#1freshpet pets. people. planet December 2021 Investor Presentation December 17, 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, our net sales and Adjusted EBITDA guidance 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 net income (loss) on equity method investment, plant start-up expense, non-cash share-based compensation, launch expense, fees related to equity offerings of our common stock, implementation and other costs associated with the implementation of an ERP system, and other expenses, including loss on disposal of equipment and COVID-19 expenses. 2#3Forward Looking Statements & Non-GAAP Measures (cont.) Freshpet defines Adjusted Gross Profit as gross profit before depreciation expense, plant start-up expense, 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 of our common stock, implementation and other costs associated with the implementation of an ERP system and COVID-19 expenses. 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 represent the Company's guidance for fiscal year 2021. The Company is unable to reconcile these forward-looking non-GAAP financial measures to the most directly comparable GAAP measures without unreasonable efforts because the Company is currently unable to predict with a reasonable degree of certainty the type and impact of certain items, including the timing of and amount of costs of goods sold and selling, general and administrative expenses, that would be expected to impact GAAP measures for these periods but would not impact the non-GAAP measures. The unavailable information could significantly impact our financial results. These items are not within the Company's control and may vary greatly between periods. Based on the foregoing, the Company believes that providing estimates of the amounts that would be required to reconcile these forecasted non-GAAP measures to forecasted GAAP measures would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above. 3#4freshpet Nourishing Pets, People and Planet. Freshpet strengthens the bond between people and our pets so that we both live longer, healthier and happier lives while being kind to the planet --#5freshpet Overview#6• ● Summary: Strong demand with continued supply challenges Sequential and year-on-year consumption growth is on track vs. expectations Currently trending towards 30% growth; latest period (w/e 12/4/21) +25% vs. YA; ~1-2 weeks behind schedule due to out-of-stocks Household penetration growth has re-accelerated behind improved retail conditions and marketing investment, but it will take time to impact the 52-week HH penetration measure 4-week HH penetration was up 22% vs. YA in October Retail conditions continue to improve • TDP's now well above the YA but a slight dip post-Thanksgiving due to production issues (described below) Fill rates remain in the mid-60's due to continued strong orders for bags Fully caught up on rolls; just caught up on large size of Roasted Meals; won't catch up on FFTK until late Q1 2022 Significant customer pulled forward transition to direct distribution; will improve in-store conditions but short-term shipment delay Supply chain challenges continue -- will impact net sales; ramp-up of new lines slightly behind targeted pace Spare part delays have cost us significant production time on high-speed Kitchens 2.0 bag line; re-engineered solution now operating Will reduce Q4 net sales and delay trade re-fill by a few weeks New line at Kitchens South is achieving targeted run rates; re-start on bag line in Kitchens 1.0 is slightly behind the targeted pace Second price increase announced to customers . Significantly larger price increase than the 11/29/21 increase and it will be effective with orders on 2/28/22 Price increase will cover known inflation and protect margins Many key commodity costs locked or will be locked shortly for most of 2022 6#7Where do we stand? • ● • Growth: Resumed acceleration in growth of both HH's and Nielsen Mega-Channel consumption After more than one year of out-of-stocks, we have seen growth in