Investment Thesis Overview

Non-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

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