ACADEMY SPORTS + OUTDOORS 2026 ANALYST DAY APRIL 7, 2026 .3
| 2Introduction Disclaimer This presentation has been prepared by Academy Sports and Outdoors, Inc. (the “Company,” “Academy” or “ASO”). This presentation is provided for general informational purposes only and it does not purport to be complete. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein, and any reliance you place on them will be at your sole risk. The Company, its affiliates and advisors do not accept any liability whatsoever for any loss arising, directly or indirectly, from the use of this presentation or its contents, or otherwise arising in connection with this presentation. Forward Looking Statements This presentation contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company’s current expectations and are not guarantees of future performance, concerning expectations, beliefs, plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are other than statements of historical fact. Words such as “target,” “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable,” or the negative version of these words or other comparable words or similar expressions are used to identify these forward looking statements. The forward-looking statements include, among other things, statements regarding expected leverage and liquidity, capital allocation and deployment, market conditions, the Company’s expectations regarding its future financial performance and financial condition, and other such matters, and are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Although the Company believes that the expectations and assumptions reflected in these statements are reasonable, there can be no assurance that these expectations will prove to be correct or that any forward-looking results will occur or be realized. This presentation provides an overview of the Company's goals, plans, and initiatives in support of those goals. These goals, plans, and initiatives are aspirational or otherwise forward-looking statements Actual results may differ materially due to changes in global, regional, or local economic, business, competitive, market, regulatory, and other factors, many of which are beyond the Company’s control. These factors include, among others, changes in interest rates or credit market conditions, changes in rating agency methodologies or credit opinions, and the other risks set forth in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including under the caption “Part I. Item 1A. Risk Factors” in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2026, as may be updated from time to time in the Company’s periodic filings with the SEC. Any forward-looking statement in this presentation speaks only as of the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by applicable securities laws. Industry and Market Data Market and industry data and forecasts used in this presentation have been obtained from independent industry sources as well as from research reports prepared for other purposes. We also cite certain information from media and other third-party sources. Although we believe these third-party sources to be reliable, we have not independently verified the data obtained from these sources and we cannot assure you of the accuracy or completeness of the data. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this presentation. Statements as to our market position are based on market data currently available to us, as well as management’s estimates and assumptions regarding the size of our markets within our industry. While we are not aware of any misstatements regarding our industry data presented herein, our estimates involve risks and uncertainties and are subject to change based on various factors. As a result, we cannot guarantee the accuracy or completeness of such information contained in this presentation. In addition, any reference within this presentation or made in connection with this presentation to our support of, work with, or collaboration with a third-party entity or organization does not constitute or imply an endorsement of any or all of the positions or activities of such entity or organization. Non-GAAP Financial Measures In this presentation, we use certain non-GAAP financial measures to evaluate current and past performance and prospects for the future to supplement our GAAP financial information presented in accordance with GAAP. These non-GAAP financial measures are important factors in assessing our operating results and profitability. A reconciliation of non-GAAP measures to the most directly comparable GAAP measures is contained in the appendix to this presentation. SAFE HARBOR / FORWARD LOOKING STATEMENTS
| PRESENTERS STEVE LAWRENCE CHIEF EXECUTIVE OFFICER CHAD FOX CHIEF CUSTOMER OFFICER CARL FORD CHIEF FINANCIAL OFFICER Introduction 5
| 6Introduction YEAR HISTORY OF SUCCESS PROVIDING FUN FOR ALL PRE 2019 THE FOUNDATION • Founded in 1938 in San Antonio, TX • Family-owned tire store pivoted to sports + outdoors • 125+ chain across Texas and Southeast by 2010 • Acquired by KKR in 2011 • Total of 259 stores by 2019 and achieved $4.8B total sales EARLY 2020s THE IPO • Strengthened relationships with leading national brands • Developed private brand portfolio • IPO October 2020 (NASDAQ: ASO) • Doubled eCommerce + improved operating margins by ~10% • Delivered balance sheet to support self-funded growth TODAY OUR BUSINESS • Continued to invest in our strategic initiatives, which has returned the business to top-line growth LONG RANGE BUSINESS GOALS1 Continue leveraging our strategic initiatives on our goal to be the best Sports + Outdoors Retailer F Y2 5 B U SI N ES S STAT S : • Total Sales = ~$6.1B • 322 Stores across 21 States • Opened 24 Stores • GAAP EPS - $5.54 • eCom Penetration ~12% $8B+ TOTAL SALES 450+ TOTAL STORES 7% NET INCOME MARGIN 15%+ ECOM SALES PENETRATION 85+ $9 GAAP EPS Note: Figures presented are rounded to the nearest value Note(1): These goals are aspirational or otherwise forward-looking statements and actual performance may differ, possibly materially, and no guarantees are made that these goals will be met. See slide 2 for additional important information about forward-looking statements
| 7Introduction THE BEST SPORTS + OUTDOORS RETAILER IN OUR CORE GEOGRAPHY CURRENT STATE: ~40% Traffic Share in Legacy Markets1 47 FY25 NPS Score (Top of Peer Set)2 ~86% FY25 Overall Satisfaction (Top 5 Retailer)3 Note(1): Source: Placer.ai; ASO Legacy Markets include AR, LA, OK, TX Note(2): NPS stands for Net Promoter Score. Source: Academy Internal Research. Peer set includes Amazon, Bass Pro Shops, REI, Dick’s Sporting Goods, Wal-Mart, Hibbett’s, Target, Dunham’s Note(3): Source: Service Management Group. Sample set consists of 25 different retail clients.