both HH's and Nielsen growth rate resume during Q4 and trend towards the long-term levels we expect Full marketing plan in place to begin on January 1, 2022 Capacity: Should not be a limiter of our growth in 2022 Our current run rate of capacity that is operating and staffed supports a business of >$660 million in net sales in 2022 (at 2021 pricing levels) Rolls capacity could get tight in Q2/Q3 if Ennis is delayed, and growth continues at very high rate Trade Inventory: Fully caught up on items accounting for ~60% of net sales and closing the gap on the rest Fully caught up on rolls Our largest volume size of Roasted Meals is now caught up (accounts for ~30% of all Roasted Meal sales and 10% of total sales) Expect to be caught up on FFTK in late Q1 2022 Margins: Significant actions taken that will begin to restore margins in early 2022 Significant price increases taken to offset commodity, freight and labor inflation will be effective with orders on 2/28/22. ERP implementation (effective 2/1/22) will improve freight costs Benefits of bag line upgrade and staffing plans implemented in 2021 will begin to have an impact in early 2022 Balance Sheet: Adequate cash to meet 2022 capacity requirements Capex spending will likely require amendment to credit agreement 7#82021 Net Sales and Adj. EBITDA guidance updated to reflect lost production due to supply chain challenges $ in Millions Net Sales Previous New Change ~$445 +40% ~$42 ~$425-430 -$15-20 +34% -$8 -10% vs. YA Adjusted EBITDA ~$50 vs. YA +30% ⚫ Net Sales: Lost bag production resulted in a deferral of trade inventory re-fill to early 2022 ● Adj. EBITDA: Lost contribution from lost volume due to production delays 8#9freshpet Consumption Growth#1013,000,000 12,000,000 11,000,000 10,000,000 9,000,000 8,000,000 7,000,000 6,000,000 Growth trend continues at a strong pace 1/4/2020 Source: Nielsen Mega-Channel Data thru 12/4/21 2/4/2020 3/4/2020 4/4/2020 5/4/2020 6/4/2020 Nielsen Mega-Channel Consumption Winter Storm Uri Capacity constrained and out-of-stocks Nielsen Mega-Channel consumption vs. YA: Latest 4 weeks: +23% Q4 to date: +22% YTD: +24% 7/4/2020 8/4/2020 9/4/2020 10/4/2020 11/4/2020 12/4/2020 1/4/2021 2/4/2021 3/4/2021 4/4/2021 5/4/2021 6/4/2021 7/4/2021 8/4/2021 9/4/2021 10/4/2021 11/4/2021 12/4/2021 10#115/1/21 42% 41% Improving in-stocks have accelerated the growth rate 39% 32% 34% 5/8/21 5/15/21 5/22/21 5/29/21 Source: Nielsen Mega-Channel Data thru 11/27/21 6/5/21 Freshpet Nielsen Mega-Channel Growth Rate 28% 27% 25% 24% 22% 21% 19% 18% 17% 17% 117% 15% 14% 13% 6/12/21 6/19/21 6/26/21 7/3/21 7/10/21 7/17/21 7/24/21 7/31/21 8/7/21 8/14/21 8/22/21 8/28/21 Improving in-stocks 18% 18% 20% பப 21% 22% 22% 22% 23% 21% 22% 21% 9/4/21 9/11/21 9/18/21 9/25/21 10/2/21 10/9/21 10/16/21 10/23/21 10/30/21 11/6/21 11/13/21 11/20/21 11/27/21 12/4/21 11 25% 25%#12Two-year stacked growth rate continues to grow; highest two-year growth rate since January 2021 Nielsen Mega-Channel Consumption Growth (2 Year Stacked) 62% 66% 63% 62% 54% 59% 58% 53% 58% 59% 59% 59% 1% 55% 57% 56% 58% 57% 58% 55% 53% 54% 50% 34% 45% 43% 34% 31%28% 28% 26% 17% 20% 15% 50% 66%46% 45% 54% 46% 41% 39% 42% 57% 28%26%28% 30%28%28% 1/9/21 1/16/21 1/23/21 1/30/21 2/6/21 2/27/21 2/13/21 2/20/21 3/20/21 3/6/21 3/13/21 3/27/21 4/3/21 33% 10% 9% 8% 4/10/21 4/17/21 4/24/21 Source: Nielsen Mega-Channel Data thru 12/4/21 18%17% 16% 14% 4% 65% 62% 60% 59% 56% 55% 56% 58% 55% 59% 58% 56% 59% 59% 58% 57% 59% 60% 60% 60% 61% 62% 63% 60% 14% 13% 17% 21% 22% 17% 18% 15% 18% 27% 25%24% 20% 34%28% 32% 41% 38% 40% 35% 37% 32% 1818%20%21%22%22%²2%21%3% 45% 45% 44% 42% 41% 40% 8% 37% 3809% 39%88% 38% 36% 22%21% 25% 25% 38% 39% 41%42% 36% 40% 35% 24%26% 22% 24% 260,30% 33% 5/1/21 5/8/21 5/15/21 5/22/21 5/29/21 6/26/21 6/5/21 6/12/21 6/19/21 7/3/21 7/10/21 2020 2021 7/17/21 7/24/21 7/31/21 8/7/21 8/14/21 8/21/21 8/28/21 9/4/21 9/11/21. 