Bloomin' Brands, Inc.

Previous wording

(ix)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 or the business challenges they face;

Current wording

(ix)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 or the business challenges they face, including the Chapter 11 proceedings initiated by Out West;

Previous wording

(xii)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;

Current wording

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

Previous wording

We are one of the largest full-service dining restaurant companies in the world with a portfolio of leading, differentiated restaurant concepts. As of June 28, 2026, we owned and operated 959 restaurants and franchised 489 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 full-service dining restaurant companies in the world with a portfolio of leading, differentiated restaurant concepts. As of September 27, 2026, we owned and operated 958 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.

Previous wording

•U.S. combined and Outback Steakhouse comparable restaurant sales of 2.3% and 1.4%, respectively;

Current wording

•U.S. combined and Outback Steakhouse comparable restaurant sales of 1.9%;

Previous wording

•Increase in Total revenues of 1.3% as compared to the second quarter of 2025;

Current wording

•Increase in Total revenues of 1.7% as compared to the third quarter of 2025;

Previous wording

•Operating income and restaurant-level operating margins of 3.8% and 12.4%, respectively, as compared to 3.0% and 12.0%, respectively, for the second quarter of 2025;

Current wording

•Operating income (loss) and restaurant-level operating margins of 2.0% and 10.6%, respectively, as compared to (3.9)% and 9.2%, respectively, for the third quarter of 2025;

Previous wording

•Operating income of $38.3 million as compared to $29.7 million in the second quarter of 2025; and

Current wording

•Operating income of $18.6 million as compared to operating loss of $(36.4) million in the third quarter of 2025; and

Previous wording

•Diluted earnings per share from continuing operations of $0.37 as compared to $0.29 for the second quarter of 2025.

Current wording

•Diluted loss per share from continuing operations of $(0.02) as compared to $(0.54) for the third quarter of 2025.

Previous wording

Our Turnaround Strategy -In November 2025, we announced a comprehensive turnaround strategy, with a key focus on Outback Steakhouse, to drive long-term sustainable and profitable growth. This strategy is based on four key platforms, including: (i) deliver a remarkable dine-in experience, (ii) drive brand relevancy, (iii) reignite a culture of ownership and fun and (iv) invest in our restaurants. These platforms will be supported by non-guest facing productivity savings, balanced capital allocation and a strong management team.

Current wording

Our Turnaround Strategy -We continue to make progress on our comprehensive turnaround strategy, with a key focus on Outback Steakhouse, to drive long-term sustainable and profitable growth. This strategy is based on four key platforms, including: (i) deliver a remarkable dine-in experience, (ii) drive brand relevancy, (iii) reignite a culture of ownership and fun and (iv) invest in our restaurants. These platforms are supported by non-guest facing productivity savings, balanced capital allocation and a strong management team.

Previous wording

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

Current wording

•Restaurant-level operating margin, Income (loss) 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. 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

(iv)Asset impairment charges and restaurant closing costs, which are not reflective of ongoing restaurant performance in a period.

Current wording

(iv)Asset impairment charges, restaurant closing costs and disposal of assets, which are not reflective of ongoing restaurant performance in 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. 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 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 (loss) income or Income (loss) 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 28, 2026 include restaurant sales from 24 and 26 new restaurants, respectively, not included in our comparable restaurant sales base.

Current wording

(1)The thirteen and thirty-nine weeks ended September 27, 2026 include restaurant sales from 23 and 28 new restaurants, respectively, not included in our comparable restaurant sales base.

Previous wording

(2)The thirteen and twenty-six weeks ended June 28, 2026 include restaurant sales from the closure of 38 and 42 restaurants since March 30, 2025 and December 29, 2024, respectively.

Current wording

(2)The thirteen and thirty-nine weeks ended September 27, 2026 represent restaurant sales from the closure of 39 and 45 restaurants since June 29, 2025 and December 29, 2024, respectively.

Previous wording

•Food and beverage cost increased as a percentage of Restaurant sales primarily due to 1.5% from commodity inflation partially offset by 1.4% from an increase in average check per person, primarily due to menu pricing.

