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A&W Food Services of Canada Inc. Investor Presentation October 2025
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2 Forward-Looking Information Certain statements in this presentation contain forward-looking information within the meaning of applicable securities laws in Canada. The words “anticipates”, “believes”, “budgets”, “could”, “estimates”, “expects”, “forecasts”, “intends”, “may”, “might”, “plans”, “projects”, “schedule”, “should”, “will”, “would”, “outlook” and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. The forward-looking information in this presentation includes, but is not limited to: the significant whitespace opportunity that provides a clear path for growth; the robust new restaurant pipeline supported by the strategic partnership with Petro- Canada (Suncor); expectations that investments are operating and in line with capital light franchisee model; the long-term, strategic roll out of the Pret A Manger brand across Canada; A&W’s ability to grow franchisee profitability; and expectations relating to the future operating and financial performance of A&W, including its ability to grow earnings, increase the number of A&W restaurants and pay dividends. This forward-looking information is based on a number of assumptions that, while considered reasonable as of the date such statements are made, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking information. Such assumptions include, but are not limited to: A&W will be successful in executing its business strategies and pursuing its growth opportunities; there are no material changes in competition; the continued availability of experienced management and other key personnel and hourly employees; that there are no material changes in the QSR burger market, including as a result of changes in consumer taste or health concerns or a disease outbreak; and that there are no material impact to consumer discretionary spending due to changes in economic conditions including economic recession or changes in the rate of inflation or deflation, employment rates and household debt, political uncertainty, interest rates, currency exchange rates, derivative and commodity prices or actual or threatened tariffs. Inherent in forward-looking information are risks and uncertainties beyond our ability to predict or control that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. The forward-looking information is this presentation is subject to, among others, the risks related to A&W’s business (including those generally impacting the QSR industry) identified in A&W’s Management’s Discussion & Analysis for Q3 2025 (“Q3 2025 MD&A”) and A&W’s Annual Information Form for fiscal 2024 (“Fiscal 2024 AIF”), both of which are incorporated by reference in this presentation. The Q3 2025 MD&A and Fiscal 2024 AIF are available under the profile for A&W Food Services of Canada Inc. (“Food Services”) on SEDAR+ at www.sedarplus.ca or at www.awinvestors.ca. The forward-looking information contained in this presentation describes our expectations at the date hereof and is subject to change after such date. All forward-looking information in this presentation is qualified in its entirety by this cautionary statement and, except as required by law, we undertake no obligation to revise or update any forward-looking information as a result of new information, future events or otherwise after the date hereof. Financial Outlook Management approved the 2025 financial outlook that was released on May 2, 2025 and contained herein with respect to A&W’s Annual Same Store Sales Growth for 2025, the Annual System Sales Growth for 2025, the expected total number of A&W restaurants to be opened by the end of fiscal 2025, and Adjusted EBITDA for 2025 (the “financial 2025 outlook”). The purpose of the 2025 financial outlook is to give readers an indication of management’s expected and targeted financial results as of the date of this presentation. Readers are cautioned that using this information for other purposes may not be appropriate. The financial outlook is forward-looking and is based on certain assumptions and subject to a number of risks and uncertainties, including the assumptions, risks and uncertainties identified above under “Forward-Looking Information”. The financial outlook is based on a number of assumptions, including the assumptions identified above under “Forward-Looking Information”. The financial outlook is also based on the following assumptions: A&W increasing the total number of A&W restaurants as contemplated, continued Same Store Sales Growth, no significant changes in economic conditions that impact consumer spending (including economic recession or changes in rates of inflation or deflation), and revenue growth outpacing growth in costs which is expected to be achieved by leveraging the existing platform over a larger scale. As such, undue reliance should not be placed on this forward-looking information. Management may review and revise the outlook as economic, geopolitical, market and regulatory environments change. Market and Industry Data This presentation includes market information and industry data obtained from independent industry publications, market research and other publicly available sources. Although management believes these sources to be generally reliable, the accuracy and completeness of this information and data are not guaranteed. We have not independently verified any of the data from third party sources referred to in this presentation nor ascertained the underlying assumptions relied upon by such sources. Not an Offer or Solicitation of Securities or Proxies This presentation is for information purposes and does not constitute or form part of an offer to sell or the solicitation of an offer to purchase any securities in any jurisdiction. Currency Unless otherwise noted, all references to “$” are to the Canadian dollar. CAUTIONARY STATEMENTS
