#1FAT BRANDS FRESH. AUTHENTIC. TASTY. FATBURGER FAZOLI'S ROUNDTABLE TWIN PEAKS SMOKEY BONES PIZZA ROYALTY Johnny Rockets BURGERS, SHAKES, FRIES&FUND GREAT AMERICAN cookies INVESTOR PRESENTATION JANUARY 8, 2024 PRETZELMAKER BITE-SIZED FUN, FULL-SIZED FLAVOR. LLEVATION Marble SLAB CREAMERY BURGER HURRICANE GRILL & WINGS EATS DRINKS SCENIC VIEWS native grill wings PONDEROSA STEAKHOUSE BONANZA STEAKHOUSE Buffalo's CAFE | EXPRESS since G 1946 RASTICK YALLA mediterranean PRETZELMAKER WITH A TWIST! MARK Berchterly BTW NO FLAM 199 GREAT AMERICAN ca GREAT & AMERICAN cookie FATBURGER D8 SKO PRETZELMA FRESH 1991 CHITAN COOKE CAKES FRESH 1991 CRECERADE GAMIS Marble SCAR OKEY A ROUND TABLE PIZZA ROYALTY STIC#2LEGAL DISCLAIMER This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the future financial and operating results of the Company, estimates of future EBITDA, the timing and performance of new store openings, future reductions in cost of capital and leverage ratio, our ability to conduct future accretive acquisitions and our pipeline of new store locations. Forward-looking statements generally use words such as "expect," "foresee," "anticipate," "believe," "project," "should," "estimate," "will," "plans," "forecast," and similar expressions, and reflect our expectations concerning the future. Forward-looking statements are subject to significant business, economic and competitive risks, uncertainties and contingencies, many of which are difficult to predict and beyond our control, which could cause our actual results to differ materially from the results expressed or implied in such forward-looking statements. We refer you to the documents that we file from time to time with the Securities and Exchange Commission, such as our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties that could cause our actual results to differ materially from our current expectations and from the forward-looking statements contained in this presentation. We undertake no obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of this presentation. I FAT FRESH. AUTHENTIC. TASTY. BRANDS 2#3Wohne hnny SOCKETS any of COMPANY Lobby OVERVIEW Ind Johnn ROC Johnny KETS mn... ving Sm KETS Johnny ROCKETS RO Johr John ROCKET PRONA ROCKETS ohnny OCKETS Khnny ROCKL Johnny ROCKET Joh ohnny KALIS for TROCK Ahnny OCKETS ROCK John ROC John CKETS JOHNNY ROCKE aeg 11017 solus buil, RTS Johnni RUCKETS is bunny ETSⓇ John ROCKETS ROCKETS ny ROCKETS Johnny Johnn ROCKE ROCKETS ROCKETS Johnny FAT BRANDS FRESH AUTHENTIC TASTY 3#4FAT BRANDS IS A GLOBAL RESTAURANT FRANCHISING COMPANY FAT Brands Inc. (“FAT Brands", or the “Company”) is a leading multi-brand restaurant franchising company Public company (NASDAQ: FAT) that develops, acquires and markets quick-service, fast casual, casual dining and polished casual dining restaurant concepts Strategic focus on generating revenue through franchise fees and royalty streams via an asset-light model ● ● Global Restaurant Franchising Company FAT BRANDS 15 Opportunities to Eliminate Overhead by Consolidating Acquisitions onto FAT Platform FATBURGER FRESH. AUTHENTIC. TASTY. MURRICANE Asset-Light Business Model FETARGAR ELEVA BURG Proven History of Acquiring & Integrating Brands onto FAT Platform FHILJAGER FIND THE FATBURGER PONDEROSA Growth Driven by Organic NDEROS Measures and Synergistic Acquisitions CLUB KITIES-FOOD-F Significant Management Team Depth and Expertise BONANZA 4#5Q3 2023 PLATFORM SNAPSHOT FAT Brands Portfolio of Restaurants Continues to Expand and Has Global Reach (1) 18 Brands 40 Countries ~95% Franchised Locations 750+ Franchise Partners ~2,300 Worldwide Locations (1) 48 U.S. States ~80% Domestic Locations 300+ Multi-Unit Franchise Partners 1,000+ Unit Development Pipeline Includes open locations and locations under construction as of September 24, 2023 as well as Smokey Bones. FAT FRESH. AUTHENTIC. TASTY. BRANDS FAT BRANDS Existing FAT Brands locations FRESH. AUTHENTIC. TASTY. 