#1GROUPE MTY GROUP INVESTOR PRESENTATION JULY 2021#2Forward-looking Statements GROUPE MTY GROUP This presentation may contain written and oral statements that constitute forward-looking statements. These forward-looking statements may involve, but are not limited to, comments with respect to our business or financial objectives, our strategies or future actions, our targets, expectations for our financial condition or our outlook for our operations and future earn-out and additional equity interest obligations. Forward looking statements are not guarantees of future results, performance, achievements or developments and actual results, performance, achievements or developments may differ materially from those in the forward-looking statements as a result of various factors, including downturns in general economic conditions, consolidation and globalisation of the industry, the highly competitive nature of the quick service restaurant industry, the greater resources available to much larger global players, low entry barriers for new competitors, our ability to successfully integrate our acquired and to-be-acquired businesses and the retention of key management personnel. Assumptions relating to the foregoing involve judgments and risks, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in the forward-looking statements are reasonable based on information currently available to us, we cannot assure that the expectations will prove to have been correct. Accordingly you should not place undue reliance on forward-looking statements. In particular, forward-looking statements do not reflect the potential impact of any merger or acquisitions or other business combinations or divestitures that may be announced or completed after such statements are made. Reference should be made to the most recent annual Management's Discussion and Analysis for an in- depth description of major risk factors. 2#3Non-GAAP Measures GROUPE MTY GROUP Unless otherwise indicated, the financial information presented below, including tabular amounts, is expressed in Canadian dollars and prepared in accordance with International Financial Reporting Standards ("IFRS"). MTY uses revenues less operating expenses (excludes income tax, interest, depreciation and amortization and all other income (charges) plus its share of net profit (loss) of a joint venture accounted for using the equity method ("adjusted EBITDA"), because this measure enables management to assess the Company's operational performance. The Company also discloses system sales, which represents the total net sales of the franchised and corporate restaurants of its network, digital sales, which represents sales made by customers through online ordering platforms and free cash flows ("FCF") which represents the sum total cash flows from operating activities less capital expenditures. These measures are widely accepted financial indicators but are not a measurement determined in accordance with GAAP and may not be comparable to those presented by other companies. These non-GAAP measures are intended to provide additional information about the performance of MTY, and should not be considered in isolation or as a substitute for measure of performance prepared in accordance with GAAP. The Company uses these measures to evaluate the performance of the business as they reflect its ongoing operations. Management believe that certain investors and analysts use adjusted EBITDA to measure a company's ability to meet payment obligations or as a common measurement to value companies in the industry. Similarly, system sales and digital sales growth provides additional information to investors about the performance of the network that is not available under GAAP. These measures are components in the determination of short-term incentive compensation for some employees. This presentation should be read in conjunction with the Company's financial statements and the notes thereto and the Management Discussion and Analysis (MD&A). 