

11 Freshpet Users who are MVP's\* (Ultra/Super Heavy Buyers) (in millions) Source: Numerator Panel data for the 12-month periods ending 4/3/22, 4/2/23, 3/31/24, 3/30/25, 3/29/26 \*Most Valuable Pet Parents Freshpet Users who are MVP's (Ultra/Super Heavy Buyers) (in millions) 1.1 1.4 1.8 2.2 2.5 $430 $464 $496 $491 $513 $425 $445 $465 $485 $505 $525 $545 -0.1 0.4 0.9 1.4 1.9 2.4 2.9 2022 2023 2024 2025 2026 MVP Household Penetration MVP Buy Rate 71% of Freshpet sales % of total Freshpet households that are MVP's 11% 13% 14% 15% 16% 1Q26 Earnings Presentation

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![](frpt-exx992x20260306012.jpg)

12 MVP growth is also supporting buy rate expansion Freshpet Buy Rate (52 weeks) $76 $92 $102 $107 $114 2022 2023 2024 2025 2026 Source: Numerator Panel data for the 12-month periods ending 4/3/22, 4/2/23, 3/31/24, 3/30/25, 3/29/26 20% 11% 5% 6% 1Q26 Earnings Presentation

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![](frpt-exx992x20260306013.jpg)

13 Large retail footprint acts as micro fulfillment centers for omnichannel customers with ~80% of our delivered sales through the fridge network Second/Third Fridges 25% One Fridge 75% 19,499 21,570 22,716 23,631 25,281 26,777 28,141 30,235 30,425 10,825 13,386 15,023 16,562 18,095 19,829 22,385 24,717 26,963 29,547 34,274 36,544 39,347 39,464 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 2026 Store Count Fridge Count Freshpet Store & Fridge Counts Number of Fridges per Store\* Source: Internal data for the period ending 3/31/26; \*U.S. and Canada Fridges 1Q26 Earnings Presentation

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![](frpt-exx992x20260306014.jpg)

14 Winning with the omnichannel consumer • Large fridge network evolves to take advantage of fast local delivery and increase holding capacity for online sales • Incremental distribution points in club and rural lifestyle retail • Testing new retail display concepts • Expect outsized growth in digital sales including expansion in DTC • Shift in marketing mix and message is driving an omnichannel business • Launched new campaign called "Kitchen Conversations" • Utilizing digital and retail media to super serve our MVPs from discovery, purchase and subscription • Breadth of forms, sizes, prices and channels • Value packs expanding in club • Entry price point as well as Homestyle Creations at high end • Innovation leveraging new technology Omnichannel focusMarketing Broad Portfolio

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![](frpt-exx992x20260306015.jpg)

15 Building a stronger product proposition by leveraging breakthrough technology Unlocks product appeal, freshness and innovation capabilities Aim to deliver lower cost through increased yields and throughput, and increasing capacity Designed to increase bagged product margins and decrease margin gap between bags and roll products Our New TechnologyToday Traditional Kibble Freshpet 1Q26 Earnings Presentation Texture Shape Aroma Quality Consistency, days open Color Simplified recipes Clean ingredients

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![](frpt-exx992x20260306016.jpg)

16 Manufacturing Capacity Update Source: Internal Data Owning our manufacturing enables us to advance the technology of the fresh pet food category New technology showing encouraging results: • First bag line successfully commenced production in January 2026 • Converted bag line with "lite" version of new technology in April 2026, second "lite" line scheduled for end of 2Q/early 3Q Expect to spend ~$150m in capex in 2026, primarily on capacity, with the potential for incremental investment to accelerate the rollout of new technology or if we have a distribution breakthrough with island fridges Facility # Lines Today # Lines Projected Bethlehem Kitchen 7 7 Kitchen South 4 7 Ennis Kitchen 5 10+ Total 16 24+ 1Q26 Earnings Presentation

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![](frpt-exx992x20260306017.jpg)

17 Capital Efficiency Framework More out of existing lines More out of existing sites Develop & implement new technologies

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![](frpt-exx992x20260306018.jpg)

18 Q1 2026 Results

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![](frpt-exx992x20260306019.jpg)

19 Q1 2026 Net sales primarily driven by volume $263.2 $297.6 Q1 2025 Q1 2026 13.1% Source: Internal Data 15% -2% 13% Volume Price/Mix Net Sales Growth Q1 2026 Net Sales ($m) Q1 2026 Net Sales Bridge 1Q26 Earnings Presentation

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![](frpt-exx992x20260306020.jpg)

20 Consumption growth across all channels Source: NIQ consumption data, latest 13 weeks thru 3/28/26 and internal sales data Q1 2026 Consumption Growth ($) Consumption Growth Trends (volume in pounds) 13.5% 10.4% 10.2% 5.4% 6.5% Total US Pet Retail Plus + Costco Total US Pet Retail Plus XAOC Food Pet Specialty 15% 13% 11% 10% 15% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 1Q26 Earnings Presentation

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![](frpt-exx992x20260306021.jpg)

21 Q1 2026 delivered 120 basis point Adj. Gross Margin improvement Q1 2026 Adj. Gross Margin % of net sales Q1 2026 Adj. EBITDA ($m) % of net sales 45.7% 46.9% Q1 2025 Q1 2026 $35.5 $37.9 Q1 2025 Q1 2026 13.5% 12.7% Net Income (loss)($12.7m) $48.5mGross Margin (GAAP) 40.5%39.4% Source: Internal Data 1Q26 Earnings Presentation

