Reports Record Full Year Sales and Earnings

報告創紀錄的全年銷售和收益

Increases Quarterly Cash Dividend by 25% to $0.15 per Common Share

將季度現金分紅提高 25% 至每普通股 0.15 美元

, /PRNewswire/ --Natural Grocers by Vitamin Cottage, Inc. (NYSE:NGVC) today announced results for its fourth quarter and fiscal year ended September 30, 2025 and provided its outlook for fiscal 2026.

, /PRNewswire/ -- Natural Grocers by Vitamin Cottage, Inc. (NYSE:NGVC) 今天公佈了截至2025年9月30日的第四季度和財政年度的業績，並提供了 2026 財政年度的展望。

Highlights for Fourth Quarter Fiscal 2025 Compared to Fourth Quarter Fiscal 2024

2025 財政年度第四季度與 2024 財政年度第四季度的亮點

Net sales increased 4.2% to $336.1 million;
Daily average comparable store sales increased 4.2%, and 11.3% on a two-year basis;
Net income increased 31.0% to $11.8 million, with diluted earnings per share of $0.51; and
Adjusted EBITDA increased 7.7% to $24.4 million.

淨銷售額增長 4.2%，達到 3.361 億美元；
日均可比門店銷售額增長 4.2%，兩年基準增長 11.3%；
淨收入增長 31.0%，達到 1180 萬美元，稀釋每股收益為 0.51 美元；
調整後 EBITDA 增長 7.7%，達到 2440 萬美元。

Highlights for Fiscal 2025 Compared to Fiscal 2024

2025 財政年度與 2024 財政年度的亮點

Net sales increased 7.2% to $1.33 billion;
Daily average comparable store sales increased 7.3%, and increased 14.3% on a two-year basis;
22nd consecutive year of positive comparable store sales growth;
Net income increased 36.9% to $46.4 million, with diluted earnings per share of $2.00;
Adjusted EBITDA increased 17.5% to $97.9 million; and
Opened two new stores and relocated/remodeled three stores.

淨銷售額增長 7.2%，達到 13.3 億美元；
日均可比門店銷售額增長 7.3%，兩年基準增長 14.3%；
連續第 22 年實現可比門店銷售額正增長；
淨收入增長 36.9%，達到 4640 萬美元，稀釋每股收益為 2.00 美元；
調整後 EBITDA 增長 17.5%，達到 9790 萬美元；
新開兩家門店，並重新定位/改造三家門店。

"We are pleased with our fourth quarter performance, with sales in-line with guidance and diluted earnings per share exceeding our outlook, resulting in record sales and earnings for fiscal year 2025," said Kemper Isely, Co-President. "Consumers continued to be drawn to our differentiated offering of high-quality, natural and organic products reflecting their resilient prioritization of health and wellness, including food and nutrition. Moreover, we believe that our commitment to Always AffordableSM prices provides compelling value for our customers, strengthening our competitive position during periods of economic uncertainty."

"我們對第四季度的表現感到滿意，銷售額符合預期，稀釋每股收益超出我們的展望，導致 2025 財政年度創下銷售和收益的紀錄，" 聯合總裁 Kemper Isely 表示。"消費者繼續被我們高質量、天然和有機產品的差異化供應所吸引，反映出他們對健康和營養的堅韌優先考慮。此外，我們相信，我們對始終保持實惠價格的承諾為我們的客户提供了有吸引力的價值，在經濟不確定時期增強了我們的競爭地位。"

Mr. Isely continued, "Accelerated store growth is a core element of our strategy, and we are reiterating our plan to open six to eight new stores in fiscal 2026, underscoring the quality of our pipeline and execution capabilities. We also remain committed to enhancing value for our stockholders by maintaining a balanced approach to capital allocation. In addition to investing in our business to accelerate unit growth, we are proud to announce that we are increasing our quarterly cash dividend by 25% to $0.15 per common share, reflecting our strong fiscal 2025 operating performance and financial position, as well as confidence in our ability to create long-term stockholder value."

Isely 先生繼續説道，"加速門店增長是我們戰略的核心要素，我們重申計劃在 2026 財政年度開設六到八家新門店，強調我們的管道質量和執行能力。我們還致力於通過保持資本配置的平衡方法來增強股東的價值。除了投資於我們的業務以加速單位增長外，我們自豪地宣佈將季度現金分紅提高 25% 至每普通股 0.15 美元，反映出我們強勁的 2025 財政年度運營表現和財務狀況，以及對我們創造長期股東價值能力的信心。"

In addition to presenting the financial results of Natural Grocers by Vitamin Cottage, Inc. and its subsidiaries (collectively, the Company) in conformity with U.S. generally accepted accounting principles (GAAP), the Company is also presenting EBITDA and Adjusted EBITDA, which are non-GAAP financial measures. The reconciliation from GAAP to these non-GAAP financial measures is provided at the end of this earnings release.