5#6DIVERSIFIED PORTFOLIO OF RESTAURANT CONCEPTS 27.9% Quick Service FAZOLI'S Marble SLAB CREAMERY GREAT AMERICANCookies GREAT AMERICAN COOKIES PRETZELMAKER HOT DO 39.8% Fast Casual FATBURGER ROUND TABLE ROUND TABLE PIZZA O STICE NAT FAZOLI'S Johnny BR Rockets PAMERA MARBLE SLAB CREAMERY PRETZELMAKER YTD Q3 2023 Systemwide Sales Breakdown by Category (1) FATBURGER HOT DOG ON A STICK ELEVATION BURGER JOHNNY ROCKETS BUFFALO'S EXPRESS CAFE YALLA YALLA mediterranean (1) YTD Q3 2023 systemwide sales excludes Smokey Bones FAT FRESH. AUTHENTIC. TASTY. BRANDS QSR Fast Casual 9.0% Casual Dining Polished Casual HURRICANE GRILL & WINGS PONDEROSA BONANZA STEAKHOUSE STEAKHOUSE CAFE Buffalo's native grillwings HURRICANE GRILL & WINGS PONDEROSA & BONANZA STEAKHOUSES BUFFALO'S CAFE NATIVE GRILL & WINGS 23.0% Polished Casual TWIN PEAKS SMOKEY BUNES TWIN PEAKS SMOKEY BONES 6#7MANUFACTURING & PRODUCTION FACILITY 40,000 sq.ft. facility in Atlanta, GA, produces cookie batter and dry pretzel mix for franchisees ● ● ● I Acquired facility as part of the GFG transaction Vertically integrated facility supplies Great American Cookies and Marble Slab Creamery franchisees with cookie dough, dry pretzel mix, and ancillary items ● Manages entire supply chain from bulk ingredient ordering, to manufacturing and distribution ● Produces over 9 million pounds of cookie dough batter per year and 3.5 million pounds of dry pretzel mix High profit margin business with ~60% excess capacity Actively pursuing strategic initiatives to increase throughput at the factory via (i) organic growth of Great American Cookies and Pretzelmaker brands and (ii) third-party contract manufacturing opportunities On May 25, 2022, announced the acquisition of franchised Nestle® Toll HouseⓇ Café by Chip® locations which will further increase utilization of the manufacturing and production facility as these locations re-brand to Great American Cookies FAT FRESH. AUTHENTIC. TASTY. BRANDS $8,179k $9,165k 01 Factory Revenues $8,570k $9,686k 02 $7,839k GREAT AMERICAN cookies" ■FY 2022 FY 2023 $9,323k 03 MFG. $8,916k 04 7#8PLATFORM BUILT FOR GROWTH FAT Brands has developed a robust management and systems platform that supports the expansion of its existing brands while enabling the accretive acquisition and efficient integration of additional restaurant concepts FAT BRANDS Public Relations Marketing & Advertising FATBU FRESH. AUTHENTIC. TASTY. Staff TBURGER Training "HAN FATBURGER Financial Planning Site Selection Supply Chain ATION Scalable platform affords FAT Brands the opportunity to synergistically incorporate new concepts with minimal incremental corporate overhead costs EVA Digital & Media Strategy ELEVATION Restaurant Design HURRICANE A 8#9PRUDENT ACQUISITION STRATEGY Clearly defined near-term acquisition strategy to focus on brands that can (i) accelerate growth at Twin Peaks and (ii) drive revenue and profit at the cookie and pretzel factory ● ● I Accelerate Growth at Twin Peaks Drivers Smokey Bones has very similar format to Twin Peaks Clearly defined roadmap to convert select Smokey Bones into Twin Peaks Capitalize on faster and more capital efficient conversions SMOKEY BUNES FAT FRESH. AUTHENTIC. TASTY. BRANDS ● Grow Profits at Cookie / Pretzel Factory Nestle Toll House Café by Chip® acquisition drove