Bloomin' Brands, Inc.

Previous wording

(iv)Economic and geopolitical conditions, including recent tariff developments, and their effects on consumer confidence and discretionary spending, consumer traffic, the cost and availability of credit and interest rates;

Current wording

(iv)Economic and geopolitical conditions, including recent tariff developments and the ongoing U.S. government shutdown, and their effects on consumer confidence and discretionary spending, consumer traffic, the cost and availability of credit and interest rates;

Previous wording

(viii)Our ability to preserve and grow the reputation and value of our brands, particularly in light of changes in consumer engagement with social media platforms and limited control with respect to the operations of our franchisees;

Current wording

(viii)Our ability to preserve and grow the reputation and value of our brands, particularly in light of our turnaround plans, changes in consumer engagement with social media platforms and limited control with respect to the operations of our franchisees;

Previous wording

(x)The impacts of our operations in Brazil as a minority investor and franchisor following our recent sale transaction;

Current wording

(x)The impacts of our operations in Brazil as a minority investor and franchisor following our sale transaction;

Previous wording

(xi)Our ability to comply with corporate citizenship and sustainability reporting requirements and investor expectations or our failure to achieve any goals, targets or objectives that we establish with respect to corporate citizenship and sustainability matters;

Current wording

(xi)Our ability to comply with corporate citizenship and sustainability reporting requirements and investor expectations or our failure to achieve any goals, targets or objectives that we establish with respect to sustainability matters;

Previous wording

(xiv)Our ability to implement our remodeling, relocation and expansion plans, due to uncertainty in locating and acquiring attractive sites on acceptable terms, obtaining required permits and approvals, recruiting and training necessary personnel, obtaining adequate financing and estimating the performance of newly opened, remodeled or relocated restaurants, and our cost savings plans to enable reinvestment in our business, due to uncertainty with respect to macroeconomic conditions and the efficiency that may be added by the actions we take;

Current wording

(xiv)Our ability to implement our remodeling, relocation and expansion plans, due to uncertainty in locating, acquiring and redesigning attractive sites on acceptable terms, obtaining required permits and approvals, recruiting and training necessary personnel, obtaining adequate financing and estimating the performance of newly opened, remodeled or relocated restaurants;

Previous wording

(xv)Seasonal and periodic fluctuations in our results and the effects of significant adverse weather conditions and other disasters or unforeseen events;

Current wording

(xvi)Seasonal and periodic fluctuations in our results and the effects of significant adverse weather conditions and other disasters or unforeseen events;

Previous wording

(xvi)The effects of our leverage and restrictive covenants in our various credit facilities on our ability to raise additional capital to fund our operations, to make capital expenditures to invest in new or renovate restaurants and to react to changes in the economy or our industry;

Current wording

(xvii)The effects of our leverage and restrictive covenants in our various credit facilities on our ability to raise additional capital to fund our operations, to make capital expenditures to invest in new or renovate restaurants and to react to changes in the economy or our industry;

Previous wording

(xvii)Any impairment in the carrying value of our goodwill or other intangible or long-lived assets and its effect on our financial condition and results of operations; and

Current wording

(xviii)Any impairment in the carrying value of our goodwill or other intangible or long-lived assets and its effect on our financial condition and results of operations; and

Previous wording

(xviii)Such other factors as discussed in Part I, Item IA. Risk Factors of our Annual Report on Form 10-K for the year ended December 29, 2024.

Current wording

(xix)Such other factors as discussed in Part I, Item IA. Risk Factors of our Annual Report on Form 10-K for the year ended December 29, 2024.

Previous wording

We are one of the largest casual dining restaurant companies in the world with a portfolio of leading, differentiated restaurant concepts. As of June 29, 2025, we owned and operated 985 restaurants and franchised 494 restaurants across 46 states, Guam and 12 countries. Our restaurant portfolio includes: Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar.

Current wording

We are one of the largest casual dining restaurant companies in the world with a portfolio of leading, differentiated restaurant concepts. As of September 28, 2025, we owned and operated 987 restaurants and franchised 496 restaurants across 46 states, Guam and 12 countries. Our restaurant portfolio includes: Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar.

