Black Rock Coffee Bar, Inc. · NASDAQ:BRCB
Black Rock Coffee Bar — Q4 2025 Earnings Presentation
20 slides from Black Rock Coffee Bar's earnings presentation, Mar 3, 2026
Slide 1: Fourth Quarter & Fiscal Year 2025 Earnings Presentation
Fourth Quarter & Fiscal Year 2025 Earnings Presentation March 2026
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains a number of “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, Black Rock Coffee Bar’s strategy, future financial condition, future o
Slide 3: Our Mission: To Fuel Your Story with Connection, Caffeine, and Community
OUR MISSION To Fuel Your Story with Connection, Caffeine, and Community MARK People-first organization that wins by fueling personal connections High-quality, premium coffee and caffeinated beverages Welcoming stores where communities come together 3
Slide 4: 4Q'25 & FY'25 Performance
4Q°25 & FY ’25 PERFORMANCE BLACK p.n0cK
Slide 5: 4Q'25 Performance Highlights
4Q’25 Performance Highlights (three months ended December 31, 2025) $53.6M 25.3% 9.3% $15.7M 29.4% Total Revenue Total Revenue Same Store Sales Store-Level Profit1 Store-Level Profit Margin1 Growth (YoY) Growth (YoY) $6.5M 12.1% 181 Total Stores2 Adj. EBITDA1 Adj. EBITDA Margin1 Established Growing
Slide 6: FY'25 Performance Highlights
FY’25 Performance Highlights (Year ended December 31, 2025) $200.3M 24.5% 10.1% $58.5M 29.2% Total Revenue Total Revenue Same Store Sales Store-Level Profit1 Store-Level Profit Margin1 Growth (YoY) Growth (YoY) $27.5M 13.7% 181 Total Stores2 Adj. EBITDA1 Adj. EBITDA Margin1 Established Growing White
Slide 7: Fueling our growth
Fueling our growth BLACKROCK SAME STORESALES(SSS) GROWTH1 Prior Year Quarter Current Quarter 10.9% 10.8% 9.5% 9.2% 9.5% 9.3% 8.6% 8.6% 7.6% 6.4% 3.9% 3.8% 3.9% 2.9% 3.1% 2.9% 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 2-year SSS 10.5% 10.3% 11.7% 13.3% 12.1% 14.8% 19.4% 18.8% Growth 1 BRAND AWA
Slide 8: Strong growth and store-level profitability
Strong growth and store-level profitability STORE COUNT REVENUE($MM) CAGR: ~ 20% 24% 181 $200 149 $161 125 104 25% 86 71 $54 $43 2020 2021 2022 2023 2024 2025 4Q'24 QTD 4Q'25 QTD 2024 2025 STORE-LEVEL PROFIT1 ADJ. EBITDA ($MM)1 XX% Margin XX% Margin 31% 36% $28 $58 $20 $45 36% 52% $16 $7 $12 $4 4Q'2
Slide 9: Restaurant Expansion
Restaurant Expansion Data-led site selection targets top-performing locations 12 New locations added Established Growing Whitespace in 4Q'25 32 New locations added 12 in 2025 WASHINGTON 34 8 181 Total stores across the country1 13 5 62 1,000 Anticipated locations by 2035 47 Flexibly sourced beans to
Slide 10: We have a robust pipeline for development to support future growth targets
We have a robust pipeline for development to support future growth targets We are in the early ~20% CAGR3 stages of our long- 1,000 20% CAGR2 term growth journey, 181 with significant whitespace in both existing 149 and new markets 125 104 86 71 2020 20211 20221 2023 2024 2025 20353 Store Count 21.1
Slide 11: 2026 Fiscal Year Outlook
2026 Fiscal Year Outlook Metric Guidance New Store Openings 36 Units Total Revenue $255 to $257 Million Same Store Sales Mid-Single Digits Growth Consolidated Adjusted $33.5 to $34.5 Million EBITDA1 Capital Expenditures $40 to $41 Million including tenant improvement allowances Note:1 A reconciliati
Slide 12: Long-term growth targets
Long-term growth targets Store Unit Growth Same Store Sales 20%+ Mid-Single Digits Revenue Growth Adj. EBITDA Growth Higher than 20%+ Revenue Growth Note: The long-term growth targets are not projections of future performance, but are forward-looking goals and subject to significant business, econom
Slide 13: Appendix
APPENDIX BLACK p. ROCK COFFEE BAR™
Slide 14: 4Q'25 & FY 2025 Financial performance
4Q‘25 & FY 2025 Financial performance ($MM) 4Q‘25 4Q'24 2025 2024 Store count 181 149 181 149 OBSERVATIONS % Growth 21.5% 19.2% 21.5% 19.2% Store revenue $54 $43 $200 $161 Significant growth in 4Q Other $0 $0 $0 $0 Total revenue $54 $43 $200 $161 ⚫ 21% store count growth % YoY Growth 25.3% 27.0% 24.
Slide 15: Store-Level Profit reconciliation
Store-Level Profit reconciliation ($'000s) 4Q‘25 4Q'24 2025 2024 Income (loss) from operations $1,790 ($112) $901 $6,033 Other ($73) ($71) ($235) ($235) Selling, general and administrative expenses $9,426 $7,804 $41,324 $25,261 Depreciation and amortization $3,343 $3,030 $12,199 $10,364 Pre-opening
Slide 16: Adjusted SG&A Reconciliation
Adjusted SG&A Reconciliation ($'000s) 4Q'25 4Q'24 2025 2024 Selling, general and administrative expenses $9,426 $7,804 $41,324 $25,261 Non-GAAP Adjustments: - ($1,116) ($11,641) ($3,725) Transaction costs1 - - - ($343) Capital restructuring costs ($1,213) - ($2,081) - Equity-based compensation $86 (
Slide 17: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation ($'000s) 4Q‘25 4Q'24 2025 2024 Net income (loss) $1,581 ($4,230) ($16,539) ($7,187) Non-GAAP Adjustments Interest expense, net $322 $2,927 $9,350 $11,115 Income tax expense $222 $73 $475 $270 Depreciation and amortization $3,343 $3,030 $12,199 $10,364 Transaction costs
Slide 18: Illustrative Capitalization
Illustrative Capitalization As of December 31, 2025 COMMENTARY (Unaudited) Black Rock Coffee Bar, Inc. ⚫ Total debt was $26.7 million, consisting of $18.7 million ($MM) outstanding under our credit facility and $8.0 million of financing obligations related to failed sale-leaseback Long-term debt $27
Slide 19: Common Units Outstanding
Common Units Outstanding The following table summarizes the ownership interest in Black Rock OpCo LLC: As of December 31, 2025 LLC Units Ownership % Black Rock OpCo LLC Units held by Black Rock Coffee Bar, Inc. 17,478,452 35% Black Rock OpCo LLC Units held by noncontrolling interest holders 1 32,577
Slide 20: Thank You
THANKYOU 20
Black Rock Coffee Bar — Q4 2025 Earnings Presentation on 6ix