| 8Introduction THE BEST SPORTS + OUTDOORS RETAILER IN THE COUNTRY VISION: Note: These goals are aspirational or otherwise forward-looking statements and actual performance may differ, possibly materially, and no guarantees are made that these goals will be met. See slide 2 for additional important information about forward-looking statements
| 9 THE SPORTS + OUTDOORS SPACE IS LARGE + GROWING WITH NO DOMINANT PLAYER $125B1 SPORTING GOODS MARKET $40B3 WORK + OUTDOOR RECREATION MARKET$45B2 OUTDOOR + WESTERN LIFESTYLE MARKET $35B4 HUNTING + FISHING MARKET ~$245B Source: Academy Internal Research, calculations include the following: Note: Total Addressable Market (“TAM”) serves as a combination of addressable markets within a particular sector Note(1): Source: Grand View Research. Sum of “Sports Equipment Market Size” United States TAM Note(2): Source: Business Research Insights, Global Market Insights. Sum of “Western Wear Market Overview”, plus “Outdoor Apparel Market Size” Note(3): Source: Grand View Research, Emergen Research, Market-Focus Analytics, Outdoor Industry. Sum of “Workwear Market”, plus “ US Protective Clothing Market”, plus “US Industrial Protective Footwear”, plus “US Hand Protection Equipment Market”, plus “U.S. Eye Protection Equipment Market”, plus, “United States Hearing Protection Market Size, Outlook & Brands”, plus “U.S. Camping and Hiking Gear Market”, plus “Outdoor Market” excluding fitness and lifestyle apparel Note(4): Source: Grand View Research, Future Market Insights. Sum of “US Ammunition Market Size”, plus “USA Hunting Equipment & Accessories Market (2025 to 2035), plus “U.S. Fishing Goods Market” $245B TOTAL ADDRESSABLE MARKET Introduction
|Introduction 10 117 18 1013 6 12 3 10 4 2 1 5 3 6 15 18 21 10 221710 TOTAL ADDRESSABLE MARKET WITHIN OUR FOOTPRINT1 $130B CURRENT FOOTPRINT TAM OUR FOOTPRINT ACCOUNTS FOR ~53% OF THE $245B2 TAM Note(1): The ASO footprint as of April 7th, 2026, spans 21 states: AL, AR, FL, GA, IL, IN, KS, KY, LA, MD, MO, MS, NC, OH, OK, PA, SC, TN, TX, VA, WV Note(2): Academy Internal Research, detail on calculations provided on slide 9
|Introduction 11 Grow New Stores Drive Existing Business Build More Powerful Omni-Channel Leverage Supply Chain Network Execute With Best Team in Retail 1 2 3 4 5 OUR STRATEGIC PRIORITIES REMAIN UNCHANGED… …TO BRING MORE “FUN”GROWTH PRIORITIES FOUNDATIONAL PRIORITIES
|Introduction 13 Families who want to fill their lives with meaningful moments + lasting memories. UNDEFEATABLE PRICES VALUE ASSORTMENT EXPERIENCE GEAR FOR DAYS ACCESS MADE EASY INTRODUCING THE ALWAYS GAME FAMILY WHO? …Healthy lifestyle is valued. …Experiences are worth it. …Grass stains are remembered. …and memories matter. WHERE… Young parents with school children in the householdPARENTS Toddlers - teens, median number of 2 kids KIDS $75K+ household IncomeINCOME 89% own a petPETS Mostly suburban + rural areasREGION 4+ activities per family memberACTIVITIES Source: Academy Internal Research
GROW NEW STORES
| 125 209 259 322 ~450 2010 2015 2020 2025 LRP TARGET WHITESPACE LEGACY MARKETS EXISTING MARKETS NEW MARKETS 5 800+ New Stores 15 $1.1B TOTAL SALES From 63 New Stores Opened Since FY221 Significant whitespace opportunity positions our team to strategically expand our operational footprint as we continue to internally fuel growth… Note(1): As of end of FY25 Note(2): “LRP” denotes the Long Range Plan Note(3): Legacy Markets - Highest Awareness Markets (Texas/Oklahoma/Louisiana/Arkansas) Note(4): Existing Markets (Mississippi/Alabama/Georgia/Florida/Kansas/Missouri/Tennessee/Kentucky/North Carolina/South Carolina) Note(5): New Markets - Lowest Awareness Markets (Pennsylvania/Ohio/Indiana/Illinois/West Virginia/ Maryland/Virginia) + $1.9B ADDTL. ANNUAL SALES From ~125 New Stores Planned in LRP2 New Store Avg. Y1 Sales Volume ~$16M LEGACY MARKETS ~$14M EXISTING MARKETS ~$12M NEW MARKETS NEW STORES ARE OUR CUSTOMER-ACQUISITION ENGINE New store capital investment of $2.5M - $3.5M3 4
