#1freshpet pets. people. planet Investor Presentation March 2021#2Forward Looking Statements & Non-GAAP Measures Forward-Looking Statements Certain statements in this presentation constitute "forward-looking" statements, which include any statements related to the novel coronavirus ("COVID-19"), the Freshpet Kitchens Expansion, and the Company's general operating and economic environment. These statements are based on management's current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results. These forward-looking statements are only predictions, not historical fact, and involve certain risks and uncertainties, as well as assumptions. Actual results, levels of activity, performance, achievements and events could differ materially from those stated, anticipated or implied by such forward-looking statements. While Freshpet believes that its assumptions are reasonable, it is very difficult to predict the impact of known factors, and, of course, it is impossible to anticipate all factors that could affect actual results. There are many risks and uncertainties that could cause actual results to differ materially from forward-looking statements made herein including, most prominently, the risks discussed under the heading "Risk Factors" in the Company's latest annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. Such forward-looking statements are made only as of the date of this presentation. Freshpet undertakes no obligation to publicly update or revise any forward-looking statement because of new information, future events or otherwise, except as otherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements. Non-GAAP Measures Freshpet uses certain non-GAAP financial measures, including EBITDA, Adjusted EBITDA, Adjusted EBITDA as a % of net sales, Adjusted Gross Profit, Adjusted Gross Profit as a % of net sales (Adjusted Gross Margin), Adjusted SG&A and Adjusted SG&A as a % of net sales. These non-GAAP financial measures should be considered as supplements to GAAP reported measures, should not be considered replacements for, or superior to, GAAP measures and may not be comparable to similarly named measures used by other companies. Freshpet defines EBITDA as net income (loss) plus interest expense, income tax expense and depreciation and amortization expense, and Adjusted EBITDA as EBITDA plus gain (loss) on disposal of equipment, plant start-up expenses, non-cash share-based compensation, launch expense, fees related to equity offerings, COVID-19 expenses, and fees associated with due diligence of new enterprise resource planning ("ERP") software. freshpet 2#3Forward Looking Statements & Non-GAAP Measures (cont.) Freshpet defines Adjusted Gross Profit as gross profit before depreciation expense, plant start-up costs, COVID-19 expenses and non-cash share-based compensation, and Adjusted SG&A as SG&A expenses before depreciation and amortization expense, non-cash share-based compensation, launch expense, gain (loss) on disposal of equipment, fees related to equity offerings, and fees associated with due diligence of new ERP software.. Management believes that the non-GAAP financial measures are meaningful to investors because they provide a view of the Company with respect to ongoing operating results. Non-GAAP financial measures are shown as supplemental disclosures in this presentation because they are widely used by the investment community for analysis and comparative evaluation. They also provide additional metrics to evaluate the Company's operations and, when considered with both the Company's GAAP results and the reconciliation to the most comparable GAAP measures, provide a more complete understanding of the Company's business than could be obtained absent this disclosure. Adjusted EBITDA is also an important component of internal budgeting and setting management compensation. The non-GAAP measures are not and should not be considered an alternative to the most comparable GAAP measures or any other figure calculated in accordance with GAAP, or as an indicator of operating performance. The Company's calculation of the non-GAAP financial measures may differ from methods used by other companies. Management believes that the non-GAAP measures are important to an understanding of the Company's overall operating results in the periods presented. The non-GAAP financial measures are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. Certain of these measures present the company's guidance for fiscal year 2020, for which the Company has not yet completed its internal or external audit procedures. The Company does not provide guidance for the most directly comparable GAAP measure and similarly cannot provide a reconciliation to such measure without unreasonable effort due to the unavailability of reliable estimates for certain items. These items are not within the Company's control and may vary greatly between periods and could significantly impact future financial results. freshpet 3#4Empty#5Today's Objectives • Brief Intro to Freshpet • 2025 Goals and Plans to Achieve Them How Freshpet is ideally positioned for the coming generational shift • Update on Q1 Production and Consumption • Capacity Addition Progress and Plans