Slides
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Earnings Call Q4 FY2025 Results February 25th, 2026
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2 Forward Looking Statements Certain statements contained herein, including statements under the headings “CEO Comments”, “Fiscal 2026 Financial Outlook” and “Q1 2026 Financial Outlook” are not based on historical fact and are “forward-looking statements” within the meaning of applicable securities laws. Generally, these statements can be identified by the use of words such as “guidance,” “believes,” “estimates,” “anticipates,” “expects,” “on track,” “feels,” “forecasts,” “seeks,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could,” “would” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the Company’s forward-looking statements. These risks and uncertainties include, but are not limited to: our ability to execute and achieve the expected benefits of our actions to focus on operational priorities, including our turnaround plans and cost-saving initiatives to fund such plans; consumer reaction to public health and food safety issues; increases in labor costs and fluctuations in the availability of employees and our ability to attract, train, and retain key personnel; increases in unemployment rates and taxes; competition; interruption or breach of our systems or loss of consumer or employee information; price and availability of commodities and other impacts of inflation and tariffs; our dependence on a limited number of suppliers and distributors; political, social and legal conditions in international markets and their effects on foreign operations and foreign currency exchange rates; the impacts of our operations in Brazil as a minority investor and franchisor; our ability to address corporate citizenship and sustainability matters and investor expectations; local, regional, national and international economic conditions; changes in patterns of consumer traffic, consumer tastes and dietary habits; the effects of changes in tax laws; costs, diversion of management attention and reputational damage from any claims or litigation; government actions and policies, including the impact of U.S. government shutdowns; challenges associated with our remodeling, relocation and expansion plans; our ability to preserve the value of and grow our brands; consumer confidence and spending patterns; the effects of a health pandemic, weather, acts of God and other disasters and the ability or success in executing related business continuity plans; the Company’s ability to make debt payments and planned investments and the Company’s compliance with debt covenants; the cost and availability of credit; interest rate changes; and any impairments in the carrying value of goodwill and other assets. Further information on potential factors that could affect the financial results of the Company and its forward-looking statements is included in its most recent Form 10-K and subsequent filings with the Securities and Exchange Commission. The Company assumes no obligation to update any forward-looking statement, except as may be required by law. These forward-looking statements speak only as of the date of this release. All forward-looking statements are qualified in their entirety by this cautionary statement.
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3 Non-GAAP Measures In addition to the results provided in accordance with GAAP, this press release and related tables include certain non-GAAP measures, which present operating results on an adjusted basis. These are supplemental measures of performance that are not required by or presented in accordance with GAAP and include: (i) Restaurant-level operating income, adjusted restaurant-level operating income and their corresponding margins, (ii) Adjusted income from operations and the corresponding margin, (iii) Adjusted segment income from operations and the corresponding margin, (iv) Adjusted net income and (v) Adjusted diluted earnings per share. Restaurant-level operating margin is a non-GAAP financial measure widely regarded in the industry as a useful metric to evaluate restaurant-level operating efficiency and performance of ongoing restaurant-level operations, and we use it for these purposes. We believe that our use of non-GAAP financial measures permits investors to assess the operating performance of our business relative to our performance based on GAAP results and relative to other companies within the restaurant industry by isolating the effects of certain items that may vary from period to period without correlation to core operating performance or that vary widely among similar companies. However, our inclusion of these adjusted measures should not be construed as an indication that our future results will be unaffected by unusual or infrequent items or that the items for which we have made adjustments are unusual or infrequent or will not recur. We believe that the disclosure of these non-GAAP measures is useful to investors as they form part of the basis for how our management team and Board of Directors evaluate our operating performance, allocate resources and administer employee incentive plans. These non-GAAP financial measures are not intended to replace GAAP financial measures, and they are not necessarily standardized or comparable to similarly titled measures used by other companies. We maintain internal guidelines with respect to the types of adjustments we include in our non-GAAP measures. These guidelines endeavor to differentiate between types of gains and expenses that are reflective of our core operations in a period, and those that may vary from period to period without correlation to our core performance in that period. However, implementation of these guidelines necessarily involves the application of judgment, and the treatment of any items not directly addressed by, or changes to, our guidelines will be considered by our disclosure committee. You should refer to the reconciliations of non- GAAP measures in Tables Four, Five and Six included later in this release for descriptions of the actual adjustments made in the current period and the corresponding prior period.