| Demographic Dichotomy… Total Population1 Total Households1 Household Income1 Total Disposable Income1 Y1 Store Sales Volume Market Advantages ...is Addressed by ASO’s Bespoke, Customer-Focused Strategic Priorities A TALE OF TWO CITIES Note(1): Source: Kalibrate. Reflects trade area KPI attributes Perimeter, GA (2022) Searcy, AR (2024) Rural, Blue CollarUrban, top 10 by population, Cosmopolitan… 460K+ 199K+ $100,000+ ~$18B ~$10M Population density Demographic diversity Higher disposable income Higher softlines penetration Lower capital spend Lower rent per sq. ft. High hunt and fish activity High sports participation 116K+ 45K+ ~$50,000 ~$2B ~$16.5M New Stores 16
|New Stores 17 EXURBS SUBURBS URBAN IN IT IA L S T R A T E G Y EXURBS SUBURBS URBAN R E F IN E D S T R A T E G Y RURAL INITIAL STRATEGY REFINED STRATEGY Urban + Suburban Visibility High Population ~63K sq. ft. Box Size Initial growth focus established a baseline… Extend into Exurb + Rural Markets Larger Reach High Affinity ~55K sq. ft. Box Size …while expanding our focus ramps growth. of the U.S. Population is NOT Within 10 Miles of an Academy ~80% Source: Academy Internal Research, 2020 Census FROM INSIDE OUT, TO OUTSIDE IN
| 16.1% 5.1% 11.7% 3.6% 9.4% 3.1% 12.0% 4.3% 8.1% 3.2%3.2% 3.0% HISTORICAL 10-YEAR JOB GROWTH RATE PROJECTED 5-YEAR JOB GROWTH RATE HISTORICAL 10-YEAR POPULATION GROWTH RATE PROJECTED 5-YEAR POPULATION GROWTH RATE New Stores Source: Bureau of Economic Analysis, Seidman Research Institute, BLS CES data, and Projections Central data as of March 2026 Note(1): Legacy Markets consist of stores within TX, OK, LA and AR Note(2): Total Footprint consists of all states where Academy Sports + Outdoors currently has an operating store Note(3): Rest of Market consists of states where Academy Sports + Outdoors does not currently operate a store 18 LEGACY MARKETS1 TOTAL FOOTPRINT2 REST OF MARKET3 OUR FOOTPRINT IS CHARACTERIZED BY THE MOST ATTRACTIVE MACRO TAILWINDS NATIONWIDE… FAST-GROWING POPULATION + STRONG ECONOMIC GROWTH = STRONG GROWTH OPPORTUNITY UNLOCKING IN OUR FOOTPRINT
| 19Source: Population data sourced from Texas Census Data, neilsberg.com and prospered.com Note: Map shown is illustrative of current and future store locations 26 Current Locations within Metro Footprint Identified Expansion Opportunity ASO’s Current Market Expansion & Original Metro Footprint Opportunity to take advantage in high-density Always Game Family areas that are underserved today… LARGE METRO MARKETS IN LEGACY + EXISTING MARKETS New Stores
| IL LU ST R AT IV E M A R K E T R A M P RAMP TO MATURITY New Stores Note(1): Legacy Markets – Highest Awareness Markets (Texas / Oklahoma / Louisiana / Arkansas) Note(2): Existing Markets (Mississippi / Alabama / Georgia / Florida / Kansas / Missouri / Tennessee / Kentucky / North Carolina / South Carolina) Note(3): New Markets – Low Awareness Markets (Pennsylvania / Ohio / Indiana / Illinois / West Virginia / Maryland / Virginia) Note(4): Consists of states where Academy Sports + Outdoors does not currently operate a store 20 MIDSIZE MARKETS IN LEGACY & EXISTING MARKETS EXPAND OUR GROWTH OPPORTUNITIES REAL ESTATE STRATEGY POISED TO SUPPORT OUR LONG RANGE PLAN LEGACY MARKETS EXISTING MARKETS NEW MARKETS ASO DISTRIBUTION CENTERS Legacy Markets provide an average payback period of ~2.5 years Brand Awareness in New Markets + Higher Year 1 Demand in Legacy Markets Has Shifted the Growth Profiles ILLUSTRATIVE NEW STORE MARKET MATURITY RAMP LEGACY NEWEXISTING $(Millions) FUTURE STATE EXPECTATIONS Long-Term Potential > 5 Years New Footprint4 Current Footprint Refined 5 Yr Outlook Prior Strategy Market Type --~405014 (22%)Legacy --~1105025 (40%)Existing 100-200~1002524 (38%)New 350+ Stores125 Sites63 StoresTotal $12M $14M $16M Year 1 Expectations 1 2 3
| DRIVE THE EXISTING BUSINESS
