Slides
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Investor Presentation September 2026
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218 41 28 167 186 194 242 242 242 46 115 134 27 54 93 191 191 191 235 223 201 89 89 89 2 Disclaimer References herein to “Jersey Mike’s,” “Company,” “we,” “us,” or “our” refer to Jersey Mikes Subs Inc. Non-GAAP Financial Measures This presentation includes financial information prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). This presentation also includes non-GAAP financial information, which should be considered supplemental to, not a substitute for, or superior to, the financial measure calculated in accordance with GAAP. There are a number of limitations related to the use of these non -GAAP financial measures and their nearest GAAP equivalents. For example, the Company’s definitions of non -GAAP financial measures may di ffer from non-GAAP financial measures used by other companies. For (i) a description of the non-GAAP financial information included herein and (ii) the reconciliations to the most directly comparab le GAAP measures, see the Appendix to this presentation. Financial Information On January 16, 2025, investment funds associated with Blackstone Inc. acquired a majority interest in the Company. This prese ntation includes financial information for the period from January 16 to December 28, 2025 and as of December 28, 2025 of the Co mpany (referred to herein as the successor period) and for the period from January 1 to January 15, 2025, years ended December 31, 2024 and 2023 and as of December 31, 2024 of Jersey Mike’s Franchise Systems, LLC (referred to herein as the predecessor period). This presentation also includes financial information relating to our 2021 -2022 fiscal years, which information is derived from a private company audit under generally accepted accounting standards in the United States (“GAAS”) and accordingly, may not be directly comparable to audited financial information presented in accordance with GAAP. Market and Industry Data This presentation includes market and industry data and forecasts that the Company has derived from independent consultant reports, publicly available information, various industry publications, other published industry sources, and its internal data and estimates. Independent consultant reports, industry publications and other published industry sources generally indicate that the information contained therein was obta ined from sources believed to be reliable. Although the Company believes that these third -party sources are reliable, it does not guarantee the accuracy or completeness of this information, and the Company has not independently verified this information. The Company’s internal data and estimates are b ased upon information obtained from trade and business organizations and other contacts in the markets in which the Company oper ates and management’s understanding of industry conditions. Although the Company believes that such information is reliable, it has not had this information veri fied by any independent sources. In addition, the information contained in this presentation is as of the date hereof (except wh ere otherwise indicated), and the Company has no obligation to update such information, including in the event that such information becomes inaccurate or if estimates change . Subsequent materials may be provided by or on behalf of the Company in its discretion and such information may supplement, mod ify or supersede the information in these materials. Neither the Company, nor any of its respective affiliates, advisors or representatives shall have any liability wh atsoever (in negligence or otherwise) for any loss or damage howsoever arising from any use of these materials or their contents or otherwise arising in connection with these materials. Trademarks This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the propert y of their respective owners. All trademarks, service marks, trade names and copyrights referred to in this presentation are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this presentation may be listed without the TM, SM ©or® symbols, but the Company will assert, to the fullest extent under applicable law, the rights of the app licable owners, if any, to these trademarks, service marks, trade names and copyrights. Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 . We intend such forward-looking statements to be covered by the safe harbor provisions for forward -looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act ”). Such forward-looking statements are included throughout this presentation and relate to matters such as our industry, business strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources, and other financial and operating information. All statements other than those that are purely historical may be forward -looking statements. The Company may, in some cases, use words such as “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “foreseeable,” “intend,” “may,” “plan,” “potentially,” “predict,” “project,” “seek,” “should,” “target,” “will,” or “would,” or similar words or phrases that convey uncertainty of future events or outcomes, to identify forward-looking statements in this presentation. Factors that may cause actual results to differ from expected results include: our ability to operate in a highly competitive industry; food safety and packaging issues, foo d-borne illness concerns and public health concerns; our and our franchise owners’ suppliers’, distributors’, service providers’ and other third parties’ with which we have business relationships inability or failure to execute a comprehensive business continuity plan following a disaster or for ce majeure event; failure to open new stores based on factors beyond our control; the future performance of existing and new franchised stores, and a variety of additional risks a ssociated with our franchise owners; our and our franchise owners inability to secure and renew desirable store locations to mai ntain and grow our business; risks associated with our increasing dependence on digital commerce and delivery platforms to maintain and grow sales; failure to recruit and contr act with a sufficient number of qualified franchise owners and our ability to open new franchised stores and increase our revenue ; our expansion into new and in existing markets; changes in the control of our franchise owners and the impaired success of franchised stores or termination of a fra nchise owner’s right to operate its franchised store; our or our franchise owners’ actual or perceived failure to comply with co mplex and evolving laws and regulations and other legal obligations relating to privacy, data protection, cybersecurity, email and telephone marketing and/or the processing of personal information; our and our franchise owners reliance on information technology systems to process transactions and manag e our business, and a disruption or a failure of such systems or issues with our key technology providers or technology; interruptions in the supply of products to our stores and our reliance on third parties; our use of artificial intelligence and machine learning technologies; litigation risks that could subject us to significant money damages and other remedies or increase our and our franchise owners’ litigation expense; extensive laws and regulatory requirements, as well as third-party certifications for certain products, and failure to comply with, or changes in, these laws or regulations; and the imp act of restrictions from our debt agreements, which may prevent us from capitalizing on business opportunities. For a more detailed discussion of these and other factors, see the information under the section “Risk Factors” in our final prospectus filed with the Securities and Exchange Commission (“SEC”) on July 31, 2026 pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, relating to our Registration Statement on Form S -1 (File No. 333-297228). The forward-looking statements contained in this presentation are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Although the Company believes that the assumptions underlying the forward -looking statements are reasonable, the Company cannot guarantee future results, level of activity, performance, or achievements. There are a number of factors, many of which are beyond our control, that could cause actual results to differ materially from the results anticipated by these forw ard-looking statements. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, our actual results may vary in material respects from those expressed or implied in these forward-looking statements. The forward-looking statements included in this presentation speak only as of the date of this presentation or as of the date th ey are made, as applicable. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company may not actually achieve the plans, intentions, or expectations disclosed in our forward -looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the poten tial impact of any future acquisitions, mergers, dispositions, joint ventures, investments, or other strategic transactions the Company may make. Except as otherwise required by law, the Company disclaims any intent or obligation to update any “forward-looking statement” made in this presentatio n to reflect changed assumptions, the occurrence of unanticipated events, or changes to future operating results over time.