除了按照美國公認會計原則（GAAP）呈現 Natural Grocers by Vitamin Cottage, Inc.及其子公司的財務結果外，公司還呈現 EBITDA 和調整後 EBITDA，這些是非 GAAP 財務指標。GAAP 與這些非 GAAP 財務指標的調節在本財報發佈的末尾提供。

Operating Results — Fourth Quarter Fiscal 2025 Compared to Fourth Quarter Fiscal 2024

運營結果 — 2025 財政年度第四季度與 2024 財政年度第四季度的比較

Net sales during the fourth quarter of fiscal 2025 increased $13.5 million, or 4.2%, to $336.1 million, compared to the fourth quarter of fiscal 2024, due to a $13.3 million increase in comparable store sales and a $2.9 million increase in new store sales, partially offset by a $2.7 million decrease in net sales related to closed stores. Daily average comparable store sales increased 4.2% in the fourth quarter of fiscal 2025, comprised of a 2.4% increase in daily average transaction count and a 1.8% increase in daily average transaction size.

2025 財政年度第四季度的淨銷售額較 2024 財政年度第四季度增加 1350 萬美元，或 4.2%，達到 3.361 億美元，主要由於可比門店銷售額增加 1330 萬美元和新門店銷售額增加 290 萬美元，部分抵消了與關閉門店相關的淨銷售額減少 270 萬美元。2025 財政年度第四季度的日均可比門店銷售額增長 4.2%，其中日均交易數量增長 2.4%，日均交易金額增長 1.8%。

Gross profit during the fourth quarter of fiscal 2025 increased $3.7 million, or 3.8%, to $99.0 million. Gross profit reflects earnings after product and store occupancy costs. Gross margin decreased by 10 basis points to 29.5% during the fourth quarter of fiscal 2025, compared to 29.6% in the fourth quarter of fiscal 2024. The decrease in gross margin was driven by lower product margin.

2025 財政年度第四季度的毛利潤增加 370 萬美元，或 3.8%，達到 9900 萬美元。毛利潤反映了產品和門店佔用成本後的收益。2025 財政年度第四季度的毛利率較 2024 財政年度第四季度下降 10 個基點，降至 29.5%。毛利率的下降是由於產品毛利率降低。

Store expenses during the fourth quarter of fiscal 2025 decreased 0.2% to $72.5 million, primarily driven by lower long-lived asset impairment charges partially offset by higher compensation expenses. Store expenses as a percentage of net sales were 21.6% during the fourth quarter of fiscal 2025, down from 22.5% in the fourth quarter of fiscal 2024. The decrease in store expenses as a percentage of net sales was driven by lower long-lived asset impairment charges and expense leverage.

2025 財政年度第四季度的門店費用減少 0.2%，至 7250 萬美元，主要由於長期資產減值費用降低，部分被更高的薪酬費用抵消。2025 財政年度第四季度門店費用佔淨銷售額的比例為 21.6%，低於 2024 財政年度第四季度的 22.5%。門店費用佔淨銷售額比例的下降是由於長期資產減值費用降低和費用槓桿效應。

Administrative expenses during the fourth quarter of fiscal 2025 increased 6.1% to $10.9 million, driven by higher technology expenses and compensation expenses. Administrative expenses as a percentage of net sales were 3.2% for each of the fourth quarters of fiscal 2025 and 2024.

2025 財政年度第四季度的管理費用增加 6.1%，達到 1090 萬美元，主要由於技術費用和薪酬費用增加。2025 和 2024 財政年度第四季度的管理費用佔淨銷售額的比例均為 3.2%。

Operating income for the fourth quarter of fiscal 2025 increased 28.5% to $15.5 million. Operating margin during the fourth quarter of fiscal 2025 was 4.6%, up from 3.7% in the fourth quarter of fiscal 2024.

2025 財政年度第四季度的營業收入增加 28.5%，達到 1550 萬美元。2025 財政年度第四季度的營業利潤率為 4.6%，高於 2024 財政年度第四季度的 3.7%。

Net income for the fourth quarter of fiscal 2025 was $11.8 million, or $0.51 diluted earnings per share, compared to net income of $9.0 million, or $0.39 diluted earnings per share, for the fourth quarter of fiscal 2024.

2025 財政年度第四季度的淨收入為 1180 萬美元，或稀釋每股收益 0.51 美元，而 2024 財政年度第四季度的淨收入為 900 萬美元，或稀釋每股收益 0.39 美元。

Adjusted EBITDA for the fourth quarter of fiscal 2025 was $24.4 million, compared to $22.6 million in the fourth quarter of fiscal 2024.

2025 財政年度第四季度的調整後 EBITDA 為 2440 萬美元，而 2024 財政年度第四季度為 2260 萬美元。

Operating Results —Fiscal 2025 Compared to Fiscal 2024

運營結果 — 2025 財政年度與 2024 財政年度的比較

Net sales during fiscal 2025 increased $89.3 million, or 7.2%, to $1.33 billion, compared to fiscal 2024, due to an $86.1 million increase in comparable store sales and a $12.7 million increase in new store sales, partially offset by a $9.6 million decrease in sales related to closed stores. Daily average comparable store sales increased 7.3% in fiscal 2025, comprised of a 4.6% increase in daily average transaction count and a 2.6% increase in daily average transaction size.