|Drive the Existing Business 22 FUEL THE FUN “HELP ME BRING MORE FUN TO MY FAMILY” SIMPLIFY MY SHOP “HELP MAKE MY FAMILY LIFE EASIER” RESPECT MY TIME “HELP ME SHOP FAST + FRICTION FREE” STRETCH MY DOLLAR “HELP ME GET MORE FOR MY MONEY” DELIVERING AGAINST THE UNMET NEEDS OF THE CUSTOMER-CENTRIC STRATEGIES FILTERED THROUGH ALWAYS GAME FAMILY
|Drive the Existing Business 23 OUR DIVERSE + EVOLVING ASSORTMENT OF BRANDS HELPS US FUEL THE FUN FOR OUR CUSTOMERS FUEL THE FUN SPORTING GOODS HUNTING + FISHING WORK + OUTDOOR RECREATION OUTDOOR + WESTERN LIFESTYLE N A TI O N A L (7 5% )1 1 2 PR IV A TE / EX C LU SI VE (2 5% )1 Illustrative Value Ladder Good Better Best 2 1 Good Better Best ONE-STOP SHOP Note(1): These goals are aspirational or otherwise forward-looking statements and actual performance may differ, possibly materially, and no guarantees are made that these goals will be met. See slide 2 for additional important information about forward-looking statements.
|Drive the Existing Business 24 Leveraging Technology to Enhance Customer Experience Delivers Operational Efficiencies SIMPLIFY MY SHOP RESPECT MY TIME LEVERAGING TECHNOLOGY TO SIMPLIFY SHOPPING Device for RFID Scans + Payment Team Member App to Save the Sale + + Piloting Digital Shelf Labels to Shift Labor to Customer-Facing Improves In-Stocks Raises Customer Satisfaction Pricing Optimization + +
|Drive the Existing Business 25 STRETCH MY DOLLAR ACADEMY WINS ON VALUE FOR OUR CUSTOMER + HELPS THEM STRETCH THEIR DOLLAR $20.00 $9.99ASO Private Label BCG Turbo Solid T-Shirt National Competitor Private Label Moisture-Wicking T-Shirt $32.00 $8.99 $39.99 National Brand Offering Nike Legend T-Shirt $79.99 $15.99 $149.99 Key Value Items1 Market Leading Prices1 Price Match Guarantee Matching printed or digital prices from qualified retailers (local & national)2 $24.99 Note(1): Items reflect price as of March 25, 2026 Note(2): See https://www.academy.com/price-match-guarantee for full terms and exclusions
|Drive the Existing Business 26 CREATING VALUE THROUGH PERSONALIZATION MILLION CUSTOMERS
33 18 MONTHS AFTER LAUNCH
| CO-BRANDED CREDIT CARD PRIVATE LABEL CREDIT CARDBASE LOYALTY ✓✓✓ ✓✓✓BIRTHDAY REWARD ✓✓✓SHIPPING AT ACADEMY.COM ✓✓✓MEMBER REWARD AFTER $500 ANNUAL SPEND AT ACADEMY ✓✓—FIRST PURCHASE OF $30.01 AT ACADEMY ✓✓—EVERY PURCHASE AT ACADEMY ✓——ON ALL PURCHASES OUTSIDE ACADEMY ✓——REWARD AFTER $500 SPEND OUTSIDE ACADEMY WITHIN 90 DAYS OF ACCOUNT OPENING Drive the Existing Business 28 COMPREHENSIVE LOYALTY PROGRAM REWARD EVERYDAY SPEND DRIVE HIGHER ENGAGEMENT INCREASE LOYALTY + FREQUENCY STRETCH MY DOLLAR FUEL THE FUN CAPTURING CUSTOMER LOYALTY VIA INTEGRATED PROGRAM WELCOME OFFER $15 OFF FREE $25 MINIMUM NO MINIMUM NO MINIMUM $25 $30 OFF 5% OFF 2% BACK $50
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| LOYALTY MEMBER + CARDHOLDER CARDHOLDER ONLY LOYALTY MEMBER ONLY AVG. ASO CUSTOMER 3.5X2X1.5X1X Source: Academy Internal Research 30 ENGAGEMENT = PRODUCTIVITY Drive the Existing Business SPEND PER YEAR Single-Activity Shopper Transactions 3x as Average Customer Transactions 2x as Average Customer
A MORE POWERFUL OMNI-CHANNEL BUSINESS
|Customer 32 BUILDING OUR OMNI-CHANNEL BUSINESS AROUND THE CUSTOMER SIMPLIFY MY SHOP
|Customer 33 CREATING A SCALABLE DIGITAL FOUNDATION • Standard taxonomy, attributes, and data governance • Reduced operational friction MASTER DATA MANAGEMENT VENDOR SETUP + AUTOMATION AI ENRICHMENT MODERNIZING SEARCH • Automated vendor onboarding + item creation workflows • Improve scalability for expanded assortment + dropship • AI Enrichment tool used to fill attribute gaps to improve searchability + filtering • Enable richer, more compelling product display pages • Upgrade search infrastructure for speed, relevance, and scalability • Improve ranking, synonyms, and intent- based results
|Customer 34 X IMPROVING CUSTOMER EXPERIENCE THROUGH AI ON-MODEL PHOTOGRAPHY SIMPLIFY MY SHOP
