Build-a-bear Workshop, Inc. · NYSE:BBW
Build-a-bear Workshop — Investor Presentation (April 2026)
28 slides from Build-a-bear Workshop's investor presentation, April 2026
Slide 1: Build-A-Bear Investor Overview
Build-A-Bear Investor Overview April 2026
Slide 2: Important Disclosures
Important Disclosures Forward-Looking Statements This presentation may contain “forward-looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. We generally identify these statements by words or phrases such as “may,” “mi
Slide 3: Build-A-Bear began as a pioneer of Experiential Retail
Build-A-Bear began as a pioneer of Experiential Retail Click to see how Build-A-Bear has become so much more 3
Slide 4: And is now a powerful brand
And is now a powerful brand WELL-KNOWN RESPECTED BELOVED >90% Aided Brand The #1 ~100m store and web Awareness* North American toy visits per year*** retailer** OUTSIZED BRAND EQUITY PART OF POP CULTURE One of the 20 most Iconic, ~30 billion annual influential retailers media impressions and in Nort
Slide 5: We have improved our financial results
We have improved our financial results 2025 Snapshot 2019-2025 Growth Total Revenue $530M 57% Net Retail Sales $486M 50% Third-Party Revenue* $44M 191% EBITDA** $81M 433% Margin 15.4% + > 1,000 bps Diluted EPS $3.99 NM*** FCF $40M 328% ROIC 27.2% NM*** Store Contribution Mgn**** 26% + > 1,000 bps *T
Slide 6: By diversifying the business
By diversifying the business Beyond Kids Expanding To More Ages ~40% of sales to Appealing to older consumers through pop culture, teens and adults* licensed relationships and our Bear Cave microsite Beyond Stores Expanding Online Web Demand** has doubled Buildabear.com sells mostly to collectors an
Slide 7: And evolving our store-type footprint
And evolving our store-type footprint Partner Location Growth Location Count Mix 22% 16% 27% 57% 78% 2017 2025 Corporately Managed Partner-Operated Franchised Partner-Operated Locations were launched internationally in Q3 2023 2024 Franchise store count includes nine shop-in-shop locations in Austra
Slide 8: We have expanded both sides of our business model
We have expanded both sides of our business model Net Retail Sales Third-Party Revenue** (Direct-to-Consumer Segment*) (Commercial & Intl. Franchise Segments) +50% +191% $43.9 $486.0 $323.5 $15.1 $M $M 2019 2025 2019 2025 *Direct-to-Consumer (DTC) is sales by Company-managed retail stores and two e-
Slide 9: And we have entered a new era of profitability
And we have entered a new era of profitability Net Retail Pretax Income Third-Party Pretax Income (Direct-to-Consumer Segment ) (Commercial & Intl. Franchise Segments) (after corporate SG&A allocation) +$17M +$48M $44.5 $21.9 $4.8 ($3.3) $M $M 2019 2025 2019 2025 -1.0% 9.2% 32.1% 50.0% Margin Margin
Slide 10: Consistent returns position us for a new phase of growth
Consistent returns position us for a new phase of growth Free Cash Flow* ROIC* +106% $46.0 35.9% 37.5% 35.7% $39.5 33.0% $33.6 27.2% $27.8 $19.2 $M 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2025 was negatively impacted by tariffs and related costs. *Free Cash Flow and Return on Invested Capi
Slide 11: We have multiple levers to grow the business
We have multiple levers to grow the business Domestic Store International Store New Category Web Growth/ Wholesale Growth Growth Introductions Gifting Sales Growth All Driven By Our Circle of Engagement Content Increased Consumer Base Consumer Growth Connection More Loyalty Purchase Programs Occasio
Slide 12: And we have restarted new store unit growth
And we have restarted new store unit growth A teddy bear hug is understood in every Total Experience Locations language. (includes Corporate, Partner, and Franchise) 718 680 662 640 598 We are expanding 600 domestically & internationally in three 560 models and through 531 534 our multiple store 520
Slide 13: We generate revenue from product sales at retail, at wholesale, and from royalties
We generate revenue from product sales at retail, at wholesale, and from royalties International Retail Commercial Franchising DTC Wholesale sales Sales-based royalty (Corporate locations and (includes US & Intl. revenue, development fees, Fiscal 2025 websites in US, UK, CN) partner-operated locatio
Slide 14: At retail, multiple store models produce top tier unit economics
At retail, multiple store models produce top tier unit economics Corporate Store Returns 2025 Results for store classes Discovery Concourse/SIS of 2019, 2020, 2021, and 2022 Store Model* Store Model* Avg. Corp Store Unit Vol. $1,015K $915K 4-Wall EBITDA** $290K $210K 4-Wall EBITDA margin 29% 23% Avg
Slide 15: Commercial is our fastest growing segment
Commercial is our fastest growing segment Partner-Operated Locations Commercial Revenue +26% +54% CAGR CAGR $38.8 178 $31.4 138 $25.4 92 $18.5 Launched 70 61 international 56 $11.5 Partner- Operated Stores $4.4 $M 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Commercial revenue is whol
Slide 16: International Franchise is also growing
International Franchise is also growing Intl. Franchise Stores Intl. Franchise Revenue +25% CAGR 109 92 83 80 81 77 $5.1 $4.5 $4.7 $3.2 $2.3 $1.7 $M 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Intl. Franchise revenue includes sales-based royalties, development fees, and merchandise s
Slide 17: While growing, we are returning capital to shareholders
While growing, we are returning capital to shareholders $172M ($11.94/share*) Returned to Shareholders $20.5 Share Repurchase $31.0 $27.5 The Company increased its $4.4 quarterly cash dividend in March Dividends 2026 to $0.23 per share. $24.2 $22.1 $19.9 $11.0 $11.5 $0.3 $M 2021 2022 2023 2024 2025
Slide 18: Our opportunity to sell more products to more people in more places
Our opportunity to sell more products to more people in more places is a testament to the power of the brand The specialty toy company that helped define experiential retail in the late ’90s has not only survived but thrived. From inspiring viral moments, generating products that leverage pop cultur
Slide 19: Financial Review
Financial Review
Slide 20: Fiscal 2025 was our fifth consecutive record year
Fiscal 2025 was our fifth consecutive record year Revenue $529.8M, +6.7% Pretax Income $67.2M, +0.1%* Net New Unit Growth* 64 units Gross Profit Margin 55.8%, + 90 BPS Results reflect approximately $11 EBITDA $81.4M, 15.4% margin million in tariffs and EPS $3.99, +5.0% related costs YE Cash $26.8M F
Slide 21: Q4 2025 was our highest revenue fourth quarter
Q4 2025 was our highest revenue fourth quarter Revenue $154.5M, +2.7% Pretax Income $21.5M, -21.6% Net New Unit Growth* 11 units Q4 2025 Gross Profit Margin 55.2%, -140 BPS reflects EBITDA $25.3M, 16.3% margin approximately EPS $1.26, -22.2% $6 million in tariffs and Quarter-end Cash $26.8M related
Slide 22: Fiscal 2026 Guidance calls for continued top-line growth
Fiscal 2026 Guidance calls for continued top-line growth* Revenue** MSD growth Pre-tax Income MSD decline to LSD growth Net New Unit Growth*** At least 50 units Capital Expenditures $22M-$25M Depreciation & Amortization ≈$16M Income Tax Rate**** ≈24% Pre-tax income includes approximately $16 million
Slide 23: BBW Key Statistics
BBW Key Statistics Share Price - April 10 $37.26 Shares Out. 4Q-end 12.8M Market Capitalization $477M Cash 4Q-end 26.8M Qtly. Dividend/Yield $0.23/2.5% Float (est.) 96% Avg. Daily Vol. (3 mos.) 408,000 Source: BAB, NYSE Connect 23
Slide 24: Appendix
Appendix
Slide 25: Build-A-Bear Non-GAAP Reconciliations
Build-A-Bear Non-GAAP Reconciliations Free Cash Flow, Corporate Store Returns, EBITDA Fiscal Year-End ($ millions) 2021 2022 2023 2024 2025 Calculation of Free cash flow Net cash provided by operating activities $ 28.1 $ 47.3 $ 64.3 $ 47.1 $ 65.1 Net cash used in investing activities (8.1) (13.6) (1
Slide 26: Build-A-Bear Non-GAAP Reconciliations
Build-A-Bear Non-GAAP Reconciliations Return on invested capital Fiscal Year-End ($ millions) 2021 2022 2023 2024 2025 Calculation of Return on Invested Capital Numerator Net income $ 47.3 $ 48.0 $ 52.8 $ 51.8 $ 52.2 Operating lease interest 7.1 5.5 5.5 6.9 7.9 Interest expense (income) (0.0) 0.0 (0
Slide 27: Build-A-Bear Non-GAAP Reconciliations
Build-A-Bear Non-GAAP Reconciliations Segment-level return on invested capital Fiscal Year-End ($ millions) # 2025 Fiscal Year-End ($ millions) # 2025 Fiscal Year-End ($ millions) # 2025 Calculation of Return on Invested Capital Calculation of Return on Invested Capital Calculation of Return on Inve
Slide 28: Contact Information
Contact Information Gary Kim Schnierow Utlaut VP, Investor Relations SVP, & Corporate Finance Chief Brand Officer GaryS@buildabear.com KimU@buildabear.com 28
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