Slide 1: Full Year and Q4 Fiscal 2025 Earnings Results
Full Year and Q4 Fiscal 2025 Earnings Results N O V E M B E R 1 7 , 2 0 2 5 Fiscal 2025 Earnings Results
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current expectations as to future events based on certain assumptions and include any statement that does not di
Slide 3: Overview
Overview 1 2 3 4 Fiscal 2025 Record New Free Cash Flow & Fiscal 2026 Revenue & AOI Business & Leverage Ratio Outlook Highlights Retention Strength Fiscal 2025 Earnings Results 3
Slide 4: Summary of Fiscal 2025 Highlights
Summary of Fiscal 2025 Highlights • Growth driven by net new business, base business volume, and the Revenue + 6% contribution from the 53rd week of an estimated 2%; Revenue in the Revenue + 6% prior year included portfolio exits in Facilities • Onboarding unprecedented level of new business; Worked
Slide 5: Fiscal 2025 Revenue and AOI Growth Across Segments
Fiscal 2025 Revenue and AOI Growth Across Segments Revenue Adjusted Operating Income (AOI) $18,506 $981 $17,401 $882 $16,083 $743 $13,687 $512 FY'22 FY'23 FY'24 FY'25 FY'22 FY'23 FY'24 FY'25 Organic revenue grew 7% due to net new business and base business volume, somewhat offset by the Company’s po
Slide 6: Continued Growth in Q4
Continued Growth in Q4 Revenue Adjusted Operating Income (AOI) ($22) $271 $289 $5,048 $5,027 $4,417 Q4 '24 Q4 '25 Effect of Q4 '25 Q4 '24 AOI Q4 '25 AOI Revenue Revenue Currency Adjusted Revenue (as reported) (as reported) Translation (Organic) Revenue Organic Revenue Revenue ($) AOI ($) AOI Growth1
Slide 7: Components of Net New Business
Components of Net New Business Annualized New Business Wins Retention Annualized (in millions) 95%+ Net New Business 4% to 5%+ FY26+ Target (in millions) FY26+ Target $1,617 96.3% $1,440 2 $973 $1,348 95.6% 95.5% $1,187 95.2% $734 2 1 $582 1 $503 93.2% $351 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY
Slide 8: Record Annualized Net New Business in FY25
Record Annualized Net New Business in FY25 Aramark: Annualized Net New Business • Total Company Annualized Net New Business 75% better than 3-Year average (in millions) • Strong, broad-based growth performance from multiple lines of business and geographies, as well as clients both large and small $
Slide 9: Fourth Quarter Growth Drivers Across Business Segments
Fourth Quarter Growth Drivers Across Business Segments • Collegiate Hospitality experienced strong retention rates, meal-plan optimization success, and benefited from higher student enrollments—particularly from portfolio of academic institutions in the popular South and Southeast; Continue to advan
Slide 10: Strong Free Cash Flow and Leverage Reduction
Strong Free Cash Flow and Leverage Reduction Free Cash Flow Leverage +41% +205 $454 5.30x Basis Points reduction $323 3.85x 3.41x 3.25x $168 $146 FY'22 FY'23 FY'24 FY'25 FY'22 FY'23 FY'24 FY'25 Net Debt to Covenant Adjusted EBITDA i. Net Cash provided by Operating Activities was $921 million compare
Slide 11: Disciplined Capital Allocation Strategy
Disciplined Capital Allocation Strategy Continue to invest in business to drive and propel growth Strategic Outlays Opportunistic tuck-in acquisitions Capital expenditures consistent with historical levels, supporting scale and driving innovation Strong free cash flow generation supports lev
Slide 12: Debt Maturity Profile: As of Fiscal Year-End 2025
Debt Maturity Profile: As of Fiscal Year-End 2025 Term Loan A due '29 Drawn Revolving Credit Facility due '29 Undrawn Revolving Credit Facility due '29 Term Loan B Senior Notes Undrawn Receivables Facility due '28 $1,880 $625 $686 No significant maturities $1,150 $1,162 until Fiscal 2028 $2,384 $238
Slide 13: Fiscal 2026 Outlook
Fiscal 2026 Outlook Aramark currently anticipates its full-year performance for fiscal 2026 as follows: FY25 FY26 ($ in millions, except Adjusted EPS and Leverage Ratio) Year-Over-Year Reference Point $ Range1 Organic Growth2 Revenue $18,180* $19,550 — $19,950 +7% — +9% Adjusted Operating Income $98
Slide 14: Fiscal 2025 Earnings Results
Fiscal 2025 Earnings Results
Slide 15: Appendix
Appendix Fiscal 2025 Earnings Results
Slide 16: Modeling Assumptions