Current wording

•Food and beverage cost decreased as a percentage of Restaurant sales primarily due to 1.2% from an increase in average check per person, primarily due to menu pricing, and 0.4% from the gift card breakage revenue change. These impacts were partially offset by 1.4% from commodity inflation.

Previous wording

•Labor and other related expense decreased as a percentage of Restaurant sales primarily due to 0.8% from an increase in average check per person and 0.2% from lower health insurance expense. These impacts were partially offset by 0.4% from higher hourly and field management labor costs, mainly due to wage rate inflation.

Current wording

•Labor and other related expense decreased as a percentage of Restaurant sales primarily due to 0.7% from an increase in average check per person and 0.5% from the gift card breakage revenue change. These impacts were partially offset by 0.8% from higher health insurance and workers’ compensation expenses and 0.2% from higher hourly and field management labor costs, mainly due to wage rate inflation.

Previous wording

•Other restaurant operating expense decreased as a percentage of Restaurant sales primarily due to: (i) 0.5% from productivity initiatives, (ii) 0.3% from an increase in average check per person and (iii) 0.3% from a decrease in preopening expense. These impacts were partially offset by 0.5% from higher advertising expense and 0.3% from higher restaurant-level operating and supply expenses, mainly due to inflation.

Current wording

•Other restaurant operating expense decreased as a percentage of Restaurant sales primarily due to: (i) 0.8% from lower general liability insurance expense, (ii) 0.6% from productivity initiatives, (iii) 0.4% from the gift card breakage revenue change and (iv) 0.3% from an increase in average check per person. These impacts were partially offset by 0.7% from higher restaurant-level operating and supply expenses, mainly due to inflation, and 0.4% from higher advertising expense.

Previous wording

•General and administrative expense decreased primarily due to lapping costs related to transformational and restructuring initiatives and foreign currency forward contracts.

Current wording

•General and administrative expense decreased primarily due to lapping costs related to transformational and restructuring initiatives and foreign currency forward contracts. These impacts were partially offset by higher compensation expense.

Previous wording

•Interest expense, netincreased primarily due to lapping the interest income realized during the twenty-six weeks ended June 29, 2025 in connection with the installment payments from the Brazil Sale Transaction. This was offset primarily by lower interest expense as a result of lower balances and interest rates on our revolving credit facility.

Current wording

•Interest expense, netincreased primarily due to lapping the interest income realized during the thirteen weeks ended September 28, 2025 in connection with the installment payments from the Brazil Sale Transaction. This was partially offset by lower interest expense as a result of lower balances and interest rates on our revolving credit facility.

Previous wording

•Food and beverage cost increased as a percentage of Restaurant sales primarily due to 1.6% from commodity inflation partially offset by 1.4% from an increase in average check per person, primarily due to menu pricing.

Current wording

•Food and beverage cost increased as a percentage of Restaurant sales primarily due to 1.4% from commodity inflation, partially offset by 1.3% from an increase in average check per person, primarily due to menu pricing.

Previous wording

•Labor and other related expense decreased as a percentage of Restaurant sales primarily due to 0.6% from an increase in average check per person, partially offset by 0.4% from higher hourly and field management labor costs, mainly due to wage rate inflation.

Current wording

•Labor and other related expense decreased as a percentage of Restaurant sales primarily due to 0.7% from an increase in average check per person, partially offset by 0.3% from higher hourly and field management labor costs, mainly due to wage rate inflation.

Previous wording

•Other restaurant operating expense decreased as a percentage of Restaurant sales primarily due to 0.5% from productivity initiatives partially offset by 0.3% from higher restaurant-level operating and supply expenses, mainly due to inflation.

Current wording

•Other restaurant operating expense decreased as a percentage of Restaurant sales primarily due to 0.5% from productivity initiatives and 0.3% from an increase in average check per person. These impacts were partially offset by 0.6% from higher restaurant-level operating and supply expenses, mainly due to inflation.

