What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-25 compared with 2025-02-26 · 84 added, 86 removed, 260 unchanged (40% of the section changed)

1 unchanged sentence

(“Bloomin’ Brands,” the “Company,” “we,” “us,” and “our” and similar terms mean Bloomin’ Brands, Inc.

and its subsidiaries except where the context otherwise requires) is one of the largest casual dining restaurant companies in the world, with a portfolio of leading, differentiated restaurant concepts.

and its subsidiaries except where the context otherwise requires), a Delaware corporation, is one of the largest casual dining restaurant companies in the world, with a portfolio of leading, differentiated restaurant concepts.

Our restaurant portfolio includes Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar.

2 unchanged sentences

As of December 28, 2025, we owned and operated 967 restaurants and franchised 493 restaurants across 46 states, Guam and 12 countries.

Subsequent to December 29, 2024, we completed the sale of the majority ownership of our Brazil operations, and all restaurants in that market are now operated as unconsolidated franchisees.

On December 30, 2024, we completed the sale of the majority ownership of our Brazil operations, and all restaurants in that market are now operated as unconsolidated franchisees.

See International Franchise Segment discussion below for details.

We consider each of our U.S.

restaurant concepts and international franchise markets in aggregate to be operating segments, which reflects how we manage our business, review operating performance and allocate resources.

restaurant concepts and international franchise markets to be operating segments, which reflects how we manage our business, review operating performance and allocate resources.

We aggregate our U.S.

4 unchanged sentences

are included in the international franchise segment.

All other operating segments, which include the Company’s operations in Hong Kong and the equity method investment in Brazil, do not meet the quantitative thresholds for determining reportable operating segments.

Following is a summary of reportable segments as of December 28, 2025:

11 unchanged sentences

Properties for disclosure of our restaurant count by country and territory.

Subsequent to December 29, 2024, we completed the sale of the majority ownership of our Brazil operations.

All restaurants in that market now operate as unconsolidated franchisees and Brazil is included in our franchise market count.

See International Franchise Segment discussion below for details.

As of December 28, 2025, in our U.S.

1 unchanged sentence

Outback Steakhouse - Outback Steakhouse is a casual steakhouse restaurant concept focused on steaks, bold flavors and Australian decor.

The Outback Steakhouse menu offers seasoned and seared grilled steaks, chops, chicken, seafood, pasta, salads and seasonal specials.

The Outback Steakhouse menu offers seasoned and seared grilled steaks, ribs, chicken, seafood, pasta, salads and seasonal specials.

The menu also offers a selection of specialty appetizers, including our signature Bloomin’ Onion ® , and desserts, together with full bar service.

Carrabba’s Italian Grill - Offering authentic Italian cuisine passed down from its founders’ family recipes, Carrabba’s Italian Grill uses high-quality ingredients to prepare fresh and handmade dishes cooked to order in a lively exhibition kitchen.

Featuring a wood-burning grill inspired by the many tastes of Italy, guests can enjoy signature dishes such as Chicken Bryan and Pollo Rosa Maria, wood-fire grilled steaks and chops, small plates and classic Italian pasta dishes in a welcoming, contemporary atmosphere.

Featuring a wood-burning grill inspired by the many tastes of Italy, guests can enjoy

BLOOMIN’ BRANDS, INC.

signature dishes such as Chicken Bryan and Pollo Rosa Maria, wood-fire grilled steaks and chops, and classic Italian pasta dishes in a welcoming, contemporary atmosphere.

Bonefish Grill - Bonefish Grill specializes in fish from around the world, hand-cut in-house every day, savory wood-grilled specialties and locally created, seasonal Partner Selection dishes featuring high-quality and fresh ingredients.

3 unchanged sentences

International Franchise Segment

On December 30, 2024, we sold 67% of our Brazil operations (the “Brazil Sale Transaction”) and retained a 33% interest.

Following the sale, restaurants that were formerly Company-owned now operate as unconsolidated franchisees.