LO 5 freshpet#6Mission: Awaken the world to a better way of feeding pets REAL FOOD FRESH FROM THE FRIDGE™ freshpet freshpet freshpet MULTI-PROTEIN freshpet freshpet Dog Joy freshpe freshpet og Joy freshpet SMALL DOG PUPPY freshpet PUPPY freshpet freshpet freshpet freshpet freshpet freshpet freshpet fresh MULTI-PROTEIN REAL FOOD FRESH FRIDO THE freshpet FROM freshpet freshpet freshpet freshpet freshpet freshpet freshpet freshpet freshpet freshpet freshpet freshpet 6#7We operate differently: A healthier happier world where pets people and planet thrive 粒 pets. The power of fresh natural & simple foods Less processed Acts of kindness people. Our team Our partners Our families planet. Renewable energy Carbon footprint offset Conservation - land fill free Sustainable practices 7#8$30 billion industry stuck in 1950 $22.68 $1.39 514.39 stic Select 515.99 olic select $51.99 Hellatio Select $2.09 15240 $28.99 528.99 $28.99 $27.99 Holistic Sefact Holistic Select 10.99 $49.99 Holistic Select40 Holistic Select Face Pack Pac Holistic Solic Forge Pack stic Select Holistic Select Holistic Select 54799 Holistic Select Gogle Pack gole Pack Eagle Pack in Ade Eagle Pack Eagle Pack Pack Eagle Pack Podi Eagle Pack Eagle Pack Eagle Pack Eagle Pock Eagle Pack Lace Pack freshpet 8#9Dogs had a different place in families in 1950's MARCH 1953 9 freshpet#10Dogs are now part of our family 10 10 freshpet#11Zooeyia (Zoo-ey-ah) The positive benefits to human health from interacting with animals Immune System Development Psycho-Social Development Support Coping & Recovery Catalyze Social Interactions Motivate Regular Exercise 11 freshpet#12First major innovation since dry kibble in 1956 freshpet 1956 2006 12#13Freshpet Fresh from the Kitchen is a giant leap forward versus canned dog food freshpet 1922 2015 13#14CHUNKY CHICKEN & TURKEY RECIPE with peas, carrots & brown rice GERATED MADE IN THE USA Complete & Balanced For Adult Dogs freshpet SELECT brand D from fresh the kitchenⓇ HOME COOKED CHICKEN RECIPE WITH ANTIOXIDANT-RICH CRANBERRIES & GARDEN VEGETABLES Natural with added vitamins & minerals MADE IN THE USA REAL FOOD FRESH) THE FRIDGE freshpet HOMESTYLE Creations -CUSTOM DOG MEALS- freshpet SELECT Brand DOG FO SLICE & SERVE RC FOOD FRESH THE F FRIDGE NETV NATURAL BEEF RECIPE LANCED FOOD FOR ADULT DOGS READY & TO SERVE 4 PATTIES freshpet#15Exceptional palatability Industry Standard Palatability Testing Methodology 13.5 90.00 20.2 Leading Competitors 100.00 80.00 70.00 60.00 50.00 15.5 20.4 31.8 38.2 86.5 84.5 Freshpet 40.00 79.8 79.6 68.2 60.8 30.00 20.00 10.00 0.00 Source: Freshpet Palatability Study ■Freshpet freshpet 15#1682% of consumers notice a visible difference % Noticed Visible Health Difference Increased energy level Shinier Coat Fewer upset stomach episodes Healthier skin Fresher breath (less stinky) Improved muscle tone Healthier weight Brighter eyes Less flatulence Alleviated allergies Less tear staining 0 10 20 30 40 50 60 54 54 Source: Freshpet Visible Difference Study 2018 70 70 80 72 68 71 66 。 8 ཐ。 67 66 64 64 64 59 59 Noticed a Visible Health Difference 18 82 ■ Yes No freshpet 16#17High quality products at accessible price points $4.01 $5.67 $7.18 $2.87 12.7 oz Approximate daily cost to feed for medium-sized dog $3.38 $0.47 $1.19 $1.43 $1.61 $12.89 6 lbs. $1.67 $39.99 24 lbs. $2.03 $19.69 5.5 lbs. $2.15 Houlthy $42.99 20 lbs. BLUE Holistic 4.5 $19.99 4.5 lbs. freshpet fresh kitchen $42.99 40 lbs. $36.99 31 lbs. $31.99 28 lbs. ONE SMARTBLEND RACHAELRAY NUTRISH SUPER PREMIUM FOOD FOR DOGS IAMS#: PROACTIVE HEALTH MINICHUNKS CHICKEN & RICE FORMULA NATURAL REAL CHICKEN & VEGGIES RECIPE US FARM-BASED CHICKEN IS THE INGREDIENT freshpet COL Beyond SIMPLY9 La Reps WHITE MIST CHICKENS WHOLE BARLEY CAP freshpet SELECT BOASTED HEALS Life Protection Formula with LifeSource TENDER ECIPE ADULT Medium-sized dog assumed to be approx 30 pounds. Price/day based on recommended serving sizes Source: Prices are as of 2.15.20 on Target.com./ Petco / Chewy $18.04 4.5 lbs. WREE BLUE WILDERNESS NATURES EVOLUTIONARY Dur -with Chicken $1.89 10 oz Beneful PREPARED MEALS Merrick CHUNKY Grain Free COLOSSAL CHICKEN DINNER CALL LIFE STAGES ALL per brand. freshpet 17#18>22,700 stores with company-owned Freshpet Fridges REAL FOOD FRESH FROM THE FRIDGE. freshpet rese freshpet freshpet SMALLOOG freshpet .REAL FOOD FRESH FROM THE FRIDGE" freshpet .REAL FOOD FRESH FROM THE FRIDGE™. freshpet 1 PICK YOUR PROTEIN BUILD YOUR OWN BOWL freshpet freshpet drew Des Doci Joy freshget freshpet freshpet freshbet freshpet freshpet freshnet fresh freshpet fresh freshet freshnet freshpe freshpet >55% ACV Albertsons SAFEWAYS >1 Fridge in 2,477 stores Walmart PETSMART petco✗ WHOLE FOODS MARKET COSTCO FRESH FOR EVERYONETM ○ Kroger TARGET Source: Internal company data 18 freshpet#19Freshpet e-com grew +173% in 2020; accounted for 6.1% of net sales in Q4 2020 2020 - 4.9% % of total FP sales through e-com 89% of Sales contribute to brick & mortar e-com business model established with strong returns 2021+ will see 3x+ marketing investments 2021 - major expansion with partners instacart SHIPT 34% Last Mile Delivery 11% Online Fresh Delivery 55% Click & Collect amazonfresh Peapod freshdirect. Kroger ClickList