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BLAC ROCK BLACK ROCK COFFEE BAR TM 19621 BLACK ROCK COFFEE BAR Second Quarter 2026 Earnings Presentation August 2026 COFFEE 66 BAR MVIII THE LIVE NO PARKING
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Disclaimer Forward-Looking Statements This presentation contains a number of “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, Black Rock Coffee Bar’s strategy, future financial condition, sustainable long-term growth, future operations, projected costs, prospects, plans, objectives of management, expected market growth and whitespace opportunity, and full year 2026 outlook, including, new store openings, total revenue, same store sales growth, adjusted EBITDA, and capital expenditures. These statements are based on Black Rock Coffee Bar’s current expectations and beliefs, as well as a number of assumptions concerning future events. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Black Rock Coffee Bar’s control that could cause actual results to differ materially from the results discussed in the forward-looking statements, including our inability to successfully identify and secure appropriate sites and timely develop and expand our operations; our inability to protect our brand and reputation; our inability to secure, protect, and enforce our intellectual property rights; our dependence on a small number of suppliers and two roasting facilities; our dependence on third-party information technology systems and services; our and our vendors’ vulnerability to security breaches, including breaches that may impact confidential customer information; our expectations regarding our future operating and financial performance; the size of our addressable markets, market share, and market trends; our ability to compete in our industry; changes in consumer tastes and nutritional and dietary trends; our ability to effectively manage the continued growth of our workforce and operations; our inability to open profitable stores; our failure to generate projected same store sales growth; the sufficiency of our cash, cash equivalents, and investments to meet our liquidity needs; our dependence on long-term non-cancelable leases; our relationship with our employees and the status of our workers; the effects of seasonal trends on our results of operations; our vulnerability to global financial market conditions, including inflation and other macroeconomic factors, including, without limitation, due to the ongoing conflict in the Middle East; our ability to attract, retain, and motivate skilled personnel, including key members of our senior management; our vulnerability to adverse weather conditions in local or regional areas where our stores are located; our realization of any benefit from the Tax Receivable Agreements and our organizational structure; the increased expenses associated with being a public company; and those other risks described under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission ("SEC") on March 4, 2026, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 filed with the SEC on May 12, 2026, as will be updated by our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, once filed, and in our future reports to be filed with the SEC. Forward-looking statements contained in this presentation are made as of this date, and Black Rock Coffee Bar undertakes no duty to update such information except as required under applicable law. Non-GAAP Financial Measures This presentation contains “non-GAAP financial measures” that are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Specifically, we make use of the non-GAAP financial measures “Adjusted EBITDA”, “Adjusted EBITDA Margin”, “Store-Level Profit”, “Store-Level Profit Margin”, “Adjusted Selling, General, and Administrative Expense”, and “Adjusted Selling, General, and Administrative Expense Margin”. We believe these non-GAAP financial measures assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our operating performance. Management supplements GAAP results with non-GAAP financial measures to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone provide. Please refer to the tables in this presentation for a reconciliation of non-GAAP measures to the most directly comparable financial measure prepared in accordance with GAAP. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to the financial information prepared and presented in accordance with GAAP. Store-Level Profit represents store revenue in the specific period less beverage, food and packaging, labor and related expenses, occupancy and related expenses, and other store operating expenses, excluding depreciation and amortization and pre-opening costs in the period. Store-Level Profit Margin represents Store-Level Profit as a percentage of store revenue. We use Store-Level Profit and Store-Level Profit Margin in our evaluation of the performance and profitability of each store. We use Store-Level Profit and Store-Level Profit Margin to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of other peer companies using similar measures. Adjusted EBITDA is net income (loss) adjusted to exclude interest expense, net, income tax expense, and depreciation and amortization, further adjusted to exclude certain items that we do not consider indicative of our ongoing operating performance, including transaction costs associated with our initial public offering (“IPO”), capital restructuring costs, equity-based compensation, gain (loss) on the remeasurement of the liability related to the TRA, certain litigation costs, net, and other non-core costs. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of Total revenue. We use Adjusted EBITDA and Adjusted EBITDA Margin to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of other peer companies using similar measures. Adjusted Selling, General and Administrative Expenses is selling, general, and administrative expenses adjusted to exclude transaction costs, equity-based compensation, legal settlement, net, and other costs. Adjusted Selling, General and Administrative Expenses Margin represents Adjusted Selling, General and Administrative Expenses as a percentage of Total revenue. We use Adjusted Selling, General, and Administrative Expenses and Adjusted Selling, General, and Administrative Expenses Margin because it may provide a more meaningful comparison to prior periods and may be indicative of the level of such expenses to be incurred in future periods. 2
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To Fuel Your Story with Connection, Caffeine, and Community People-first organization that wins by fueling personal connections High- quality, premium coffee and caffeinated beverages Welcoming stores where communities come together 3 OUR MISSION
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Q2 2026 Performance Highlights (Three Months Ended June 30, 2026) 25.0% Total Revenue Growth (YoY) $63.0M Total Revenue $9.4M Adj. EBITDA1 +17.2% YoY 1 Adjusted EBITDA, Adjusted EBITDA Margin, Store-Level Profit and Store-Level Profit Margin are non-GAAP measures; See slides 14 and 16 for reconciliation to the most directly comparable GAAP measures 2 Store count as of June 30, 2026 4 15.0% Adj. EBITDA Margin1 -1.0% YoY $19.0M Store-Level Profit1 30.2% Store-Level Profit Margin1 4.2% Same Store Sales Growth (YoY) 10 Stores opened in Q2'26 200 Stores Total2
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Q2 2026 YTD Performance Highlights (Six Months Ended June 30, 2026) 24.4% Total Revenue Growth (YoY) $118.5M Total Revenue $16.9M Adj. EBITDA1 +19.9% YoY 1 Adjusted EBITDA, Adjusted EBITDA Margin, Store-Level Profit and Store-Level Profit Margin are non-GAAP measures; See slides 14 and 16 for reconciliation to the most directly comparable GAAP measures 2 Store count as of June 30, 2026 5 14.2% Adj. EBITDA Margin1 -0.6% YoY $35.4M Store-Level Profit1 29.9% Store-Level Profit Margin1 4.7% Same Store Sales Growth (YoY) 19 Stores opened YTD 2026 200 Stores Total2
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Launched in June 2024, the loyalty program is powering growth and deepening customer engagement through compelling incentives Significant growth potential supported by a strong marketing roadmap to build brand awareness, expand presence, and fuel long- term performance Brand Awareness Continuous menu innovation brings fuel, food, seasonal favorites, and exclusive at-home products to keep customers engaged and excited Our digital platform is redefining the customer journey with seamless service and personalized experiences, accelerating growth and engagement 10.5% 10.3% 11.7% 13.3% 12.1% 14.8% 19.4%2-year SSS Growth 1 Fueling our growth Loyalty Digital Innovation 1 Compared to corresponding period in prior fiscal year 18.8% 14.4% 7.6% 6.4% 3.1% 3.8% 2.9% 3.9% 8.6% 9.5% 9.2% 10.9% 2.9% 3.9% 8.6% 9.5% 9.2% 10.9% 10.8% 9.3% 5.2% 4.2% Prior Year Quarter Current Quarter Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 6 15.1% Same Store Sales (SSS) Growth1
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R E V E N U E ($MM) STORE-L E V E L PROFIT1 S T O R E C O U N T 29.5% 30.2% XX% XX% Margin 1 Adjusted EBITDA, Adjusted EBITDA Margin, Store-Level Profit and Store-Level Profit Margin are non-GAAP measures; See slides 14 and 16 for reconciliation to the most directly comparable GAAP measures Strong growth and store-level profitability 86 104 125 149 181 200 2021 2022 2023 2024 2025 Q2 2026 CAGR: ~ 20% Store Count Revenue ($M) $50 $63 $95 $118 Q2 2025 Q2 2026 Q2 2025 YTDQ2 2026 YTD 25% 24% Adjusted EBITDA1 ($M)Store-Level Profit1 ($M) $15 $19 $28 $35 Q2 2025 Q2 2026 Q2 2025 YTDQ2 2026 YTD 28% 29% 29.0% 29.9% 16.0% 15.0% $8 $9 $14 $17 Q2 2025 Q2 2026 Q2 2025 YTDQ2 2026 YTD 17% 20% 14.8% 14.2% 7
