Slides
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Sphera Franchise Group Investor & Analyst Call H1 2026 Results 31.08.2026
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Agenda for today’s call 2 Brand Performance4 3 Q&A Session Business Updates 2 1 H1 2026 Highlights 5 CEO Opening Remarks 6 Marketing
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Disclaimer This presentation is not, and nothing in it should be construed as, an offer, invitation or recommendation in respect of shares issued by Sphera Franchise Group SA ("Sphera"), or an offer, invitation or recommendation to sell, or a solicitation of an offer to buy shares in Sphera. Neither this presentation nor anything in it shall form the basis of any contract or commitment. This presentation is not intended to be relied upon as advice or recommendation to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider this presentation in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. Sphera has prepared this presentation based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This presentation should not be considered a comprehensive representation of Sphera's business, financial performance or results. This presentation may contain forward-looking statements. These statements reflect Sphera’s current knowledge and its expectations and projections about future events and may be identified by the context of such statements or words such as “anticipate,” “believe”, “estimate”, “expect”, “intend”, “plan”, “project”, “target”, “may”, “will”, “would”, “could” or “should” or similar terminology. Sphera undertakes no obligation to update or revise these forward–looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Inevitably, some assumptions may not materialize, and un-anticipated events and circumstances may affect the ultimate financial results. Projections are inherently subject to substantial and numerous uncertainties and to a wide variety of significant business, economic and competitive risks. Therefore, the final results achieved may vary significantly from the forecasts, and the variations may be material. 3
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4 Călin Ionescu Chief Executive Officer Valentin Budeș Chief Financial Officer Monica Eftimie Chief Marketing Officer Zuzanna Kurek Investor Relations Officer Costica Misaca GM Pizza Hut & Taco Bell Romania Marian Gogu GM KFC Romania Welcome to SFG H1 2026 Results Call
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CEO Opening Remarks 5
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H1 2026 Results Highlights 6
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7 RON 648.2 mn +1.5% vs. H1 2025 RON 90.3 mn -3.0% vs. H1 2025 RON 16.0 mn +18.0% vs. H1 2025 RON 647.4mn +0.9% vs. H1 2025 RON 55.7 mn +11.3% vs. H1 2025 RON 50.0 mn -6.3% vs. H1 2025 RON 1.4 mn n/a RON 378.0 mn +4.2% vs. Q1 2025 H1 2026 Consolidated Sales Key H1 2026 Highlights excl. IFRS16 RON 376.6 mn -1.6% vs. Q2 2025
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28.6 25.4 27.1 32.5 2025 2026 8 352.1 368.2 372.8 362.4 2025 2026 724.9 730.6 Expenses (Restaurant + G&A) Normalized EBITDARestaurant operating profit Q1 24.8 24.1 28.0 28.4 2025 2026 -1%55.7 57.9 52.8 52.5 +5% -11% in RON m, excl. IFRS16 Evolution of key indicators Q2 -3% +20% +4% +1% -3% +2%
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Q2 2026 key financials Data in RON’000 Q2’26 Q2’25 Y/Y % Restaurant sales 376,561 382,622 -1.6% Other restaurant income 544 339 60.4% Restaurant expenses 344,596 355,862 -3.2% Restaurant operating profit 32,509 27,099 20.0% General & Admin expenses 17,782 16,967 4.8% EBITDA 28,420 26,364 7.8% Normalized EBITDA 28,420 27,982 1.6% Operating profit 14,727 10,132 45.3% Finance costs 3,600 2,752 30.8% Finance income 256 242 5.8% Profit before tax 11,383 7,623 49.3% Income tax expense 3,245 2,853 13.7% Profit for the period 8,138 4,770 70.6% Normalized profit for the period 8,138 9,849 -17.4% In Q2 2026, Sphera Franchise Group recorded restaurant sales of RON 376.6 million, down 1.6% YoY, reflecting a more cautious consumer environment across the Group's markets, particularly in Romania, amid political uncertainty surrounding the interim government and the evolving fiscal environment. 9 Restaurant expenses decreased 3.2% YoY, to RON 344.6 million, outpacing the decline in sales, improving the restaurant expense ratio by 1.5pp, to 91.5% of sales. This reflects disciplined cost management, supporting restaurant operating profit margin of 8.6% in Q2 2026, up from 7.1% in Q2 2025. Normalized EBITDA reached RON 28.4 million in Q2 2026, up 1.6% YoY , with the corresponding margin improving 0.2pp, to 7.5%, compared to 7.3% in Q2 2025. Net profit/normalized net profit amounted to RON 8.1 million in Q2 2026. The evolution is a combined effect of lower same store sales, accelerated expansion of the restaurant network and the unfavorable impact of exchange rate. Food and material costs decreased 6.3% YoY, to RON 114.5 million, improving 1.5pp as a share of sales, to 30.4%, reflecting continued procurement optimization. in RON’000, excl. IFRS16