Previous wording

•General and administrative expense decreased primarily due to lapping costs related to severance, foreign currency forward contracts and transformational and restructuring initiatives.

Current wording

•General and administrative expense decreased primarily due to lapping costs related to severance, transformational and restructuring initiatives, and foreign currency forward contracts. These impacts were partially offset by higher compensation expense.

Previous wording

•Interest expense, netwas flat primarily due to lapping the interest income realized during the thirteen weeks ended June 29, 2025 in connection with the installment payments from the Brazil Sale Transaction. This was offset primarily by lower interest expense as a result of lower balances and interest rates on our revolving credit facility.

Current wording

•Interest expense, netwas flat primarily due to lapping the interest income realized during the thirty-nine weeks ended September 28, 2025 in connection with the installment payments from the Brazil Sale Transaction. This was offset primarily by lower interest expense as a result of lower balances and interest rates on our revolving credit facility.

Previous wording

Revenue for the U.S. reportable segment includes transactions with customers and revenues for both reportable segments include royalties from franchisees. There were no material transactions among reportable segments. Excluded from Income from operations for U.S. are certain legal and corporate costs not directly related to the performance of the segments, most stock-based compensation expenses, a portion of insurance expenses and certain bonus expenses.

Current wording

Revenue for the U.S. reportable segment includes transactions with customers. Revenues for both reportable segments include royalties from franchisees. There were no material transactions among reportable segments. Excluded from Income from operations for U.S. are certain legal and corporate costs not directly related to the performance of the segments, most stock-based compensation expenses, a portion of insurance expenses and certain bonus expenses.

Previous wording

Refer to Note 14 -Segment Reportingof the Notes to Consolidated Financial Statements for reconciliations of segment income from operations to the consolidated operating results.

Current wording

Refer to Note 14 -Segment Reportingof the Notes to Consolidated Financial Statements for reconciliations of segment income from operations to the consolidated operating results and additional information.

Previous wording

(1)The increases during the periods presented were due to higher comparable restaurant sales and the impact of restaurant openings partially offset by restaurant closures.

Current wording

(1)The increases during the periods presented were due to higher: (i) comparable restaurant sales and (ii) gift card breakage revenue. These increases were partially offset by the net impact of restaurant closures and openings.

Previous wording

U.S. -The decrease in U.S. Income from operations generated during the thirteen weeks ended June 28, 2026 as compared to the thirteen weeks ended June 29, 2025 was primarily due to: (i) higher commodity, operating and labor costs, mainly due to inflation, (ii) higher advertising expense, (iii) higher costs from accelerated depreciation associated with equipment upgrades in connection with the turnaround strategy and (iv) higher impairment expense. These impacts were partially offset by: (i) an increase in average check per person, primarily due to pricing,(ii) productivity initiatives and (iii) lower pre-opening expense.

Current wording

U.S. -The increase in U.S. Income from operations generated during the thirteen weeks ended September 27, 2026 as compared to the thirteen weeks ended September 28, 2025 was primarily due to: (i) lower impairment and closure costs, (ii) an increase in average check per person, primarily due to pricing, (iii)the gift card breakage revenue change and (iv) productivity initiatives. These impacts were partially offset by: (i) higher commodity, operating, and labor costs, mainly due to inflation, and (ii) higher advertising expense.

Previous wording

The decrease in U.S. Income from operations generated during the twenty-six weeks ended June 28, 2026 as compared to the twenty-six weeks ended June 29, 2025 was primarily due to: (i) higher commodity, operating and labor costs, mainly due to inflation, (ii) higher impairment expense and (iii) higher costs from accelerated depreciation associated with equipment upgrades in connection with the turnaround strategy. These impacts were partially offset by: (i) an increase in average check per person, primarily due to pricing, and (ii) productivity initiatives.