As of December 28, 2025, our international franchise segment includes 355 franchised restaurants across 11 countries and Guam.

6 unchanged sentences

Abbraccio Cucina Italiana also has a range of beverage options, including classically inspired cocktails and local favorites with an Italian twist.

On December 30, 2024, we sold 67% of our Brazil operations (the “Brazil Sale Transaction”) and retained a 33% interest.

As of November 30, 2024, there were 192 restaurants operating in Brazil.

Following the sale, restaurants that were formerly Company-owned now operate as unconsolidated franchisees.

See Note 3 - Discontinued Operations of the Notes to Consolidated Financial Statements for additional details regarding the sale.

Restaurant Development

5 unchanged sentences

Our current Joey design consists of a freestanding building with approximately 5,000 square feet and seating for approximately 190 guests.

We opened 14 Outback Steakhouse restaurants during 2024 and plan to open approximately 15 additional locations in 2025.

International Development - We continue to pursue international expansion opportunities through our franchise partners, leveraging established franchised markets in South America, Asia and the Middle East, with a focus on Brazil, through our minority interest in these operations.

We opened 15 Outback Steakhouse restaurants during 2025 and plan to open approximately six additional locations in 2026.

Remodeling - We regularly remodel restaurants across all of our concepts to maintain the relevance of our restaurants’ ambience, focused on driving additional traffic to our restaurants.

We completed 65 restaurant remodels during 2024 and more than 100 restaurant remodels during 2023.

One of our key platforms in our turnaround strategy is to invest in our restaurants.

As a part of this strategy, we plan to remodel nearly all of our Outback Steakhouse restaurants by the end of 2028.

BLOOMIN’ BRANDS, INC.

22 unchanged sentences

International Franchise

Outback Steakhouse - Brazil (1) — 15 (1) 174 188

Outback Steakhouse - South Korea 96 7 (2) — 101

1 unchanged sentence

International Franchise total 145 24 (7) 193 355

Other - Company-owned

International - Company-owned

Outback Steakhouse - Hong Kong/China 10 — — — 10

Discontinued operations - Company-owned

Outback Steakhouse - Brazil (1) 173 1 — (174) —

Other - Brazil (1) 19 — — (19) —

International - Company-owned total 202 1 — (193) 10

System-wide total 1,463 44 (47) — 1,460

2 unchanged sentences

____________________

(1) During 2024, we purchased one franchised Carrabba’s Italian Grill location which is now operated as Company-owned.

(2) The restaurant counts for Brazil, including Abbraccio and Aussie Grill restaurants within International Company-owned Other - Brazil, are reported as of November 30, 2023 and 2024, respectively, to correspond with the balance sheet dates of this subsidiary.

Following the close of the Brazil Sale Transaction on December 30, 2024, all restaurants in that market operate as unconsolidated franchisees.

(1) The December 29, 2024 restaurant counts for Brazil are reported as of November 30, 2024 to correspond with the balance sheet date of this subsidiary.

Following the close of the Brazil Sale Transaction on December 30, 2024, all restaurants in that market operate as unconsolidated franchisees and the related store count is no longer reported on a one-month lag.

See Note 2 - Discontinued Operations of the Notes to Consolidated Financial Statements for further details.

4 unchanged sentences

We also face growing competition from the supermarket industry which offers expanded selections of prepared meals.

Further, improving product offerings and convenience options from quick-service and fast-casual restaurants, and the expansion of home delivery services, together with negative economic conditions, could cause consumers to choose less expensive alternatives than our restaurants.

Internationally, we face competition due to the number of casual dining restaurant options in the markets in which we operate.

BLOOMIN’ BRANDS, INC.

alternatives than our restaurants.

Internationally, we face competition due to the number of casual dining restaurant options in the markets in which we operate.

REVENUE GENERATING ACTIVITIES

1 unchanged sentence

Company-owned Restaurants - Company-owned restaurants are restaurants wholly-owned by us or in which we have a majority ownership.

