The Cheesecake Factory (CAKE) Investor presentation summary

Investment profile and footprint

• Portfolio of 383 restaurants across the US and Canada as of Oct. 27, 2026; includes 218 The Cheesecake Factory, 52 North Italia, 47 Flower Child and 60 FRC locations.

• FY 2025 revenue was $3.8B; more than 48,000 staff members, with Fortune 100 Best Companies to Work For recognition for 13 consecutive years.

• The Cheesecake Factory operates 218 company-owned locations, including Toronto, and has 35 international licensed locations; management sees potential for 300 domestic locations.

• Investment themes include differentiated experiential dining, operational execution and retention, portfolio growth opportunities, and free cash flow supporting dividends and opportunistic repurchases.

Differentiated model and brand

• Menu breadth, made-from-scratch innovation, service, high-energy ambiance and in-house bakery distinguish the dining experience.

• Cheesecakes and desserts represented 17% of sales in FY 2025, maintaining that share for four consecutive fiscal years; two bakery facilities produce 58 varieties.

• Off-premise sales were 21% of total revenue in FY 2025; annualized 3Q26 off-premise sales averaged $2.9M per restaurant, the highest weekly sales among listed peers.

• More than 225 menu items, sharing-sized portions, omnichannel ordering, curbside pickup and redesigned packaging support off-premise value and convenience.

• The Rewards app combines reservations, rewards and online ordering with personalized offers, birthday benefits and DoorDash offers.

Portfolio growth engines

• North Italia had 52 locations in 17 states and Washington, D.C.; FY 2025 revenue was $346M, up 15% YoY, and Q3 2026 revenue was $93M, up 11% YoY.

• North Italia targets potential for 200 domestic locations over time; its handmade Italian menu spans lunch, dinner, brunch and weekday happy hour, with alcohol at ~25% of sales.

• Flower Child had 47 locations in 18 states; FY 2025 revenue was $185M, up 28% YoY, and Q3 2026 revenue was $56M, up 17% YoY.

• Flower Child targets ~20% average annual unit growth and potential for 700 domestic locations; off-premise sales average over 50% of sales.

• FRC serves as an incubator for differentiated concepts; it had 60 locations across 13 states and FY 2025 revenue of $355M, excluding Flower Child.