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BLOOMIN ' BRANDS BONEFISH OUTBACK CARRABBA'S ITALIAN GRILL . Fleming's GRILL PRIME STEAKHOUSE & WINE BAR STEAKHOUSE CUTTER Earnings Call Q2 FY2026 Results August 5 , 2026 F Fleming
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2 Forward Looking Statements Certain statements contained herein, including statements under the headings “CEO Comments”, “Fiscal 2026 Financial Outlook” and “Q3 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, including due to our limited control with respect to and the challenges facing the operations of our franchisees; 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 and the corresponding margin, (ii) Adjusted income from operations and the corresponding margin, (iii) Adjusted EBITDA and the corresponding margin, (iv) Adjusted EBITDAR, (v) Lease Adjusted net leverage, (vi) Adjusted net income from continuing operations, (vii) Adjusted diluted earnings per share from continuing operations and (viii) Net Debt / Adjusted EBITDA. 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 the “Reconciliations” section of this presentation for descriptions of the actual adjustments made in the current period and the corresponding prior period.
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4 ~$4B Total Revenue1 1,448 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 +7% +7% +6% +5% +4% +2% Service Atmosphere Value Intent to Return Food Brand Trust Outback Brand Guest Metric Scores improved for the fourth consecutive quarter Source: Technomic Q2 Year-over-Year Improvement
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7 Comparable Sales and Traffic by Brand Q2 2026 Comp Sales Traffic 1.4% (2.8%) 1.7% (2.5%) 8.1% 4.5% 1.6% (2.8%) U.S. Total 2.3% (1.9%) (0.0%) (1.1%)vs BBX
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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 10 • 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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11 11 • 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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12 12 • 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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13 Financial Update
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14 Q2 Financial Results – Continuing Operations (in $ millions, except EPS) Q2 2026 Q2 2025 Total Revenues $1,016 $1,002 Restaurant-Level Operating Income (1) $124 $118 % margin 12.4% 12.0% GAAP Income from Operations $38 $30 Adjusted Income from Operations (1) $41 $35 % margin 4.0% 3.5% Adjusted EBITDA (1) $82 $77 % margin 8.1% 7.7% GAAP Diluted Earnings per Share $0.37 $0.29 Adjusted Diluted Earnings per Share (1) $0.39 $0.32 (1) Refer to Reconciliations at the end of this presentation for more information.
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15 4.1x 2.7x Q2 2025 3.7x 2.0x Q2 2026 $917M $703M Q2 2025 Q2 2026 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 and Net Debt / Adjusted EBITDA are non-GAAP measures. Refer to Reconciliations at the end of this presentation for more information. Lease Adjusted Net Leverage Net Debt / Adjusted EBITDA Lease adjusted net leverage long term goal of 3.0x
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16 Reduced turnaround investment from better mix while productivity remains on track ~$10M ~$10M ~$30M ~$8M ~$8M ~$7M ~$7M ~$7M Productivity Net investment Service & Experience Our People Marketing Food Investments ~$50M ~$36M Turnaround investment plan Updated turnaround investment ~$6M ~$25M ~$7M ~$18M ~$4M Menu/ Mix Food
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17 Full Year 2026 Guidance U.S. Comparable Restaurant Sales 1.0% to 2.0% Adjusted Diluted EPS (1) $0.90 to $1.00 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 and the associated tax impact associated with equipment upgrades in connection with the turnaround strategy. (2) Includes only company-owned restaurant openings.
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18 Q3 2026 Guidance Q3 2026 U.S. Comparable Restaurant Sales 1.0% to 2.0% GAAP Diluted EPS ($0.28) to ($0.23) Adjusted Diluted EPS (1) ($0.27) to ($0.22) (1) Includes estimated adjustments related to accelerated depreciation and the associated tax impact associated with equipment upgrades in connection with the turnaround strategy.
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19 23
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20 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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21 BLMN Executive Leadership Team Kelly Lefferts Chief Legal Officer & Secretary Rafael Sanchez Chief Information Officer Eric Christel Chief Financial Officer Ali Charri Senior Vice President, Guest Insights & Analytics 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 Nancy Rodriguez Chief Human Resources Officer
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Question & Answer Session
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23 Reconciliations
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24 Consolidated THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED (dollars in thousands) JUNE 28, 2026 JUNE 29, 2025 JUNE 28, 2026 JUNE 29, 2025 Income from operations $ 38,263 $ 29,650 $ 97,366 $ 86,881 Operating income margin 3.8% 3.0% 4.7% 4.2% Less: Franchise and other revenues 17,852 17,595 35,699 37,672 Plus: Depreciation and amortization 46,010 44,598 92,306 88,545 General and administrative 53,664 59,527 105,970 120,904 Provision for impaired assets and restaurant closings 3,972 1,540 9,504 1,890 Restaurant-level operating income (1) $ 124,057 $ 117,720 $ 269,447 $ 260,548 Restaurant-level operating margin 12.4% 12.0% 13.2% 12.9% 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 office. d. Asset impairment charges and restaurant closing costs.