2025 財政年度的淨銷售額較 2024 財政年度增加 8930 萬美元，或 7.2%，達到 13.3 億美元，主要由於可比門店銷售額增加 8610 萬美元和新門店銷售額增加 1270 萬美元，部分抵消了與關閉門店相關的銷售額減少 960 萬美元。2025 財政年度的日均可比門店銷售額增長 7.3%，其中日均交易數量增長 4.6%，日均交易金額增長 2.6%。

Gross profit during fiscal 2025 increased $33.1 million, or 9.1%, to $397.9 million. Gross profit reflects earnings after product and store occupancy costs. Gross margin increased by 50 basis points to 29.9% during fiscal 2025, compared to 29.4% in fiscal 2024. The increase in gross margin was driven by higher product margin primarily attributed to effective promotions,and store occupancy cost leverage.

2025 財年的毛利潤增加了 3310 萬美元，或 9.1%，達到 3.979 億美元。毛利潤反映了扣除產品和店鋪佔用成本後的收益。2025 財年的毛利率比 2024 財年的 29.4% 提高了 50 個基點，達到 29.9%。毛利率的提高主要得益於有效促銷帶來的更高產品毛利，以及店鋪佔用成本的槓桿效應。

Store expenses during fiscal 2025 increased 4.7% to $290.5 million, primarily driven by higher compensation expenses partially offset by lower long-lived asset impairment charges. Store expenses as a percentage of net sales were 21.8% during fiscal 2025, down from 22.3% in fiscal 2024. The decrease in store expenses as a percentage of net sales was driven by expense leverage and lower long-lived asset impairment charges.

2025 財年的店鋪費用增加了 4.7%，達到 2.905 億美元，主要是由於更高的薪酬費用，部分被較低的長期資產減值費用抵消。2025 財年，店鋪費用佔淨銷售額的比例為 21.8%，低於 2024 財年的 22.3%。店鋪費用佔淨銷售額比例的下降是由於費用槓桿和較低的長期資產減值費用所致。

Administrative expenses during fiscal 2025 increased 14.6% to $44.4 million, primarily driven by higher compensation expenses and technology expenses. Administrative expenses as a percentage of net sales were 3.3% during fiscal 2025, up from 3.1% in fiscal 2024.

2025 財年的管理費用增加了 14.6%，達到 4440 萬美元，主要是由於更高的薪酬費用和技術費用。2025 財年，管理費用佔淨銷售額的比例為 3.3%，高於 2024 財年的 3.1%。

Operating income for fiscal 2025 increased 32.0% to $62.0 million. Operating margin for fiscal 2025 was 4.7%, compared to 3.8% in fiscal 2024.

2025 財年的營業收入增加了 32.0%，達到 6200 萬美元。2025 財年的營業利潤率為 4.7%，而 2024 財年為 3.8%。

Net income for fiscal 2025 was $46.4 million, or $2.00 diluted earnings per share, compared to net income of $33.9 million, or $1.47 diluted earnings per share, for fiscal 2024.

2025 財年的淨收入為 4640 萬美元，或每股攤薄收益 2.00 美元，而 2024 財年的淨收入為 3390 萬美元，或每股攤薄收益 1.47 美元。

Adjusted EBITDA for fiscal 2025 was $97.9 million, compared to $83.3 million in fiscal 2024.

2025 財年的調整後 EBITDA 為 9790 萬美元，而 2024 財年為 8330 萬美元。

Balance Sheet and Cash Flow

資產負債表和現金流

As of September 30, 2025, the Company had $17.1 million in cash and cash equivalents and no outstanding borrowings on its $72.5 million revolving credit facility.

截至2025年9月30日，公司擁有 1710 萬美元的現金及現金等價物，並且在 7250 萬美元的循環信貸額度上沒有未償還借款。

During fiscal 2025, the Company generated $55.3 million in cash from operations and invested $31.0 million in net capital expenditures, primarily for new and relocated/remodeled stores.

在 2025 財年，公司從運營中產生了 5530 萬美元的現金，並投資了 3100 萬美元用於淨資本支出，主要用於新開和搬遷/翻新的店鋪。

Dividend Announcement

股息公告

Today, the Company announced the declaration of a quarterly cash dividend of $0.15 per common share, a 25% increase over the Company's previous quarterly dividend. The dividend will be paid on December 10, 2025 to stockholders of record at the close of business on December 1, 2025.

今天，公司宣佈每股普通股派發季度現金股息 0.15 美元，比公司之前的季度股息增加了 25%。該股息將於2025年12月10日支付給截至2025年12月1日營業結束時的股東。

Growth and Development

增長與發展

During fiscal 2025 the Company opened two new stores, ending the fiscal year with 169 stores in 21 states.

在 2025 財年，公司新開了兩家店鋪，年末在 21 個州共計 169 家店鋪。

Fiscal 2026 Outlook

2026 財年展望

The Company is confirming its fiscal 2026 outlook for the number of new stores and introducing the remainder of its fiscal 2026 outlook.

公司確認 2026 財年新店數量的展望，並介紹其餘的 2026 財年展望。


Fiscal 2026			Outlook
Number of new stores			6 to 8
Number of relocations/remodels			2 to 3
Daily average comparable store sales growth			1.5% to 4.0%
Diluted earnings per share			$2.00 to $2.15

Capital expenditures (in millions)			$50 to $55


2026 財年			展望
新店數量			6 到 8
搬遷/翻新數量			2 到 3
每日平均可比店鋪銷售增長			1.5% 到 4.0%
攤薄每股收益			2.00 美元到 2.15 美元

資本支出（百萬美元）			50 到 55

Earnings Conference Call

收益電話會議

The Company will host a conference call today at 2:30 p.m. Mountain Time (4:30 p.m. Eastern Time) to discuss this earnings release. The dial-in number is 1-888-347-6606 (US) or 1-412-902-4289 (International). The conference ID is "Natural Grocers Q4 FY 2025 Earnings Call." A simultaneous audio webcast will be available at http://Investors.NaturalGrocers.com and archived for a minimum of 20 days.

