Freshpet, Inc. (FRPT) Morgan Stanley Global Consumer & Retail Conference 2025 December 2, 2025 4:30 PM EST
Company Participants
William Cyr – CEO & Executive Director
Conference Call Participants
Eric Serotta – Morgan Stanley, Research Division
Presentation
Eric Serotta
Morgan Stanley, Research Division
So we’re going to get started here. Good afternoon, everyone. I’m Eric Serotta from Morgan Stanley’s beverages, Tobacco and Household Products team, and I’m very pleased to welcome Freshpet back to our Global Consumer and Retail Conference. Before we begin, please see Morgan Stanley research website at www.morganstanley.com/researchdisclosures for important disclosures. And if you have any questions, you can reach out to your Morgan Stanley sales rep.
Freshpet reinvented pet food with a range of real foods and treats made from fresh meats, vegetables and fruit. sold in Freshpet branded refrigerators in grocery, mass, club and pet specialty stores. Joining us today, we have Freshpet’s CEO, Billy Cyr. Thanks for joining us.
William Cyr
CEO & Executive Director
Great. Thank you. Glad to be here.
Question-and-Answer Session
Eric Serotta
Morgan Stanley, Research Division
Great. So to start off, look, Freshpet has made tremendous progress over the past 3-plus years in terms of building out the manufacturing network, scaling the business. Now you’re guiding to positive free cash flow for this year, a year ahead of schedule. If you take a step back today, can you give us some perspective as to where the organization is and the key capabilities today versus a few years ago?
William Cyr
CEO & Executive Director
Yes. It really is an amazing amount of progress, and we’re a much better company than we were a couple of years ago. I put it in 3 buckets. I put it in the personnel, I put it in the systems and I put it in the processes.
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