Strategy & Future Growth

Valuation 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

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