The results of operations of Company-owned restaurants are included in our consolidated operating results and the portion of income or loss attributable to the noncontrolling interests is eliminated in our Consolidated Statements of Operations and Comprehensive (Loss) Income.

Following is a summary of sales by occasion, sales mix by product type and average check per person for Company-owned restaurants during 2024:

Steakhouse Carrabba’s

Italian Grill Bonefish Grill Fleming’s

Prime Steakhouse

& Wine Bar Outback

Following is a summary of sales by occasion, sales mix by product type and average check per person for U.S.

Company-owned restaurants during 2025:

Outback Steakhouse Carrabba’s Italian Grill Bonefish Grill Fleming’s Prime Steakhouse & Wine Bar

In-restaurant sales 75 % 66 % 83 % 97 %

5 unchanged sentences

100 % 100 % 100 % 100 %

Average check per person (USD$) $ 29 $ 26 $ 36 $ 106 $ 12

Average check per person (R$) R$ 64

Average check per person $ 29 $ 27 $ 37 $ 110

Unaffiliated Franchise Program - Our unaffiliated franchise agreements grant third parties the right to establish and operate a restaurant using one of our concepts.

12 unchanged sentences

Effective December 31, 2023, we entered into an Amended & Restated Holistic Agreement (the “2023 Resolution Agreement”) with Cerca Trova Southwest Restaurant Group, LLC (d/b/a Out West Restaurant Group) and certain of its affiliates (collectively, “Out West”), a franchisee of 74 Outback Steakhouse restaurants in the western United States.

Under the terms of the 2023 Resolution Agreement, advertising fees are reduced to 2.25% of gross sales until December 27, 2026 or upon the earlier occurrence of certain specified events, including the sale of all or substantially all of the assets or equity of Out West, bankruptcy or a liquidation event.

The 2023 Resolution Agreement provides for (i) deferral and forbearance of the Company’s and Out West’s lenders’ rights with respect to prior payment defaults, (ii) reduced advertising fees of 2.25% of gross sales, (iii) payment priorities for rents, royalties, national advertising fees and local marketing expenditures, and (iv) mechanisms to settle Out West’s obligations with its lenders and provide for capital expenditures, within certain

BLOOMIN’ BRANDS, INC.

The agreement ends on December 27, 2026 or upon the earlier occurrence of certain specified events, including a default in ongoing franchise payment obligations to us or if earnings fall below specified levels, the sale of all or substantially all of Out West’s assets or equity, bankruptcy or a liquidation event.

Upon the expiration or any earlier termination of the 2023 Resolution Agreement, there is no assurance that we will continue to receive royalties and other fees owed to us from Out West or that we will not need to provide additional support for the franchised locations.

See Note 4 – Revenue Recognition of the Notes to Consolidated Financial Statements for further details regarding the 2023 Resolution Agreement.

In connection with the closing of the Brazil Sale Transaction on December 30, 2024, we entered into amended and restated franchise agreements with all existing restaurants in Brazil for 20-year terms.

Royalty rates, initial franchise fees, and local advertising spend requirements are consistent with the lower end of our other international franchise royalty range.

The Brazil franchise agreements also include a development fee for each new restaurant and a fee upon renewal of the franchise agreement after the initial 20-year term.

Initial franchise fees were not charged for restaurants operating in Brazil at the time of the closing.

Royalty rate requirements are consistent with the lower end of our international franchise royalty range.

Sourcing and Supply - Our supply chain management organization is responsible for all food and operating supply purchases as well as a large percentage of purchases of field and corporate services.

2 unchanged sentences

We also regularly monitor commodity markets and trends to execute product purchases at the most advantageous times.

We and our franchisees have distribution programs that includes food, non-alcoholic beverage, smallwares and packaging goods.

We and our franchisees have distribution programs that include food, non-alcoholic beverage, smallwares and packaging goods.

Where applicable, these programs may be managed by custom distribution companies that only provide products approved for our system.

These customized relationships enable our staff to effectively manage and prioritize our supply chain needs.