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3 Non-IFRS Measures This presentation makes references to certain non-IFRS measures. These measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Food Services believes that disclosing these non-IFRS measures provides readers of this presentation with important information regarding Food Services’ financial performance. By considering these measures in combination with IFRS measures, Food Services believes that readers are provided with additional and more useful information about Food Services than readers would have if they simply considered IFRS measures alone. We use non-IFRS financial measures including “System Sales”, “Adjusted EBITDA”, “Free Cash Flow” and “Net Debt”; non-IFRS ratios including “System Sales Growth”, "Adjusted EBITDA margin", and "Net Debt to Adjusted EBITDA”; and non-IFRS supplementary financial measures such as “Same Store Sales Growth”. These non-IFRS measures do not have a standardized meaning prescribed by IFRS and our method of calculating these measures may differ from those of other issuers or companies and may not be comparable to similar measures used by other issuers or companies. For additional information regarding the non-IFRS measures used by A&W, please see the “Non-IFRS Measures” and “How We Assess the Performance of our Business” sections of A&W’s Q3 2025 MD&A. Quantitative reconciliations of Adjusted EBITDA, System Sales, Free Cash Flow, and Net Debt for Q3 2025 and Q3 2024 can be found on pages 8 and 9 of A&W’s Q3 2025 MD&A and are incorporated by reference in this presentation. Quantitative reconciliations of Adjusted EBITDA, System Sales, Free Cash Flow, and Net Debt for Fiscal 2024, Fiscal 2023 and Fiscal 2022 can be found on pages 14 and 15 of A&W’s Fiscal 2024 MD&A and are incorporated by reference in this presentation. A&W’s Q3 2025 MD&A and Fiscal 2024 MD&A are available on Food Services’ profile on SEDAR+ at www.sedarplus.ca or at www.awinvestors.ca. CAUTIONARY STATEMENTS (CONT’D)
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• A&W Food Services of Canada Inc. | Overview • Business Highlights • 2025 Outlook • Strategy and Climate Presentation Overview
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5 Our journey began in 1956 with the opening of our first restaurant in Winnipeg. Since then, our delicious burgers, crispy onion rings, and frosty A&W Root Beer have won over the hearts and taste buds of Canadians everywhere. Today, A&W Food Services of Canada is not just the original burger chain—it’s also Canada’s fastest-growing one! With an impressive network of 1,084 franchised locations, 10 corporate A&W restaurants, and one Pret A Manger location, we proudly serve more than 125 million guests each year(1) . What drives our success? It’s our unwavering commitment to a strategic renewal and our powerful mission: Our Story 1. Restaurant counts are as of Sept 7, 2025.
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6 Delighting Guests from Coast-to-Coast 1,084 Restaurants Across Canada and Growing(1) 1. Restaurant counts are as of September 7, 2025. 191 208 46 42 334 192 18 3 21 28 1 Flexible Restaurant Concepts(1) Urban & Other Convenience Shopping Centre Freestanding 196609 114165 >99% Franchised Restaurants First Standalone PRET Located in Toronto! Second Lease Signed, Opening Winter 2025
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7 $0.56 $0.61 $0.66 $0.72 $0.76 $0.79 $0.82 $0.85 $0.89 $0.99 $1.09 $1.16 $1.24 $1.42 $1.54 $1.38 $1.61 $1.78 $1.85 $1.87 $1.91 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3 2025 T4Q 20 Year Track Record of Growth 5.0% 7.4% 3.7% 7.3% 1.5% 2.2% 0.0% (0.7%) 0.4% 6.3% 7.6% 3.4% 2.0% 9.8% 4.1% (14.3%) 14.0% 7.4% 2.7% (1.6%) Annual Same Store Sales Growth(3) 1. Canadian Commercial Food Service Industry and QSR Industry growth from 2005 to 2023 per Restaurants Canada. See “Cautionary Statements – Market and Industry Data”. 2. “System Sales” is a non-IFRS measure and “System Sales Growth” is a non-IFRS ratio. See “Cautionary Statements – Non-IFRS Measures”. 3. “Same Stores Sales Growth” is a non-IFRS supplementary financial measure. See “Cautionary Statements – Non-IFRS Measures”. 4. Q3 2025 T4Q represents System Sales for the trailing four quarters through Q3 2025. 155% 119% 241% (4) A&W System Sales ($bn) A&W Annual System Sales Growth Canadian QSR Industry Growth Canadian Commercial Food Service Industry Growth (1) (1) (2) (2)
