Bloomin' Brands (BLMN) investor relations material

Executive summary

• Q3 2025 revenues rose to $929 million, with all four brands achieving positive comparable sales for the first time since Q1 2023, driven by operational focus and guest experience improvements.

• The company launched a multi-year turnaround strategy centered on Outback Steakhouse, including $75 million in investments through 2028 and a comprehensive operational simplification agenda.

• Leadership changes, a renewed focus on culture, and capital reallocation toward strategic investments and debt reduction, including suspension of the dividend, are key elements of the turnaround.

• The sale of 67% of the Brazil business for $225 million was completed, with proceeds to reduce leverage and support capital allocation priorities.

Financial highlights

• Q3 2025 total revenues were $929 million, up from $910 million year-over-year, with restaurant sales at $911.9 million.

• GAAP operating loss was $36 million, with a net loss of $45.9 million and diluted loss per share of $(0.54); adjusted diluted loss per share was $(0.03), above guidance.

• Adjusted operating margin was 0.8%, down from 2.3% last year; restaurant-level operating margin declined to 9.2% from 11.1% year-over-year.

• Off-premises sales remained 24% of U.S. sales; Outback's off-premises mix was 26%.

• Net cash provided by operating activities for the nine months ended September 28, 2025 was $155.2 million, up from $114.5 million in the prior year period.

Outlook and guidance

• Full-year 2025 U.S. comparable sales guidance is flat to +0.5%, with adjusted diluted EPS guidance at $1.10–$1.15 and Q4 adjusted EPS expected at $0.23–$0.28.

• Capital expenditures for 2025 are projected at approximately $190 million, with 19 new company-owned and 24 new franchised restaurants expected.

• Additional $5–$7 million in severance and closure charges expected in Q4 2025.

• 2026 guidance to be provided in February, with beef inflation and tariffs as key watch items.