FAT Brands (FAT) 28th Annual ICR Conference 2026 summary

Company origins and growth strategy

• Initial acquisition of Fatburger in 2003 led to a scalable franchise model leveraging shared back office resources.

• Expansion accelerated post-2017 IPO, with acquisitions during COVID capitalizing on market opportunities.

• Portfolio now includes 18 brands across QSR, fast casual, casual dining, and manufacturing.

• Synergies achieved through centralized operations, legal, and purchasing.

Consumer trends and franchisee confidence

• Consumers remain cautious but show signs of optimism, with recent sales improvements.

• Franchisees continue to invest, with over 213 incremental units sold in 2025, reflecting confidence in unit economics.

• High-growth brands include Fatburger, Johnny Rockets, Round Table Pizza, Fazoli's, Great American Cookies, Marble Slab, and Twin Peaks.

Co-branding, non-traditional locations, and manufacturing

• Co-branded locations deliver 10%-20% higher revenues and lower entry costs for franchisees.

• Recent initiatives include integrating Fatburger into 40 Round Table Pizza locations.

• Non-traditional venues like universities and theme parks offer growth, though with longer sales cycles.

• Manufacturing business, acquired in 2021, operates at 45% capacity, generates $15M EBITDA, and is expanding through partnerships like Chuck E. Cheese.