Restaurants and Foodservice Sector Outlook — September 2026

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CONSUMER DISCRETIONARY › CONSUMER SERVICES › RESTAURANTS AND FOODSERVICE

Restaurants and Foodservice: Profitable Growth Stands Out

This report shows where forward valuations sit and which operating profiles distinguish the two ends of the market.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2026E)

Restaurants and Foodservice Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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   CONSUMER DISCRETIONARY › CONSUMER SERVICES › RESTAURANTS AND FOODSERVICE

   Cover page for the Restaurants and Foodservice sector outlook dated September 2026.

   We're opening the Restaurants and Foodservice sector outlook, priced on EV/EBITDA (CY2026E) as of September 2026. The pages ahead show where forward valuation concentrates and why — so what: readers leave knowing which operating profiles the market is already rewarding.

   Everything on this page

   CONSUMER DISCRETIONARY › CONSUMER SERVICES › RESTAURANTS AND FOODSERVICE Restaurants and Foodservice: Profitable Growth Stands Out This report shows where forward valuations sit and which operating profiles distinguish the two ends of the market. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2026E) Restaurants and Foodservice Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   Contents page listing the report's five sections and appendix.

   The report runs five sections plus an appendix — the bottom line, the landscape, valuation and situations, precedent transactions, and strategic implications. We put the bottom line first on purpose: a reader who only has five minutes still gets the full story. So what: everything after that adds depth, but none of it is required reading.

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   CONTENTS What This Report Covers 01 The Bottom Line Profitable Growth Separates the Valuation Tiers 02 The Landscape Restaurant Concepts Dominate the Set, but Adjacent Models Carry Different Economics 03 Valuation & Situations The Premium End Carries a Wide Lead into the Forward Year 04 Precedent Transactions Buyers Have Paid Across Concepts, Operating Estates and Foodservice Platforms 05 Strategic Implications Unit Economics and Profitable Development Should Shape the Next Operating Choices 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Restaurants and Foodservice Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Restaurants and Foodservice Splits Between Restaurant Concepts and Adjacent Models

   Summary page stating the sector splits between restaurant concepts and adjacent operating models.

   The premium end of the sector trades at 22.2x EV/EBITDA (CY2026E) against 8.4x at the discount end, and because the measure is forward-looking, that gap survives even after expected growth is already priced in. Faster-growth companies hold a 14.5x reading versus 11.4x for slower-growth peers, and names clearing both a growth and a margin bar reach 15.3x — the highest level in the set. Restaurant concepts make up 30 of the 33 companies here, with adjacent models carrying different economics entirely. So what: the next four sections build the evidence behind each of these findings.

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   01 · THE BOTTOM LINE Restaurants and Foodservice Splits Between Restaurant Concepts and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2026E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2026E consensus (28 of 33 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). The platform's preferred period CY2027E carries an eligible EV / EBITDA for only 16 of 33 companies, so this report prices the whole set on CY2026E (28 of 33) rather than mixing periods. Qualitative characterisations are NeuraCap views. Restaurants and Foodservice Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Two Valuation Ends Are Far Apart The premium end stands at 22.2x EV / EBITDA on CY2026E, versus 8.4x at the discount end. Because the measure is forward, the gap remains after forecast growth is already reflected. 2 Faster Growth Travels with a Higher Reading The faster-growth group stands at 14.5x, alongside 11.4x for the slower-growth group. The observation covers 14 names in the faster group and 13 in the slower group. 3 The Names Clearing Both Bars Sit at the Top of the Range On the 27 names with both estimates, the 8 above both bars stand at 15.3x, while the 7 below both stand at 10.1x. The result is associated with profitable growth, rather than evidence that either measure alone sets valuation. 4 Different Operating Models Need Different Proof Restaurant concepts account for 30 of the 33 companies, while adjacent models account for 3. Owners still need to prove the economics that fit their model: unit productivity and restaurant-level margin for concepts, or contract quality and retention for service-led businesses. 13.2x Sector median EV/EBITDA CY2026E consensus · 28 rated of 33 companies 22.2x Premium end EV/EBITDA vs 8.4x at the discount end top quartile (n=7) against bottom quartile (n=7) on EV/EBITDA — the spread the report explains 63 Transactions with disclosed terms 94 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Section divider introducing the market map of restaurant concepts versus adjacent models.

