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​ The following discussion and analysis of Weis Markets, Inc.’s (the “Company”) financial condition and results of operations should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and related notes included in Item 1 of this Quarterly Report on Form 10-Q, the Company’s audited Consolidated Financial Statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended December 27, 2025, filed with the U.S. Securities and Exchange Commission, as well as the cautionary statement captioned "Forward-Looking Statements" immediately following this analysis. Company Summary Weis Markets is a conventional supermarket chain that currently operates 202 retail stores with over 22 thousand employees located in Pennsylvania and six surrounding states: Delaware, Maryland, New Jersey, New York, Virginia and West Virginia. Approximately 94% of Weis Markets employees are paid an hourly wage. Its products sold include groceries, dairy products, frozen foods, meats, seafood, fresh produce, floral, pharmacy services at certain locations, deli products, prepared foods, bakery products, beer and wine, fuel, and general merchandise items, such as health and beauty care and household products. The store product selection includes national, local and private brands and the Company promotes competitive pricing by using Low, Low Prices; Price Locks; Weekly Hot Buys; senior and military discounts; and Loyalty Rewards program. The Loyalty Rewards program includes reward points that may be redeemed for discounts on items in store, at one of the Company’s fuel stations or one of its third-party fuel station partners. Utilizing its own strategically located distribution center and transportation fleet, Weis Markets self distributes approximately 50% of products with the remaining being supplied by direct store delivery vendors and regional wholesalers. In addition, the Company has three manufacturing facilities which process milk, water, ice, ice cream and fresh meat products. The corporate offices are located in Sunbury, PA where the Company was founded in 1912. The Company has provided additional product offerings and customer conveniences such as “Weis 2 Go Online,” currently offered at 196 store locations. “Weis 2 Go Online” allows the customer to order on-line and have their order delivered or picked up at an expedient store drive-thru. The Company also currently offers home delivery to customers at all 202 of its locations via multiple grocery delivery partners. Two-Year Stacked Comparable Store Sales Analysis Management is providing Comparable Store Sales Two-Year Stacked analysis, a non-GAAP measure, because management believes this metric is useful to investors and analysts. A Comparable Store Sales Two-Year Stacked analysis presents a comparison of results and trends over a longer period of time to demonstrate the effect of fluctuating economic activity on the operating results of the Company. Information presented in the tables below is not intended for use as an alternative to any other measure of performance. It is not recommended that this table be considered a substitute for the Company’s operating results as reported in accordance with GAAP. Year-over-year and sequential comparisons are the primary calculations used to analyze operating results, however, due to fluctuations caused by declining government benefits, pharmacy sales growth, and inflationary trends in the food retail industry, management believes it is necessary to provide a Two-Year Stacked Comparable Store Sales analysis. The following tables provide the two-year stacked comparable store sales, including and excluding fuel, for the periods ended June 27, 2026, and June 28, 2025, as well as periods ended June 28, 2025, and June 29, 2024, respectively. Comparable store sales increased 2.3 percent on an individual year-over-year basis and increased 4.1 percent on a two-year stacked basis for the thirteen weeks ended June 27, 2026. Comparable store sales increased 2.2 percent on an individual year-over-year basis and increased 3.6 percent on a two-year stacked basis for the twenty-six weeks ended June 27, 2026. ​ 12 Table of Contents ​ ​ WEIS MARKETS, INC. ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage Change ​ ​ 13 Weeks Ended June 27, 2026 ​ ​ 2026 vs. 2025 ​ ​ 2025 vs. 2024 ​ Comparable store sales (individual year) ​ ​ 2.3 % ​ 1.8 % Comparable store sales (two-year stacked) ​ ​ 4.1 ​ ​ ​ ​ Comparable store sales, excluding fuel (individual year) ​ ​ (0.4) ​ ​ 2.3 % Comparable store sales, excluding fuel (two-year stacked) ​ ​ 1.9 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage Change ​ ​ 26 Weeks Ended June 27, 2026 ​ ​ 2026 vs. 2025 ​ ​ 2025 vs. 2024 ​ Comparable store sales (individual year) ​ ​ 2.2 % ​ 1.4 % Comparable store sales (two-year stacked) ​ ​ 3.6 ​ ​ ​ ​ Comparable store sales, excluding fuel (individual year) ​ ​ 0.4 ​ ​ 1.7 % Comparable store sales, excluding fuel (two-year stacked) ​ ​ 2.1 % ​ ​ ​ ​ When calculating the percentage change in comparable store sales, the Company defines a new store to be comparable after it has been in operation for five full fiscal quarters. Relocated stores and stores with expanded square footage are included in comparable store sales since these units are located in existing markets and are open during construction. Planned store dispositions are excluded from the calculation. The Company only includes retail food stores in the calculation. ​ ​ 13 Table of Contents ​ WEIS MARKETS, INC. ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued) Results of Operations Analysis of Consolidated Statements of Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage Change ​ ​ ​ 13 Weeks Ended ​ 26 Weeks Ended ​ 13 Weeks Ended ​ 26 Weeks Ended ​ (amounts in thousands, except per share amounts) ​ ​ June 27, 2026 ​ ​ June 28, 2025 ​ ​ June 27, 2026 ​ ​ June 28, 2025 ​ ​ 2026 vs. 2025 ​ 2026 vs. 2025 ​ Net sales ​ $ 1,270,858 ​ $ 1,214,479 ​ $ 2,522,576 ​ $ 2,411,284 ​ ​ 4.6 % ​ 4.6 % Other revenue ​ ​ 4,450 ​ ​ 4,317 ​ ​ 8,644 ​ ​ 8,288 ​ ​ 3.1 ​ ​ 4.3 ​ Total revenue ​ ​ 1,275,308 ​ ​ 1,218,796 ​ ​ 2,531,220 ​ ​ 2,419,572 ​ ​ 4.6 ​ ​ 4.6 ​ Cost of sales, including advertising, warehousing and distribution expenses ​ ​ 946,907 ​ ​ 912,129 ​ ​ 1,872,572 ​ ​ 1,814,668 ​ ​ 3.8 ​ ​ 3.2 ​ Gross profit on sales ​ ​ 328,401 ​ ​ 306,667 ​ ​ 658,648 ​ ​ 604,904 ​ ​ 7.1 ​ ​ 8.9 ​ Gross profit margin ​ ​ 25.8 % ​ 25.3 % ​ 26.1 % ​ 25.1 % ​ ​ ​ ​ ​ ​ Operating, general and administrative expenses ​ ​ 299,294 ​ ​ 276,428 ​ ​ 593,839 ​ ​ 552,894 ​ ​ 8.3 ​ ​ 7.4 ​ O, G & A, percent of net sales ​ ​ 23.6 % ​ 22.8 % ​ 23.5 % ​ 22.9 % ​ ​ ​ ​ ​ ​ Income from operations ​ ​ 29,107 ​ ​ 30,239 ​ ​ 64,809 ​ ​ 52,010 ​ ​ (3.7) ​ ​ 24.6 ​ Operating margin ​ ​ 2.3 % ​ 2.5 % ​ 2.6 % ​ 2.2 % ​ ​ ​ ​ ​ ​ Investment income (loss) and interest expense ​ ​ 4,830 ​ ​ 5,294 ​ ​ 5,292 ​ ​ 9,705 ​ ​ (8.8) ​ ​ (45.5) ​ Investment income (loss) and interest expense, percent of net sales ​ ​ 0.4 % ​ 0.4 % ​ 0.2 % ​ 0.4 % ​ ​ ​ ​ ​ ​ Other income (expense) ​ ​ (3,280) ​ ​ (2,163) ​ ​ (2,068) ​ ​ (1,805) ​ ​ (51.6) ​ ​ (14.6) ​ Other income (expense), percent of net sales ​ ​ (0.3) % ​ (0.2) % ​ (0.1) % ​ (0.1) % ​ ​ ​ ​ ​ ​ Income before provision for income taxes ​ ​ 30,657 ​ ​ 33,370 ​ ​ 68,033 ​ ​ 59,910 ​ ​ (8.1) ​ ​ 13.6 ​ Income before provision for income taxes, percent of net sales ​ ​ 2.4 % ​ 2.7 % ​ 2.7 % ​ 2.5 % ​ ​ ​ ​ ​ ​ Provision for income taxes ​ ​ 7,801 ​ ​ 8,092 ​ ​ 17,324 ​ ​ 15,084 ​ ​ (3.6) ​ ​ 14.9 ​ Effective income tax rate ​ ​ 25.4 % ​ 24.2 % ​ 25.5 % ​ 25.2 % ​ ​ ​ ​ ​ ​ Net income ​ $ 22,856 ​ $ 25,277 ​ $ 50,709 ​ $ 44,826 ​ ​ (9.6) % ​ 13.1 % Net income, percent of net sales ​ ​ 1.8 % ​ 2.1 % ​ 2.0 % ​ 1.9 % ​ ​ ​ ​ ​ ​ Basic and diluted earnings per share ​ $ 0.92 ​ $ 0.96 ​ $ 2.05 ​ $ 1.69 ​ ​ (4.2) % ​ 21.3 % ​ ​ Net Sales Individual Year-Over-Year Analysis of Sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage Change ​ ​ 2026 vs. 2025 June 27, 2026 ​ 13 Weeks Ended 26 Weeks Ended ​ Net sales ​ ​ ​ 4.6 % ​ 4.6 % Net sales, excluding fuel ​ 1.7 ​ ​ 2.6 ​ Comparable store sales (individual year) ​ 2.3 ​ ​ 2.2 ​ Comparable store sales, excluding fuel (individual year) ​ (0.4) % ​ 0.4 % ​ When calculating the percentage change in comparable store sales, the Company defines a new store to be comparable after it has been in operation for five full fiscal quarters. Relocated stores and stores with expanded square footage are included in comparable store sales since these units are located in existing markets and are open during construction. 14 Table of Contents ​ Planned store dispositions are excluded from the calculation. The Company only includes retail food stores in the calculation. ​ ​ ​ WEIS MARKETS, INC. ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued) ​ According to the latest U.S. Bureau of Labor Statistics’ report, the Seasonally Adjusted Food-at-Home Consumer Price Index increased 0.9% and 0.1% for the thirteen week periods ended June 27, 2026 and June 28, 2025, respectively. The Seasonally Adjusted Food-at-Home Consumer Price Index increased 1.4% and 1.1% for the twenty-six week periods ended June 27, 2026 and June 28, 2025, respectively. According to the U.S. Department of Energy, the average price of gasoline in the Central Atlantic States increased 31.9% or $1.06 per gallon in the thirteen weeks ended June 27, 2026, compared to the same period in 2025. The average price of gasoline in the Central Atlantic States increased 14.9% or $0.50 per gallon in the first twenty-six weeks of 2026 when compared to the same period in 2025. Although the U.S. Bureau of Labor Statistics’ and the U.S. Department of Energy indices may be reflective of broader trends, they will not necessarily be indicative of the Company’s actual results. ​ Total net sales increased 4.6% to $1.3 billion for the thirteen weeks ended June 27, 2026, from $1.2 billion for the thirteen weeks ended June 28, 2025. In the twenty-six weeks ended June 27, 2026, total net sales increased 4.6% to $2.5 billion from $2.4 billion in 2025.The increase in total net sales includes retail price inflation in grocery, pharmacy, fresh product categories and fuel. Comparable store sales for the thirteen weeks ended June 27, 2026, compared to the same period in 2025 increased 2.3% including fuel and decreased 0.4% excluding fuel. Comparable store sales for the twenty-six weeks ended June 27, 2026, compared to the same period in 2025 increased 2.2% including fuel and 0.4% excluding fuel. Although the Company experienced retail inflation and deflation in various commodities for the periods presented, the Company anticipates overall product costs to increase given the recent inflationary indicators in the food retail industry. Management cannot accurately measure the full impact of inflation or deflation on retail pricing due to changes in the types of merchandise sold between periods, shifts in customer buying patterns and the fluctuation of competitive factors. Management remains confident in its ability to generate long-term sales growth in a highly competitive environment, but also understands some competitors have greater financial resources and could use these resources to take measures which could adversely affect the Company’s competitive position. Cost of Sales and Gross Profit Cost of sales consists of direct product costs (net of vendor discounts and allowances), net advertising costs, distribution center and transportation costs, as well as manufacturing facility operations. Gross profit on sales increased 7.1% and 8.9% for the thirteen and twenty-six weeks ended June 27, 2026, respectively, compared to the same period in 2025. Gross profit margin increased 0.5% and 1.0% for the thirteen and twenty-six weeks ended June 27, 2026, respectively, when compared to the same period in 2025. Non-cash LIFO inventory valuation adjustments represent expense of $770 thousand in the first twenty-six weeks of 2026 compared to expense of $99 thousand in the same period in 2025. Although the Company experienced cost inflation and deflation in various commodities for the periods presented, the Company anticipates overall product costs to increase given the recent inflationary trends in the food retail industry. 15 Table of Contents ​ WEIS MARKETS, INC. ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued) ​ Operating, General and Administrative Expenses The majority of the operating, general and administrative expenses are driven by sales volume. Employee expenses such as wages, employer paid taxes, health care benefits and retirement plans, comprise approximately 58.4% of the total “Operating, general and administrative expenses.” As a percent of sales, direct store labor remained unchanged for the thirteen weeks and increased 0.1% for the twenty-six weeks ended June 27, 2026 when compared to the same period in 2025. Depreciation and amortization expense included in “Operating, general and administrative expenses” totaled $28.9 million, or 2.3% of net sales, for the thirteen weeks ended June 27, 