Overview Key strengths Key risks Expanding presence in the on-trend and growing natural and organic (N&O) and fresh foods grocery channels. Niche player in the intensely competitive wholesale grocery industry. Modestly positive annual free operating cash flow (FOCF) generation. High customer concentration, with top three customers accounting for approximately 50% of sales. Historically aggressive financial policy, though this has moderated over the last two years. As of fiscal 2023 (ended April 30, 2023), KeHE grew its sales 7.5% year over year to $7.0 billion, driven largely by food inflation. Growth was partially offset by unit declines attributed to weaker consumer discretionary spending and a trade-down to lower-cost stores, including Aldi and LIDL, in a recessionary macroenvironment. We expect robust top-line
