Guidance Cut Should Not Surprise Investors; Below-Trend EBITDA Growth Despite Massive Step-Up in Unit Growth - Remain Neutral

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Guidance Cut Should Not Surprise Investors; Below-Trend EBITDA Growth Despite Massive Step-Up in Unit Growth - Remain Neutral

June 2, 2026 Shake Shack Inc.

(SHAK, Neutral)

Peter Saleh

Guidance Cut Should Not Surprise Investors; Below-Trend EBITDA (212) 527-3567 psaleh@btig.com

Growth Despite Massive Step-Up in Unit Growth - Remain Neutral Ben Parente, CFARESTAURANTS (212) 588-6557 bparente@btig.com

WHAT YOU SHOULD KNOW: Shake Shack reduced its second quarter and full-year Company Data

outlook this morning given a weaker than expected macro environment and more Closing Price $62.22

aggressive competitive landscape. We think this cut should come as no surprise to

Price Target - investors, as most already assumed second quarter guidance was far too aggressiveEQUITY Market Cap (M) $2,661.86 given the weak April results. We view the reduction as a step in the right direction,

as the company seeks to reset the bar, but not enough to change our thoughts. The Enterprise Value (M) $2,624.70

updated outlook places adjusted EBITDA growth at ~9.5% for the year (midpoint, Shares Out (M) 42.78

we're lower), the slowest pace in recent years despite the step-up in unit openings, Avg Daily Vol-3 Months (M) 1.84

so we seriously question the calculus here. Longer-term, we think the company Dividend / Yield $0.00 / 0.0%

should (again) consider moving away from providing so much quarterly and line itemRESEARCH Revisions guidance, this leads to frequent revisions, excessive nitpicking by investors (everyone

except us, of course), and is overly constraining for the dynamics of the business. Previous Current

We still remain concerned about the pace of unit growth, see limited upside to sales Rating Neutral Neutral

estimates, and have lingering fears too many initiatives are happening at once.