3#4Adoption of IFRS 16, Leases GROUPE MTY GROUP Effective December 1, 2019, the Company implemented IFRS 16, Leases, but has not restated comparatives for the 2019 reporting period, as permitted under the specific transitional provisions in the standard. Please refer to the section Changes in accounting policies in the Management's Discussion and Analysis for further details. 4#5Agenda INVESTMENT THESIS OVERVIEW OF MTY GROUP UPDATE ON COVID-19 STRATEGY AND FUTURE GROWTH FINANCIAL TRENDS Q2-2021 RESULTS GROUPE MTY GROUP MARKET OVERVIEW APPENDIX (Historical Data) 5#6GROUPE MTY GROUP INVESTMENT THESIS 9#7Investment Thesis Proven consolidator with disciplined acquisition strategy Track record of growth Strong cash flow generation ability Recurring revenue streams in the franchising segment Diversified portfolio of over 80 brands Knowledgeable and committed team Well positioned for more acquisitions GROUPE MTY GROUP 7#8GROUPE MTY GROUP OVERVIEW OF MTY GROUP 8 00#9MTY Group at a Glance GROUPE MTY GROUP Franchises and operates quick-service and casual dining restaurants over ≈ 80 brands MTY Group Food Processing, distribution & Retail 23% International 3% Underlying Network Non-traditional 22% Food court 15% Corporate Stores 11% $517M LTM Q2-2021 Revenues(1) 16% 50% 65% U.S. $3.4B LTM Q2-2021 System Sales (2) 32% 6,907 Canada Promotional Funds (1) Percentages are calculated by excluding intercompany revenues Franchise Operation (2) This is a non-GAAP measure. Please refer to page 3 of this presentation. Ticker MTY Market Cap. $1.6B As at July 9, 2021 Q2-2021 Locations 63% Street front Brands =80 9#10Milestones in ~40-Year History 1st acquisition: Fontaine Santé Listed on Vancouver Stock Exchange Stanley Ma, founder, opens 1st restaurant GROUPE MTY GROUP Acquires Kahala Brands Acquires The Works Burger The Counter Custom Burgers Built Custom Burgers Acquires Papa Murphy's Acquires • Casa Grecque ⚫South Street Burger • Yuzu Sushi • Allô! Mon Coco Acquires • Sushi Shop Acquires Country Style Food Services Holdings Inc. Acquires • Jus Jugo Juice • Mr. Sub • Dagwoods • Extreme Brandz 1979 1980s 1990s 2001-05 2006 2008 2009 2010 2011-13 2014 2015-17 2018 2019 2020 Tiki Ming- first franchise restaurant in 1983 Launches Sukiyaki Develops Villa Madina concept Acquires • La Crémière • Cultures • Mrs. Vanelli's Exclusive Acquires franchise rights Listed on TSX • Café Dépôt for Taco Time in Canada • Sushi Man Acquires Groupe Valentine Acquires a food processing plant • Muffin Plus ⚫ Fabrika • Manchu Wok • Wasabi Grill & Noodle • SenseAsian Cafés-Bistros Van Houtte Acquires . Timothy's World Coffee • MMMuffin • Grabbagreen Imvescor • Sweet Frog Premium Yogurt Announces new CEO Acquires • Turtle Jack's Muskoka Grill • COOP Wicked Chicken • Frat's Cucina 10 10#11Track Record of Growth GROUPE MTY GROUP Revenues (M$) Adjusted EBITDA (¹) (M$) Net Income (M$) 155 147 551 511 138 517 125 276 412 94 == 50 96 ili 79 78 2017 2018 2019 2020 LTM Q2-21 2017 2018 2019 2020 LTM Q2-21 2017 2018 2019 2020 LTM Q2-21 -37 Operating Cash Flow (M$) 134 144 113 98 94 94 Adjusted EBITDA (1) Margin (%) FCF(1) (M$) 141 139 117 52% 49% 48% 48% 45% 34% 111 94 93 30% 27% 27% 30% 2017 2018 2019 2020 LTM Q2-21 2017 2018 2019 2020 LTM Q2-21 2017 2018 2019 2020 LTM Q2-21 Consolidated Adj. EBITDA (%) ■Franchise Adj. EBITDA (%) (1) This is a non-GAAP measure. Please refer to page 3 of this presentation. . Note: 2018 & 2019 figures have been restated to reflect the adoption of IFRS 15. • Note: 2017-2019 figures have not been restated for IFRS 16. 