Slide 1: Earnings Call Q3 FY2025 Results
Earnings Call Q3 FY2025 Results November 6th, 2025
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements contained herein, including statements regarding guidance or expected proceeds are not based on historical fact and are "forward-looking statements" within the meaning of applicable securities laws. Generally, these statements can be identified by the us
Slide 3: Non-GAAP Measures
Non-GAAP Measures In addition to the results provided in accordance with GAAP, this presentation includes certain non-GAAP measures, which present operating results on an adjusted basis. These are supplemental measures of performance that are not required by or presented in accordance with GAAP and
Slide 4: Company at a glance: 1,483 restaurants
1,483 Restaurants 75% Domestic 12 Countries 46 U.S. States ~81,000 Team Members ~$4B Total Revenue 1 (1) Trailing 12-month revenue 4
Slide 5: A Company of Founder-Inspired Restaurants
A Company of Founder-Inspired Restaurants Our Our success is achieved one restaurant at a time, measured by growth in Vision sales and profits, and is the result of taking care of our people and guests. Our Earn lifetime guest loyalty to deliver enduring shareholder value. Mission Iconic Brands Each
Slide 6: BLMN Executive Leadership Team
BLMN Executive Leadership Team Mike Spanos Pat Hafner Kelia Bazile John Bettin Pat English Eric Christel Chief Executive President President President President Chief Financial Officer Outback Steakhouse Carrabba’s Italian Bonefish Grill Fleming’s Prime Officer Grill Steakhouse & Wine Bar Kelly Leff
Slide 7: Operational priorities have established the foundation
Operational priorities have established the foundation DELIVER A SIMPLIFY TURNAROUND GREAT GUEST THE AGENDA OUTBACK EXPERIENCE 7
Slide 8: Ziosk simplified and improved the Guest Experience
Ziosk simplified and improved the Guest Experience 5 to 7 minute increase in Table Turns Improvement in Intent to Return, Steak Accuracy, Value, and Overall Satisfaction 8
Slide 9: Team is committed to listening, learning, and serving our Outbackers and guests
Team is committed to listening, learning, and serving our Outbackers and guests
Slide 10: We have expanded our testing footprint and will maintain a test and learn culture
We have expanded our testing footprint and will maintain a test and learn culture Menu simplification Menu innovation Menu simplification 3x 42 restaurants Guest experience Menu innovation + Steak excellence Guest experience 14 restaurants + Service model + Value components Feb 2025 Sept 2025 10
Slide 11: Q3 Financial Update
Q3 Financial Update BLOOMIN' BRANDS?
Slide 12: U.S. Comparable Sales and Traffic
U.S. Comparable Sales and Traffic Comp Sales Traffic 1.2% (0.1%) (0.1%) (2.0%) Q2 2025 Q3 2025 Q2 2025 Q3 2025 12
Slide 13: Comparable Sales and Traffic by Brand
Comparable Sales and Traffic by Brand Q3 2025 Comp Sales Traffic 0.4% 0.0% 4.1% 0.6% 0.8% (1.7%) 1.2% (1.2%) U.S. Total 1.2% (0.1%) 13
Slide 14: Q3 Financial Results – Continuing Operations
Q3 Financial Results – Continuing Operations (in $ millions, except EPS) Q3 2025 Q3 2024 Total Revenues $929 $910 Restaurant-Level Operating Income $84 $98 Adjusted Restaurant-Level Operating Income (1) $87 $98 % margin 9.5% 11.1% GAAP (Loss) Income from Operations ($36) $9 Adjusted Income from Ope
Slide 15: Update on Brazil Transaction
Update on Brazil Transaction Sold 67% for R$1.4B / $225M USD (1) Option to sell remaining 33% in Q4 2028 (not included in the below calculations) Proceeds will contribute to achieving our target 3.0x Lease Adjusted Leverage Ratio Lease Adjusted Net Leverage (2) Net Debt / Adjusted EBITDA (2) ~$122M
Slide 16: Updated Full Year 2025 Guidance
Updated Full Year 2025 Guidance U.S. Comparable Sales Growth 0% to 0.5% Adjusted Diluted EPS (1) $1.10 to $1.15 Commodity Inflation 3% to 3.5% Labor Wage Inflation Approximately 3.5% Effective Income Tax Rate Negative U.S. New Unit Growth (2) 19 units Capital Expenditures Approximately $190M (1) Inc
Slide 17: Q4 2025 Guidance
Q4 2025 Guidance Q4 2025 U.S. Comparable Sales Growth 0.5% to 1.5% GAAP Diluted EPS $0.10 to $0.15 Adjusted Diluted EPS (1) $0.23 to $0.28 17 (1) Includes estimated adjustments associated with severance and other transformational items, the cost of executing the foreign currency forward contracts en