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4 ~$4B Total Revenue1 1,460 Restaurants 12 Countries 46 U.S. States 75% Domestic ~64,000 Team Members (1) Trailing 12-month revenue
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A Company of Founder-Inspired Restaurants Guiding Principles Iconic Brands Our Mission Our Vision Core Values Earn lifetime guest loyalty to deliver enduring shareholder value. Our success is achieved one restaurant at a time, measured by growth in sales and profits, and is the result of taking care of our people and guests. Each reflecting the values, beliefs, and aspirations of our founders and the communities we serve. Ownership Inclusion Hospitality Fun Crave Signature flavors and differentiated offerings to drive guest loyalty. Care Authentic hospitality and a culture rooted in respect and a “Make it Happen” passion to serve. Consistency Ownership to execute perfectly every time – close is never good enough.
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6 (0.5%) (0.1%) 1.2% (0.0%) Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Quarterly U.S. Comparable Sales and Traffic Comp Sales Traffic (3.9%) (2.0%) (0.1%) 0.5% Q1 2025 Q2 2025 Q3 2025 Q4 2025 vs BBX (3.3%) (4.3%) (3.2%) (0.4%) vs BBX (3.9%) (3.6%) (2.1%) 1.9%
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7 Comparable Sales and Traffic by Brand Q4 2025 Comp Sales Traffic (0.6%) 0.9% 1.6% (0.9%) (0.1%) 2.3% 0.1% (2.4%) U.S. Total (0.0%) 0.5%
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8 Four strategic platforms of our turnaround strategy Supported by: Non-Guest Facing Productivity Savings Balanced Capital Allocation A Strong Management Team3 2 1 Deliver a Remarkable Dine-In Experience Drive Brand Relevancy Reignite a Culture of Ownership and Fun Invest in Our Restaurants
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9 9 • Asset Refresh • Targeted Initiatives • Focused Resources Deliver a Remarkable Dine-In Experience Drive Brand Relevancy Reignite a Culture of Ownership and Fun Invest in Our Restaurants • Brand Positioning • Steak Centric Equity • Marketing Effectiveness • Steak Excellence • Craveable Service • Consistency of Execution • Leadership • Rewards & Recognition • Engagement & Fun
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10 Steak Excellence – New Steak Line-Up Bone-In Ribeye New Delmonico Ribeye Improved Sirloin Half-Pound Burger Best in Class Filet Need filet photo
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11 Steak Certification Training
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12 Improving Outback Brand Guest Metric Scores Source: Technomic +7% +5% +5% +3% +3% Brand Trust Food Service Value Atmosphere Q4 Year-over-Year Improvement
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13 13 • Asset Refresh • Targeted Initiatives • Focused Resources • Steak Excellence • Craveable Service • Consistency of Execution Deliver a Remarkable Dine-In Experience Drive Brand Relevancy Reignite a Culture of Ownership and Fun Invest in Our Restaurants • Brand Positioning • Steak Centric Equity • Marketing Effectiveness • Leadership • Rewards & Recognition • Engagement & Fun
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14 14 • Asset Refresh • Targeted Initiatives • Focused Resources • Steak Excellence • Craveable Service • Consistency of Execution Deliver a Remarkable Dine-In Experience Drive Brand Relevancy Reignite a Culture of Ownership and Fun Invest in Our Restaurants • Brand Positioning • Steak Centric Equity • Marketing Effectiveness • Leadership • Rewards & Recognition • Engagement & Fun
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15 15 • Steak Excellence • Craveable Service • Consistency of Execution Deliver a Remarkable Dine-In Experience Drive Brand Relevancy Reignite a Culture of Ownership and Fun Invest in Our Restaurants • Brand Positioning • Steak Centric Equity • Marketing Effectiveness • Leadership • Rewards & Recognition • Engagement & Fun • Asset Refresh • Targeted Initiatives • Focused Resources
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16 Financial Update
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17 Q4 Financial Results – Continuing Operations (in $ millions, except EPS) Q4 2025 Q4 2024 Total Revenues $975 $972 Restaurant-Level Operating Income $110 $118 Adjusted Restaurant-Level Operating Income (1) $111 $118 % margin 11.6% 12.4% GAAP (Loss) Income from Operations ($13) $16 Adjusted Income from Operations (1) $33 $34 % margin 3.4% 3.5% Adjusted EBITDA (1) $74 $77 % margin 7.6% 7.9% GAAP Diluted (Loss) Earnings per Share ($0.14) $0.12 Adjusted Diluted Earnings per Share (1) $0.26 $0.22 (1) Refer to Reconciliations at the end of this presentation for more information.
