Dine Brands Global (DIN) KeyBanc Capital Markets Consumer Conference 2025 summary

Key drivers and brand positioning for 2026

• Value remains a top priority for guests, with evolving expectations including both price and experience.

• Applebee's will focus on its 2 for $25 value platform, updating menu items quarterly to maintain interest.

• IHOP emphasizes great food, innovation, and high hospitality, anchored by its $6 value menu and menu diversity.

• Both brands are leveraging value and experience to drive positive traffic and comps.

• Menu innovation and barbell pricing strategies are central to maintaining guest appeal.

Consumer behavior and industry trends

• Guests are increasingly seeking both value and a positive dining “vibe” when choosing to eat out.

• Full-service dining is benefiting as fast food prices rise, making casual dining more attractive.

• Post-COVID, consumers are returning to social dining experiences, restoring industry equilibrium.

• Holiday season expected to be soft due to consumer spending choices, with improvement anticipated post-holidays.

• Stimulus measures like no tax on tips and mortgage deductions are seen as potential tailwinds, especially for higher-income guests.

Menu and check management

• Check management remains steady, with low to moderate menu inflation offsetting negative product mix.

• Applebee’s Ultimate Trio targets singles and offers high customization, appealing to younger guests.

• IHOP’s value menu drives traffic, but menu balance ensures a mix of high-margin and value items.