#1Delta Apparel, Inc ESTABLISHED 2003 Investor Presentation SALT LIFE March 2021 DTG 2GO READY FISH DIVE Live Salty SURF#2Forward Looking Statements ■ This presentation contains "Forward Looking" statements which reflect the Company's current expectations regarding future events and which involve risks and uncertainties. Although we believe that our expectations are based on reasonable assumptions, actual results could differ materially from those projected in this presentation. ■ Please refer to the written materials made available to you in connection with this presentation as well as the Company's most recent Form 10-K and other SEC filings for a more detailed discussion of some of the risks facing the Company that could affect the forward looking statements in this presentation. Finally, please note that any "Forward Looking" statements are made only as of the date of this presentation and the Company does not commit to update or revise these statements even if it becomes apparent that any projected results will not be realized. Delta Apparel, Inc. Investor Presentation - March 2021 2#3Delta Apparel: Key Highlights ■ Leader in the on-demand, digital print market, revolutionizing the apparel supply chain to consumers Aspirational lifestyle brand, Salt Life, with accelerating direct-to-consumer business Unique business model as a vertically-integrated apparel supplier with distribution network to service same-day ship at the piece level Technology-driven, supply chain partner providing customized apparel solutions for brands and retailers ■ Diverse sales channels and broad customer base with minimal exposure to traditional department stores Strong balance sheet with solid liquidity and flexible capital structure Delta Apparel, Inc. Investor Presentation - March 2021 3#4FY20 Reflections: Sales Results 101% Strong Recovery FY20 Sales as % of FY19 75% 60% 30% 90% 108% Feb Mar Apr May June Sept Qtr Delta Apparel, Inc. Investor Presentation - March 2021 Net Sales $381m (12%) FY20 2H Strength FY20 Sales as % of FY19 eCommerce DTG2Go Silt life SOFFE +130% +180% June and September Quarters#5FY20 Reflections: Profitability and Liquidity Gross Margin (adjusted)* 21.8% Operating Income (adjusted)* $18.1m +210bps +$0.7m 1089 Diluted EPS (adjusted)* $1.22 ($0.15) Operating Cash Flow $31.8m +$22.4m ■ Manufacturing efficiencies and process improvements Higher mix of direct-to-consumer sales ■ Effective pandemic-initiated cost control and cash management ■ Favorable product mix ■ Lower raw material prices * See page 23 for reconciliation of reported results to adjusted financial measures Delta Apparel, Inc. Investor Presentation - March 2021 Liquidity $47.1m +$19.9m 5#6FY21 Q1: Strong Start to the Fiscal Year Sales $94.7 99% of PY Gross Margins 21.4% 70 bps Adjusted Operating Income * $4.4m 67% Adjusted Diluted EPS * $0.28 147% Inventory $148.5m 25% Net Debt $129.5m 12% - Strong order demand ■ Manufacturing and operational excellence at all levels ■ Notable headwinds - Inventory constraints Hurricane-related disruptions in Central America Freight carrier limitations during holiday season Gross margin expansion across both business segments ■ Continued cost controls and cash management discipline Manufacturing ramp-up to record level production outputs in 2H FY21 * Excludes $1.3 million pre-tax expenses, or $1.1 million or $0.15 per diluted share after-tax expenses, of hurricane-related disruptions in the December 2020 quarter. Delta Apparel, Inc. Investor Presentation - March 2021#7Vertically-Integrated Supply Chain DTG 2 Go Reno, NV 1 day 2 day 3-4 day DTG 2 Go Phoenix, AZ Distribution Network Manufacturing Network Delta Apparel, Inc. Investor Presentation - March 2021 Storm Lake, IA Lewisville, TX DTG 2 Go DTG 2 Go Columbus, OH DTG 2 Go DEL DELI DTG2Go DTG 2 Go Cranbury, NJ Nashville, TN- Fayetteville, NC DELTA Clinton, TN Campeche, MX Opelida, AL Clearwater, FL DTG 2 Go DTG2 Go San Pedro Sula, HN La Paz, ES Ceiba, HN Miami, FL 7#8DTG 2 Go DIGITAL PERFECTION Only vertically-integrated supplier of on demand, digitally printed garments in the world Eliminates non-value-added costs Reduces working capital, as leverages