Jersey Mike's Subs Inc. · NYSE:JMKE
Jersey Mike's Subs — Q2 2026 Earnings Presentation
34 slides from Jersey Mike's Subs's earnings presentation, Sep 9, 2026
Slide 1: Investor Presentation
Investor Presentation September 2026
Slide 2: Disclaimer
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 prese
Slide 3: Who We Are
Who We Are 3
Slide 4: The Sub Above Times
EST. 1956 TINTON FALLS, N.J. • 2026 The Sub Above Times Jersey Mike’s BREAKING NEWS BY T H E N U M B E R S Jersey Mike’s dethrones Chick-Fil-A as 3,378 $1.4M America’s favorite fast-food chain in new Locations Nationwide Systemwide Average Unit Volume ranking as of Q2’26 as of Q2’26(1) The ACSI desc
Slide 5: We are Jersey Mike's
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
Slide 6: One of the fastest growing scaled LSR brands in the U.S.
One of the fastest growing scaled LSR brands in the U.S. with an iconic identity and 70+ year history Robust operating platform delivers category-leading subs - always fresh and always high quality Strong unit economics and cash-on-cash returns 20+ years of consistent unit and same-store sales growt
Slide 7: Our Differentiator – An Authenticity That Customers Love
Our Differentiator – An Authenticity That Customers Love FRESHLY SLICED FRESHLY GRILLED MIKE’S WAY THE JUICE 7
Slide 8: Proudly Serving Authentic Sub Sandwiches and Growing our Brand for 70 Years
Proudly Serving Authentic Sub Sandwiches and Growing our Brand for 70 Years 2024: Jersey Mike’s Announces International Expansion into Canada 2011: 1975: Began our Annual “Month 2024: 2025: Peter Cancro of Giving” Campaign Jersey Mike’s Announces Charlie Morrison buys Mike’s Sale to Blackstone named
Slide 9: A Menu That Combines Iconic Classic Subs with Freshly Grilled Favorites
A Menu That Combines Iconic Classic Subs with Freshly Grilled Favorites Our Iconic Classics 7 Most 13 8 Make it a Mini! Make it a Bowl! Popular! Turkey and Provolone The Original Italian Club Sub Craveable Limited Time Offers Customizable! 2 Mike’s Hot Italian Chicken Salad 9
Slide 10: Delivering a Balanced Daypart and Occasion Mix
Delivering a Balanced Daypart and Occasion Mix Bread Baked In-House Each Morning Freshly Sliced for Each Order Grilled to Perfection 2025 Sales Mix(1) Online for Pickup 23% Note: Our closing time varies upon location. Most stores close at 9pm. 1) As of December 28, 2025. 10
Slide 11: Our Scaled Marketing Platform has Built One of the Most Recognizable Brands
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 1) For year ended December 28, 2025. 11
Slide 12: Predictable, High-Quality Growth Across Cycles for Over 20 Years
Predictable, High-Quality Growth Across Cycles for Over 20 Years ’21-’25 CAGR: 18% Systemwide Sales Growth(1) $4,217 $3,342 $3,735 ($ in millions) $2,680 $1,595 $2,204 $680 $808 $962 $1,144 $1,333 $135 $158 $168 $178 $190 $266 $333 $402 $517 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 201
Slide 13: New Vintages Continue to Open at Higher Systemwide AUVs
New Vintages Continue to Open at Higher Systemwide AUVs Average Unit Volume ($M) by Vintage $1.5 $1.4 $1.3 $1.2 $1.1 $1.0 $0.9 $0.8 ✓ New stores have opened stronger $0.7 and have scaled faster $0.6 ✓ Stores have continued to grow over time $0.5 $0.4 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 1
Slide 14: A High-Quality and Diverse Franchise Owner Base Enables Continued Growth
A High-Quality and Diverse Franchise Owner Base Enables Continued Growth Total Stores by Franchise Owner Scale Pipeline 782 599 559 ~1,600 520 509 Total U.S. Stores Signed or in Negotiation 261 5+ Years of U.S. New Store Development Top 10 11-20 21-50 51-100 101-200 >200 90%+ Avg. # of of Signed U.S
Slide 15: A Differentiated, Scaled Platform Powering a Durable Growth Engine
A Differentiated, Scaled Platform Powering a Durable Growth Engine Iconic Brand Strong Foundation of Appealing Highly Attractive Broad and Diverse Experienced with Broad Compounding Asset-Light Unit Economics System of Stores Leadership Team Demographic Appeal Growth Business Model Franchised model
Slide 16: Our Growth Strategies
Our Growth Strategies 16
Slide 17: A Self-Reinforcing Model Driving Compounding, Long-Term Growth
A Self-Reinforcing Model Driving Compounding, Long-Term Growth Strategic Focus Scaled Marketing Platform GROW SAME-STORE SALES AUV Growth Broaden Our Customer Base and Drive Frequency ✓ ✓ Increase Digital and Delivery ✓ Utilize Menu Innovation ✓ Focus on Making Great Subs Every Time Systemwide Expan
Slide 18: Multiple Levers to Drive Same Stores Sales and Systemwide AUV Growth
Multiple Levers to Drive Same Stores Sales and Systemwide AUV Growth Acquire New (expand the base) Drive Frequency of Existing Customers $2.0M Focus on Making Great Subs Every Time Leverage Menu Innovation Increase Digital and Delivery $1.4M Broaden Our Customer Base and Drive Frequency Systemwide A
Slide 19: Large Opportunity to Connect with New Customers
