Here are 1-3 brief analogies for Bloomin Brands (BLMN):

1. Darden Restaurants, but with a steakhouse (Outback Steakhouse) as its flagship, alongside Italian (Carrabba's) and seafood (Bonefish Grill) brands.

2. A more diversified Texas Roadhouse, owning multiple casual dining brands beyond just steakhouses, including Italian and seafood concepts.

3. Similar to Brinker International (Chili's, Maggiano's), but with a stronger portfolio of steakhouse and seafood-focused casual dining restaurants.

• Outback Steakhouse: A casual dining restaurant chain specializing in Australian-themed steak, seafood, and chicken dishes.
• Carrabba's Italian Grill: A casual dining restaurant chain offering authentic Italian-American cuisine in a lively atmosphere.
• Bonefish Grill: A polished casual dining restaurant chain focused on fresh seafood, wood-grilled specialties, and craft cocktails.
• Fleming's Prime Steakhouse & Wine Bar: An upscale steakhouse offering premium USDA Prime beef, a wide selection of wines, and a sophisticated dining experience.

Bloomin Brands (BLMN) primarily operates consumer-facing restaurant chains, meaning it sells directly to individuals rather than other companies. Its major customers can be categorized based on their dining preferences, budget, and occasion.

Categories of Customers Served by Bloomin Brands:

1. Casual Diners & Families:

   This category primarily frequents Bloomin Brands' more casual dining establishments such as Outback Steakhouse and Carrabba's Italian Grill. These customers are typically individuals, couples, and families seeking a relaxed, comfortable dining experience with familiar food options (steaks, pasta, etc.) at a moderate price point. They value consistency, a friendly atmosphere, and options suitable for everyday meals or casual gatherings.

2. Polished Casual Diners & Adults Seeking a Refined Experience:

   Customers in this category are drawn to Bonefish Grill, which offers a slightly more upscale yet still accessible dining experience, often with a focus on seafood. They are typically adults and couples looking for a sophisticated but not overly formal atmosphere, fresh ingredients, and unique menu items for date nights, celebrations, or when they desire a step up from typical casual dining without entering the fine dining price range.

3. Affluent Individuals, Business Professionals, & Special Occasion Diners:

   This segment targets Fleming's Prime Steakhouse & Wine Bar, the company's high-end fine dining brand. These customers are discerning individuals and groups with a higher disposable income, seeking a premium dining experience. This includes business professionals hosting clients, individuals celebrating very special occasions (anniversaries, significant milestones), or those who appreciate top-tier steaks, an extensive wine list, and impeccable service in a luxurious setting.

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Michael L. Spanos, Chief Executive Officer

Michael L. Spanos assumed the role of Chief Executive Officer of Bloomin' Brands in September 2024. Prior to joining Bloomin' Brands, he served as Executive Vice President and Chief Operating Officer of Delta Air Lines. His career also includes serving as CEO and President at Six Flags Entertainment. Spanos spent over 25 years at PepsiCo and Pepsi Bottling Group, holding various leadership positions such as President of Greater China, CEO of the Asia Middle East and North Africa sector, and Chief Customer Officer of North American Beverages.

Eric Christel, Executive Vice President, Chief Financial Officer

Eric Christel joined Bloomin' Brands as Executive Vice President and Chief Financial Officer-elect and assumed the role of Chief Financial Officer on or about September 8, 2025. He brings nearly two decades of financial leadership experience within the food and beverage sector. Previously, Christel served as Senior Vice President and Chief Financial Officer of The Campbell's Company's snacks division. He also held several leadership roles at PepsiCo from 2007 to 2020.

Sheilina Henry, Senior Vice President, President of Fleming's Prime Steakhouse & Wine Bar

Sheilina Henry was appointed Senior Vice President and President of Fleming's Prime Steakhouse & Wine Bar in August 2023, overseeing domestic operations and development for more than 60 restaurants. With over 25 years of experience in the restaurant industry, Henry began her journey with Bloomin' Brands in 2012 as an Outback Steakhouse Joint Venture Partner. Her previous roles at the company include Regional Vice President for Outback Steakhouse (2019) and Group Vice President focusing on Diversity & Inclusion (2020), followed by Senior Vice President of Diversity, Equity & Inclusion and Off-Premises Dining. Before joining Bloomin' Brands, she spent 12 years at Yum! Brands in various regional operations and training positions, and also worked at Bob Evans Farms and Pizza Hut.

Kelly Lefferts, Executive Vice President, Chief Legal Officer and Secretary

Kelly Lefferts serves as the Executive Vice President, Chief Legal Officer and Secretary for Bloomin' Brands. She is responsible for the company's legal affairs and governance.

Pat Hafner, Executive Vice President, President of Outback Steakhouse

Pat Hafner holds the position of Executive Vice President, President of Outback Steakhouse. In this role, he is responsible for leading the Outback Steakhouse brand.