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10 New locations added in Q2 2026 Tempe, AZ Roasting facility Vancouver, WA Roasting facility 1,000 Anticipated locations by 2035 Data-led site selection targets top-performing locations Flexibly sourced beans to help strengthen margin profile and adapt to evolving tariff environment 200 Total stores across the country1 1 Store count as of June 30, 2026 12 5 67 52 9 20 WASHINGTON ARIZONA 35 2026 cohort beating targets on sales and store-level profit while outperforming the system on employee retention and guest satisfaction Store Expansion Growing Established Whitespace 8
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COLOR PALETTE Text 16 15 16 Accent bar 238 232 226 ACCENTS 1 Bullets 16 15 16 162 156 162 2 206 86 69 235 187 181 3 239 234 227 249 247 244 4 241 241 241 249 249 249 5 240 195 83 249 231 186 6 70 158 170 179 218 223 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 16 15 16 Highlights 238 232 226 TABLE 20.9% 20.2% 19.2% 21.5%Store Count Growth 1 1 We are in the early stages of our long- term growth journey, with significant whitespace in both existing and new markets 86 104 125 149 181 200 2021 2022 2023 2024 2025 Q2 2026 3 26.6%4 1 Exclusive of 14 Roasters locations that were divested in May 2023 2 Represents the compounded average growth rate for store count from December 31, 2021 to June 30, 2026. Historical growth rates may not be indicative of future growth 3 The 2035 store count and CAGR estimate is forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies (many of which are beyond the control of the Company and its management), and is based on assumptions which are subject to change. Actual results will vary and such variations may be material 4 Store count growth for Q2 2026 represents growth from 158 stores opened as of June 30, 2025 We have a robust pipeline for development to support future growth targets 1,000 2035 20% CAGR2 ~20% CAGR3 9
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Metric Guidance Consolidated Adjusted EBITDA1 New Store Openings 38 Units $255 to $257 million Mid-Single DigitsSame Store Sales Growth $34 to $35 million Total Revenue Capital Expenditures including tenant improvement allowances $42 to $43 million 1 A reconciliation of adjusted EBITDA outlook to GAAP net income is not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliation, including equity-based compensation 2026 Fiscal Year Outlook 10
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Store Unit Growth Same Store Sales Revenue Growth 20%+ Mid- Single Digits 20%+ Adj. EBITDA Growth Note: The long-term growth targets are not projections of future performance, but are forward-looking goals and subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results may vary and these variations may be material. Nothing in this presentation should be regarded as a representation by any person that these long-term targets will be achieved, and the Company undertakes no duty to update its goals. Adjusted EBITDA is a non-GAAP measure. See slide 16 for a definition of adjusted EBITDA. A reconciliation of long-term adjusted EBITDA growth targets to GAAP net income is not available without unreasonable efforts do to the due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliation, including equity-based compensation. Long-term growth targets 11 Higher than Revenue Growth
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Appendix
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• Significant growth in Q2 ◦ 27% store count growth ◦ 25% total revenue growth • Improved Store-Level Profit driven by lower discounting as well as disciplined procurement and inventory management. • Adjusted EBITDA increased 17% to $9.4 million; growth trailed revenue due to incremental public-company and pre- opening costs, with EBITDA growth expected to converge toward and ultimately exceed revenue growth as fixed public-company costs are leveraged. 1 Store-Level Profit, Store-Level Profit Margin, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures; See slides 14 and 16 for reconciliations to the most directly comparable GAAP measures Q2 2026 & YTD 2026 Financial Performance 13 ($ in millions except Store count) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Store count 200 158 200 158 % Growth 26.6 % 15.3 % 26.6 % 15.3 % Store revenue $ 63 $ 50 $ 118 $ 95 Other — — — — Total revenue 63 50 118 95 % YoY Growth 25.0 % 24.4 % Store operating costs and expenses Beverage, food, and packaging $ 17 $ 15 $ 32 $27 % of Total revenue 26.9 % 29.1 % 27.0 % 28.7 % Labor and related expenses 13 10 25 20 % of Total revenue 21.0 % 20.6 % 20.9 % 20.8 % Occupancy and related expenses 5 4 10 8 % of Total revenue 8.0 % 7.7 % 8.3 % 8.0 % Other store operating expenses 9 7 16 13 % of Total revenue 13.7 % 13.0 % 13.9 % 13.4 % Income from operations 4 3 7 6 Income from operations margin % 6.5 % 6.5 % 5.7 % 5.8 % Store-Level Profit1 19 15 35 28 Store-Level Profit Margin %1 30.2 % 29.5 % 29.9 % 29.0 % Total SG&A $ 10 $ 8 $ 19 $ 15 Total SG&A as a % of Total revenue 15.6 % 15.6 % 16.1 % 15.5 % Net income (loss) $ 3 $ (1) $ 5 $ (2) Adjusted EBITDA1 9 8 17 14 Adjusted EBITDA Margin %1 15.0 % 16.0 % 14.2 % 14.8 % Pre-opening costs $ 1 $ 1 $ 2 $ 2 Commentary