Walmart Sfrom HOME walmart.com/grocery petco PETSMART 199#20"Feed the Growth" creates scale and leverage through accelerated growth rate Drive Efficiencies Leverage Scale in COGS & SG&A Advertising & Innovation Expand HH Penetration freshpet FEED THE GROWTH 11 MILLION HH BY 2025 Increase Velocity Expand Capacity Expand Visibility & Availability freshpet 20#212020: Fourth consecutive year of accelerating growth Freshpet Net Sales ($ millions) $318.8 25% CAGR +30% $245.9. +27.3% $193.2 $152.4 +26.7% $129.3 +18% +14% 2016 2017 2018 2019 2020 freshpet 21#224,000,000 3,500,000 3,000,000 Strong, sustained growth in HH penetration 2,500,000 2,166,989 2,000,000 +13% 1,410,933 1,500,000 +11% 1,000,000 2017 Freshpet Penetration Growth Total HH's 2,541,993 +17% 1,878,786 +33% 3,188,882 +25% 2,472,440 +32% 2018 2019 • Total Penetration Trendline Total Penetration Core Dog Penetration Source: Nielsen HH Panel for the period ending late December 2016-2020 3,960,971 +24% 3,169,113 +28% 2020 freshpet 22 .....Core Dog Penetration Trendline#23Growing buying rate despite dilution from new HH's $140.00 $128.82 $130.00 +11% $120.00 $110.00 $98.84 $100.00 +7% $90.00 $80.00 $70.00 $60.00 2017 $108.14 +9% Freshpet Buying Rate $128.94 -% 2018 $109.35 +1% $134.38 $127.64 +5% -1% $116.94 +7% 2019 2020 Total Buying Rate Core Dog Buying Rate Source: Nielsen HH Panel for the period ending late December 2017, 2018, 2019, 2020 and company internal data freshpet 23#24Benefits of scale are flowing through to the bottom line Freshpet Adjusted EBITDA ($ millions) $17.6 -1% $20.3 +15% $29.1 +43% $46.9 +61% 2017 2018 2019 2020 freshpet 24#25Exceptional consumer experience creates a loyal consumer franchise and competitive insulation Loyal user Broadly available Good value High satisfaction Noticeable physical difference Preferred palatability 70% repeat rate and growing buying rate Available in >22,700 stores >90% agree "Completely" or "Somewhat" that Freshpet is a good value >96% rate their experience as "Extremely" or "Very Satisfied" 82% of consumers notice a physical difference in their dog Demonstrated preference in industry-standard palatability testing 25#26Operational scale and mastery leads to a preferred offering and loyal franchise fresh REAL FOOD FRESH FROM THE FRIDGE. freshpet freshper રો Loyal users Expanded line-up Broad awareness 70% repeat rate and growing buying rate 3 primary forms and expanding line-up tailored to more needs >$100 million in advertising spent over a decade and growing Scale in manufacturing & distribution Broadscale distribution Mastery of product technology >$500 million in production assets and increasing scale in distribution >$110 million of Fridges in >22,700 stores and a service network to support them Delivers exceptional taste & nutrition with extended shelf life 26#27freshpet 2025 Goals and Building Blocks#28freshpet FEED THE GROWTH 11 MILLION HH BY 2025#292025 Goals: Growth rates consistent with recent performance $318.8 Net Sales ($ millions) $1,250.0 31% CAGR $46.9 2020 2025 est. 2020 Adj. EBITDA ($ millions) 46% CAGR $312.5 2025 est. 29#302025 Goals: Continuing HH penetration and buying rate gains at same rate as 2020 Total HH Penetration (millions) 11.0 3.96 23% CAGR Buying Rate ($/HH/Year) $162.03 $116.94 7% CAGR 2020 2025 est. 2020 2025 est. 30#31Generating 1000 bps of Adj. SG&A (excl. media) leverage $1,400.0 31.2% $1,200.0 $1,000.0 $800.0 $600.0 $400.0 $200.0 $129.7 $0.0 FY 2016 Adj. SG&A (excluding media) Leverage Net Sales ($ millions) 23.4% $318.8 FY 2020 35.0% $1,250.0 30.0% 25.0% 20.0% 15.0% 13.4% 10.0% 5.0% 0.0% FY 2025 (est.) Adj. SG&A % (Excluding Media) 31#3220% Generating strong free cash flow by 2023 Free Cash Flow % Net Sales 0% 2020 2021 2022 2023 2024 2025 -20% -40% -60% -80% -100% FCF % NS FCF ex Capacity Expansion % NS 32#33freshpet Generational Shift#34Freshpet's Prime Prospects continue to grow; the values of Prime Prospects are the values of the next generation Prime Prospects 20MM Dog HH's Prime Prospects are dog food buyers who share similar values to current Freshpet buyers on factors such as: Importance of fresh, natural and preservative-free foods Willing to sacrifice their needs to make their dog happy Made with humanely sourced and sustainable ingredients Willing to pay a premium for good food % of Prime Prospects by Generation 7.5MM Dog HHs 54% 2.6x 32% 13% 2016 2019 Millennial/Gen Z Gen X Boomer 34#35Millennials are driving the pet food industry today Millennials Can't Afford Homes or They've Been Buying for Them 76% of Millennials Are Pet Parents-Here's What Babies, But They Own All the Pets With few other luxuries within reach, my peers and I are finding comfort in our fur children Minyoung Lee Dec 7, 2020 5 min read ⭑ Forbes Why Are So Many Millennials Opting For Pets, Not Parenthood? Aug 24 2020 PEOPLE.COM PETS New Report on Pet Care Costs Reveals Millennials Spend More on Their Dogs Than Baby Boomers The average annual cost of owning a dog can range from $650 to $2,295, the report found By Ally Mauch August 20, 2020 03:21 PM 35#36Millennials: Largest share of the dog food market today Dog HH's 2019 2% 11% 26% 26% 34% >30 million dogs in >22 million HH's ■Gen Z ■Millennials Gen X ■Baby Boomers ■Builders 36 Source: Idexx, 2019 A&U, APPA#37Millennials are seeking pet foods like Freshpet Purchased pet food with these attributes: Human-grade ingredients 19% 13% 6% Non-GMO Food Locally sourced ingredients 26% 20% 10% 8% 15% 6% Millennial Gen X Baby Boomer Millennial Gen X Baby Boomer Millennial Gen X Baby Boomer Source: APPA Generational Report, Volume 3 Debut 37#38Share of Millennial HH's with a pet will plateau in a few years while GenZ will be on the rapid rise for the next decade - Having Children versus Owning a Pet, by Age Share of households with a pet 80% 70% 60% 50% 40% 30% 20% Share of households with at least one child younger than 18 Gen Z today 0% Millennials today 18 21 24 27 30 33 36 39 42 45 48 51 54 57 60 63 66 69 72 75 78 85 Source: 2017 American Housing Survey. URBANINSTITUTE 38#39Births Lost Generation Gl Generation 5,000,000 4,500,000 4,000,000 3,500,000 2,000,000 2,500,000 2,000,000 1,500,000 1,000,000 200,000 06RT Source: APPA Generational Survey 1920 1925 19:30 ~4 million Gen Z'ers are entering adulthood each year for the next decade - and having fewer kids 1935 1940 1945 1950 US Generations' Births & Birth Rates 1890 - 2015 Silent Generation Baby Boomers Births Birth Rate 1955 60% of Gen Z 11 to 17-year-olds have a dog in their household 1995 Gen X Millenials Gen Z Birth Rate 2000 2005 2010 2015 Figuras ng lara-long na-alainctive 39 Race per a ferales are 15-44 25#40Gen Z is quickly acquiring pets and will account for a large share of category growth over the next decade Respondents who got a new pet due to Projected Dog HH's 2025 COVID-19 81% of Gen Z pets are dogs Baby Boomer 2% 18% Gen X Millennial Gen Z Source: Idexx, 2019 A&U, APPA 10% 15% 18% 22% 2% 31% 27% >25 million dogs; 15+ million dogs more than today Gen Z ■Millennials ■Gen X ■Baby Boomers ■Builders 40 40#41GenZ is choosing Freshpet even more than previous generations 209 169 Freshpet Latest 12 Month New Buyers (Index vs. Share of Existing 12 Month Buyers) 101 81 47 Gen Z [> 1996] Millennials [1982-1995] Gen X [1965-1981] Boomers [1945-1964] Seniors [<1945] Source: Numerator, Latest 12 Months, 3/6/21 41#42GenZ dogs: Younger and skew towards medium sized dogs 17% 11% Gen Z Dog Food Buyers By Age of Dog Gen Z Dog Food Buyers by Size of Dog 42% 41% 38% 31% 39% 39% 36% 34% 32% 32% 32% 23% 17% 14% 12% 8% 6% 4% Puppy (<1 year old) Young (1-3 years) Adult (4-7 years) Senior (8-11 Geriatric (12+ years) years) Toy (<10 lbs.) Small (11-25 lbs.) Medium ((26- 55 lbs.) Large (56-99 lbs.) Giant (100+ lbs.) % of GenZ Dog Food Buyers % of Dog Food Buyers % of GenZ Dog Food Buyers % of Dog Food Buyers Source: Numerator, Latest 12 Months, Dog Food = Dry, Wet, Ref/Frozen Food and Treats, 3/6/21 42#43freshpet Proven Business Model#44Business model creates increasing synergy as we scale Advertising Mary Ann+ Powell, OH Rudy Result: Improving Customer Acquisition Cost Increases ad relevance Drives velocity Amplifies advertising freshpet FRESH SMALL DOG NUTRITIONALLY DEVELOPED FOR SMALL DOGS BITE-SIZE BEEF RECIPE Innovation freshpet SPRING & SPROUT PLANT BASED MEALS freshpet HOMESTYLE Creations BEEF, CHICKEN & TURKEY RECIPE WITH EGGS, CARROTS, BROWN RICE PUMPKIN & GREEN BEANS WITH CARTS & CRANBERRIES PLANT BASED PROTEIN CAGE FREE EGGS NET WT 118 (454) Result: More broadly appealing line-up. Visibility/Availability REAL FOOD FRESH FROM THE FRIDGE freshpet REAL FOOD FRESH FROM THE FRIDGE. freshpet BUILD YOUR OWN BOWL Result: More and bigger fridges Space for innovation 44#45$100,000,000 $90,000,000 $80,000,000 $70,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 gains via media investment Demonstrated track record of driving HH penetration Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Source: Nielsen 52-week HH panel through 12/26/20 and internal data Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Cumulative Media Spend Apr-18 May-18 Jun-18 Jul-18 Freshpet HH Penetration & Media Spending Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 -Total Penetration May-19 R²=.983 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 45 55 Sep-20 Oct-20 freshpet Nov-20 Dec-20 1.4 1.6 1.8. N 2.2 2.4 2.6 2.8 3 3.2#4658.0 56.0 54.0 52.0 50.0 48.0 Retailers respond to strong velocity gains with more Fridge placements Freshpet % ACV 50.9 42.0 44.0 4 W/E 12/01/18 46.0 45.6 45.6 45.9 4 W/E 12/29/18 4 W/E 01/26/19 4 W/E 02/23/19 4 W/E 03/23/19 Source: Nielsen Mega-Channel Data thru 2/20/21 50.0 49.6 49.7 49.2 48.8 48.4 48.1 47.8 47.2 46.2 4 W/E 04/20/19 4 W/E 05/18/19 4 W/E 06/15/19 4 W/E 07/13/19 4 W/E 08/10/19 4 W/E 09/07/19 4 W/E 10/05/19 4 W/E 11/02/19 4 W/E 11/30/19 COVID Crisis 55.5 54.4 54.4 54.5 54.7 54.9 55.0 55.1 55.3 55.4 55.5 55.7 55.7 53.3 52.7 52.3 4 W/E 12/28/19 4 W/E 01/25/20 4 W/E 02/22/20 4 W/E 03/21/20 4 W/E 04/18/20 4 W/E 05/16/20 4 W/E 06/13/20 4 W/E 07/11/20 4 W/E 08/08/20 4 W/E 09/05/20 4 W/E 10/03/20 4 W/E 10/31/20 4 W/E 11/28/20 4 W/E 12/26/20 4 W/E 1/23/21 4 W/E 2/20/21 46#47New fridge placements skew heavily to second fridges Freshpet Fridge Fleet Distribution by Size (US & Canada Stores) 11% 10% New Fridge Installations by Size (US & Canada) 5% 2% 5% 21% 47% 51% 48% 20% 58% 30% 30% 35% 60% 23% 14% 14% 11% 5% 1% 2017 2018 2019 