Modeling Assumptions FY26 Modeling Assumptions • Net Interest Expense: $315M - $325M • Adjusted Tax Rate: ~26% • Share Count: ~270M • Effect of Currency Translation: ◦ Revenue: ~$100M Does not include the additional benefit from opportunistic share repurchases Fiscal 2025 Earnings Results 16
Slide 17: Modeling Assumptions (continued)
Modeling Assumptions (continued) FY26 Modeling Assumptions: Quarterly Cadence Considerations • Operating Days - FY25’s extra, or 53rd, week, creates a calendar shift that affects year-over-year quarterly comparisons in FY26, which has no impact on the full year numbers. The calendar shift results fr
Slide 18: Revenue by Segment
Revenue by Segment Three Months Ended Q1 2025 Three Months Ended Q2 2025 Three Months Ended Q3 2025 Three Months Ended Q4 2025 Twelve Months Ended YTD 2025 Change Change Change Change Change 12/27/2024 12/29/2023 % 03/28/2025 03/29/2024 % 06/27/2025 06/28/2024 % 10/03/2025 09/27/2024 % 10/03/2025 09
Slide 19: CapEx and Client Payments
CapEx and Client Payments ($ in thousands) Three Months Ended Three Months Ended Three Months Ended Three Months Ended Twelve Months Ended 12/27/2024 12/29/2023 03/28/2025 03/29/2024 06/27/2025 06/28/2024 10/03/2025 09/27/2024 10/03/2025 09/27/2024 Purchases of property and equipment and other $ 119
Slide 20: Non-GAAP Schedules
Non-GAAP Schedules Fiscal 2025 Earnings Results
Slide 21: Selected Operational and Financial Metrics
Selected Operational and Financial Metrics Adjusted Revenue (Organic) Adjusted Revenue (Organic) represents revenue, adjusted to eliminate the impact of currency translation. Adjusted Operating Income Adjusted Operating Income represents operating income adjusted to eliminate the change in amortizat
Slide 22: Selected Operational and Financial Metrics (continued)
Selected Operational and Financial Metrics (continued) Covenant Adjusted EBITDA Covenant Adjusted EBITDA represents net income attributable to Aramark stockholders adjusted for interest expense, net; provision for income taxes; depreciation and amortization and certain other items as defined in our
Slide 23: Revenue, AOI and AOI Margin YTD
Revenue, AOI and AOI Margin YTD ARAMARK AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES ADJUSTED CONSOLIDATED OPERATING INCOME MARGIN (Unaudited) (In thousands) Fiscal Year Ended October 3, 2025 Aramark and FSS United States FSS International Corporate Subsidiaries Revenue (as reported) $ 13,21
Slide 24: Revenue, AOI and AOI Margin QTD
Revenue, AOI and AOI Margin QTD ARAMARK AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES ADJUSTED CONSOLIDATED OPERATING INCOME MARGIN (Unaudited) (In thousands) Three Months Ended October 3, 2025 Aramark and FSS United States FSS International Corporate Subsidiaries Revenue (as reported) $ 3,60
Slide 25: Adjusted EPS
Adjusted EPS ARAMARK AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES ADJUSTED NET INCOME & ADJUSTED EARNINGS PER SHARE (Unaudited) (In thousands, except per share amounts) Three Months Ended Fiscal Year Ended October 3, 2025 September 27, 2024 October 3, 2025 September 27, 2024 Net Income Attri
Slide 26: Net Debt to Covenant Adjusted EBITDA
Net Debt to Covenant Adjusted EBITDA ARAMARK AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES NET DEBT TO COVENANT ADJUSTED EBITDA (Unaudited) (In thousands) Twelve Months Ended (1) Represents share-based compensation expense of equity awards resulting from the application of October 3, 2025 Sep
Slide 27: Free Cash Flow
Free Cash Flow ARAMARK AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES FREE CASH FLOW (Unaudited) (In thousands) Fiscal Year Ended Nine Months Ended Three Months Ended October 3, 2025 June 27, 2025 October 3, 2025 Net cash provided by (used in) operating activities $ 921,035 $ (254,527) $ 1,175
Slide 28: Fiscal 2025 Reference Point: Estimated impact of 53rd week
Fiscal 2025 Reference Point: Estimated impact of 53rd week ARAMARK AND SUBSIDIARIES FISCAL 2025 REFERENCE POINT (Unaudited) (In thousands) Fiscal Year Ended October 3, 2025 Revenue (as reported) $ 18,506,299 Estimated Impact of 53rd week (326,691) Adjusted Revenue (Organic) $ 18,179,608 Fiscal 2025
Slide 29: Fiscal 2025 Earnings Results
Fiscal 2025 Earnings Results