THE WEEK THAT WAS, ENDING SEPTEMBER 20th – two companies report - ONE UPGRADE, ONE DOWNGRADE – WORTH YOUR TIME are easily accessible relevant transcripts & presentations (especially Darden's)

PREVIOUSLY REPORTING: No ratings changes

Maintained at Neutral: Yum Brands and Wendy’s

Maintained with Positive ratings: European Wax, BRC Corp, Shake Shack, RCI Hospitality, Driven Brands, Starbucks, Restaurant Brands, McDonald’s, Wingstop

COMPANIES REPORTING DURING WEEK: only Cracker Barrel & Darden

Cracker Barrel maintained at Hold by 2 firms, Underperform at another

Darden Downgraded by 1 firm to Market Perform, Upgraded by 1 firm to Outperform – Otherwise: 6 firms maintain Neutral ratings, 9 firms remain Positive

Transcripts are below for all companies reporting in prior weeks with ratings changes (none), initiations (none), or companies reporting in THE WEEK THAT WAS (Cracker Barrel & Darden)

TRANSCRIPTS & PRESENTATIONS

Cracker Barrel

Cracker Barrel Old Country Store, Inc. (CBRL) Q4 2024 Earnings Call Transcript _ Seeking Alpha

Darden

Darden Restaurants, Inc. (DRI) Q1 2025 Earnings Call Transcript _ Seeking Alpha

Lipton Financial Services

Restaurant and Retail Review

THE WEEK THAT WAS, ENDING SEPTEMBER 20th – two companies report – ONE UPGRADE, ONE DOWNGRADE – WORTH YOUR TIME are easily accessible relevant transcripts & presentations (especially Darden’s)