The proliferation of ghost kitchens and virtual brands poses a clear emerging threat. These delivery-only operations, which often lack a physical dining room, operate with significantly lower overhead costs compared to traditional casual dining establishments like those owned by Bloomin Brands. They can leverage optimized kitchens for efficiency and rapidly launch or pivot multiple virtual brands based on consumer demand and delivery trends. As Bloomin Brands has increasingly relied on its off-premise business (takeout and third-party delivery) for growth, these agile, cost-efficient competitors are directly vying for the same delivery market share, potentially putting downward pressure on pricing, profitability, and market dominance in the increasingly vital delivery segment.

Bloomin' Brands (symbol: BLMN) operates in both the casual dining and fine dining segments of the restaurant industry. Their main products and services are the dining experiences offered by their portfolio of brands, which include Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill (casual dining), and Fleming's Prime Steakhouse & Wine Bar (fine dining).

The addressable markets for these segments are as follows:

• Casual Dining Market: The global casual dining market was valued at approximately USD 333.02 billion in 2025 and is projected to reach USD 575.5 billion by 2035. North America accounts for 28% of the global casual dining market share.

• Fine Dining Market: The global fine dining restaurant market was valued at an estimated USD 166.9 billion in 2024 and is projected to grow to USD 243.2 billion by 2030. In the U.S., the fine dining restaurant segment is estimated to reach USD 17.2 billion by 2025.

Bloomin' Brands (NASDAQ: BLMN) is expected to drive future revenue growth over the next 2-3 years through a multi-faceted turnaround strategy centered on its core brands, strategic investments, and operational enhancements.

Here are 3-5 expected drivers:

1. Outback Steakhouse Turnaround Strategy and Remodels: A primary driver for Bloomin' Brands is the comprehensive turnaround strategy focused on its largest brand, Outback Steakhouse. This initiative involves strategic investments to enhance steak quality, improve the service model by lowering table-to-server ratios, and reinforce Outback's positioning as a leading steakhouse. The company plans to remodel its Outback restaurant portfolio by the end of 2028, which analysts anticipate will improve traffic and customer satisfaction, similar to the successful lighter-touch remodels at Carrabba's. Management is allocating approximately $75 million for investments across 2026 through 2028 to support this strategy.
2. Menu Simplification and Enhanced Guest Experience: Across all Bloomin' Brands restaurants, including Outback, Carrabba's, and Bonefish Grill, menu simplification is a key focus. For instance, Outback has reduced its menu by approximately 10% to boost execution consistency and improve food quality. Alongside this, the company is investing in technology, such as the implementation of Ziosk tablets in Outback restaurants, to streamline table payments and enhance service efficiency. These efforts aim to deliver a more consistent and improved guest experience, which is expected to drive customer satisfaction and repeat visits, ultimately contributing to revenue growth.
3. New Restaurant Openings: Bloomin' Brands plans to expand its footprint through new restaurant openings. The company projected 18 to 20 new company-owned restaurants and approximately 30 new franchised restaurants in its 2025 financial outlook. This physical expansion of its restaurant portfolio will directly contribute to increased revenue.
4. Strategic Pricing and Check Growth: The company has demonstrated its ability to implement strategic pricing to offset inflationary pressures and contribute to revenue. In Q3 2025, higher average check per person, primarily due to pricing, partially offset increases in commodity, labor, and operating costs. Similarly, Q1 2025 saw an average check increase of 3.4% for the U.S. business, aligning with expectations. This indicates that targeted price increases will continue to be a lever for revenue growth.
5. Growth in Comparable Restaurant Sales across Brands: Bloomin' Brands has reported positive comparable store sales growth across all four of its brands (Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, and Fleming's Prime Steakhouse & Wine Bar) for the first time since Q1 2023. This positive momentum, with Carrabba's leading the way with a 4.1% increase in comparable restaurant sales in Q3 2025, suggests that continued improvements in sales at existing restaurants will be a significant revenue driver. The company's updated guidance for fiscal year 2025 projects U.S. comparable restaurant sales growth between 0% and 0.5%, with an expectation of 0.5% to 1.5% in Q4 2025. Goldman Sachs also revised its same-store sales growth estimates upward for fiscal years 2025, 2026, and 2027 to 0.5%, 2.2%, and 2.3%, respectively.

Share Repurchases

• Bloomin' Brands repurchased shares totaling $265.7 million in 2024.
• The company repurchased $70.8 million in shares in 2023 and $109.2 million in 2022.
• A new $350.0 million share repurchase authorization was approved in February 2024, replacing a prior $57.5 million remaining authorization. This program is set to expire on August 13, 2025, with $96.8 million remaining as of August 2025.

Share Issuance

• In February 2024, Bloomin' Brands delivered approximately 7.5 million shares of common stock, along with $3.3 million in cash, to exchange for $83.6 million in principal amount of convertible senior notes due 2025.

Outbound Investments

• Bloomin' Brands completed the sale of 67% of its Brazil operations for approximately $225 million (R$1.4 billion) in December 2024, while retaining a 33% interest.

Capital Expenditures

• Capital expenditures were $221 million in 2024 and $324 million in 2023.
• The company anticipates capital expenditures of approximately $190 million for the full year 2025, with projections ranging from $190 million to $210 million.
• A significant focus of capital expenditures includes investments in restaurant refreshes, new openings, and remodels to enhance the guest experience, particularly as part of a turnaround strategy for Outback Steakhouse, with approximately $75 million in strategic investments through 2028.