2020 ■ Small ■Medium Large ■2+ Chillers Small Medium Large 2 Chillers 3 Chillers Source: Internal company data through December 2020 47 freshpet#48Leading customers are leaning into second fridges Customers With At Least 40 Stores With 2 or More Fridges PETSMART petco Walmart O TARGET H-E-B Kroger . Albertsons meijer REAL FOOD FRESH FROM THE FRIDGE freshpet BUILD YOUR OWN BOWL REAL FOOD FRESH FROM THE FRIDGE freshpet BUILD YOUR OWN BOWL 48#49Robust innovation program drives HH penetration growth 7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 Household Growth New HHs Entering on Innovation 0 2016 2017 2018 2019 2020 Pre-2016 2016 2017 2018 2019 ■2020 *HH's may purchase both new and old items. Total exceeds net HH penetration. Source: Nielsen HH Panel - 1/23/21 Retention Rate freshpet SMALL DOG CHICKEN A TURKEY RECIPE % of HHS Repeating on Innovation freshpet SMALL DOG Small Dog freshpet Fresh kitchen Fresh From The Kitchen 2016 2017 2018 2019 2020 Pre-2016 2016 2017 2018 2019 2020 freshpet 49#50New items launched in the last 5 years account for 30% of current volume 30% of revenue Freshpet Nielsen Consumption Contribution From Innovation from new items launched over the last 5 years 4% 9% 3% 3% 11% 70% Pre-2016 2016 2017 2018 2019 2020 Source: Nielsen 52-week Mega-Channel consumption through 2/20/21 freshpet 50#512021 innovation increases relevance & impact of the brand IMPROVE Letters Mary Ann + Rudy Powell, OH freshpet SELECT ROASTED MEALS ✓ FRESH) freshpet SELECT Moisture Rich TENDER BITES FRESH TENDER CHICKEN RECIPE with garden reprtables TENDER CHICKEN & BEEF RECIPE with garden vegetables freshpet SELECT SLICE & SERVEROLL GRAIN FREE NET WT LB/454 MARKETING COMMUNICATIONS & INNOVATION INNOVATE FRESH S freshpet SELECT SMALL DOG NUTRITIONALLY DEVELOPED FOR SMALL 00S BITE-SIZE BEEF RECIPE WITH CARROTS & CRINBERRIES NET WT 1EB (454) freshpet froh kitchen FALLED POTS ROOPE Awakening -freshper NATURE'S FRESH GOOD FOOD THAT DOES GOOD™ CARBON NEUTRAL REINVENT freshpet SPRING & SPROUT PLANT BASED MEALS freshoet HOMESTYLE Creations BEEF CHICKEN & TURKEY RECIPE WITH ESS CARHOPS BROWNICE ANIMAL WELFARE CERTIFIED Cerr POULTRY PLANT BASED PROTEIN CAGE FREE EGGS VERIFIED NON GMO LEARN MORE AT FRESHPET.COM 51#52Innovation that is highly relevant to GenZ values 16.2% 13.3% 22.5% 19.8% GenZ Values 16.1% 15.4% 14.6% 14.5% 13.9% 14.0% 12.8% 12.1% freshpet SPRING & NATURE'S FRESH SPROUT GOOD PLANT BASED MEALS FOOD THAT DOES GOOD PLANT BASED PROTEIN CAGE FREE EGGS CARBON NEUTRAL 11.0% 7.6% 6.7% 6.5% ANIMAL WELFARE CERTIFIED Carbon footprint/emissions Natural/Organic Renewable energy Transparency/ethical sourcing Non-GMO verified Would pay any price "We do not eat meat" Very committed to premim for "green" organic % of GenZ Dog Food Buyers % of Dog Food Buyers POULTRY VERIFIED NON GMO LEARN MORE AT FRESHPET.COM 52 52#53Product innovation and satisfaction drives increased buying rates Freshpet Core Dog New Buyers - Dollar Buy Rate Evolution (Index vs. 2016 New Buyers) Buying rate continues to grow for 5 years 297 100 +15% 258 242 +7% +142% 366 +23% 266 263 +135% -1% 335 +28% By year 4, each cohort is buying >3X what they bought in year 1 125 113 +13% +10% 2016 Cohort 2017 Cohort Source: Nielsen New Buyer Analysis, 2020 256 244 +104% -5% Each new cohort buys >twice as much in year 2 as they do in year 1 Each new cohort is entering at a >10% higher buying rate than its predecessor 294 +105% 163 143 +14% +14% 2018 Cohort 2019 Cohort 2020 Cohort Year Date Range Year 1 Year 2 Year 3 Year 4 Year 5 2016 11/8/15 11/5/16 2017 11/6/16 11/4/17 2018 11/5/17 11/3/18 2019 11/4/18 11/2/19 2020 11/3/19 - 10/31/20 53 freshpet#54freshpet 2021 Progress to Date#552021 Guidance Re-Affirmed $ in Millions 2020 2021 % Change Net Sales $318.8 >$430 +35% Adjusted EBITDA $46.9 >$61 +30% ⚫ ERP Conversion: Tentatively targeted for 10/1/21 ⚫ COVID Addback: Anticipating $2.0 million in COVID-related costs until broadscale vaccination has occurred 55#56Steady increases in capacity throughout the year $590 10 Q1 Successfully started up rolls in Kitchens 2.0 $390 Freshpet Annualized Production Capacity 24/7 operation on bags in. 2021 Line 2 in Kitchens South Rolls line in Kitchens 2.0 to 24/7 $640 $590 Kitchens 2.0 $590 $590 $540 $490 Q2 Equipment Capacity ($ million/year) Q3 Staffed Capacity ($ million/year) 40 Q4 56 freshpet#57Momentum will build throughout the year as we replenish trade inventory in Q1 and increase advertising investment in Q2 Q1 Expectations Moderating consumption growth due to out-of-stocks Net sales in excess of consumption as we re-fill trade inventory - slight acceleration in growth rate from Q4 Adj. gross margin in line with Q4 due to higher staffing levels to drive higher throughput, beef costs, lost production due to storms and mix shift to bags U. S. advertising investment delayed to allow for improved in- stocks- in line with previous year Low new store additions until trade inventory is replenished in April • Q2 Expectations Accelerating consumption growth behind improved retail conditions and strong advertising investment Improving adj. gross margin due to increased throughput and increased roll capacity improving mix Heaviest advertising investment