公司將在今天下午 2:30（山地時間）舉行電話會議，討論此次收益發布。撥入號碼為 1-888-347-6606（美國）或 1-412-902-4289（國際）。會議 ID 為"Natural Grocers 2025 財年第四季度收益電話會議"。同時將提供音頻網絡直播，網址為 http://Investors.NaturalGrocers.com，並將存檔至少 20 天。

About Natural Grocers by Vitamin Cottage

關於 Natural Grocers by Vitamin Cottage

Natural Grocers by Vitamin Cottage, Inc. (NYSE: NGVC) is an expanding specialty retailer of natural and organic groceries, body care products and dietary supplements. The grocery products sold by Natural Grocers must meet strict quality guidelines and may not contain artificial flavors, preservatives, or sweeteners (as defined in its standards), synthetic colors, or partially hydrogenated or hydrogenated oils. The Company sells only USDA certified organic produce and exclusively pasture-raised, non-confinement dairy products, and free-range eggs. Natural Grocers' flexible smaller-store format allows it to offer affordable prices in a shopper-friendly, clean and convenient retail environment. The Company also provides extensive free science-based nutrition education programs to help customers make informed health and nutrition choices. The Company, founded in 1955, has 168 stores in 21 states.

Natural Grocers by Vitamin Cottage, Inc.（紐約證券交易所代碼：NGVC）是一家不斷擴展的天然和有機食品、身體護理產品及膳食補充劑的專業零售商。Natural Grocers 銷售的食品產品必須符合嚴格的質量標準，不得含有人工香料、防腐劑或甜味劑（如其標準所定義）、合成色素或部分氫化或氫化油。公司僅銷售美國農業部認證的有機農產品，以及專門提供的放養、非圈養的乳製品和散養雞蛋。Natural Grocers 靈活的小型店鋪格式使其能夠在友好的購物環境中提供實惠的價格。公司還提供廣泛的基於科學的營養教育項目，幫助客户做出明智的健康和營養選擇。公司成立於 1955 年，在 21 個州擁有 168 家店鋪。

Visit www.NaturalGrocers.com for more information and store locations.

訪問 www.NaturalGrocers.com 以獲取更多信息和店鋪位置。

Forward-Looking Statements

前瞻性聲明

The following constitutes a "safe harbor" statement under the Private Securities Litigation Reform Act of 1995. Except for the historical information contained herein, statements in this release are "forward-looking statements" and are based on management's current expectations and are subject to uncertainty and changes in circumstances. All statements that are not statements of historical fact are forward-looking statements. Actual results could differ materially from these expectations due to changes in global, national, regional or local political, economic, inflationary, disinflationary, recessionary, business, interest rate, labor market, competitive, market, regulatory, trade policy, supply chain and other factors, and other risks detailed in the Company's Annual Report on Form 10-K and the Company's subsequent quarterly reports on Form 10-Q. The information contained herein speaks only as of the date of this release and the Company undertakes no obligation to publicly update forward-looking statements, except as may be required by the securities laws.

以下內容構成 1995 年《私人證券訴訟改革法案》下的"安全港"聲明。除本聲明中包含的歷史信息外，本發佈中的陳述均為"前瞻性聲明"，基於管理層當前的預期，並受到不確定性和情況變化的影響。所有不是歷史事實的陳述均為前瞻性聲明。實際結果可能因全球、國家、地區或地方的政治、經濟、通貨膨脹、去通貨膨脹、衰退、商業、利率、勞動力市場、競爭、市場、監管、貿易政策、供應鏈及其他因素的變化，以及公司在其 10-K 表格年度報告和後續 10-Q 表格季度報告中詳細説明的其他風險而與這些預期有實質性差異。此處包含的信息僅在本發佈之日有效，公司不承擔公開更新前瞻性聲明的義務，除非證券法要求。

For further information regarding risks and uncertainties associated with the Company's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of the Company's filings with the Securities and Exchange Commission, including, but not limited to, the Form 10-K and the Company's subsequent quarterly reports on Form 10-Q, copies of which may be obtained by contacting Investor Relations at 303-986-4600 or by visiting the Company's website at http://Investors.NaturalGrocers.com.

