X0202 SCHEDULE 13G 0001968949 XXXXXXXX LIVE Common Stock 10/19/2026 0000901491 PAPA JOHNS INTERNATIONAL INC 698813102 2002 Papa Johns Boulevard, Louisville KY 40299-2334 Rule 13d-1(c) Norbel Investments, S.L. U3 1659574.00 0.00 1659574.00 0.00 1659574.00 N 5.04 CO PAPA JOHNS INTERNATIONAL INC 2002 Papa Johns Boulevard, Louisville, Kentucky, 40299-2334 Norbel Investments, S.L. Calle de Julian Camarillo 35, Madrid 28037, Spain Spain Y 1,659,574 5.04% 1,659,574 0 1,659,574 0 The Reporting Person is the record holder of such shares of Common Stock. Norbel Inversiones, S.L. is equally owned by Juan Lopez-Belmonte Encina, Ivan Lopez-Belmonte Encina and Javier Lopez-Belmonte Encina, each of whom is a member of its Board of Directors. Each director has one vote, and the approval of a majority of the three directors is required to approve an action of Norbel Inversiones, S.L. Under the so-called "rule of three," if voting and dispositive decisions regarding an entity's securities are made by three or more individuals, and voting or dispositive decisions require the approval of a majority of those individuals, then none of the individuals is deemed a beneficial owner of the entity's securities. This is the case with regard to Norbel Inversiones, S.L., the Reporting Person. Based upon the foregoing analysis, no individual director or shareholder of Norbel Inversiones, S.L. exercises voting or dispositive control over any of the securities held by Norbel Inversiones, S.L., even those in which such director or shareholder holds a pecuniary interest. Accordingly, none of them is deemed to have or share beneficial ownership of such shares. Y Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. Norbel Investments, S.L. /s/ Javier Lopez-Belmonte 10/20/2026