BLACK BEAR DINER

Data Based On: 88 franchised restaurants open and operating during the full 2025 fiscal year, categorized into Top 3rd, Middle 3rd, and Bottom 3rd segments.

* Average gross revenue for franchised units was calculated as a weighted average: (29 units * $3,723,198 + 30 units * $2,702,799 + 29 units * $2,040,150) / 88 total units = $2,820,693.89. Median gross revenue is directly from the 'All' row. Top and bottom quartile revenues are from the 'Top 3rd' and 'Bottom 3rd' average sales respectively. Average gross profit was estimated by applying the company-affiliated average COGS percentage (28.1% from page 4) to the franchised average gross revenue. Average EBITDA was estimated by starting with the company-affiliated average 4-Wall EBITDA percentage (12.0% from page 4) and subtracting the average franchisee-specific expenses (Royalties 4.5%, Marketing Fund 1.0%, Local Advertising 1.0% for a total of 6.5% from page 5), resulting in an estimated franchisee EBITDA margin of 5.5%. This percentage was applied to the franchised average gross revenue. The best guess profit range (low and high) was derived by adjusting the company-affiliated highest (22.7%) and lowest (-7.1%) 4-Wall EBITDA percentages (page 4) by the fixed franchisee-specific expenses (6.5%) and applying these adjusted percentages to the franchised average gross revenue.