11#12International Network in 37 Countries 6,907 locations and $3.4B (1) in System Sales as at LTM Q2-2021 Canada 2,667 $1,099M United States 3,745 $2,227M (1) This is a non-GAAP measure. Please refer to page 3 of this presentation. International 495 $116M GROUPE MTY GROUP 12#13Network Evolution System Sales (M$)(1) 3,441 2,302 الالات 2,302 System Sales by Type (M$)(1) GROUPE MTY GROUP System Sales by Geography (M$)(1) 3,441 2,302 3,441 2017 2018 2019 2020 LTM Q2-21 2017 2018 2019 2020 LTM Q2-21 2017 2018 2019 2020 LTM Q2-21 ■ Food Court ■Street front Non-traditonal ■Canada ■ U.S. ■International 5,469 Number of Locations 6,907 5,469 2017 2018 2019 2020 Q2-21 Locations by Geography Locations by Type 6,907 5,469 2017 2018 2019 ■ Food Court ■Street front (1) This is a non-GAAP measure. Please refer to page 3 of this presentation. 6,907 2020 Q2-21 2017 2018 2019 2020 Q2-21 ■ Non-traditonal ■ Canada ■ U.S. ■International 13#14Growing by Acquisitions MTY has realized over 50 acquisitions since 1999 GROUPE MTY GROUP 1999-2005 • Fontaine Santé/Veggirama • La Crémière • Croissant Plus • Cultures ⚫ Thai Express • Mrs. Vanelli's • TCBY-Canadian master franchise right 2006-2010 • Yogen Fruz-Canadian master franchise right • Sushi Shop • Koya Japan • Sushi Shop - existing franchise locations • Tutti Frutti • Taco Time - Canadian • master franchise rights Country Style Food Services Holdings Inc. Groupe Valentine inc. 2011-2015 ⚫ Jugo Juice • Mr. Submarine • Koryo Korean BBQ • Mr. Souvlaki ⚫ SushiGo • Extreme Pita . PurBlendz • Mucho Burrito • ThaiZone • Madisons • Café Dépôt • Muffin Plus • Sushi-Man . Fabrika • Van Houtte Café Bistros - perpetual franchising license • Manchu Wok • Wasabi Grill & Noodle • Sense Asian Big Smoke Burger 2016 2017 • Steak Frites St-Paul Kahala Brands Ltd • Cold Stone Creamery, Blimpie, Taco Time, Surf City Squeeze, The Great Steak & Potato Company, NrGize Lifestyle Café, Samurai Sam's Teriyaki Grill, Frullati Café & Bakery, Rollerz, Johnnie's New York Pizzeria, Ranch One, America's Taco Shop, Cereality, Tasti D-Lite, Planet Smoothie, Maui Wowi and Pinkberry BF Acquisition Holdings, LLC ⋅ Baja Fresh Mexican Grill • La Salsa Fresh Mexican Grill • La Diperie Giorgio Ristorante • The Works Gourmet Burger Bistro • Houston Avenue Bar & Grill • Industria Pizzeria & Bar Dagwoods Sandwiches • and Salads • The Counter Custom Burgers Built Custom Burgers 2018 Imvescor Restaurant Group Baton Rouge, Pizza Delight, Scores, Toujours Mikes and Ben & Florentine Grabbagreen Timothy's World Coffee • Mmmuffins 2019 Papa Murphy's • Casa Grecque ⚫South Street Burger • Yuzu Sushi Allô! Mon Coco 2020 • Turtle Jack's Muskoka Grill • COOP Wicked Chicken Frat's Cucina 14#15Diversified Portfolio of Over 80 Brands GROUPE MTY GROUP sushiman KIM CHỈ Tandori Asian & Indian Protects MTY from shifts in customer preferences KORYO sushiGo SS KOREAN BARBEQUE SAMURAI SAM'S Thai wasabi THATZONE Sensasian Food&Drinks Sukiyaki Sushi shop YUZU TIKI-MING vie&nam Manchu WOK KOYA sushi Frozen treats & smoothies COLD STONE LA CREMIERE BÂTON ROUGE Diperie STEAKHOUSE & BAR toby fr tasti D-lite JUGO JUICE yogurt BIG SMOKE BURGER American 00 TURTLE JACK Oburger. STEAK FRITES • Lifestyle Cafe ROCKY MOUNTAI CHOCOLATE FACTORY MAU WOW COFFEES & SMOOTHIES SOUTH ST. the MUSKOKA GRII BUILT [CUSTOM BURGERS] GREAT PAPA MURPHY'S TAKE WAKE PIZZA THE WORKS STEAK GINGER RANCH ONE BURGER COUNTER madisons RESTAURANT & SCORES Mikes Put at leve Premium frozen vasturt Opinkberry sweetFrog Frullati Cafe Nr Gize BAKERY CIT sade Planet