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8 #2 Burger Chain in Canada Annual Canadian System Sales ($bn)(2,3) Total Restaurants in Canada (Units) (4) Industry Leading Canadian Burger QSR 1. Net Restaurant Growth from 2013 – 2024, calculated using the 2023 year end unit count data per Canada’s Foodservice and Hospitality Top 100 Report (June 2014) and the 2024 year end unit count data per Canada’s Foodservice and Hospitality Top 60 Report (June 2025). 2. “System Sales” is a non-IFRS measure. See “Cautionary Statements – Non-IFRS Measures”. 3. Per Canada’s Foodservice and Hospitality Top 60 Report (June 2025) and based on 2024 data 4. Per Canada’s Foodservice and Hospitality Top 60 Report (June 2025) and based on 2024 year end data..\ Net Restaurant Growth in Canada(1) +11 units added in YTD Q3 2025 $1.87 $1.00 $0.70 $7.31 1,489 1,073 438 368 ~3.1% Average Annual Net Restaurant Growth 2014–2024 ~0.4% Average Annual Net Restaurant Growth 2014–2024 ~1.5% Average Annual Net Restaurant Growth 2014–2024 +237 units ~2.5% Average Annual Net Restaurant Growth 2014–2024 +79 units +62 units +60 units
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9 Average Annual System Sales Growth(1)(3) Note: Per public disclosure; average annual growth figures from 2015 to 2024 shown (System Sales growth and Same Store Sales growth excludes 2020 and 2021 due to COVID pandemic). These are not standardized measures and might not be comparable between peers. 1. “System Sales” is a non-IFRS measure and “Same Store Sales Growth” is a non-IFRS supplementary financial measure. See “Cautionary Statements – Non-IFRS Measures”. 2. Peer same store sales growth is per public disclosure and represents global restaurant system presented on a constant currency basis. 3. Peer system sales growth is per public disclosure and represent global sales (not on a constant currency basis). Best-in-Class 10-Year System Sales Growth Driven by Both New Restaurant Growth and Same Store Sales Growth Average Annual Same Store Sales Growth(2) 7.8% 6.0% 3.7% 3.7% 5.1% 4.6% 4.3% 2.7%
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10 New CEO of the Year (2019) A&W Is Loved and Trusted by Its Loyal Guests A Fortress Brand With a Long History of Guest Affinity Best Tasting Burger(2) #1 Onion Rings #1 Retail Root Beer Best Quality Beef(2) Honesty and Trustworthiness(2) Plant-Based(2) Recognition 1. Per Brand Finance Canada (2024); ranked based on relative strength of brands through a balanced scorecard of metrics evaluati ng marketing investment, stakeholder equity, and business performance. 2. Ratings are with respect to the six major QSR burger chains in Canada and are based on market consumer research of Synqrinus (conducted in 2023 and commissioned by A&W Food Services of Canada). #1 #1 #1 #1 ✓ Rated #1 Across the Board Canada’s Strongest Brand(1) 85.3 83.6 82.6 82.1 80.6 80.3 79.5 79.3 79.2 79.1 #1
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11 1. “System Sales” and “Adjusted EBITDA” are non-IFRS financial measures. See “Cautionary Statements – Non-IFRS Measures” 2. Q3 2025 T4Q represents the results for the trailing four quarters through Q3 2025 Revenue ($MM) Adjusted EBITDA ($MM)(1) System Sales ($bn)(1) History of Growth $133 $186 $206 $246 $202 $245 $299 $299 $292 $295 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3 2025 T4Q $87.4 $92.3 $93.5 $99.2 2022 2023 2024 Q3 2025 T4Q (2) (2)(2) $1.16 $1.24 $1.42 $1.54 $1.38 $1.61 $1.78 $1.85 $1.87 $1.91 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3 2025 T4Q
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12 Clear Visibility and Growth Objectives for Restaurant Level Gross Margins Strong Franchise Network Strategic Focus on Restaurant Profitability ~90% of Resale Restaurants Bought by Existing Franchisees(3) Strong Lending Appetite from the ‘Big 6’ Banks Average Annual System Sales per Restaurant ($MM/Restaurant)(1)(2) 1. “System Sales’ is a non-IFRS financial measure. See “Cautionary Statements – Non-IFRS Measures”. 2. Includes corporate restaurants (<1% of total restaurants in 2024). 3. Over the past 3 years ended December 29, 2024 Decline due to the negative impact of the COVID Pandemic $1.19 $1.28 $1.32 $1.35 $1.49 $1.55 $1.38 $1.48 $1.60 $1.78 $1.77 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Decline due to the negative impact of the COVID-19 pandemic
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13 Scalable and Motivated Franchisee Base Experienced and Successful Network with Demand for More A&W’s 1. Over the past three years ended December 29 2024. 2. As at December 29, 2024 3. Two year average score per 2023 and 2024 A&W Franchisee Relationship Questionnaire, which are conducted in Q4 each year. Average Number of Restaurants Owned by a Franchisee, with a Strong Balance of Small, Medium and Large Franchisees and nice Geographical Dispersion(2) 3.4 of New Restaurants Opened by Existing Franchisees and 90% of Sold Restaurants purchased by Existing Franchisees (1). Demonstrates High Confidence in the Business. 75% Franchise Owners Across Canada(2) 300+ "To what extent do you feel A&W's Mission and Strategy is Right for the Business?"
