The Cheesecake Factory (CAKE) 47th Annual Raymond James Institutional Investor Conference summary

Strategic positioning and brand strengths

• Operates a diversified portfolio including The Cheesecake Factory, North Italia, Flower Child, and FRC concepts, each with unique market positioning and strong guest affinity.

• Focus on experiential dining, menu innovation, and high-quality, made-from-scratch offerings drives competitive advantage and industry-leading retention.

• Strong brand engagement is fueled by organic marketing, social media presence, and pop culture relevance, with minimal reliance on traditional paid advertising.

• Recognized as an Employer of Choice, supporting talent attraction and retention, which underpins operational excellence.

• Off-premise sales and digital engagement, including a successful loyalty program and exclusive delivery partnership, contribute to incremental growth.

Growth initiatives and expansion plans

• Targets significant unit growth: Cheesecake Factory aims for 300 domestic locations, North Italia for 200, and Flower Child for 700, with 26 new restaurants planned for the current year.

• Flower Child and North Italia are expanding rapidly, with Flower Child outpacing the fast casual segment and North Italia maintaining strong sales and returns.

• FRC serves as an innovation incubator, with concepts like Culinary Dropout and The Henry identified as future growth drivers.

• Plans for 7% annual unit growth, among the highest in the casual dining industry, supported by robust unit economics and market diversification.

• Expansion into new high-growth markets is expected to generate over $5 billion in additional revenue at scale.

Financial performance and outlook

• Achieved record adjusted EBITDA of $354 million and over $301 million in operating cash flow in 2025, with $206 million returned to shareholders.

• 2025 sales: Cheesecake Factory up 1% (AUV $12.4M), North Italia up 15% (AUV $7.6M), Flower Child up 28% (AUV $4.6M).

• Expects 2026 revenues of approximately $3.9 billion and a net income margin of about 5%, assuming stable trends and effective menu pricing.

• Plans $210 million in capital expenditures for new restaurant openings and maintenance, with continued capital returns via dividends and share repurchases.

• Strong operational execution and margin expansion position the company for continued success and value creation in 2026 and beyond.