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One of the Leading Global Franchisors of Boutique Health & Wellness Brands Q3 2025 FINANCIAL RESULTS As of September 30, 2025 | Reported on November 6, 2025
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2 The information contained in this presentation is provided solely for the purpose of acquainting the readers with Xponential Fitness, Inc. (the “Company,” “Xponential” or “we”) and its business operations, strategies and financial performance. This presentation and any accompanying oral statements is not an offer to sell nor is it a solicitation of any offer to buy any securities and conveys no right, title or interest in the Company or the products of its business activities. Nothing in this presentation constitutes an offer of securities for sale in any jurisdiction where it is unlawful to do so. This presentation does not constitute an offering of securities that will be registered or qualified under the Securities Act of 1933, any United States state securities or “blue sky” laws or the securities laws of any other jurisdiction. Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements that are based on current expectations, estimates, forecasts and projections of future performance based on management’s judgment, beliefs, current trends, and anticipated financial performance. These forward-looking statements include, without limitation, statements relating to expected growth of our business; projected number of new studio openings; profitability; anticipated industry trends; projected financial and performance information such as system-wide sales; projected annual revenue, Adjusted EBITDA and other statements on the slides “Q3 2025 Key Operating Metrics,” and “FY 2025 Guidance”; our competitive position in the boutique fitness and broader health and wellness industry; and our ability to execute our business strategies andour strategic growth drivers. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. These factors include, but are not limited to, the outcome of ongoing and any future government investigations and litigation to which we are subject; our ability to retain key senior management and key employees, our relationships withmaster franchisees, franchisees and international partners; difficulties and challenges in opening studios by franchisees; the ability of franchisees to generate sufficient revenues; risks relating to expansion into international markets; loss of reputation and brand awareness; geopolitical uncertainty, including the impact of the presidential administration in the U.S., trade policies and tariffs; the ongoing U.S. federal government shutdown; general economic conditions and industry trends; and other risks as described in our SEC filings, including our Annual Reporton Form 10-K for the full year ended December 31, 2024 filed by Xponential with the SEC and other periodic reports filed with the SEC. Other unknown or unpredictable factors or underlying assumptions subsequently proving to be incorrect could cause actual results to differ materially from those in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this presentation is as of today’s date, unless otherwise stated, and Xponential undertakes no duty to update such information, except as required under applicable law. Market Data and Non-GAAP Financial Measures This presentation includes statistical and other industry and market data that we obtained from industry publications and research, surveys, studies and other similar third-party sources, as well as our estimates based on such data and on our internal sources. Such data and estimates involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such data and estimates. We believe that the information from these third-party sources is reliable; however, we have not independently verified them, we make no representation as to their accuracy or completeness and we do not undertake to update the data from such sources after the date of this presentation. Further, our business and the industry in which we operate is subject to a high degree of risk and uncertainty, which could cause results to differ materially from those expressed in the estimates made by the third-party sources and by us. In addition to our results determined in accordance with GAAP, we believe non-GAAP financial measures are useful in evaluating our operating performance. We use certain non-GAAP financial information in this presentation, such as EBITDA, Adjusted EBITDA, free cash flow conversion, adjusted net income (loss), and adjusted net earnings (loss) per share, which exclude certain non-operating or non-recurring items, including but not limited to, equity-based compensation and related employer payroll taxes, acquisition and transaction expenses (income) (including change in contingent consideration and transaction bonuses), litigation expenses (consisting of legal and related fees for specific proceedings that arise outside of the ordinary course of our business net of insurance reimbursements), fees for financial transactions, expense related to the remeasurement of our TRA obligation, expense related to loss on impairment or write down of goodwill and otherassets, loss (gain) and expenses related to brand divestitures and wind down (including expenses directly related to the divested or wound down brands for arrangements that existed prior to divestiture or wind down), transformation initiative costs (primarily consisting of third-party professional consulting fees related to modifications of our business strategy and cost saving