On this page of StockholderLetter.com we present the latest annual shareholder letter from CENTRAL GARDEN & PET CO — ticker symbol CENT. Reading current and past CENT letters to shareholders can bring important insights into the investment thesis.

 •  12/22/2025 Letter Continued (Full PDF)
 •  12/28/2023 CENT Stockholder Letter
 •  12/30/2024 CENT Stockholder Letter
 •  More "Consumer Goods" Category Stockholder Letters
 •  CENT Benford's Law Stock Score = 97

CENT Shareholder/Stockholder Letter Transcript:

We are
Central
to home
2025
Annual
Report

OUR MISSION
Lead the future of the
garden and pet industries...
one blade of grass and
one wagging tail at a time
LEADING POSITIONS

2
Pet Supplies
(ex. Dog & Cat Food, Cat Litter)

2
Lawn & Garden
Supplies
G R E AT B R A N D S
F I S C A L 2 0 2 5 F I N A N C I A L R E S U LT S
Net
Sales
$3.1b
Operating
Income
$250mm
Earnings
Per Share
Cash &
Cash Equiv.
$2.55
$882mm

Dear Shareholders,
As we close fiscal 2025, I want to express my sincere gratitude to our more than 6,000 employees whose resilience
and commitment made this a record year for Central Garden & Pet. Their hard work enabled us to navigate a
dynamic external environment, deliver strong financial performance, and advance our strategy with clarity and
purpose.
Fiscal 2025: A Year of Progress
Despite external pressures   including variable weather, softness in durable pet products, and shifting consumer
behavior   we delivered record DGMXVWHG EBITDA, record earnings per share, and expanded margins. Our Garden
segment finished the year with strong momentum, and our Pet segment performed well in consumables and other
key growth categories. These results reinforce the strength of our diversified portfolio and our focus on serving
consumers, customers, and partners.
We also strengthened cash generation and maintained a healthy balance sheet, preserving the financial flexibility to
invest in innovation, digital capabilities, and strategic M&A. Together, these actions reflect both the durability of our
model and the operational improvements we   ve made in recent years.
Strengthening the Foundation: Cost & Simplicity
In fiscal 2025, we achieved a major milestone with the completion of our multi-year Supply Network Design
initiative, which reshaped Central   s operational foundation. As part of this work, we optimized our logistics footprint
and eCommerce fulfillment capabilities, consolidated and modernized our physical footprint-including the closure of
16 legacy facilities, and completed key portfolio actions, such as exiting our pottery business and selling our
independent retail channel garden distribution business.
Collectively, these steps have made Central simpler, stronger, and more agile   enhancing productivity, reliability,
and our ability to reinvest in growth. This effort is about building a company that operates with focus and delivers
consistent results in a rapidly changing market.
Momentum Across Our Businesses
Our teams delivered solid performance across both segments.

In Pet, we saw continued strength in dog treats and chews, animal health, and aquatics. While durable
categories remained pressured, we protected margins and continued investing in areas where consumers
are most engaged.
In Garden, favorable seasonal conditions, strong retail partnerships, and organizational simplification
contributed to robust profit growth. Our lawn and garden consumables brands continued to resonate with
consumers throughout the season.
Together, these results demonstrate the benefits of our balanced portfolio and the tangible impact of our Cost and
Simplification agenda.

Looking Ahead to Fiscal 2026
As we look to the year ahead, we expect consumers to remain focused on value and performance in a
promotionally active but stable retail environment, with continued shifts from pet specialty to eCommerce. These
trends will influence how shoppers engage with our brands, and we will stay disciplined in execution across
channels.
We will continue investing in the capabilities that position Central for long-term success, including innovation, digital
and eCommerce infrastructure, and strategic M&A. We will also advance our Central to Home strategy by sharing
tools and data across teams and scaling practices that strengthen both our operations, and our business-unit led
entrepreneurial culture.
Moving Forward with Optimism
Fiscal 2025 was a year defined by meaningful progress. We solidified our foundation, executed with discipline, and
positioned Central for sustained growth. While mindful of the challenges ahead, we are optimistic about our path
forward and confident in our ability to deliver another strong year.
Thank you for your continued trust and support. I look forward to sharing our progress in the year ahead.
Sincerely,
Niko Lahanas
Chief Executive Officer



 12/22/2025 Letter Continued (Full PDF)