Twin Hospitality Group (TWNP) investor relations material

Company overview and business model

• Operates and franchises Twin Peaks and Smokey Bones, two specialty casual dining restaurant brands with a focus on experiential dining and meat-centric menus.

• Twin Peaks has 115 locations as of June 29, 2025, and Smokey Bones has 53 locations, with a growth pipeline of nearly 100 signed franchised units.

• Targets 75–80% of new restaurant openings to be franchised, emphasizing asset-light expansion.

• Twin Peaks differentiates through made-from-scratch food, 29-degree draft beer, craft cocktails, and a sports lodge atmosphere; Smokey Bones specializes in fire-grilled and smoked meats.

• Became an independent public company in January 2025 after a spin-off from FAT Brands, which remains the controlling stockholder.

Financial performance and metrics

• As of September 28, 2025, outstanding principal on Twin Securitization Notes is approximately $412.3 million, with quarterly principal and interest payments of about $12 million.

• Did not meet required equity offering repayments in April and July 2025, triggering a cash flow sweep and alleged events of default under debt covenants.

• Management disputes certain default claims and is negotiating a modification agreement with noteholders.

Use of proceeds and capital allocation

• May receive up to $50 million in gross proceeds from White Lion Capital under a committed equity facility, with 75% of net proceeds allocated to repay principal and interest on Twin Securitization Notes; the remainder for working capital and general corporate purposes.