1. A smaller-scale Yum! Brands or Restaurant Brands International, specializing in acquiring and franchising a diverse portfolio of fast-casual and casual dining restaurant chains.

2. A "house of brands" company for restaurants, akin to what Procter & Gamble is for consumer goods, but focused on franchising.

• Restaurant Franchising: Licensing established quick-service, fast-casual, and casual dining restaurant brands to independent operators.
• Fatburger: A fast-casual restaurant chain known for made-to-order, customizable hamburgers, french fries, and milkshakes.
• Johnny Rockets: A retro-themed casual dining restaurant chain offering classic American fare like hamburgers, fries, and milkshakes.
• Round Table Pizza: A casual dining pizza chain known for its unique blend of cheeses and high-quality ingredients.
• Marble Slab Creamery: A dessert chain offering customizable ice cream and frozen yogurt creations mixed on a frozen slab.
• Baja Fresh: A fast-casual Mexican grill offering fresh, made-to-order burritos, tacos, and other Mexican dishes.
• Smokey Bones BBQ & Sports Bar: A full-service casual dining restaurant specializing in slow-smoked BBQ ribs, chicken, and other American entrees.
• Twin Peaks: A casual dining "lodge-themed" sports bar known for its comfort food and "Twin Peaks Girls" waitstaff.

FAT Brands (symbol: FATBB) operates primarily on a business-to-business (B2B) model. Its "customers" are the independent franchisees who license and operate its diverse portfolio of restaurant brands across various concepts.

Due to the nature of a franchise business, FAT Brands' revenue is derived from thousands of individual or group franchisees across the globe. These franchisees are typically:

• Independent Business Owners: Entrepreneurs or small business groups who invest in and operate one or more franchised restaurant locations under one of FAT Brands' concepts.
• Private Companies: Entities, often privately held, that enter into franchise agreements to develop and manage multiple units of a particular FAT Brands concept or even multiple concepts within a geographic region.

Unlike a traditional B2B supplier that might have a few large corporate clients, FAT Brands' customer base is highly diversified across its extensive network of franchisees. Therefore, specific "major customer" companies, particularly publicly traded ones that would represent a significant portion of their revenue and require disclosure, are not identified. Their business model relies on the aggregate contributions of thousands of independent operators rather than a handful of large corporate accounts.

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Andrew A. Wiederhorn Chief Executive Officer

Andrew A. Wiederhorn reassumed the role of Chief Executive Officer of FAT Brands Inc. in September 2025, having previously held the position from 2017 to 2023. He is also the founder of FAT Brands Inc. and has served on its Board of Directors since its formation, becoming Chairman in March 2023. Additionally, Mr. Wiederhorn serves as the Chairman of Twin Hospitality Group Inc. since August 2025. Prior to FAT Brands Inc., he founded and served as the Chairman and Chief Executive Officer of Fog Cutter Capital Group Inc., Wilshire Financial Services Group Inc., and Wilshire Credit Corporation. He took Fat Brands public on the NASDAQ in 2017 and has overseen numerous acquisitions, expanding the company's portfolio. In 2004, he pleaded guilty to charges including paying an illegal gratuity and filing a false tax return, serving 15 months in federal prison. More recently, in May 2024, he was indicted on federal charges related to an alleged scheme to conceal $47 million paid to himself as shareholder loans and was also charged with illegally possessing a firearm and ammunition.

Ken Kuick Chief Financial Officer

Ken Kuick serves as Chief Financial Officer of FAT Brands Inc., a position he was appointed to in 2021. He also holds the position of Chief Financial Officer of Twin Hospitality Group Inc. since 2025. Before joining FAT Brands Inc., Mr. Kuick served as Chief Financial Officer for Noodles & Company (NASDAQ: NDLS). He also held roles as Chief Accounting Officer for VICI Properties (NYSE: VICI), a real estate investment trust, and as Chief Accounting Officer for Caesars Entertainment Operating Company, a subsidiary of Caesars Entertainment (NASDAQ: CZR). Mr. Kuick is recognized for his experience in strategic business leadership, particularly in financial operations, corporate governance, mergers and acquisitions, IPOs, and capital market transactions, spanning both public and private sectors.

Taylor A. Wiederhorn Chief Development Officer

Taylor A. Wiederhorn currently serves as Chief Development Officer of FAT Brands Inc., a position he was appointed to in 2017, and has been Chief Executive Officer for 15 brands in the FAT Brands portfolio since 2023. Previously, Mr. Wiederhorn was the Vice President of Franchise Marketing and Development of Fatburger North America Inc. and Buffalo's Franchise Concepts Inc., and also served as the Director of Marketing of Fatburger North America Inc.