Beef represents the majority of purchased proteins in the U.S.

In 2024, our U.S.

restaurants purchased beef raw materials primarily from four beef suppliers.

Beef represents the majority of purchased proteins.

In 2025, our restaurants purchased beef raw materials primarily from four beef suppliers.

Due to the nature of our industry, we expect to continue purchasing a substantial amount of beef from a small number of suppliers.

10 unchanged sentences

To increase customer convenience, we leverage our online ordering infrastructure to facilitate off-premises dining systems.

Additionally, we maintain systems to support our customer loyalty program with a focus on increasing traffic to our restaurants.

Additionally, we maintain systems to support our U.S.

customer loyalty program with a focus on increasing traffic to our restaurants.

BLOOMIN’ BRANDS, INC.

Our integrated point-of-sale system allows us to transact business in our U.S.

restaurants and communicate sales data through a secure corporate network to our enterprise resource planning system and data warehouse.

Our Company-owned restaurants, and most of our franchised restaurants, are connected through a portal that provides our employees and franchise partners with access to business information and tools that allow them to collaborate, communicate, train and share information.

BLOOMIN’ BRANDS, INC.

Our Company-owned restaurants, and most of our U.S.

franchised restaurants, are connected through a portal that provides our employees and franchise partners with access to business information and tools that allow them to collaborate, communicate, train and share information.

We maintain a system to ensure network security and safeguard against data loss.

1 unchanged sentence

Risk Factors for additional discussion of our cybersecurity measures.

Advertising and Marketing - We advertise through a diverse set of media channels including, but not limited to, national/spot television, radio, social media, search engines and other digital tactics.

Advertising and Marketing - We advertise through a diverse set of media channels including, but not limited to, national and spot television, radio, social media, search engines and other digital tactics.

Our concepts have active public relations programs and also rely on national promotions, site visibility, local marketing, customer relationship management initiatives, direct mail, billboards and point-of-sale materials to promote our restaurants.

We focus on data segmentation and personalization, customer relationship management and digital advertising to be more efficient and relevant with our advertising expenditures.

We leverage data insights and analytics to develop guest segmentation to inform personalization, guest relationship management and enhance our digital advertising to be more effective, efficient and relevant.

Additionally, our larger international markets have teams that engage local agencies to tailor advertising to each market and develop relevant and timely promotions based on local consumer demand.

In 2023, Outback Steakhouse brought back our “No Rules, Just Right” campaign that highlights great food, top-quality dining experiences and the spirit of Australia.

“No Rules, Just Right” is more than a marketing platform, it is a philosophy that puts the guest experience at the center of every decision made within Outback Steakhouse.

loyalty program, Dine Rewards, is designed to drive incremental traffic and provide data for customer segmentation and personalization opportunities.

Restaurant Management - The Restaurant Managing Partner has primary responsibility for the day-to-day operation of the restaurant and is required to follow Company-established operating standards.

Area Operating Partners for our casual dining concepts oversee restaurant operations and Restaurant Managing Partners within a specific region.

For our Outback Steakhouse and Carrabba’s Italian Grill brands, Market Vice Presidents oversee multiple Area Operating Partner regions.

In addition to base salary, Restaurant Managing Partners and Chef Partners (“Restaurant Partners”), Area Operating Partners, and Market Vice Presidents generally receive performance-based bonuses for providing management and supervisory services to their restaurants, certain of which may be based on a percentage of their restaurants’ monthly operating results or cash flows and/or total controllable income.

In 2025, Outback Steakhouse added the Aussie Three Course as a menu offering, reinforcing value, casual craveability and the spirit of the “No Rules, Just Right” iconic brand positioning.

loyalty program, Dine Rewards, is designed to engage with our loyal guest base and drive incremental traffic.

We continue to drive recruitment and loyalty through this targeted marketing lever.

Restaurant Management - The Restaurant Managing Partner has primary responsibility for the day-to-day operation of each restaurant and is required to follow Company-established operating standards.