of the year Resumption of fridge placements Q3 & Q4 Expectations Very strong consumption growth behind advertising investment and strong supply Improving gross margin due to increased throughput Continued heavy advertising investment Renewed store count growth 57#58● . Key Takeaways Strong production performance: On track to re-fill trade inventory by the end of April Capacity additions are on-track: ● Kitchens 2.0 roll line produced saleable product slightly ahead of schedule • On track to add shifts in Q2 Second line in Kitchen South on track for Q3 start-up Strong advertising program: Heavy advertising begins in late April to re-accelerate growth Year-on-year Nielsen consumption comparisons not indicative of shipment performance: Due to out-of-stocks in Q1 and COVID surge/trough in March-June, year-on-year comparisons will not be meaningful. Period-to-period Nielsen will be best measure from January-June. Adj. gross margin progress: Will track with increased throughput 58#59Consumption continues in tight band due to out-of-stocks and delayed advertising; ramping soon behind increased production Nielsen Mega-Channel Consumption Winter Storm Uri 11,000,000. 10,500,000 10,000,000 9,500,000 9,000,000 8,500,000 8,000,000 7,500,000 7,000,000 6,500,000 6,000,000 1/4/2020 2/4/2020 3/4/2020 Source: Nielsen Mega-Channel Data thru 2/27/21 Capacity constrained and out-of-stocks Nielsen Mega-Channel consumption vs. YA: Latest 4 weeks: +22% Q1 to date: +28% YTD: +28% 4/4/2020 5/4/2020 6/4/2020 7/4/2020 8/4/2020 9/4/2020 10/4/2020 11/4/2020 12/4/2020 1/4/2021 2/4/2021 59#60Year-on-year comparisons will be distorted by the impact of COVID in 2020 Wet & Dry Dog Food Category Growth Rates by Quarter Dollars % Change YAG 2.6 2.0 1.8 1.3 1.2 0.6 0.2 0.9 0.4 0.7 4.3 4.2 4.1 3.6 3.6 3.4 10.7. 10.0 11.1 12.1 0.2 1.8 1.5 3.2 1.2 0.1 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Dog Food Wet+Dry (inc. Freshpet) Dog Food Wet+Dry (wo Freshpet) Latest 13wks Source: Nielsen Mega-Channel Data thru 2/20/21 freshpet 60#61Capacity constraints limit growth; continued strength in pet specialty Latest 13 Week Nielsen Consumption Growth 26% 25% 23% 46% Mega-Channel ХАОС Food Big Box Pet Source: Nielsen consumption data thru 2/20/21 61#62Velocity gains are making up for out-of-stocks Dollars per TDP 200,000 180,000 160,000 Distribution (TDPs) and Velocity ($/TDP) Trends - Total US MegaChannel (xAOC+ Pet) TDP Dollars per TDP 900 $180,930 800 700 140,000 $128,108 600 $114,694 120,000 500 $97,413 100,000 $88,829 $89,603 $85,484 80,000 60,000 40,000 400 730 706 645 300 585 517 446 200 377 20,000 0 Q1 2014 Source: Nielsen Mega-Channel Data thru 2/20/21 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 3 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 13 Weeks 0 100 Total Distribution Points 62 62 freshpet#63The vast majority of users are likely to remain with the brand despite out-of-stocks 2% 3% of users (8% of the 40% who struggle to find Freshpet) are at risk 1% 40% struggle to find Freshpet 29% 9% 15% 7% 60% can find Freshpet 17% 44% 22% Always available Usually available Sometimes available ■Rarely available Never available Source: Numerator Custom Survey 2/25/21-3/1/21 52% Extremely likely to buy again Somewhat likely to buy again Not at all likely to buy again I Very likely to buy again Not very likely to buy again 63#64Empty#65225,000 275,000 375,000 425,000 475,000 Rolling 7 Day Production Average improved significantly from Q4 Winter storms interrupted progress, but production has Total Pounds March to date = 445K/day 325,000 Sept. 10 Jan. 2 Actual = 346K/production day December Actual = 324K/production day 11/5/2020 11/7/2020 11/9/2020 11/11/2020 11/13/2020 11/15/2020 11/17/2020 11/19/2020 11/21/2020 11/23/2020 11/25/2020 11/27/2020 11/29/2020 12/1/2020 12/3/2020 12/5/2020 12/7/2020 12/9/2020 12/11/2020 12/13/2020 12/15/2020 12/17/2020 12/19/2020 12/21/2020 12/23/2020 12/25/2020 12/27/2020 12/29/2020 12/31/2020 1/2/2021 1/4/2021 1/6/2021 1/8/2021 1/10/2021 1/12/2021 1/14/2021 1/16/2021 1/18/2021 1/20/2021 1/22/2021 1/24/2021 1/26/2021 January Actual = 431K/production day Winter Storm Orlena 1/28/2021 1/30/2021 2/1/2021 2/3/2021 2/5/2021 2/7/2021 2/9/2021 2/11/2021 2/13/2021 2/15/2021 2/17/2021 2/19/2021 2/21/2021 Feb. Actual 397K/ day (Kitchens South) Winter Storm Uri 2/23/2021 2/25/2021 2/27/2021 3/1/2021 3/3/2021 3/5/2021 3/7/2021 65#66Outside of winter storms, production consistently exceeds consumption since January 1 Production vs. Consumption Winter Storm Orlena $12,000,000 $11,000,000 $10,000,000 $9,000,000 $8,000,000 $7,000,000 An $6,000,000 $5,000,000 Winter Storm Uri (Kitchens South) $4,000,000 2/29/2020 3/31/2020 4/30/2020 5/31/2020 6/30/2020 7/31/2020 8/31/2020 9/30/2020 10/31/2020 11/30/2020 12/31/2020 1/31/2021 2/28/2021 Total Weekly Retail $ Value (incl. treats) Produced Nielsen Mega-Channel Consumption Source: Nielsen Mega-Channel Data thru 2/27/21 and internal company data 66#67Continued strong HH penetration growth despite out-of- stocks 4,000,000 3,500,000 3,000,000 2,500,000 2,252,656 +18% 2,000,000 1,538,369 1,500,000 +27% 1,000,000 2018 Total Penetration Freshpet Penetration Growth Total HH's 2,480,691 +10% 1,828,565 +19% 