existing inventory Proprietary technology managing order flow, quality control and art management, and optimizing speed to consumers Allows rapid scalability of business Leveraging existing, long-lasting relationships with broad base of customers Trusted partner for apparel needs Largest network of fulfillment facilities, reaching consumers quickly Reduces freight costs Increases customer satisfaction and loyalty Delta Apparel, Inc. Investor Presentation - March 2021 8#9Digital Print Market Opportunity 2018 ~15 billion impressions 1% ~$0.5 billion digital print revenue Decorated Impressions 2023 -25 billion impressions 3% -$2.5 billion digital print revenue Digital Screen & Others * Delta Apparel, Inc. Investor Presentation - March 2021 * Grandview Research projects 11% CAGR in global decorated apparel through 2023 DTG 2 Go 2028 ~30 billion impressions 6% -$6.0 billion digital print revenue#10On-Demand Retail Supply Chains Brick and Mortar Challenges On demand economy: Keeping up with the ever-changing consumer expectations DTG 2 Go DTG2Go's Solution: On Demand DC Consumer selection: Limitless selections for consumers, including personalization options; never out of stock Merchandise limitations: Balance between selection and excess inventory; working capital requirements Seamless fulfillment: Integrated "On Demand DC" avoids split shipments, reducing freight costs and improving consumer experience Markdowns and excess inventory: Significant lost margins from liquidating excess inventory Broad supply chain: Access to DTG2Go's network of 9 fulfillment facilities; reduces risk in supply chain Delta Apparel, Inc. Investor Presentation - March 2021 10#11Delta Garment Utilization DTG2Go Competitive Advantage: Only vertically-integrated digital print supplier in the world, creating seamless supply chain % Delta Garments DTG 2 Go 31% 30% 28% Benefits: ■ Eliminates non-value-added costs ■ Reduces price to our customers ■ Creates a more efficient operation ■ Lowers working capital needs in business 12% 12% 21% 20% FY19 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY20 Q1 Delta Apparel, Inc. Investor Presentation - March 2021 44% 39% 60% FY20 Q2 FY20 Q3 FY20 Q4 FY21 Q1 Target 11#12DTG2Go Growth Opportunity Partnership with retailers to bring digital print to market Continued growth in non-holiday business through diversified sales channels Expansion of footprint internationally $15m 9m Delta Apparel, Inc. Investor Presentation - March 2021 $10m Current 15m DTG 2 Go $27m $18m Near Term Units EBIT 30m $56m Target EBITDA $38m 12#13Silt life いなぽ SALT LIFE EST 03 LIVE SALTY#14@realsaltlife 55k Tweets 72k Followers You Tube f @realsaltlife 101k Subscribers 34,925,952 Views @livethesaltlife 1.2m Page Likes 6,605 Posts Instagram @realsaltlife 307k Followers 7,021 Posts Vitamin Sea sitt life PHOTO CREDIT TYLER PEEDIN silt life 0:27 / 16:08 St FaverGiny AMMERLING BNG SALT LIFE CIRCA 2003#15Connecting Directly with Consumers % of Sales by Channel Past Silt life Current Target Retail eCommerce Wholesale Delta Apparel, Inc. Investor Presentation - March 2021 15#16Direct-to-Consumer Profitability Expansion Siltlife % of Sales by Channel Expectations of Operating Profit eCommerce 20% -22% Retail 10% -12% Past Current ~9.5% Operating Profit Retail Delta Apparel, Inc. Investor Presentation - March 2021 ~10.5% Operating Profit eCommerce Wholesale 8%-10% Wholesale Target ~13.5% Operating Profit 16#17Salt Life Growth Opportunity Silt life ◉ Focus on consumer engagement through digital and social interactions Expansion of Salt Life branded retail in key destination locations; approximately 3 to 4 each year Strategic placements of Salt Life at retail Delta Apparel, Inc. Investor Presentation - March 2021 $50m $75m $17m $10m $7m $6m Near Term Target Sales EBIT EBITDA 17#18Activewear: Delta Apparel's Core Base DELTA EST. 1903 DELTA EST. 1903 an original Penguin Munsingwear BURNSIDE SOFFE SOFFE E OUTDOOR CAP. ***** Delta Apparel Platinum Callaway Liberty Bags DRI DUCK Only vertically-integrated distributor of activewear apparel and accessories ■ Broad product portfolio Strategic supply chain partner to brands and direct-to-retail Flexible