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14 A&W Operates in the Large and Growing Burger Segment of the Canadian QSR Market 1. Based on trailing 12 month data as of July 31, 2025 per Circana, CREST®, Canada 2. Calculated as A&W’s System Sales for the trailing four quarters ended Q3 2025. “System Sales” is a non-IFRS measure. See “Cautionary Statements – Non-IFRS Measures”. $43.4bn Canadian QSR Market Size(1) ~5.9% year over year growth(1) $13.1bn Canadian QSR Burger Market Size(1) ~3.1% year over year growth(1) $1.91bn A&W Q3 2025 T4Q System Sales(2)
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15 1.8% 1. As at December 29, 2024. 2. “System Sales Growth” is a non-IFRS ratios See “Cautionary Statements – Non-IFRS Measures”. October 18, 2024 Opened 28 New A&W Restaurants Opened the first Pret A Manger location in Canada Rolled out Pret A Manager Coffee in all A&W Restaurants nationwide $1.6m Raised for MS Canada through A&W Burgers to Beat MS Campaign Became a publicly-traded company on the Toronto Stock Exchange (TSX) on +1.8% Net Annual Restaurant Unit Growth A&W in 2024 October 18, 2024 Brands +0.8% System Sales Growth (2) Hit Critical Mass with Brew Bars now in over 700 A&W Locations (1)
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16 1.8% 1. “System Sales Growth” is a non-IFRS ratio. See “Cautionary Statements – Non-IFRS Measures”. 2. “Same Store Sales Growth” is a non-IFRS supplementary financial measure. See “Cautionary Statements – Non-IFRS Measures”. YTD Highlights Value Offerings +2.9% YTD System Sales Growth (1) Dividends Declared YTD Same Store Sales Growth(2) +1.3% New & Return Menu Items
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17 (in thousands of Canadian $) Q3 2025 Q3 2024 System Sales(1) $479,607 $465,104 System Sales Growth(2) +3.1% +0.4% Same Store Sales Growth(3) +1.4% -1.0% Total revenue $71,205 $76,001 Income before income taxes $23,611 $8,968 Adjusted EBITDA(1) $25,793 $24,677 Adjusted EBITDA Margin(2) 36.2% 32.5% Free Cash Flow(1) $17,006 $26,637 Q3 Financial Highlights 1. “Adjusted EBITDA”, “System Sales” and “Free Cash Flow” are non-IFRS financial measures. See “Cautionary Statements – Non-IFRS Measures”. 2. “Adjusted EBITDA Margin” and “System Sales Growth” are a non-IFRS ratios. See “Cautionary Statements – Non-IFRS Measures”. 3. “Same Store Sales Growth” is a supplementary financial ratio. See “Cautionary Statements – Non-IFRS Measures”.
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18 (in thousands of Canadian $) YTD 2025 YTD 2024 System Sales(1) $1,328,822 $1,291,682 System Sales Growth(2) +2.9% +1.3% Same Store Sales Growth(3) +1.3% 0.0% Total revenue $201,115 $199,103 Income before income taxes $53,253 $28,989 Adjusted EBITDA(1) $70,714 $65,542 Adjusted EBITDA Margin(2) 35.2% 32.9% Free Cash Flow(1) $21,114 $43,645 1. “Adjusted EBITDA”, “System Sales” and “Free Cash Flow” are non-IFRS financial measures. See “Cautionary Statements – Non-IFRS Measures”. 2. “Adjusted EBITDA Margin” and “System Sales Growth” are a non-IFRS ratios. See “Cautionary Statements – Non-IFRS Measures”. 3. “Same Store Sales Growth” is a supplementary financial ratio. See “Cautionary Statements – Non-IFRS Measures”. YTD 2025 Financial Highlights
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19 Financial Trends – Trailing 8 Quarters 1. “System Sales” and “Adjusted EBITDA” are non-IFRS financial measures. See “Cautionary Statements – Non-IFRS Measures”. System Sales ($m) Total Revenue ($m) Adjusted EBITDA ($m) (1) (1) $0 $20,000 $40,000 $60,000 $80,000 $100,000 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Total Revenue & Adjusted EBITDA(1) System Sales (1) Due to seasonality, the results of operations for any quarter are not necessarily indicative of the results of operations for the fiscal year. Total Revenue fluctuates quarter to quarter and does not necessarily correlate with changes in Adjusted EBITDA and System Sales. We expect that seasonality will continue to be a factor in the quarterly variation of results.