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Who We Are 3
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218 41 28 167 186 194 242 242 242 46 115 134 27 54 93 191 191 191 235 223 201 89 89 89 4 Sources: Fox News, Entrepreneur Magazine and ACSI Restaurant, and Food Delivery Study. 1) See appendix to this presentation for definitions of Systemwide Average Unit Volume and Same-Store Sales Growth. The Sub Above Times Jersey Mike’s BREAKING NEWS Jersey Mike’s dethrones Chick-Fil-A as America’s favorite fast-food chain in new ranking The ACSI described Jersey Mike's as "a new leader among QSRs," adding that Jersey Mike's continues to cultivate high customer satisfaction while rapidly expanding its restaurant footprint. B Y T H E N U M B E R S 3,378 Locations Nationwide as of Q2’26 +2.3% Same-Store Sales Growth in Q2’26 (vs. Q2’25)(1) $1.4M Systemwide Average Unit Volume as of Q2’26(1) A W A R D S & R E C O G N I T I O N Crowned the No. 1 Franchise in America Entrepreneur’s Franchise 500 ranked Jersey Mike’s first in January 2026 – citing unit growth, financial strength, and brand power. — Entrepreneur, Jan. 13, 2026 R E C E N T R E S U L T S Jersey Mike’s Positive Momentum Continued in the First Half of 2026 Strong start to 2026 with same-store sales growth of 1.7% in Q1, accelerating to 2.3% in Q2, with performance primarily driven by transaction growth. I N T E R N A T I O N A L D E V E L O P M E N T 300 Unit Development Agreement signed in UK and Ireland In December 2025, founder Peter Cancro agreed to open and develop 300 Jersey Mike’s stores throughout the UK and Ireland in first deal bringing the brand over to Europe. - Fox News, June 16, 2026 E S T . 1 9 5 6 T I N T O N F A L L S , N . J . • 2 0 2 6 +1.7% Same-Store Sales Growth in Q1’26 (vs. Q1’25)(1)
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We are Jersey Mike’s: A high-growth franchisor of fast casual, submarine-style sandwich restaurants specializing in authentic, hand-crafted, craveable subs HELP NOURISH. HELP FLOURISH. BE A SUB ABOVE. 5
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19-74-124 238-50-39 33-53-92 251-247-242 83-88-95 0-0-0 30-36-43 234-223-204 One of the fastest growing scaled LSR brands in the U.S. with an iconic identity and 70+ year history 6 Strong unit economics and cash-on-cash returns Significant whitespace potential for both U.S. and International growth Robust operating platform delivers category-leading subs - always fresh and always high quality 20+ years of consistent unit and same-store sales growth Asset-light, franchise model with highly predictable revenue streams and minimal capital requirements
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218 41 28 167 186 194 242 242 242 46 115 134 27 54 93 191 191 191 235 223 201 89 89 89 Our Differentiator – An Authenticity That Customers Love FRESHLY GRILLED THE JUICE FRESHLY SLICED MIKE’S WAY 7
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218 41 28 167 186 194 242 242 242 46 115 134 27 54 93 191 191 191 235 223 201 89 89 89 324 335 367 409 452 507 584 713 857 1,048 1,191 1,348 1,505 1,670 1,858 2,102 2,400 2,686 3,002 3,256 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2011: Began our Annual “Month of Giving” Campaign 8 Proudly Serving Authentic Sub Sandwiches and Growing our Brand for 70 Years 1975: Peter Cancro buys Mike’s 2024: Jersey Mike’s Announces Sale to Blackstone 2025: Charlie Morrison named CEO 1956: First store opened in Point Pleasant, NJ as Mike's Submarines 2021: 2,000th store opening 2024: 3,000th store opening Systemwide Store Count ’21-’25 CAGR: +12% 2024: Jersey Mike’s Announces International Expansion into Canada 2026: UK and Ireland Expansion 2015: 1,000th store opening
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218 41 28 167 186 194 242 242 242 46 115 134 27 54 93 191 191 191 235 223 201 89 89 89 A Menu That Combines Iconic Classic Subs with Freshly Grilled Favorites 9 Customizable! Our Iconic Classics Turkeyand Provolone 7 Mike’s Hot Italian Craveable Limited Time Offers 13 The Original Italian Chicken Salad 2 Make it a Bowl! Club Sub 8 Most Popular! Make it a Mini!
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218 41 28 167 186 194 242 242 242 46 115 134 27 54 93 191 191 191 235 223 201 89 89 89 2025 Sales Mix(1) Freshly Sliced for Each Order Grilled to PerfectionBread Baked In-House Each Morning 10 Note: Our closing time varies upon location. Most stores close at 9pm. 1) As of December 28, 2025. Online for Pickup 23% Delivering a Balanced Daypart and Occasion Mix