Smoothie valentine Dagwoods Sandwiches & Salads Rollerz mmmuffins Extremepita cultures. plus MR.SUB BLIMPIE grabbagreen Breakfast Mediterranean casa GRECQUE MR SOUVLAKI Mexican VILLA MADINA GIORGIO ARISTORANTI Italian Vanellis FRESH ITALIAN FOODS Tosto QUICK PASTA Johnnie's Pizza Delight TUTTI FRUTTI DEJEUNER & DINER Mucho burro La Salsa COUNTRY Style- Ben&Florentine allo! moncoco déjeuner modernisé утасо TacoTime BAJA FRESH VAN HOUTTE Coffee Buns Master Kahala DOCELERANCES Timothy 15#16Strong Brands Make Up a Large Part of Portfolio 23% Other Brands MTY ranks 3rd among Canada's Top 100 foodservice operators (1) Top 10 brands represent 76% of System Sales (2) Frozen treats & smoothies represent 32% of locations $3.4B LTM Q2-2021 76% Top 10 Brands Breakfast 2% Italian 3% 1% Mediterranean Mexican 7% Sandwiches & Salads 8% 10% 6,907 Coffee 13% Asian & Indian Q2-2021 GROUPE MTY GROUP 32% Frozen treats & smoothies 24% American BAJA FRESH PAPA MURPHY'S shop sweetFrog premium frozen yourt YUZU sushi ши тасо TacoTime STONE COLD ST MR.SUB lacho burrito Thai express (1) Source: Foodservice and Hospitality, The Annual Top 100 Report, June 2019 (2) This is a non-GAAP measure. Please refer to page 3 of this presentation. COLD STONE LA CREMIERE wwwwwwww tcby frozen JUGO JUICE Opinkberry sweetFrog Premium frozen yogurt Frullati Cafe Nr Gize BAKERY Diperie tasti D-lite Lifestyle Cafe ROCKY MOUNTAIN (HOCOLATE FACTORY Planet Smoothie MALWOW COFFEES & SMOOTHIES 16#170 20 20 40 40 Stock Price Performance Since Listed on TSX As at July 9, management and the Board own 19% of shares 80 Shares outstanding 80 Float 09 May-10 Aug 10 Nov-10- Feb-11 May-11 May-1 Aug-11- זיי פיר Nov-11- 52 week average daily volume 52 week high-low Market capitalization 24.7M 20.7M 137,607 $63.52-$27.85 $1.6B Feb-12- May-12- May-12 Aug 12- Aug-12- Nov-12- Feb-13- Feb-13 May 13 May-15 Aug 13+ Aug 13+ Nov-13- Nov-13+ Feb-14 Feb-14- Max 11 May-14 AUG 14+ Aug-14- Nov 11 NOV-14- Feb-15 Feb-15- Max 15 May-15- AUG 15+ Aug-15+ Nov 15 Nov-15- Feb-16 - Source: Yahoo Finance. Transactions on the TSX only. May-16- Aug-16+ Nov-16- Nov 16! Feb-17- May-17- Aug-17- Nov-17- Feb-18 - May-18- Aug-18- Nov-18- Feb-19- May-19- Aug-19- Nov-19- Feb-20- May-20- Aug-20- Nov-20- Feb-21 May-21 Jul-21- July 9: $63.52 17 GROUP MTY GROUPE#18Knowledgeable and Committed Management Team GROUPE MTY GROUP Eric Lefebvre Chief Executive Officer Renée St-Onge Chief Financial Officer Jason Brading COO Quick Service Restaurants Marie Line Beauchamps COO Casual Dining Restaurants Marc Benzacar COO Fast Casual Restaurants Jeff Smith COO US Market 18#19GROUPE MTY GROUP UPDATE ON COVID-19 19#20COVID-19 Update - As at July 9, 2021 GROUPE MTY GROUP There continues to be significant uncertainty in the market related to COVID-19 • . • Q2-21 Facts MTY's network lost a total of 38,300 days of combined operations in Q2-21 with a total of 977 locations temporarily closing 359 locations still closed at the end of Q2-21 and 258 locations remain closed as at July 9. Recurring controllable expenses increased by more than $3M in Q2-20 Measures in place since Q2-20 • Series of measures in an attempt to help . • franchisees and ensure the safety and well being of employees, guests and partners Amended its existing credit facility with more flexible financial covenants in Q2-20 and Q2-21 Implemented temporary cost and cash spending reduction measures Over the last twelve months, focused capital allocation on paying down debt and preparing MTY for the moment the pandemic dissipates Outlook • The majority of the brands in MTY's portfolio will continue to be impacted negatively for the coming months • • • MTY expects that the number of affected