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18 $1,027M $787M Q4 2024 Q4 2025 Reduction in Total Debt Total Debt Leverage (1) (1) Lease Adjusted Net Leverage defined as Net Debt + Operating Lease Liabilities divided by (Adjusted EBITDA + Rent Expense). Lease Adjusted Net Leverage is a non-GAAP measure. Refer to Reconciliations at the end of this presentation for more information. Lease Adjusted Net Leverage Net Debt / Adjusted EBITDA
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19 2026 Turnaround Investments Offset by Non-Guest Facing Productivity ~$25M ~$20M ~$10M ~$30M ~$8M ~$7M Turnaround investment Productivity Net investment Service & Experience Our People Marketing Food Quality ~$50M
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20 Updated Full Year 2026 Guidance U.S. Comparable Restaurant Sales 0.5% to 2.5% Adjusted Diluted EPS (1) $0.75 to $0.90 Commodity Inflation 4.5% to 5.5% Labor Wage Inflation 3% to 3.5% Effective Income Tax Rate Negative U.S. New Unit Growth (2) 6 to 8 Capital Expenditures $185M to $195M (1) Includes estimated adjustments related to accelerated depreciation associated with equipment upgrades in connection with the turnaround strategy. (2) Includes only company-owned restaurant openings.
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21 Capital Expenditures $185M – $195M FY 2026 Guidance FIX THE BASE BUSINESS OPEN U.S. NEW UNITS INVEST IN INFRASTRUCTURE ~20%~20% Remodels Maintenance 6 – 8 New U.S. Locations Network Capabilities IT Foundation Kitchen Equipment ~60%
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22 Q1 2026 Guidance Q1 2026 U.S. Comparable Restaurant Sales Flat to 1.0% GAAP Diluted EPS $0.54 to $0.59 Adjusted Diluted EPS (1) $0.57 to $0.62 (1) Includes estimated adjustments related to accelerated depreciation associated with equipment upgrades in connection with the turnaround strategy.
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25 BLMN Executive Leadership Team Kelly Lefferts Chief Legal Officer & Secretary Lissette Gonzalez Chief Commercial Officer Rafael Sanchez Chief Information Officer Eric Christel Chief Financial Officer Ali Charri Senior Vice President, Guest Insights & Analytics Jessica Mitory Chief Human Resources Officer Pat English President Fleming’s Prime Steakhouse & Wine Bar Pat Hafner President Outback Steakhouse Kelia Bazile President Carrabba’s Italian Grill John Bettin President Bonefish Grill Mike Spanos Chief Executive Officer Randy Scruggs Senior Vice President, Supply Chain
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26 REMARKABLE EXPERIENCES START WITH REMARKABLE PEOPLE
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Question & Answer Session
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28 Reconciliations
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29 Consolidated THIRTEEN WEEKS ENDED FISCAL YEAR (dollars in thousands) DECEMBER 28, 2025 DECEMBER 29, 2024 2025 2024 (Loss) income from operations $ (13,298) $ 16,197 $ 37,163 $ 139,808 Operating (loss) income margin (1.4)% 1.7% 0.9% 3.5% Less: Franchise and other revenues 17,197 19,929 71,762 84,131 Plus: Depreciation and amortization 44,188 45,146 177,680 175,580 General and administrative 58,389 43,723 238,396 219,383 Provision for impaired assets and restaurant closings 10,011 33,137 45,137 64,291 Goodwill impairment 28,188 — 28,188 — Restaurant-level operating income (1) $ 110,281 $ 118,274 $ 454,802 $ 514,931 Restaurant-level operating margin 11.5% 12.4% 11.7% 13.3% Adjustments: Employee benefits policy change (2) 908 — 3,671 — Closure-related charges — — — 434 Total restaurant-level operating income adjustments 908 — 3,671 434 Adjusted restaurant-level operating income $ 111,189 $ 118,274 $ 458,473 $ 515,365 Adjusted restaurant-level operating margin 11.6% 12.4% 11.8% 13.3% Adjusted Restaurant Level Operating Margin (1) The following categories of revenue and operating expenses are not included in restaurant -level operating income and the corresponding margin because we do not consider them reflective of operating performance at the restaurant -level within a period: a. Franchise and other revenues, which are earned primarily from franchise royalties and other non-food and beverage revenue streams, such as rental and sublease income. b. Depreciation and amortization, which, although substantially all of which is related to restaurant-level assets, represent historical sunk costs rather than cash outlays for the restaurants. c. General and administrative expense, which includes primarily non-restaurant-level costs associated with support of the restaurants and other activities at our corporate offices. d. Asset impairment charges and restaurant closing costs and Goodwill impairment. (2) Represents costs associated with updated field PTO policy in connection with the transition to a new human resources and payroll system.
