COUSINS SUBS

Data Based On: 33 franchised traditional and non-traditional shops open for the full fiscal year 2025 were used for revenue data. 56 affiliate-owned shops open for the full fiscal year 2025 were used as a proxy for expense and profit data due to the lack of specific franchised profit data, per Note 8 of Part 2 which states that 'Franchise Fees' for these shops represent fees that would have been payable if they were franchised shops.

* Average gross revenue calculated as a weighted average of 29 franchised traditional shops (10 high, 10 middle, 9 low categories) and 4 franchised non-traditional shops for 2025: (10*$1,201,322 + 10*$814,982 + 9*$548,278 + 4*$532,707) / 33 units = $825,102.12. Median gross revenue calculated as a weighted average of the system-wide median for traditional shops ($831,786) and the median for non-traditional shops ($486,470): (29*$831,786 + 4*$486,470) / 33 units = $789,929.52. Revenue top and bottom quartiles are based on the average gross receipts of the 'High' and 'Low' categories respectively from the Franchised Traditional Shops data for 2025. Profit metrics (average_gross_profit, average_net_profit, average_ebitda, ebitda_margin_pct, best_guess_profit_low, best_guess_profit_high) are derived from the 'AVERAGE ANNUAL REVENUE, EXPENSES, AND EBITDA OF AFFILIATE-OWNED SHOPS' for 2025 (Part 2). This is used as a proxy due to the absence of explicit profit and expense data for franchised units, as supported by Note 8 to Part 2 which states that 'Franchise Fees' for these shops reflect amounts that would have been payable if they were franchised. Weighted averages for revenue, COGS, operating expenses, and EBITDA were calculated across three revenue categories (10, 25, and 21 shops, totaling 56 units). Average gross profit is weighted average revenue less weighted average COGS. Average net profit is equivalent to average EBITDA for this data as stated EBITDA is Revenue - COGS - Operating Expenses. EBITDA margin is average EBITDA divided by average revenue for affiliate-owned shops. Best guess profit low/high are the average EBITDA values of the lowest and highest revenue segments of the affiliate-owned shops, respectively.