Large Opportunity to Connect with New Customers Evolve Media Mix to reach these Rising Fans: 15.7M 1 customers Frequency: 2-5x (Infrequent Buyers) Sub Seekers: 45.0M Execute a 1st party data strategy to Frequency: 1x 2 re-target & drive frequency (Promiscuous sub lovers) Other Sub Consumers: 91.6M P
Slide 20: We Benefit from Extraordinary Aided Awareness with Ability to Drive Higher Frequency
We Benefit from Extraordinary Aided Awareness with Ability to Drive Higher Frequency Jersey Mike’s Aided Awareness Connecting with All of Our Guests Frequently in a Digitally–Savvy Manner Targeted digital marketing will help to broaden Loyalty program of 12.5+ million our audience and drive frequenc
Slide 21: Re-Distributing our Growing $200M+ Ad Fund to Invest in Lower Funnel Marketing
Re-Distributing our Growing $200M+ Ad Fund to Invest in “Lower Funnel” Marketing to Reach & Convert the Digital Consumer Historically, marketing spend has been Expanding investment in digital channels Growth in advertising revenues and heavily concentrated in linear TV to build increases reach to ne
Slide 22: We have Driven Substantial Improvement in AUVs and Franchise Owner Returns
We have Driven Substantial Improvement in AUVs and Franchise Owner Returns While Doubling Unit Count Since 2019 2019 2025 27% 77% 26% AUV >$1.50M AUV >$1.50M 1% of all stores 31% of all stores 17% 16% 8% 17% 6% 5% 1% <1% <1% <$1.00M $1.00 - $1.25 - $1.50 - $1.75 - >$2.00M <$1.00M $1.00 - $1.25 - $1.
Slide 23: Compelling Store-Level Economics Expected To Fuel Continued Development
Compelling Store-Level Economics Expected To Fuel Continued Development Typical Store P&L(1) Average Cash-on-Cash Returns Systemwide AUV $1.4M Food + Paper (27%) Current Long-Term Goal Labor (21%) Systemwide AUV(2) $1.4 million $2.0+ million Rent & Other (25%) Store-level EBITDA Store-level Margin(2
Slide 24: Substantial Opportunity Remains Across the U.S.
Substantial Opportunity Remains Across the U.S. Store Count & Density by State Highest density in NC ➢ ~50K pop per store ➢ ~$1.4M AUVs Sources: U.S. Census Bureau (Vintage 2025 Estimate) and FRED. Note: Store count and population data as of December 28, 2025. 24
Slide 25: We Believe Whitespace Exists for 15,000+ Stores Globally over the Long-Term
We Believe Whitespace Exists for 15,000+ Stores Globally over the Long-Term Global Long-Term Store Potential 7,500+ 7,500+ Potential U.S. + Rest of World 15,000+ Footprint 1) Whitespace is calculated based on long-term target units for each company divided by the current units for such company. Such
Slide 26: Opportunity for 7,500+ International Units Supported by Proven Global Category Demand
Opportunity for 7,500+ International Units Supported by Proven Global Category Demand and Density Benchmarks 7,500+ Validated by Global Category Adoption and Competitive Benchmarks Total International Opportunity ➢ Sandwich consumption is well-established globally, particularly in dense urban market
Slide 27: Financial Overview
Financial Overview 27
Slide 28: A Scaled, High-Quality Model with a Long Runway for Continued Growth
A Scaled, High-Quality Model with a Long Runway for Continued Growth Consistent Track • 20 consecutive years of positive Same-Store Sales growth as of the end of 2025, with sequential positive Same- Store Sales Growth of 1.7% in Q1’26 and 2.3% in Q2’26 Record of Positive Same-Store Sales • Since 201
Slide 29: A Long-term Growth Algorithm that is Simple, Repeatable and Built to Compound
A Long-term Growth Algorithm that is Simple, Repeatable and Built to Compound Long-Term Growth Model Adj. EBITDA AUV Growth Unit Growth Low Single Digit % High Single Digit % Growth Low Double Digit % A Highly Cash-Generative, Asset-Light Model with Significant Capital Return Capacity 29
Slide 30: Appendix
Appendix 30
Slide 31: 2023-2025 Financial Performance
2023-2025 Financial Performance CAGR Observations ($ in millions, unless otherwise noted) 2023 2024 2025(1) ’23-’25 Systemwide Sales $3,342 $3,735 $4,217 +12% Systemwide Store Count 2,686 3,002 3,256 +10% • From 2023 – 2025, Jersey Mike’s has achieved the following CAGR results: Systemwide AUVs ($ i
Slide 32: Consolidated GAAP to Non-GAAP Reconciliations and Definitions
Consolidated GAAP to Non-GAAP Reconciliations and Definitions Predecessor Successor Successor A B A+B Definitions Thirteen Year Ended Year Ended 1/1/25 to 1/16/25 to Year Ended 1/16/25 to Weeks Ended Systemwide Sales – Represents net sales for all Jersey Mike’s stores. This measure allows 12/31/23 1
Slide 33: Strong Management Team with a Proven Track Record
Strong Management Team with a Proven Track Record Charlie Morrison Michele Allen, CPA Stacy Peterson Andy Skehan Matt Warren Chief Executive Officer Chief Financial Officer President & COO President, International & SVP of Digital Marketing 20+ Years in Restaurant Industry 25+ Years in Franchising 1
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