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30 Consolidated THIRTEEN WEEKS ENDED (dollars in thousands) DECEMBER 28, 2025 DECEMBER 29, 2024 (Loss) income from operations $ (13,298) $ 16,197 Operating (loss) income margin (1.4)% 1.7% Adjustments: Total restaurant-level operating income adjustments (1) 908 — Goodwill impairment (2) 28,188 — Asset impairments and closure-related charges (3) 9,277 30,602 Severance and other transformational costs (4) 6,575 2,500 Foreign currency forward contract costs (gains) (5) 1,517 (15,728) Total income from operations adjustments 46,465 17,374 Adjusted income from operations $ 33,167 $ 33,571 Adjusted operating income margin 3.4% 3.5% Plus: Depreciation and amortization 44,188 45,146 Loss from equity method investment, net of tax (1,308) — Less: Non-controlling interest from minority partnerships 1,712 1,924 Adjusted EBITDA, continuing operations $ 74,335 $ 76,793 Adjusted EBITDA margin, continuing operations 7.6% 7.9% Adjusted Income from Operations Adjusted EBITDA (1) See Adjusted Restaurant-Level Margin for details regarding restaurant-level operating income adjustments. (2) Relates to goodwill impairment from the Bonefish Grill reporting unit. (3) The thirteen weeks ended December 28, 2025 primarily includes costs related to the closure of 21 U.S. restaurants and the dec ision not to renew the leases of 22 restaurants. The thirteen weeks ended December 29, 2024 includes asset impairment related t o older, underperforming restaurants. (4) Includes severance, professional fees and other costs incurred as a result of transformational and restructuring activities. (5) Represents costs (gains) in connection with the foreign currency forward contracts that mostly offset foreign currency exchan ge risk associated with payments from the Brazil Sale Transaction.
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31 Consolidated FISCAL YEAR (dollars in thousands) 2025 2024 Income from operations $ 37,163 $ 139,808 Operating income margin 0.9% 3.5% Adjustments: Total restaurant-level operating income adjustments (1) 3,671 434 Asset impairments and closure-related charges (2) 38,918 63,009 Goodwill impairment (3) 28,188 — Severance and other transformational costs (4) 22,762 10,621 Foreign currency forward contract costs (gains) (5) 9,332 (15,728) Total income from operations adjustments 102,871 58,336 Adjusted income from operations $ 140,034 $ 198,144 Adjusted operating income margin 3.5% 5.0% Plus: Depreciation and amortization 177,680 175,580 Loss from equity method investment, net of tax (4,742) — Less: Non-controlling interest from minority partnerships 4,992 5,363 Adjusted EBITDA, continuing operations $ 307,980 $ 368,361 Adjusted EBITDA margin, continuing operations 7.8% 9.3% Adjusted Income from Operations Adjusted EBITDA (1) See Adjusted Restaurant-Level Margin for details regarding restaurant-level operating income adjustments. (2) Fiscal year 2025 primarily includes costs related to the closure of 21 U.S. restaurants and the decision not to renew the lea ses of 22 restaurants and asset impairments related to five underperforming U.S. restaurants. Fiscal year 2024 primarily includes asset impairment related to older, underperforming restaurants and other asset impairment and closure -related costs in connection with previous restaurant closures. (3) Relates to goodwill impairment from the Bonefish Grill reporting unit. (4) Includes severance, professional fees and other costs incurred as a result of transformational and restructuring activities. (5) Represents costs (gains) in connection with the foreign currency forward contracts that mostly offset foreign currency exchan ge risk associated with payments from the Brazil Sale Transaction.
