CARIBOU COFFEE

Data Based On: Gross sales data based on 131 non-traditional franchised Kiosk locations and 7 traditional franchised locations, all active for the full 2024 fiscal year. Profitability metrics (EBITDA, best guess profit range) are derived from 110 company-owned Drive-Thru Chalet and 59 company-owned Cabin Coffeehouses for the full 2024 fiscal year, with franchisee-related cost rates applied to estimate franchisee profit ranges.

* Weighted average gross revenue for non-traditional franchised Kiosk locations (Table 1, Page 2): (68 units × $267,063 + 38 units × $561,546 + 6 units × $1,836,096 + 19 units × $486,137) / 131 total units = $456,123.75. Weighted average median gross revenue for non-traditional franchised Kiosk locations (Table 1, Page 2): (68 units × $265,142 + 38 units × $465,259 + 6 units × $1,881,009 + 19 units × $367,395) / 131 total units = $412,030.97. Average EBITDA (Cash Flow) and EBITDA margin are derived from company-owned data (Table 4, Page 6) due to the lack of explicit franchised profit data. Weighted average AUV for 110 company-owned Drive-Thru Chalet ($1,104,835) and 59 company-owned Cabin ($821,192) stores = $1,005,811.70. Weighted average Cash Flow % (EBITDA margin) for these stores: (110 units × 20.2% + 59 units × 11.7%) / 169 total units = 17.23%. Weighted average EBITDA: $1,005,811.70 × 0.1723 = $178,805.46. Best guess profit low/high are based on the 'Franchisee Adjusted Cash Flow %' provided for company-owned units in Table 4 (Page 6), applied to the weighted average AUV of company-owned stores. Weighted average low margin for franchisees: (110 units × 6% + 59 units × -2%) / 169 total units = 3.21%. Weighted average high margin for franchisees: (110 units × 9% + 59 units × 1%) / 169 total units = 6.21%. Best guess profit low: $1,005,811.70 × 0.0321 = $32,257.39. Best guess profit high: $1,005,811.70 × 0.0621 = $62,431.74.