#1thai GROUPE MTY GROUP BR EXCELLENCE. DEDICATION. INNOVATION. INVESTOR PRESENTATION APRIL 2022#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 non-GAAP measures, non-GAAP ratios and supplementary financial measures as described below. The Company believes that non-GAAP measures, non-GAAP ratios and supplemental financial measures are useful because they are consistent with the indicators management uses internally to measure the Company's performance, to prepare operating budgets and to determine components of executive compensation. 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 indicators 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. Management believe that certain investors and analysts use some of these indicators to measure a company's ability to meet payment obligations or as a common measurement to value companies in the industry. 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). NON-GAAP MEASURES Adjusted EBITDA - net income (loss), excluding income tax, all other income (expenses), interest, depreciation and amortization, and net impairment charges) Free cash flows - sum total cash flows from operating activities less capital expenditures net of disposals NON-GAAP RATIOS Free cash flows per diluted share - free cash flows divided by diluted shares SUPPLEMENTARY FINANCIAL MEASURES System sales sales of all existing restaurants including those that have closed or have opened during the period, as well as the sales of new concepts acquired from the closing date of the transaction and forward Digital sales (sales made by customers through online ordering platforms 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 GROUPE MTY GROUP MARKET OVERVIEW STRATEGY AND FUTURE GROWTH FINANCIAL TRENDS Q1-2022 RESULTS APPENDIX (Historical Data) 5#6GROUPE MTY GROUP Investment Thesis#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#8MR.SUB GROUPE MTY GROUP Overview of MTY Group#9MTY Group at a Glance GROUPE MTY GROUP Franchises and operates quick-service and casual dining restaurants over ≈ 80 brands MTY Group Underlying Network Food Processing, distribution & Retail 24% Corporate Stores 10% $573M LTM Q1-2022 Revenues(1) 61% US International 3% $3.8B LTM Q1-2022 System Sales (2) 36% Canada Non-traditional 22% 6,704 Q1-2022 Locations 17% Promotional Funds (1) Percentages are calculated by excluding intercompany revenues 49% Franchise Operation (2) This is a non-GAAP measure. Please refer to page 3 of this presentation. 64% Street front Ticker MTY Market Cap. $1.4B As at April 8, 2022 Food court 14% Brands =80 9#10Milestones in ~40-Year History Stanley Ma, founder, opens 1st restaurant 1st acquisition: Fontaine Santé Listed on Vancouver Stock Exchange GROUPE MTY GROUP Acquires Kahala Brands Acquires The Works Burger • Dagwoods The Counter Custom Burgers Acquires Papa Murphy's Acquires • Casa Grecque • South Street Burger • Yuzu Sushi • Allô! Mon Coco Acquires Küto Comptoir à Tartares Acquires • Sushi Shop Acquires Country Style Food Services Holdings Inc. Acquires • Jus Jugo Juice • Mr. Sub Built Custom Burgers • Extreme Brandz 1979 1980s 1990s 2001-05 2006 2008 2009 2010 2011-13 2014 2015-17 2018 2019 2020 2022 Tiki Ming- first franchise restaurant in 1983 Launches Sukiyaki Develops Villa Madina concept Acquires • La Crémière • Cultures ⚫ Mrs. Vanelli's Exclusive franchise rights for Taco Time in Canada Listed on TSX Acquires Groupe Valentine Acquires a food processing plant Acquires ⚫ Café Dépôt • Sushi Man • Muffin Plus • Fabrika • Manchu Wok • Wasabi Grill & Noodle SenseAsian • Cafés-Bistros Van Houtte Acquires Timothy's World Coffee • MMMuffin • Grabbagreen Imvescor ⚫ Sweet Frog Premium Yogurt Announces new CEO Acquires • Turtle Jack's Muskoka Grill • COOP Wicked Chicken • Frat's Cucina 10#11Track Record of Growth Revenues (M$) Adjusted EBITDA (¹) (M$) 169 172 573 551 511 552 147 138 125 412 Net Income (M$) GROUPE MTY GROUP 96 86 89 78 2018 2019 2020 2021 LTM Q1-22 2018 2019 2020 2021 LTM Q1-22 2018 2019 2020 2021 LTM Q1-22 Operating Cash Flow (M$) 148 139 134 113 98 -37 Adjusted EBITDA (1) Margin (%) FCF(1) (M$) 146 141 139 55% 55% 117 49% 48% 48% 93 30% 27% 27% 31% 11 30% T 2018 2019 2020 2021 LTM Q1-22 2018 2019 2020 2021 LTM 2018 2019 2020 2021 Q1-22 LTM Q1-22 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: 2018 & 2019 figures have not been restated for IFRS 16. 