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32 Adjusted Net Leverage Reconciliations (1) Refer to Adjusted EBITDA reconciliation earlier in this presentation. (2) Rent Expense includes costs incurred over the past twelve consecutive months and excludes financing lease costs. (dollars in thousands) DECEMBER 28, 2025 DECEMBER 29, 2024 Long-term debt, net $ 787,425 $ 1,027,398 Cash (59,461) (70,056) Net Debt 727,964 957,342 Current operating lease liabilities 176,268 158,806 Non-current operating lease liabilities 1,046,380 1,088,518 Total operating lease liabilities 1,222,648 1,247,324 Total Net Debt and Operating Lease Liabilities $ 1,950,612 $ 2,204,666 Adjusted EBITDA (1) 307,980 368,361 Rent Expense (2) 187,700 187,844 Adjusted EBITDAR $ 495,680 $ 556,205 Lease Adjusted Net Leverage 3.9x 4.0x Net Debt/Adjusted EBITDA 2.4x 2.6x
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33 THIRTEEN WEEKS ENDED FISCAL YEAR (in thousands, except per share data) DECEMBER 28, 2025 DECEMBER 29, 2024 2025 2024 Net (loss) income attributable to Bloomin’ Brands $ (13,475) $ (79,461) $ 8,237 $ (128,018) Loss from discontinued operations, net of tax (1,251) (90,122) (537) (75,982) Net (loss) income attributable to Bloomin’ Brands from continuing operations (12,224) 10,661 8,774 (52,036) Adjustments: Income from operations adjustments (1) 46,465 17,374 102,871 58,336 Loss on extinguishment of debt (2) — — — 135,797 Total adjustments, before income taxes 46,465 17,374 102,871 194,133 Tax effect of adjustments (3) (11,747) (9,107) (14,770) (13,001) Net adjustments, continuing operations 34,718 8,267 88,101 181,132 Adjusted net income, continuing operations 22,494 18,928 96,875 129,096 Adjusted (loss) income, discontinued operations net of tax (4) (1,251) 13,723 (537) 30,246 Adjusted net income $ 21,243 $ 32,651 $ 96,338 $ 159,342 Diluted (loss) earnings per share (5): Continuing operations $ (0.14) $ 0.12 $ 0.10 $ (0.61) Discontinued operations (0.01) (1.05) (0.01) (0.88) Net diluted earnings (loss) per share $ (0.16) $ (0.93) $ 0.10 $ (1.49) Adjusted diluted earnings per share (5): Continuing operations $ 0.26 $ 0.22 $ 1.14 $ 1.45 Discontinued operations (0.01) 0.16 (0.01) 0.34 Adjusted net diluted earnings per share (6) $ 0.25 $ 0.38 $ 1.13 $ 1.79 Diluted weighted average common shares outstanding 85,214 85,428 85,307 85,905 Adjusted diluted weighted average common shares outstanding (6) 85,562 85,428 85,307 88,900 Adjusted Net Income & EPS (1) See Adjusted Income from Operations for details regarding income from operations adjustments. (2) Includes losses in connection with the repurchase of $83.6 million of the outstanding convertible senior notes due in 2025, i ncluding settlements of the related convertible senior note hedges and warrants. (3) The tax effect of non-GAAP adjustments is determined by recomputing the benefit for income taxes on an adjusted basis. The diffe rence between the recomputed benefit for income taxes and the GAAP benefit for income taxes represents the tax effect of non - GAAP adjustments. (4) Includes net (loss) income from our Brazil operations for the periods presented. For fiscal year 2024, also includes adjustme nts for $68.3 million for impairment of assets held for sale and $33.8 million of deferred income tax expense resulting from the Brazil Sale Transaction and the tax effects of non-GAAP adjustments. (5) Amounts may not add due to rounding (6) For the thirteen weeks ended December 28, 2025 and fiscal year 2024, includes shares that are excluded from GAAP diluted weig hted average common shares outstanding due to a GAAP net loss, however, incorporated in adjusted diluted weighted average common shares outstanding as a result of the adjusted net income position.