Kelly Bania's questions to UNITED NATURAL FOODS (UNFI) leadership • Q4 2025
Question
Kelly Bania sought clarification on UNFI's volume metrics, specifically if volumes would have been approximately +2% excluding the cyber incident in the quarter, and how this impact was distributed across channels. She also asked about the primary factors contributing to the raised adjusted EBITDA algorithm for the next few years.
Answer
President and CFO Matteo Tarditi confirmed that full-year 2025 volume was up about 1.5%, with natural volumes skewed higher. He noted the cyber incident's impact was slightly heavier on the conventional front. He identified three main factors for the raised adjusted EBITDA algorithm: low single-digit top-line growth (vs. flat previously), continuous progress in shrink reduction and supplier programs, and ongoing productivity efforts, including full-year realization of 2025 actions and focus on indirect spend.