有關與公司業務相關的風險和不確定性的更多信息，請參閲公司向證券交易委員會提交的"管理層對財務狀況和經營成果的討論與分析"和"風險因素"部分，包括但不限於 10-K 表格和公司後續的 10-Q 表格，副本可通過聯繫投資者關係部門（303-986-4600）或訪問公司網站 http://Investors.NaturalGrocers.com 獲取。

Investor Contact:

投資者聯繫：

Reed Anderson, ICR, 646-277-1260, reed.anderson@icrinc.com


NATURAL GROCERS BY VITAMIN COTTAGE, INC. Consolidated Statements of Income (Unaudited) *(Dollars in thousands, except per share data)*

	Three months ended September 30,		Year ended September 30,
	2025		2024		2025		2024
Net sales	$	336,141		322,661		1,330,836		1,241,585
Cost of goods sold and occupancy costs	237,115		227,299		932,959		876,775
Gross profit	99,026		95,362		397,877		364,810
Store expenses	72,491		72,605		290,491		277,396
Administrative expenses	10,867		10,241		44,353		38,715
Pre-opening expenses	166		450		1,043		1,722
Operating income	15,502		12,066		61,990		46,977
Interest expense, net	(696)		(1,053)		(3,063)		(4,176)
Income before income taxes	14,806		11,013		58,927		42,801
Provision for income taxes	(3,006)		(2,003)		(12,483)		(8,866)
Net income	$	11,800		9,010		46,444		33,935

Net income per share of common stock:
Basic	$	0.51		0.40		2.02		1.49
Diluted	$	0.51		0.39		2.00		1.47
Weighted average number of shares of common stock outstanding:
Basic	22,954,325		22,799,571		22,936,194		22,774,825
Diluted	23,292,229		23,175,214		23,255,274		23,083,903


維生素小屋自然食品公司
合併收入報表
（未經審計）
（單位：千美元，除每股數據外）

	截至
9 月 30 日的三個月	截至
9 月 30 日的年度
	2025		2024		2025		2024
淨銷售額	$	336,141		322,661		1,330,836		1,241,585
銷售成本及佔用成本	237,115		227,299		932,959		876,775
毛利潤	99,026		95,362		397,877		364,810
店鋪費用	72,491		72,605		290,491		277,396
行政費用	10,867		10,241		44,353		38,715
開業前費用	166		450		1,043		1,722
營業收入	15,502		12,066		61,990		46,977
利息費用，淨額	(696)		(1,053)		(3,063)		(4,176)
税前收入	14,806		11,013		58,927		42,801
所得税費用	(3,006)		(2,003)		(12,483)		(8,866)
淨收入	$	11,800		9,010		46,444		33,935

每股普通股淨收入：
基本	$	0.51		0.40		2.02		1.49
稀釋	$	0.51		0.39		2.00		1.47
普通股加權平均流通股數：
基本	22,954,325		22,799,571		22,936,194		22,774,825
稀釋	23,292,229		23,175,214		23,255,274		23,083,903


NATURAL GROCERS BY VITAMIN COTTAGE, INC. Consolidated Balance Sheets (Unaudited) *(Dollars in thousands, except per share data)*

	September 30,
	2025		2024
Assets
Current assets:
Cash and cash equivalents	$	17,116		8,871
Accounts receivable, net	11,966		12,610
Merchandise inventory	132,968		120,672
Prepaid expenses and other current assets	6,025		4,905
Total current assets	168,075		147,058
Property and equipment, net	182,741		178,609
Other assets:
Operating lease assets, net	259,586		275,111
Finance lease assets, net	42,895		40,752
Other assets	5,452		458
Goodwill and other intangible assets, net	11,755		13,488
Total other assets	319,688		329,809
Total assets	$	670,504		655,476
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	80,991		88,397
Accrued expenses	37,236		35,847
Operating lease obligations, current portion	36,495		35,926
Finance lease obligations, current portion	4,061		3,960
Total current liabilities	158,783		164,130
Long-term liabilities:
Operating lease obligations, net of current portion	245,803		263,404
Finance lease obligations, net of current portion	45,660		43,217
Deferred income tax liabilities, net	7,863		10,471
Total long-term liabilities	299,326		317,092
Total liabilities	458,109		481,222
Stockholders' equity:
Common stock, $0.001 par value. 50,000,000 shares authorized, 22,954,712 and 22,888,540 shares issued and outstanding at September 30, 2025 and 2024, respectively	23		23
Additional paid-in capital	63,033		60,327
Retained earnings	149,339		113,904
Total stockholders' equity	212,395		174,254
Total liabilities and stockholders' equity	$	670,504		655,476


維生素小屋自然食品公司
合併資產負債表
（未經審計）
（單位：千美元，除每股數據外）

	9 月 30 日
	2025		2024
資產
流動資產：
現金及現金等價物	$	17,116		8,871
應收賬款，淨額	11,966		12,610
商品存貨	132,968		120,672
預付費用及其他流動資產	6,025		4,905
流動資產總計	168,075		147,058
物業及設備，淨額	182,741		178,609
其他資產：
租賃資產，淨額	259,586		275,111
融資租賃資產，淨額	42,895		40,752
其他資產	5,452		458
商譽及其他無形資產，淨額	11,755		13,488
其他資產總計	319,688		329,809
資產總計	$	670,504		655,476
負債及股東權益
流動負債：
應付賬款	$	80,991		88,397
應計費用	37,236		35,847
租賃義務，流動部分	36,495		35,926
融資租賃義務，流動部分	4,061		3,960
流動負債總計	158,783		164,130
長期負債：
租賃義務，扣除流動部分	245,803		263,404
融資租賃義務，扣除流動部分	45,660		43,217
遞延所得税負債，淨額	7,863		10,471
長期負債總計	299,326		317,092
負債總計	458,109		481,222
股東權益：
普通股，面值 0.001 美元。授權 50,000,000 股，2025 年和2024年9月30日已發行並流通的股份分別為 22,954,712 和 22,888,540	23		23
額外實收資本	63,033		60,327
留存收益	149,339		113,904
股東權益總計	212,395		174,254
負債及股東權益總計	$	670,504		655,476


