2023 Natural Grocers Environmental, Social, and Governance Report

Natural Grocers by Vitamin Cottage, Inc. 12612 West Alameda Parkway Lakewood, Colorado 80228 naturalgrocers.com

This ESG report contains certain forward-looking statements based on our current assumptions and expectations, including statements regarding our ESG targets, goals, commitments and programs and other business plans, initiatives and objectives. These statements are typically accompanied by the words “aim,” “hope,” “believe,” “estimate,” “expect,” “intend,” “plan,” “aspire” or similar words. All such statements are intended to enjoy the protection of the safe harbor for forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. We cannot assure you that future developments affecting us will be those that we have anticipated. Our actual future ESG results could differ materially from any expectations, targets, goals, or commitments, including as described in this report, as the result of changes in circumstances, assumptions not being realized, or other risks, uncertainties and factors. Such risks, uncertainties and factors include the risk factors discussed in Item 1A – “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023, and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission (“SEC”), as well as, with respect to our ESG targets, goals and commitments outlined in this reporting or elsewhere, any challenges, assumptions and dependencies identified in our reporting. We urge you to consider all of the risks, uncertainties and factors identified above or discussed in such reports carefully in evaluating the forward-looking statements in this ESG report. We cannot assure you that the results reflected or implied by any forward-looking statement will be realized or, even if substantially realized, that those results will have the forecasted or expected consequences and effects. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable securities laws. You are advised, however, to consult any disclosures we may make in our future reports filed with the SEC. Our reports and other filings with the SEC are available at the SEC’s website at www.sec.gov. Our reports and other filings with the SEC are also available, free of charge, through our website at http://Investors.NaturalGrocers.com. Except as expressly incorporated by reference in this report, any information or document made available on our website does not constitute a part of this report.

© Natural Grocers by Vitamin Cottage, Inc. 2024. All Rights Reserved.

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