#1་། THEONEGROUP - lifestyle hospitality KONA GRILL STK ONE HOSPITALITY STEAKHOUSE INVESTOR PRESENTATION MARCH 2023 WC#2STRONG TRACK RECORD OF GROWTH Historical GAAP Revenue ($ in MM) CAGR* = 26% $277.2 $316.6 $380.0 Historical Adjusted EBITDA ($ in MM) $360.0 CAGR* = 42% $42.7 $41.3 $54.0 $50.0 $141.9 $120.7 $72.4 $68.9 $74.0 $14.3 $10.5 $9.6 $7.0 $4.5 2016 2017 2018 2019 2020 2021 2022 2023 Guidance 2016 2017 2018 2019 2020 2021 2022 2023 Guidance Company-owned Restaurant Level Margin 11.8% +510 bps 16.9% 2019 2022 STANDOUT SSS PERFORMANCE POST-COVID STK SSS History 45.0% 1.0% 9.0% 8.0% 2017 2018 2019 2021 Adjusted G&A % of GAAP Revenue 14.3% 13.6% 11.5% 8.4% 8.6% 7.9% 7.9% 7.6% 2016 2017 2018 2019 2020 2021 2022 2023 Guidance *CAGR and Adjusted G&A % based on the mid point of provided guidance 69.0% First Quarter of The ONE 2022 SSS vs. 2019 STK Same Store Sales Growth vs. 2019 -- STK -Fine Dining Steak Index 81.9% 70.6% 63.8% 60.0% 62.9% 62.6% 54.3% Kona Grill SSS History Group Ownership 23.0% 26.9% 38.2% 27.5% 27.6% 27.7% 22.3% Fulm 6.2%) 3.9% 4.6% AVG of Q4'19 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'17 to Q3'19 All eleven quarters were negative SSS vs. 2019 Kona Grill Same Store Sales Growth vs. 2019 -Kona Grill -Casual Dining Index 38.2% 26.9% 27.5% 27.6% 27.7% 23.0% 22.3% 25.2% 14.7% 17.8% 20.4% 14.8% 10.4% 9.4% 8.1% 8.1% 8.4% 7.8% 1.9% 4.6% 3.8% 5.3% 0.4% (17.3%) (6.4%) Q1'21 vs. Q2'21 vs. '19 '19 03'21 vs. '19 Q4'21 vs. Q1'22 vs. '19 '19 Q2 '22 vs. '19 Q3'22 vs. '19 Q4'22 vs. '19 Q1'21 vs. Q2'21 vs. Q3 '21 vs. '19 '19 Q4'21 vs. '19 Q1'22 vs. '19 Q2'22 vs. '19 Q3 '22 vs. '19 Q4'22 vs. '19 '19 "Fine dining steak index represents a simple average of same store sales growth of Ruth's Chris, Flemings, and Capital Grill. Q1 22, Q2 '22, Q3 '22 and Q4 22 includes companies that reported SSS vs. 19. Information is from Company's public filings. *Casual dining index represents a simple average of same store sales growth of BJ's Restaurants, Carraba's, Cheesecake Factory, Chuy's, Maggiano's, and Red Robin. Q1 22, Q2 '22, Q3 '22 and Q4 '22 includes companies that reported SSS vs. 19. Information is from Company's public filings.#3Total Venues Count Potential ■ Current 200+ Remaining Whitespace Historical Venue Growth (1) 200+ 50+ Significant Runway for Growth 170+ COMPELLING 450+ WHITESPACE 35+ OPPORTUNITY 72% 170+ 88% 88% 63 13 SELECT 2023 Expected Units 25 25 Current STK KONA GRILL (ONE Long-Term Potential Historical Venue Growth STK 63 Charlotte, NC Boston, MA Washington DC 26 Aventura, FL Philadelphia, PA Kona Grill Columbus, OH Riverton, UT Phoenix, AZ Henderson, NV 2023 Venue Count Guidance 3 to 5 3 to5 8 to 12 New Venues Expected in 2023 Tigard, OR Houston, TX Seattle, WA 12/31/2017 Current 138% Growth in 6 Years STK STK ONE KONA GRILL Company-owned Managed/Licensed Managed F&B STK Revenue and Average Weekly Volumes STK Development ROIs Dollars in thousands $350+ Dollars in thousands 104.0% 100%+ $205 $154 Target 2019-2021 Openings 2022 Openings Kona Grill Revenue and Average Weekly Volumes Dollars in thousands $96 $80 $115 50.0% Target 2019 2021 Openings 2022 Openings SUPERIOR HISTORICAL AND NEW UNIT ECONOMICS Kona Grill Acquisition ROI - 24 Units Restaurant Level Margin AUV +26% +130 bps $5.3 10.8% $4.2 9.5% Return on Investment $14.2MM 2022 restaurant EBITDA (1) ~$25.0mm purchase ~60% ROI on Acquisition (1) 2022 revenue of $126.3MM as reported on the Company's 2022 10-K multiplied by 10.8% restaurant level profit and adding back approximately $500K of non-cash rent Target 2019A 2023 Openings 2019 2022 2019 2022#4Strong Management Team and Infrastructure to Support Growth Fast Growing Hospitality Company Well Positioned for Significant Growth in a Transforming Hospitality Sector Acquisitions Can Further Enhance Our Brand Portfolio and Unit Pipeline Multiple Levers to Drive Revenues and Profitability STRONG ECONOMICS DRIVES FLEXIBILITY Strong Portfolio of High Volume, High Margin Brands with Industry Leading ROIC STK STEAKHOUSE Revenue EBITDA Cash Investment