CULVER'S RESTAURANT

Data Based On: 975 Franchised Restaurants open during the entire 12 month period ending December 31, 2025. This information does not include the 45 franchised Culver's® Restaurants that opened in 2025, the 1 franchised Culver's® Restaurant that was closed for a period of time during 2025 due to a relocation of the Restaurant, and the 13 Franchised Restaurants that are non-typical locations.

* Average gross revenue and median gross revenue for franchised restaurants are directly extracted from Table 1 'Total Average Sales' on page 6 of the document. The data represents 975 franchised restaurants. The document provides detailed financial performance data (including gross profit and income) only for 'Company-Owned Restaurants' in Table 2 (pages 2-3). As per instructions, company-owned data is ignored unless no franchise data exists, and since there is no equivalent profit and loss statement or expense breakdown specifically for franchised units, no gross profit, net income, net profit, EBITDA, or estimated profit ranges could be extracted for franchised restaurants. The document explicitly lists additional expense items not included in the 'Income' for company-owned units (note 15 on page 4), and notes that franchised restaurants may incur different expenses, further preventing estimation of franchised unit profitability.