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218 41 28 167 186 194 242 242 242 46 115 134 27 54 93 191 191 191 235 223 201 89 89 89 111) For year ended December 28, 2025. Our Scaled Marketing Platform has Built One of the Most Recognizable Brands in Fast Casual Restaurants $200M+ Annual Advertising Fund(1) (11% YoY Growth) 12.5M+ Loyalty Members as of 2025 90%+ Aided Awareness as of 2025 ~10.7M Guests Visit 6x per Year
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218 41 28 167 186 194 242 242 242 46 115 134 27 54 93 191 191 191 235 223 201 89 89 89 +7% +11% +5% +5% +4% +8% +5% +1% +4% +7% +3% +6% +5% +4% +10% +21% +6% +8% +2% +3% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $423 $470 $492 $515 $533 $575 $624 $643 $675 $718 $734 $777 $810 $841 $930 $1,134 $1,212 $1,307 $1,328 $1,364 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $135 $158 $168 $178 $190 $266 $333 $402 $517 $680 $808 $962 $1,144 $1,333 $1,595 $2,204 $2,680 $3,342 $3,735 $4,217 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 121) Systemwide Sales do not reflect our revenue and should not be viewed as a substitute for total revenue. See appendix to this presentation for definitions of Systemwide Sales, Same-Store Sales Growth and Average Unit Volume Growth. Predictable, High-Quality Growth Across Cycles for Over 20 Years Same-Store Sales Growth(1) Avg.: 6% ’21-’25 CAGR: 5%Average Unit Volume Growth(1) ($ in thousands) Systemwide Sales Growth(1) ($ in millions) ’21-’25 CAGR: 18%
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218 41 28 167 186 194 242 242 242 46 115 134 27 54 93 191 191 191 235 223 201 89 89 89 $0.4 $0.5 $0.6 $0.7 $0.8 $0.9 $1.0 $1.1 $1.2 $1.3 $1.4 $1.5 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12 Yr 13 Yr 14 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 13 New Vintages Continue to Open at Higher Systemwide AUVs Note: Figures are reflective of respective cohort average weekly sales in each calendar year times 52 weeks. Average Unit Volume ($M) by Vintage ✓ New stores have opened stronger and have scaled faster ✓ Stores have continued to grow over time
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218 41 28 167 186 194 242 242 242 46 115 134 27 54 93 191 191 191 235 223 201 89 89 89 A High-Quality and Diverse Franchise Owner Base Enables Continued Growth Note: U.S. only; Franchise Owner store count as of December 28, 2025. Avg. # of Stores 60 26 17 10 6 2 % of Total 19% 8% 16% 16% 17% 24% 14 599 261 520 509 559 782 Top 10 11-20 21-50 51-100 101-200 >200 Total Stores by Franchise Owner Scale Pipeline ~1,600 Total U.S. Stores Signed or in Negotiation 5+ Years of U.S. New Store Development 90%+ of Signed U.S. Unit Growth with Existing Franchise Owners
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218 41 28 167 186 194 242 242 242 46 115 134 27 54 93 191 191 191 235 223 201 89 89 89 Sources: Company materials, Technomic, Inc. and Entrepreneur Magazine. 1) Stack sum of annual Same -Store Sales growth in 2023, 2024, and 2025. 2) As of December 28, 2025 . See appendix to this presentation for definitions of Avg. Cash-on-Cash Returns and Systemwide AUVs. 3) As of fiscal year ended December 28, 2025. 4) For the fiscal year ended December 28, 2025. Normalized EBITDA Margin is a non-GAAP financial measure. See Appendix for a reconciliation to the nearest GAAP measure. A Differentiated, Scaled Platform Powering a Durable Growth Engine Experienced Leadership Team Proven CEO and experienced, growth- oriented management team 20+ Avg. Years of Industry Tenure for Executive Team Broad and Diverse System of Stores Strong & consistent openings in ~70 yr history 3,256 Total Stores(2) ~300 Avg. Last 3 Years New Store Openings Highly Attractive Unit Economics Compelling store model with affordable investment costs 40%+ Avg. Cash-on- Cash Returns for 2025(2) ~$515K Avg. New Store Investment Costs(2) Appealing Asset-Light Business Model Franchised model with high margins and low capex requirements 99% Franchised Business(3) 52% Normalized EBITDA Margin(4) Strong Foundation of Compounding Growth 20 consecutive years of positive Same-Store Sales growth 13.6% 3-yr SSS Growth(1) $1.4M Systemwide AUVs(3) Iconic Brand with Broad Demographic Appeal Highly-recognizable, established brand with offerings for everyone >90% Aided Brand Awareness as of 2025 #1 Top 500 Franchised Companies as of 2026 Institutional Knowledge of the Brand Combined with Strong Financial Expertise 15
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Our Growth Strategies 16