Slide 18: Bloomin' Brands Strategic Update: Turnaround Outback
Bloomin’ Brands Strategic Update: Turnaround Outback 18
Slide 19: Four strategic platforms of our turnaround strategy
Four strategic platforms of our turnaround strategy Deliver a Reignite a Culture Drive Brand Invest in Remarkable of Ownership Relevancy Our Restaurants Dine-In Experience and Fun 1 Non-Guest Facing Productivity Savings Supported by: 2 Balanced Capital Allocation 3 A Strong Management Team 19
Slide 20: Deliver a Remarkable Dine-In Experience
Deliver a Reignite a Culture Drive Brand Invest in Remarkable of Ownership Relevancy Our Restaurants Dine-In Experience and Fun • Steak Excellence • Brand Positioning • Leadership • Asset Refresh • Craveable Service • Steak Centric Equity • Rewards & Recognition • Targeted Initiatives • Consistency
Slide 21: Exceptional steak quality, taste, specifications, and accuracy are required
Exceptional steak quality, taste, specifications, and accuracy are required for Outback’s Turnaround Test delivered an average +10pts lift in Guest Satisfaction, Taste, Value, Intent to Reorder and Quality Perception 21
Slide 22: Our guests will receive even greater care with Outback's improved service model
Our guests will receive even greater care and attention with Outback’s improved service model Test resulted in improvement in Intent to Return, Attentiveness, and Likelihood to Recommend Server 22
Slide 23: Focus on operational excellence drives Consistency of Execution
Focus on operational excellence and accountability to standards drives Consistency of Execution RECIPE ADHERENCE STEAK SPECIFICATIONS SIMPLIFICATION STANDARDS CERTIFICATIONS 23
Slide 24: Deliver a Remarkable Dine-In Experience
Deliver a Reignite a Culture Drive Brand Invest in Remarkable of Ownership Relevancy Our Restaurants Dine-In Experience and Fun • Steak Excellence • Brand Positioning • Leadership • Asset Refresh • Craveable Service • Steak Centric Equity • Rewards & Recognition • Targeted Initiatives • Consistency
Slide 25: Sharpened brand positioning will capitalize on Outback's strong heritage
Sharpened brand positioning will capitalize on Outback's strong heritage and awareness Emphasize that we are a casual, 1 craveable steakhouse 2 Deepen connection with guests Casual Steakhouse 3 Recruit new guests, re-engage lapsed Pioneer users and drive frequency of loyal users 25
Slide 26: Return to our brand roots with No Rules, Just Right experience
We will return to our brand roots with a differentiated No Rules, Just Right experience Aus’pitality Aussie Spirit Best Mates “Come as our guest. Leave as our Mate.” 26
Slide 27: Steak Excellence Depth, Non-Steak Disciplined Breadth
Steak Excellence Depth Non-Steak Disciplined Breadth 27
Slide 28: Drive Marketing Effectiveness by shifting spend to higher ROI digital channels
We will drive Marketing Effectiveness by shifting spend to higher ROI digital channels Historic Media Allocation Future Media Allocation 30% 40% 60% 70% Traditional Linear TV Digital Deliver the right message, through the right channels, at the right time 28
Slide 29: Deliver a Remarkable Dine-In Experience
Deliver a Reignite a Culture Drive Brand Invest in Remarkable of Ownership Relevancy Our Restaurants Dine-In Experience and Fun • Steak Excellence • Brand Positioning • Leadership • Asset Refresh • Craveable Service • Steak Centric Equity • Rewards & Recognition • Targeted Initiatives • Consistency
Slide 30: Principles & Beliefs
PRINCIPLES & BELIEFS The success of an 0 growth in sales and It of taking care of Our Peopte~—Outbackers, Customers, Suppliers, and Community. Our sticcess is based on our belief that ‘iples apply to al! aspects of our business and how we do our jobs and conduct ourselves, By living the Principles a
Slide 31: Restaurants with Managing Partner stability are most successful
Restaurants with stability in the Managing Partner role are proven to be our most successful Hourly turnover averages 10pts lower with consistent Managing Partner tenure of 5+ years 31
Slide 32: Deliver a Remarkable Dine-In Experience
Deliver a Reignite a Culture Drive Brand Invest in Remarkable of Ownership Relevancy Our Restaurants Dine-In Experience and Fun • Steak Excellence • Brand Positioning • Leadership • Asset Refresh • Craveable Service • Steak Centric Equity • Rewards & Recognition • Targeted Initiatives • Consistency