   Restaurant concepts dominate this universe, but operating estates, franchise systems and service-led models each run on different economics. We use this section to show where value concentrates by segment before comparing individual companies.

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   SECTION 02 02 THE LANDSCAPE Restaurant Concepts Dominate the Set, but Adjacent Models Carry Different Economics Operating estates, franchise systems and service-led models require distinct valuation frames. 02 of 06 Restaurants and Foodservice Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Most Market Value Questions Sit Inside Restaurant Concepts

   Chart grouping all 33 approved companies by business segment with median EV/EBITDA per group.

   We group the full 33-company universe by business segment and show the median EV/EBITDA (CY2026E) for each. Most of the market-value questions in this sector sit inside restaurant concepts, simply because that's where most of the companies live. So what: any comparison across the sector has to control for segment first, or it mixes businesses that don't run on the same economics.

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   02 · MARKET MAP Most Market Value Questions Sit Inside Restaurant Concepts 33 approved companies grouped by business segment · median EV / EBITDA (CY2026E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Restaurants and Foodservice Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 RESTAURANT CONCEPTS, COMPANY-OPERATED AND FRANCHISED 30 cos median 14.0x Starbucks (SBUX) Yum! Brands (YUM) Chipotle Mexican (CMG) Darden Restaurants (DRI) Yum China Holdings (YUMC) Texas Roadhouse (TXRH) Brinker (EAT) Dutch Bros (BROS) The Cheesecake (CAKE) CAVA Group (CAVA) The Wendy's (WEN) Jack in the Box (JACK) Arcos Dorados (ARCO) Shake Shack (SHAK) Bloomin' Brands (BLMN) Cracker Barrel (CBRL) BJ's Restaurants (BJRI) First Watch (FWRG) Sweetgreen (SG) Biglari Holdings (BH) Portillo's (PTLO) The ONE Group (STKS) Cannae Holdings (CNNE) El Pollo Loco (LOCO) Red Robin (RRGB) +5 more This group concentrates the set and puts unit economics, whitespace, franchise mix and restaurant-level margin at the centre of valuation. ADJACENT MODELS 3 cos median 10.1x Aramark (ARMK) Healthcare (HCSG) Krispy Kreme (DNUT) These businesses sit beside the concept group but depend more on service contracts, channel mix and recurring customer relationships.

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   02 · LANDSCAPE

   One Sector Contains Two Distinct Earnings Models

   Segment view showing that the sector contains two distinct earnings models.

   The segment view makes the split explicit: restaurant concepts and adjacent models sit on different earnings mechanics, not just different growth rates. We lay out what each group does and why it matters commercially, on rated names only. So what: a single valuation lens applied across both groups would understate the differences that actually drive value.

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   02 · LANDSCAPE One Sector Contains Two Distinct Earnings Models Segment view of the approved universe · EV / EBITDA (CY2026E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Restaurants and Foodservice Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Restaurant concepts, company-operated and franchised 30 91% 14.0x Starbucks Corporation (SBUX) · Yum! Brands, Inc. (YUM) · +28 more The estate carries the story. The group stands at 14.0x and spans company-operated estates, franchised systems and mixed models. Traffic versus check, average unit volume, new-unit productivity and the balance between royalty income and operating earnings shape how owners defend their position. Adjacent models 3 9% 10.1x Aramark (ARMK) · Healthcare Services Group, Inc. (HCSG) · +1 more Service economics need separate proof. The 3 adjacent models include contract dining, care-facility dining and grocery food retail. Contract retention, client concentration, route density and channel economics matter more here than restaurant whitespace alone.

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   SECTION 03

   03

   Section divider introducing the forward valuation lead held by the premium end.

   The premium end of the sector carries a wide lead into the forward year, and because forecast earnings already credit expected growth, that remaining spread is commercially meaningful. The next pages show where that lead comes from.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium End Carries a Wide Lead into the Forward Year Forecast earnings already credit expected growth, making the remaining spread commercially meaningful. 03 of 06 Restaurants and Foodservice Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Holds a Wide Forward Valuation Lead

   Ranking of all 28 rated companies by EV/EBITDA (CY2026E), sorted descending against a 13.2x sector median.