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20 Sales Performance – Trailing 8 Quarters 2.1% 0.6% 0.3% -1.0% -1.9% 0.4% 1.6% 1.4% 3.4% 2.0% 1.6% 0.4% -0.1% 2.0% 3.4% 3.1% -3% -2% -1% 0% 1% 2% 3% 4% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Same Store Sales Growth System Sales Growth 1. “System Sales Growth” is a non-IFRS ratio. See “Cautionary Statements – Non-IFRS Measures”. 2. “Same Store Sales Growth” is a supplementary financial ratio. See “Cautionary Statements – Non-IFRS Measures”. (2) (1)
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21 Fiscal 2024 Fiscal 2023 Fiscal 2022 System Sales(1) ($m) $1,868,478 $1,853,119 $1,776,205 System Sales Growth(2) +0.8% +4.3% +10.4% Same Store Sales Growth(3) -0.6% +2.7% +7.4% Number of A&W restaurants 1,073 1,054 1,046 Net annual restaurant unit growth 1.8% 0.8% 1.7% Key Performance Indicators For the 3 most recently completed fiscal years 1. “System Sales” is a non-IFRS financial measure. See “Cautionary Statements – Non-IFRS Measures”. 2. “System Sales Growth” is a non-IFRS ratio. See “Cautionary Statements – Non-IFRS Measures”. 3. “Same Store Sales Growth” is a non-IFRS supplementary financial measure. See “Cautionary Statements – Non-IFRS Measures”.
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22 400 500 600 700 800 900 1,000 1,100 1,200 $- $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 Q3 2025 T4Q No. of Restaurants System Sales ($ million) System Sales Restaurant Count 1. “System Sales” is a non-IFRS financial measure. See “Cautionary Statements – Non-IFRS Measures”. 2. Calculated as A&W’s System Sales for the trailing four quarters ending Q3 2025. “System Sales” is a non-IFRS measure. See “Cautionary Statements – Non-IFRS Measures”. (2) Strong & Steady Growth (1) (2)
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23 1. “Adjusted EBITDA” is a non-IFRS financial measure. See “Cautionary Statements – Non-IFRS Measures”. 2. “System Sales Growth” is a non-IFRS ratio. See “Cautionary Statements – Non-IFRS Measures”. 3. “Same Store Sales Growth” is a non-IFRS supplementary financial measure. See “Cautionary Statements – Non-IFRS Measures”. 4. See “Cautionary Statements – Forward-Looking Information” and “Cautionary Statements – Financial Outlook”. Annual Same Store Sales Growth %(3) Total Units (A&W Restaurants) Annual System Sales Growth %(2) Adjusted EBITDA(1) (2025E)(4) 0.0% – 3.0% 1,085 – 1,100 1.5% – 4.5% $96MM – $101MM 2025 Financial Outlook (released May 2, 2025)
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24 Strong Presence in Western Canada ~400 Restaurant Whitespace 1,073(1) 1,489(1) Δ 416 1. Total includes Territories and represents 2024 year end counts for both McDonalds and A&W per public disclosure. 2. Breakdown by geographical region represents 2024 year end counts. Breakdown for McDonalds is an estimate. Significant Whitespace Opportunity Untapped New Restaurant Potential Provides Clear Path for Growth ∆ 485 ~524(2) 39 326 ~523(2) Δ 197 187 ~332(2) Δ 145 71 ~106(2) Δ 35
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25 Growth Opportunities Opening More A&Ws and Growing Average Sales Volumes New Restaurant Growth Same Store Sales Growth Pret A Manger (“Pret”) Mobile and Loyalty ✓ High appeal to Gen-Z and Millennials ✓ Expanded our value offerings through the introduction of “Value Deals” menu in Q3 2025 ✓ On-trend menu development and continued investments in brand appeal ✓ Growing a successful Brew Bar business that meets the increasing demand for iced and frozen beverages ✓ Robust pipeline of new A&W restaurants in partnership largely with existing franchisees including Petro-Canada (Suncor) ✓ 28 new A&W restaurants opened Fiscal 2024, 10 of which were in partnership with Suncor ✓ 14 new A&W restaurants opened YTD 2025, 5 of which were in partnership with Suncor ✓ Superior digital guest experience that meets guests’ need for convenience and personalization ✓ Launched A&W Rewards, new Loyalty Program, on April 22, 2025 ✓ Exclusive Canadian rights for Pret ✓ Strong franchisee receptivity ✓ Rolled out Pret Coffee to all A&W Restaurants ✓ Opened first stand-alone Pret in Jan 2024 and second location is expected to open in Toronto in late 2025 or early 2026 ✓ Actively pursuing sites in Vancouver, Calgary, Toronto and Montreal