3,123,613 +26% 2,413,116 +32% 2019 2020 I Core Dog Penetration • Total Penetration Trendline Source: Nielsen HH Panel for the period ending late late February 2017-2021 3,996,111 +28% 3,187,006 +32% 2021 freshpet 67 .....Core Dog Penetration Trendline#68Buying rate continues to grow despite out-of-stocks $140.00 $130.00 $120.00 $122.46 -2% $115.03 +17% $110.00 $98.25 $100.00 +4% $90.00 $80.00 $70.00 $60.00 2018 Freshpet Buying Rate $138.37 +13% $115.88 +1% $136.16 -2% $120.40 +4% $138.80 +2% 2019 2020 2021 Total Buying Rate Core Dog Buying Rate Source: Nielsen HH Panel for the period ending late December 2018, 2019, 2020, 2021 and company internal data freshpet 68#69Retail Sales $80,000.00 $70,000.00 $60,000.00 $50,000.00 $40,000.00 $30,000.00 $20,000.00 $10,000.00 ہیں 201801 Canadian business accelerating behind advertising investment Leading Canadian Retailer Weekly Sales пиристра Last 4 weeks +31% vs. YA 201804 201807 201810 201813 201816 201819 201822 201825 201828 201831 201834 201837 201840 201843 201846 201849 201852 201903 201906 201909 201912 201915 201918 201921 201924 201927 201930 201933 201936 201939 201942 201945 201948 201951 202001 202004 202007 202010 202013 202016 202019 202022 202025 202028 202031 202034 202037 202040 202043 202046 202049 202052 69 202103#70Freshpet's advertising-driven model works in the UK Retail Sales Leading UK Retail Customer Sales by Week £80,000 £75,000 £70,000 Last 4 weeks +53% vs. YA £65,000 £60,000 £55,000 £50,000 £45,000 £40,000 £35,000 £30,000 09/09/19 23/09/19 07/10/19 21/10/19 04/11/19 18/11/19 02/12/19 16/12/19 30/12/19 13/01/20 27/01/20 10/02/20 24/02/20 09/03/20 23/03/20 06/04/20 20/04/20 04/05/20 18/05/20 01/06/20 15/06/20 29/06/20 13/07/20 27/07/20 10/08/20 24/08/20 07/09/20 21/09/20 05/10/20 19/10/20 02/11/20 16/11/20 30/11/20 14/12/20 28/12/20 11/01/21 25/01/21 08/02/21 22/02/21 Panic Buying £18,000 Retail Sales Leading UK Retail Customer Sales by Week £16,000 £14,000 £12,000 £10,000 £8,000 £6,000 £4,000 £2,000 £0 Latest 4 weeks +66% vs. YA TV Regular Sales 70 70#71freshpet Accelerating and Increasing Capacity#72Significant achievements in 2020 demonstrate our capability to add capacity and the value of our partnership Completed construction and started up Kitchens 2.0 - despite limitations imposed by COVID ACO AOO Proved that we could create and operate higher throughput lines with more automation that drives better margins freshpet KITCHENS- South Started up operations with long-term partner at Kitchens South freshpet Broke ground on our biggest project yet - Ennis Phase 1 Installed and are operating an innovation line Advanced new manufacturing technology with potential to produce more in less space 72#73Kitchens 2.0: Proving that higher speed/more automated operations work as expected landfill free powered by wind carbon emissions offset freshpe freshpet XCUREHVIGHETS HEOPLE & PLANET EVERYDAY#74Kitchens 3.0 in Ennis, TX is being pulled forward and will produce more freshpet freshpet ENNIS Phase 1 is being pulled forward to start producing in Q2 2022 Increasing projected capacity by ~30% to reflect higher speed equipment 74#75Expanded capability to deliver capacity expansion Bethlehem Engineering Kitchens 2.0 Team Ennis Engineering Team Kitchens South Engineering Line 1 Team Under construction Ennis Phase 1 Under construction Line 2 2019 2020 Building 2 Line 3 Under construction Ennis Phase 2 = new technology = current technology 2021 2022 2023 2024 2025 75 45#76Almost $2 billion in net sales production capacity by 2025 Freshpet Capacity Net Sales Potential Opens in 2023 Won't commit until 2023 Pulled forward one quarter $1,460 $1,160 $1,960 $610 $300 $300 $350 $260 $760 $500 $400 $300 $150 $50 Kitchens 1.0 South Line #1 Kitchens 2.0 & Innovation Line South Lines #2 & #3 Ennis Phase 1 Kitchens South Bldg. 2 Ennis Phase 2 New Capacity Cumulative Capacity 76#77freshpet Summary#78Significant opportunities to grow We have multiple ways to win Aided Awareness 2020 Dog HH's 54% 46% 61 4 Buying Rate % ACV Distribution $120 $630 44.3% 55.7% Current Aided Awareness Unaware ■Freshpet No Freshpet Available Not Available Drive Awareness Increase Penetration Avg. Cost to Feed 30 lb Dog Increase Frequency of Use. & Size of Dog Expand Distribution Source: Nielsen HH Panel data ending 2/20/21, Scanner data through 2/20/21, and Freshpet 2019 A&U freshpet 78#79Fortified business model that provides strong competitive insulation Diverse line-up that is difficult ← to match Differentiated Innovative forms, technologies, and appearance 11 mm HH's ← High Brand Loyalty Alignment with deep pet parent emotional motivations PRODUCT PERFORMANCE 40,000 Fridges Freshpet Fridge Branded, company-owned real estate BRAND EQUITY freshpet TECHNICAL KNOWLEDGE freshpet FRIDGE PLACEMENTS Manufacturing Proprietary technology, processes, and infrastructure $~2.0 billion capacity PRODUCTION SCALE Supply Chain Only refrigerated pet food network in North America DISTRIBUTION SCALE petco Walmart Kroger WHOLE FOODS MARKET TARGET freshpet Significant scale in distribution Retailer Partners Delivers benefits in traffic, frequency and retailer margins ~75-80% ACV freshpet 79#80freshpet FEED THE GROWTH 11 MILLION HH BY 