locations will continue to fluctuate in response to the rapidly- changing environment, with a corresponding effect on customer traffic volumes and revenue at these locations Over the next few quarters, the primary focus is to re- open restaurants and provide customers with a safe and friendly environment and optimize the profitability of the restaurants despite the limits and restrictions MTY restored its dividend payment and renewed its NCIB until July 2022. With regards to potential acquisitions, MTY remains active and is in a strong position to take advantage of opportunities if attractive targets become available. 20 20#21GROUPE MTY GROUP MARKET OVERVIEW Ele 21 21#22General Market Conditions GROUPE MTY GROUP Tandon That express Current environment is highly competitive in terms of value and innovation Pressure caused by minimum wage increases on margins and prices DIGITAL MARKETING in Significant consolidation is taking place both in the U.S. and in Canada Delivery and meal kits are causing a shift in market Digital marketing and data driven initiatives replacing traditional media Digital online ordering innovation critical success factor 22#23Market Size by Sales MTY has less than 1% market share in North America Commercial Foodservice Sales in Canada (in billions of C$) $ 71.9 2018 3.5% $ 74.4 2019 Source: Restaurants Canada, Foodservice Facts, 2020 GROUPE MTY GROUP Restaurant Industry Sales in the U.S. (in billions of $US) $833 2018 3.6% $863 2019F Source: https://www.nrn.com/sales-trends/us-restaurant-sales-reach- record-863b-2019-nra-says 23#24Market Size by Number of Restaurants Number of restaurants constantly growing Commercial Foodservice Units (Canada) 91,254 GROUPE MTY GROUP Establishments in U.S. Fast Food Industry 97,511 630,964 III 660,755 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 Sources: Restaurants Canada, Industry Key Facts; https://www.statista.com/statistics/244616/number-of-qsr-fsr-chain-independent-restaurants-in-the-us/ 24#25Market Size by Food Dollars Spent in Restaurants Proportion of food dollars spent in restaurants on the rise in Canada but still way below that of the U.S. % Spent of food $ (Canada) 38.6% ill 2015 2016 2017 2018 39.6% 47.0% 2019F Source: Restaurants Canada, Foodservice Industry Forecast, 2019-2023 2015 GROUPE MTY GROUP % Spent of food $ (U.S.) 54.4% 2016 2017 2018 2019F Source: United States Department of Agriculture: https://www.ers.usda.gov/data-products/ag-and-food-statisticscharting- the-essentials/food-prices-and-spending/ 25 25#26Highly Competitive Industry with Low Barriers to Entry GROUPE MTY GROUP Restaurants MTY competes with a variety of players in each of its local markets Convenience food stores Competitive Factors Quality, variety and value perception of food products offered Quality of service Number of banners Restaurant location (proximity) Coffee Shops GROUPE MTY Take-out & delivery operations GROUP Quality and speed of service Supermarkets Street Vendors Delicatessen Attractiveness of facilities Convenience (on-line ordering, delivery, etc.) Effectiveness of marketing New product development 26 46#27MTY Key Success Factors MTY effectively responds to consumer needs Opinkberry BATON RO MR.SUB Opinkberry Manchu WK CAFE VAN HOUTTE GROUPE MTY GROUP GROUPE MTY GROUP MTY Competitive Advantages Preparation often in front of customers enhances perception of freshness and quality 80 banners, often with multiple banners in one given location to capture customers' food dollars Decentralized approach to innovation provides a wide array of novelties Affordable meals usually around $10 Online ordering technology-driven consumers New dedicated team to develop and promote