ICR Conference Presentation: January 2018

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assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the
Company’s results may differ materially from those expressed or implied by such forward-looking
statements. All statements other than statements of historical fact could be deemed forward-looking,
including, but not limited to, the Company’s intentions, beliefs or current expectations concerning,
among other things, the Company’s results of operations, financial condition, liquidity, prospects,
growth, strategies and the industry in which we operate and any statements of assumptions underlying
any of the foregoing. These statements are based on estimates and information available to us at the
time of this presentation and are not guarantees of future performance.
These forward-looking statements are based on certain assumptions and are subject to risks and
uncertainties, including those described in the “Risk Factors” section and elsewhere in the preliminary
prospectus for this offering. You should read the prospectus, including the Risk Factors set forth therein
and the documents that the Company has filed as exhibits to the registration statement, of which the
prospectus is a part, completely and with the understanding that if any such risks or uncertainties
materialize or if any of the relevant assumptions prove incorrect, the Company’s actual results could
differ materially from the results expressed or implied by these forward-looking statements. Except as
required by law we assume no obligation to update these forward-looking statements publicly, or to
update the reasons why actual results could differ materially from those anticipated in the forward-
looking statements, even if new information becomes available in the future.

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 Who Is Freshpet?

o A disruptive innovation in a huge and growing

industry

o A socially responsible, pet health-centric brand

built around the contemporary consumer

o We are redefining what good pet food is in ways

that are intuitive to consumers

o We deliver a value proposition relevant to the

average consumer and every class of pet
retailer

o We have a scalable and very difficult to replicate

business model

3
 Freshpet Lives at the Intersection of
Two Very Powerful Macro-Trends in CPG

Fresh,
Humanization
Wholesome,
of
All-Natural
Pets Foods

4
 We Operate Differently
Delighting consumers with fresh food & our company ideology

Environmentally Community & Employee

Focused Consumer Engagement Engagement

5
 A Difficult Business to Replicate
Differentiated Manufacturing
Innovative forms, technologies, and Proprietary technology,
appearance processes, and infrastructure

High Brand
Loyalty Supply Chain
Alignment with deep pet Only refrigerated pet food network in
parent emotional motivations North America

Retailer Partners
Freshpet Fridge Delivers benefits in traffic, frequency
Branded, company-owned real estate and retailer margins

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With Growth Potential in Fresh E-Commerce

Strategy: Grow with winning players in fresh e-commerce

Home Curbside
Delivery

Online
Fresh Retail

7
In 2017, we launched our new strategy . . .

8
The essence of our strategic bet in 2017 . . . .

71% Repurchase
Rate

9
The best product nobody heard of . . .

35% Awareness

1.4% Penetration

10
Well below our competitors . . .

100%
Awareness
90% 86%
Penetration 82%
80%
70%
70%

60%
52%
50%

40% 35%
30%

20%
8.0%
10% 3.6% 5.2% 3.4%
1.4%
0%

Blue
Freshpet Rachel Ray Purina ONE Cesar
Buffalo
Awareness
35% 52% 86% 82% 70%
(Aided)
1.4% 3.6% ~8% 5.2% 3.4%
Penetration
(dry) (est) (dry) (wet)

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Source: 2016 Brand Tracker, IRI 2016 HH Panel
We increased our advertising investment . . .

+60% media spending

Freshpet Media Spending
($ millions)
16 9%
14
12
10 6%
8 $13.5
6
4
$8.5
2
0
2016 2017

% = percent of sales

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 And the growth accelerated . . . .
35.0%

30.0%
20+% fresh growth 28.4%
27.0% 27.4% 27.2%
26.4% 26.18%
25.5%
25.0% 24.5% 24.17% 24.55%
24.1%
22.8%
22.0%
20.6% 20.4% 20.6%
19.9%
20.0% 19.4%
18.2%
17.2%

15.6% 15.9%
15.1%
15.0% 14.3%
13.4% 13.8%

10.0%

5.0%

0.0%

Dollar Sales % Chg YA Poly. (Dollar Sales % Chg YA) 13

The media delivered an attractive financial return. . .

90% pay back

(about 13 months to get our money back – and
accelerating)

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Increased awareness and penetration . . .

40% Awareness
(+5 points)

1.8% Penetration
(+0.4 points)

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Which helped Freshpet grow into its scale in 2017. . .

100 bps reduction YTD

Infrastructure as a percentage of Net Sales*
29%

27.0%
27%

25.2%
25%

23.4%
23%
21.6%
21%
19.8%

19%
18.0%

17%
$150 $189 $210 $240 $270 $300

Net Sales ($ in millions)

*- Leverage adjusted to projected inflationary growth of infrastructure

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In 2018, we will accelerate fresh growth. . .