|Customer 35 CONVERSION RATE IMPROVING CUSTOMER EXPERIENCE WITH AGENTIC AI SIMPLIFY MY SHOP HIGHER BASKET Source: Academy Internal Research Note(1): Conversion rate and basket metrics are based on performance during November - December 2025 1
|Source: Academy Internal Research Note(1): Monthly active user growth reflects performance over last two fiscal years (FY24 and FY25) Note(2): Units per transaction and conversion rate uplift reflects app performance versus the website over the last fiscal year 36 Updated Homepage System Ways to Save Toggle to Apply Credit Card and Loyalty Rewards Annual Reward Tracker in NEW myRewards Tab SIMPLIFY MY SHOP DRIVING ENGAGEMENT THROUGH OUR APP CONVERSION RATE2 MONTHLY ACTIVE USERS1 UNITS PER TRANSACTION2 +50% 40% +10% Customer THE CENTRALIZED HOME BASE FOR MYACADEMY
|Customer 37 EXPANDING OUR ASSORTMENT THROUGH DROPSHIP FUEL THE FUN UNLOCKING MORE CHOICE FOR THE CUSTOMER WITH ENDLESS AISLE CAPABILITIES
|Customer 38 EXTENDING THE SALE BEYOND THE SHELF SIMPLIFY MY SHOP
|Customer 39 MEETING THE ALWAYS GAME FAMILY WHERE THEY ARE Extending Discovery + Conversion Beyond Owned Channels SIMPLIFY MY SHOP
|Customer 40 AI-POWERED INTELLIGENCE FOR FRONTLINE CUSTOMER CARE CUSTOMER CALLS + CHATS TRANSCRIBED + ANALYZED BY AI DAILY INSIGHTS + REAL-TIME GUIDANCE SIMPLIFY MY SHOP Turning Millions of Customer Interactions into Actionable Insights that Improve Speed, Resolution, and Experience
|Customer 41 UNLOCKING NEW VALUE THROUGH RETAIL MEDIA
| BUILDING A MODERN ACADEMY Customer 42 myAcademy Loyalty eCommerce Growth Academy Retail Media
FINANCIAL VISION + LONG RANGE PLAN
| Note(1): From IPO in October 2020, to end of FY25 Note(2): As of January 31, 2026 Note(3): Sales CAGR since FY2019 Note(4): Includes $1.7B of share repurchases and $0.1B of dividends Long Range Plan 44 EXCEPTIONAL TRACK RECORD AS A PUBLIC COMPANY YEARS OF PERFORMANCE SINCE IPO Delivering Strong Results & Profitability Since Our IPO1 +320% Total Shareholder Return3 430bps Gross Margin Improvement 4.6% Sales CAGR2 5 New States Entered 63 New Stores Opened $800M+ Cumulative Investments ~$1.0B Deleverage of Balance Sheet ~40% IPO Shares Repurchased ~$1.8B Cash Returned to Shareholders4
|Long Range Plan 45 PROGRESS ON STRATEGIC INITIATIVES TO DRIVE IMPROVED COMPARABLE SALES TRAJECTORY 1 New Store Performance On-Trend Product Assortment Omni-Channel Acceleration Shift Toward Resilient Consumer 2 3 4 (5.1%) (4.7%) (2.8%) (1.9%) (1.5%) Q4 Q1 Q2 Q3 Q4 LTM COMPARABLE SALES1 ASO has driven a long-term trend of improving comparable sales from previously negative-MSD values FY25FY24 Source: Academy Internal Research Note(1): We define comparable sales as the percentage of period-over-period net sales increase or decrease, in the aggregate, for stores open after thirteen full fiscal months, as well as for all e-commerce sales
|Note(1): These goals are aspirational or otherwise forward-looking statements and actual performance may differ, possibly materially, and no guarantees are made that these goals will be met. See slide 2 for additional important information about forward-looking statements. Long Range Plan 46 LONG RANGE FINANCIAL OUTLOOK OUR STRATEGIC PILLARS ARE ALIGNED TO OUR CHALLENGING LONG RANGE GOALS $8B+ Sales LONG RANGE GOALS1: 15%+ eCom Penetration 125+ New Stores $9 GAAP EPS 7% Net Income Margin GROW NEW STORES1 DRIVE EXISTING BUSINESS 2 MORE POWERFUL OMNI-CHANNEL 3 LEVERAGE SUPPLY CHAIN 4 BEST TEAM IN RETAIL5
|Long Range Plan Note: Rounded amounts are displayed which can cause detail not to sum to totals due to rounding Note(1): These goals are aspirational or otherwise forward-looking statements and actual performance may differ, possibly materially, and no guarantees are made that these goals will be met. See slide 2 for additional important information about forward-looking statements. Note(2): New store year 1 sales are inclusive of eCom and Brick and Mortar 47 CLEAR SIGHT TO SUSTAINED REVENUE GROWTH $5.4B $6.8B $0.7B $1.2B $6.1B $8.0B 2025A New Store ² Growth eCom Growth Existing Business Initiatives Headwinds LRP Target Store B&M eCom $1.9B+ $0.3B+ ($0.5B) $0.3B+ Drive growth in our existing business Retail media network Loyalty program Personalization New brands Improved in-stocks Develop a more powerful omni- channel business that drives increased penetration delivering ~$0.6M of growth Open ~125 new stores at $12M - $16M year 1 sales2 ~$2.0B Revenue Growth Generated1 Achieve Low-Single Digit Comparable Sales Growth Drive 5% Annual Revenue Growth Generate High- Single Digit EPS Growth 1 2 3 LONG RANGE PLAN $0.3B$0.3B
