Natural Grocers by Vitamin Cottage Inc 2025年度报告

DEAR FELLOW STOCKHOLDERS: We take great pride in our sales and profitability growth in fiscal 2025 and in recent years. Fiscal 2025represented another year of record performance for Natural Grocers®, including net sales of $1.33billion and diluted earnings per share of $2.00. The daily average comparable store sales increase was7.3%, and 14.3% on a two-year basis. The year’s robust sales growth, combined with effective operationalexecution, generated a year-over-year operating margin improvement of 90 basis points and a 36.1%increase in diluted earnings per share. Fiscal 2025 marked our twenty-second consecutive year of positive daily average comparable storesales growth. Consumers continue to be drawn to our differentiated offering of high-quality, naturaland organic products. We believe that consumers’ prioritization of health and wellness, including foodand nutrition, will continue to be highly resilient. Furthermore, we believe that ourAlways AffordablePriceSMstrategy provides compelling value for our customers, strengthening our competitive positionduring periods of economic uncertainty. We would like to thank every member of our good4uSMCrew for their commitment to operationalexecution and exceptional customer service, which were instrumental in driving our strong results. GROWTH DRIVERS Our key initiatives fueled growth during fiscal 2025 and are expected to drive our long-term success. •{N}power®rewards:We continue to enhance the personalization and interactivity of our{N}power rewards program offerings. The maturity and high penetration rate of our {N}powerrewards program – we finished the year with a net sales penetration of 82% – enables efficientand relevant customer engagement. •Natural Grocersbrand products:OurNatural Grocersbrand private label products continueto experience elevated growth, accounting for 8.7% of total sales, up from 8.5% a year ago.During fiscal 2025, we extended ourNatural Grocersbrand offerings with the launch of 119 newitems, providing our customers with premium quality at compelling prices. • New stores:In fiscal 2025 we opened two new stores, relocated two stores, and remodeledone store. Accelerating new store unit growth is another core element of our growth strategy. InAugust 2025, we announced our plan to open six to eight new stores in fiscal 2026, and arecommitted to four to five percent annual new store unit growth for the foreseeable future.Our new store pipeline includes real estate opportunities in states in which we operate andadjacent states. With a consistent track record of strong financial and operating performanceover the past several years, we believe we are well positioned to execute this plan. STOCKHOLDER RETURN We remain committed to enhancing value for our stockholders by maintaining a balanced approachto capital allocation. In addition to investing in our business to accelerate new store unit growth, inNovember 2025 our Board of Directors increased the quarterly cash dividend by 25% to $0.15 percommon share, reflecting our strong fiscal 2025 operating performance and financial position, as wellas confidence in the direction and trajectory of our business. Since initiating the dividend in 2019, andthrough the dividend paid in December 2025, the Company has cumulatively returned $122 million incapital to our stockholders through $5.39 of cumulative dividends per common share. LOOKING AHEAD We are committed to maximizing value for our stockholders. As we look forward to fiscal year 2026,we expect to build upon our momentum by executing to our founding principles, including ourAlwaysAffordable Pricestrategy and differentiated product offering, emphasizing operational excellence,and delivering on our new store unit growth plans. We are confident in our ability to continue to driveprofitable, long-term growth and enhance value for all stakeholders. Form 10-K Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YesտNoց Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Actof 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days. YesցNoտ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YesցNoտ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company,or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule 12b-2 of the E