11#12International Network in 40 Countries 6,704 locations and $3.8B (1) in System Sales as at LTM Q1-2022 Canada 2,624 $1,361M United States 3,619 $2,270M (1) This is a non-GAAP measure. Please refer to page 3 of this presentation. International 461 $125M GROUPE MTY GROUP 12#13Network Evolution 2,783 System Sales (M$)(1) 3,756 2,783 System Sales by Type (M$)(1) GROUPE MTY GROUP System Sales by Geography (M$)(1) 3,756 2,783 3,756 2018 2019 2020 2021 LTM 2018 2019 2020 2021 Q1-22 LTM Q1-22 2018 2019 2020 2021 LTM Q1-22 Food Court ■Street front ■Non-traditonal ■Canada ■ US International 5,984 Number of Locations 6,704 5,984 2018 2019 2020 2021 Q1-22 Locations by Geography Locations by Type 6,704 5,984 2018 2019 ■ Food Court (1) This is a non-GAAP measure. Please refer to page 3 of this presentation. 6,704 2020 2021 Q1-22 2018 2019 2020 2021 Q1-22 ■Street front ■ Non-traditonal ■ Canada ■ US ■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 2011-2015 Jugo Juice • Mr. Submarine Koryo Korean BBQ ⚫ Mr. Souvlaki . SushiGo Extreme Pita • TCBY-Canadian master • PurBlendz ⚫ Mrs. Vanelli's 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. • 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 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 2017 • Steak Frites St-Paul • 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 2022 • Küto Comptoir à Tartares 14#15Diversified Portfolio of Over 80 Brands Sushiman Asian & Indian Protects MTY from shifts in customer preferences KORYO sushiGO Sensasian KOREAN BARBEQUE Frozen treats & smoothies BÂTON GROUPE MTY GROUP valentine BOG SMOKE BURGER STEAK FRITES SOUTH ST. BURGER the American OP TURTLE JACK MUSKOKA GRI BUILT [CUSTOM BURGERS] GREAT STEAK Κύτο COUNTER madisons CUSTOM BURGERS RESTAURANT & BAY PAPA MURPHY'S TAKE BAKE PIZZA THE WORKS SCORES RANCH ONE CHICKEN MADE FRESH Mikes COLD STONE LA CREMIERE Diperie ROUGE STEAKHOUSE & BAR tasti D-lite Sukiyaki toby from JUGO JUICE yogurt Sou Opinkberry sweetFrog Premium frozen yogurt Planet Smoothie |Sushi shop KIM CHỈ SAMURAI SAMS Tandori wasabi THATZONE TIKI-MING vie&nam Manchu WOK KOYA Sandwiches & Salads Dagwood YUZU & Frullati Cafe Nr Gize Lifestyle Cafe ROCKY MOUNTAI CHOCOLATE FACTORY COFFEES & SMOOTHIES sushi Rollerz mmmuffins Extremepita cultures. plus MR.SUB BLIMPIE grabhagreen Breakfast Mediterranean casa GRECQUE MR SOUVLAKI Mexican Ben & Florentine TUTTI FRUTTI DEJEUNER & DINER allo! moncoco déjeuner modernisé macho burrito דup Tacolime VILLA MADINA GIORGIO INSTORANTED Testo Italian Vanellis -- Johnnie's Pizza Delight La Salsa BAJA FRESH COUNTRY -Style Coffee Buns Master Kahala 15#16Strong Brands Make Up a Large Part of Portfolio GROUPE MTY GROUP MTY ranks 3rd among Canada's Top 100 foodservice operators (1) Top 10 brands represent 76% of System Sales (2) Frozen treats & smoothies represent 33% of locations Breakfast 2% 23% $3.8B 76% Other Brands LTM Q1-2022 Top 10 Brands BAJA FRESH BAPA MURPHY'S shop sweetFrog premium frozen sourt Mikes COLD STONE MR.SUB Tacc TacoTime Mucho Thaiexpress (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. Italian 2% Mexican 7% Sandwiches & Salads 8% 10% Coffee 13% Asian & Indian 1% Mediterranean 6,704 Q1-2022 33% Frozen treats & smoothies 24% American COLD STONE LA CREMIÈRE frozen toby fourt JUGO JUICE Opinkberry sweetFrog pretium frozen yogurt Frullati Cafe NiGize BAKERY Lifestyle Cofe tasti D-lite CATE Dairie Planet Smoothie MAL WOW ROCKY MOUNTAIN CHOCOLATE FACTORY GOFFEES & SMOOTHIES 16#17Stock Price Performance Since Listed on TSX GROUPE MTY GROUP As at April 8, management and the Board own 19% of shares Shares outstanding 24.4M 60 80 Float 20.4M 52 week average daily volume 82,806 52 week high-low (intraday) $72.10-$47.90 60 Market capitalization $1.4B 40 40 20 April 8: $58.95 0 May-10 May-11 May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19 May-20 May-21 Apr-22 Source: Yahoo Finance. Transactions on the TSX only. 17#18Knowledgeable and Committed Management Team GROUPE MTY GROUP Eric Lefebvre Chief Executive Officer Renée St-Onge Chief Financial Officer Jason Brading COO Quick Service Restaurants Marie Line Beauchamps COO Casual Dining Restaurants Marc Benzacar COO Fast Casual Restaurants Jeff Smith COO US Market 18#19GROUPE MTY GROUP machob Update on COVID-19#20- COVID-19 Update – As at April 8, 2022 GROUPE MTY GROUP There continues to be short-term challenges related to COVID-19, but sales are back to pre-pandemic levels for many of the brands and progressing in the right direction for the others • Q1-22 Facts 225 locations were closed one or more days during the quarter 82 locations temporarily closed at the beginning of the quarter and 69 at the end of the quarter 67 locations remain temporarily closed as at April 7. • Near-term Outlook Labour shortages and supply chain disruptions will remain a challenge • Dividend payment restored as of July 9, 2021 • • NCIB renewed until July 2022 With regards to potential acquisitions, MTY remains active and is in a strong position to take advantage of opportunities if attractive targets become available 20 20#21GROUPE MTY GROUP Market Overview#22NG General Market Conditions GROUPE MTY GROUP Tandon Thaiexpress Current environment is highly competitive in terms of value and innovation Pressure caused by minimum wage and supply price increases and on margins and menu prices DIGITAL MARKETING in Significant consolidation is taking place both in the U.S. and in Canada Delivery and meal kits are causing a shift in market Digital marketing and data driven initiatives replacing traditional media Digital online ordering innovation critical success factor 22#23Market Size by Sales MTY has less than 1% market share in North America Commercial Foodservice Sales in Canada (in billions of C$) $80.0 $63.9 $55.1 2020 2021F Source: Restaurants Canada, Foodservice Facts, 2021 2022F GROUPE MTY GROUP Restaurant Industry Sales in the US (in billions of $US) $833 $863 2018 2019F Source: https://www.nrn.com/sales-trends/us-restaurant-sales-reach- record-863b-2019-nra-says 23 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 97,511 630,964 660,755 JILL 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/ 14 24#25Market Size by Food Dollars Spent in Restaurants GROUPE MTY GROUP 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 % Spent of food $ (U.S.) 54.4% III 2015 2016 2017 2018 2019F Source: Restaurants Canada, Foodservice Industry Forecast, 2019-2023 Source: United States Department of Agriculture: https://www.ers.usda.gov/data-products/ag-and-food-statisticscharting- the-essentials/food-prices-and-spending/ 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#27MTY Key Success Factors MTY effectively responds to consumer needs Opinkberry BATON RO MR.SUB pinkberry Manchu WOK 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 $15 Online ordering technology-driven consumers New dedicated team to develop and promote retail and production operations 27 27#28GROUPE MTY GROUP Strategy & Future Growth#29- Growth 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#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#31GROUPE MTY GROUP Financial Trends#32Diversifying Product Mix Consistent growth in revenue in our core franchising operations. Retail segment is also seeing rapid growth. $101M GROUPE MTY GROUP $573M 2013 2014 2015 2016 2017 2018 2019 2020 2021 LTM Q1-22 ■ Franchise Corporate Stores 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 2,590 6,704 2013 2014 2015 2016 2017 2018 2019 2020 2021 Q1-22 ■ Food Court ■Street front ■ Non-traditonal 33#34Continuing to Penetrate the U.S. Market GROUPE MTY GROUP Over 50% of locations are in the U.S. following Papa Murphy's acquisition 2,590 2013 2014 6,704 2015 2016 2017 2018 2019 ■ Canada ■ U.S. 2020 International 2021 Q1-22 34#35Growing Adjusted EBITDA (1) Consistently 250 Adjusted EBITDA (1) is primarily driven by the franchising segment GROUPE MTY GROUP 55% 200 51% 48% 48% 49% 48% 48% 45% 45% 55% $172M 150 39% 37% 35% 34% 34% 31% 30% 20% 27% 27% 100 50 $39M 2013 2014 2015 2016 2017 (1) Consolidated Adj. EBITDA 2021 LTM Q1-22 Franchise Adj. EBITDA %(¹) 2018 2019 2020 (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. 