|Long Range Plan Note(1): Adjusted EBIT margin is a non-GAAP measure. See appendix for reconciliation of non-GAAP measures. Note(2): These goals are aspirational or otherwise forward-looking statements and actual performance may differ, possibly materially, and no guarantees are made that these goals will be met. See slide 2 for additional important information about forward-looking statements. 48 …WHILE GENERATING EBIT EXPANSION LONG RANGE PLAN Grow Sales Invest in Strategic Initiatives Drive Merchandise Expansion 1 2 3 Optimize Supply Chain4 9.0% 10.0% 0.5% 0.5% 0.3% 0.2% (0.5%) 2025A Sales Leverage Supply Chain Productivity Retail Media Private Label + Softlines Expansion Return Value to Customers LRP Target ~100bps of Adj. EBIT Margin1 Expansion2 Deepening value to our customers, mix shift to softlines benefitting merch margin High-margin vendor-supported marketing initiatives Driving supply chain efficiencies within our existing network Synergies associated with sales growth
|Long Range Plan Note(1):ROIC is defined as Adjusted EBITDA before lease expense less income tax expense divided by average invested capital on a trailing thirteen-month basis, inclusive of year-end total lease liabilities. This is a non-GAAP measure, see appendix for reconciliation of non-GAAP measures Note(2): Net Debt is defined as long-term debt, net plus current maturities of long-term debt, less cash and cash equivalents. We define “Net Leverage” as Net Debt divided by Adjusted EBITDA. This is a non-GAAP measure, see appendix for reconciliation of non-GAAP measures Note(3): Includes $1.7B in share repurchases and $0.1B in dividend payouts from IPO in Oct. 2020 to end of FY25. 49 DISCIPLINED CAPITAL ALLOCATION PHILOSOPHY… …EQUALS HIGH RETURN FINANCIAL GOVERNANCE FY25 Return on Invested Capital120% FY25 Net Leverage Ratio20.2X Total Cash Returned to Shareholders3 $1.8B Generate Strong Cash Flow from Operations Invest in Strategic Initiatives Steady Dividend Growth Remaining Free Cash Flow Share Repurchase Program
| 1 Open New Stores in Legacy, Existing and New Markets to expand store count within our footprint Build a more powerful Omni-Channel business Drive our Existing Business Leverage and scale our Supply Chain to enable industry-leading growth Support our growth with the Best Team in retail Strategy Strategic Actions Grow Penetration from 12% in 2025 to Target 15%+ over Next 5 Years Leverage Customer Data Expand New Brands & Innovative Products Customer Loyalty Program New Warehouse Management System Conducted End-to-End Study to Define Future State Supply Chain Network Leading Team of Retail Experts Continue to Build Out Our Bench Strength 2 3 4 5 Target 125 stores over next 5 Years 40% Legacy/40% Existing/20% New Note: Strategic Actions are aspirational or otherwise forward-looking statements and actual performance may differ, possibly materially, and no guarantees are made that these goals will be met. See slide 2 for additional important information about forward-looking statements. Note: Legacy Markets - Highest Awareness Markets (Texas/Oklahoma/Louisiana/Arkansas), Existing Markets (Mississippi/Alabama/Georgia/Florida/Kansas/Missouri/Tennessee/Kentucky/North Carolina/South Carolina), New Markets - Lowest Awareness Markets (Pennsylvania/Ohio/Indiana/Illinois/West Virginia/ Maryland/Virginia) 51 Longer Term, National Expansion to 800+ stores Longer Term, Target 20%+ penetration OUR BUSINESS STRATEGY WILL DRIVE OUR RESULTS Long Range Plan