2025#81freshpet Appendix#82Building meaningful share of the category Freshpet $ Share of Wet & Dry Dog 10.0 9.9 5.4 4.6 4wk Source: Nielsen Mega-Channel Data thru 2/20/21 2.6 5.5 4.7 2.6 10.1 5.6 4.7 2.6 13wk 26wk Freshpet Share of Wet + Dry Dog Total US Food Total US XAOC Mega-Channel Pet Superstore 9.6 5.4 4.5 52wk 2.4 freshpet 82#83400 450 500 550 600 650 700 750 800 498 508 516 514 508 507 Continued strong velocity during COVID crisis 549 535 514 4 W/E 08/18/18 4 W/E 09/08/18 4 W/E 10/06/18 4 W/E 11/03/18 4 W/E 12/01/18 Source: Nielsen Mega-Channel Data thru 2/20/21 4 W/E 12/29/18 4 W/E 01/26/19 4 W/E 02/23/19 4 W/E 03/23/19 4 W/E 04/20/19 4 W/E 05/18/19 557 4 W/E 06/15/19 Freshpet Velocity $/$MM ACV 702 701 596 584 587 582 575 568 572 573 576 576 560 561 4 W/E 07/13/19 4 W/E 08/10/19 4 W/E 09/07/19 4 W/E 10/05/19 4 W/E 11/02/19 4 W/E 11/30/19 4 W/E 12/28/19 4 W/E 01/25/20 4 W/E 02/22/20 4 W/E 03/21/20 4 W/E 04/18/20 528 630 $/ $ MM ACV = Nielsen Measured Mega-Channel sales/retail availability as measured in $MM of All Commodity Volume (ACV) COVID Crisis 757 748 747 743 745 738 739 732 4 W/E 05/16/20 4 W/E 06/13/20 4 W/E 07/11/20 4 W/E 08/08/20 4 W/E 09/05/20 4 W/E 10/03/20 4 W/E 10/31/20 4 W/E 11/28/20 4 W/E 12/26/20 4 W/E 1/23/21 4 W/E 2/20/21 83#84850.0 800.0 750.0 700.0 Out-of-stocks are temporarily eroding TDP's 641 635 635 657 550.0 650.0 600.0 581 582 584 601 616 619 626 632 633 633 4 W/E 04/21/18 4 W/E 12/02/17 4 W/E 12/30/17 4 W/E 02/24/18 4 W/E 01/27/18 4 W/E 03/24/18 Source: Nielsen Mega-Channel Data thru 2/20/21 4 W/E 05/19/18 4 W/E 06/16/18 4 W/E 07/14/18 4 W/E 11/03/18 4 W/E 09/08/18 4 W/E 10/06/18 4 W/E 12/01/18 4 W/E 08/11/18 644 645 639 4 W/E 12/29/18 4 W/E 01/26/19 Freshpet Total Distribution Points (TDP) Nielsen Mega-Channel 758 746 734 727 718 711 702 691 684 681 683 678 674 4 W/E 02/23/19 4 W/E 03/23/19 4 W/E 04/20/19 4 W/E 05/18/19 4 W/E 06/15/19 4 W/E 07/13/19 4 W/E 08/10/19 4 W/E 09/07/19 4 W/E 10/05/19 4 W/E 11/02/19 4 W/E 11/30/19 4 W/E 12/28/19 4 W/E 1/25/20 4 W/E 2/22/20 4 W/E 3/21/20 4 W/E 4/18/20 785 780 4 W/E 5/16/20 705 735 814 COVID Crisis 826 824 4 W/E 6/13/20 4 W/E 07/11/20 4 W/E 08/08/20 4 W/E 09/05/20 4 W/E 10/03/20 4 W/E 10/31/20 4 W/E 11/28/20 803 802 796 4 W/E 12/26/20 4 W/E 1/23/21 775 4 W/E 02/20/21 679 641 84#85Continued increases in retail availability 22,716 +1,146 Store Count FRESH FROM FRIDGE freshpet 23,750 Dog Joy Dog Joy AFROG SMALL ROG SMALL DOG +~1000 2020 Actual 2021 Estimated heshod frohet freshpet freshpet freshpet frefect 85#86Continued increases in retail visibility freshpet Upgrades & Second Fridges 3,150 REAL FOOD FRESH FROM THE FRIDGE REAL FOODFRESH FROM THE FRIDGE 2,900 +~550 freshpet freshpet SMALL DOG +~500 2,386 2,477 Trespet +1,146 +1640 Dog Joy Cumulative Upgrades Cumulative Second Fridges 2020 Actual I 2021 Estimated 86#87$6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $- Innovation continues small dog growth 4 W/E 4 W/E 4 W/E 4 W/E 1/25/20 2/22/20 3/21/20 4/18/20 4 W/E 5/16/20 4 W/E 6/13/20 4 W/E 7/11/20 4 W/E 8/08/20 ■Small Dog RM 1 lb Chicken Roll Source: Nielsen Mega-Channel data through 12/26/20 4 W/E 9/05/20 Small Dog Roll 4 W/E 10/03/20 4 W/E 10/31/20 4 W/E 11/28/20 4 W/E 12/26/20 freshpet SMALL DOG NU IHITIONALLY ULYLLUPLD ICH SALL DOGS TENDER CHICKEN RECIPE CHICKEN & TURKEY RECIPE KINO BRIDES $% Change vs January New freshpet SELECT SLICE & SERVE ROLL FRESH +40% FRESH freshpet SMALL DOG BITE-SIZE CHICKEN RECIPE +49% Total Small Dog Portfolio: +76.2% freshpet 87#88• Strategy: Accelerating and increasing capacity investments to meet increased demand expectations freshpet Pulling forward Ennis start-up Ennis Phase 1 to begin production in Q2 of 2022 vs. Q3 and have higher speed lines • Investing in round-the-clock construction to meet demand at Ennis freshpet -KITCHENS- South Pulling forward Kitchens South Line #2 and adding a third line at Kitchens South sooner: Kitchens South Line #2 to start production in Q3 of 2021 vs. Q4 Kitchens South Line #3 to start production in Q1 of 2022 vs. Q3 of 2022 freshpet -KITCHENS- South #2 Adding a second building at Kitchens South: Adding $300 million in sales capacity in 2023 Same intellectual property protections that have worked in existing facility Ideally located to supply both Bethlehem and Dallas DC's Deep engineering bench to enable more rapid capacity expansion 88#89Capital spending plan supports up to ~$2 billion in capacity Kitchens 2.0 $115 million South Line #1 $15 million South Line #2 & #3 Ennis Phase 1 Chicken Processing (TX) South Building 2 Ennis Phase 2 $80 million $335 million $35 million $100 million** 2019 2020 Total Capex* $71 mm ~$135 mm 2021 ~$380 mm 2022 ~$300 mm ** *also includes maintenance capex, fridges and IT represents a high-level estimate Low end of range reflects the potential for new technology under development High end of the range reflects expanding with current line technology 2023 $160-$230 million 2024 2025 ~$75-95 mm ~$70-$90 mm ~$70-$90 mm 89#90At ~$2 billion in net sales, we will have a 75/25 split between self-manufacture and partner production Total Freshpet Capacity ($ millions) $500 $560 Freshpet Kitchens Bethlehem $900 Freshpet Kitchens Ennis Freshpet Kitchens South 90