TERIYAKI MADNESS

Data Based On: 140 franchised Teriyaki Shops that met the Conditions for each calendar year (the twelve-month period commencing on January 1 and ending on December 31) from 2023 to 2025, as stated in Note 2. Detailed P&L data for 66 individual franchised shops is provided as a sample for 2025.

* Average Gross Revenue and Median Gross Revenue are calculated as the simple average of the 2023, 2024, and 2025 values from the 'Gross Sales (1) Table'. Revenue Top Quartile and Revenue Bottom Quartile are derived from the 'Average Gross Sales ("AGS")' for 2025 in the 'Quartile 1: Gross Sales Table' and 'Quartile 4: Gross Sales Table', respectively. Average Gross Profit is the average of (Total Net Revenue - Total Cost of Goods Sold) across 66 individual P&L statements provided. Average EBITDA is the average of the 'EBITDA' values from these 66 P&L statements. EBITDA Margin (%) is the average of (EBITDA / Total Net Revenue) for these 66 shops. Average Net Profit is set to Average EBITDA, as the provided definition of Net Profit ('Gross profit - operating expenses (but before taxes/interest)') aligns with EBITDA in this context. Best Guess Profit Low and High are estimated by applying the minimum and maximum EBITDA margins observed across the 66 P&L statements to the average Net Revenue of those shops.