绩效食品集团投资者日要点

Equity ResearchMay 28, 2025Alexander Slagle, CFA * | Equity Analyst(415) 229-1508 | aslagle@jefferies.comAndy Barish * | Equity Analyst(415) 229-1524 | abarish@jefferies.comMarshall Pittman * | Equity Associate+1 (415) 229-1467 | mpittman@jefferies.com+1 (415) 229-1441 | iyu@jefferies.com$89.01^$102.00 | +15%$92.44 - $61.60FLOAT (%) | ADV MM (USD)98.2% | 108.51$13.9B^Prior trading day's closing price unless otherwise Ivan Yu * | Equity Associate .Performance Food GroupIncome StatementFiscal year ending June ($ in millions, except per share)Net SalesCost of salesGross ProfitOperating Expenses (reported)Operating Expenses ex D&A (adjusted)Operating Expenses (adjusted)Operating Income (reported)Operating Income (adjusted)EBITDA (reported)EBITDA (adjusted)Interest Expense, netOther Income, netEarnings Before Income Taxes (reported)Income Tax ExpenseNet Earnings (reported)Non-recurring itemsNet Earnings (adjusted)Diluted EPS (reported)Diluted EPS (adjusted)Shares outstanding - BasicShares outstanding - DilutedMargin Analysis:Gross ProfitOperating Expenses (reported)Operating Expenses (adjusted)Operating Expenses ex-D&A (adjusted)Operating Income (reported)Operating Income (adjusted)EBITDA (adjusted)Tax RateNet Income (adjusted)YoY Change:Gross ProfitOperating Expenses (reported)Operating Expenses (adjusted)Operating Expenses (adjusted)Operating IncomeOperating Income (Adjusted)EBITDA (adjusted)Net Income (adjusted)YoY Growth:Gross SalesNet SalesGross ProfitOperating Expenses (reported)Operating Expenses ex D&A (adjusted)Operating Expenses (adjusted)Operating IncomeOperating Income (Adjusted)EBITDA (adjusted)EPS (adjusted)Source: Company data, Jefferies estimatesPlease see important disclosure information on pages 3 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company DescriptionPerformance Food GroupPerformance Food Group is one of the largest food and foodservice distributors in North America with more than 150 locations operating throughits Foodservice, Vistar & Convenience divisions. The Company markets and delivers food and related products to over 300,000 locations includingindependent and chain restaurants; businesses, schools and healthcare facilities; vending and office coffee service distributors; and big box retailers,theaters and convenience stores. Performance Food Group was founded in 2002 and is headquartered in Richmond, Virginia.Company Valuation/RisksPerformance Food GroupOur PT is $102, based on 10.5x our CY26 EBITDA, which is inline-to-slight discount to its historical avg, reflecting its stronger relative growth.Risks: 1) indep. case growth slowdown, 2) irrational pricing behavior from peers, 3) sharp product cost swings, and 4) M&A integration.Analyst Certification:I, Alexander Slagle, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Andy Barish, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Marshall Pittman, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Ivan Yu, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more wi