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Driven Brands Holdings Inc. Reports Third Quarter 2025 Results
--Take 5 segment revenue increases 14% with same store sales growth of 7%--
--19th consecutive quarter of growth in same store sales--
--Net leverage ratio improves to 3.8x Adjusted EBITDA--
--Narrows fiscal year 2025 outlook ranges--
Charlotte, N.C. (November 4, 2025) - Driven Brands Holdings Inc. (NASDAQ: DRVN) (“Driven Brands” or the “Company”) today reported financial results for the third quarter ending September 27, 2025.
For the third quarter, Driven Brands delivered revenue of $535.7 million, an increase of 6.6% versus the prior year. System-wide sales increased 4.7% to $1.6 billion, driven by a 2.8% increase in same store sales and 3.5% increase in store count versus the prior year.
Net income from continuing operations was $60.9 million or $0.37 per diluted share versus a net loss from continuing operations of $11.5 million or $(0.07) per diluted share in the prior year. Adjusted Net Income1 was $56.2 million or $0.34 per diluted share versus $38.1 million or $0.23 per diluted share in the prior year. Adjusted EBITDA1 was $136.3 million, an increase of $4.3 million versus the prior year.
“Driven Brands delivered another strong quarter, highlighted by continued growth in our Take 5 business,” said Danny Rivera, President and Chief Executive Officer. “Same store sales increased for the 19th consecutive quarter, with high single-digit growth in Take 5 driving solid gains in revenue, adjusted EBITDA and adjusted earnings per share.”

“As we look to the balance of the year, our narrowed fiscal 2025 outlook reflects continued execution of our Growth and Cash strategy - with expansion from Take 5 Oil Change, reliable cash generation from our franchise and car wash segments, and ongoing progress reducing leverage. While the consumer environment remains dynamic, our resilient, needs-based model and disciplined focus on execution position us well to continue delivering long-term shareholder value,” Rivera concluded.
Third Quarter 2025 Key Performance Indicators by Segment
System-wide Sales (in millions)
Store Count
Same Store Sales2
Revenue
(in millions)
Adjusted EBITDA
(in millions)
Take 5 $411.6 1,282 6.8 %$306.4 $107.3 
Franchise Brands1,091.6 2,676 0.7 %75.3 49.7 
Car Wash51.4 717 3.9 %54.1 15.0 
Corporate and Other70.8 213 N/A99.9 (35.8)
Total
$1,625.4 4,888 2.8 %$535.7 $136.3 
Note: Certain columns may not add due to rounding.
    1

Capital and Liquidity
The Company ended the third quarter with a net leverage ratio of 3.8x Adjusted EBITDA and total liquidity of $755.7 million consisting of $162.0 million in cash and cash equivalents and $593.7 million of undrawn capacity on its variable funding securitization senior notes and revolving credit facility. This did not include the additional $135.0 million Series 2022 Class A-1 Notes that expand the Company’s variable funding note borrowing capacity if the Company elects to exercise them, assuming certain conditions continue to be met.
Seller Note Divestiture and Debt Refinancing
As disclosed previously, on July 25, 2025, Driven Brands divested the seller note received in connection with the sale of the former U.S. car wash business for $113.0 million in cash proceeds. Net proceeds were used to pay off all outstanding term loan principal as well as $65.0 million of the drawn balance on its revolving credit facility.
On October 20, 2025, as previously disclosed, the Company completed an offering by certain of its subsidiaries for $500 million of Series 2025 Class A-2 senior notes maturing in October 2055, with an anticipated repayment date in October 2030. Proceeds from the notes, combined with funding from the Company’s revolving credit facility, were primarily used to repay the Company’s 2019-1 and 2022-1 Fixed Rate Senior Secured Notes.
Fiscal Year 2025 Outlook
The Company narrowed its financial outlook for fiscal year ending December 27, 2025, as follows:
2025 Outlook
Revenue
~$2.10 - $2.12 billion
Adjusted EBITDA1
~$525 - $535 million
Adjusted Diluted EPS1
~$1.23 - $1.28
The Company now expects same store sales growth at the low end of its original range of 1% to 3%; and continues to expect net store growth of approximately 175 to 200.

Note: 2025 Outlook excludes the impact of any potential M&A and divestitures other than the completed sale of the U.S. car wash business.
1 Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP financial measures. See “Reconciliation of Non-GAAP Financial Measures” for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measures. Forward-looking estimates of Adjusted EBITDA and Adjusted EPS are made in a manner consistent with the relevant definitions and assumptions noted herein.
2 The Company does not provide same store sales results for Corporate and Other as it is a non-reportable segment. The same store sales results for any applicable businesses within Corporate and Other are included in the Company’s overall same store sales results.