Previous wording

•U.S. combined and Outback Steakhouse comparable restaurant sales of (0.1)% and (0.6)%, respectively;

Current wording

•U.S. combined and Outback Steakhouse comparable restaurant sales of 1.2% and 0.4%, respectively;

Previous wording

•Increase in Total revenues of 0.3% as compared to the second quarter of 2024;

Current wording

•Increase in Total revenues of 2.1% as compared to the third quarter of 2024;

Previous wording

•Operating income and restaurant-level operating margins of 3.0% and 12.0%, respectively, as compared to 4.4% and 14.0%, respectively, for the second quarter of 2024;

Current wording

•Operating (loss) income and restaurant-level operating margins of (3.9)% and 9.2%, respectively, as compared to 0.9% and 11.1%, respectively, for the third quarter of 2024;

Previous wording

•Operating income of $29.7 million as compared to $44.1 million in the second quarter of 2024; and

Current wording

•Operating loss of $(36.4) million as compared to operating income of $8.6 million in the third quarter of 2024; and

Previous wording

System-Wide Sales -System-wide sales is a non-GAAP financial measure that includes sales of all restaurants operating under our brand names, whether we own them or not. Management uses this information to make decisions about future plans for the development of additional restaurants and new concepts, as well as evaluation of current operations. System-wide sales comprise sales of Company-owned and franchised restaurants. For a summary of sales of Company-owned restaurants, refer to Note 4 -Revenue Recognitionof the Notes to Consolidated Financial Statements.

Current wording

System-wide sales is a non-GAAP financial measure that includes sales of all restaurants operating under our brand names, whether we own them or not. Sales from restaurants we do not own are not included in our consolidated Restaurant sales. Management uses this information to make decisions about future plans for the development of additional restaurants and new concepts, as well as evaluation of current operations. System-wide sales comprise sales of Company-owned and franchised restaurants. For a summary of sales of Company-owned restaurants, refer to Note 4 -Revenue Recognitionof the Notes to Consolidated Financial Statements. Franchise sales disclosed as system-wide sales do not represent our sales and are presented only as an indicator of changes in the restaurant system, which management believes is important information regarding the health of our restaurant concepts and in determining our royalties and/or service fees.

Previous wording

•Restaurant-level operating margin, Income from operations, Net income (loss) and Diluted earnings (loss) per share—financial measures utilized to evaluate our operating performance.

Current wording

•Restaurant-level operating margin, (Loss) income from operations, Net (loss) income and Diluted (loss) earnings per share—financial measures utilized to evaluate our operating performance.

Previous wording

Restaurant-level operating margin is a non-GAAP financial measure widely regarded in the industry as a useful metric to evaluate restaurant-level operating efficiency and performance of ongoing restaurant-level operations, and we use it for these purposes. Our restaurant-level operating margin is expressed as the percentage of our Restaurant sales that Food and beverage costs, Labor and other related expense and Other restaurant operating expense (including advertising expenses) represent, in each case as such items are reflected in our Consolidated Statements of Operations and Comprehensive Income (Loss). The following categories of revenue and operating expenses are not included in restaurant-level operating income and the corresponding margin because we do not consider them reflective of operating performance at the restaurant-level within a period:

Current wording

Restaurant-level operating margin is a non-GAAP financial measure widely regarded in the industry as a useful metric to evaluate restaurant-level operating efficiency and performance of ongoing restaurant-level operations, and we use it for these purposes. Our restaurant-level operating margin is expressed as the percentage of our Restaurant sales that Food and beverage costs, Labor and other related expense and Other restaurant operating expense (including advertising expenses) represent, in each case as such items are reflected in our Consolidated Statements of Operations and Comprehensive (Loss) Income. The following categories of revenue and operating expenses are not included in restaurant-level operating income and the corresponding margin because we do not consider them reflective of operating performance at the restaurant-level within a period:

Previous wording

Restaurant-level operating margin excludes various expenses, as discussed above, that are essential to supporting the operations of our restaurants and may materially impact our Consolidated Statements of Operations and Comprehensive Income (Loss). As a result, restaurant-level operating margin is not indicative of our consolidated results of operations and is presented exclusively as a supplement to, and not a substitute for, Net income (loss) or Income from operations. In addition, our presentation of restaurant-level operating margin may not be comparable to similarly titled measures used by other companies in our industry.