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218 41 28 167 186 194 242 242 242 46 115 134 27 54 93 191 191 191 235 223 201 89 89 89 17 A Self-Reinforcing Model Driving Compounding, Long-Term Growth Strategic Focus AUV Growth Scaled Marketing Platform Best-in-Class 4- Wall Margins & Compelling Cash- on-Cash Returns Franchise Owner Reinvestments in Unit Growth Systemwide Expansion GROW SAME-STORE SALES ✓ Broaden Our Customer Base and Drive Frequency ✓ Increase Digital and Delivery ✓ Utilize Menu Innovation ✓ Focus on Making Great Subs Every Time EXPAND OUR SYSTEM ✓ Penetrate Domestic Whitespace ✓ Develop Non-Traditional Presence ✓ Enter International Markets
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218 41 28 167 186 194 242 242 242 46 115 134 27 54 93 191 191 191 235 223 201 89 89 89 18 Multiple Levers to Drive Same Stores Sales and Systemwide AUV Growth Systemwide AUV as of December 28, 2025 Broaden Our Customer Base and Drive Frequency Leverage Menu Innovation Focus on Making Great Subs Every Time $1.4M Long-Term Systemwide AUV Upside Potential Increase Digital and Delivery Acquire New (expand the base) Drive Frequency of Existing Customers $2.0M
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218 41 28 167 186 194 242 242 242 46 115 134 27 54 93 191 191 191 235 223 201 89 89 89 19 Large Opportunity to Connect with New Customers Rising Fans: 15.7M Frequency: 2-5x (Infrequent Buyers) Sub Seekers: 45.0M Frequency: 1x (Promiscuous sub lovers) Other Sub Consumers: 91.6M Frequency: 0x+ (Shopped competitors, never Jersey Mike’s) 2 Execute a 1st party data strategy to re-target & drive frequency 1 Evolve Media Mix to reach these customers Provide an experience that resonates ➢ Flavor, Craveability, Customization, & Value3
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218 41 28 167 186 194 242 242 242 46 115 134 27 54 93 191 191 191 235 223 201 89 89 89 Loyalty program of 12.5+ million members(2) is a key driver of customer retention and frequency, as guests earn and redeem Shore Points® 20 Sources: Technomic, Inc., Sense360, QuestBrand and MediaRadar360 (included Pathmatics data within). 1) As of 2024. 2) As of December 28, 2025. Jersey Mike’s Aided Awareness 58% 74% 80% 90% July 2018 July 2019 August 2021 June 2025 +32% We Benefit from Extraordinary Aided Awareness with Ability to Drive Higher Frequency Targeted digital marketing will help to broaden our audience and drive frequency Historical Social Spend as % Total Marketing(1) 21% 18% 14% 14% 10% 8% <1% Connecting with All of Our Guests Frequently in a Digitally–Savvy Manner Wingstop Firehouse Subs Jimmy John’s Subway Chipotle Chick-fil-A
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218 41 28 167 186 194 242 242 242 46 115 134 27 54 93 191 191 191 235 223 201 89 89 89 Re-Distributing our Growing $200M+ Ad Fund to Invest in “Lower Funnel” Marketing to Reach & Convert the Digital Consumer Historically, marketing spend has been heavily concentrated in linear TV to build broad national awareness Expanding investment in digital channels increases reach to new customers and drives frequency among existing users Growth in advertising revenues and expiring low-ROI legacy contracts fund new social media strategy 21 Historical Approach (2025) Target Awareness Example: National TV Conversion Example: Paid Social Consideration & Trial Example: Display, Search 87% 67% 12% 21% 12% 2%
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218 41 28 167 186 194 242 242 242 46 115 134 27 54 93 191 191 191 235 223 201 89 89 89 17% 27% 26% 16% 8% 6% <$1.00M $1.00 - $1.25M $1.25 - $1.50M $1.50 - $1.75M $1.75 - $2.00M >$2.00M 22 We have Driven Substantial Improvement in AUVs and Franchise Owner Returns While Doubling Unit Count Since 2019 2019 AUV >$1.50M 1% of all stores 2025 AUV >$1.50M 31% of all stores 77% 17% 5% 1% <1% <1% <$1.00M $1.00 - $1.25M $1.25 - $1.50M $1.50 - $1.75M $1.75 - $2.00M >$2.00M 1,670 stores 3,256 stores $1.4M AUV $0.8M AUV ~29% CoC Returns 40%+ CoC Returns
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218 41 28 167 186 194 242 242 242 46 115 134 27 54 93 191 191 191 235 223 201 89 89 89 23 Compelling Store-Level Economics Expected To Fuel Continued Development 1) As of March 31, 2026. 2) See appendix to this presentation for definitions of Systemwide AUV, Store-level Margin and Cash-on-Cash Return 3) Store level EBITDA is based on information self-reported by our franchise owners and has not been independently verified Systemwide AUV $1.4M Food + Paper (27%) Labor (21%) Rent & Other (25%) Store-level EBITDA before fees(3) ~28% Royalty Fee (6.5%) Advertising Fees (5.0%) Store-level EBITDA Margin ~16% Typical Store P&L(1) Current Long-Term Goal Systemwide AUV(2) $1.4 million $2.0+ million Store-level Margin(2) ~16% 17% to 18% Initial Investment ~$515,000 ~$550,000 (Adjusted for Inflation) Cash-on-Cash Return(2) 40%+ ~60%+ Average Cash-on-Cash Returns