    2

Conference Call
Driven Brands will host a conference call to discuss third quarter 2025 results today, Tuesday, November 4, 2025, at 8:30 a.m. ET. The call will be available by webcast and can be accessed by visiting Driven Brands’ Investor Relations website at investors.drivenbrands.com. A replay of the call will be available for at least three months.

About Driven Brands
Driven Brands™, headquartered in Charlotte, NC, is the largest automotive services company in North America, providing a range of consumer and commercial automotive services, including paint, collision, glass, vehicle repair, oil change, maintenance and car wash. Driven Brands is the parent company of some of North America’s leading automotive service businesses including Take 5 Oil Change®, Meineke Car Care Centers®, Maaco®, 1-800-Radiator & A/C®, Auto Glass Now®, and CARSTAR®. Driven Brands has approximately 4,900 locations across the United States and 13 other countries, and services tens of millions of vehicles annually. Driven Brands’ network generates approximately $2.1 billion in annual revenue from approximately $6.3 billion in system-wide sales.

Disclosure Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts contained in this Press Release, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, trends, plans, objectives of management, impact of accounting standards and outlook, impairments, and expected market growth are forward-looking statements. In particular, forward-looking statements include, among other things, statements relating to: (i) potential post-closing obligations and liabilities relating to the sale of our U.S. car wash business; (ii) the current geopolitical environment, including the impact, both direct and indirect, of government actions, such as proposed and enacted tariffs and governmental shutdowns; (iii) our strategy, outlook, and growth prospects; (iv) our operational and financial targets and dividend policy; (v) general economic trends and trends in the industry and markets; (vi) the risks and costs associated with the integration of, and or ability to integrate, our stores and business units successfully; (vii) the proper application of generally accepted accounting principles, which are highly complex and involve many subjective assumptions, estimates, and judgments; and (viii) the competitive environment in which we operate. Forward-looking statements are not based on historical facts, but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions, and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the risk factors that are described under the section titled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 28, 2024 as well as in our other filings with the Securities and Exchange Commission, which are available on its website at www.sec.gov. Given these uncertainties, you should not place undue reliance on these forward-looking statements.
    3



Contacts

Shareholder/Analyst inquiries: Media inquiries:
Steve Alexander Taylor Blanchard
stephen.alexander@drivenbrands.com taylor.blanchard@drivenbrands.com
(972) 467-6180 (704) 644-8129

    4

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months EndedNine Months Ended
(in thousands, except per share amounts)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Net revenue:
Franchise royalties and fees$50,824 $49,475 $144,714 $144,549 
Company-operated store sales331,259 298,798 978,670 884,944 
Independently-operated store sales51,410 49,959 189,841 163,286 
Advertising contributions27,883 26,823 80,249 75,804 
Supply and other revenue74,308 77,284 209,361 234,544 
Total net revenue535,684 502,339 1,602,835 1,503,127 
Operating Expenses:
Company-operated store expenses193,129 177,510 565,391 525,529 
Independently-operated store expenses30,178 29,382 104,713 90,693 
Advertising expenses27,884 26,823 80,249 75,804 
Supply and other expenses42,552 35,779 116,939 112,531 
Selling, general, and administrative expenses145,177 149,789 471,347 393,418 
Depreciation and amortization34,828 33,418 102,883 97,358 
Total operating expenses473,748 452,701 1,441,522 1,295,333 
Operating income 61,936 49,638 161,313 207,794 
Other expenses, net:
Interest expense, net23,603 43,674 91,496 119,241 
Foreign currency transaction (gain) loss, net(5,419)765 (17,406)5,767 
Loss on debt extinguishment4,549 205 4,549 205 
Other expenses, net22,733 44,644 78,639 125,213 
Income before taxes from continuing operations39,203 4,994 82,674 82,581 
Income tax (benefit) expense (21,659)16,474 (7,487)45,292 
Net income (loss) from continuing operations
$60,862 $(11,480)$90,161 $37,289 
Gain on sale of discontinued operations, net of tax— — 37,367 — 
Net loss from discontinued operations, net of tax— (3,467)(13,596)(17,816)
Net income (loss)
$60,862 $(14,947)$113,932 $19,473 
Basic earnings (loss) per share:
Continuing Operations$0.37 $(0.07)$0.55 $0.23 
Discontinued Operations — (0.02)0.14 (0.11)
Net basic earnings (loss) per share$0.37 $(0.09)$0.69 $0.12 
Diluted earnings (loss) per share:
Continuing Operations$0.37 $(0.07)$0.55 $0.23 
Discontinued Operations— (0.02)0.14 (0.11)
Net diluted earnings (loss) per share$0.37 $(0.09)$0.69 $0.12 
Weighted average shares outstanding
Basic163,900 159,804 162,434 159,743 
Diluted165,124 159,804 163,686 160,713 
5