2026, compared to $27.7 million, or 2.3% of net sales, for the thirteen weeks ended June 28, 2025. For the twenty-six weeks ended June 27, 2026, depreciation and amortization expense was $57.4 million, or 2.3% of net sales, compared to $54.4 million, or 2.3% of net sales, for the twenty-six weeks ended June 28, 2025. See the Liquidity and Capital Resources section for further information regarding the Company’s capital expenditure program. A breakdown of the material increases (decreases) as a percent of sales in "Operating, general and administrative expenses" is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ (amounts in thousands) ​ Increase ​ Increase (Decrease) ​ June 27, 2026 ​ (Decrease) ​ as a % of sales ​ Employee expenses ​ $ 11,262 ​ 0.3 % Interchange fee legal settlement ​ ​ 2,759 ​ 0.2 ​ Utility expense ​ ​ 2,512 ​ 0.2 ​ Outside services and repairs ​ ​ 2,482 ​ 0.0 ​ Fixed expenses (property taxes, depreciation, asset retirement) ​ ​ 2,492 ​ 0.0 ​ Other expenses ​ ​ 1,360 ​ 0.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 26 Weeks Ended ​ (amounts in thousands) ​ Increase ​ Increase (Decrease) ​ June 27, 2026 ​ (Decrease) ​ as a % of sales ​ Employee expenses ​ $ 21,481 ​ 0.3 % Outside services and repairs ​ ​ 6,568 ​ 0.1 ​ Utility expense ​ ​ 5,777 ​ 0.2 ​ Fixed expenses (property taxes, depreciation, asset retirement) ​ ​ 3,924 ​ (0.0) ​ Interchange fee legal settlement ​ ​ 2,759 ​ 0.1 ​ Other expenses ​ ​ 436 ​ 0.0 ​ ​ Operating, general and administrative expenses, as a percent of sales, increased for both the thirteen and twenty-six weeks ended June 27, 2026, compared to the same periods in 2025. The increase was primarily attributable to higher employee costs, including wages and incentive compensation, increased outside services and repair expenses, driven by higher IT expenses and financial service fees, higher fixed expenses due to depreciation associated with new stores opened in 2025, and increased utility costs due to higher electricity rates. In 2025, the Company received and recognized an offset to operating expenses for $2.7 million in payments to settle and monetize legal claims related to being overcharged as a merchant for prior years of credit card interchange fees. ​ 16 Table of Contents ​ WEIS MARKETS, INC. ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued) Provision for Income Taxes The effective income tax rate was 25.5% and 25.2% for the twenty-six weeks ended June 27, 2026 and June 28, 2025, respectively. The effective income tax rate differed from the federal statutory rate, primarily due to the effect of state taxes and limitation on the deductibility of executive compensation. ​ Liquidity and Capital Resources The primary source of cash is cash flows generated from operations. In addition, the Company has access to a revolving credit agreement entered into on September 1, 2016, and last amended on September 29, 2023, with Wells Fargo Bank, N.A. (the “Credit Agreement”). The Credit Agreement matures on October 1, 2027, and provides for an unsecured revolving credit facility with an aggregate principal amount not to exceed $30.0 million with an additional discretionary amount available of $70.0 million. As of June 27, 2026, the availability under the Credit Agreement was $23.3 million, net of $6.7 million letters of credit. The letters of credit are maintained primarily to support performance, payment, deposit or surety obligations of the Company. The Company’s investment portfolio consists of high-grade corporate and municipal bonds with maturity dates between one and thirty years and commercial paper. The portfolio totaled $104.5 million as of June 27, 2026. Management anticipates maintaining the investment portfolio but has the ability to liquidate if needed. The Company’s capital expenditure program includes the construction of new stores, the expansion and remodeling of existing units, the acquisition of sites for future expansion, new technology purchases and the continued upgrade of the Company’s distribution facilities and transportation fleet. The Company continues to reinvest and anticipates funding the long-term capital expenditure program, the acquisition of retail stores, the construction of additional distribution facilities, repurchases of common stock, and cash dividends on common stock through its cash and cash equivalents, marketable