Current wording

Restaurant-level operating margin excludes various expenses, as discussed above, that are essential to supporting the operations of our restaurants and may materially impact our Consolidated Statements of Operations and Comprehensive (Loss) Income. As a result, restaurant-level operating margin is not indicative of our consolidated results of operations and is presented exclusively as a supplement to, and not a substitute for, Net income (loss) or (Loss) income from operations. In addition, our presentation of restaurant-level operating margin may not be comparable to similarly titled measures used by other companies in our industry.

Previous wording

•Adjusted restaurant-level operating margin, Adjusted income from operations, Adjusted net income and Adjusted diluted earnings per share—non-GAAP financial measures utilized to evaluate our operating performance.

Current wording

•Adjusted restaurant-level operating margin, Adjusted income from operations, Adjusted net (loss) income and Adjusted diluted (loss) earnings per share—non-GAAP financial measures utilized to evaluate our operating performance.

Previous wording

(1)The thirteen and twenty-six weeks ended June 29, 2025 include restaurant sales from 32 new restaurants not included in our comparable restaurant sales base.

Current wording

(1)The thirteen and thirty-nine weeks ended September 28, 2025 include restaurant sales from 30 and 35 new restaurants, respectively, not included in our comparable restaurant sales base.

Previous wording

(2)The thirteen and twenty-six weeks ended June 29, 2025 include the restaurant sales impact from the closure of 23 and 60 restaurants since March 31, 2024 and December 31, 2023, respectively.

Current wording

(2)The thirteen and thirty-nine weeks ended September 28, 2025 include the restaurant sales impact from the closure of 23 and 61 restaurants since June 30, 2024 and December 31, 2023, respectively.

Previous wording

Comparable Restaurant Sales, Traffic and Average Check Per Person (Decreases) Increases -Following is a summary of comparable restaurant sales, traffic and average check per person (decreases) increases for the periods indicated:

Current wording

Comparable Restaurant Sales, Traffic and Average Check Per Person -Following is a summary of comparable restaurant sales, traffic and average check per person increases (decreases) for the periods indicated:

Previous wording

Food and beverage cost increased as a percentage of Restaurant sales primarily due to 1.1% from commodity inflation and 0.2% from unfavorable product cost mix. These increases were partially offset by decreases as a percentage of Restaurant sales of 0.9% from an increase in average check per person, primarily due to menu pricing, and 0.3% from cost-saving and productivity initiatives.

Current wording

Food and beverage cost increased as a percentage of Restaurant sales primarily due to 1.6% from commodity inflation and 0.4% from unfavorable product cost mix. These impacts were partially offset by 1.0% from an increase in average check per person, primarily due to menu pricing, and 0.2% from cost-saving and productivity initiatives.

Previous wording

Labor and other related expense increased as a percentage of Restaurant sales primarily due to 1.4% from higher hourly and field management labor costs, mainly due to wage rate inflation and health insurance, partially offset by a decrease of 0.4% from an increase in average check per person.

Current wording

Labor and other related expense increased as a percentage of Restaurant sales primarily due to 0.9% from higher hourly and field management labor costs, mainly due to wage rate inflation, partially offset by 0.3% from an increase in average check per person and 0.2% from cost-saving and productivity initiatives.

Previous wording

Other restaurant operating expense increased as a percentage of Restaurant sales primarily due to 0.8% from higher restaurant-level operating and supply expenses, mainly due to inflation, and 0.5% from higher insurance expense. These increases were partially offset by decreases as a percentage of Restaurant sales of 0.6% from lower advertising expense and 0.3% from an increase in average check per person.

Current wording

Other restaurant operating expense increased as a percentage of Restaurant sales primarily due to 0.8% from higher restaurant-level operating and supply expenses, mainly due to inflation, and 0.6% from higher insurance expense. These impacts were partially offset by 0.5% from lower advertising expense and 0.2% from an increase in average check per person.