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except share and per share amounts)September 27, 2025December 28, 2024
Assets
Current assets:
Cash and cash equivalents$162,028 $149,573 
Restricted cash335 358 
Accounts and notes receivable, net188,208 177,654 
Inventory65,195 66,539 
Prepaid and other assets35,178 37,841 
Income tax receivable16,025 14,294 
Advertising fund assets, restricted63,617 49,716 
Assets held for sale54,540 77,616 
Current assets of discontinued operations— 83,847 
Total current assets585,126 657,438 
Other assets120,802 125,422 
Property and equipment, net758,874 711,505 
Operating lease right-of-use assets570,213 524,442 
Deferred commissions7,589 7,246 
Intangibles, net655,792 665,896 
Goodwill1,445,383 1,403,056 
Deferred tax assets9,151 8,206 
Non-current assets of discontinued operations— 1,158,576 
Total assets$4,152,930 $5,261,787 
Liabilities and shareholders' equity
Current liabilities:
Accounts payable$89,355 $85,843 
Accrued expenses and other liabilities226,515 193,638 
Income tax payable13,190 6,860 
Current portion of long-term debt277,770 32,232 
Income tax receivable liability22,674 22,676 
Advertising fund liabilities18,644 22,030 
Current liabilities of discontinued operations— 70,616 
Total current liabilities648,148 433,895 
Long-term debt1,936,610 2,656,308 
Deferred tax liabilities72,249 87,485 
Operating lease liabilities541,110 491,282 
Income tax receivable liability110,907 110,935 
Deferred revenue29,641 31,314 
Long-term accrued expenses and other liabilities20,775 20,122 
Non-current liabilities of discontinued operations— 823,112 
Total liabilities3,359,440 4,654,453 
Preferred Stock $0.01 par value; 100,000,000 shares authorized; none issued or outstanding— — 
Common stock, $0.01 par value, 900,000,000 shares authorized: and 164,454,218 and 163,842,248 shares outstanding; respectively
1,645 1,638 
Additional paid-in capital1,725,174 1,699,851 
Accumulated deficit(888,651)(1,002,583)
Accumulated other comprehensive loss(44,678)(91,572)
Total shareholders’ equity 793,490 607,334 
Total liabilities and shareholders' equity$4,152,930 $5,261,787 
6

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine Months Ended
(in thousands)September 27, 2025September 28, 2024
Net income$113,932 $19,473 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization105,109 131,219 
Share-based compensation expense28,269 35,641 
(Gain) loss on foreign denominated transactions(21,560)8,744 
Loss (gain) on foreign currency derivatives4,154 (2,977)
(Gain) loss on sale and disposal of businesses, fixed assets, and sale leaseback transactions(21,560)32,998 
Loss on fair value of Seller Note17,000 — 
Reclassification of interest rate hedge to income(5,980)(1,560)
Bad debt expense13,275 5,759 
Asset impairment charges and lease terminations19,747 15,008 
Amortization of deferred financing costs and bond discounts7,441 7,240 
Amortization of cloud computing15,190 3,436 
(Benefit) provision for deferred income taxes(36,628)13,571 
Loss on extinguishment of debt4,549 205 
Other, net(2,500)3,219 
Changes in operating assets and liabilities, net of acquisitions:
Accounts and notes receivable, net(30,866)(37,752)
Inventory2,657 1,337 
Prepaid and other assets2,242 7,648 
Advertising fund assets and liabilities, restricted(14,845)(4,209)
Other assets(18,210)(63,015)
Deferred commissions(343)642 
Deferred revenue(1,679)1,248 
Accounts payable(533)11,504 
Accrued expenses and other liabilities39,296 27,359 
Income tax receivable16,588 (8,230)
Cash provided by operating activities234,745 208,508 
Cash flows from investing activities:
Capital expenditures(167,384)(219,307)
Cash used in business acquisitions, net of cash acquired(8,112)(2,759)
Proceeds from sale leaseback transactions35,279 17,944 
Proceeds from Seller Note113,000 — 
Proceeds from sale or disposal of businesses and fixed assets277,062 255,548 
Cash provided by (used in) investing activities249,845 51,426 
Cash flows from financing activities:
Payment of debt extinguishment and issuance costs(1,414)(9,646)
Proceeds from the issuance of long-term debt— 274,794 
Repayment of long-term debt(370,915)(422,492)
Proceeds from revolving lines of credit and short-term debt121,000 46,000 
Repayment of revolving lines of credit and short-term debt(236,000)(71,000)
Repayment of principal portion of finance lease liability(3,581)(4,301)
Payment of Tax Receivable Agreement— (38,374)
Acquisition of non-controlling interest— (644)
Tax obligations for share-based compensation(3,907)(998)
Cash used in financing activities(494,817)(226,661)
7