unit growth of Great American Cookies Nestle TOLL HOUSE SINCE 1939 Café by Chip 9#101818 RTBURGER Q3 2023 HIGHLIGHTS ANALY ANNE 3980810 CONTINE TXX FATBURGER 439808183 FAT BRANDS FRESH AUTHENTIC TASTY 10#11YTD Q3 2023 HIGHLIGHTS (1) (2) (3) (4) 3.6% Sales Growth (1) YTD Q3 2023 v YTD Q3 2022 System-Wide 96 New Store Openings YTD 03 2023 (3) HHH FATBURGER FAT FRESH. AUTHENTIC. TASTY. BRANDS WORBEDANC 1.3% SSS Growth (2) YTD 03 2023 v YTD 03 2022 System-Wide UR H G $321.8mm Total Revenue YTD 03 2023 KERTBURGER FATLJAGER FIND THE FATBURGER PONDEROSA VELIES-FOOD-END $1,698.9mm System-Wide Sales YTD Q3 2023 QUAD CHALLENGE $64.2mm Adj. EBITDA (4) PONDERNA BONANZA YTD 03 2023 DO YOU HAVE WHAT IT TAKES TO BE A CHAMPION? System-wide sales growth reflects the percentage change in sales in any given fiscal period compared to the prior fiscal period for all stores in that brand only when the brand is owned by FAT Brands. Because of acquisitions, new store openings and store closures, the stores open throughout both fiscal periods being compared may be different from period to period. Same-store sales growth reflects the change in year-over-year sales for the comparable store base, which we define as the number of stores open and in the FAT Brands system for at least one full fiscal year. For stores that were temporarily closed, sales in the current and prior period are adjusted accordingly. Given our focused marketing efforts and public excitement surrounding each opening, new stores often experience an initial start-up period with considerably higher than average sales volumes, which subsequently decrease to stabilized levels after three to six months. Additionally, when we acquire a brand, it may take several months to integrate fully each location of said brand into the FAT Brands platform. Thus, we do not include stores in the comparable base until they have been open and in the FAT Brands system for at least one full fiscal year. New store openings reflects the number of stores opened during a particular reporting period. The total number of new stores per reporting period and the timing of store openings has, and will continue to have, an impact on our results. EBITDA is defined as earnings before interest, taxes, depreciation and amortization. We use the term EBITDA, as opposed to income from operations, as it is widely used by analysts, investors and other interested parties to evaluate companies in our industry. We believe that EBITDA is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate to business performance. EBITDA is not a measure of our financial performance or liquidity that is determined in accordance with generally accepted accounting principles ("GAAP"), and should not be considered as an alternative to net income (loss) as a measure of financial performance or cash flows from operations as measures of liquidity, or any other performance measure derived in accordance with GAAP. Adjusted EBITDA is defined as EBITDA (as defined above), excluding expenses related to acquisitions, refranchising gain or losses, impairment charges, and certain non-recurring or non-cash items that the Company does not believe directly reflect its core operations and may not be indicative of the Company's recurring business operations. A reconciliation of net income presented in accordance with GAAP to EBITDA and adjusted EBITDA is set forth in the Appendix. 