Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were $140 million, a 2.3% decrease from $143.4 million in the same quarter last year, primarily due to the closure of 11 underperforming Smokey Bones locations and lower same-store sales [16] - Adjusted EBITDA for the quarter was $13.1 million, compared to $14.1 million in the year-ago quarter [18] - Net loss attributable to FAT Brands was $58.2 million, or $3.39 per diluted share, compared to a net loss of $44.8 million, or $2.74 per diluted share in the prior year quarter [18] Business Line Data and Key Metrics Changes - Same-store sales performance improved, with a decline narrowed to 3.5% from 4.2% in the second quarter, marking the strongest quarterly performance this year [8] - The casual dining segment showed strong results with same-store sales growth of 3.9% [8] - The company opened 13 new locations during the third quarter and 60 locations year-to-date, with a target of 80 new openings for the year [8] Market Data and Key Metrics Changes - The restaurant industry continues to face headwinds, but the company is focused on strategic execution and enhancing shareholder value [7] - The company secured over 190 franchise development agreements year-to-date, contributing to approximately 900 committed locations scheduled to open over the next five to seven years [9] Company Strategy and Development Direction - The company is advancing plans for a $75-$100 million equity raise at Twin Peaks to pay down debt and fund new unit development [7] - The strategic pillars include organic expansion, targeted acquisitions, and manufacturing scale-up, particularly in cookie dough and dry mix production [8][9] - The company is focused on strengthening its financial position and capital structure while actively negotiating a debt restructuring with noteholders [7] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the restaurant industry, describing it as a "restaurant recessionary environment" but noted that the decline is manageable [23] - The company is optimistic about achieving positive cash flow in the coming quarters and reducing debt [7] - Management emphasized the importance of enhancing the guest experience in casual dining to justify pricing amidst rising labor and food costs [25][26] Other Important Information - The company has resolved various legal matters, including the dismissal of charges by the U.S. Department of Justice and the resolution of derivative cases, which are expected to save at least $30 million annually [5][7] - The FAT Brands Foundation has awarded 42 grants and provided over $170,000 in funding this year, promoting employee well-being and community support [14][15] Q&A Session Summary Question: Timing on debt restructuring negotiations - Management is hopeful for a resolution during the current quarter, pending government reopening [19] Question: Status of underperforming Smokey Bones closures - All planned closures have been completed, with some additional closures expected as part of a master lease review [20] Question: Update on Fazoli's refranchising efforts - Material progress has been made, with proposals under evaluation [21] Question: Target for new store openings - The target has been adjusted from 100 to 80 new stores due to slower franchisee openings [21] Question: Details on SG&A reduction - Reductions have come from staff and executive cuts, as well as consolidating operations [22] Question: Same-store sales growth in casual dining - Several brands, including Hurricane Grill & Wings and Ponderosa & Bonanza, are performing well in this category [25] Question: Future opening program for Twin Peaks - Active development is ongoing, with both corporate and franchise locations planned [27]

Q3 2025 EARNINGS SUPPLEMENT NOVEMBER 5, 2025 LEGAL DISCLAIMER This earnings supplement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the future financial and operating results of the Company, estimates of future EBITDA, the timing and performance of new store openings, future reductions in cost of capital and leverage ratio, our ability to conduct future accretive acquisitions and our pipeline of new store loc ...

