First Quarter Fiscal 2025 Performance (comparisons to first quarter fiscal 2024)

• Net sales increased 4.2% to $7.9 billion
• Net loss of $21 million; Loss per diluted share (EPS) of $(0.35)
• Adjusted EBITDA(1) increased 14.5% to $134 million
• Adjusted EPS(1) increased to $0.16

Recent Financial and Operational Summary

• Raising full-year outlook for all financial metrics other than capital spending
• Improvement initiatives and lean management routines drove 14.5% Adjusted EBITDA growth and $170 million improvement in free cash flow(1) compared to the prior year quarter
• Continuing to execute upon recently announced multi-year strategy
  • Value creation initiatives led to new business gains with existing customers
  • Revamped commercial go-to-market strategy continuing to be rolled out
  • Significant network optimization progress across distribution network
    • Announced pending closure of Ft. Wayne DC; completed Bismarck and Billings DC closures
    • Moved natural volumes from York to larger, soon-to-be automated Manchester DC
  • Created incremental efficiencies through further organizational streamlining

• Free Cash Flow – During the first quarter of fiscal 2025, free cash flow was $(159) million compared to $(328) million in the first quarter of fiscal 2024. Free cash flow for the first quarter of fiscal 2025 reflects net cash used in operating activities of $110 million less payments for capital expenditures of $49 million. Free cash flow in the quarter was lowered by the strategic reduction in the company’s accounts receivable monetization facility of $69 million.