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218 41 28 167 186 194 242 242 242 46 115 134 27 54 93 191 191 191 235 223 201 89 89 89 24 Sources: U.S. Census Bureau (Vintage 2025 Estimate) and FRED. Note: Store count and population data as of December 28, 2025. Substantial Opportunity Remains Across the U.S. Store Count & Density by State Highest density in NC ➢ ~50K pop per store ➢ ~$1.4M AUVs
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218 41 28 167 186 194 242 242 242 46 115 134 27 54 93 191 191 191 235 223 201 89 89 89 25 1) Whitespace is calculated based on long-term target units for each company divided by the current units for such company. Such information is derived from SEC filings or other public information for the comp set. The methodology for determining long term target information for other companies may vary significantly, including with respect to time frame for achievement of targets, geographical scope and density of targets and underlying assumptions to develop targets, among other factors. Accordingly, whitespace as presented for other companies may not be directly comparable to our whitespace or the whitespace of others presented. We Believe Whitespace Exists for 15,000+ Stores Globally over the Long-Term 7,500+ Rest of World 7,500+ Potential U.S. Footprint 15,000++ Global Long-Term Store Potential
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218 41 28 167 186 194 242 242 242 46 115 134 27 54 93 191 191 191 235 223 201 89 89 89 26 Opportunity for 7,500+ International Units Supported by Proven Global Category Demand and Density Benchmarks Priority Markets: ~3.5K units Additional Markets: ~4K units ➢ Benchmarked to U.S. density (currently ~10 stores per 1M population and long-term ~25 stores per 1M population) as a proven unit economic foundation ➢ Localized for reality using GDP per capita adjustments to reflect spending power and maturity ➢ Granular approach in priority markets with city-level analysis and country- level scaling beyond Disciplined, Data-Driven Market Sizing Framework Validated by Global Category Adoption and Competitive Benchmarks ➢ Sandwich consumption is well-established globally, particularly in dense urban markets ➢ Global players like Subway demonstrate ability to scale at high unit densities internationally ➢ Target markets characterized by high urban density, strong FAFH spend, and affinity for U.S. concepts 7,500+ Total International Opportunity
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Financial Overview 27
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218 41 28 167 186 194 242 242 242 46 115 134 27 54 93 191 191 191 235 223 201 89 89 89 28 1) For FY25 2) Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measure. See Appendix for a reconciliation to the nearest GAAP measure. A Scaled, High-Quality Model with a Long Runway for Continued Growth Significant Cash Flow Generation Consistent Track Record of Positive Same-Store Sales Strong Track Record of Unit Growth Durability of Fee Streams and High Operating Margin • 20 consecutive years of positive Same-Store Sales growth as of the end of 2025, with sequential positive Same- Store Sales Growth of 1.7% in Q1’26 and 2.3% in Q2’26 • Since 2019, Jersey Mike’s has grown cumulative same-stores sales by 55% as of the end of 2025 • 20% systemwide sales CAGR since 2006 as of the end of 2025 • Jersey Mike's has a long track record of healthy unit growth – Average of over 300 new store openings in the last 5 years – 90%+ of new stores from existing franchise owners – Strong pipeline of 1,600+ stores • Multiple embedded and highly durable revenue streams drive a 47%(1) Adjusted EBITDA margin(2) • Revenue streams have proven resilient through economic cycles • Asset-light, 99% franchised business model • Multiple annuity-like fee revenue streams drive strong cash flow predictability • Minimal annual capital expenditure requirements of just ~3% of Adjusted EBITDA(2)
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218 41 28 167 186 194 242 242 242 46 115 134 27 54 93 191 191 191 235 223 201 89 89 89 29 A Long-term Growth Algorithm that is Simple, Repeatable and Built to Compound Long-Term Growth Model AUV Growth Low Single Digit % Unit Growth High Single Digit % Adj. EBITDA Growth Low Double Digit % A Highly Cash-Generative, Asset-Light Model with Significant Capital Return Capacity
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Appendix 30