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26 A&W x Petro-Canada (Suncor) Restaurants – A Long-Standing, Growing Partnership 90+ Openings Committed To Between 2024-2027 Forecast Franchise Agreements ✓ Signed initial development agreement in 1997 ✓ Leading to 31 restaurants by the end of 2012 2012 ✓ Suncor began converting Neighbours Convenience Stores into A&Ws ✓ Leading to 23 new restaurants opening by the end of 2016 2025 ✓ Signed new site development agreement in 2024 ✓ Leading to 10 new restaurants openings in 2024 and 5 new restaurants YTD 2025 2016 ✓ Signed new site development agreement ✓ Leading to 22 new restaurants opening by the end of 2023, and an additional 2 landlord locations owned by Petro-Canada (run by non-Petro-Canada franchisees) 1997 Suncor is also incentivized to make referrals on behalf of A&W to its dealer / partner network, which has led to 24 referral locations opened to date Robust New Restaurant Pipeline Supported by Strategic Petro-Canada (Suncor) Partnership
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27 Strategically Focused on Expanding Franchisee Profitability Recent Franchisee Profitability Initiatives Growth Target for All Franchisee Restaurants +30% Improvement in Restaurant-Level Profitability (2023 to 2028) +5% Achieved in 2024 Optimizing Procurement and Distribution, and Securing Favorable Contracts via Scale Franchisee Profit Training, Guidance, Benchmarking and Skills Development for Improved Profitability Overhauling Operating Procedures for Improved Speed of Service and Enhanced Guest Experience
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28 Strategically Focused on Enhancing the Franchisee Business Model • Improving franchisee profitability and expanding EBITDA; targeting 30% improvement between 2023 and 2028 • Targeting a $500K reduction on the cost of new freestanding restaurants through redesign, with the first one to be built in 2025 • Reducing the cost of modernizations by $40K • Maintaining a capital light go forward strategy
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29 Balanced Capital Allocation Priorities Annual Dividend Maximize Shareholder Returns by Maintaining an Attractive Dividend Maintain an Attractive Dividend Capital Allocation Priorities Efficient Capital Spend in High-Growth Investments to Maintain a Market Leading Position Invest in the Business for Growth Net Debt to Adjusted EBITDA Maintain a Prudent Capital Structure and Utilize Excess Cash to Reduce Leverage Preserve Balance Sheet Strength $1.92 / share(2) (5.0% implied dividend yield)(2) 1. Figure disclosed represents Net Debt to Adjusted EBITDA as at September 7, 2025. Net Debt to Adjusted EBITDA is a non-IFRS ratio. See “Cautionary Statements – Non-IFRS Measures”. 2. Based on annualized dividend amount and AW.TO closing price of $38.70 as of September 5, 2025. 2.4x(1)
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31 Highly Experienced Management Team 20+ Years of A&W Experience on Average Robert Fussey, VP, Innovation Tom Newitt, VP, Marketing Angela Griffiths, VP, Food Safety & Brand Integrity Brent Todd, VP, Purchasing & Distribution Mike Atkinson, EVP Nancy Wuttunee, VP, People Potential Catherine Anderson, VP, DevelopmentNeil Farmer, VP, Restaurants Susan Senecal, President & CEO Kelly Blankstein, CFO Culture of “Climate” developed 40+ years ago to enable the business to be highly successful Practiced across all of A&W including franchisees’ 26,000+ team members across Canada
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