2023 Natural Grocers Environmental, Social, and Governance Report

Our Company Company Overview We are an expanding specialty retailer of natural and organic groceries, body care and dietary supplement products. We focus on providing high-quality products at Always Affordable SM prices, exceptional customer service, nutrition education and community outreach.

Our Crew as of 09/30/2023

FY23 Net Sales $1.1 billion

Body Care, Pet Care & Other 9%

3,235 3,800 938 373

Full Time

Part Time

Dietary Supplements 21%

Grocery 70%

Crew in Stores Crew in Corporate, Bulk Packaging Facility and Distribution Center

Geographic Footprint as of 09/30/23: 165 stores in 21 states

Financial Sustainability 20 consecutive years of positive daily average comparable store sales growth EPS growth of 240% since our initial public offering in 2012 Commitment to returning value to our stockholders: issued dividend payments of more than $4 per common share since we instituted a cash dividend four years ago

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3

14

1

5

1

2

6

3

3

8 12 6

44

7

8

6

3

23

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Natural Grocers ® has a legacy that demonstrates a just, sustainable, and equitable food system is possible. We hope to inspire other companies around the world to follow our lead and to realize that it is possible to offer high-quality organic and natural products at affordable prices.

All data in the Natural Grocers Fiscal Year 2023 (“FY23”) ESG Report reflects results for the fiscal year ending September 30, 2023 unless identified otherwise.

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NATURAL GROCERS ® | ESG REPORT