Black Rock Coffee Bar, Inc: 1Q26: Largely In Line; Main Debates Likely Continue

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Black Rock Coffee Bar, Inc: 1Q26: Largely In Line; Main Debates Likely Continue

IdeaandMUnderweight. Morgan Stanley does not assign ratings of Buy, Hold or Sell to the stocks we cover. Overweight, Equal-weight, Not-Rated and Underweight are not the equivalent of buy,

hold, and sell but represent recommended relative weightings (see definitions below). To satisfy regulatory requirements, we correspond Overweight, our most positive stock rating, with a

buy recommendation; we correspond Equal-weight and Not-Rated to hold and Underweight to sell recommendations, respectively.

Other Material Investment Services

Coverage Universe Investment Banking Clients (IBC)

Clients (MISC)

Stock Rating % of Rating % of Total Other

Count % of Total Count % of Total IBC Count

Category Category MISC

Overweight/Buy 1546 42% 467 51% 30% 709 44%

Equal-weight/Hold 1568 43% 358 39% 23% 715 44%

Not-Rated/Hold 4 0% 0 0% 0% 1 0%

Underweight/Sell 555 15% 84 9% 15% 202 12%

Total 3,673 909 1627

Data include common stock and ADRs currently assigned ratings. Investment Banking Clients are companies from whom Morgan Stanley received investment banking compensation in the

last 12 months. Due to rounding off of decimals, the percentages provided in the "% of total" column may not add up to exactly 100 percent.

Analyst Stock Ratings

Overweight (O). The stock's total return is expected to exceed the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next

12-18 months.

Equal-weight (E). The stock's total return is expected to be in line with the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over

the next 12-18 months.

Not-Rated (NR).