Joint Venture Partners for Outback Steakhouse, Carrabba’s Italian Grill and Bonefish Grill, as well as Directors of Operations for Fleming’s Prime Steakhouse & Wine Bar (collectively, “Area Operating Partners”), are responsible for overseeing restaurant operations and the Restaurant Managing Partners within their specific regions.

For Outback Steakhouse, Carrabba’s Italian Grill and Bonefish Grill, Market Vice Presidents oversee multiple Area Operating Partner regions.

In addition to base salary, Restaurant Managing Partners, Chef Partners for Fleming’s Prime Steakhouse & Wine Bar, Area Operating Partners and Market Vice Presidents generally receive performance-based bonuses for providing management and supervisory services to their restaurants, certain of which may be based on a percentage of their restaurants’ monthly operating results or cash flows and/or total controllable income or other factors.

Trademarks - We regard our Outback ® , Outback Steakhouse ® , Carrabba’s Italian Grill ® , Bonefish Grill ® and Fleming’s Prime Steakhouse & Wine Bar ® service marks and our Bloomin’ Onion ® trademark as having significant value and as being important factors in the marketing of our restaurants.

7 unchanged sentences

The franchise and license arrangements restrict franchisees’ and licensees’ activities with respect to the use of our trademarks and impose quality control standards in connection with goods and services offered in connection with the trademarks.

BLOOMIN’ BRANDS, INC.

Our business is subject to seasonal fluctuations.

Historically, customer traffic patterns for our established U.S.

Customer traffic patterns for our established U.S.

restaurants are generally highest in the first quarter of the year and lowest in the third quarter of the year.

International customer traffic patterns vary by market with Brazil historically experiencing minimal seasonal traffic fluctuations.

Holidays may affect sales volumes seasonally in some of our markets.

International customer traffic patterns vary by market.

Holidays may affect sales volumes in some of our markets.

Severe storms, extended periods of inclement weather or climate change may affect the seasonal operating results of the areas impacted.

BLOOMIN’ BRANDS, INC.

GOVERNMENT REGULATION

4 unchanged sentences

Alcoholic beverage control regulations require each of our restaurants to apply to a state authority and, in certain locations, county or municipal authorities for a license or permit to sell alcoholic beverages on the premises and, where applicable, a permit to provide service for extended hours, for carry-out or delivery and on Sundays.

We also offer alcohol to-go from certain locations from each of our restaurant concepts.

We also offer alcohol to-go at certain locations from each of our restaurant concepts.

Our restaurant operations are also subject to federal, state and local laws and regulations for such matters as:

• immigration, employment, minimum wage, overtime, tip credits, paid and unpaid leave, safety standards, worker conditions and health care;

• menu labeling and food safety;

• menu labeling, traceability requirements, and food safety;

• environmental, sustainability, waste management, energy usage, and climate-related regulations, covering things such as climate-related disclosures, gas appliance restrictions, and single use packaging;

• the Americans with Disabilities Act, which, among other things, requires our restaurants to meet federally mandated requirements for the disabled;

6 unchanged sentences

Employees - As of December 28, 2025, we employed approximately 64,000 Team Members, of which approximately 500 are Restaurant Support Center (“RSC”) employees.

This total includes approximately 14,000 Team Members in Brazil, of which approximately 250 are Brazil RSC employees.

We track several workforce statistics to help us understand the gender, racial and ethnic diversity of our U.S.

9 unchanged sentences

Team Members that identify as Black/African American, Hispanic/Latinx, Asian, Native American, Pacific Islander or two or more races.

(2) Includes restaurant managers, Chef Partners, Restaurant Managing Partners, Area Operating Partners, Regional Vice Presidents and Market Vice Presidents.

In addition to gender, racial and ethnic diversity, our U.S Team Members are also diverse in age, comprised of five generations:

(2) Includes restaurant managers, Restaurant Managing Partners, Chef Partners, Area Operating Partners and Market Vice Presidents.

BLOOMIN’ BRANDS, INC.