Financial Performance - Total revenue decreased by 2.3% to $140.0 million compared to $143.4 million in Q3 2024[5] - Net loss was $58.2 million, or $3.39 per diluted share, compared to a net loss of $44.8 million, or $2.74 per diluted share in Q3 2024[5] - Adjusted EBITDA was $13.1 million, down from $14.1 million in Q3 2024[5] - System-wide sales declined by 5.5%[5] - Total revenue for the thirteen weeks ended September 28, 2025, was $140,009,000, a decrease of 2.4% from $143,365,000 in the same period of 2024[26] - Net loss attributable to FAT Brands Inc. for the thirteen weeks ended September 28, 2025, was $58,219,000, compared to a net loss of $44,755,000 in the prior year, representing a 30.1% increase in loss[28] - Adjusted EBITDA for the thirty-nine weeks ended September 28, 2025, was $39,881,000, down from $48,012,000 in the same period of 2024, reflecting a decrease of 16.5%[27] - Restaurant sales for the thirty-nine weeks ended September 28, 2025, were $298,446,000, down 4.5% from $312,587,000 in the same period of 2024[26] - Basic and diluted loss per common share for the thirteen weeks ended September 28, 2025, was $3.39, compared to $2.74 in the prior year, indicating a 23.7% increase in loss per share[28] - Total costs and expenses for the thirteen weeks ended September 28, 2025, were $157,375,000, an increase of 3.6% from $152,198,000 in the same period of 2024[26] - Interest expense for the thirteen weeks ended September 28, 2025, was $37,101,000, compared to $31,109,000 in the same period of 2024, reflecting an increase of 19.2%[27] - Adjusted net loss for the thirty-nine weeks ended September 28, 2025, was $133,127,000, compared to $101,820,000 in the same period of 2024, representing a 30.5% increase[28] - Cash dividends declared per common share were $0.14 in the prior year, with no dividends declared for the current period[28] Operational Highlights - Same-store sales growth in the casual dining segment was 3.9%[4] - The company opened 60 new restaurants year-to-date, with 13 new store openings in Q3 2025[4][5] - Approximately 900 committed locations are expected to contribute $50-$60 million in incremental EBITDA once fully operational[4] - The partnership with Virtual Dining Concepts aims to expand Great American Cookies availability from Chuck E. Cheese locations nationwide[4] Expenses and Financial Strategy - General and administrative expenses increased by 23.7% to $42.7 million, primarily due to store closure costs[8] - General and administrative expenses increased to $42,665,000 for the thirteen weeks ended September 28, 2025, up from $34,481,000 in the same period of 2024, marking a 23.7% rise[26] - The company is negotiating a debt restructuring and plans a $75-$100 million equity raise to pay down debt[4]

Core Insights - FAT Brands reported strong results in the third quarter of fiscal 2025, with a notable same-store sales growth of 3.9% in the casual dining segment, marking the best performance of the year to date [3] - The company opened 60 new restaurants in 2025 and has approximately 900 committed locations expected to contribute $50-$60 million in incremental EBITDA once fully operational [3] - A strategic partnership with Virtual Dining Concepts aims to enhance manufacturing growth by making Great American Cookies available from Chuck E. Cheese locations nationwide [3] Financial Performance - Total revenue decreased by $3.4 million, or 2.3%, to $140.0 million compared to $143.4 million in the same quarter of the previous year, primarily due to the closure of 11 underperforming Smokey Bones locations [6][7] - System-wide sales declined by 5.5%, and same-store sales decreased by 3.5% [7] - The net loss for the quarter was $58.2 million, or $3.39 per diluted share, compared to a net loss of $44.8 million, or $2.74 per diluted share, in the same quarter of the previous year [7][11] Cost and Expenses - General and administrative expenses increased by $8.2 million, or 23.7%, to $42.7 million, primarily due to costs associated with the closure of Smokey Bones locations and higher non-cash share-based compensation [8] - Advertising expenses rose by $2.1 million to $12.2 million compared to the prior year [10] - Total costs and expenses for the quarter were $157.4 million, compared to $152.2 million in the same quarter of the previous year [26] Strategic Initiatives - The company is negotiating a debt restructuring with noteholders and plans a $75-$100 million equity raise at Twin Hospitality Group Inc. to pay down debt and fund new unit development [3] - The pause on dividends is expected to preserve $35-$40 million in annual cash flow [3] - The company is advancing plans for approximately 50 additional co-branded locations, indicating significant potential for this format [3]

Core Points - FAT Brands Inc. is offering complimentary meals and discounts to veterans and active-duty military personnel across five of its restaurant chains to honor their service [1][5] - The participating restaurant chains include Buffalo's Cafe, Fazoli's, Hurricane Grill & Wings, Native Grill & Wings, and Round Table Pizza [1] Summary by Category Discounts and Offers - **Buffalo's Cafe**: 25% off meals for veterans and active-duty military when dining in, excluding alcohol, with military ID or uniform required [2] - **Fazoli's**: Free Spaghetti with Marinara or Meat Sauce for veterans and active-duty military when dining in using code VET25, with military ID or uniform required [2] - **Hurricane Grill & Wings**: Complimentary entree options include 10 Bone-In Wings, Beer-Battered Fish & Chips, Steakburger, Chicken Caesar Salad, Buttermilk Crispy Chicken Sandwich, and Chicken BLT Tacos, with military ID or uniform required [3] - **Native Grill & Wings**: Options include a ½ LB Stripper Combo, ½ LB Boneless Combo, Native Chicken Sandwich with fries, or MyNative Burger with fries, with military ID or uniform required [4] - **Round Table Pizza**: 15% off orders with code RTP321 from Nov. 7 to Nov. 14, valid for dine-in, carry-out, and delivery [4] Company Overview - FAT Brands is a leading global franchising company that owns and operates 18 restaurant brands, including Round Table Pizza, Fatburger, and Johnny Rockets, with over 2,300 units worldwide [5]

Core Viewpoint - FAT Brands Inc. will host a conference call to discuss its third quarter 2025 financial results on November 5, 2025, at 4:30 PM ET, with a press release to be issued beforehand [1] Group 1: Conference Call Details - The conference call can be accessed by dialing 1-877-704-4453 from the U.S. or 1-201-389-0920 internationally, with a replay available until November 26, 2025 [2] - The call will be hosted by CEO Andy Wiederhorn and CFO Ken Kuick [2] - The conference call will also be available via live webcast on the corporate website, with a replay accessible shortly after the call [3] Group 2: Company Overview - FAT Brands is a leading global franchising company that owns and operates 18 restaurant brands, including Round Table Pizza, Fatburger, and Johnny Rockets, among others [4] - The company franchises and owns over 2,300 restaurant units worldwide [4]

All-American Burger Chain Gets Saucy with Impossible Foods with Buy-One-Get-One-Free Impossible Burgers, In-Store Activations, and More LOS ANGELES, Nov. 04, 2025 (GLOBE NEWSWIRE) -- Fatburger, the iconic burger concept owned by FAT Brands Inc., is teaming up with Impossible Foods to celebrate World Vegan Month across its locations nationwide with an exclusive Buy-One-Get-One FREE Impossible® Burger promotion running all month long. To redeem, customers can order online through fatburger.com using promo cod ...

Core Insights - FAT Brands Inc. is expanding its presence in Mississippi with the opening of a new Great American Cookies location in Hattiesburg, marking the first store in the city and increasing the total to 10 locations in the state [2][3] Company Overview - FAT Brands is a global franchising company that owns and operates 18 restaurant brands, including Great American Cookies, and has over 2,300 units worldwide [5] - Great American Cookies, founded in 1977, is known for its Original Cookie Cake and a variety of baked goods, including chocolate chip cookies, brownies, and Double Doozies [6] Location Details - The new Great American Cookies store is located at 1000 Turtle Creek Drive, Suite 270, Hattiesburg, MS 39402, and operates Monday to Saturday from 10:00 a.m. to 8:00 p.m., and Sunday from 12:00 p.m. to 6:00 p.m [4]

Core Points - Fazoli's is celebrating National Breadstick Day by offering six free breadsticks with any purchase from October 27 to November 1, using code BREADSTICK25 [1][3] - The chain is also providing a free Kids Meal with any entrée purchase from October 30 to November 2, using code TRICKORTREAT25, aimed at encouraging family dining [2][3] - Fazoli's has been committed to serving quality Italian food since its founding in 1988, emphasizing fast, fresh, and friendly service [3][6] Company Overview - Fazoli's is the largest QSR Italian chain in America, operating over 200 restaurants across 26 states [6] - The company is known for its unlimited signature breadsticks and a menu that includes freshly prepared pasta entrees, sub sandwiches, salads, pizza, and desserts [6] - Fazoli's is owned by FAT Brands, which is a global franchising company that manages 18 restaurant brands and over 2,300 units worldwide [5][6]

Core Insights - FAT Brands Inc. plans to open 10 co-branded Great American Cookies and Marble Slab Creamery stores in Iraq over the next five years in partnership with Eric Wilson, a U.S. military veteran [1][2] Company Overview - FAT Brands is a leading global franchising company that owns 18 restaurant brands and operates over 2,300 units worldwide [4] - The company has a strong presence in Iraq with seven locations to date and aims to expand further due to increased demand for American brands [2] Brand Highlights - Great American Cookies, founded in 1977, is known for its Original Cookie Cake and chocolate chip cookie recipe, offering a variety of baked goods including brownies and Double Doozies [2][5] - Marble Slab Creamery has been innovating in the ice cream sector since 1983, known for its frozen slab technique and offering homemade, small-batch ice cream with free mix-ins [3][6]