9/18/21 9/25/21 10/2/21 10/9/21 10/16/21 10/23/21 10/30/21 11/6/21 11/13/21 11/20/21 11/27/21 12/4/21 12/11/21 12/18/21 12/25/21 12#13freshpet Household Penetration & Buying Rate#1452-week HH penetration growth rate has slowed due to yearlong out-of-stocks Freshpet Penetration Growth Total HH's 2,532,671 +17% 1,845,346 +32% 3,102,597. +23% 2,405,811 +30% 3,804,076 +23% 3,049,673 +27% 4,137,713 +9% 3,387,943 +11% 2018 2019 2020 2021 Total Penetration Core Dog Penetration • Total Penetration Trendline .....Core Dog Penetration Trendline Source: Nielsen HH Panel for the period ending early-November 2017-2021 14#1535% 50% Past 4-week HH penetration growth rate is returning to pre-pandemic levels Freshpet 4-Week Buying HH's Growth vs. YA 45% Pre-COVID growth rate = ~25% 40% 30% 25% 20% 15% 10% 5% 0% 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 4 W/E 06/15/19 4 W/E 07/13/19 4 W/E 08/10/19 Source: Nielsen HH Panel for the period ending 11/6/21 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 growth rate = ~30% Out-of-stocks = Declining growth rate Improving in- stocks 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 Growth vs. YA 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 • Poly. (Growth vs. YA) 4 W/E 10/31/20 4 W/E 11/28/20 4 W/E 12/26/20 4 W/E 01/23/21 4 W/E 02/20/21 4 W/E 03/20/21 4 W/E 04/24/21 4 W/E 05/22/21 4 W/E 06/19/21 4 W/E 07/17/21 4 W/E 08/14/21 4 W/E 09/11/21 4 W/E 10/09/21 4 W/E 11/06/21 +22% vs YA 15#1650% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 4 W/E 01/26/19 4 W/E 02/23/19 Past 4-week HH penetration growth is accelerating with improved distribution 4-Week HH Penetration Growth vs. TDP's 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 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 14-Week Buyers Growth vs. YA Source: Nielsen HH Panel and Mega-Channel data for the period ending November 6, 2021 -TDP's 4 W/E 01/23/21 4 W/E 02/20/21 4 W/E 03/20/21 4 W/E 04/24/21 4 W/E 05/22/21 4 W/E 06/19/21 4 W/E 07/17/21 4 W/E 08/14/21 4 W/E 09/11/21 4 W/E 10/09/21 4 W/E 11/06/21 850.0 800.0 750.0 700.0 650.0 600.0 16#17Buying rate continues to grow despite out-of-stocks $105.01 +9% $126.29 $108.94 +4% Freshpet Buying Rate $126.81 $151.50 +13% $133.64 $135.38 +16% +5% $116.66 +7% 2018 2019 2020 2021 I Total Buying Rate I Core Dog Buying Rate Source: Nielsen HH Panel for the period ending early November 2017-2021 and company internal data 17#18freshpet Retail Conditions#19644 645 641 635 635 657 Retail availability is improving Freshpet Total Distribution Points (TDP) Nielsen Mega-Channel COVID Crisis 758 746 734 727 718 711 702 691 684 681 683 678 674 4 W/E 10/06/18 4 W/E 11/03/18 4 W/E 12/01/18 4 W/E 12/29/18 4 W/E 01/26/19 Source: Nielsen Mega-Channel Data thru 12/4/21 4 W/E 02/23/19 4 W/E 07/13/19 4 W/E 03/23/19 4W 4 W/E 04/20/19 4 W/E 05/18/19 4 W/E 06/15/19 4 W/E 08/10/19 785 780 826 824 814 803 802 796 775 679 678 705 735 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 4 W/E 5/16/20 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 4 W/E 12/26/20 4 W/E 1/23/21 4 W/E 02/20/21 641 4 W/E 03/27/21 778 756 745 727 728 732 735 4 W/E 04/24/21 4 W/E 05/22/21 4 W/E 06/19/21 4 W/E 07/17/21 4 W/E 08/14/21 4 W/E 09/11/21 4 W/E 10/09/21 4 W/E 11/06/21 4 W/E 12/04/21 805 792 19#20100% Trade inventory re-fill on rolls was completed in October; ~65% fill rate indicates unfilled demand on bags 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1 W/E 02/29/20 1 W/E 02/01/20 1 W/E 02/15/20 1 W/E 03/14/20 Source: Internal company data 1 W/E 03/28/20 1 W/E 04/11/20 1 W/E 04/25/20 1 W/E 05/09/20 1 W/E 05/23/20 1 W/E 06/06/20 1 W/E 06/20/20 1 W/E 07/04/20 1 W/E 07/18/20 1 W/E 08/01/20 1 W/E 08/15/20 1 W/E 08/29/20 1 W/E 09/12/20 1 W/E 09/26/20 1 W/E 10/10/20 1 W/E 10/24/20 1 W/E 11/07/20 1 W/E 11/21/20 1 W/E 12/05/20 1 W/E 12/19/20 1 W/E 01/02/21 Fill Rate July Avg. 44% = 1 W/E 01/16/21 1 W/E 01/30/21 1 W/E 02/13/21 1 W/E 02/27/21 1 W/E 03/13/21 1 W/E 03/27/21 1 W/E 04/10/21 1 W/E 04/24/21 1 W/E 05/08/21 1 W/E 05/22/21 1 W/E 06/05/21 1 W/E 06/19/21 1 W/E 07/03/21 1 W/E 07/17/21 1 W/E 07/31/21 1 W/E 08/14/21 1 W/E 08/28/21 1 W/E 09/11/21 NA: Distribution Test Nov. Avg. = 65% 1 