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H1 2026 key financials Data in RON’000 H1’26 H1’25 Y/Y % Restaurant sales 754,512 745,209 1.2% Other restaurant income 1,447 2,321 -37.7% Restaurant expenses 698,073 691,873 0.9% Restaurant operating profit 57,886 55,656 4.0% General & Admin expenses 32,473 33,004 -1.6% EBITDA 52,401 51,213 2.3% Normalized EBITDA 52,515 52,830 -0.6% Operating profit 25,413 22,652 12.2% Finance costs 5,831 4,357 33.8% Finance income 369 359 2.9% Profit before tax 19,950 18,654 6.9% Income tax expense 6,391 6,070 5.3% Profit for the period 13,560 12,584 7.8% Normalized profit for the period 13,674 17,664 -22.6% In H1 2026, Sphera Franchise Group recorded restaurant sales of RON 754.5 million, up 1.2% YoY , supported by the contribution of restaurants opened over the last twelve months, particularly under the Taco Bell brand, and the resilient performance of the Romanian market, despite a softer consumer environment in Q2. 10 Restaurant expenses increased 0.9% YoY, to RON 698.1 million, below the pace of sales growth, improving the restaurant expense ratio by 0.3pp, to 92.5% of sales. This reflects continued operational discipline and cost management, supporting restaurant operating profit margin of 7.7% in H1 2026, up from 7.5% in H1 2025. Normalized EBITDA reached RON 52.5 million in H1 2026, down 0.6% YoY, with the margin narrowing slightly by 0.1pp, to 7.0%, as a softer Q1 was largely offset by stronger Q2 performance. Net profit amounted to RON 13.6 million in H1 2026, while normalized net profit amounted to RON 13.7 million. The evolution is a combined effect of lower same store sales, accelerated expansion of the restaurant network and the unfavorable impact of exchange rate. Food and material costs decreased 1.7% YoY , to RON 233.3 million, improving 0.9pp as a share of sales, to 30.9%, supported by continued procurement optimization measures. in RON’000, excl. IFRS16
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Business Updates 11
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12 Restaurant footprint Food Court In Line Drive-through Network as of 30.06.2026In Q1 2026, Sphera inaugurated four new restaurants – a KFC in Centro Piave Shopping Center in San Donà di Piave in Province of Venice in Italy, and a KFC in M Park Titan in Bucharest, Romania, and another KFC in Balti, Moldova. The Group moreover opened a Cioccolatitaliani store in Genova, Italy. In Q2 2026, the Group inaugurated a Taco Bell unit in Chisinau, Moldova. As of June 30th, 2026, Sphera Franchise Group operated 176 restaurants : 111 KFC restaurants in Romania, 4 in Moldova and 18 in Italy, as well as 22 Pizza Hut restaurants in Romania, 18 Taco Bell restaurants in Romania and 1 in Moldova, and 2 Cioccolatitaliani restaurants in Italy. After the closing of the reporting period, the Group continued to expand the KFC network, opening the first Delivery Carry Out format KFC restaurant in Romania, and another drive-thru KFC in Bran together with two seasonal restaurants in Nibiru, Costinesti – one KFC restaurant and one Taco Bell restaurant. 75 22 36 19 17 5 2
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13 Brand portfolio development OP TIMIZE Pizza Hut Improve the profitability profile of the network 7 underperforming restaurants already closed. Focus on eliminating structurally loss-making units and optimizing the cost base across the remaining restaurant network to bring it to break- even. EXPAN D Taco Bell Extend the brand beyond Romania Franchise rights expanded to the Republic of Moldova. First Chișinău restaurant opened on 30 April 2026 in the food court area of Shopping MallDova, one of the major retail destinations in Chișinău. DIV ERSIFY Enter the fast -casual Asian dining segment Romania franchise of Wagamama, an internationally recognized pan-Asian dining brand, was added to Sphera’s portfolio in May 2026. First Bucharest restaurant is targeted for end of 2026 / early 2027.
