Slide 1: Earnings Call Q2 FY2026 Results
Earnings Call Q2 FY2026 Results August 5, 2026
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements contained herein, including statements under the headings “CEO Comments”, “Fiscal 2026 Financial Outlook” and “Q3 2026 Financial Outlook” are not based on historical fact and are “forward-looking statements” within the meaning of applicable securities la
Slide 3: Non-GAAP Measures
Non-GAAP Measures In addition to the results provided in accordance with GAAP, this press release and related tables include 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 accord
Slide 4: 1,448 Restaurants, 75% Domestic, ~$4B Revenue
1,448 Restaurants 75% Domestic 12 Countries 46 U.S. States ~64,000 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: Outback Brand Guest Metric Scores improved for the fourth consecutive quarter
Outback Brand Guest Metric Scores improved for the fourth consecutive quarter Q2 Year-over-Year Improvement +7% +7% +6% +5% +4% +2% Service Atmosphere Value Intent to Food Brand Return Trust 6 Source: Technomic
Slide 7: Comparable Sales and Traffic by Brand
Comparable Sales and Traffic by Brand Q2 2026 Comp Sales Traffic 1.4% (2.8%) 1.7% (2.5%) 8.1% 4.5% 1.6% (2.8%) U.S. Total 2.3% (1.9%) vs BBX (0.0%) (1.1%) 7
Slide 8: 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 8
Slide 9: 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 10: 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 11: 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 12: 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 13: Financial Update
Financial Update 13
Slide 14: Q2 Financial Results – Continuing Operations
Q2 Financial Results – Continuing Operations (in $ millions, except EPS) Q2 2026 Q2 2025 Total Revenues $1,016 $1,002 Restaurant-Level Operating Income (1) $124 $118 % margin 12.4% 12.0% GAAP Income from Operations $38 $30 Adjusted Income from Operations (1) $41 $35 % margin 4.0% 3.5% Adjusted EBIT
Slide 15: Reduction in Total Debt
Reduction in Total Debt Total Debt Leverage (1) Lease adjusted net leverage long term goal of 3.0x $917M $703M 4.1x 3.7x 2.7x 2.0x Q2 2025 Q2 2026 Q2 2025 Q2 2026 Lease Adjusted Net Leverage Net Debt / Adjusted EBITDA (1) Lease Adjusted Net Leverage defined as Net Debt + Operating Lease Liabilities
Slide 16: Reduced turnaround investment from better mix while productivity remains on track
Reduced turnaround investment from better mix while productivity remains on track ~$50M Menu/ Mix ~$18M ~$36M Food Investments ~$25M ~$4M Food ~$7M ~$7M Service & Experience ~$7M ~$7M ~$30M Our People ~$8M ~$8M ~$6M Marketing ~$10M ~$10M Turnaround Updated Productivity Net investment investment turn
Slide 17: Full Year 2026 Guidance
Full Year 2026 Guidance U.S. Comparable Restaurant Sales 1.0% to 2.0% Adjusted Diluted EPS (1) $0.90 to $1.00 Commodity Inflation 4.5% to 5.5% Labor Wage Inflation 3% to 3.5% Effective Income Tax Rate Negative U.S. New Unit Growth (2) 6 to 8 Capital Expenditures $185M to $195M (1) Includes estimated
Slide 18: Q3 2026 Guidance
Q3 2026 Guidance Q3 2026 U.S. Comparable Restaurant Sales 1.0% to 2.0% GAAP Diluted EPS ($0.28) to ($0.23) Adjusted Diluted EPS (1) ($0.27) to ($0.22) 18 (1) Includes estimated adjustments related to accelerated depreciation and the associated tax impact associated with equipment upgrades in connect
Slide 19: In Summary
In Summary BRANDS!
Slide 20: 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 20
Slide 21: 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 22: Question & Answer Session
Question & Answer Session slabs aan sain GRILL smmesenonseerdeoe
Slide 23: Reconciliations
Reconciliations 23
Slide 24: Restaurant Level Operating Margin
Restaurant Level Operating Margin Consolidated THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED (dollars in thousands) JUNE 28, 2026 JUNE 29, 2025 JUNE 28, 2026 JUNE 29, 2025 Income from operations $ 38,263 $ 29,650 $ 97,366 $ 86,881 Operating income margin 3.8% 3.0% 4.7% 4.2% Less: Franchise and other r
Slide 25: Adjusted Income from Operations Adjusted EBITDA
Adjusted Income from Operations Adjusted EBITDA Consolidated THIRTEEN WEEKS ENDED (dollars in thousands) JUNE 28, 2026 JUNE 29, 2025 Income from operations $ 38,263 $ 29,650 Operating income margin 3.8% 3.0% Adjustments: Severance and other transformational costs (1) 2,865 3,542 Foreign currency for
Slide 26: Adjusted Income from Operations Adjusted EBITDA
Adjusted Income from Operations Adjusted EBITDA TRAILING TWELVE Consolidated TWENTY-SIX WEEKS ENDED FISCAL YEAR MONTHS (dollars in thousands) JUNE 28, 2026 JUNE 29, 2025 DECEMBER 28, 2025 JUNE 28, 2026 Income from operations $ 97,366 $ 86,881 $ 37,163 $ 47,648 Operating income margin 4.7% 4.2% 0.9%
Slide 27: Adjusted Net Leverage Reconciliations
Adjusted Net Leverage Reconciliations (dollars in thousands) JUNE 28, 2026 JUNE 29, 2025 Long-term debt, net $ 702,788 $ 917,073 Cash (66,613) (50,308) Net Debt 636,175 866,765 Current operating lease liabilities 176,821 162,509 Non-current operating lease liabilities 1,033,036 1,077,983 Total opera
Slide 28: Adjusted Net Income & EPS
Adjusted Net Income & EPS THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED (in thousands, except per share data) JUNE 28, 2026 JUNE 29, 2025 JUNE 28, 2026 JUNE 29, 2025 Net income from continuing operations $ 32,930 $ 25,893 $ 89,734 $ 69,743 Less: net income attributable to noncontrolling interests 1,23