NATURAL GROCERS BY VITAMIN COTTAGE, INC. Consolidated Statements of Cash Flows (Unaudited) *(Dollars in thousands)*

	Year ended September 30,
	2025		2024
Operating activities:
Net income	$	46,444		33,935
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	31,814		30,930
Loss on impairment of long-lived assets and store closing costs	81		2,102
(Gain) loss on disposal of property and equipment	(34)		10
Share-based compensation	3,960		2,829
Deferred income tax benefit	(2,608)		(3,955)
Non-cash interest expense	4		17
Other	7		(160)
Changes in operating assets and liabilities:
(Increase) decrease in:
Accounts receivable, net	(411)		(1,790)
Income tax receivable	(604)		252
Merchandise inventory	(12,296)		(1,412)
Prepaid expenses and other assets	(5,516)		(1,069)
Operating lease assets	33,592		33,446
(Decrease) increase in:
Operating lease liabilities	(34,432)		(34,197)
Accounts payable	(6,086)		10,039
Accrued expenses	1,389		2,783
Net cash provided by operating activities	55,304		73,760
Investing activities:
Acquisition of property and equipment	(31,201)		(37,541)
Acquisition of other intangibles	(178)		(1,139)
Proceeds from sale of property and equipment	93		37
Proceeds from property insurance settlements	315		43
Net cash used in investing activities	(30,971)		(38,600)
Financing activities:
Borrowings under revolving loans	666,200		604,200
Repayments under revolving loans	(666,200)		(604,200)
Repayments under term loan	—		(7,688)
Finance lease obligation payments	(3,825)		(3,610)
Dividends to shareholders	(11,009)		(31,866)
Payments of deferred financing costs	—		(18)
Payments on withholding tax for restricted stock unit vesting	(1,254)		(1,449)
Net cash used in financing activities	(16,088)		(44,631)
Net increase (decrease) in cash and cash equivalents	8,245		(9,471)
Cash and cash equivalents, beginning of year	8,871		18,342
Cash and cash equivalents, end of year	$	17,116		8,871
Supplemental disclosures of cash flow information:
Cash paid for interest	$	1,181		2,216
Cash paid for interest on financing lease obligations, net of capitalized interest of $252 and $338, respectively	1,940		1,939
Income taxes paid	15,911		13,581
Supplemental disclosures of non-cash investing and financing activities:
Acquisition of property and equipment not yet paid	$	2,373		3,679
Acquisition of other intangibles not yet paid	10		22
Lease assets obtained in exchange for new operating lease obligations	18,412		22,317
Lease assets obtained in exchange for new finance lease obligations	7,419		(45)


維生素小屋自然食品公司
合併現金流量表
（未經審計）
*(單位：千美元)*

	截至 9 月 30 日的年度
	2025		2024
經營活動：
淨收入	$	46,444		33,935
調整淨收入以對賬經營活動提供的淨現金：
折舊和攤銷	31,814		30,930
長期資產減值損失和店鋪關閉費用	81		2,102
處置物業和設備的（收益）損失	(34)		10
基於股份的補償	3,960		2,829
遞延所得税收益	(2,608)		(3,955)
非現金利息費用	4		17
其他	7		(160)
經營資產和負債的變動：
（增加）減少：
應收賬款，淨額	(411)		(1,790)
所得税應收款	(604)		252
商品庫存	(12,296)		(1,412)
預付費用和其他資產	(5,516)		(1,069)
經營租賃資產	33,592		33,446
（減少）增加：
經營租賃負債	(34,432)		(34,197)
應付賬款	(6,086)		10,039
應計費用	1,389		2,783
經營活動提供的淨現金	55,304		73,760
投資活動：
物業和設備的收購	(31,201)		(37,541)
其他無形資產的收購	(178)		(1,139)
處置物業和設備的收益	93		37
物業保險理賠的收益	315		43
投資活動使用的淨現金	(30,971)		(38,600)
融資活動：
循環貸款的借款	666,200		604,200
循環貸款的償還	(666,200)		(604,200)
定期貸款的償還	—		(7,688)
融資租賃義務支付	(3,825)		(3,610)
向股東支付的股息	(11,009)		(31,866)
遞延融資成本的支付	—		(18)
限制性股票單位歸屬的預扣税支付	(1,254)		(1,449)
融資活動使用的淨現金	(16,088)		(44,631)
現金及現金等價物的淨增加（減少）	8,245		(9,471)
年初現金及現金等價物	8,871		18,342
年末現金及現金等價物	$	17,116		8,871
現金流量信息的補充披露：
支付的利息	$	1,181		2,216
融資租賃義務支付的利息，扣除資本化利息 252 美元和 338 美元	1,940		1,939
支付的所得税	15,911		13,581
非現金投資和融資活動的補充披露：
尚未支付的物業和設備收購	$	2,373		3,679
尚未支付的其他無形資產收購	10		22
以新經營租賃義務交換獲得的租賃資產	18,412		22,317
以新融資租賃義務交換獲得的租賃資產	7,419		(45)



	NATURAL GROCERS BY VITAMIN COTTAGE, INC.