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218 41 28 167 186 194 242 242 242 46 115 134 27 54 93 191 191 191 235 223 201 89 89 89 31 2023-2025 Financial Performance 1) FY 2025 figures are reflective of adding Successor and Predecessor periods. 2) Adjusted EBITDA, Adjusted EBITDA Margin, Normalized EBITDA and Normalized EBITDA Margin, Adjusted EBITDA less Capital Expenditures and Adjusted EBITDA less Capital Expenditures Conversion are non-GAAP financial measures. See Appendix for a reconciliation to the nearest GAAP measure and a definition of Adjusted EBITDA less Capital Expenditures and Adjusted EBITDA less Capital Expenditures Conversion. Observations • From 2023 – 2025, Jersey Mike’s has achieved the following CAGR results: ‒ 12% increase in Systemwide Sales ‒ 10% increase in Systemwide Store Count ‒ Positive Same-Store Sales Growth in each year ‒ 14% increase in Revenue and Normalized EBITDA • Adjusted EBITDA Margin of 47% in 2025, up ~12 points from 2023, driven by transition from a founder-owned business(2) • Our 99%-franchised model requires minimal capital expenditures, with only ~3% of Capital Expenditures as a percentage of Adjusted EBITDA in 2025(2) ($ in millions, unless otherwise noted) 2023 2024 2025(1) CAGR ’23-’25 Systemwide Sales $3,342 $3,735 $4,217 +12% Systemwide Store Count 2,686 3,002 3,256 +10% Systemwide AUVs ($ in thousands) $1,307 $1,328 $1,364 +2% Systemwide Same-Store Sales Growth +8% +2% +3% Revenue $561 $653 $724 +14% Normalized EBITDA(2) $286 $334 $373 +14% Margin (% of Revenue) 51% 51% 52% Adjusted EBITDA(2) $195 $263 $339 +32% Margin (% of Revenue) 35% 40% 47% Adjusted EBITDA less Capital Expenditures(2) $187 $249 $328 +32% Conversion (% Adjusted EBITDA) 96% 95% 97% Net Income $21 $5 $55 +62%
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218 41 28 167 186 194 242 242 242 46 115 134 27 54 93 191 191 191 235 223 201 89 89 89 Predecessor Successor Successor A B A + B ($in MM, unless otherwise noted) Year Ended 12/31/23 Year Ended 12/31/24 1/1/25 to 1/15/25 1/16/25 to 12/28/25 Year Ended 12/28/25 1/16/25 to 3/30/25 Thirteen Weeks Ended 3/29/26 Total Revenue $561 $653 $28 $696 $724 $139 $185 Net Income (Loss) 21 5 (4) 59 55 14 (24) Non-GAAP Adjustments: Interest Income (6) (5) (1) (9) (10) (3) (1) Interest Expense 41 43 5 99 104 18 30 Income Tax Expense 1 1 - 1 1 - - Loss on Extinguishment of Debt - - - - - - 7 Other Expense, Net - - - 1 1 - - Depreciation and Amortization 10 10 - 96 96 21 26 Equity-Based Compensation - - - 8 8 - 3 Acquisition-Related Expenses - 7 1 - 1 - - IPO-Related Expenses - - - 7 7 - 6 Founder-Related Discretionary Expenses 112 192 11 - 11 - - Area Director Buyouts 16 8 - 52 52 4 32 Corporate Transition Expense - 2 - 13 13 2 5 Adjusted EBITDA $195 $263 $12 $327 $339 $56 $84 Less: Capital Expenditures(1) (8) (14) - (11) (11) 2 1 Adj. EBITDA less Capital Expenditures $187 $249 $12 $316 $328 $54 $83 Adjusted EBITDA $195 $263 $12 $327 $339 $56 $84 Non-GAAP Adjustments: Founder-Related Discretionary Expenses 91 71 1 33 34 - - Normalized EBITDA $286 $334 $13 $362 $373 $56 $84 Adjusted EBITDA Margin % Total Revenue 35% 40% 43% 47% 47% 40% 45% Normalized EBITDA Margin % Total Revenue 51% 51% 46% 52% 52% 40% 45% Adj. EBITDA less CapEx Conversion % of Adjusted EBITDA 96% 95% 100% 97% 97% 96% 99% 32 Consolidated GAAP to Non-GAAP Reconciliations and Definitions Definitions Systemwide Sales – Represents net sales for all Jersey Mike’s stores. This measure allows management to better assess our overall store performance, the health of our brand and the strength of our market position compared to competitors. Our systemwide sales growth is driven by the number and sales volume of new store openings as well as Same - Store Sales Growth. Note that Systemwide Sales do not reflect our revenue and should not be viewed as a substitute for Total revenue discussed below Same-Store Sales Growth – Represents the change in year-over-year sales for the same store base on a constant currency basis. We define the same -store base to include those traditional stores open for at least 425 days (14 calendar months). This measure highlights the performance of existing traditional stores, while excluding the impact of new traditional store openings and permanent closures. Same -Store Sales Growth is driven by increases in transactions and average check. Average check increases are driven by price increases or favorable mix shift from either an increase in items purchased or shifts into higher-priced items. Non-traditional stores, which are not included in Same -Store Sales Growth, include locations or operating models materially different than a standard Jersey Mike’s location, including kiosks, airports, colleges, commissaries, food courts, entertainment venues, etc., which make comparability year -over-year difficult or not meaningful Systemwide Average Unit Volume (“AUV”) – Represents (i) total revenue of stores included in the same-store base divided by (ii) total operating days of those stores multiplied by (iii) 364 (days in a fiscal year). We use Systemwide AUV to assess and understand the overall performance of stores in our system, as well as the profitability of our franchise owners. Systemwide AUV is impacted by changes in guest traffic, menu prices and product mix Total Stores – Represents the number of stores in our system as of the end of the period, including both international and domestic stores and traditional and non -traditional stores Net New Store Openings – Represents the number of store openings in a period including franchised and company-owned stores less the number of stores closed in a period Store-level EBITDA – net store revenue less cost of goods sold, labor, occupancy, royalties, advertising fees and other operating expenses incurred by the store, as reported by our franchise owners Store-level Margin – Store-level EBITDA divided by AUV Cash-on-Cash Returns – Average Store-level EBITDA divided by average Build Cost Adj. EBITDA less Capital Expenditures – Adjusted EBITDA less Capital Expenditures Adj. EBITDA less Capital Expenditures Conversion – Adjusted EBITDA less Capital Expenditures divided by Adjusted EBITDA 1) Capital Expenditures refers to purchases of property and equipment and acquisition of intangible assets (software developed for internal use and website design), but excludes $41 million in 2024 for cash outlays associated with the purchase of an aircraft on behalf of our Founder, which was transferred to our Founder in connection with the Sponsor Acquisition.
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218 41 28 167 186 194 242 242 242 46 115 134 27 54 93 191 191 191 235 223 201 89 89 89 Strong Management Team with a Proven Track Record 2 JERSEY SHORE’S FAVORITE 5 THE SUPER SUB Charlie Morrison Chief Executive Officer 20+ Years in Restaurant Industry 13 THE ORIGINAL ITALIAN • Chief Executive Officer and member of the Company’s board of directors since April 2025 • Former Chairman and CEO of Wingstop, a publicly traded, highly- franchised restaurant chain Michele Allen, CPA Chief Financial Officer 25+ Years in Franchising Stacy Peterson President & COO 10+ Year C-Suite Executive 44 BUFFALO CHICKEN 10 TUNA FISH • Former CFO & Head of Strategy of Wyndham Hotels & Resorts, a publicly traded global hotel franchisor • Previously, Michele spent 20+ years in finance leadership roles & is a former Deloitte auditor • Former CEO of Jeni's Splendid Ice Creams • Previously, Stacy spent nearly 10 years in leadership roles at Wingstop rising to Chief Revenue & Technology Officer • Former CFO of Gordon Ramsay North America • Previously, he was the CFO and Treasurer at SONIC Drive-In prior to its acquisition by Inspire Brands • Former SVP of Digital Marketing at Dutch Bros • Previously served in various marketing leadership roles at Wingstop, Panera Bread and Domino’s Pizza Corey Horsch SVP Finance and IR 10+ Years in Restaurant Industry Matt Warren SVP of Digital Marketing 15+ Years in Restaurant Industry Betsy Mercado Chief People Officer 20+ Years in Restaurant Industry 7 TURKEY AND PROVOLONE • Former Chief People Officer of Flynn Group, the world's largest franchise operator • Previously, spent 10 years in HR roles at the Palm Restaurant 8 CLUB SUB • Has served as the Company's Chief Development Officer since 2021 • Started with Jersey Mike's in 2001 in Field Operations Brian Sommers U.S. Chief Development Officer 25+ Years in Restaurant Industry 7 TURKEY AND PROVOLONE • Has served as the Company's Chief Information Officer since 2013 • Previously served as President of Systems Services & began working with Jersey Mike's as an outside consultant in 2005 Scott Scherer Chief Information Officer 20+ Years in Restaurant Industry Scott McLester General Counsel 20+ Year General Counsel 7 TURKEY AND PROVOLONE • Former General Counsel for Orangetheory Fitness and Wyndham Worldwide • Scott has also been a Partner with the law firms of K&L Gates and Carpenter, Bennett & Morrissey 9 CLUB SUPREME • Former President and CEO of Home Franchise Concepts • Previously, Andy has held senior leadership roles with Krispy Kreme, Popeyes, Churchill Downs, Nabisco and PepsiCo Restaurants Andy Skehan President, International & Global Development Officer 30+ Years in Restaurant Industry 33
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19-74-124 238-50-39 33-53-92 251-247-242 83-88-95 0-0-0 30-36-43 234-223-204