retail and production operations 27#28GROUPE MTY GROUP STRATEGY & FUTURE GROWTH 28#29Growth Strategy - Increasing Market Share GROUPE MTY GROUP LEVERAGING our solid platforms to expand throughout North America DEVELOPPING our Canadian brands in the U.S. FOCUSING on high-quality of revenues that are recurring in nature SEEKING international Master franchise opportunities IMPROVING MTY's digital presence via new applications, on-line functionalities and integration of our gift card and loyalty platforms UPGRADING the image of our concepts and innovating with new menu offerings 29 29#30Growth Strategy - Acquisitions GROUPE MTY GROUP REINFORCING Canadian platform by regions LEVERAGING our U.S. platform to integrate acquisitions PROVIDING additional depth and breadth in offering PAYING FAIR PRICE for good quality earning potential ACCESSING a wide range of target sizes and concept maturity TRANSACTIONS Immediately accretive from an EBITDA (1) standpoint Strong reputation for paying a 'fair' price Experienced integration team Vendor's awareness of MTY's appetite '' Increased capabilities given increased size of the organization (1) This is a non-IFRS measure. Please refer to page 3 of this presentation. 30 30#31GROUPE MTY GROUP FINANCIAL TRENDS 31#32Diversifying Product Mix Consistent growth in revenue in our core franchising operations. Retail segment is also seeing rapid growth. $96M GROUPE MTY GROUP $517M 2012 2013 2014 2015 2016 2017 2018 2019 2020 LTM Q2-21 ■Franchise Corporate Stores Promotional Funds Food Processing, distribution & Retail Note: Total revenues include interco. * 2018 & 2019 figures have been restated to reflect the adoption of IFRS 15. 32#33Growing Street Front & Non-Traditional Locations GROUPE MTY GROUP Food courts not prone to grow, reflecting shopping center limited growth 2,199 6,907 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q2-21 ■ Food Court ■Street front ■Non-traditonal 33#34Continuing to Penetrate the U.S. Market Over 50% of locations are in the U.S. following Papa Murphy's acquisition 2,199 2012 2013 6,907 2014 2015 2016 2017 2018 ■ Canada ■ U.S. 2019 International 2020 Q2-21 GROUPE MTY GROUP 34#35Growing Adjusted EBITDA (1) Consistently 180 Adjusted EBITDA (1) is primarily driven by the franchising segment $155M 51% 160 49% 49% 48% 48% 48% 48% 52% 45% 45% 140 39% 120 37% 36% 35% 34% 34% 30% 100 30% 27% 27% 80 80 40 20 6220 60 $35M 2012 2013 2014 2015 2016 2017 2018 2019 Consolidated Adj. EBITDA %(1) Consolidated Adj. EBITDA (¹) (1) This is a non-GAAP measure. Please refer to page 3 of this presentation. • Note: 2018 & 2019 figures have been restated to reflect the adoption of IFRS 15. • Note: 2012-2019 figures have not been restated for IFRS 16. 2020 LTM Q2-21 Franchise Adj. EBITDA %(¹) GROUPE MTY GROUP 35#36Deploying Capital Mainly for Acquisitions $6M $63M Not a capital intensive business $359M GROUPE MTY GROUP Acquisition of Kahala (1) $32M $19M $260M Several acquisitions, including Imvescor(1) $36M $144M Several acquisitions, including Papa Murphy's Dividend payments restored as at July 9, NCIB renewed until July 2022 and MTY remains active and is in a strong position for acquisitions should attractive targets become available $47M $7M 2012 2013 2014 2015 2016 2017 2018 ■ Acquisitions Capex ■Dividends (1) Net cash outflow only. 2019 2020 LTM Q2-21 ■Share repurchases 36#37Increasing Dividends Consistently Dividend typically represents 15-20% of FCF(1) $0.40 $0.34 $0.28 $0.22 $0.46 $0.46 $0.66 $0.60 Dividend GROUPE MTY GROUP payments restored as at July 9 The number of shares increased in Temporarily $0.37 suspended the dividend in response to COVID-19 $0.19 2017 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E (1) FCF is adjusted EBITDA less taxes and interest. Adjusted EBITDA is a non-GAAP financial measure. Please refer to page 3 of this presentation. 