	Non-GAAP Financial Measures
	(Unaudited)



	維生素小屋自然食品公司

	非 GAAP 財務指標
	（未經審計）

EBITDA and Adjusted EBITDA

息税折舊攤銷前利潤（EBITDA）和調整後 EBITDA

EBITDA and Adjusted EBITDA are not measures of financial performance under GAAP. We define EBITDA as net income before interest expense, provision for income taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA as adjusted to exclude the effects of certain income and expense items that management believes make it more difficult to assess the Company's actual operating performance, including certain items such as impairment charges, store closing costs, share-based compensation, amortization of software hosting arrangement (SaaS) implementation costs and non-recurring items.

EBITDA 和調整後 EBITDA 不是 GAAP 下的財務表現指標。我們將 EBITDA 定義為扣除利息費用、所得税、折舊和攤銷前的淨收入。我們將調整後 EBITDA 定義為 EBITDA，調整以排除管理層認為使評估公司實際經營表現更加困難的某些收入和費用項目，包括減值費用、店鋪關閉費用、基於股份的補償、軟件託管安排（SaaS）實施成本的攤銷和非經常性項目。

The following table reconciles net income to EBITDA and Adjusted EBITDA, dollars in thousands:

下表將淨收入與 EBITDA 和調整後 EBITDA 進行對賬，單位：千美元：


	Three months ended September 30,		Year ended September 30,
	2025		2024		2025		2024
Net income	$	11,800		9,010		46,444		33,935
Interest expense, net	696		1,053		3,063		4,176
Provision for income taxes	3,006		2,003		12,483		8,866
Depreciation and amortization	8,023		7,932		31,814		30,930
EBITDA		23,525		19,998		93,804		77,907
Impairment of long-lived assets and store closing costs		—		1,721		118		2,547
Share-based compensation	860		929		3,960		2,829
Amortization of SaaS implementation costs		4		—		7		—
Adjusted EBITDA	$	24,389		22,648		97,889		83,283


	截至
9 月 30 日的三個月	截至
9 月 30 日的年度
	2025		2024		2025		2024
淨收入	$	11,800		9,010		46,444		33,935
利息費用，淨額	696		1,053		3,063		4,176
所得税準備	3,006		2,003		12,483		8,866
折舊和攤銷	8,023		7,932		31,814		30,930
EBITDA		23,525		19,998		93,804		77,907
長期資產減值和店鋪關閉費用		—		1,721		118		2,547
基於股份的補償	860		929		3,960		2,829
SaaS 實施成本的攤銷		4		—		7		—
調整後 EBITDA	$	24,389		22,648		97,889		83,283

EBITDA increased 17.6% to $23.5 million for the fourth quarter of fiscal 2025 compared to $20.0 million for the fourth quarter of fiscal 2024. EBITDA increased 20.4% to $93.8 million for the year ended September 30, 2025 compared to $77.9 million for the year ended September 30, 2024. EBITDA as a percentage of net sales was 7.0% and 6.2% for the fourth quarter of 2025 and 2024, respectively. EBITDA as a percentage of net sales was 7.0% and 6.3% for the years ended September 30, 2025 and 2024, respectively.

EBITDA 在 2025 財年的第四季度增長了 17.6%，達到 2350 萬美元，而 2024 財年的第四季度為 2000 萬美元。2025 年截至 9 月 30 日的年度 EBITDA 增長了 20.4%，達到 9380 萬美元，而 2024 年截至 9 月 30 日的年度為 7790 萬美元。2025 年和 2024 年第四季度 EBITDA 佔淨銷售額的比例分別為 7.0% 和 6.2%。2025 年和 2024 年截至 9 月 30 日的年度 EBITDA 佔淨銷售額的比例分別為 7.0% 和 6.3%。

Adjusted EBITDA increased 7.7% to $24.4 million for the fourth quarter of fiscal 2025 compared to $22.6 million for the fourth quarter of fiscal 2024. Adjusted EBITDA increased 17.5% to $97.9 million for the year ended September 30, 2025 compared to $83.3 million for the year ended September 30, 2024. Adjusted EBITDA as a percentage of net sales was 7.3% and 7.0% for the fourth quarter of fiscal 2025 and 2024, respectively. Adjusted EBITDA as a percentage of net sales was 7.4% and 6.7% for the years ended September 30, 2025 and 2024, respectively.

調整後的 EBITDA 在 2025 財年的第四季度增加了 7.7%，達到 2440 萬美元，而 2024 財年的第四季度為 2260 萬美元。調整後的 EBITDA 在截至2025年9月30日的年度中增加了 17.5%，達到 9790 萬美元，而截至2024年9月30日的年度為 8330 萬美元。調整後的 EBITDA 佔淨銷售額的比例在 2025 財年的第四季度和 2024 財年分別為 7.3% 和 7.0%。調整後的 EBITDA 佔淨銷售額的比例在截至 2025 年和2024年9月30日的年度中分別為 7.4% 和 6.7%。

Management believes some investors' understanding of our performance is enhanced by including EBITDA and Adjusted EBITDA, which are non-GAAP financial measures. We believe EBITDA and Adjusted EBITDA provide additional information about: (i) our operating performance, because they assist us in comparing the operating performance of our stores on a consistent basis, as they remove the impact of non-cash depreciation and amortization expense as well as items not directly resulting from our core operations, such as interest expense and income taxes and (ii) our performance and the effectiveness of our operational strategies. Additionally, EBITDA is a component of a measure in our financial covenants under our credit facility.