| 52 SUPPLEMENTAL FINANCIAL SLIDES
| GAAP TO NON-GAAP RECONCILIATIONS Adjusted Net Income, Adjusted Earnings per Share, Adjusted EBITDA, Adjusted EBIT, Adjusted EBIT Margin, Adjusted Free Cash Flow, ROIC, Net Debt, and Net Leverage have been presented in this presentation as supplemental measures of financial performance that are not required by, or presented in accordance with, generally accepted accounting principles (“GAAP”). These non-GAAP measures have limitations as analytical tools. For information on these limitations, as well as information on why management believes these non-GAAP measures are useful, please see our Annual Report on Form 10-K for the fiscal year ended January 31, 2026 (the "Annual Report") filed on March 17, 2026, as such limitations and information may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at www.sec.gov. We compensate for these limitations by primarily relying on our GAAP results in addition to using these non-GAAP measures supplementally. 53APPENDIX
|APPENDIX Note(1): Net income for the year ended February 1, 2025, includes a $15.0 million gain pertaining to a litigation settlement which occurred in the fourth quarter of fiscal year 2024. Net income for the year ended February 3, 2024, includes a $15.9 million net gain relative to a credit card litigation settlement which occurred in the fourth quarter of fiscal year 2023. Note(2): Represents non-cash charges related to equity-based compensation, which vary from period to period depending on certain factors such as the timing and valuation of awards, achievement of performance targets and equity award forfeitures. 54 RECONCILIATION TABLE: ADJUSTED EBITDA, ADJUSTED EBIT, AND ADJUSTED EBIT MARGIN We define “Adjusted EBITDA” as net income (loss) before interest expense, net, income tax expense and depreciation, amortization, and impairment, and other adjustments included in the table below. We define “Adjusted EBIT” as Adjusted EBITDA less depreciation and amortization. We define “Adjusted EBIT Margin” as Adjusted EBIT divided by total revenue. We describe these adjustments reconciling net income (loss) to Adjusted EBITDA, Adjusted EBITDA to Adjusted EBIT, and Adjusted EBIT to Adjusted EBIT Margin in the following table (amounts in thousands). Fiscal Year Ended February 3, 2024February 1, 2025January 31, 2026 $519,190$418,447$376,768Net income1 46,05136,87336,214Interest expense, net 143,966119,778109,289Income tax expense 110,936118,070122,866Depreciation and amortization 24,37726,62921,176Equity compensation2 1,525--Loss on early retirement of debt -449-Write-off of deferred loan costs $846,045$720,246$666,313Adjusted EBITDA (110,936)(118,070)(122,866)Less: Depreciation and amortization $735,109$602,176$543,447Adjusted EBIT $6,159,291$5,933,450$6,053,414Total Revenue 12%10%9%Adjusted EBIT Margin
|APPENDIX Note(1): Net income for the year ended February 1, 2025, includes a $15.0 million gain pertaining to a litigation settlement which occurred in the fourth quarter of fiscal year 2024. Net income for the year ended February 3, 2024, includes a $15.9 million net gain relative to a credit card litigation settlement which occurred in the fourth quarter of fiscal year 2023. Note(2): Represents non-cash charges related to equity-based compensation, which vary from period to period depending on certain factors such as the timing and valuation of awards, achievement of performance targets and equity award forfeitures. Note(3): Represents the tax effect of the total adjustments made to arrive at Adjusted Net Income at our historical tax rate. 55 RECONCILIATION TABLE: ADJUSTED NET INCOME + ADJUSTED EARNINGS PER SHARE We define “Adjusted Net Income” as net income (loss) plus other adjustments included in the table below, less the tax effect of these adjustments. We define “Adjusted Earnings