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Note: Store-Level Profit represents store revenue in the specific period less beverage, food and packaging, labor and related expenses, occupancy and related expenses, and other store operating expenses, excluding depreciation and amortization and pre-opening costs in the period. Store-Level Profit Margin represents Store-Level Profit as a percentage of store revenue. 14 ($ in thousands) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Income from operations $ 4,102 $ 3,267 $ 6,778 $ 5,518 Other (66) (58) (136) (104) Selling, general, and administrative expenses 9,805 7,860 19,047 14,740 Depreciation and amortization 3,932 2,943 7,385 5,826 Pre-opening costs 1,252 843 2,340 1,561 Store-Level Profit $ 19,025 $ 14,855 $ 35,414 $ 27,541 Income from operations margin 6.5 % 6.5 % 5.7 % 5.8 % Store-Level Profit Margin 30.2 % 29.5 % 29.9 % 29.0 % Store-Level Profit Reconciliation
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1 Includes non-recurring professional service fees and executive compensation related to our IPO. 2 For the three and six months ended June 30, 2026, includes non-recurring legal costs. For the three months ended June 30, 2025, includes non-recurring legal costs. For the six months ended June 30, 2025, includes legal costs, offset by insurance proceeds. 3 Non-recurring professional service costs. Adjusted SG&A Reconciliation ($ in thousands) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Selling, general, and administrative expenses $ 9,805 $ 7,860 $ 19,047 $ 14,740 Non-GAAP adjustments: Transaction costs1 — (1,505) — (2,585) Equity-based compensation (1,140) — (2,327) — Legal settlement, net2 (164) (202) (232) 38 Other costs3 (90) (127) (136) (185) Adj. Selling, General, and Administrative Expenses $ 8,411 $ 6,026 $ 16,352 $ 12,008 SG&A expenses margin 15.6 % 15.6 % 16.1 % 15.5 % Adj. SG&A Expenses Margin 13.4 % 12.0 % 13.8 % 12.6 % 15
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1Adjusted EBITDA is net income (loss) adjusted to exclude interest expense, net, income tax expense, and depreciation and amortization, further adjusted to exclude certain items that we do not consider indicative of our ongoing operating performance, including transaction costs associated with our IPO, capital restructuring costs, equity-based compensation, gain (loss) on the remeasurement of the liability related to the TRA, certain litigation costs, net, and other non-core costs. 2 Includes non-recurring professional service fees and executive compensation related to our IPO. 3 For the three and six months ended June 30, 2026, includes non-recurring legal costs. For the three months ended June 30, 2025, includes non-recurring legal costs. For the six months ended June 30, 2025, includes legal costs, offset by insurance proceeds. 4 Non-recurring professional service costs. Adjusted EBITDA1 Reconciliation ($ in thousands) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Net income (loss) $ 3,218 $ (1,061) $ 5,017 $ (1,945) Non-GAAP adjustments: Interest expense, net 525 3,115 947 6,157 Income tax expense 101 144 204 222 Depreciation and amortization 3,932 2,943 7,385 5,826 Transaction costs2 — 1,505 — 2,585 Capital restructuring costs — 1,071 — 1,071 Equity-based compensation 1,140 — 2,327 — TRA remeasurements 257 — 608 — Legal settlement, net3 164 202 232 (38) Other costs4 90 127 136 185 Adjusted EBITDA $ 9,427 $ 8,046 $ 16,856 $ 14,063 Net income (loss) margin 5.1 % (2.1) % 4.2 % (2.0) % Adjusted EBITDA Margin 15.0 % 16.0 % 14.2 % 14.8 % 16
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LLC Units and Shares Outstanding 17 As of June 30, 2026 (in thousands) LLC Units Ownership % LLC Units held by Black Rock Coffee Bar, Inc. 22,208 44 % LLC Units owned by Continuing Equity Owners1 27,865 56 % Total LLC Units outstanding1 50,073 100 % 1 Includes approximately 80.5 thousand restricted LLC Units still subject to time-based vesting requirements. As of June 30, 2026 (in thousands) Shares Class A Shares 22,208 Class B Shares 22,300 Class C Shares 5,565 Total Black Rock Coffee Bar, Inc. Shares outstanding 50,073
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THANK YOU