US Foods : USFD Investor Presentation - March 2024

Investor Presentation March 2024

Disclaimer Page

Cautionary Statements Regarding Forward-Looking Information

Statements in this presentation which are not historical in nature are "forward-looking statements" within the meaning of the federal securities laws. These statements often include words such as "believe," "expect," "project," "anticipate," "intend," "plan," "outlook," "estimate," "target," "seek," "will," "may," "would," "should," "could," "forecast," "mission," "strive," "more," "goal," or similar expressions (although not all forward-looking statements may contain such words) and are based upon various assumptions and our experience in the industry, as well as historical trends, current conditions, and expected future developments. However, you should understand that these statements are not guarantees of performance or results and there are a number of risks, uncertainties and other important factors, many of which are beyond our control, that could cause our actual results to differ materially from those expressed in the forward-looking statements, including, among others: economic factors affecting consumer confidence and discretionary spending and reducing the consumption of food prepared away from home; cost inflation/deflation and commodity volatility; competition; reliance on third party suppliers and interruption of product supply or increases in product costs; changes in our relationships with customers and group purchasing organizations; our ability to increase or maintain the highest margin portions of our business; achievement of expected benefits from cost savings initiatives; increases in fuel costs; changes in consumer eating habits; cost and pricing structures; the impact of climate change or related legal, regulatory or market measures; impairment charges for goodwill, indefinite-lived intangible assets or other long-lived assets; the impact of governmental regulations; product recalls and product liability claims; our reputation in the industry; labor relations and increased labor costs and continued access to qualified and diverse labor; indebtedness and restrictions under agreements governing our indebtedness; interest rate increases; disruption of existing technologies and implementation of new technologies; cybersecurity incidents and other technology disruptions; risks associated with intellectual property, including potential infringement; effective consummation of pending acquisitions and effective integration of acquired businesses; potential costs associated with shareholder activism; changes in tax laws and regulations and resolution of tax disputes; certain provisions in our governing documents; health and safety risks to our associates and related losses; adverse judgments or settlements resulting from litigation; extreme weather conditions, natural disasters and other catastrophic events; and management of retirement benefits and pension obligations.

For a detailed discussion of these risks, uncertainties and other factors that could cause our actual results to differ materially from those anticipated or expressed in any forward-looking statements, see the section entitled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 30, 2023. Additional risks and uncertainties are discussed from time to time in current, quarterly and annual reports filed by the Company with the SEC, which are available on the SEC's website at www.sec.gov. Additionally, we operate in a highly competitive and rapidly changing environment; new risks and uncertainties may emerge from time to time, and it is not possible to predict all risks nor identify all uncertainties. The forward-looking statements contained in this presentation speak only as of the date of this presentation and are based on information and estimates available to us at this time. We undertake no obligation to update or revise any forward-looking statements, except as may be required by law.

Non-GAAP Financial Measures

We report our financial results in accordance with U.S. generally accepted accounting principles ("GAAP"). However, this presentation includes the following non-GAAP financial measures: Adjusted Gross profit, Adjusted Operating expenses, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net income, Adjusted Diluted Earnings Per Share (EPS), Net Debt and Net Leverage Ratio. These non-GAAP financial measures exclude the impact of certain items and, therefore, have not been calculated in accordance with GAAP. We caution readers that our definition of these non-GAAP financial measures may not be calculated in the same manner as similar measures used by other companies. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measures are included in the Appendix to this presentation.

Please note that the Company is not providing a reconciliation of certain forward-lookingnon-GAAP financial measures, including Adjusted EBITDA and Adjusted Diluted EPS, because the Company is unable to predict with reasonable certainty the financial impact of certain significant items, including restructuring costs and asset impairment charges, share-based compensation expenses, non-cash impacts of LIFO reserve adjustments, losses on extinguishments of debt, business transformation costs, other gains and losses, business acquisitions and integration related costs, and diluted earnings per share. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. For the same reasons, the Company is unable to address the significance of the unavailable information, which could be material to future results.

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Key Messages

1	Broad national scale in a fragmented industry with focus on
differentiation of technology, team-based selling and product
	innovation to drive outsized growth
2	Experienced executive team with defined strategy to enhance
profitability through Long-Range Plan
3	Resilient business model with history of long-term
secular growth
4	Utilizing proprietary sales tools and operational excellence to gain
market share in strategic end markets
5	Strong operating cash flow supports investment in the business,
maintain leverage within target range, tuck-in M&A, and share

repurchases to create long-term value

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US Foods Overview

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GREAT FOOD.

INNOVATIVE TECHNOLOGY.

DEDICATED AND

PERSONALIZED SUPPORT.

MORE THAN JUST A TAGLINE

When we say, "We Help You Make It®", we mean it. More than just a tagline, this is the US Foods® promise to our customers. With great food solutions, innovative yet simple business tools and a dedicated team of experts, count on us to help take on your business challenges so you can feed your passion with confidence.

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Executive Leadership Team with Extensive Industry Experience

Dave Flitman	Irfan Badibanga	Steve Boggan	Steve Guberman	Martha Ha	Bill Hancock
Chief Executive Officer	President,	Regional President -	EVP, Chief Transformation Officer &	EVP, General Counsel	EVP, Chief Supply
	CHEF'STORE	Central	Nationally Managed Business		Chain Officer

Rick Hausman	Diane Hund	Rob Koppenhaver	Tim Lewis	Dirk Locascio	Dave Poe
Regional President -	SVP and Chief	Regional President -	Regional President -	EVP, Chief Financial	EVP, Chief Merchant
Southeast	Marketing Officer	Northeast	West	Officer

Dave Rickard	Sara Schmidt	Randy Taylor	John Tonnison	David Works
EVP, Strategy &	SVP and Chief Information	EVP, Field Operations	EVP, Chief Information	EVP, Chief Human
Revenue Management	Security Officer	and Local Sales	& Digital Officer	Resources Officer
			US FOODS INVESTOR PRESENTATION 2024	6

Highly Experienced Board with Unique Backgrounds, Qualifications and Skills Providing Effective Oversight

KNOWLEDGE, SKILLS & EXPERIENCE

DEMOGRAPHICS & TENURE

Food Industry

Supply Chain & Logistics

CEO Leadership

Sustainability & Corporate

Responsibility

Accounting/Finance

Risk Management

Technology

Marketing & Strategy

Human Capital Management

Other Public Company Boards

Independent

Non-Independent

1

91%

Independent

10

Women

Black

Asian

3

45%

6 Diverse

1

1

Less than 5 yrs

Between 5 and 10 yrs

4.4 years

Average 5

6 Tenure

Over 65

Between 50 and 65

62	5
6 Average Age

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US Foods - At a Glance

US Foods Distribution Center

States with CHEF'STORES

REVENUE	~10%	18%			5%
BREAKDOWN1		6%
~65%		33%	10%	34%
	Industry	Our		Our
~25%
	Structure	Customers		10% Products
		26%
		23%		17%	18%

$36B(1)	150+
IN REVENUE	YEARS IN BUSINESS

~250,000 ~6,500

CUSTOMERS TRUCKS IN OUR FLEET

~30,000	~4,000
ASSOCIATES	SALES ASSOCIATES

70+ ~90

DISTRIBUTION CHEF'STORE®

FACILITIES LOCATIONS

Rest of Industry

Other Top 2

Independent

Chain

Meat & Seafood

Dry Grocery

USFD

Players

Healthcare &

Other

Refrigerated &

Dairy

Hospitality

Frozen Grocery

Beverage Products

Equipment, Disposables,

(1) Revenue as of FY 2023

& Supplies

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Produce

Significant Total Addressable Market Highlights Growth Potential

2023

Total Addressable Market

~$360B

Restaurants

$210B

Hospitality

& Healthcare

$58B

2025

Total Addressable Market

~$400B

Restaurants

$230B

Hospitality

& Healthcare

$66B

Leading Position in Fastest Growing End Markets with Significant Upside Opportunity

Note: Market as measured by Technomic, Inc.

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Great Food and Menu Solutions All in One Place

We lead with fresh tastes and great food. You'll always find on-trend, exclusive food and menu solutions that deliver the consistently high quality results that US Foods® is known for. From plant-based to clean ingredients, we offer product innovation that can help set your menu apart from the competition.

EXCLUSIVE BRANDS

Guided by a spirit of innovation and an unwavering commitment to delivering high quality products and value to customers, each of our brands is a testament to our dedication to making you more successful.

• 22 Exclusive Brands
• Distinct and different
• Innovative and labor-saving
• High quality and value
• Trusted performance

SCOOP

Our exclusive product innovation program gives the "scoop" on great food and ideas designed to inspire your menu and feed your passion.

• Cutting edge products with back-of-house convenience
• On-trendingredients and flavors customers want
• Labor-savingand profit-boosting products

HUNGRY FOR BETTER

Our commitment to offering authentic products that meet our sustainable or locally sourced standards. We believe that the power of food can do remarkable things, like create change that unites us all and help to improve the state of our planet, people and communities.

• Locally sourced
• Sustainability
• Climate-conscious
• Well-being

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