ROI Significant Pipeline For Unit Growth in 2023 and Beyond Target New Unit Economics $8.0mm $1.9mm $3.8mm(1) 50% Share Buybacks Creating Value For Shareholders KONA GRILL Revenue EBITDA Target New Unit Economics $5.0mm Cash Investment ROI $1.0mm $2.5mm(1) 40% (1) Excludes preopening expenses and net of tenant improvement allowances (1) Excludes preopening expenses and net of tenant improvement allowances CAUTIONARY STATEMENTS FORWARD-LOOKING STATEMENTS - This presentation contains statements relating to the Company's future business and financial performance and future events or developments that constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "anticipate," "target," and similar words identify forward-looking statements. A variety of factors, many of which are beyond the Company's control, affect the Company's operations, performance, business strategies and results, and the Company's actual results may differ materially from those indicated in these statements. These factors include, but are not limited to, the impact of COVID-19 and government responses on the Company's business, continued compliance with governmental regulation, the ability to manage growth, requirements or changes affecting the Company's business, general economic and business conditions and the Company's ability to open new restaurants and food and beverage locations in existing and new markets. More detailed information about these risk factors may be found in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2022. The statements made herein speak only as of the date of this presentation. The Company undertakes no obligation to update its forward-looking statements to reflect events or circumstances after the date of this presentation. NON-GAAP FINANCIAL MEASURES - This presentation contains non-GAAP financial measures. A "non-GAAP financial measure" is a numerical measure of a company's financial performance that excludes or includes amounts from a measure calculated and presented in accordance with GAAP in the consolidated statements of operations, balance sheets or statements of cash flows of the Company. These measures are presented because management uses this information to monitor and evaluate financial results and trends and believes this information to also be useful for investors. The Company has both wholly owned and partially owned subsidiaries. Same store sales represent total U.S. food and beverage sales at owned and managed units opened for at least a full 18-months. This measure includes total revenue from our owned and managed locations. Total food and beverage sales at owned and managed units represents total revenue from owned operations as well as the sales reported to the Company by the owners of locations the Company manages, where it earns management and incentive fees. EBITDA is defined as net income before interest expense, provision for income taxes and depreciation and amortization. Adjusted EBITDA represents net income before interest expense, provision for income taxes, depreciation and amortization, non-cash impairment loss, non-cash rent, pre-opening expenses, non- recurring gains and losses and losses from discontinued operations. The disclosure of EBITDA and Adjusted EBITDA and other non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. EBITDA and Adjusted EBITDA should be considered in addition to, and not as a substitute for, or superior to, net income, operating income, cash flows, revenue, or other measures of financial performance prepared in accordance with GAAP. For a reconciliation of total food and beverage sales at owned and managed units, EBITDA, and Adjusted EBITDA to the most directly comparable financial measures presented in accordance with GAAP and a discussion of why we consider them useful, see the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2021, and its Quarterly Report on Form 10-Q for the quarters ended September 30, 2021, and September 30, 2022. *Non-GAAP reconciliations please see the Company's press release dated March 9, 2023.