NOODLES & COMPANY

Data Based On: 40 of 92 franchise-owned Restaurants used for calculating the Franchise Average and Median Net Sales for the 52-week period ended January 2, 2024. Company-owned restaurant expense percentages were used to estimate franchisee EBITDA.

* 1. Average Gross Revenue, Median Gross Revenue, Revenue Top Quartile (High), and Revenue Bottom Quartile (Low) for 'Franchise Net Sales' were directly extracted from the table 'Statement of and Information Regarding Average and Median Net Sales of Noodles & Company Restaurants for the 52-Week Period Ended January 2, 2024' on Page 1. 2. Average EBITDA and EBITDA margin percentage for franchise units were estimated. The 'Statement of and Information Regarding Restaurant Contribution to Gross Profit and Restaurant EBITDA of Company-owned Restaurants' on Page 3 indicates that Company-owned restaurants had a Restaurant EBITDA of 15.2% of Net Sales, before royalties. 3. The average franchise net sales of $1,237,112 was used as the basis for the estimation. 4. Estimated EBITDA before royalties for a franchise unit = 15.2% of $1,237,112 = $188,041 (rounded). 5. Franchise royalties (5% of Net Sales) = 5% of $1,237,112 = $61,856 (rounded). 6. Estimated Average EBITDA for a franchise unit (after royalties) = $188,041 - $61,856 = $126,185. 7. Estimated EBITDA margin percentage for a franchise unit (after royalties) = $126,185 / $1,237,112 = 0.102 (rounded to three decimal places). 8. Best Guess Profit Low and Best Guess Profit High are set to this estimated Average EBITDA ($126,185), as no specific expense ranges or profit variations were provided for franchisees. The FDD explicitly states that the figures do not reflect the costs to obtain net income or profit and that interest, taxes, depreciation, and amortization can vary.