Thayer D. Wiederhorn Chief Operating Officer

Thayer D. Wiederhorn is the Chief Operating Officer of FAT Brands Inc., a role he has held since November 2021. Prior to this, Mr. Wiederhorn served as Chief Marketing Officer of FAT Brands Inc. and also as Vice President of Marketing of Fatburger North America Inc. and Buffalo's Franchise Concepts Inc., as well as Director of Marketing of Fatburger North America Inc.

Mason A. Wiederhorn Chief Brand Officer

Mason A. Wiederhorn is the Chief Brand Officer of FAT Brands Inc., a role he has held since December 2021. His previous roles include Creative Director of FAT Brands Inc. and Creative Director of Fatburger North America Inc. and Buffalo's Franchise Concepts Inc., preceded by his role as Videographer for Fatburger North America Inc.

Fast-Casual Restaurants

• Global Market: The global fast-casual restaurant market was valued at $124.5 billion in 2022 and is projected to reach $337.8 billion by 2032, with a compound annual growth rate (CAGR) of 10.4% from 2023 to 2032. Another estimate placed the global market at $179.19 billion in 2024, projected to grow to $318.52 billion by 2033 at a CAGR of 6.6%. Another source estimated the global market at $144.8 billion in 2024 and projected it to reach $230 billion by 2030, growing at a CAGR of 7.4%.
• U.S. Market: The U.S. fast-casual restaurant market reached approximately $45.58 billion in 2024 and is projected to grow to $84.76 billion by 2034, with a CAGR of 6.40% between 2025 and 2034. Another report estimates the U.S. fast-casual restaurants market size to increase by $84.5 billion, at a CAGR of 13.7% from 2024 to 2029.

Quick-Service Restaurants (QSR)

• Global Market: The global quick-service restaurant market was valued at $971.36 billion in 2024 and is projected to reach $1,930.14 billion by 2032, exhibiting a CAGR of 9.01% during the forecast period. Another estimate for the global QSR market was $289.68 billion in 2024, projected to grow to $468.98 billion by 2034. The global fast food and quick service restaurant market size was estimated at $257.19 billion in 2019 and is projected to reach $383.81 billion by 2027, growing at a CAGR of 5.1% from 2020 to 2027.
• U.S. Market: The quick-service restaurant industry in the United States was valued at approximately $447.2 billion in 2025 and is expected to reach $731.6 billion by 2030, growing at a CAGR of 10.35%. Another source indicates the U.S. fast food & quick service restaurant (QSR) market is projected to reach a valuation of $301 billion in 2025, and $508.6 billion by 2034, with a CAGR of 5.6% from 2025 to 2034.

Full-Service Restaurants (Casual and Polished Casual Dining)

• Global Market: The global full-service restaurant market size was estimated at $1.6 trillion in 2025 and is anticipated to reach $2.05 trillion by 2035, expanding at a CAGR of 2.6%. Another source valued the global market at $1.6 trillion based on a five-year historical analysis.
• U.S. Market: The United States full-service restaurant market size is valued at $360.91 billion in 2025 and is projected to climb to $617.47 billion by 2030, advancing at an 11.33% CAGR. Other estimates put the U.S. full-service restaurant market at approximately $114.95 billion in 2024, likely to grow to $163.47 billion by 2032, with a CAGR of 4.5% from 2026 to 2032. Another report states the U.S. full-service restaurants sector is likely to expand from $336.22 billion in 2024 to $807.83 billion by 2033, with a CAGR of 10.23% from 2025 to 2033.

Cloud Kitchens (Ghost Kitchens)

• Global Market: The global cloud kitchen market size was valued at $64.47 billion in 2023 and is projected to grow from $70.18 billion in 2024 to $144.71 billion by 2032, exhibiting a CAGR of 9.47%. Other estimates for the global ghost kitchen market range from $65.30 billion in 2023 to $155.54 billion by 2030 with a CAGR of 13.20%, or $70.4 billion in 2023 with a projected CAGR of 12.5% through 2029, or $71.12 billion in 2024, reaching $145.54 billion by 2030 with a CAGR of 12.68%, or $78.1 billion in 2024 to $176.4 billion by 2033 with a CAGR of 9.5%. The market is also estimated to be valued at $88.42 billion in 2025 and expected to reach $196.69 billion in 2032, exhibiting a CAGR of 12.1%. Euromonitor projected ghost kitchens could create a $1 trillion global opportunity by 2030.
• U.S. Market: The U.S. cloud kitchen market is projected to reach $27.47 billion by 2032.

