EINSTEIN BROS. RESTAURANT

Data Based On: 63 Franchised Restaurants that were open for all of the 2025 fiscal year.

* Franchised average gross revenue ($1,083,972) and median gross revenue ($1,033,905) are directly from Table 1, Page 3 ('Franchised Restaurants (Note C)'). Average gross profit (Gross Margin) for franchisees was estimated by applying the 'Concept Average Restaurant' Gross Margin percentage (75.5%) from Table 2, Page 5 (derived from company-owned data), to the franchised average gross revenue ($1,083,972 * 0.755 = $818,409.46). Average EBITDA for franchisees was estimated using the 'Adjusted Cash Flow (after Franchisee Expenses)' percentage (12.4%) from Table 2, Page 6 (from the 'Concept Average Restaurant' column, which is company-owned data adjusted for franchisee expenses). This percentage was applied to the franchised average gross revenue ($1,083,972 * 0.124 = $134,412.53). This 'Cash Flow' is defined in Note I, Page 8, as Profit After Operating Expenses less Non-Operating Expenses, excluding depreciation, making it akin to EBITDA. This percentage reflects the impact of franchisee expenses like royalties. Profit range (best_guess_profit_low and best_guess_profit_high) for franchisees was estimated by applying the lowest (-1.1%) and highest (15.0%) 'Adjusted Cash Flow (after Franchisee Expenses)' percentages from the segmented data in Table 2, Page 6 (originally for company-owned units in different sales tiers, but adjusted for franchisee expenses), to the franchised average gross revenue: ($1,083,972 * -0.011 = -$11,923.69) and ($1,083,972 * 0.150 = $162,595.8).