   We rank all 28 rated companies on EV/EBITDA (CY2026E) against a sector median of 13.2x. The premium end holds a wide lead over the rest of the set, even before accounting for the growth or margin differences covered next. So what: the spread here is the starting point for every situation we characterise later in the deck.

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   03 · PUBLIC MARKET VALUATION The Premium End Holds a Wide Forward Valuation Lead EV / EBITDA (CY2026E) · all 28 rated companies, sorted descending · sector median 13.2x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2026E consensus (28 of 33 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). The platform's preferred period CY2027E carries an eligible EV / EBITDA for only 16 of 33 companies, so this report prices the whole set on CY2026E (28 of 33) rather than mixing periods. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2026E) basis. Panel commentary is a NeuraCap view. Restaurants and Foodservice Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 22.2x CORE · median 13.2x DISCOUNT · median 8.4x Sector median 13.2x WHAT SEPARATES THE TWO ENDS The premium carries expectations. The 7 names at the premium end stand at 22.2x EV / EBITDA on CY2026E. A forward multiple already reflects forecast growth, so durability of unit economics and earnings remains central to defending that position. The discount needs operating proof. The 7 names at the discount end stand at 8.4x. Comp quality, restaurant-level margin, lease exposure and returns on new boxes are practical areas where the operating case can become clearer. The spread changes priorities. Premium positioning raises the burden of proof around traffic-led comps, whitespace and new-unit productivity. Discount positioning puts more weight on margin recovery, estate quality and disciplined capital allocation.

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   03 · VALUATION DRIVERS

   Faster Growth Sits with the Higher Forward Earnings Multiple

   Comparison of median EV/EBITDA by revenue-growth cohort and by EBITDA-margin cohort.

   Faster-growth companies carry a median 14.5x versus 11.4x for the slower-growth group, on 14 and 13 rated names respectively. We read this as an association between growth and forward valuation, not a claim that growth alone sets the multiple. So what: an owner arguing for a higher multiple needs the growth evidence to back it, not just the ambition.

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   03 · VALUATION DRIVERS Faster Growth Sits with the Higher Forward Earnings Multiple Median EV / EBITDA (CY2026E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=14; slower n=13; higher-margin n=14; lower-margin n=13). Driver readings are NeuraCap views on the supplied data — association, not causation. Restaurants and Foodservice Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 6% · EBITDA-margin split at 12% Growth Separates the Two Valuation Groups The 14 faster-growth names stand at 14.5x, compared with 11.4x for the 13 slower-growth names. This is an observed association across the companies with estimates. Comp Quality Matters Beyond the Headline Rate Traffic-led comps and rising average unit volumes provide a more durable operating signal than price and mix alone. The data does not split those components, making them a priority when testing the growth profile. New Boxes Must Protect Economic Quality Whitespace has more commercial value when new-vintage boxes preserve restaurant-level margin and cash-on-cash return. Development pace should therefore be read alongside new-unit productivity and prime cost.

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    03 · SITUATION MAP

    The Market Map Separates Established Premiums from Unproven Potential

    Map cutting the rated set on valuation versus the sector median and on growth versus the covered median.

    We cut the rated set two ways — valuation against the 13.2x sector median, and growth against the covered median — to separate established premiums from names with unproven potential. This page characterises situations; it isn't a recommendation to buy or sell anything. So what: it gives owners and acquirers a shared vocabulary for where a given company sits before the deeper commercial conversation starts.