11#12YTD Q3 2023 RESULTS (1) $65.4mm YTD Q3 2022 $1,640.3mm Royalties Systemwide Sales $69.2mm YTD Q3 2023 $1,698.9mm $303.4mm YTD Q3 2022 $69.2mm Revenue Adj. EBITDA (1) $321.8mm YTD Q3 2023 $64.2mm YTD Q3 2022 YTD Q3 2023 YTD Q3 2022 YTD Q3 2023 EBITDA is defined as earnings before interest, taxes, depreciation and amortization. We use the term EBITDA, as opposed to income from operations, as it is widely used by analysts, investors and other interested parties to evaluate companies in our industry. We believe that EBITDA is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate to business performance. EBITDA is not a measure of our financial performance or liquidity that is determined in accordance with generally accepted accounting principles ("GAAP), and should not be considered as an alternative to net income (loss) as a measure of financial performance or cash flows from operations as measures of liquidity, or any other performance measure derived in accordance with GAAP. Adjusted EBITDA is defined as EBITDA (as defined above), excluding expenses related to acquisitions, refranchising gain or losses, impairment charges, and certain non-recurring or non-cash items that the Company does not believe directly reflect its core operations and may not be indicative of the Company's recurring business operations. A reconciliation of net income presented in accordance with GAAP to EBITDA and adjusted EBITDA is set forth in the Appendix. 12#13Q3 2023 RESULTS (1) $22.8mm 03 2022 $560.3mm Royalties Systemwide Sales $23.9mm 03 2023 $564.6mm $103.2mm Q3 2022 $24.6mm 03 2022 Revenue Adj. EBITDA (1) $109.4mm 03 2023 $21.9mm 03 2023 03 2022 03 2023 EBITDA is defined as earnings before interest, taxes, depreciation and amortization. We use the term EBITDA, as opposed to income from operations, as it is widely used by analysts, investors and other interested parties to evaluate companies in our industry. We believe that EBITDA is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate to business performance. EBITDA is not a measure of our financial performance or liquidity that is determined in accordance with generally accepted accounting principles ("GAAP), and should not be considered as an alternative to net income (loss) as a measure of financial performance or cash flows from operations as measures of liquidity, or any other performance measure derived in accordance with GAAP. Adjusted EBITDA is defined as EBITDA (as defined above), excluding expenses related to acquisitions, refranchising gain or losses, impairment charges, and certain non-recurring or non-cash items that the Company does not believe directly reflect its core operations and may not be indicative of the Company's recurring business operations. A reconciliation of net income presented in accordance with GAAP to EBITDA and adjusted EBITDA is set forth in the Appendix. 13#14EXPERIENCED MANAGEMENT TEAM Ken J. Kuick Co-CEO & Chief Financial Officer Noodles & Company, VICI Properties, Caesars Entertainment Mason Wiederhorn Chief Brand Officer 10+ years w/ Fog Cutter Capital and Fatburger Jake Berchtold COO Fast Casual Division 15+ years w/ Fatburger David Pear President Round Table Pizza Desert De Oro Foods, Del Taco, Yum! Brands, Domino's Pizza Rob Rosen Co-CEO & Head of Debt Capital Markets Black Diamond Capital Management, Fleet Bank, Kidder Peabody Allen Sussman Executive Vice President & General Counsel Partner Loeb & Loeb LLP Allison Lauenstein President QSR Division Global Franchise Group, Dunkin' Brands, Hyatt Hotels Ron Roe Senior Vice President of Finance Fog Cutter Capital, Piper Jaffray Thayer Wiederhorn Chief Operating Officer 10+ years w/ Fog Cutter Capital and Fatburger Jenn Johnston Chief Marketing Officer Global Franchise Group, NexCen Franchise Management Gregg Nettleton President & COO Casual Dining Division