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25 Adjusted Income from Operations Adjusted EBITDA (1) Costs for the thirteen weeks ended June 28, 2026 relate to accelerated depreciation associated with equipment upgrades in con nection with the turnaround strategy. Costs for the thirteen weeks ended June 29, 2025 include severance, professional fees and other costs incurred as a result of transformational and restructuring activities. (2) Represents costs in connection with the foreign currency forward contracts that mostly offset foreign currency exchange risk associated with installment payments from the Brazil Sale Transaction. (3) The thirteen weeks ended June 28, 2026 is reduced by an adjustment of $2.9 million related to accelerated depreciation associ ated with equipment upgrades in connection with the turnaround strategy. Consolidated THIRTEEN WEEKS ENDED (dollars in thousands) JUNE 28, 2026 JUNE 29, 2025 Income from operations $ 38,263 $ 29,650 Operating income margin 3.8% 3.0% Adjustments: Severance and other transformational costs (1) 2,865 3,542 Foreign currency forward contract costs (2) — 2,233 Total income from operations adjustments 2,865 5,775 Adjusted income from operations $ 41,128 $ 35,425 Adjusted operating income margin 4.0% 3.5% Plus: Adjusted depreciation and amortization (3) 43,145 44,598 Loss from equity method investment, net of tax (864) (1,806) Less: Non-controlling interest from minority partnerships 1,236 1,253 Adjusted EBITDA, continuing operations $ 82,173 $ 76,964 Adjusted EBITDA margin, continuing operations 8.1% 7.7%
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26 Adjusted Income from Operations Adjusted EBITDA (1) Represents costs associated with updated field PTO policy in connection with the transition to a new human resources and payr oll system. (2) Costs for the twenty-six weeks ended June 28, 2026 relate to accelerated depreciation associated with equipment upgrades in conn ection with the turnaround strategy. Costs for the twenty -six weeks ended June 29, 2025 and fiscal year 2025 include severance, professional fees and other costs incurred as a result of transformational and restructuring activities. (3) Represents costs in connection with the foreign currency forward contracts that mostly offset foreign currency exchange risk associated with installment payments from the Brazil Sale Transaction. (4) The twenty-six weeks ended June 29, 2025 primarily includes gains from certain lease terminations. Fiscal year 2025 primarily in cludes costs related to the closure of 21 U.S. restaurants and the decision not to renew the leases of 22 restaurants and ass et impairments related to five underperforming U.S. restaurants. (5) Relates to goodwill impairment from the Bonefish Grill reporting unit. (6) The twenty-six weeks ended June 28, 2026 and trailing twelve months are reduced by an adjustment of $6.2 million related to acce lerated depreciation associated with equipment upgrades in connection with the turnaround strategy. Consolidated TWENTY-SIX WEEKS ENDED FISCAL YEAR TRAILING TWELVE MONTHS (dollars in thousands) JUNE 28, 2026 JUNE 29, 2025 DECEMBER 28, 2025 JUNE 28, 2026 Income from operations $ 97,366 $ 86,881 $ 37,163 $ 47,648 Operating income margin 4.7% 4.2% 0.9% 1.2% Adjustments: Total restaurant-level operating income adjustments (1) — — 3,671 3,671 Severance and other transformational costs (2) 6,246 9,600 22,762 19,408 Foreign currency forward contract costs (3) — 4,561 9,332 4,771 Asset impairments and closure-related charges (4) — (1,929) 38,918 40,847 Goodwill impairment (5) — — 28,188 28,188 Total income from operations adjustments 6,246 12,232 102,871 96,885 Adjusted income from operations $ 103,612 $ 99,113 $ 140,034 $ 144,533 Adjusted operating income margin 5.0% 4.8% 3.5% 3.6% Plus: Adjusted depreciation and amortization (6) 86,060 88,545 177,680 175,195 Loss from equity method investment, net of tax (1,042) (3,097) (4,742) (2,687) Less: Non-controlling interest from minority partnerships 2,818 2,697 4,992 5,113 Adjusted EBITDA, continuing operations $ 185,812 $ 181,864 $ 307,980 $ 311,928 Adjusted EBITDA margin, continuing operations 9.0% 8.9% 7.8% 7.8%
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27 (dollars in thousands) JUNE 28, 2026 JUNE 29, 2025 Long-term debt, net $ 702,788 $ 917,073 Cash (66,613) (50,308) Net Debt 636,175 866,765 Current operating lease liabilities 176,821 162,509 Non-current operating lease liabilities 1,033,036 1,077,983 Total operating lease liabilities 1,209,857 1,240,492 Total Net Debt and Operating Lease Liabilities $ 1,846,032 $ 2,107,257 Adjusted EBITDA (1) 311,928 323,262 Rent Expense (2) 186,769 187,942 Adjusted EBITDAR $ 498,697 $ 511,204 Lease Adjusted Net Leverage 3.7x 4.1x Net Debt/Adjusted EBITDA 2.0x 2.7x 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.
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28 Adjusted Net Income & EPS (1) See Adjusted Income from Operations reconciliation earlier in this presentation for details regarding income from operations adjustments. (2) 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. The thirteen and twenty-six weeks ended June 29, 2025 also include an adjustment to benefit for income taxes related to foreign currency gains on the Brazil Sale Transaction insta llment receivable THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED (in thousands, except per share data) JUNE 28, 2026 JUNE 29, 2025 JUNE 28, 2026 JUNE 29, 2025 Net income from continuing operations $ 32,930 $ 25,893 $ 89,734 $ 69,743 Less: net income attributable to noncontrolling interests 1,236 1,253 2,818 2,697 Net income attributable to Bloomin’ Brands from continuing operations 31,694 24,640 86,916 67,046 Adjustments: Income from operations adjustments (1) 2,865 5,775 6,246 12,232 Total adjustments, before income taxes 2,865 5,775 6,246 12,232 Tax effect of adjustments (2) (504) (3,125) (1,750) (1,995) Net adjustments, continuing operations 2,361 2,650 4,496 10,237 Adjusted net income, continuing operations 34,055 27,290 $ 91,412 $ 77,283 Diluted earnings per share - continuing operations $ 0.37 $ 0.29 $ 1.01 $ 0.79 Adjusted diluted earnings per share - continuing operations $ 0.39 $ 0.32 $ 1.06 $ 0.91 Diluted weighted average common shares outstanding 86,223 85,140 85,987 85,135