initiatives), other income (consisting of royalties received from divested brands), and restructuring and related charges incurred in connection with our restructuring plan that we do not believe reflect our underlying business performance and affect comparability, to evaluate our ongoing operations and for internal planning and forecasting purposes. We also use net leverage, a non-GAAP financial measure, in this presentation as defined and reconciled therein. We use net leverage to evaluate our overall liquidity and financial flexibility to pursue operational strategies and to evaluate our capitalstructure, and our ability to service our long-term debt obligations. For additional information please visit https://investor.xponential.com/. We believe that non-GAAP financial information, when taken collectively with comparable GAAP financial measures, is helpful to investors because itprovides consistency and comparability with past financial performance and provides meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations or outlook. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation oras a substitute for financial information presented in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. We seek to compensate such limitations by providinga detailed reconciliation for the non-GAAP financial measures to the most directly comparable financial measures stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measures and not rely on any single financial measure to evaluate our business. In addition, we are not able to provide a quantitative reconciliation of the estimated full-year Adjusted EBITDA for the fiscal year ending December 31, 2025 without unreasonable efforts to the most directly comparable GAAP financial measure due to the high variability, complexity and low visibility with respect to certain items such as taxes, TRA remeasurements, and income and expense from changes in fair value of contingent consideration from acquisitions. We expect the variability of these items to have a potentially unpredictableand potentially significant impact on future GAAP financial results, and, as such, we also believe that any reconciliations provided would imply a degreeof precision that would be confusing or misleading to investors. Notice Regarding Franchise Offers for Xponential Fitness Brands Xponential owns a portfolio of brands (collectively, the “XPO Brands”) including BFT®, Club Pilates®, Pure Barre®, StretchLab®, and YogaSix®. This message is not an offer to sell, or the solicitation of an offer to buy any of the XPO Brands’ franchises. This message is intended for information purposes only. The XPO Brand franchises are offered solely by means of the franchise disclosure document issued by: BFT Franchise SPV, LLC; Club Pilates Franchise SPV, LLC; PB Franchising SPV, LLC; Stretch Lab Franchise SPV, LLC; and Yoga Six Franchise SPV, LLC (collectively, the “Franchisors”), respectively, each with their principal business address located at 17877 Von Karman Ave., Suite 100, Irvine, California 92614 and telephone number (949) 346-3000. The brand names and logos used in this presentation are registered and common law trademarks of each of the applicable Franchisors and Xponential. Certain states and foreign countries have laws governing the offer and sale of franchises. If you are a prospective franchisee who is a resident of one of these states or foreign countries, the Franchisors will not offer you a franchise unless and until the respective brand has complied with all applicable legal requirements in that jurisdiction. Currently, the following states regulate the offer and sale of franchises: California, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, New York, North Dakota, Oregon, Rhode Island, South Dakota, Virginia, Washington, and Wisconsin. Please contact us at salesinfo@xponential.com for an updated list of jurisdictions where XPO Brands’ franchises can be offered and sold. FOR THE STATE OF NEW YORK: This advertisement is not an offering. An offering can only be made by a prospectus filed first with the Department of Law of the State of New York. Such filing does not constitute approval by the Department of Law. FOR THE STATE OF MINNESOTA: MN Franchise Registration Numbers: BFT 10695; Club Pilates 10692; Pure Barre 10694; Stretch Lab 10690; and Yoga Six 10688 Legal Disclaimer
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3 Industry Our Brands Optimizing Infrastructure • Global boutique fitness market ~$60Bn by 2030(1) • 247M Americans engage in an exercise routine(2) Xponential Fitness – Foundational Elements • Marketing • Operations Support • Unit Growth and Licensing • Innovation • Efficiencies and Cost Savings 1,369 Studios 198 Studios 625 Studios 331 Studios 527 Studios 1. Source: Research & Markets, “Boutique Gym Studios Market: Analysis By Exercise Type, By Age Group, By Gender, By Revenue Stream, By Region Size and Trends - Forecast up to 2030” 2. Source: Sports & Fitness Industry Association, “2025 Sports, Fitness, and Leisure Activities Topline Participation Report”
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4 Club Pilates, Stronger Ramp Curves on Newer Cohorts $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 2024 2023 2022 2021 2020 $881K Run-Rate AUV(1): $695K +27% 1. Run-Rate AUV represents the average Month 12 sales for all traditional studio locations in North America, multiplied by 12. Run-Rate AUVs highlighted above represent the averages for i) 2023 and 2024 cohorts and ii) 2020, 2021, and 2022 cohorts. These averages are shown for illustrative purposes.
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5 Q3 2025 Key Operating Metrics Global Studios Global Licenses 3,066 5,318 +8% YoY +3% YoY (1) 1. All KPI information is presented on an adjusted basis to include full historical data for all brands in the brand portfolio as of September 30, 2025, and to exclude all information for all brands not owned as of September 30, 2025. YoY comparison refersto Q3 2024.
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6 Q3 2025 Key Operating Metrics System-Wide Sales Run-Rate AUV $432M $668K +10% YoY +2% YoY (1) (2) (3) 1. All KPI information is presented on an adjusted basis to include full historical data for all brands in the brand portfolio as of September 30, 2025, and to exclude all information for all brands not owned as of September 30, 2025. YoY comparison refersto Q3 2024. System-wide sales and Run-Rate AUV represents North America only. 2. System-wide sales represents gross sales by all North America-based studios. We receive approximately 7% and 2% of the sales by franchisees as royalty revenue and marketing fund revenue, respectively. 3. Quarterly AUV (run rate) consists of average quarterly sales for all traditional studio locations in North America that had opened at least six calendar months ago as of the beginning of the respective quarter, and that have non-zero sales in the respective quarter (including nominal or negative sales figures; the only figures excluded are exact $0 amounts in the quarter), multiplied by four.
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7 Same Store Sales – 2-Year Stacked Basis 22% 17% 16% 15% 9% 8% 6% 7% 9% 8% 6% 6% 2% -1% Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Note: Management is providing a two-year stacked same store sales analysis, a non-GAAP measure, because management believes thismetric is useful to investors and analysts. It is not recommended that the two-year-stacked analysis be considered a substitutefor the Company’s operating results as reported in accordance with GAAP. Information is presented on an adjusted basis to include historical information of all brands owned as September 30, 2025 and to exclude historical information of divested brands. 1. Same store sales refer to period-over-period sales comparisons for the base of studios. We define same store sales to include monthly sales for any traditional studio location in North America. If the studio has generated at least 13 months of consecutive positive sales and opened at least 13 calendar months ago as of any month within the measurement period, the respective comparable months will be included. Please see the Company’s 10-Q SEC filing for the period ended 9/30/2025 for more detail. (1) +5.4%
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8 Q3 2025 Key Operating Metrics Total Members Same-Store Sales 796K -1% +7% YoY Greater Than 36 Months 0% (1) (2) 1. All KPI information is presented on an adjusted basis to include full historical data for all brands in the brand portfolio as of September 30, 2025, and to exclude all information for all brands not owned as of September 30, 2025. YoY comparison refersto Q3 2024. Total members and same store sales represents North America only. 2. Same store sales refer to period-over-period sales comparisons for the base of studios. We define same store sales to include monthly sales for any traditional studio location in North America. If the studio has generated at least 13 months of consecutive positive sales and opened at least 13 calendar months ago as of any month within the measurement period, the respective comparable months will be included. Please see the Company’s 10-Q SEC filing for the period ended 9/30/2025 for more detail.
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9 Q3 2025 Financial Highlights Revenue Adj. EBITDA $79M $33M -2% YoY +9% YoY Note: We define Adjusted EBITDA as EBITDA (net income/loss before interest, taxes, depreciation and amortization), adjusted for the impact of certain non-cash and other items that we do not consider in our evaluation of ongoing operating performance. Theseitems include equity- based compensation and related employer payroll taxes, acquisition and transaction expenses (income) (including change in contingent consideration and transaction bonuses), litigation expenses (consisting of legal and related fees for specific proceedings that arise outside of the ordinary course of our business net of insurance reimbursements), fees for financial transactions, such as secondary public offering expenses for which we do not receive proceeds (including bonuses paid to executives related to completion of such transactions) and other contemplated corporate transactions, expense related to the remeasurement of our TRA obligation, expense related to loss on impairment or write down of goodwill and other noncurrent assets, loss and expenses related to brand divestitures and wind down (including expenses directly related to the divested or wound down brands for arrangements that existed prior to divestiture or wind down), transformation initiative costs (primarily consisting of third-party professional consulting fees related to modifications of our business strategy and cost saving initiatives), other income (consisting of royalties received from divested brands), and restructuring and related charges incurred in connection with our restructuring plan that we do not believe reflect our underlying business performance and affect comparability. Adjusted EBITDA is a non-GAAP financial measure. See the Company’s Q3 2025 earnings press release for reconciliation to net income (loss), the most directly comparable GAAP financial measure.
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10 Income Statement In $ thousands, except per share amounts Q3 2025 Q3 2024 $ Difference System-wide Sales (North America) $432,184 $391,401 $40,783 Revenue, net: Franchise revenue $51,882 $44,458 $7,424 Equipment revenue $7,459 $14,681 ($7,222) Merchandise revenue $4,802 $6,577 ($1,775) Franchise marketing fund revenue $8,827 $8,565 $262 Other service revenue $5,854 $6,249 ($395) Total revenue, net $78,824 $80,530 ($1,706) Operating costs and expenses: Costs of product revenue $10,246 $17,287 ($7,041) Costs of franchise and service revenue $7,047 $4,867 $2,180 Selling, general and administrative expenses $24,664 $46,163 ($21,499) Impairment of goodwill and other noncurrent assets $17,568 $4,505 $13,063 Depreciation and amortization $3,679 $4,226 ($547) Marketing fund expense $8,983 $6,423 $2,560 Acquisition and transaction expenses (income) $3,071 $3,664 ($593) Total operating costs and expenses $75,258 $87,135 ($11,877) Operating income (loss) $3,566 ($6,605) $10,171 Net loss ($6,746) ($18,149) $11,403 Net loss per basic share of Class A common stock ($0.18) ($0.29) $0.11
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11 Adjusted Net Earnings (Loss) per Share Note: The above adjusted net income (loss) per share is computed by dividing the adjusted net income (loss) attributable to holders of Class A common stock by the weighted average shares of Class A common stock outstanding during the period. Total sharecount does not include potential future shares vested upon achieving certain earn-out thresholds. Net income, however, continues to take into account the non-cash contingent liability primarily attributable to Rumble. Adjusted net income (loss) is a non-GAAP financial measure that excludes certain amounts and is used to supplement net income (loss). Adjusted net income (loss) assumes that all net income (loss) is attributable to Xponential Fitness, Inc., which assumes the full exchange of all outstanding Class B common stock for shares of Class A common stock of Xponential Fitness, Inc., adjusted for the impact of certain non-cash and other items that we do not consider in our evaluation of ongoing operating performance. Adjusted net income (loss) per share, diluted, is calculated by dividing adjusted net income (loss) by the total weighted-average shares of Class A common stock outstanding plus any dilutive securities and assuming the full conversion of all outstanding Class B common stock. Total share count does not include potential future shares vested upon achieving certain earn-out thresholds. See the Company’s Q3 2025 earnings press release for reconciliation tonet income (loss), the most directly comparable GAAP financial measure. In $ thousands, except per share amounts Q3 2025 Q3 2024 Net loss ($6,746) ($18,149) Acquisition and transaction expenses (income) $3,071 $3,664 TRA remeasurement ($644) $51 Impairment of goodwill and other noncurrent assets $17,568 $4,505 Loss and expenses due to brand divestitures and wind down (excluding impairments) $3,919 $408 Restructuring and related charges (excluding impairments) $2,175 $9,193 Adjusted net income (loss) $19,343 ($328) Adjusted net income (loss) attributable to noncontrolling interest $5,419 ($109) Adjusted net income (loss) attributable to Xponential Fitness, Inc. $13,924 ($219) Dividends on preferred shares ($1,366) ($1,267) Adjusted earnings (loss) per share - basic numerator $12,558 ($1,486) Add: Adjusted net income attributable to noncontrolling interest $5,419 - Add: Dividends on preferred shares $1,366 - Adjusted earnings (loss) per share - diluted numerator $19,343 ($1,486) Adjusted net earnings (loss) per share - basic $0.36 ($0.05) Adjusted net earnings (loss) per share - diluted $0.34 ($0.05)
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12 Adjusted EBITDA Note: We define Adjusted EBITDA as EBITDA (net income/loss before interest, taxes, depreciation and amortization), adjusted for the impact of certain non-cash and other items that we do not consider in our evaluation of ongoing operating performance. Theseitems include equity- based compensation and related employer payroll taxes, acquisition and transaction expenses (income) (including change in contingent consideration and transaction bonuses), litigation expenses (consisting of legal and related fees for specific proceedings that arise outside of the ordinary course of our business net of insurance reimbursements), fees for financial transactions, such as secondary public offering expenses for which we do not receive proceeds (including bonuses paid to executives related to completion of such transactions) and other contemplated corporate transactions, expense related to the remeasurement of our TRA obligation, expense related to loss on impairment or write down of goodwill and other noncurrent assets, loss and expenses related to brand divestitures and wind down (including expenses directly related to the divested or wound down brands for arrangements that existed prior to divestiture or wind down), transformation initiative costs (primarily consisting of third-party professional consulting fees related to modifications of our business strategy and cost saving initiatives), other income (consisting of royalties received from divested brands), and restructuring and related charges incurred in connection with our restructuring plan that we do not believe reflect our underlying business performance and affect comparability. Adjusted EBITDA is a non-GAAP financial measure. See the Company’s Q3 2025 earnings press release for reconciliation to net income (loss), the most directly comparable GAAP financial measure. In $ thousands Q3 2025 Q3 2024 Net loss ($6,746) ($18,149) Interest expense, net $11,823 $11,362 Income taxes $266 $131 Depreciation and amortization $3,679 $4,226 EBITDA $9,022 ($2,430) Equity-based compensation $2,394 $4,983 Employer payroll taxes related to equity-based compensation $11 ($7) Acquisition and transaction expenses (income) $3,071 $3,664 Litigation expenses (benefit) ($2,926) $10,435 Financial transaction fees and related expenses $30 $0 TRA remeasurement ($644) $51 Impairment of goodwill and other noncurrent assets $17,568 $4,505 Loss and expenses due to brand divestitures and wind down (excluding impairments) $3,919 $408 Executive transition costs $7 - Transformation initiative costs ($15) - Other income ($1,133) - Restructuring and related charges (excluding impairments) $2,175 $9,193 Adjusted EBITDA $33,479 $30,802 Margin 42% 38%
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13 FY 2025 Guidance Note: We define Adjusted EBITDA as EBITDA (net income/loss before interest, taxes, depreciation and amortization), adjusted for the impact of certain non-cash and other items that we do not consider in our evaluation of ongoing operating performance. Theseitems include equity- based compensation and related employer payroll taxes, acquisition and transaction expenses (income) (including change in contingent consideration and transaction bonuses), litigation expenses (consisting of legal and related fees for specific proceedings that arise outside of the ordinary course of our business net of insurance reimbursements), fees for financial transactions, such as secondary public offering expenses for which we do not receive proceeds (including bonuses paid to executives related to completion of such transactions) and other contemplated corporate transactions, expense related to the remeasurement of our TRA obligation, expense related to loss on impairment or write down of goodwill and other noncurrent assets, loss and expenses related to brand divestitures and wind down (including expenses directly related to the divested or wound down brands for arrangements that existed prior to divestiture or wind down), transformation initiative costs (primarily consisting of third-party professional consulting fees related to modifications of our business strategy and cost saving initiatives), other income (consisting of royalties received from divested brands), and restructuring and related charges incurred in connection with our restructuring plan that we do not believe reflect our underlying business performance and affect comparability. Adjusted EBITDA is a non-GAAP financial measure. See the Company’s Q3 2025 earnings press release for reconciliation to net income (loss), the most directly comparable GAAP financial measure. We are not able to provide a quantitative reconciliation of the estimated full-year Adjusted EBITDA for fiscal year ending December 31, 2025, without unreasonable efforts to the most directly comparable GAAP financial measure due to the high variability, complexity and low visibility with respect to certain items such as taxes, TRA remeasurements, and income and expense from changes in fair value of contingent consideration from acquisitions. We expect the variability of these items to have a potentially unpredictable and potentiallysignificant impact on future GAAP financial results, and, as such, we also believe that any reconciliations provided would imply a degree of precision that would be confusing or misleading to investors. 1. Percentage change vs. 2024 for net new studio openings and system-wide sales excludes CycleBar, Rumble, and Lindora in 2024 for comparability.
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14 Q&A Please see the FAQ section at investor.xponential.com for a list of commonly asked questions on our corporate structure and capitalization.