Freshpet Net Sales

(Fresh Only Growth Rate)
>20%
200

180
+20%
160

140
+15%
120

100

80

60

40

20

2015 2016 2017 2018

Fresh Baked

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By increasing media investment to further drive penetration

Freshpet Media Spending

($ Million)
30
9%
>9%
25 >9%
$27
20

15
9%

10 6%
$13.5
$8.5
5

2016 2017 2018 2019 2020

% = percent of sales

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That will deliver even stronger growth in 2019. . .

Freshpet Net Sales

300

>20+%
250

200 >20%
+20%
150 +15%
100

50

2015 2016 2017 2018 2019

Fresh Baked

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Putting Freshpet well on its way to our $300 million goal . . .

$300 million
Accelerated Media
Spend

9% Media Spend
Net Sales
Projected

$157 million

2017 2018 2019 2020

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While driving both distribution and velocity . . .

Distribution Drivers Significant White Space

• More stores
• xxx
• Right stores

Velocity Drivers
• HH Penetration

• Buying Rate

• In-store conditions

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 Previously, store growth closely mirrored revenue
growth . . .
50%

45%
Nielsen Measured Revenue
40%
Growth
(includes pet specialty)
35%

30%
Freshpet Store Growth

25%

20%

15%

10%

5%

0%
04/05/14 07/05/14 10/04/14 01/03/15 04/04/15 07/04/15 10/03/15 01/02/16 04/02/16 07/02/16 10/01/16 12/31/16 04/01/17 07/01/17 09/30/17

xAOC + PS Stores

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 Until we implemented our new strategy . . .

50%

45%
Nielsen Measured Revenue
40% Growth
(includes pet specialty)
35%

30%
Freshpet Fridge
Growth
25%

20%

15%

10%

5%

0%
04/05/14 07/05/14 10/04/14 01/03/15 04/04/15 07/04/15 10/03/15 01/02/16 04/02/16 07/02/16 10/01/16 12/31/16 04/01/17 07/01/17 09/30/17

xAOC + PS Stores

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 Now, velocity growth is a better predictor of revenue
growth
50%

45%
Nielsen Measured Revenue
40% Growth
(includes pet specialty)
35%

Velocity
30%

25%

20%

15%

10%

5%

0%
04/05/14 07/05/14 10/04/14 01/03/15 04/04/15 07/04/15 10/03/15 01/02/16 04/02/16 07/02/16 10/01/16 12/31/16 04/01/17 07/01/17 09/30/17

xAOC + PS Stores xAOC + PS per ACV Point

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Velocity growth will drive the incremental growth rate to
deliver our 2020 goal . . .

Freshpet Growth Rate

Growth Rate Required to Hit $300M

+18%
+15%

2016 2017 2018 2019 2020

Distribution Velocity

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Driving significant margin improvement . . .

By 2020: 9 pt. reduction in fixed costs

Infrastructure as a percentage of Net Sales*

29%

27.0%
27%
25.2%
25%
23.4%
23%
21.6%

21%
19.8%

19% 18.0%

17%
$150 $189 $210 $240 $270 $300

Net Sales ($ in millions)

*- Leverage adjusted to projected inflationary growth of infrastructure

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Which will drive long term net sales and profitability . . .

+$300mm
Net Sales

+$156mm
Net Sales

+$60mm Adj.
+9 Points of Profit EBITDA
+$16mm Adj. EBITDA Margin

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Delivering our 2020 goals. . .

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While positioning Freshpet for future growth beyond
2020. . .

Growth Potential:
2020 and beyond

HH Penetration 10% of HH’s

Buying Rate +10%/year
New Stores
30,000 stores
E-commerce 10% of sales
Geographic
Expansion
UK and beyond

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Further strengthening our barriers to entry . . .

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Delighting pet parents, pets, shareholders and
employees . . .

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APPENDIX

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Grocery and Mass
Select is middle of the pack on cost to feed
Cost to Feed a 30lb Dog Daily
$8.00
$7.47
$7.05
$7.00

$6.00
$5.31

$5.00

$4.00 $3.80
$3.30

$3.00
$2.40 $2.40
$2.14
$1.92
$2.00 $1.77 $1.73 $1.62 $1.55
$1.28

$1.00 $0.61 $0.61 $0.49

$-

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Pet Specialty
Vital is an economical choice in Pet
Cost to Feed a 30lb Dog Daily Title
$8.00
$7.47

$7.00
$6.48

$6.00
$5.50

$5.00
$4.50 $4.44 $4.37
$4.00
$4.00 $3.80 $3.77 $3.75
$3.26
$3.09
$3.00 $2.81
$2.50 $2.42
$2.12
$2.00

$1.00

$-

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