37#38Optimizing Financing Structure 600 500 400 300 200 Maintaining a solid balance sheet Acquisition of Kahala 0.5x 100 0.5x 0.3x 0.2x 3.3x 1.8x 3.3x GROUPE MTY GROUP 3.0x 2.5x $384M 1.9x 2012 (1) 2013 (1) 2014 (1) 2015 (1) 2016 2017 2018 2019 2020 LTM Q2-21 Total Debt Net Debt / LTM Adj. EBITDA (2) (1) On a total debt basis. (2) This is a non-GAAP financial measure. Please refer to page 3 of this presentation. * 2018 & 2019 figures have been restated to reflect the adoption of IFRS 15. 38#39GROUPE MTY GROUP Q2 2021 RESULTS 39#40Typical Seasonality of MTY Results System sales(¹) fluctuate with the seasons GROUPE MTY GROUP Q1 Dec-Jan-Feb Q2 March-Apr-May Winter Spring Q3 June-July-Aug Summer Q4 Sept-Oct-Nov Fall Sales for Frozen treats SOFT STRONG STRONGEST SOFT & smoothies Sales for Papa STRONG STRONG SOFT STRONGEST Murphy's Food court sales are higher during December because of Holiday shopping Higher street front sales Higher sales from food courts Halloween is the biggest sales day for Papa Murphy's COLD STONE COLD STONE (1) This is a non-GAAP measure. Please refer to page 3 of this presentation. 40 40#41Q2-21 Revenues improved on severely impacted Q2-20 GROUPE MTY GROUP Food processing, distribution & retail increased 33% due to higher consumer spending in grocery stores, new SKUs, and the expansion into new provinces As at July 9, $135.8M $135.8M 2021 MTY still $97.8M had 258 locations temporarily closed $97.8M Q2-20 ■Promotional Fund Q2-21 Food processing, distribution & retail Corporate ■Franchise Note: Revenues include interco. Q2-20 Q2-21 ■Canada US & International 41#42Q2-21 Adjusted EBITDA (1) more than doubled ■ Franchise US & international segment generated $15.3M of organic growth $18.2M 18.6% $43.5M $43.5M 32.0% $18.2M 32.0% 18.6% Q2-20 Q2-21 Q2-20 Q2-21 Corporate Food processing, distribution & retail ■ Canada ■US & International (1) This is a non-GAAP financial measure. Please refer to page 3 of this presentation. GROUPE MTY GROUP 42#43Q2-21 Profitability increased GROUPE MTY GROUP Free cash flows amounted to $27.5M in Q2-21 following strict capital management to preserve liquidity Adjusted EBITDA/share(1) $1.76 $0.74 FCF/share(1) $1.17 $1.11 Q2-20 Q2-21 Q2-20 Q2-21 Net income $23.1M Q2-20 Q2-21 ($99.1M) (1) This is a non-GAAP financial measure. Please refer to page 3 of this presentation. EPS $0.93 Q2-20 Q2-21 ($4.01) Trail. 12 months FCF/share of $5.62 43#44Q2-21 Cash Flow from Operations & Use of Cash GROUPE MTY GROUP Despite the duration of the pandemic, MTY generated cash flow from operating activities of $29.5M Cash Flow from Operations $29.5M $19.2M Q2-20 Q2-21 Dividend payments restored as at July 9, NCIB renewed until July 2022 and MTY remains active and is in a strong position for acquisitions should attractive targets become available Use of Cash $10.1M $2.4M Q2-20 Q2-21 ■Capex ■ Dividends ■Share repurchases ■ Acquisitions 44#45Q2-21 Healthy Financial Position GROUPE MTY GROUP Despite the impacts of COVID-19, MTY continued to improve its financial position with $41.5M of cash on hand and $207M available on its credit facilities Net Debt (1) Revolver $700M $700M $700M $700M $486M $452M $416M $402M Higher flexibility and $600M $384M lower cost Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 (1) This is a non-GAAP financial measure. Please refer to page 3 of this presentation. thanks to modified existing credit facility Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 ■ Used ■ Available 45#46Valuation Conundrum Bloomberg & Factset do not