POPEYES LOUISIANA KITCHEN

Data Based On: Data for average gross revenue, median gross revenue, revenue top quartile, and revenue bottom quartile is derived from 2,837 franchised Popeyes Restaurants (2,186 free-standing, 480 in-line, 171 food court) continuously operated for the 12-month period ended December 31, 2024. Data for average EBITDA and EBITDA margin is derived from 2,411 franchised free-standing and in-line Popeyes Restaurants, also continuously operated for the 12-month period ended December 31, 2024.

* 1. Average Gross Revenue: Calculated as a weighted average of the 'Arithmetic Average Sales' for Franchised Free-standing ($1,978,635 across 2,186 units), In-line ($1,907,099 across 480 units), and Food Court ($1,429,298 across 171 units) restaurants. Formula: (1978635 * 2186 + 1907099 * 480 + 1429298 * 171) / (2186 + 480 + 171) = $1,933,420.37. 2. Median Gross Revenue: Used the 'Median' value for Free-standing Franchised Restaurants ($1,876,964), as this category represents the largest sample size (2,186 units) among the three restaurant types, making it the most representative median available. 3. Revenue Top Quartile: Calculated as a weighted average of the 'Upper Range Average' for Franchised Free-standing ($2,674,210 across 929 units), In-line ($2,668,634 across 181 units), and Food Court ($2,688,028 across 28 units) restaurants. Formula: (2674210 * 929 + 2668634 * 181 + 2688028 * 28) / (929 + 181 + 28) = $2,673,663.12. 4. Revenue Bottom Quartile: Calculated as a weighted average of the 'Lower Range Average' for Franchised Free-standing ($1,167,079 across 619 units), In-line ($1,200,020 across 162 units), and Food Court ($1,059,526 across 114 units) restaurants. Formula: (1167079 * 619 + 1200020 * 162 + 1059526 * 114) / (619 + 162 + 114) = $1,159,342.02. 5. Average EBITDA: Calculated as a weighted average of the 'EBITDA $' from 'TABLE IV: EBITDA – BY ANNUAL SALES LEVEL' for Free-standing and In-line Franchised Restaurants. Free-standing segments included 1,987 units across four sales ranges, and In-line segments included 424 units across four sales ranges. The overall weighted average EBITDA for these 2,411 units is $261,780.43. 6. EBITDA Margin Percentage: Calculated by dividing the overall weighted average EBITDA ($261,780.43) by the overall weighted average sales corresponding to the EBITDA data ($1,961,217.90). Formula: 261780.43 / 1961217.90 = 0.1334785, rounded to 0.1335 (13.35%). 7. Best Guess Profit Low: Set to the lowest average EBITDA dollar amount reported in any segment from Table IV for Free-standing Franchised Restaurants (<$1.5M sales level), which is $43,618. 8. Best Guess Profit High: Set to the highest average EBITDA dollar amount reported in any segment from Table IV for Free-standing Franchised Restaurants (>$2.5M sales level), which is $560,947.