Slide 33: Capital allocation priorities will enable Outback restaurants to be refreshed by 2028
Capital allocation priorities will enable nearly 100% of Outback restaurants to be refreshed by 2028 Interior Exterior 33
Slide 34: No regret investments offset by non-guest productivity savings
No regret investments to enable Outback Turnaround in 2026 will be offset by non-guest productivity savings ~$50M Service & Experience ~$7M Our People ~$8M ~$30M Marketing ~$10M ~$20M Food Quality ~$25M Turnaround investment Productivity Net investment 34
Slide 35: ~$75M of investments over 3 years offset by ~$80M of productivity
Total of ~$75M of investments over 3 years to be offset by ~$80M of non-guest facing productivity ~$75M ~$80M ~$20M 2027/28 Marketing 2027/28 ~$50M ~$5M 2026 ~$50M 2026 ~$30M Turnaround Investment Productivity 35
Slide 36: Platform Support: Non-Guest Facing Productivity
Platform Support: Non-Guest Facing Productivity 36
Slide 37: Non-Guest Facing Productivity
1 Negotiate with suppliers Non-Guest Facing 2 Optimize product selection Productivity Savings 3 Eliminate unnecessary spend Principles 4 Leverage technology 37
Slide 38: Platform Support: Balanced Capital Allocation
Platform Support: Balanced Capital Allocation 38
Slide 39: Capital Allocation Priorities
Capital Allocation Priorities 1 2 Invest in Our Restaurants Paydown Debt 4.0x Maintenance 3.0x Asset Refresh / Remodels New Store Development Q3 Pro Forma (1) 2028 Lease Adj Leverage (2) (1) Pro forma is as of end of Q3 2025, but gives effect to receipt of full proceeds from sale of 67% of the Brazi
Slide 40: In Summary
In Summary 40
Slide 41: Four strategic platforms of our turnaround strategy
Four strategic platforms of our turnaround strategy Deliver a Reignite a Culture Drive Brand Invest in Remarkable of Ownership Relevancy Our Restaurants Dine-In Experience and Fun 1 Non-Guest Facing Productivity Savings Supported by: 2 Balanced Capital Allocation 3 A Strong Management Team 41
Slide 42: BLMN Executive Leadership Team
BLMN Executive Leadership Team Mike Spanos Pat Hafner Kelia Bazile John Bettin Pat English Eric Christel Chief Executive President President President President Chief Financial Officer Outback Steakhouse Carrabba’s Italian Bonefish Grill Fleming’s Prime Officer Grill Steakhouse & Wine Bar Kelly Leff
Slide 43: Remarkable Experiences Start with Remarkable People
REMARKABLE EXPERIENCES START WITH REMARKABLE PEOPLE 43
Slide 44: Question & Answer Session
Question & Answer Session slabs aan sain GRILL smmesenonseerdeoe
Slide 45: Reconciliations
Reconciliations 45
Slide 46: Adjusted Restaurant Level Margin
Adjusted Restaurant Level Margin Consolidated THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 28, 2025 SEPTEMBER 29, 2024 SEPTEMBER 28, 2025 SEPTEMBER 29, 2024 (Loss) income from operations $ (36,420) $ 8,642 $ 50,461 $ 123,611 Operating (loss) income margin (3.9)% 0.9%
Slide 47: Adjusted Income from Operations Adjusted EBITDA
Adjusted Income from Operations Adjusted EBITDA Consolidated THIRTEEN WEEKS ENDED (dollars in thousands) SEPTEMBER 28, 2025 SEPTEMBER 29, 2024 (Loss) income from operations $ (36,420) $ 8,642 Operating (loss) income margin (3.9)% 0.9% Adjustments: Total restaurant-level operating income adjustments
Slide 48: Adjusted Income from Operations Adjusted EBITDA
Adjusted Income from Operations Adjusted EBITDA TRAILING TWELVE Consolidated THIRTY-NINE WEEKS ENDED FISCAL YEAR MONTHS (dollars in thousands) SEPTEMBER 28, 2025 SEPTEMBER 29, 2024 DECEMBER 29, 2024 SEPTEMBER 28, 2025 Income from operations $ 50,461 $ 123,611 $ 139,808 $ 66,658 Operating income marg
Slide 49: Net Leverage Reconciliations – Adjusted and Pro Forma
Net Leverage Reconciliations – Adjusted and Pro Forma (dollars in thousands) Q3 2025 Brazil Proceeds from Q3 2025 Pro Forma for 67% Sale (1) Proceeds of 67% Sale Long-term debt, net $ 962,248 $ 962,248 Cash (66,479) (121,868) (188,347) Net Debt 895,769 773,901 Current operating lease liabilities 176
Slide 50: Adjusted Net Income & EPS
Adjusted Net Income & EPS THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED SEPTEMBER 28, SEPTEMBER 29, SEPTEMBER 28, SEPTEMBER 29, (in thousands, except per share data) 2025 2024 2025 2024 Net (loss) income attributable to Bloomin’ Brands $ (45,859) $ 6,912 $ 21,712 $ (48,557) Net income from discontinu