In addition to gender, racial and ethnic diversity, our U.S.

Team Members are also diverse in age, comprised of five generations:

Traditionalists, Baby Boomers, Generation X, Millennials and Generation Z.

2 unchanged sentences

We focus on developing genuine, emotional guest connections through friendly service and high-quality food.

BLOOMIN’ BRANDS, INC.

We use surveys to seek feedback from our Team Members on a variety of topics that include, but are not limited to, confidence in leadership, our company culture and overall satisfaction with the Company.

1 unchanged sentence

Annual strategic talent reviews and succession planning for executive-level roles, senior management and key restaurant leadership positions help ensure consistency in management talent quality.

In 2024, approximately 91% of promotions to our Manager in Training program and to Restaurant Managing Partner were internal.

In 2025, approximately 90% of promotions to our Managing Partner in Training program and to Restaurant Managing Partner were internal.

We regularly monitor and evaluate turnover and attrition metrics.

4 unchanged sentences

To support this commitment, we have a Code of Conduct that provides clear direction for behavioral expectations.

We provide annual training to our Restaurant Partners, Area Operating Partners, Market Vice Presidents and RSC Team Members on our Code of Conduct, Preventing Discrimination and Harassment and Anti-Bribery and Anti-Corruption.

We provide annual training to our Restaurant Managing Partners, Chef Partners, Area Operating Partners, Market Vice Presidents and RSC Team Members on our Code of Conduct, Preventing Discrimination and Harassment and Anti-Bribery and Anti-Corruption.

All field-level employees are also provided Preventing Discrimination and Harassment training.

5 unchanged sentences

We deliver on this by ensuring Team Members are trained, understand their role in inclusivity and are held accountable in making our restaurants a place where everyone is valued for who they are and what they bring to the table.

We support words with actions by engaging with organizations dedicated to cultivating more diverse and inclusive communities.

We support words with actions by engaging with organizations dedicated to cultivating more inclusive communities.

Additionally, employee-led resource groups have been instrumental in providing support, a sense of community and both personal and professional development for our Team Members.

3 unchanged sentences

This commitment means carrying out company activities in ways that preserve and promote a clean, safe and healthy environment.

BLOOMIN’ BRANDS, INC.

Total Rewards - Our philosophy is to motivate and retain our Team Members by offering comprehensive total rewards packages.

To align Team Member objectives with our Company and ultimately our stockholders, Bloomin’ Brands offers programs that reward long-term performance.

Additionally, we offer a well-rounded benefit package that includes the following, along with other benefits:

Additionally, we offer a well-rounded benefits package that includes the following, along with other benefits:

• Comprehensive health insurance coverage for Team Members working an average of 30 or more hours each week.

This program includes wellness programs intended to proactively support healthcare and access to a health savings account that is eligible for employer contributions and is fully portable.

This program includes wellness programs intended to proactively support healthcare and access to a health savings account that is fully portable.

• An employee assistance program provided at no cost to all Team Members and their family members which includes virtual therapy sessions, free counseling and tools and resources in order to improve mental health and the well-being of our Team Members.

1 unchanged sentence

Eligible Team Members participating in the 401(k) receive matching contributions.

• Employee discounts when dining at any one of our brands.

• Eligible employees receive discounts when dining at our brands.

• All levels of the organization, including hourly Team Members that meet certain service criteria, can qualify for paid time off for the purpose of rest, relaxation and planned time away from the workplace.

BLOOMIN’ BRANDS, INC.

Employee Support and Community Engagement - Our commitment to our Team Members does not stop with competitive salaries, development and benefits.

2 unchanged sentences

Due to the incredible generosity and caring nature of our Team Members, the Trust is able to make meaningful monetary support to our Team Members who experience very difficult, often unexpected and catastrophic issues, in their lives.

Since 2017, the Trust has paid approximately $2.5 million in response to over 1,900 applications from Team Members who applied for support, including Team Members impacted by hurricanes and other natural disasters.