per Share, Basic” as Adjusted Net Income divided by the basic weighted average common shares outstanding during the period and “Adjusted Earnings per Share, Diluted” as Adjusted Net Income divided by the diluted weighted average common shares outstanding during the period. We describe these adjustments reconciling net income (loss) to Adjusted Net Income, and Adjusted Earnings Per Share in the following table (amounts in thousands, except per share data). Fiscal Year Ended February 3, 2024February 1, 2025January 31, 2026 $519,190$418,447$376,768Net income1 24,37726,62921,176Equity compensation2 1,525--Loss on early retirement of debt -449-Write-off of deferred loan costs (5,621)(6,038)(4,761)Tax effects of these adjustments3 $539,471$439,487$393,183Adjusted Net Income Earnings per common share $6.89$5.87$5.66Basic $6.70$5.73$5.54Diluted Adjusted Earnings per Share $7.16$6.16$5.90Basic $6.96$6.02$5.78Diluted Weighted average common shares outstanding 75,38971,34366,612Basic 77,46973,04868,034Diluted
|APPENDIX 56 RECONCILIATION TABLE: ADJUSTED FREE CASH FLOW We define “Adjusted Free Cash Flow” as net cash provided by (used in) operating activities less net cash used in investing activities. We describe this adjustment by reconciling net cash provided by operating activities to Adjusted Free Cash Flow in the following table (amounts in thousands). Fiscal Year Ended February 3, 2024February 1, 2025January 31, 2026 $535,779$528,082$434,798Net cash provided by operating activities (206,139)(186,120)(172,037)Net cash used in investing activities $329,640$341,962$262,761Adjusted Free Cash Flow
|APPENDIX 57 RECONCILIATION TABLE: NET DEBT AND NET LEVERAGE We define “Net Debt” as long-term debt, net plus current maturities of long-term debt, less cash and cash equivalents. We define “Net Leverage” as Net Debt divided by Adjusted EBITDA. We describe these adjustments reconciling long-term debt, net to net debt, and net leverage in the following table (amounts in thousands). Fiscal Year Ended February 3, 2024February 1, 2025January 31, 2026 $484,551$482,679$480,793Long-term debt, net 3,0003,0003,000Current maturities of long-term debt $487,551$485,679$483,793Total long-term debt (347,920)(288,929)(330,320)Less: Cash & cash equivalents $139,631$196,750$153,473Net Debt $846,045$720,246$666,313Adjusted EBITDA 0.2x0.3x0.2xNet Leverage
|APPENDIX Note(1): Net income for the year ended February 1, 2025, includes a $15.0 million gain pertaining to a litigation settlement which occurred in the fourth quarter of fiscal year 2024. Net income for the year ended February 3, 2024, includes a $15.9 million net gain relative to a credit card litigation settlement which occurred in the fourth quarter of fiscal year 2023. Note(2): Represents non-cash charges related to equity-based compensation, which vary from period to period depending on certain factors such as the timing and valuation of awards, achievement of performance targets and equity award forfeitures. 58 RECONCILIATION TABLE: RETURN ON INVESTED CAPITAL (“ROIC”) We define “ROIC” as Adjusted EBITDA before lease expense less income tax expense divided by average invested capital on a trailing thirteen-month basis, inclusive of year-end total lease liabilities (amounts in thousands). Fiscal Year Ended February 3, 2024February 1, 2025January 31, 2026 $519,190$418,447$376,768Net income1 46,05136,87336,214Interest expense, net 143,966119,778109,289Income tax expense 110,936118,070122,866Depreciation and amortization 24,37726,62921,176Equity compensation2 1,525--Loss on early retirement of debt -449-Write-off of deferred loan costs 224,614232,683251,851Lease expense $1,070,659$952,929$918,164Adjusted EBITDA before lease expense3 (143,966)(119,778)(109,289)Less: Income tax expense $926,693$833,151$808,875Adjusted EBITDA before lease expense less income tax expense 3,314,6783,624,5924,087,727Average invested capital 28%23%20%Return on Invested Capital