The Cheesecake Factory (CAKE) Raymond James & Associates’ 46th Annual Institutional Investors Conference summary

Strategic positioning and brand differentiation

• Operates a diversified portfolio with strong experiential dining concepts and industry-leading retention.

• Off-premise sales have stabilized above pre-pandemic levels, supporting incremental growth.

• Menu innovation and broad offerings drive relevance and guest engagement, with biannual menu updates.

• Strong brand affinity is built through organic media, social engagement, and pop culture presence.

• High employee retention and recognition as a top workplace support operational excellence.

Growth initiatives and expansion plans

• Currently operates 215 Cheesecake Factory locations, targeting 300 domestically and 33 international sites.

• North Italia has 44 units, aiming for 200, with 20% average annual unit growth planned.

• Flower Child operates 39 locations, targeting 700, with over 50% of sales from off-premise channels.

• FRC portfolio includes 49 restaurants and serves as an incubator for new concepts.

• Plans to open up to 25 new restaurants in 2025, maintaining a 7% annual unit growth rate.

Operational and financial performance

• Achieved record-high annual revenue and adjusted EPS in 2024, with strong comparable sales growth.

• Adjusted EBITDA reached $329 million in 2024, supporting growth and shareholder returns.

• Fourth-quarter comparable sales: Cheesecake Factory +1.7%, North Italia +1%, Flower Child +11%.

• Annualized AUVs: Cheesecake Factory $12.5M, North Italia $7.9M, Flower Child $4.3M.

• 2025 revenue guidance is $3.8B, with a targeted net income margin of 4.75%.