35#36Deploying Capital Mainly for Acquisitions GROUPE MTY GROUP Not a capital intensive business $359M $260M Acquisition of Kahala (1) Several acquisitions, including Imvescor (1) $63M $32M $19M $36M Several acquisitions, including Papa Murphy's $144M 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 $51M $18M 2021 LTM Q1-22 2020 Share repurchases 2013 2014 2015 2016 2017 2018 2019 Acquisitions Capex Dividends (1) Net cash outflow only. 36#37Increasing Dividends Consistently Dividend typically represents 15-20% of FCF (1) $0.40 $0.34 $0.28 $0.46 $0.46 $0.66 $0.60 Temporarily suspended Dividend payments restored as at July 9 the dividend $0.37 The number of shares increased in 2017 in response to COVID-19 $0.19 GROUPE MTY GROUP $0.84 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E (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 32#38Optimizing Financing Structure 600 Maintaining a solid balance sheet 3.3x 500 400 300 200 Acquisition of Kahala 3.3x 3.0x GROUPE MTY GROUP 1.8x 1.9x 1.8x 1.7x $310M 100 0.5x 0.5x 0.3x (1) 2013 2014 (1) (1) 2015 2016 2017 2018 2019 2020 2021 LTM Q1-22 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#39P Tacolime WHERY EATS T P Tacofime CHEERS NAPKINS TacoTime Tacolime 09:21-> GROUPE MTY GROUP Q1-2022 Results#40Typical Seasonality of MTY Results System sales(1) fluctuate with the seasons GROUPE MTY GROUP Q1 Dec-Jan-Feb Q2 March-Apr-May Q3 June-July-Aug Q4 Sept-Oct-Nov Winter Spring Summer 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#41Q1-22 Revenues showed signs of pandemic recovery GROUPE MTY GROUP Revenue from franchise locations in Canada surged 54% and Food processing, distribution and retail revenue in Canada improved 27% on the strength of new listings in retail and expansion into new territories. $140.5M $119.0M As at April 8, 2022 MTY had 67 locations $140.5M $119.0M Q1-21 ■Promotional Fund Q1-22 Food processing, distribution & retail Corporate ■Franchise Note: Revenues include interco. temporarily closed Q1-21 ■ Canada Q1-22 ■■US & International 41#42Q1-22 Adjusted EBITDA (1) increased Canada segment generated $3.9M of organic growth GROUPE MTY GROUP $35.6M $35.6M $32.6M $32.6M 27.4% 27.4% 25.3% 25.3% Q1-21 Q1-22 Q1-21 ■Franchise Corporate Food processing, distribution & retail ■ Canada (1) This is a non-GAAP financial measure. Please refer to page 3 of this presentation. Q1-22 ■US & International 42 42#43Q1-22 Profitability increased GROUPE MTY GROUP Free cash flows amounted to $37.0M in Q1-22 due to disciplined capital management Adjusted EBITDA/share(1) $1.32 $1.46 FCF/share(1) $1.51 $1.23 Trail. 12 months FCF/share of $5.90 Q1-21 Q1-22 Q1-21 Q1-22 Net income $16.7M $13.4M Q1-21 Q1-22 (1) This is a non-GAAP financial measure. Please refer to page 3 of this presentation. $0.54 EPS $0.68 Q1-21 Q1-22 43 13#44Q1-22 Cash Flow from Operations & Use of Cash GROUPE MTY GROUP Despite the lingering impact of the pandemic-related restrictions, MTY generated cash flow from operating activities of $39.7M Cash Flow from Operations $31.3M Dividend payments restored as at July $39.7M 9, NCIB renewed until July 2022 and MTY remains active and is in a strong position for acquisitions should attractive targets become available Q1-21 Q1-22 $30.4M Use of Cash $43.9M Q1-21 Q1-22 ■ Acquisitions ■Share repurchases ■ Capex ■Dividends Debt repayment 44#45Q1-22 Healthy Financial Position GROUPE MTY GROUP Despite the impacts of COVID-19, MTY continued to improve its financial position with $52.5M of cash on hand and $262M available on its credit facilities Net Debt (1) $700M $422M Higher flexibility and $402M $384M lower cost $310M $299M Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 thanks to modified existing credit facility (1) This is a non-GAAP financial measure. Please refer to page 3 of this presentation. Revolver $600M $600M $600M $600M Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 ■ Used ■ Available 45 45#46Valuation Conundrum Calculations based on Q1-22 data (in thousand except stock price) Stock price (end of period) # shares Market cap. GROUPE MTY GROUP Bloomberg / Factset MTY $51.13 $51.13 24,413 24,413 $1,248,260 $1,248,260 340,838 340,838 21,314 21,314 (less cash) (52,464) (52,464) Net debt (excl. leases) $309,688 $309,688 Lease liabilities Current lease liabilities Net debt (incl. leases) Bloomberg & Factset do not account for subleases which significantly overstates our valuation LTD Current LTD Finance lease receivables Current finance lease receivables Total finance lease receivables Net debt Enterprise value LTM EBITDA LTM FCF EV/EBITDA EV / FCF 356,446 356,446 101,746 101,746 $767,880 $767,880 n/a 295,320 n/a 89,143 n/a $384,463 $767,880 $383,417 $2,016,140 $1,631,677 171,622 171,622 145,671 145,671 11.7x 9.5x 46 13.8x 11.2x#47Q1-22 Network Locations and System Sales (1) GROUPE MTY GROUP Network locations decreased mainly due to COVID-19 but System sales (1) gained momentum Sales: $761.1M Sales: $885.7M 6,949 6,704 Sales: $761.1M Sales: $885.7M 6,949 6,704 Q1-21 Q1-22 Q1-21 Q1-22 ■ 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#48Q1-22 In Store Sales (1) vs Digital Sales (1) GROUPE MTY GROUP Consumer shifts to online ordering and delivery accelerated due to COVID-19, but digital sales(¹) now represents 24.7% of total system sales as more traditional sales channels reopened. Canada - In store vs digital sales $320.3M USA - In store vs digital sales $532.0M $511.8M 76.7 23.9% 134.1 148.0 28.9% 25.2% $219.4M 67.2 30.6% Q1-21 Q2-22 Q1-21 Q1-22 ■ 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#49Q1-22 Network Location Evolution GROUPE MTY GROUP Quarterly net location closures represent on average 1% of total locations. Closed fewer locations in Q1'22 despite continued effect of the pandemic. Q1-21 02-21 Q3-21 Q4-21 Q1-22 Beginning of period 7,001 6,949 6,907 6,848 6,719 Opened 41 61 56 60 75 Closed (92) (103) (105) (189) (121) Acquired 31 JV acquired (closed) (1) 3 Disposed (13) End of period 6,949 6,907 6,848 6,719 6,704 Net (52) (42) (59) (129) (15) Net closures as a % of 0.7% 0.6% 0.9% 1.9% 0.2% number of locations +#50GROUPE MTY GROUP Appendix Historical Data#51Income Statement - 5-Year Financial Summary GROUPE MTY GROUP (thousands of $, except margin and EPS) 2021 2020 2019(2) 2018(2) 2017(2) (3) Revenues 551,903 511,117 550,942 412,346 276,083 Adjusted EBITDA (1) 168,622 137,819 147,395 124,851 93,726 Adjusted EBITDA margin %(1) 30.6% 27.0% 26.8% 30.3% 33.9% Net income (loss) 85,943 (36,895) 77,736 96,187 49,854 EPS - diluted 3.46 (1.50) 3.08 3.95 2.32 (1) This is a non-GAAP financial measure. Please refer to page 3 of this presentation. Figures have not been restated for IFRS 16. 23 (2) (3) Figures have not been restated for IFRS 15. 51#52Financial Position - 5-Year Financial Summary GROUPE MTY GROUP (thousands of $, except ratio) 2021 2020 2019 2018(2) 2017(2) Total assets 1,904,594 2,013,697 1,648,801 1,239,520 859,241 Net debt 299,497 416,240 489,913 243,312 171,354 Shareholders' equity 647,639 581,755 664,748 609,614 316,828 Net debt to trailing 12-month 1.7x 3.0x 3.3x 1.9x 1.8x Adjusted EBITDA(1) (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 62#53Network - 5-Year Financial Summary GROUPE MTY GROUP 2021 2020 2019 2018 2017 System sales (1) (millions of $) 3,631 3,459 3,620 2,783 2,302 Locations 6,719 7,001 7,373 5,984 5,469 (1) This is a non-GAAP measure. Please refer to page 3 of this presentation. 53#54GROUPE MTY GROUP 8210 Transcanada Highway Saint-Laurent QC H4S 1M5, Canada T 514 336-8885 F 514 336-9222 www.mtygroup.com COLD STON CREAMERY DEPOTE MR.SUB KICH THATZONE WHE HUN KATS