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    03 · SITUATION MAP The Market Map Separates Established Premiums from Unproven Potential Cut on EV / EBITDA vs the sector median (13.2x) (rows) and revenue growth vs the covered median (6%) (columns) · 1 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Restaurants and Foodservice Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Growth with Premium Standing Above-median multiple · above-median revenue growth 8 names Chipotle Mexican Grill, Inc. (CMG) · Texas Roadhouse, Inc. (TXRH) · Dutch Bros Inc. (BROS) · +5 more These 8 names combine above-middle growth with an above-middle forward multiple. The operating task is to protect unit economics as development and the estate expand. Premium Without Faster Growth Above-median multiple · below-median revenue growth 5 names Starbucks Corporation (SBUX) · Yum! Brands, Inc. (YUM) · Darden Restaurants, Inc. (DRI) · +2 more These 5 names retain an above-middle forward multiple despite below-middle growth. Their standing may depend more on earnings durability, franchise economics, brand strength or confidence in recovery. Growth Awaiting Recognition Below-median multiple · above-median revenue growth 6 names Aramark (ARMK) · Yum China Holdings, Inc. (YUMC) · Brinker International, Inc. (EAT) · +3 more These 6 names show above-middle growth while trading below the middle of the valuation range. Margin quality, comp composition and returns on new capital are the natural questions behind that gap. Operating Reset Required Below-median multiple · below-median revenue growth 8 names The Wendy's Company (WEN) · Bloomin' Brands, Inc. (BLMN) · BJ's Restaurants, Inc. (BJRI) · +5 more These 8 names sit below the middle on both measures. Improving traffic, box economics, estate quality and cost structure would strengthen the operating case.

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    03 · GROWTH VS PROFITABILITY

    Profitable Growth Holds the Highest Reading in the Operating Map

    Quadrant map of revenue growth versus EBITDA margin with median EV/EBITDA per quadrant.

    On the 27 companies with both estimates, the names clearing both the growth and margin medians hold the highest reading in the map, at 15.3x, while those clearing neither sit at 10.1x. The result is associated with profitable growth — it isn't proof that either measure alone drives the multiple. So what: the market appears to reward growth and margin together, not either one in isolation.

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    03 · GROWTH VS PROFITABILITY Profitable Growth Holds the Highest Reading in the Operating Map Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 27 companies with both estimates · cuts at the covered medians (6% growth, 12% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=8; margin-only n=6; growth-only n=6; neither n=7). YUM plotted at the chart edge. Restaurants and Foodservice Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 10% 20% 10% 20% MARGIN ONLY median 12.5x BALANCED median 15.3x NEITHER median 10.1x GROWTH ONLY median 13.9x GENK DNUT YUM SBUX YUMC ARCO KRUS CAVA BROS x: revenue growth (CY2027E) · y: EBITDA margin (CY2026E) HOW TO READ THIS The map divides the 27 names with both estimates at 6% growth and 12% margin. The 8 names above both bars stand at 15.3x, while the 7 below both stand at 10.1x. The 6 margin-only names and 6 growth-only names occupy the middle. The pattern associates the higher reading with growth that travels alongside profitability. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 1 of 27 names clear it (BROS).

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    03 · THE AGENDA

    Your Next Move Turns on Whether Growth and Margin Can Travel Together in One Plan

    Framing page posing the questions an owner or acquirer should resolve next.

    We frame the practical agenda as a set of questions: can growth and margin travel together in one plan, and what has to be true operationally for that to hold? These are observations for discussion, not recommendations. So what: the answers here shape which of the strategic options on the next pages actually apply.

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    03 · THE AGENDA Your Next Move Turns on Whether Growth and Margin Can Travel Together in One Plan NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Restaurants and Foodservice Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Protect Profitable Unit Growth Prioritise formats and markets where new boxes preserve average unit volume, restaurant-level margin and cash-on-cash return. Pace development to operating evidence rather than headline whitespace. What changes the answer: New-vintage productivity holds alongside stable prime cost and restaurant-level margin. Improve the Quality of Comps Shift the sales mix toward repeat traffic, loyalty and throughput rather than relying mainly on menu pricing. Test whether peak-daypart capacity and convenience channels can support guest counts without diluting margin. What changes the answer: Traffic improves while check growth normalises and restaurant-level margin remains resilient. Rebalance the Earnings Model Compare company-operated growth with franchising where the brand and franchisee base can support it. The decision should reflect capital intensity, royalty durability and the economics retained at the box. What changes the answer: Franchise demand and unit returns support growth with less capital committed by the company. Repair the Existing Estate First Direct capital toward remodels, closures and lease actions where underperforming boxes dilute the wider system. Expansion becomes more credible when the current estate meets the same return standards as new development. What changes the answer: Estate-level returns improve enough to compete with the expected return from a new box.

