On December 30, 2024, an indirect wholly owned subsidiary of the Company completed the sale of 67% of the ownership interest in its business in Brazil to a fund managed by an affiliate of Vinci Partners Investments Ltd. (the

“Brazil Sale Transaction”). Following the closing, the Brazil restaurants began operating as unconsolidated franchisees and the Company retained a 33% interest, which is accounted for using the equity method of accounting. To ensure timely reporting, the Company records the results of the equity method investment in Brazil on a calendar basis one-month lag.

Following is a rollforward of the Company’s equity method investment for the periods indicated:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 28, 2026		JUNE 29, 2025		JUNE 28, 2026		JUNE 29, 2025
Balance, beginning of the period	$	66,404	$	61,776	$	63,967	$	—
Fair value of retained interest at sale closing date	—		—		—		59,863
Loss, net of tax	(864)		(1,806)		(1,042)		(3,097)
Foreign currency translation adjustment	1,154		1,732		3,769		4,936

Balance, end of the period	$	66,694	$	61,702	$	66,694	$	61,702