Current wording

The increase in U.S. Income from operations generated during the thirty-nine weeks ended September 27, 2026 as compared to the thirty-nine weeks ended September 28, 2025 was primarily due to: (i) an increase in average check per person, primarily due to pricing, (ii) lower impairment and closure costs, (iii) productivity initiatives and (iv) the gift card breakage revenue change. These impacts were partially offset by higher commodity, operating, and labor costs, mainly due to inflation.

Previous wording

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

Previous wording

(1)Costs for the thirteen and twenty-six weeks ended June 28, 2026 relate to accelerated depreciation associated with equipment upgrades in connection with the turnaround strategy. Costs for the thirteen and twenty-six weeks ended June 29, 2025 include severance, professional fees and other costs incurred as a result of transformational and restructuring activities.

Current wording

(3)Costs for the thirty-nine weeks ended September 27, 2026 relate to accelerated depreciation associated with equipment upgrades in connection with the turnaround strategy. Costs for the thirteen and thirty-nine weeks ended September 28, 2025 include severance, professional fees and other costs incurred as a result of transformational and restructuring activities.

Previous wording

(2)Represents costs in connection with the foreign currency forward contracts that mostly offset foreign currency exchange risk associated with installment payments from the Brazil Sale Transaction.

Current wording

(4)Represents costs in connection with the foreign currency forward contracts that mostly offset foreign currency exchange risk associated with installment payments from the Brazil Sale Transaction.

Previous wording

Adjusted Net Income and Adjusted Diluted Earnings Per Share Non-GAAP Reconciliations- The following table reconciles Net income from continuing operations to adjusted net income from continuing operations for the periods indicated:

Current wording

Adjusted Net (Loss) Income and Adjusted Diluted (Loss) Earnings Per Share Non-GAAP Reconciliations- The following table reconciles Net (loss) income from continuing operations to adjusted net (loss) income from continuing operations for the periods indicated:

Previous wording

(2)The tax effect of non-GAAP adjustments is determined by recomputing the Benefit for income taxes on an adjusted basis. The difference between the recomputed Benefit for income taxes and the GAAP Benefit for income taxes represents the tax effect of non-GAAP adjustments. The thirteen and twenty-six weeks ended June 29, 2025 also include an adjustment to Benefit for income taxes related to foreign currency gains on the Brazil Sale Transaction installment receivable.

Current wording

(2)The tax effect of non-GAAP adjustments is determined by recomputing the Income tax provision (benefit) on an adjusted basis. The difference between the recomputed Income tax provision (benefit) and the GAAP Income tax provision (benefit) represents the tax effect of non-GAAP adjustments. The thirteen and thirty-nine weeks ended September 28, 2025 also include an adjustment to the Income tax benefit related to foreign currency gains on the Brazil Sale Transaction installment receivable.

Previous wording

As of June 28, 2026, we had $66.6 million in cash and cash equivalents, of which $5.9 million was held by foreign affiliates, and did not have aggregate undistributed foreign earnings from our consolidated foreign subsidiaries.

Current wording

As of September 27, 2026, we had $90.7 million in cash and cash equivalents, of which $6.2 million was held by foreign affiliates, and did not have aggregate undistributed foreign earnings from our consolidated foreign subsidiaries.

Previous wording

As of June 28, 2026, we had $774.2 million in available unused borrowing capacity under our revolving credit facility, net of letters of credit of $20.8 million.

Current wording

As of September 27, 2026, we had $709.2 million in available unused borrowing capacity under our revolving credit facility, net of letters of credit of $20.8 million.

Previous wording

Our credit agreement, as amended, contains various financial and non-financial covenants. A violation of these covenants could negatively impact our liquidity by restricting our ability to borrow under the revolving credit facility and cause an acceleration of the amounts due under the credit facilities.

Current wording

Our credit agreement, as amended, contains various financial and non-financial covenants. A violation of these covenants could negatively impact our liquidity by restricting our ability to borrow under the revolving credit facility and cause an acceleration of the amounts due under the credit facilities. As of September 27, 2026 and December 28, 2025, we were in compliance with our debt covenants. We believe that we will remain in compliance with our debt covenants during the next 12 months and beyond.