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    SECTION 04

    04

    Section divider introducing the precedent transaction record.

    Buyers have paid across restaurant concepts, operating estates and foodservice platforms, and the transaction record shows a wide range of values and earnings multiples. The next pages walk through that record in detail.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Have Paid Across Concepts, Operating Estates and Foodservice Platforms The transaction record shows a broad range of values and earnings multiples. 04 of 06 Restaurants and Foodservice Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Whole-Company Buyers Have Backed Several Routes to Restaurant Scale

    Three case-study transactions illustrating different routes buyers have taken to restaurant scale.

    We walk through three of the 63 disclosed-terms transactions as case studies, with multiples on LTM financials at announcement where disclosed. Whole-company buyers have backed several distinct routes to scale, and the full list sits in the appendix. So what: the pattern across these deals gives owners a sense of what buyers have actually paid for, not just what they've said they value.

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    04 · DEAL CASE STUDIES Whole-Company Buyers Have Backed Several Routes to Restaurant Scale 3 of 63 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 147 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 31 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2026E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Restaurants and Foodservice Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Jan-2024 $1.0B Restaurant Brands International Inc. acquires Carrols Restaurant Group EV / LTM revenue 0.5x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests closer alignment between franchisor priorities and a large multi-unit operator. That fit can matter for remodel obligations, development planning and restaurant execution. HOW THE TARGET WAS VALUED The disclosed value was $1.0B, equal to 0.5x revenue. That provides a revenue benchmark for a large franchised operating estate. May-2023 $924M Darden Restaurants, Inc. Darden Restaurants, Inc. (DRI) agreed to acquire Ruth's Hospitality Group, Inc., adding a… EV / LTM revenue 1.8x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests interest in extending a scaled restaurant portfolio across guest occasions. The buyer's existing operating base also provides a relevant frame for estate management and corporate overhead. HOW THE TARGET WAS VALUED The disclosed value was $924M at 1.8x revenue. That benchmark reflects what a scaled strategic operator agreed to pay for the concept. Nov-2025 $809M TriArtisan Capital Advisors LLC TriArtisan Capital Advisors LLC acquires Denny’s Corporation EV / LTM revenue 1.8x EV / LTM EBITDA 8.0x WHY THE DEAL HAPPENED The transaction suggests an investment case built around an established brand and operating footprint. A private owner can assess restaurant performance, franchise mix and capital allocation within that existing base. HOW THE TARGET WAS VALUED The disclosed value was $809M, equal to 1.8x revenue and 8.0x EV / EBITDA. The earnings multiple sits near the discount end of the public-company range.

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    SECTION 05

    05

    Section divider introducing the strategic implications of unit economics and profitable development.

    Unit economics and profitable development should shape the next round of operating choices — traffic quality, box returns and margin resilience are the practical agenda. The next page turns that into specific questions for owners, operators and boards.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Unit Economics and Profitable Development Should Shape the Next Operating Choices The practical agenda is to strengthen traffic quality, box returns and margin resilience. 05 of 06 Restaurants and Foodservice Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Better Box Economics and More Durable Growth Travel with a Higher Standing

    Page setting out the questions this data raises for the next twelve months.

    Better box economics and more durable growth travel with a higher standing in this sector, on the evidence walked through so far. We pose this page as a set of open questions grounded in the report's analysis, not as a recommendation. So what: it gives the room a concrete starting point for the strategy conversation that follows.

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    05 · STRATEGIC IMPLICATIONS Better Box Economics and More Durable Growth Travel with a Higher Standing NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Restaurants and Foodservice Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Choose Growth That Protects Returns Fund units, channels and dayparts where traffic, throughput and restaurant-level margin reinforce one another. Treat development pace as an output of proven box economics. FOR OPERATORS Turn Comps into Durable Earnings Separate traffic from check, protect peak capacity and manage food, paper and labour together. Pricing can support a period, but repeat visits and throughput provide a firmer operating base. FOR BOARDS Set Capital by Business Model Judge company-operated units, franchise growth, remodels and adjacent service models against their own cash returns and risk. A single hurdle can obscure meaningful differences in capital intensity and earnings quality.

