Bloomin‘ Brands Inc (BLMN.O): Setting the Table for 2Q26: Any Turnaround Narrative Needs Traffic to Follow 2H Ad Ramp

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Bloomin‘ Brands Inc (BLMN.O): Setting the Table for 2Q26: Any Turnaround Narrative Needs Traffic to Follow 2H Ad Ramp

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23 Jul 2026 17:37:39 ET │ 15 pages

Bloomin' Brands Inc (BLMN.O)

Setting the Table for 2Q26: Any Turnaround Narrative Needs Traffic to

Follow 2H Ad Ramp

CITI'S TAKE

Data was mixed in the quarter (Placer more encouraging, Second Measure Neutral / High Risk

less so) and we haven’t sensed any meaningful swings in sentiment as

shares have tracked the group higher YTD. We expect mgmt. will continue Price (23 Jul 26 16:00) US$8.19

to speak to momentum in forward indicators (customers scores), and there Target price US$8.75↓

could be increasing interest in the name when a planned ramp in marketing

from US$9.50starts to materialize – an immediate traffic reaction could fuel a “Chili’s 2.0”

narrative while no follow thru in data would potentially suggest still Expected share price return 6.8%

unsolved issues with the brand/asset base. For now, we are on the sidelines. Expected dividend yield 0.0%

Expected total return 6.8%

Key topics/questions for the call — 2Q26 call on 8/5 BMO, call 8:00AM ET. (1) Mix

trends across price tiers in the Aussie 3 Course, confidence in the platform from here Market Cap US$701M

and how to potentially bring news to it. (2) Will three course (or another price point)

anchor the planned ramp in 2H marketing? When does that ramp kick in? How will

BLMN engage with paid/organic social as part of the campaign? (3) Impact of the 4-

table server model on brand scores, table times, and turnover. (4) How have Price Performance

managing partners responded to the new comp model and are there early signs of (RIC: BLMN.O, BB: BLMN US)

tweaked incentives flowing thru to consumer KPIs or store performance? How is