GBS Enterprises, Black Angus Steakhouses, IHOP Donald J. Berchtold Chief Concept Officer 20+ years w/ Fog Cutter Capital Taylor Wiederhorn Chief Development Officer 10+ years w/ Fog Cutter Capital and Fatburger Joe Hummel CEO Twin Peaks, President Polished Casual Division Twin Peaks, La Cima Restaurants, Hooters, Naturally Fresh Doug Bostick President Fazoli's 20+ years w/ Fazoli's, Wendy's, Dairy Queen Michael G. Chachula Chief Information Officer The Coffee Bean & Tea Leaf®, IHOP® Restaurants 14#15BOARD OF DIRECTORS Andrew A. Wiederhorn Chairman Founder of FAT Brands, Fog Cutter Capital, Wilshire Financial Services Tyler Child Director JMP Securities LLC, Banc of America Securities LLC, Montgomery Securities Matthew H. Green Director Peninsula Capital John S. Allen Director Pacific Way Bakery & Café Mark Elenowitz Director Horizon Fintex, Upstream, Digital Offering, BANQⓇ John C. Metz Director Franchisee of Denny's, Wahoo Seafood Grill, Hurricane Dockside Grill Taylor Wiederhorn Director 10+ years w/ Fog Cutter Capital and Fatburger Donald J. Berchtold Director 20+ years w/ Fog Cutter Capital James G. Ellis Director Dean of Marshall School of Business at University of Southern California Carmen Vidal Director 15+ years w/ Fatburger Thayer Wiederhorn Director 10+ years w/ Fog Cutter Capital and Fatburger Lynne Collier Director ICR, Canaccord Genuity, Loop Capital Peter R. Feinstein Director SHAC, LLC, Sugar Factory, El Dorado Cantina, Country Star Restaurants Mason Wiederhorn Director 10+ years w/ Fog Cutter Capital and Fatburger 15#16SUMMARY OF INVESTMENT HIGHLIGHTS Global Restaurant Franchising Company VATION Opportunities to Eliminate Overhead by Consolidating Brands onto FAT Platform ROCKETS Joh Bran ROCKETS FAT FRESH. AUTHENTIC. TASTY. BRANDS Johnn th Asset-Light Business Model Proven History of Acquiring and Integrating Brands onto FAT Platform Growth Driven by Organic Measures & Synergistic Acquisitions Significant HURRICANE HURRICANE Management Team Depth and Expertise HURRICANE 260 16#17APPENDIX %20 Certified Cargonic ED 00% NATION JJ T TINGE CKEN 3DSS= P THE Mond joope Spu Sweer Shakes aut Mill FAT BRANDS FRESH. AUTHENTIC. TASTY. SCAN ME to sign up!#18DEFINITIONS "EBITDA," a non-GAAP measure, defined as earnings before interest, taxes, depreciation and amortization. We use the term EBITDA, as opposed to income from operations, as it is widely used by analysts, investors and other interested parties to evaluate companies in our industry. We believe that EBITDA is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate to business performance. EBITDA is not a measure of our financial performance or liquidity that is determined in accordance with generally accepted accounting principles ("GAAP") and should not be considered as an alternative to net income (loss) as a measure of financial performance or cash flows from operations as measures of liquidity, or any other performance measure derived in accordance with GAAP. A reconciliation of net income presented in accordance with GAAP to EBITDA and adjusted EBITDA is set forth in the Appendix. "Adjusted EBITDA," a non-GAAP measure, defined as EBITDA (as defined above), excluding expenses related to acquisitions, refranchising gain or losses, impairment charges, and certain non-recurring or non-cash items that the Company does not believe directly reflect its core operations and may not be indicative of the Company's recurring business operations. A reconciliation of net income presented in accordance with GAAP to EBITDA and adjusted EBITDA is set forth in the Appendix. "Adjusted net loss," a non-GAAP