account for subleases which significantly overstates our valuation LTD GROUPE MTY GROUP Calculations based on Q2-21 data (in thousand except stock price) Stock price (end of period) # shares Market cap. Bloomberg / Factset MTY $60.45 $60.45 24,706 24,706 $1,493,506 $1,493,506 406,107 406,107 Current LTD 19,972 19,972 (less cash) (41,531) (41,531) Net debt (excl. leases) $384,548 $384,548 Lease liabilities Current lease liabilities Net debt (incl. leases) Finance lease receivables Current finance lease receivables Total finance lease receivables Net debt Enterprise value 412,648 412,648 107,126 107,126 $904,322 $904,322 n/a 346,908 n/a 92,306 n/a $439,214 $904,322 $465,108 $2,397,828 $1,958,614 154,687 154,687 LTM EBITDA LTM FCF EV/EBITDA EV / FCF 138,785 138,785 15.5x 12.7x 46 17.3x 14.1x#47Q2-21 Network Locations and System Sales (1) Network locations and System sales (1) decreased due to COVID-19 Sales: $670.7M Sales: $891.5M Sales: $670.7M Sales: $891.5M 7,236 6,907 7,236 6,907 GROUPE MTY GROUP Q2-20 Q2-21 Q2-20 Q2-21 ■ Food Court ■Street Front ■Non-traditional ■ Canada United States ■International (1) This is a non-GAAP financial measure. Please refer to page 3 of this presentation. 47#48Q2-21 In Store Sales (1) vs Digital Sales (1) GROUPE MTY GROUP Consumer shifts to online ordering and delivery accelerated due to COVID-19. Digital sales(1) represents 23.5% of total system sales Canada - In store vs digital sales $173.2M 19.7% USA - In store vs digital sales $592.6M 22.1% $270.9M 26.7% $477.0M 23.6% Q2-20 Q2-21 Q2-20 Q2-21 ■ In store ■ Digital sales ■ In store ■ Digital sales (1) This is a non-GAAP financial measure. Please refer to page 3 of this presentation. 48 48#49Q2-21 Network Location Evolution GROUPE MTY GROUP Quarterly net location closures represent on average 1% of total locations. Closed fewer locations in Q2'21 than in Q2'20 despite the pandemic and heavy restrictions. Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Beginning of period 7,300 7,236 7,123 7,001 6,949 Opened Closed 48 45 39 41 61 (111) (157) (161) (92) (103) Acquired JV closed (1) (1) (1) End of period 7,236 7,123 7,001 6,949 6,907 Net (64) (113) (122) (52) (42) Net closures as a % of number of locations 0.9% 1.6% 1.7% 0.7% 0.6% 49#50GROUPE MTY GROUP APPENDIX 1 Historical Data 50#51Income Statement - 5-Year Financial Summary GROUPE MTY GROUP (thousands of $, except margin and EPS) 2020 2019(2) 2018(2) 2017(2) (3) 2016(2) (3) Revenues 511,117 550,942 412,346 276,083 191,275 Adjusted EBITDA (1) 137,819 147,395 124,851 93,726 65,841 Adjusted EBITDA margin %(1) 27.0% 26.8% 30.3% 33.9% 34.4% Net income (loss) (36,895) 77,736 96,187 49,854 54,867 EPS - diluted (1.50) 3.08 3.95 2.32 2.73 (1) (2) This is a non-GAAP financial measure. Please refer to page 3 of this presentation. Figures have not been restated for IFRS 16. (3) Figures have not been restated for IFRS 15. 51#52Financial Position - 5-Year Financial Summary GROUPE MTY GROUP (thousands of $, except ratio) 2020 2019 2018 (2) 2017(2) 2016 Total assets 2,013,697 1,648,801 1,239,520 859,241 852,650 Net debt 416,240 489,913 243,312 171,354 216,417 Shareholders' equity 581,755 664,748 609,614 316,828 310,184 Net debt to trailing 12-month Adjusted EBITDA (1) 3.0x 3.3x 1.9x 1.8x 3.3x (1) This is a non-GAAP financial measure. Please refer to page 3 of this presentation. (2) Figures have been restated for IFRS 15. 52 52#53Network - 5-Year Financial Summary GROUPE MTY GROUP 2020 2019 2018 2017 2016 System sales (1) (millions of $) 3,459 3,620 2,783 2,302 1,480 Locations 7,001 7,373 5,984 5,469 5,681 (1) This is a non-GAAP measure. Please refer to page 3 of this presentation. 53#54GROUPE MTY GROUP MTYGROUP.COM 54 54