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JACK Investor Presentation “ JACK on Track” Update February 2026
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Safe Harbor Statement This presentation contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may be identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “goals,” “guidance,” “intend,” “plan,” “project,” “may,” “will,” “would” and similar expressions. These statements are based on management’s current expectations, estimates, forecasts and projections about our business and the industry in which we operate. These estimates and assumptions involve known and unknown risks, uncertainties, and other factors that are in some cases beyond our control. Factors that may cause our actual results to differ materially from any forward-looking statements include, but are not limited to: the success of new products, marketing initiatives and restaurant remodels and drive-thru enhancements; the impact of competition, unemployment, trends in consumer spending patterns and commodity costs; the company’s ability to achieve and manage its planned growth, which is affected by the availability of a sufficient number of suitable new restaurant sites, the performance of new restaurants, risks relating to expansion into new markets and successful franchise development; the ability to attract, train and retain top-performing personnel, litigation risks; risks associated with disagreements with franchisees; supply chain disruption; food-safety incidents or negative publicity impacting the reputation of the company's brand; increased regulatory and legal complexities, risks associated with the amount and terms of the securitized debt issued by certain of our wholly owned subsidiaries; and stock market volatility. These and other factors are discussed in the company’s annual report on Form 10-K and its periodic reports on Form 10-Q filed with the Securities and Exchange Commission, which are available online at http://investors.jackinthebox.com or in hard copy upon request. The company undertakes no obligation to update or revise any forward-looking statement, whether as the result of new information or otherwise.
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LONG-TERM OUTLOOK CAPITAL ALLOCATION “JACK on Track” Plan Objective: Improve Long-term Financial Performance, Strengthen the Balance Sheet & Position the Company for Sustainable Growth Original “Jack on Track” plan announcement from April 2025: https://investors.jackinthebox.com/news/news-details/2025/Jack-in-the-Box-Inc--Unveils-JACK-on-Track-Plan-to-Improve-Long-Term-Financial-Performance/default.aspx 3 Accelerate cash flow and pay down debt to strengthen the balance sheet while preserving growth-oriented capital investments STRENGTHEN FRANCHISEE ECONOMICS Close underperforming restaurants to improve system health and position JACK for consistent net unit growth and competitive unit economics Return to simplicity for Jack in the Box model and investor story
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“JACK on Track” Plan Continuing as Expected Updates below as of February 18, 2026 Original “Jack on Track” plan announcement from April 2025: https://investors.jackinthebox.com/news/news-details/2025/Jack-in-the-Box-Inc--Unveils-JACK-on-Track-Plan-to-Improve-Long-Term-Financial-Performance/default.aspx 4 Discontinued dividend as of Q2 2025Accelerate cash flow by discontinuing dividend, with majority of funds reallocated to debt paydown Closed on Sale of Del Taco on December 22, 2025, using proceeds to pay down $105M of debt Close on sale of Del Taco, simplifying structure and business model JACK has a substantial real estate portfolio and has generated over $15M in proceeds to date Apply proceeds from targeted real estate sales toward debt reduction Closed 65 underperforming restaurants to date; with more closures planned in FY26 Focus on Franchisee Economics, through block closure program, improving system health and encouraging franchisees to reinvest FY26 CapEx Guidance of $45M to $55M, below prior years, prioritizing sales-driving technology initiatives Preserve growth-oriented capital investments related to technology and restaurant reimage; reducing spend on company-owned restaurant growth Complete Complete In Progress In Progress In Progress
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Fiscal 2026 Guidance Reiterated in February Guidance issued November 2025 and reiterated February 2026 5 RESTAURANT COUNT* 2050-2100 SAME-STORE SALES (1%) to +1% RESTAURANT LEVEL MARGIN 17% to 18% FRANCHISE LEVEL MARGIN* $275M to $290M SG&A $125M to $135M D&A $45 to $50M ADJUSTED EBITDA* $225M TO $240M CAPITAL EXPENDITURES $45M TO $55M * Results in these guidance measures are influenced by execution of the “Jack on Track” plan and visibility into timing is limited ** SG&A guidance excludes any impacts from COLI gains or losses PRE-OPENING EXPENSES Less than $0.5M