measure, defined as net loss plus the impact of adjustments and the tax effects of such adjustments. Adjusted net loss is presented because we believe it helps convey supplemental information to investors regarding our performance, excluding the impact of special items that affect the comparability of results in past quarters to expected results in future quarters. Adjusted net loss as presented may not be comparable to other similarly titled measures of other companies, and our presentation of adjusted net loss should not be construed as an inference that our future results will be unaffected by excluded or unusual items. Our management uses this non- GAAP financial measure to analyze changes in our underlying business from quarter to quarter based on comparable financial results. Reconciliations of net loss attributable to FAT Brands Inc. presented in accordance with GAAP to EBITDA, adjusted EBITDA and adjusted net loss are set forth in the Appendix. "Same-store sales growth" or "SSS" a non-GAAP measure, reflects the change in year-over-year sales for the comparable store base, which we define as the number of stores open and in the FAT Brands system for at least one full fiscal year. For stores that were temporarily closed, sales in the current and prior period are adjusted accordingly. Given our focused marketing efforts and public excitement surrounding each opening, new stores often experience an initial start-up period with considerably higher than average sales volumes, which subsequently decrease to stabilized levels after three to six months. Additionally, when we acquire a brand, it may take several months to integrate fully each location of said brand into the FAT Brands platform. Thus, we do not include stores in the comparable base until they have been open and in the FAT Brands system for at least one full fiscal year. "System-wide sales growth," a non-GAAP measure, reflects the percentage change in sales in any given fiscal period compared to the prior fiscal period for all stores in that brand only when the brand is owned by FAT Brands. Because of acquisitions, new store openings and store closures, the stores open throughout both fiscal periods being compared may be different from period to period. I FAT FRESH. AUTHENTIC. TASTY. BRANDS#19EQUITY CAPITALIZATION (¹) (1) (2) Series B Preferred Stock: Common Stock: (2) Options: Warrants: FAT FRESH. AUTHENTIC. TASTY. BRANDS Ticker NASDAQ: FATBP NASDAQ: FAT NASDAQ: FATBB N/A NASDAQ: FATBW Shares 7,575,079 15,495,709 (Class A) 1,270,805 (Class B) 2,916,198 1,156,158 Liquidation Preference $189,376,475 N/A N/A N/A WAEP N/A N/A $9.44 $3.09 As of September 24, 2023 Excludes 241,204 shares of Common Stock issuable upon conversion of a convertible subordinated promissory note issued to the sellers of Elevation Burger, which conversion right is exercisable at $12.00 per share and is subject to certain adjustments and restrictions#20CONSOLIDATED STATEMENT OF OPERATIONS (In thousands) Revenue Royalties Restaurant sales Advertising fees Factory revenues Franchise fees Other revenue Total revenue Costs and expenses General and administrative expense Cost of restaurant and factory revenues Depreciation and amortization Refranchising loss Acquisition costs Advertising fees Total costs and expenses Income from operations Other (expense) income, net Interest expense Interest expense related to preferred shares Net loss on extinguishment of debt Other (expense) income, net Total other expense, net Loss before income tax (benefit) provision Income tax (benefit) provision Net loss Net loss Dividends on preferred shares Basic