Previous wording

General and administrative expense increased primarily due to costs associated with our foreign currency forward contracts.

Current wording

General and administrative expense decreased primarily due to lower compensation and related expenses partially offset by costs associated with our foreign currency forward contracts.

Previous wording

Interest expense, netdecreased primarily due to interest income on the second installment receivable related to the Brazil Sale Transaction.

Current wording

Interest expense, netdecreased primarily due to $4.8 million of interest income on the second installment related to the Brazil Sale Transaction.

Previous wording

(Benefit) provision for income taxes for the thirteen weeks ended June 29, 2025 and June 30, 2024 includes the impact of changes to the estimate of forecasted annual pre-tax book income relative to the prior quarter in each respective year and the benefit of FICA tax credits on certain tipped wages.

Current wording

Benefit for income taxes for the thirteen weeks ended September 28, 2025 and September 29, 2024 includes the impact of changes to the estimate of forecasted annual pre-tax book income relative to the respective prior quarter and the benefit of FICA tax credits.

Previous wording

Food and beverage cost increased as a percentage of Restaurant sales primarily due to 1.0% from commodity inflation and 0.5% from unfavorable product cost mix. These increases were partially offset by decreases as a percentage of Restaurant sales of 1.0% from an increase in average check per person, primarily due to menu pricing, and 0.3% from cost-saving and productivity initiatives.

Current wording

Food and beverage cost increased as a percentage of Restaurant sales primarily due to 1.1% from commodity inflation and 0.5% from unfavorable product cost mix. These impacts were partially offset by 1.0% from an increase in average check per person, primarily due to menu pricing, and 0.3% from cost-saving and productivity initiatives.

Previous wording

Labor and other related expense increased as a percentage of Restaurant sales primarily due to 1.7% from higher hourly and field management labor costs, mainly due to wage rate inflation and health insurance, partially offset by a decrease of 0.4% from an increase in average check per person.

Current wording

Labor and other related expense increased as a percentage of Restaurant sales primarily due to 1.3% from higher hourly and field management labor costs, mainly due to wage rate inflation and health insurance, partially offset by 0.4% from an increase in average check per person.

Previous wording

Other restaurant operating expense increased as a percentage of Restaurant sales primarily due to 0.9% from higher restaurant-level operating and supply expenses, mainly due to inflation, and 0.2% from higher insurance expense. These increases were partially offset by decreases as a percentage of Restaurant sales of 0.3% from lower advertising expense and 0.3% from an increase in average check per person.

Current wording

Other restaurant operating expense increased as a percentage of Restaurant sales primarily due to 0.9% from higher restaurant-level operating and supply expenses, mainly due to inflation, and 0.3% from higher insurance expense. These increases were partially offset by 0.4% from lower advertising expense.

Previous wording

Provision for impaired assets and restaurant closings decreased primarily due to lapping impairment and closure charges in connection with the Q2 2024 decision to close nine restaurants in Hong Kong and the 2023 Restaurant Closures.

Current wording

Provision for impaired assets and restaurant closings increased primarily due to higher impairment and closure charges related to restaurant closures and underperforming restaurants.

Previous wording

Loss on extinguishment of debt during the twenty-six weeks ended June 30, 2024 was in connection with the Second 2025 Notes Partial Repurchase.

Current wording

Loss on extinguishment of debt during the thirty-nine weeks ended September 29, 2024 was in connection with the Second 2025 Notes Partial Repurchase.

Previous wording

Interest expense, netdecreased primarily due to interest income on the second installment receivable related to the Brazil Sale Transaction.

Current wording

Interest expense, netdecreased primarily due to $12.4 million of interest income on the second installment related to the Brazil Sale Transaction.

Previous wording

Benefit for income taxes for the twenty-six weeks ended June 29, 2025 includes the benefit of FICA tax credits on certain tipped wages relative to forecasted annual pretax book income. Provision for income taxes for the twenty-six weeks ended June 30, 2024 includes the impact of the non-deductible losses associated with the Second 2025 Notes Partial Repurchase, partially offset by the benefit of FICA tax credits on certain tipped wages.

