Jersey Mike's Subs (JMKE) investor relations material

Company overview and business model

• Operates as a high-growth franchisor of fast casual, submarine-style sandwich restaurants with over 3,300 locations, primarily franchised, across the U.S. and Canada.

• Focuses on authentic, hand-crafted subs, high-quality ingredients, and a community-first culture, with a robust digital and marketing platform.

• Employs an asset-light, 99% franchised model, generating high operating margins and strong cash flow.

• Franchise agreements typically have a 10-year term, with a 10-year renewal option, and require a 6.5% royalty and 5% advertising fund contribution.

• International expansion is underway, with agreements for 300 stores in Canada and 300 in the UK/Ireland.

Financial performance and metrics

• Systemwide sales reached $4.2 billion in 2025, with a 20-year CAGR of 18%.

• Average unit volume (AUV) was $1.4 million in 2025, with a 6% CAGR since 2006.

• Adjusted EBITDA for 2025 was $327 million, with a margin of 47%.

• Net income for 2025 was $59 million, up from $5 million in 2024.

• Cash-on-cash returns for franchisees were approximately 42% in 2025.

• Net store growth was 8.5% in 2025, with over 1,600 stores in the development pipeline.

Use of proceeds and capital allocation

• Proceeds from the IPO will be used to acquire newly issued Common Units from Jersey Mike's Holdings, repay a portion of the Series 2026-1 Notes, and for general corporate purposes.

• No proceeds will be received from shares sold by selling stockholders.

• The company does not currently plan to pay dividends post-IPO; future dividends are at the board's discretion.