管理層認為，某些投資者通過包括 EBITDA 和調整後的 EBITDA（這些是非 GAAP 財務指標）來增強對我們業績的理解。我們認為 EBITDA 和調整後的 EBITDA 提供了關於以下方面的額外信息：(i) 我們的運營表現，因為它們幫助我們在一致的基礎上比較我們門店的運營表現，因為它們消除了非現金折舊和攤銷費用的影響，以及與我們核心運營無直接關係的項目，如利息費用和所得税；(ii) 我們的業績和運營策略的有效性。此外，EBITDA 是我們信貸協議下財務契約中一個指標的組成部分。

Furthermore, management believes some investors use EBITDA and Adjusted EBITDA as supplemental measures to evaluate the overall operating performance of companies in our industry. Management believes that some investors' understanding of our performance is enhanced by including these non-GAAP financial measures as a reasonable basis for comparing our ongoing results of operations. By providing these non-GAAP financial measures, together with a reconciliation from net income, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives.

此外，管理層認為某些投資者使用 EBITDA 和調整後的 EBITDA 作為補充指標，以評估我們行業中公司的整體運營表現。管理層認為，通過包括這些非 GAAP 財務指標，某些投資者對我們業績的理解得到了增強，作為比較我們持續運營結果的合理基礎。通過提供這些非 GAAP 財務指標，以及與淨收入的對賬，我們相信我們正在增強投資者對我們業務和運營結果的理解，並幫助投資者評估我們在執行戰略舉措方面的表現。

Our competitors may define EBITDA and Adjusted EBITDA differently, and as a result, our measures of EBITDA and Adjusted EBITDA may not be directly comparable to EBITDA and Adjusted EBITDA of other companies. Items excluded from EBITDA and Adjusted EBITDA are significant components in understanding and assessing financial performance. EBITDA and Adjusted EBITDA are supplemental measures of operating performance that do not represent and should not be considered in isolation or as an alternative to, or substitute for, net income or other financial statement data presented in the consolidated financial statements as indicators of financial performance. EBITDA and Adjusted EBITDA have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Some of the limitations are:

我們的競爭對手可能會以不同的方式定義 EBITDA 和調整後的 EBITDA，因此，我們的 EBITDA 和調整後的 EBITDA 指標可能無法與其他公司的 EBITDA 和調整後的 EBITDA 直接比較。排除在 EBITDA 和調整後的 EBITDA 之外的項目是理解和評估財務表現的重要組成部分。EBITDA 和調整後的 EBITDA 是運營表現的補充指標，不代表，也不應被視為孤立的或替代的，或替代於淨收入或其他在合併財務報表中呈現的財務數據的指標。EBITDA 和調整後的 EBITDA 作為分析工具存在侷限性，不應被孤立考慮，或作為對我們根據 GAAP 報告的結果的替代分析。一些侷限性包括：

EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments;
EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs;
EBITDA and Adjusted EBITDA do not reflect any depreciation or interest expense for leases classified as finance leases;
EBITDA and Adjusted EBITDA do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments on our debt;
Adjusted EBITDA does not reflect share-based compensation, impairment of long-lived assets, store closing costs and amortization of SaaS implementation costs;
EBITDA and Adjusted EBITDA do not reflect our tax expense or the cash requirements to pay our taxes; and
Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements.

EBITDA 和調整後的 EBITDA 不反映我們的現金支出，或未來資本支出或合同承諾的需求；
EBITDA 和調整後的 EBITDA 不反映我們營運資金需求的變化或現金需求；
EBITDA 和調整後的 EBITDA 不反映任何被分類為融資租賃的租賃的折舊或利息費用；
EBITDA 和調整後的 EBITDA 不反映債務的利息費用，或服務於利息或本金支付所需的現金；
調整後的 EBITDA 不反映基於股份的補償、長期資產減值、門店關閉成本和 SaaS 實施成本的攤銷；
EBITDA 和調整後的 EBITDA 不反映我們的税費或支付税款所需的現金；
儘管折舊和攤銷是非現金費用，但被折舊和攤銷的資產通常在未來需要更換，而 EBITDA 和調整後的 EBITDA 不反映此類更換所需的現金。

Due to these limitations, EBITDA and Adjusted EBITDA should not be considered as measures of discretionary cash available to us to invest in the growth of our business. We compensate for these limitations by relying primarily on our GAAP results and using EBITDA and Adjusted EBITDA as supplemental information.

由於這些侷限性，EBITDA 和調整後的 EBITDA 不應被視為可用於投資於我們業務增長的自由現金的指標。我們通過主要依賴我們的 GAAP 結果，並將 EBITDA 和調整後的 EBITDA 作為補充信息來彌補這些侷限性。

SOURCE Natural Grocers by Vitamin Cottage, Inc.

來源 Natural Grocers by Vitamin Cottage, Inc.

Natural Grocers by Vitamin Cottage 宣佈 2025 財年第四季度和全年財務業績 | NGVC 股票新聞