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    SECTION 06

    06

    Section divider introducing the full comparables universe, methodology and sources.

    This closing section carries the comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use it as the reference layer for anything a client wants to trace.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Restaurants and Foodservice Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 2)

    Public Comparables on EV / EBITDA (CY2026E), Grouped by Valuation Tier

    Full list of rated companies on EV/EBITDA (CY2026E), grouped by valuation tier, part one.

    We group all 28 rated companies by valuation tier, shading each above or below the 13.2x sector median. Five companies in the universe carry no eligible multiple and sit outside the rated set. So what: this table is the underlying evidence for every valuation claim made earlier in the deck.

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    06 · PUBLIC COMPARABLES (1 OF 2) Public Comparables on EV / EBITDA (CY2026E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (13.2x); amber marks below · 28 rated companies; 5 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 28 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Restaurants and Foodservice Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2026E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥17.8x · median 22.2x · 7 companies CAVA Group, Inc. CAVA Restaurant concepts, company-operated and franchised $6.1B 32.3x 21% 13% n/a GEN Restaurant Group, Inc. GENK Restaurant concepts, company-operated and franchised $204M 25.5x -2% 3% 13 Kura Sushi USA, Inc. KRUS Restaurant concepts, company-operated and franchised $627M 24.1x 17% 7% 26 Starbucks Corporation SBUX Restaurant concepts, company-operated and franchised $131B 22.2x 4% 16% n/a Dutch Bros Inc. BROS Restaurant concepts, company-operated and franchised $7.7B 20.1x 25% 18% 43 Chipotle Mexican Grill, Inc. CMG Restaurant concepts, company-operated and franchised $45.2B 19.7x 11% 18% 29 The Cheesecake Factory Incorporated CAKE Restaurant concepts, company-operated and franchised $7.1B 18.7x 7% 9% n/a CORE — 9.9x–17.8x · median 13.2x · 14 companies Cracker Barrel Old Country Store CBRL Restaurant concepts, company-operated and franchised $2.3B 17.5x 3% 4% 8 Yum! Brands, Inc. YUM Restaurant concepts, company-operated and franchised $52.3B 17.5x 3% 34% 38 Black Rock Coffee Bar, Inc. BRCB Restaurant concepts, company-operated and franchised $568M 16.7x 24% 13% 37 Jack in the Box Inc. JACK Restaurant concepts, company-operated and franchised $3.8B 16.6x n/a n/a n/a Texas Roadhouse, Inc. TXRH Restaurant concepts, company-operated and franchised $11.3B 15.1x 9% 11% n/a Shake Shack Inc. SHAK Restaurant concepts, company-operated and franchised $3.1B 14.0x 15% 14% 28 Darden Restaurants, Inc. DRI Restaurant concepts, company-operated and franchised $30.2B 13.7x 6% 16% 23 Aramark ARMK Contract catering and dining support services $20.3B 12.7x 8% 8% n/a

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    06 · PUBLIC COMPARABLES (2 OF 2)

    Public Comparables on EV / EBITDA (CY2026E), Grouped by Valuation Tier

    Full list of rated companies on EV/EBITDA (CY2026E), grouped by valuation tier, part two.

    This continues the rated comparables table, still grouped by valuation tier against the 13.2x sector median. Together with the previous page, it covers all 28 rated names in the universe. So what: readers can check any individual company's standing against the sector without extra lookup.