1. Organic Expansion Through New Franchise Location Openings: FAT Brands has a robust pipeline of new franchise development agreements, with approximately 900 committed locations scheduled to open over the next five to seven years. The company anticipates opening around 100 new locations in 2025 alone, led by brands such as Fatburger, Johnny Rockets, Fazoli's, Round Table Pizza, Twin Peaks, Marble Slab Creamery, and Great American Cookies. This expansion includes strategic market penetration, such as 40 new Fatburger locations planned for Florida over the next decade and 40 new franchised Fatburger locations across Northern California, often co-branded with existing Round Table Pizza locations. These new units are expected to generate $50 million to $60 million in incremental earnings once operational.
2. Manufacturing Facility Scale-Up and Strategic Partnerships: The company's Georgia production facility, specializing in cookie and pretzel dough, is currently operating at only 45% capacity but has significant expansion potential with low incremental costs. FAT Brands is focused on increasing production volume and capacity utilization at this facility. A key initiative supporting this is a partnership with Virtual Dining Concepts to make Great American Cookies available for delivery from Chuck E. Cheese locations nationwide, with over 450 locations already live and 500 more targeted by the end of 2025. This strategy leverages third-party partnerships to significantly increase production volume while maintaining an asset-light business model. The company also explores in-venue cookie sales and co-branded menu opportunities.
3. Strategic Acquisitions and Brand Portfolio Diversification: While the current M&A environment presents challenges due to high interest rates, FAT Brands remains disciplined and monitors the market for strategic acquisition opportunities at the right valuation. The focus is on acquisitions that can enhance their core brands, add complementary capabilities, or offer conversion potential into higher-performing concepts like Twin Peaks. An example of this strategy is the acquisition of Smokey Bones, which increased Twin Peaks' expansion path and provided a growing barbecue cuisine brand. Acquisitions have historically been a significant driver of revenue growth, with the Global Franchise Group acquisition in 2021 expected to increase annual revenues from approximately $36 million to over $100 million.
4. Growth in Casual Dining Segment and Co-Branding Initiatives: The casual dining segment, particularly Twin Peaks, has demonstrated strong results with 3.9% same-store sales growth. FAT Brands is focused on the accelerated growth of Twin Peaks, which has high average unit volumes. Co-branding initiatives, such as pairing Fatburger with Round Table Pizza or Buffalo's Express, have shown significant interest from franchisees and have proven successful in driving sales. For example, a Twin Peaks-Smokey Bones hybrid in California has shown weekly sales doubling compared to standalone units.
5. Enhancement of Digital Sales and Customer Engagement: FAT Brands is leveraging digital platforms to drive sales. Round Table Pizza has shown strong digital sales, climbing 5% sequentially in Q1 2025. The digital integration of Great American Cookies and Marble Slab Creamery, along with their new app, has also yielded strong results, with an 8% increase in sales and a 17.6% increase in average check size. The company has also rolled out online ordering and delivery across several of its brands to provide direct channels for customers and increase franchisee revenues.

Share Issuance

• On July 16, 2020, FAT Brands offered 360,000 shares of 8.25% Series B Cumulative Preferred Stock and warrants to purchase up to 1,800,000 shares of common stock, for an aggregate offering amount of $10,000,000.
• In January 2025, FAT Brands distributed a special stock dividend of Twin Hospitality Group Inc. shares to its stockholders, with a ratio of 0.1520207 shares of Twin Common Stock for each share of FAT Brands Class A and Class B Common Stock held.
• Warrants issued on July 16, 2020, expired on July 16, 2025, with any unexercised warrants to be automatically exercised via cashless exercise by October 14, 2025.

Inbound Investments

• FAT Brands plans to raise $75 million to $100 million in equity for its Twin Peaks brand (Twin Hospitality Group Inc.) to facilitate debt reduction and new unit development.
• The company funded acquisitions in 2021 primarily through the issuance of notes under whole-business securitization facilities, aiming to reduce the net cost of capital.

Outbound Investments

• FAT Brands engaged in rapid acquisition-led expansion over the last five years.
• In 2021, the company made significant acquisitions including Global Franchise Group for $300 million, Twin Peaks, and Fazoli's.
• FAT Brands acquired Smokey Bones in September 2023.

Capital Expenditures

• FAT Brands opened 18 new locations in the second quarter of 2025, working towards a goal of more than 100 restaurant openings for the year.
• The company secured over 190 franchise development agreements year-to-date in Q3 2025, contributing to a pipeline of approximately 900 committed locations for the next five to seven years.
• Plans for 2025 include remodeling approximately 100 restaurants.