Financial Analysis

Debt Obligations Debt obligations as of June 26, 2026 and December 26, 2025 consisted of the following: Weighted Average Effective Interest Rate at June 26, 2026 Maturity June 26, 2026 December 26, 2025 Senior secured term loans 6.86 % August 2029 $ 245,500 $ 252,000 2028 Convertible senior notes 2.77 % December 2028 287,500 287,500 Asset-based loan facility 5.94 % August 2030 70,000 100,000 Finance leases and other financing obligations 7.11 % Various 130,394 119,451 Unamortized deferred costs (8,713) (10,421) Total debt obligations 724,681 748,530 Less: current installments (30,958) (28,197) Total long-term debt $ 693,723 $ 720,333 Senior Secured Term Loan Credit Facility In January 2026 and June 2025, the Company entered into amendments to its senior secured term loan agreement, which reduced the interest rate spread on its senior secured term loan facility. Arrangement fees and third-party transaction costs were expensed as incurred and included in interest expense and other operating expenses , respectively, within the Companys condensed consolidated statements of operations. Additionally, during the twenty-six weeks ended June 26, 2026 and June 27, 2025, the Company made voluntary principal prepayments totaling $5,000 and $5,000, respectively, towards the senior secured term loan. In connection with the prepayments, the Company wrote off unamortized deferred financing fees, which were included in interest expense within the Companys condensed consolidated statements of …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table presents the Companys net sales disaggregated by principal product category: Thirteen Weeks Ended Twenty-Six Weeks Ended June 26, 2026 June 27, 2025 June 26, 2026 June 27, 2025 Center-of-the-Plate $ 457,612 39.2 % $ 394,327 38.1 % $ 878,480 39.4 % $ 755,819 38.1 % Specialty: Dry Goods 185,824 15.9 % 167,680 16.2 % 352,544 15.8 % 317,786 16.0 % Produce 166,201 14.2 % 124,032 12.0 % 305,478 13.7 % 243,604 12.3 % Pastry 149,368 12.8 % 139,268 13.5 % 295,875 13.3 % 267,806 13.5 % Cheese and Charcuterie 79,392 6.8 % 75,990 7.3 % 148,335 6.7 % 141,165 7.1 % Dairy and Eggs 68,561 5.9 % 77,953 7.5 % 132,431 5.9 % 154,022 7.8 % Oils and Vinegars 36,763 3.1 % 35,713 3.5 % 68,405 3.1 % 67,363 3.4 % Kitchen Supplies 24,892 2.1 % 19,943 1.9 % 46,075 2.1 % 38,089 1.8 % Total Specialty $ 711,001 60.8 % $ 640,579 61.9 % $ 1,349,143 60.6 % $ 1,229,835 61.9 % Total net sales $ 1,168,613 100 % $ 1,034,906 100 % $ 2,227,623 100 % $ 1,985,654 100 % …

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Fair Value Measurements Fair Value of Financial Instruments The carrying amounts reported in the Companys condensed consolidated balance sheets for accounts receivable and accounts payable approximate fair value due to their immediate to short-term nature. The fair values of the asset-based loan facility and term loan approximated their book values as of June 26, 2026 and December 26, 2025, as these instruments had variable interest rates that reflected current market rates available to the Company and are classified as Level 2 fair value measurements. The following table presents the carrying value and fair value of the Companys convertible notes and its unsecured note issued in connection with the acquisition of Italco Food Products (Italco) in fiscal 2025 (Italco Note). The fair value of the Companys 2028 Convertible Senior Notes was based on bid/ask quotes as of or near the balance sheet date. The fair value of the Italco Note was determined based upon observable market prices of similar debt instruments. June 26, 2026 December 26, 2025 Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value 2028 Convertible Senior Notes Level 2 $ 287,500 $ 640,985 $ 287,500 $ 442,750 Italco Note Level 2 $ 10,790 $ 11,081 $ 10,700 $ 10,768 …

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Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill are presented as follows: Carrying amount as of December 26, 2025 $ 362,742 Goodwill adjustment (1) 815 Foreign currency translation (166) Carrying amount as of June 26, 2026 $ 363,391 (1) Reflects net working capital and measurement period adjustments related to a prior year acquisition. Other intangible assets are net of accumulated amortization of $200,796 and $189,625 as of June 26, 2026 and December 26, 2025, respectively. Amortization expense for other intangible assets was $5,520 and $6,009 for the thirteen weeks ended June 26, 2026 and June 27, 2025, respectively, and $11,171 and $12,103 for the twenty-six weeks ended June 26, 2026 and June 27, 2025, respectively.

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Income Taxes The Companys effective tax rate was 31.4% and 28.0% for the thirteen weeks ended June 26, 2026 and June 27, 2025, respectively, and 28.9% and 24.9% for the twenty-six weeks ended June 26, 2026 and June 27, 2025, respectively. Both periods include the impact of a discrete item related to a tax benefit from the vesting of stock awards. The effective tax rate otherwise varies from the 21% statutory rate primarily due to state taxes and permanent adjustments. As a result of a five year carryback allowed under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Company carried back its 2020 federal income tax loss, which resulted in an income tax refund receivable of $27,670 as of June 26, 2026. The receivable is reflected in prepaid expenses and other current assets on the Companys condensed consolidated balance sheet. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Segment Information The Companys business consists of three operating segments: East, Midwest and West that aggregate into one reportable segment, foodservice distribution, which is concentrated primarily in the United States. The accounting policies of the foodservice distribution segment are the same as those for the consolidated company. The Companys chief operating decision maker, who is the Companys chief executive officer, uses gross profit as the measure of profit or loss to assess segment performance and allocate resources. Consolidated gross profit, reported on the statement of operations and comprehensive income, is used to evaluate whether to reinvest profits into the foodservice distribution segment or into other parts of the entity, such as for acquisitions or to repurchase its common shares. Additionally, gross profit is used to monitor budget versus actual results and in competitive analysis by benchmarking to the Companys competitors. Consolidated total assets, reported on the balance sheet, is the measure of segment assets. The following table presents information about the Companys foodservice distribution segment: Thirteen Weeks Ended Twenty-Six Weeks Ended June 26, 2026 June 27, 2025 June 26, 2026 June 27, 2025 Net sales (1): United States $ 1,083,805 $ 941,515 $ 2,041,779 $ 1,793,420 International 84,808 93,391 185,844 192,234 Total net sales $ 1,168,613 $ 1,034,906 $ 2,227,623 $ 1,985,654 Less: Cost of sales - non-production costs (2) 860,272 764,030 1,6 …

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Stockholders Equity Equity Awards The following table reflects the activity of RSAs and RSUs during the twenty-six weeks ended June 26, 2026: Time-Based Performance-Based Market-Based Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested at December 26, 2025 470,866 $ 48.71 1,307,313 $ 51.22 175,786 $ 37.10 Granted 215,705 73.01 190,035 72.43 33,535 72.43 Vested (186,759) 45.00 (119,145) 32.55 (86,329) 28.84 Forfeited (22,059) 54.91 (139,866) 32.55 Unvested at June 26, 2026 477,753 $ 60.85 1,238,337 $ 58.38 122,992 $ 52.53 The Company granted 439,275 RSAs and RSUs to its employees and directors at a weighted average grant date fair value of $72.71 during the twenty-six weeks ended June 26, 2026. These awards are a mix of time-, market- and performance-based grants that generally vest over a range of periods up to five years. The Company recognized expense on its RSAs and RSUs totaling $6,304 and $4,223 during the thirteen weeks ended June 26, 2026 and June 27, 2025, respectively, and $10,443 and $8,344 during the twenty-six weeks ended June 26, 2026 and June 27, 2025, respectively. No share-based compensation expense has been capitalized. At June 26, 2026, the total unrecognized compensation cost for unvested RSAs and RSUs was $40,196 and the weighted-average remaining period was approximately 1.9 years. Of this total, $24,959 related to awards with time-based vesting provisions and $ …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing