Slide 1: Papa Johns Investor Presentation
pAPAJOHNs: Better Ingredients. Bottor Pizza. INVESTOR Presentation MARCH 2025
Slide 2: Important Disclosures: Forward-Looking Statements
MZ IMPORTANT DISCLOSURES Forward-Looking Statements Certain matters discussed in this presentation that are not statements of historical fact constitute forward-looking statements within the meaning of the federal securities laws. Generally, the use of words such as “expect,” “intend,” “estimate,” “
Slide 3: Important Disclosures: Industry and Non-GAAP Measures
MZ IMPORTANT DISCLOSURES Industry and Market Information Statements in this presentation concerning our industry and the markets in which we operate, including our general expectations and competitive position, business opportunity and market size, growth and share, are based on information from ind
Slide 4: Key Focus Areas
ME KEY FOCUS AREAS Our #1 priority is to for our customers and team members in our restaurants - ensuring the Focusing on our core strength of crafting high-quality, traditional pizza to consistently meet and exceed customer expectations and investing to amplify our brand promise Building industry-s
Slide 5: Experienced Management Team
M8 EXPERIENCED MANAGEMENT TEAM TODD PENEGOR President and Chief RAVI THANAWALA Chief Financial Officer JENNA BROMBERG Chief Marketing Officer Executive Officer and Executive Vice President, International JOE SIEVE ELIAS REYNA KURT MILBURN Chief Restaurant and Chief People and Chief Supply Chain Deve
Slide 6: People First Innovate to Win
People First Innovate to Win Everyone Belongs Have Fun Do the Right Thing PAPAJOHNs:
Slide 7: Papa Johns Today
2 PAPA JOHNS TODAY Nasdaq trading began Restaurants* Pizzas sold each year * As of year ended 12/29/2024 Franchise & corporate team members* ~104,000 Countries served* Global systemwide sales* “$5 B C Domestic Company-owned restaurants North America franchising Segment revenues* 40% i North America
Slide 8: Our Brand Is Strong
M2 OUR BRAND IS STRONG
Slide 9: Our Values-Driven Culture Is Thriving
NEWSWEEK: America's Most Responsible Companies 2025 Guided hy People First ME OUR VALUES-DRIVEN CULTURE IS THRIVING Passion for Communities pAPAJOHNS 300+ organizations supported through the Papa Johns Foundation Reached 6.8 M meals toward our goal of donating 10M meals to those in need hy 2027 600+
Slide 10: Our Footprint Has Grown
OUR FOOTPRINT HAS GROWN United Kingdom 457 North America EMEA APAC LATAM 748 PAPAJOHNS: As of year ended 12/29/2024 * Excludes suspended restaurants previously disclosed in Q12022
Slide 11: Leading Position in Our Top Markets
LEADING POSITION IN 11 0F OUR TOP 15 MARKETS 9 New York 4 Dallas 4 Wy restzureneDenciey 300+ mons Orlando @ Represents Papa Johns market share ranking Our geographic strength brings significant opportunity for strategic domestic expansion. PAPAJOHNS: source: Restaurant Trends QSR MarketSHARE Report
Slide 12: Our Recipe for Profitable Growth
Ml OUR RECIPE FOR PROFITABLE GROWTH Focus on Core Product @ \ > Amplify Marketing & Innovation Franchisee Profitability Transform <> & Technology International <-/ Evolve EEN (>) Differentiate Franchisee Base </” 5 7 Customer Experience eu
Slide 13: Focus on Core Product & Innovation
FOCUS ON CORE PRODUCT & INNOVATION DRIVING PREMIUM-QUALITY DISTINCTION The Foundation of Our Success Being the hest pizza makers will be supported hy three primary workstreams: Consumer Perception Brand Differentiation Strategic Innovations Assess current perception Assess and test customer Prioriti
Slide 14: Amplify Marketing
AMPLIFY MARKETING WINNING CUSTOMERS WITH A FOCUS ON QUALITY AND VALUE QUALITY EMPHASIS Best pizza craftsmanship: Emphasize bringing the freshest ingredients to every pizza order VALUE PERCEPTION Across the menu: Emphasize value propositions — from Papa Pairings to Shaq-a-Roni Our approach CHALLENGER
Slide 15: Invest in Technology
INVEST IN TECHNOLOGY CREATING A SMOOTH AND REPEATABLE CUSTOMER EXPERIENCE Agilit Intelligence: Resilience: Boost agility, service and Further develop cutting-edge capabilities to Fortified resilience and business potential enhance business intelligence and enhanced flexibility operational efficiency
Slide 16: Differentiate Customer Experience
DIFFERENTIATE C MER EXPERIENCE ENHANCING CUSTOMERS’ DIGITAL EXPERIENCE Improving user interaction with revitalized app and redesigned website = Q3 Brand Health results showing increase in customers who found the app and website easy to use = Enhancing website homepage to realign with user experience
Slide 17: Evolve Franchisee Base
EVOLVE FRANCHISEE BASE MZ OPPORTUNITIES TO ACCELERATE DOMESTIC DEVELOPMENT Domestic opportunities exist to utilize our existing infrastructure and create sustainable unit growth EXISTING i CORPORATE : NEW FRANCHISEES: : DEVELOPMENT: : FRANCHISEES: Identify and focus on : Refranchise select : New ope
Slide 18: Transform International
TRANSFORM INTERNATIONAL NARROW AND DEEP FOCUS ON MOST IMPACTFUL MARKETS GOAL: Target higher average unit volumes and greater penetration of key regions Refocus Grow UK, China Korea, Spain Re-establish a Drive long-term sustainable growth in well- operating model established to take share in markets
Slide 19: Financial
FINANCIAL
Slide 20: Revenue and Operating Income Breakdown
REVENUE AND OPERATING INCOME BREAKDOWN Segment revenues* Segment Adj. operating income* We have a solid operating income base with more than 75% driven by consistent revenue sources. Domestic Company- North America North America International HH All other owned restaurants franchising commissaries *
Slide 21: Sharpening Pricing to Improve Value Perception and Frequency
SHARPENING PRICING TO IMPROVE VALUE PERCEPTION AND FREQUENCY Sales hy Pricing Strategy* Orders hy Fulfillment Channel* National promotion drives value perception to win the hearts and minds of our customers, and we optimize margin hy serving their needs through all fulfillment channels. Hi National
Slide 22: Strong Balance Sheet Supports Growth Investments
STRONG BALANCE SHEET SUPPORTS GROWTH INVESTMENTS 3.5x Outstanding Debt & Leverage* $in millions 3.2x 3.2x 24x 20x 2.6x $764 $747 $605 $490 2019 PAPAJOHNs: 2020 2021 2022 2023 2024 —@— GrossLeverage Ml DebtLevel * Leverage calculation includes EBITDA adjustments allowed by the respective credit agree
Slide 23: Disciplined Capital Allocation
DISCIPLINED CAPITAL ALLOCATION PAPAJOHNs: Uses of Cash $376 $in millions $258 $125 81 $ $55 78 $36 2020 2021 2022 MiCapex Dividends ‘Ml Buybacks $345 $210 $133 $58 $61 $77 $72 2023 2024 Il Preferred Repurchase We strive to strike the right balance between investing in the business and returning capi
Slide 24: Driving Increased Long-Term Shareholder Value
PAPAJOHNs: Investing in Growth = Invest in strategic initiatives generating positive cash flow = Prudently invest in growth opportunities and strategic partnerships Maintaining a Strong Balance Sheet = Use of free cash flow to pay down debt, reduce leverage and improve liquidity = Access revolver fo
Slide 25: Key Focus Areas
ME KEY FOCUS AREAS Our #1 priority is to for our customers and team members in our restaurants - ensuring the Focusing on our core strength of crafting high-quality, traditional pizza to consistently meet and exceed customer expectations and investing to amplify our brand promise Building industry-s
Slide 26: Appendix
pAPAJOHNs: Better Ingredients. Bottor Pizza. APPENDIX
Slide 27: 2024 Consolidated Income Statement by Quarter
2024 CONSOLIDATED INCOME STATEMENT BY QUARTER In thousands, unaudited Three Months ended Year ended March 31, June 30, September 30, December 29, December 29, 2024 2024 2024 2024 2024 Revenues Company-owned restaurant sales $ 191,251 $ 184,640 $ 171,097 $ 177,678 $ 724,666 Franchise royalties and fe
Slide 28: 2024 Segment Results by Quarter (Q1 & Q2)
2024 SEGMENT RESULTS BY QUARTER (01 & Q2) In thousands, unaudited Domestic Company- North America North America owned restaurants franchising commissaries International First Quarter ended March 31, 2024 Revenues from external customers $ 176,224 $ 35,697 $ 203,287 $ 46,673 Intersegment revenues = 1
Slide 29: 2024 Segment Results by Quarter (Q3 & Q4)
2024 SEGMENT RESULTS BY QUARTER (03 & Q4) PAPAJOHNs: In thousands, unaudited Domestic Company- North America North America owned restaurants franchising commissaries International Third Quarter ended September 29, 2024 Revenues from external customers $ 168,672 $ 33,831 $ 210,389 $ 39,098 Intersegme
Slide 30: Fiscal Year 2024 Segment Results
FISCAL YEAR 2024 SEGMENT RESULTS PAPAJOHNs: In thousands, unaudited Fiscal Year ended December 29, 2024 Revenues from external customers Intersegment revenues Revenues Less costs and expenses Cost of sales General and administrative expenses Depreciation and amortization Advertising funds expense To
Slide 31: 2024 Supplemental Information - All Other
2024 SUPPLEMENTAL INFORMATION - ALL OTHER* In thousands, unaudited Three Months ended Year ended March 31, June 30, September 30, December 29, ALL OTHER* 2024 2024 2024 2. 2024 Revenues from external customers $ 52,035 $ 55,534 $ 54,817 $ 59,348 $ 221,733 Intersegment revenues 13,172 13,778 13,472 1
Slide 32: Reconciliation of GAAP Operating Income to Non-GAAP Adjusted Operating Income
RECONCILIATION OF CONSOLIDATED GAAP OPERATING INCOME T0 NON-GAAP ADJUSTED OPERATING INCOME In thousands, unaudited Three Months ender Year ended March 31, June 30, September 30, December 29, December 29, 2024 2024 2024 2024 2024 Operating income $ 33,718 $ 28,226 $ 65,229 $ 29,531 $ 156,704 Gain on