Current wording

(Benefit) provision for income taxes for the thirty-nine weeks ended September 28, 2025 includes the impact of FICA tax credits relative to low forecasted annual pretax book income. Provision for income taxes for the thirty-nine weeks ended September 29, 2024 includes the impact of the non-deductible losses associated with the Second 2025 Notes Partial Repurchase.

Previous wording

(1)The increase during the thirteen weeks ended June 29, 2025 compared to the thirteen weeks ended June 30, 2024 was primarily due to the net impact of restaurant openings and closures. The increase during the twenty-six weeks ended June 29, 2025 compared to the twenty-six weeks ended June 30, 2024 was primarily due to the net impact of restaurant openings and closures partially offset by lower comparable restaurant sales.

Current wording

(1)The increase during the thirteen and thirty-nine weeks ended September 28, 2025 compared to the thirteen and thirty-nine weeks ended September 29, 2024 was primarily due to the net impact of restaurant openings and closures and higher comparable restaurant sales.

Previous wording

U.S. -The decrease in U.S. Income from operations generated during the thirteen weeks ended June 29, 2025 as compared to the thirteen weeks ended June 30, 2024 was primarily due to higher labor, operating and commodity costs, mainly due to inflation, and unfavorable product cost mix. These decreases were partially offset by: (i) higher restaurants sales, (ii) an increase in average check per person, primarily due to pricing, and (iii) lower advertising expense.

Current wording

U.S. -The decrease in U.S. Income from operations generated during the thirteen weeks ended September 28, 2025 as compared to the thirteen weeks ended September 29, 2024 was primarily due to: (i) higher impairment and closure costs,(ii) higher commodity, labor and operating costs, mainly due to inflation, and (iii) unfavorable product cost mix. These decreases were partially offset by: (i) an increase in average check per person, primarily due to pricing, (ii) lower General and administrative expense, (iii) lower advertising expense and (iv) cost-saving and productivity initiatives.

Previous wording

U.S. -The decrease in U.S. Income from operations generated during the twenty-six weeks ended June 29, 2025 as compared to the twenty-six weeks ended June 30, 2024 was primarily due to higher labor, operating and commodity costs, mainly due to inflation, and unfavorable product cost mix. These decreases were partially offset by: (i) higher restaurants sales, (ii) an increase in average check per person, primarily due to pricing, (iii) the lapping of 2024 impairment and closure costs in connection with the 2023 Restaurant Closures and (iv) lower advertising expense.

Current wording

U.S. -The decrease in U.S. Income from operations generated during the thirty-nine weeks ended September 28, 2025 as compared to the thirty-nine weeks ended September 29, 2024 was primarily due to: (i) higher labor, commodity and operating costs, mainly due to inflation, (ii) higher impairment and closure costs and (iii) unfavorable product cost mix. These decreases were partially offset by: (i) an increase in average check per person, primarily due to pricing, (ii) lower advertising expense and (iii) cost-saving and productivity initiatives.

Previous wording

Consolidated Restaurant-level Operating Income and Adjusted Restaurant-level Operating Income and Corresponding Margins Non-GAAP Reconciliations - The following table reconciles consolidated Income from operations and the corresponding margin to restaurant-level operating income and consolidated adjusted restaurant-level operating income and the corresponding margins for the periods indicated:

Current wording

Consolidated Restaurant-level Operating Income and Adjusted Restaurant-level Operating Income and Corresponding Margins Non-GAAP Reconciliations - The following table reconciles consolidated (Loss) income from operations and the corresponding margin to restaurant-level operating income and consolidated adjusted restaurant-level operating income and the corresponding margins for the periods indicated:

Previous wording

Adjusted Income from Operations Non-GAAP Reconciliations - The following table reconciles Income from operations and the corresponding margin to adjusted income from operations and the corresponding margin for the periods indicated:

Current wording

Adjusted Income from Operations Non-GAAP Reconciliations - The following table reconciles (Loss) income from operations and the corresponding margin to adjusted income from operations and the corresponding margin for the periods indicated: