Jersey Mike's Subs (JMKE) investor relations material

Company overview and business model

• Operates as a high-growth franchisor of fast casual, submarine-style sandwich restaurants with over 3,300 locations, primarily franchised, across the U.S. and Canada.

• Focuses on authentic, hand-crafted subs, high-quality ingredients, and a community-first culture, with a robust digital and marketing platform.

• Employs an asset-light, 99% franchised model, generating high operating margins and strong cash flow.

• Franchise agreements typically have a 10-year term, with a 10-year renewal option, and require a 6.5% royalty and 5% advertising fund contribution.

Financial performance and metrics

• Fiscal 2025 systemwide sales reached $4.2 billion, with an average unit volume (AUV) of $1.4 million and 8.5% net store growth.

• Adjusted EBITDA for 2025 was $327 million, with a 47% margin; net income was $59 million.

• Over the past five years, revenue CAGR was 16%, systemwide sales CAGR was 18%, and store count CAGR was 12%.

• Cash-on-cash returns for franchisees were approximately 42% in 2025, with a payback period of 2.4 years.

• Q1 2026 systemwide sales were $1.1 billion, with 1.7% same-store sales growth and 8.1% net store growth.

Use of proceeds and capital allocation

• Proceeds of approximately $301 million from the IPO will be used to acquire newly issued Common Units from Jersey Mike's Holdings.

• Jersey Mike's Holdings will use $295 million to repay a portion of outstanding Series 2026-1 Notes and the remainder for general corporate purposes.

• No proceeds from the sale of shares by selling stockholders will go to the company.