W/E 09/25/21 1 W/E 10/09/21 1 W/E 10/23/21 1 W/E 11/20/21 1 W/E 11/06/21 1 W/E 12/04/21 20#21freshpet Production & Capacity#221/1/21 1/8/21 1/15/21 300 400 500 Thousands 009 700 200 Easter Holiday Winter storms 100 1/22/21 1/29/21 2/5/21 2/12/21 2/19/21 Source: Internal company data through December 12, 2021 2/26/21 3/5/21 3/12/21 3/19/21 3/26/21 4/2/21 4/9/21 4/16/21 4/23/21 4/30/21 5/7/21 April 1 - Dec. 12 production = 537k lbs/calendar day Production running well ahead of YA; enabled us to re-fill trade inventory on items accounting for ~60% of net sales 2021 vs. 2020 Production Performance Comparison Rolling 7-Day Average Pounds Produced 5/14/21 5/21/21 5/28/21 6/4/21 6/11/21 Rolling 7 Day Average - 2020 6/18/21 6/25/21 7/2/21 7/9/21 7/16/21 7/23/21 7/30/21 8/6/21 Kitchens 1 shutdown for upgrade 4th of July Holiday & 3 Day Memorial Day Maintenance Holiday Shutdown بہہ +52% Ал Avg. production 4/1/20 - 12/31/20 = 354k lbs/calendar day Labor Day Holiday 8/13/21 Rolling 7 Day Average - 2021 8/20/21 8/27/21 9/3/21 9/10/21 9/17/21 9/24/21 10/1/21 10/8/21 10/15/21 10/22/21 10/29/21 11/5/21 11/12/21 11/19/21 11/26/21 12/3/21 سنة السالم 12/10/21 12/17/21 12/24/21 12/31/21 22#2310/1/2021 10/3/2021 10/5/2021 10/7/2021 10/9/2021 10/11/2021 10/13/2021 10/15/2021 10/17/2021 10/19/2021 10/21/2021 10/23/2021 10/25/2021 KS 1 KS2 * 10/27/2021 10/29/2021 10/31/2021 11/2/2021 11/4/2021 11/6/2021 11/8/2021 11/10/2021 11/12/2021 11/14/2021 11/16/2021 11/18/2021 11/20/2021 11/22/2021 11/24/2021 11/26/2021 11/28/2021 11/30/2021 12/2/2021 12/4/2021 12/6/2021 12/8/2021 12/10/2021 12/12/2021 12/14/2021 (pounds produced by day) Kitchens South Production New and upgraded production line start-ups improving December target Line re-started 11/15/21 11/17/21 11/19/21 11/21/21 11/23/21 11/25/21 11/27/21 11/29/21 12/1/21 12/3/21 12/5/21 12/7/21 12/9/21 12/11/21 12/13/21 12/15/21 23 Kitchens 1 Upgraded Bag Line (pounds produced per day) Production December target#2411/7/21 11/8/21 11/9/21 11/10/21 Difficulties getting spare parts reduced production on high- speed bag line in Bethlehem Bethlehem Kitchens High Speed Bag Line Production (pounds produced by day) 11/11/21 11/12/21 11/13/21 11/14/21 11/15/21 11/16/21 11/17/21 11/18/21 11/19/21 11/20/21 11/21/21 11/22/21 11/23/21 11/24/21 11/25/21 Thanksgiving 11/26/21 11/27/21 Initial failed part Second failed part Lost production Re-engineered design installed 11/221 11/29/21 11/30/21 12/1/21 12/2/21 12/3/21 12/4/21 12/5/21 12/6/21 12/7/21 12/8/21 12/21 12/10/21 12/11/21 12/12/21 12/13/21 12/14/21 12/15/21 24#25freshpet Pricing#26Inflation continues at a very high rate and has necessitated a 2nd price increase Chicken Beef Packaging Labor Freight Key cost element Potential cost impact Priced annually in December; significant increases necessitated 2nd price increase Priced quarterly; assumed in plan; in 2022, we will be able to lock pricing for 6 months Floats with resin price; increases seen in all materials Labor market tightness is driving cost increases at virtually every supplier Assumed inflation but exceeding expectations; fuel costs have skyrocketed We need increased pricing and elimination of temporary operating inefficiencies to restore adj. gross margin Implemented a 4.8% price increase on 11/29/21 and announced a second price increase that will be effective on 2/28/22 26#27Second price increase to take effect with orders on 2/28/22 to offset increased costs and help restore margins Q4 2021 Q1 2022 Q2-4 2022 Pricing 4.8% Price Increase Second Price Increase Freight Labor Operations ERP Implementation Bracket Pricing (Timing TBD) Second DC (Benefits begin Q4) Freshpet Academy: Yield, Throughput & Quality Improvements High Speed Lines: Kitchens South Lines 2 & 3, Ennis Lines Risk Mgmt Locking pricing on key commodities where possible 27 Note: Initiatives must also offset ongoing mix shift towards lower margin bags and Kitchens South production.#28"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 28#29freshpet FEED THE GROWTH 11 MILLION HH BY 2025