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Reconciliation from 'Net Earnings from Continuing Operations' to Adjusted EBITDA Trailing 12 Month Adjusted EBITDA1 as of Q1 FY2026 1. Adjusted EBITDA represents net earnings from continuing operations, on a GAAP basis, excluding income taxes, interest expense, net, losses on the sale of company-operated restaurants, other operating expenses, net, depreciation and amortization, amortization of cloud computing costs, amortization of favorable and unfavorable leases and subleases, net, amortization of franchise tenant improvement allowances and other, net COLI losses (gains), and pension and post-retirement benefit costs. 2. Other operating expense, net includes: restructuring, integration and other; costs of closed restaurants; impairment charges; accelerated depreciation and gains/losses on disposition of property and equipment, net. 3. Amortization of cloud computing costs includes the amounts for the non-cash amortization of capitalized implementation costs related to cloud-based software arrangements that are included within selling, general and administrative expenses. 4. Amortization of favorable and unfavorable leases and subleases, net, which is not already included in the other operating expense, net, noted above. 5. Net COLI losses (gains) reflect market-based adjustments on the company-owned life insurance policies, net of changes in our non-qualified deferred compensation obligation supported by these policies. 6. Pension and post-retirement benefit costs relating to our two legacy defined benefit pension plans, as well as the two legacy post-retirement plans. 7. Note trailing 12-month totals may not add due to rounding. 6 Dollars in thousands Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Trailing 12 Month Adjusted EBITDA1 as of Q1 FY20267 Net earnings from continuing operations - GAAP $ 30,996 $ 20,699 $ 22,839 $ 11,283 $ 14,389 $ 69,210 Income taxes 13,315 7,892 6,049 1,209 6,883 22,033 Interest expense, net 24,380 18,351 18,135 18,228 23,682 78,396 Losses on the sale of company- operated restaurants - - - (569) - (569) Other operating expenses, net (2) 2,547 1,760 4,531 5,467 8,050 19,808 Depreciation and amortization 12,457 8,069 8,671 10,404 13,609 40,753 Amortization of cloud-computing costs (3) 366 238 238 244 507 1,227 Amortization of favorable and unfavorable leases and subleases, net (4) (9) (7) (7) (7) (9) (30) Amortization of franchise tenant improvement allowances and other 1,605 1,762 1,411 1,382 1,798 6,353 Net COLI losses (gains) (5) 1,391 1,407 (6,062) (3,618) (2,416) (10,689) Pension and post-retirement benefit costs (6) 1,789 1,342 1,342 1,342 1,684 5,710 Adjusted EBITDA – non-GAAP $ 88,837 $ 61,513 $ 57,147 $ 45,365 $ 68,177 $ 232,199 NOTE: All quarters have been restated to exclude Del Taco from results
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Securitization Overview JACK Leverage Ratio was 6.5x at the end of First Quarter 2026 7 • Fixed Rate Financing • Average cost of debt is 4.17% • Staggered maturity dates • No restrictions on use of residual cash flow • Comprised of investment-grade bonds; not traditional bank debt • Covenant-light financing structure; JACK has approx. $100M in Adjusted EBITDA cushion to its first debt service coverage ratio “DSCR” trigger Benefits of Securitization 1. If a tranche is outstanding after its Anticipated Repayment Date (ARD), there is a 5.00% step-up in coupon 2. Adjusted EBITDA represents net earnings on a GAAP basis excluding income taxes, interest expense, net, losses on the sale of company-operated restaurants, other operating expenses, net, depreciation and amortization, amortization of cloud computing costs, amortization of favorable and unfavorable leases and subleases, net, amortization of franchise tenant improvement allowances and other, net COLI gains, and pension and post-retirement benefit costs. Total Debt Fixed Rate Next Anticipated Repayment Date1 Dollars in thousands Series 2019-1 Class A-2-II Notes 4.476% Aug. 2026 $ 156,938 Series 2022-1 Class A-2-I Notes 3.445% Feb. 2027 508,750 Series 2019-1 Class A-2-III Notes 4.970% Aug. 2029 428,625 Series 2022-1 Class A-2-II Notes 4.136% Feb. 2032 508,750 Other Debt 122 Total Debt $1,603,185 Cash and Restricted Cash 99,371 Net Debt (Total Debt Less Cash) $1,503,814 Trailing 12 Month Adjusted EBITDA 2 $ 232,199 Net Debt Leverage Ratio 6.5x