BROS: Takeaways from Analyst Day at Corporate HQ

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BROS: Takeaways from Analyst Day at Corporate HQ

.4E

launch, the CEO didn't provide any new color on impact over the past EBITDA, Adj

couple weeks and reiterated her prior comments on the 3Q call around the 2025 62.9A 89.0A 78.0A 72.6A 2026 79.4A 105.0E 100.3E 90.7E

Colorado test, where BROS saw no impact. Further, management believes 2027 107.3E 138.9E 128.7E 114.4E

McDonald's PM food occasion overindexes male vs. PM beverage occasion

which overindexes female, and BROS customization & customer service AllPricedvaluesas ofin priorUSD unlesstradingotherwiseday's marketnoted.close, EST (unless otherwise noted).

model is a key differentiator. As it relates to 7 Brew, management didn't

directly address their largest drive-thru only specialty beverage competitor

but noted they continue to see strong new store productivity, have brand

awareness in new markets, and believe the specialty beverage market is

driven by convenience. Worth noting, the company noted the reopened

Clutch locations saw 3x AUVS vs. pre-conversion with similar menus on the

Q1 call, suggesting BROS has a relatively strong brand in newer markets.

That said, our checks suggest 7 Brew is adding 4-500 units this year,

implying >2x BROS net adds/year, and at this rate may have more locations

than BROS at some point in 2027 (7 Brew exited '25 with ~600 units).

2) More standardized store metrics & dashboard could improve

operational consistency and efficiency. The new Chief Shops Officer

Jennifer Somers noted some of her focus areas four months in the role

are standardizing store operating KPIs & creating a centralized database/

dashboard ("vibe checks scorecard"), optimizing labor deployment model,

speed of service, building talent pipeline, and testing additional in