securities, cash flows from operating activities, and the revolving Credit Agreement. The Board of Directors’ 2004 resolution authorizing the repurchase of up to one million shares of the Company’s common stock has a remaining balance of 752,468 shares, and no repurchases were made during the quarter ended June 27, 2026. ​ Quarterly Cash Dividends At its regular meeting held in July, the Board of Directors declared a quarterly dividend of $0.34 per share, payable on August 10, 2026, to shareholders of record on July 27, 2026. The Company expects to continue paying regular cash dividends on a quarterly basis. However, the Board of Directors reconsiders the declaration of dividends quarterly. The Company pays these dividends at the discretion of the Board of Directors and the continuation of these payments and the amount of the dividends depends upon the results of operations, the financial condition of the Company and other factors which the Board of Directors deems relevant. 17 Table of Contents ​ WEIS MARKETS, INC. ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued) ​ Cash Flow Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 26 Weeks Ended ​ ​ ​ (amounts in thousands) ​ ​ June 27, 2026 ​ ​ June 28, 2025 ​ ​ 2026 vs. 2025 Net cash provided by (used in): ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating activities ​ $ 95,298 ​ $ 61,417 ​ $ 33,881 Investing activities ​ ​ (92,034) ​ ​ (31,538) ​ ​ (60,496) Financing activities ​ ​ (16,826) ​ ​ (158,291) ​ ​ 141,465 ​ Operating Cash flows from operating activities increased $33.9 million in the first twenty-six weeks of 2026 compared to the same period in 2025. This increase was primarily driven by higher net income and lower liabilities, including incentive accruals and income taxes, and by higher inventories. ​ Investing The $60.5 million decrease in cash flow from investing activities in the first twenty-six weeks of 2026, compared to the same period in 2025, was primarily due to lower sales of marketable securities in 2026 following the $140.0 million share purchase in June 2025. ​ Financing Cash flows from financing activities increased $141.5 million in the first twenty-six weeks of 2026 compared to the same period in 2025 primarily due to the $140.0 million share purchase in June 2025. The Company paid dividends of $16.8 million and $18.3 million in the first twenty-six weeks of 2026 and 2025, respectively. Accounting Policies and Estimates The Company has chosen accounting policies that it believes are appropriate to accurately and fairly report its operating results and financial position, and the Company applies those accounting policies in a consistent manner. The Significant Accounting Policies are summarized in Note 1 to the Consolidated Financial Statements included in the 2025 Annual Report on Form 10-K. There have been no changes to the Significant Accounting Policies since the Company filed its Annual Report on Form 10-K for the fiscal year ended December 27, 2025. Forward-Looking Statements In addition to historical information, this Form 10-Q report may contain forward-looking statements, which are included pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. For example, risks and uncertainties can arise with changes in: general economic conditions, including their impact on capital expenditures; tariffs and trade policies; business conditions and trends in the retail industry; the regulatory environment; rapidly changing technology, including cybersecurity and data privacy risks, and competitive factors, including increased competition with regional and national retailers; and price pressures; further expenditures related to restatement of our financial statements; and the results of any shareholder actions associated with the restatements referenced in Note 12 on the Company’s Annual Report on Form 10-K filed for the fiscal year ended December 27, 2025. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect Management’s analysis only as of the date hereof. The Company undertakes no obligation to publicly revise or update these forward-looking statements to reflect events or circumstances that arise after the date hereof. Readers should carefully review the risk factors described in other documents the Company files periodically with the Securities and Exchange Commission. ​ ​ 18 Table of Contents WEIS MARKETS, INC.