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2026 Outlook 14 B UDGET ASSUMPTI ONS Market conditions have changed Approved by the Ordinary General Meeting of Shareholders on April 29th, 2026, the Budget assumed an average annual inflation rate of around 6%. Inflation in Romania remained above 10% throughout the first half of the year, while the fiscal measures adopted in 2025 continued to weigh on disposable income and consumer sentiment. PO LITIC AL ENVIRO NMEN T Framework not yet defined The political environment in Romania remains unsettled, with the formation of a new Government still pending. As a result, there remains a degree of uncertainty regarding the fiscal and legislative framework applicable in the coming period. MANA GEMENT RESPO NSE Adapting the business, assessing scenarios Management has taken measures to adapt the business and preserve operational flexibility, including tighter cost control at restaurant and Group level, and continues to assess a range of scenarios and refine the assumptions as conditions develop. Any update to the 2026 outlook will be communicated to the market through a current report, in accordance with the applicable disclosure requirements.
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Brand Performance 15
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Sales brand performance: KFC 16 -3.4% -1.7% -2.5% 2.1% 3.0% -2.0% -3.4% 0.0% -0.7% 3.8% 5.0% -1.6% Q4'25 Q1'26 Same store All store 3.3% 4.3% 2.3% -3.6% -5.4% -15.9% -1.4% 1.4% -9.8% Q1'25 Q2'25 Q3'25 Same store All store 23.2% 25.8% 24.8% 8.3% -9.8% 1.4% -8.0% 43.9% Q1'25 Q2'25 Q3'25 Q4'25 Q2'26 Same store All store (incl. 1unit TB MD) Q1’25 Q4’25 Q2’25 Q1’26 Q1’26 Q3’25 Q2’26 Q2’26
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Sales brand performance: Pizza Hut and Taco Bell Romania 17 -1.0% 2.0% -5.9% -1.0% -3.2% -9.5% Same store / All store Q1’25 Q2’25 Q3’25 15.6% 21.2% 13.0% 7.6% -2.4% -8.0% 15.5% 12.2% 5.3% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Same store All store Q1’26Q4’25 Q2’26
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Marketing 18
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19 Marketing KFC
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20 Marketing Pizza Hut
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21 Marketing Taco Bell
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Evolution of orders for delivery 22 19% 19% 18% 18% 19% 19% 12% 11% 10% 12% 12% 12% 35% 31% 28% 26% 30% 24% 35% 37% 32% 32% 33% 34% 28% 27% 26% 23% 26% 26% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 KFC RO KFC IT KFC MD PH RO TB RO
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Q&A session 23
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24 Sphera Franchise Group’s H1 2026 report is available for download our website: www.spheragroup.com. The recording of this conference call will be also available on our website shortly. For any follow-up questions related to Sphera Franchise Group’s activity on the Bucharest Stock Exchange, please contact Zuzanna Kurek, IRO, at: investor.relations@spheragroup.com. Thank you for joining us!