    Everything on this page

    06 · PUBLIC COMPARABLES (2 OF 2) Public Comparables on EV / EBITDA (CY2026E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (13.2x); amber marks below · 28 rated companies; 5 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 28 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Restaurants and Foodservice Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Company Ticker Segment EV EV/EBITDA (CY2026E) Rev growth EBITDA margin Rule of 40 CORE — CONTINUED — 9.9x–17.8x · median 13.2x · 14 companies First Watch Restaurant Group, Inc. FWRG Restaurant concepts, company-operated and franchised $1.6B 12.0x 12% 10% n/a Brinker International, Inc. EAT Restaurant concepts, company-operated and franchised $10.4B 11.6x 7% 15% 22 BJ's Restaurants, Inc. BJRI Restaurant concepts, company-operated and franchised $1.7B 11.4x 4% 10% n/a The Wendy's Company WEN Restaurant concepts, company-operated and franchised $5.0B 11.4x 0% 20% n/a Portillo's Inc. PTLO Restaurant concepts, company-operated and franchised $961M 10.2x 4% 12% n/a Healthcare Services Group, Inc. HCSG Senior living and care facility dining services $1.3B 10.1x 6% 7% 13 DISCOUNT — <9.9x · median 8.4x · 7 companies El Pollo Loco Holdings, Inc. LOCO Restaurant concepts, company-operated and franchised $658M 9.5x 4% 14% 18 The ONE Group Hospitality, Inc. STKS Restaurant concepts, company-operated and franchised $887M 9.3x 7% 12% 20 Red Robin Gourmet Burgers, Inc. RRGB Restaurant concepts, company-operated and franchised $633M 8.9x 0% 6% 7 Bloomin' Brands, Inc. BLMN Restaurant concepts, company-operated and franchised $2.6B 8.4x 2% 8% n/a Yum China Holdings, Inc. YUMC Restaurant concepts, company-operated and franchised $16.3B 8.4x 6% 15% 22 Arcos Dorados Holdings Inc. ARCO Restaurant concepts, company-operated and franchised $3.4B 6.3x 6% 10% 17 Krispy Kreme, Inc. DNUT Adjacent: grocery food retail $870M 6.0x 1% 11% n/a

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    List of precedent transactions with disclosed terms, newest first, part one.

    We list the transactions with disclosed terms, newest first, out of 63 in this tier drawn from 94 recorded deals. Multiples are LTM at announcement and aren't directly comparable to the CY2026E public basis, so no spread is claimed between them. So what: this is the closed-deal evidence base behind the case studies shown earlier.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 63 transactions with disclosed terms in this tier (94 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 147 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 31 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2026E public basis and no spread is claimed. 18 of 63 transactions shown; the rest are in the companion workbook. Restaurants and Foodservice Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Dec-2025 Premium Brands Holdings Corporation → Stampede Culinary Partners, Inc. n/a n/a 6.7x Premium Brands Holdings Corporation and Stampede Culinary Partners, Inc. were linked at 6.7x EV / EBITDA. The transaction suggests interest in a scaled culinary platform outside the public restaurant concept set. Nov-2025 TriArtisan Capital Advisors LLC → Denny’s Corporation $809M 1.8x 8.0x TriArtisan Capital Advisors LLC agreed to acquire Denny’s Corporation. The transaction places an established restaurant operator within a private investment structure. Oct-2025 Yadav Enterprises, Inc. → Del Taco restaurant operations (Del Taco Holdings Inc.) n/a n/a 5.9x Yadav Enterprises, Inc. acquired Del Taco restaurant operations (Del Taco Holdings Inc.) at 5.9x EV / EBITDA. The transaction points to buyer interest in an operating estate where store execution and local scale matter. Sep-2025 RaceTrac, Inc. → Potbelly Corporation $645M 1.4x 21.7x RaceTrac, Inc. agreed to acquire Potbelly Corporation for $645M, equal to 1.4x revenue and 21.7x EV / EBITDA. The pairing suggests a route into a restaurant concept with an established store base. Apr-2025 Biglari Capital Corp → El Pollo Loco Holdings, Inc. $528M 1.1x 6.1x Biglari Capital Corp agreed to acquire El Pollo Loco Holdings, Inc. for $528M, equal to 1.1x revenue and 6.1x EV / EBITDA. The pricing provides a reference for an established restaurant concept and operating estate. Jul-2024 Verlinvest and Mistral Equity Partners → Insomnia Cookies $350M n/a n/a Verlinvest and Mistral Equity Partners acquired Insomnia Cookies for $350M. The transaction suggests investor interest in a differentiated concept and convenience-led format. Jul-2024 Darden Restaurants, Inc. → Chuy's Holdings, Inc. $776M 1.7x n/a Darden Restaurants, Inc. (DRI) agreed to acquire Chuy's Holdings, Inc. for $776M at 1.7x revenue. The combination suggests a portfolio extension into another full-service restaurant concept. Jan-2024 Restaurant Brands International Inc. → Carrols Restaurant Group $1.0B 0.5x n/a Restaurant Brands International Inc. agreed to acquire Carrols Restaurant Group. The pairing brings a large restaurant operator closer to its associated brand system. May-2023 Darden Restaurants, Inc. → Ruth's Hospitality Group, Inc. $924M 1.8x n/a Darden Restaurants, Inc. (DRI) agreed to acquire Ruth's Hospitality Group, Inc. The pairing suggests an extension into a differentiated full-service dining occasion.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    List of precedent transactions with disclosed terms, newest first, part two.

    This continues the precedent transaction list, still ordered newest first within the 63 disclosed-terms deals. As before, the multiples shown are LTM at announcement and are kept separate from the public market basis used elsewhere in the report. So what: together the two pages give a full, traceable record of what buyers have actually paid in this sector.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 63 transactions with disclosed terms in this tier (94 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 147 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 31 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2026E public basis and no spread is claimed. 18 of 63 transactions shown; the rest are in the companion workbook. Restaurants and Foodservice Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2022 MTY Franchising USA, Inc. → BBQ Holdings, Inc. n/a n/a 10.1x Value shown as recorded in the filing; deal value unit unresolved. Dec-2021 Jack in the Box Inc. → Del Taco Restaurants, Inc. n/a n/a 9.4x Value shown as recorded in the filing; deal value unit unresolved. Nov-2021 Restaurant Brands International → Firehouse Restaurant Group, Inc. n/a n/a 20.0x Value shown as recorded in the filing; deal value unit unresolved. Jul-2021 SPB Hospitality LLC → J. Alexander’s Holdings, Inc. n/a 0.7x 8.1x Value shown as recorded in the filing; deal value unit unresolved. Aug-2020 Oak Street Real Estate Capital, LLC → Cracker Barrel Old Country Store, Inc. $3.7B 1.3x n/a Value shown as recorded in the filing; deal value unit unresolved. Aug-2019 The ONE Group Hospitality, Inc. → Kona Grill, Inc. $11M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Nov-2018 Durational Capital Management LP and The Jordan Company, L.P. → Bojangles’, Inc. n/a n/a 10.3x Value shown as recorded in the filing; deal value unit unresolved. Aug-2018 The Coca-Cola Company → Costa Limited n/a n/a 16.4x Aug-2018 Cava Group, Inc. → Zoe’s Kitchen, Inc. n/a n/a 13.3x

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Page explaining the report's sources, assumptions and data-quality treatment.

    This page sets out how the report was built: the valuation basis, what was excluded from the rated set, and where each underlying disclosure sits. So what: readers can rely on the numbers here because the basis behind each one is stated plainly, not assumed.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Restaurants and Foodservice Coverage | September 2026 | Confidential | Not investment advice 22 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2026E consensus (28 of 33 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). The platform's preferred period CY2027E carries an eligible EV / EBITDA for only 16 of 33 companies, so this report prices the whole set on CY2026E (28 of 33) rather than mixing periods. EV / EBITDA on CY2026E is the lead convention: it is the sector-appropriate prior for Restaurants and Foodservice and it clears the coverage gate with 28 of 33 companies (85%). EV / Revenue, P / E are carried as a cross-check. The set earns: 28 of 33 companies carry a meaningful forward EBITDA on CY2026E, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 36 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 1277 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (1276) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Higher Forward Valuations Sit with Growth That Holds Alongside Margin.

    Closing page restating that higher forward valuations sit with growth that holds alongside margin.

    Higher forward valuations sit with growth that holds alongside margin — that's the throughline of everything shown in this report. The companion tables carry the full universe and source index for any figure a client wants to trace further.

    Everything on this page

    Higher Forward Valuations Sit with Growth That Holds Alongside Margin. NeuraCap AI — Restaurants and Foodservice Coverage September 2026 · Prepared by NeuraCap AI · Confidential Restaurants and Foodservice Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 23

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