We embrace the communities we serve, from feeding first responders to supporting non-profit organizations, especially in the Tampa Bay area of Florida, home to our U.S.

Since 2017, the Trust has paid approximately $2.8 million to the benefit of over 2,100 Team Members who applied for support, including Team Members impacted by hurricanes and other natural disasters.

We embrace the communities we serve, from feeding first responders to supporting non-profit organizations, especially in the Tampa Bay area of Florida, home to our RSC.

We are inspired by the generosity of our Team Members and encourage them to give back to their communities.

To facilitate this community engagement, field Team Members volunteer within their communities and U.S.

RSC Team Members participate in an annual Community Service Day.

To facilitate this community engagement, field Team Members volunteer within their communities and RSC Team Members participate in an annual Community Service Day.

In 2025, its 17th year, Team Members volunteered over 500 hours of service at 13 non-profit organizations in the Tampa Bay area.

8 unchanged sentences

• Habitat for Humanity

In addition, during 2022 we implemented an annual matching gift and volunteer grant program for eligible 501(c)(3) non-profit organizations and provided a limited dollar-for-dollar match or grant for full-time U.S.

RSC Team Members who made a personal charitable donation or volunteered for a minimum of ten hours during non-working hours.

BLOOMIN’ BRANDS, INC.

7 unchanged sentences

in various roles including Chief Executive Officer of Asia, Middle East and North Africa, from October 2017 to November 2019.

Michael Healy 50 Chief Financial Officer and Executive Vice President, Global Business Development since April 2024.

Executive Vice President, Global Business Development and Strategy from November 2023 to April 2024.

Senior Vice President, President of Bonefish Grill from November 2021 to November 2023.

Senior Vice President, Field Operations and Innovation from April 2021 to November 2021.

Senior Vice President, Global Supply Chain Officer from February 2019 to April 2021.

Group Vice President, Finance for Outback Steakhouse from May 2015 to February 2019.

Eric Christel 53 Executive Vice President, Chief Financial Officer since September 2025, Executive Vice President, Chief Financial Officer-Elect August 2025 to September 2025.

Chief Financial Officer, Snacks Division at Campbells Company from January 2022 to July 2025.

Chief Financial Officer at Americas at Dentsu from January 2020 to January 2022.

Lissette Gonzalez 52 Executive Vice President, Chief Commercial Officer since February 2025.

3 unchanged sentences

Vice President, Supply Planning and Forecasting from September 2014 to April 2019.

Mark Graff 45 Executive Vice President, President of Bonefish Grill and Fine Dining since November 2023.

Senior Vice President, Development from April 2023 to November 2023.

Senior Vice President, Development, Financial Planning & Analysis and Investor Relations from May 2021 to April 2023.

Group Vice President, Corporate Finance and Investor Relations from February 2019 to May 2021.

Vice President, Corporate Finance and Investor Relations from February 2016 to February 2019.

Treasurer from February 2019 to November 2020.

Pat Hafner 51 Executive Vice President, Outback Steakhouse since January 2025.

In December 2025, the Company announced Ms.

Gonzalez’s planned departure from the Company at the end of Q1 2026.

Pat Hafner 52 Executive Vice President, President of Outback Steakhouse since January 2025.

President of Carrabba’s Italian Grill from May 2022 to January 2025.

5 unchanged sentences

Lefferts has also served as Secretary since February 2016.

Jessica Mitory 44 Senior Vice President, Chief Human Resources Officer since August 2025.

Senior Vice President, Total Rewards and Employee Experience at Advance Auto Parts, Inc.

from November 2024 to July 2025.

Senior Vice President, Total Rewards and HR Operations at Advance Auto Parts, Inc.

from June 2023 to July 2024.

Vice President, Total Rewards at Advance Auto Parts, Inc.

from May 2022 to June 2023.

Senior Director, Organizational Development at Advance Auto Parts, Inc.

from March 2020 to May 2022.

Philip Pace 51 Senior Vice President, Chief Accounting Officer since July 2022.

6 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business