and diluted loss per common share Basic and diluted weighted average shares outstanding Cash dividends declared per common share September 24, September 2023 25, 2022 $ $ $ $ $ Thirteen Weeks Ended $ 23,930 $ 62,578 9,960 9,323 2,477 1,098 109,366 24,458 59,168 7,040 408 11,671 102,745 6,621 (25,319) (4,417) (2,723) (128) (32,587) (25,966) (1,310) (24,656) $ (24,656) $ (1,794) (26,450) $ (1.59) $ 16,613,840 0.14 $ 22,833 $ 61,352 9,479 7,839 754 965 103,222 28,751 55,257 6,895 122 11,185 102,210 1,012 (19,504) (4,967) 538 (23,933) (22,921) Thirty-Nine Weeks Ended September 24, September 25, 2023 2022 516 (23,437) $ (23,437) $ (1,661) (25,098) $ (1.52) $ 16,528,327 0.14 $ 69,166 $ 187,957 28,979 28,174 4,042 3,503 321,821 62,820 177,757 21,217 746 33,808 296,348 25,473 (70,417) (13,771) (2,723) 137 (86,774) (61,301) 2,572 (63,873) $ (63,873) $ (5,175) (69,048) $ (4.17) $ 16,553,528 0.42 $ 65,396 179,473 28,408 24,588 2,763 2,782 303,410 74,188 159,901 20,076 1,123 383 33,038 288,709 14,701 (57,530) (11,681) 3,919 (65,292) (50,591) 4,789 (55,380) (55,380) (4,975) (60,355) (3.67) 16,441,555 0.40 |||#21CONSOLIDATED EBITDA & ADJ. EBITDA RECONCILIATION I FAT FRESH. AUTHENTIC. TASTY. BRANDS (In thousands) Net loss Interest expense, net Income tax (benefit) provision Depreciation and amortization EBITDA Bad debt (recovery) expense Share-based compensation expenses Non-cash lease expenses Acquisition costs Refranchising loss Litigation costs Severance Net loss (gain) related to advertising fund deficit Net loss on extinguishment of debt Pre-opening expenses Adjusted EBITDA Thirteen Weeks Ended September 24, September 25, 2023 2022 $ $ (24,656) $ 29,736 (1,310) 7,040 10,810 (630) 1,096 558 408 4,780 1,591 2,723 537 21,874 $ (23,437) $ 24,471 516 6,895 8,445 5,520 2,035 929 122 6,906 (7) 602 September 24, 2023 Thirty-Nine Weeks Ended September 25, 2022 24,552 $ (63,873) $ 84,188 2,572 21,217 44,104 (12,701) 2,668 1,232 746 19,448 1,036 4,365 2,723 577 64,197 $ (55,380) 69,211 4,789 20,076 38,696 5,943 6,081 1,670 383 1,123 14,170 526 3 602 69,197 IV#22ADJUSTED NET LOSS RECONCILIATION I FAT FRESH. AUTHENTIC. TASTY. BRANDS (In thousands, except share and per share data) Net loss Refranchising loss Acquisition costs Net loss on extinguishment of debt Litigation costs Severance Tax adjustments, net (1) Adjusted net loss Net loss Dividends on preferred shares Adjusted net loss Dividends on preferred shares Loss per basic and diluted share Adjusted net loss per basic and diluted share Thirteen Weeks Ended Thirty-Nine Weeks Ended September 24, September 25, September 24, September 25, 2023 2022 2023 2022 $ $ $ $ $ $ $ $ (24,656) $ 408 2,723 4,780 (398) (17,143) $ (24,656) (1,794) (26,450) $ (17,143) $ (1,794) (18,937) $ (1.59) $ (1.14) $ (23,437) $ 122 6,906 158 (16,251) $ (23,437) $ (1,661) (25,098) $ (16,251) $ (1,661) (17,912) $ (1.52) $ (1.08) $ Weighted average basic and diluted shares outstanding 16,613,840 16,528,327 (1) Reflects the tax impact of the adjustments using the effective tax rate for the respective periods. (63,873) $ 746 2,723 19,448 1,036 1,365 (38,555) $ (63,873) (5,175) (69,048) $ (38,556) $ (5,175) (43,731) $ (4.17) (2.64) $ 16,553,528 (55,380) 1,123 383 14,170 526 1,534 (37,644) (55,380) (4,975) (60,355) (37,644) (4,975) (42,619) (3.67) (2.59) 16,441,555 V#23CONTACT INVESTOR RELATIONS: ICR MICHELLE MICHALSKI [email protected] 646-277-1224 MEDIA RELATIONS: FAT BRANDS ERIN MANDZIK [email protected] 860-212-6509 Certified Craonic 100% 00% NATION JJ TINGE CKEN 3DSS= P THE Mond joope Spu Sweer Shakes aut Mill FAT BRANDS FRESH. AUTHENTIC. TASTY. SCAN ME to sign up!