manufacturing platform, both offshore and onshore ■ 20-year history ~5% CAGR sales 10%+ EBITDA margin Delta Apparel, Inc. Investor Presentation - March 2021 18#19Activewear: Strong Recovery 103% of PY February 80% of PY FY20 Sales as % of FY19 20% of PY 60% of PY 80% of PY DELTA SOFFE EST. 1903 102% of PY March April May June Sept QTR (Q4) Delta Apparel, Inc. Investor Presentation - March 2021 19#20Activewear: Strong Recovery Lower finished goods inventory: Down $27 million September 2020 vs September 2019 Average finished goods inventory turns: 2x Quarterly hurdle to growth: $17 million Delta Apparel, Inc. Investor Presentation - March 2021 102% of PY DELTA SOFFE EST. 1903 75% of PY ~100% of PY FY20 Sept Q4 FY21 Dec Q1 Actual Risk to Sales FY21 Dec Q1 Actual 20#21Activewear Growth Opportunities DELTA EST. 1903 SOFFE New direct-to-retail and eRetailer programs Gross margin expansion through product diversification Expansion of manufacturing platform to record outputs and new product capabilities Soffe brand re-launch with full integration within Activewear eRetailers 20-30% Soffe Brand ~ 25-40% Sourced Brands ~ 20-30% Fashion Basics ~15-30% Direct-to-Retail Full Package ~ 20-25% Core Basics and Direct-to-Brands Delta Apparel, Inc. Investor Presentation - March 2021 Gross Margins 10-20% 21#22Delta Apparel, Inc. FY20 Near Term Opportunity Sales $381 million 8-10% CAGR $500 million EBITDA $28 million EBITDA % 7% DTG2Go 22-24% Salt Life 14-16% Activewear 10-12% $56 million 11% Net Debt $122 million Free Cash Flow $10 - 15M $100 million DELTA EST. 1903 * FY20 results, adjusted for $25M of pre-tax expenses associated with the impacts from the COVID-19 pandemic and primarily related to the curtailment of manufacturing operations ($12M), incremental costs to right size production to new forecasted demand ($3M), increased accounts receivable and inventory reserves related to the heightened risks in the market as the U.S. continued its recovery ($7M), and other expenses ($3M). Delta Apparel, Inc. Investor Presentation - March 2021 22#23Non-GAAP Reconciliation Gross Profit Gross Margins Operating Income Operating Income Margins Net Earnings (Loss) Attributable to Shareholders Diluted Net Earnings (Loss) per Common Share ** Fiscal 2020 Non-GAAP GAAP Measure GAAP Measure Measure Reported COVID-Related Expenses (1) Adjusted * Reported 68,375 17.9% 14,700 83,075 85,152 3.9% 21.8% 19.7% DELTA EST. 1903 Fiscal 2019 Non-GAAP Measure Litigation Settlements (2) Adjusted* 85,152 19.7% (7,075) 25,200 18,125 15,895 1,529 17,424 (1.9%) 6.6% 4.8% 3.7% 0.4% 4.0% (10,577) ($1.53) 19,152 $2.73 8,575 $1.22 8,242 $1.17 1,492 9,734 $0.21 $1.38 * Adjusted results are financial measures that are not in accordance with GAAP and exclude the above normalized adjustments. See below for a discussion of each of these adjustments. ** Reported earnings per share are calculated based on diluted weighted average shares of 6,922 thousand shares and 7,064 shares for fiscal years 2020 and 2019, respectively. Adjustments and adjusted earnings per share are calculated based on diluted weighted average shares of 7,008 thousand shares and 7,064 thousand shares for fiscal years 2020 and 2019, respectively. (1) Approximately $25.2 million of expenses associated with the impacts from the COVID-19 pandemic and primarily related to the curtailment of manufacturing operations ($11.9 million), incremental costs to right size production to new forecasted demand ($2.6 million), increased accounts receivable and inventory reserves related to the heightened risks in the market as the U.S. continues its recovery ($6.6 million), and other expenses ($4.1 million). (2) Approximately $2.5 million of unfavorable litigation settlement due to the bankruptcy of a customer in the Delta Group segment in the first quarter fiscal year 2019, partially offset by approximately $1.3 million in other income as the result of a favorable litigation settlement in the Salt Life Group segment in the third quarter fiscal year 2019. Delta Apparel, Inc. 2021 Annual Meeting of Shareholders 23#24Delta Apparel, Inc ESTABLISHED 2003 Thank You SALT LIFE FISH DIVE Live Salty SURF DTG 2GO READY