SCHEDULE: FMR LLC and Abigail Johnson Boost Grocery Outlet Stake

FMR LLC and Abigail P. Johnson have reported a significant beneficial ownership stake of 13.9% in Grocery Outlet Holding Corp. common stock.

Summary

• FMR LLC and Abigail P. Johnson have filed an Amendment No. 2 to Schedule 13G, disclosing their beneficial ownership in GROCERY OUTLET HOLDING CORP.
• As of September 30, 2025, FMR LLC and Abigail P. Johnson beneficially own an aggregate of 13,588,215.06 shares of common stock.
• This aggregate amount represents 13.9% of the total outstanding common stock of Grocery Outlet Holding Corp.
• FMR LLC holds sole voting power over 13,585,775.00 shares and sole dispositive power over 13,588,215.06 shares.
• Abigail P. Johnson, as a Director, Chairman, and CEO of FMR LLC, is deemed to beneficially own the same 13,588,215.06 shares, with sole dispositive power but no sole voting power.
• The filing indicates that the securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.
• Several FMR LLC subsidiaries, including Fidelity Management & Research Company LLC, are identified as entities that beneficially own shares, with Fidelity Management & Research Company LLC owning 5% or greater of the outstanding shares.

Sentiment

Score: 7

Explanation: The filing indicates a significant and stable institutional ownership stake by FMR LLC and Abigail P. Johnson, which is generally a positive signal of investor confidence. The statement that shares are held in the ordinary course of business and not for control purposes suggests a long-term, passive investment.

Positives

• A significant institutional investor, FMR LLC, and its principal, Abigail P. Johnson, maintaining a substantial 13.9% stake in Grocery Outlet Holding Corp. demonstrates continued confidence in the company.
• The filing explicitly states that the securities are held in the ordinary course of business and not for the purpose of changing or influencing control, suggesting a long-term investment perspective.

Negatives

• This filing is a routine disclosure of ownership and does not contain information that would typically be categorized as negative for the issuer.

Risks

• The filing does not detail specific risks related to Grocery Outlet Holding Corp.'s operations or financial health. It is a disclosure of beneficial ownership.

Future Outlook

This Schedule 13G filing is a disclosure of current beneficial ownership and does not provide forward-looking statements or guidance regarding the issuer's future performance or FMR LLC's investment strategy beyond the certification that the shares are held in the ordinary course of business.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

The disclosure of a significant institutional stake by FMR LLC, a major asset manager, in Grocery Outlet Holding Corp. indicates continued institutional interest in the discount grocery sector. This sector has shown resilience and growth, particularly in economic environments where consumers prioritize value, aligning with Grocery Outlet's business model. Such a substantial holding by a prominent investment firm can be viewed positively by the market, signaling confidence in the company's long-term prospects within the competitive retail food industry.

Stakeholder Impact

• **Shareholders**: The continued significant ownership by a major institutional investor like FMR LLC may instill confidence among existing and potential shareholders, suggesting a belief in the company's value and future performance.
• **Management**: The filing confirms that the stake is not for control purposes, allowing current management to continue executing their strategy without immediate pressure from this specific shareholder to alter control.
• **Market**: The disclosure of a substantial institutional holding can positively influence market perception and potentially contribute to stock stability or upward momentum, as it signals strong institutional backing.

Key Dates

Recommendation

The filing indicates a stable, significant institutional ownership by FMR LLC and Abigail P. Johnson, representing 13.9% of Grocery Outlet Holding Corp. This suggests continued confidence from a major investor, which is generally a positive signal. However, a Schedule 13G is a routine disclosure of ownership and does not provide new operational or financial performance data that would warrant a 'buy' or 'sell' recommendation. The 'hold' recommendation reflects the stability implied by the institutional stake without new catalysts for significant price movement based solely on this filing.

Keywords

Grocery Outlet Holding Corp, GO, FMR LLC, Abigail P. Johnson, Schedule 13G, Beneficial Ownership, Institutional Investor, Common Stock, Equity Stake, Fidelity