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![](frpt-exx992x20260306022.jpg)

22 Guidance

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![](frpt-exx992x20260306023.jpg)

23 FY 2026 Guidance Additional considerations: • Net Sales: Uncertain consumer environment; lapping large club customer expansion in Q3 • Adjusted Gross Margin: Expect ~50-100 bps improvement year-over-year at midpoint of sales range • Inflation: Now anticipate higher costs in logistics, packaging, etc. • Advertising Investment: Expect media as a percent of sales to be in-line with 2025 • Capital Expenditures: Expect to be free cash flow positive; potential to increase capex if we accelerate new technology and fridge islands Previous Updated Net Sales Growth YoY 7% - 10% 8% - 11% Adjusted EBITDA $205 - $215M No change Capital Expenditures ~$150M No change 1Q26 Earnings Presentation

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![](frpt-exx992x20260306024.jpg)

24 2027 Targets Expand HH Penetration & Buy Rate Increase Velocity Advertising & Innovation Expand Visibility & Availability Drive Efficiencies Build Organization Capability to Increase Effectiveness & Leverage Scale Expand Capacity >48% Adjusted Gross Margin Target 20-22% Adjusted EBITDA Margin Target Net sales well in excess of category growth rate >Category 1Q26 Earnings Presentation

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![](frpt-exx992x20260306025.jpg)

25 Capital Spending, Cash Flow & Liquidity

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![](frpt-exx992x20260306026.jpg)

26 Strong financial position with increasing flexibility Source: Internal Data Operating Cash Flow ($m) $4.8 $40.3 Q1 2025 Q1 2026 Capital Spending: • Q1 2026 spend of $27.6 million • Estimated 2026 spending of ~$150 million unless we decide to accelerate new technology investments or we have sizable retail expansion with new fridge islands Cash flow: • Generated $40.3 million of operating cash flow in Q1 2026, a YoY increase of $35.5 million driven by higher net sales, timing of payments, and incentive compensation favorability • Positive free cash flow\* of $12.7 million Liquidity: • $381.4 million of cash-on-hand as of 3/31/26 • Strong balance sheet provides ample financial flexibility \*Free Cash Flow is defined as net cash flows provided by operating activities less capital expenditures. 1Q26 Earnings Presentation

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![](frpt-exx992x20260306027.jpg)

27 Appendix

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![](frpt-exx992x20260306028.jpg)

28 Freshpet, Inc. and Subsidiaries Reconciliation between Gross Profit and Adjusted Gross Profit Source: Internal Data 1Q26 Earnings Presentation Three Months Ended March 31, 2026 2025 (Dollars in thousands) Gross profit $120,674 $103,788 Depreciation expense 17,298 15,179 Non-cash share-based compensation 1,588 1,283 Loss (gain) on disposal of manufacturing equipment 12 (5) Adjusted Gross Profit $139,572 $120,245 Adjusted Gross Profit as a % of Net Sales 46.9% 45.7%

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![](frpt-exx992x20260306029.jpg)

29 Freshpet, Inc. and Subsidiaries Reconciliation between Net Income and Adjusted EBITDA 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. Source: Internal Data 1Q26 Earnings Presentation Three Months Ended March 31, 2026 2025 (Dollars in thousands) Net income (loss) $48,508 $(12,697) Depreciation and amortization 24,278 21,116 Interest expense, net of interest income 705 1,064 Income tax expense 17,133 134 EBITDA 90,624 9,617 Non-cash share-based compensation (a) 9,137 8,816 Loss on disposal of property, plant and equipment 126 161 Gain on equity investment (62,013) — Distributor transition costs (b) — 10,680 Legal obligation (c) — 4,987 International business charges (d) — 1,273 Adjusted EBITDA $37,874 $35,534 Adjusted EBITDA as a % of Net Sales 12.7% 13.5%

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![](frpt-exx992x20260306030.jpg)

30 Freshpet, Inc. and Subsidiaries Reconciliation between Net Cash Flows Provided by Operating Activities and Free Cash Flow [1] 1 Capital expenditures is equivalent to the amount included in "Acquisitions of property, plant and equipment, software and deposits on equipment" on our Consolidated Statements of Cash Flows for the reported period. Source: Internal Data 1Q26 Earnings Presentation Three Months Ended March 31, 2026 2025 (Dollars in thousands) Net cash flows provided by operating activities $40,329 $4,807 less: capital expenditures1 (27,599) (26,491) Free Cash Flow $12,730 $(21,684)

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![](frpt-exx992x20260306031.jpg)

31 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 $402.5mm principal amount in cash and any remaining in-the-money amount in shares under Treasury Stock method) Note: Based on Freshpet's $402.5mm 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. Physical Settlement (mm shares) (1,2) Net Share Settlement (mm shares) Stock Price at Maturity Convert Convert + Capped Call Convert Convert + Capped Call $100.00 5.8 4.0 1.8 0.0 $110.00 5.8 3.7 2.1 0.0 $120.00 5.8 3.4 2.4 0.0 $130.00 5.8 3.5 2.7 0.4 $140.00 5.8 3.7 2.9 0.8 $150.00 5.8 3.8 3.1 1.1 $160.00 5.8 4.0 3.3 1.4 $170.00 5.8 4.1 3.4 1.7 $180.00 5.8 4.2 3.5 1.9 $190.00 5.8 4.2 3.7 2.1 $200.00 5.8 4.3 3.8 2.3 Source: Internal Data 1Q26 Earnings Presentation

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![](frpt-exx992x20260306032.jpg)

32 Thank you

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