Effect of exchange rate changes on cash4,709 71 
Net change in cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted(5,518)33,344 
Cash and cash equivalents, beginning of period169,954 176,522 
Cash included in advertising fund assets, restricted, beginning of period38,930 38,537 
Restricted cash, beginning of period358 657 
Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, beginning of period209,242 215,716 
Cash and cash equivalents, end of period162,028 204,181 
Cash included in advertising fund assets, restricted, end of period41,361 40,465 
Restricted cash, end of period335 4,414 
Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, end of period$203,724 $249,060 
8

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

The following information provides definitions and reconciliations of the non-GAAP financial measures presented in this earnings release to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (GAAP). The Company has provided this non-GAAP financial information, which is not calculated or presented in accordance with GAAP, as information supplemental and in addition to the financial measures presented in this earnings release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measures presented in this earnings release. The non-GAAP financial measures in this earnings release may differ from similarly titled measures used by other companies.

Non-GAAP Financial Measures in Outlook

Driven Brands includes Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (“Adjusted EBITDA”) and Adjusted Earnings per Share (“Adjusted EPS”) in the Company’s Fiscal Year 2025 Outlook. Adjusted EBITDA and Adjusted EPS are non-GAAP financial measures and have not been reconciled to the most comparable GAAP financial measures because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide an outlook for the comparable GAAP measures. Forward-looking estimates of Adjusted EBITDA and Adjusted EPS are made in a manner consistent with the relevant definitions and assumptions noted herein and in our filings with the SEC.

Adjusted Net Income and Adjusted Earnings Per Share

Adjusted Net Income and Adjusted EPS are considered non-GAAP financial measures under the SEC’s rules because they exclude certain amounts included in the net income attributable to Driven Brands common stockholders and diluted earnings per share attributable to Driven Brands common stockholders calculated in accordance with GAAP. Management believes that Adjusted Net Income and Adjusted EPS are meaningful measures to share with investors because they facilitate comparison of the current period performance with that of the comparable prior period. In addition, Adjusted Net Income and Adjusted EPS afford investors a view of what management considers to be Driven Brands’ core earnings performance as well as the ability to make a more informed assessment of such earnings performance with that of the prior period.
The tables below reflect the calculation of Adjusted Net Income and Adjusted Earnings Per Share for the three and nine months ended September 27, 2025, compared to the three and nine months ended September 28, 2024.
9

Net Income to Adjusted Net Income and Adjusted Earnings Per Share (Unaudited)
Three Months EndedNine Months Ended
(in thousands, except per share data)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Net income (loss) from continuing operations$60,862 $(11,480)$90,161 $37,289 
Adjustments:
Acquisition related costs(a)
(214)(393)784 1,572 
Non-core items and project costs, net(b)
18,557 6,424 32,770 16,166 
Cloud computing amortization(c)
6,055 1,022 15,191 3,436 
Share-based compensation expense(d)
5,191 12,798 28,269 35,641 
Foreign currency transaction (gain) loss, net(e)
(5,419)765 (17,406)5,767 
Asset sale leaseback (gain) loss, net, impairment, notes receivable loss, and closed store expenses(f)
9,907 29,036 63,387 36,213 
Loss on debt extinguishment (g)
4,549 205 4,549 205 
Amortization related to acquired intangible assets(h)
4,295 5,375 13,482 17,713 
Acceleration of interest rate hedge(i)
(4,422)— (4,422)— 
Valuation allowance for deferred tax asset(j)
(34,275)7,032 (31,841)8,287 
Adjusted net income before tax impact of adjustments65,086 50,784 194,924 162,289 
Tax impact of adjustments(k)
(8,891)(12,703)(35,410)(23,818)
Adjusted net income from continuing operations$56,195 $38,081 $159,514 $138,471 
Basic earnings (loss) per share from continuing operations$0.37 $(0.07)$0.55 $0.23 
Diluted earnings (loss) per share from continuing operations$0.37 $(0.07)$0.55 $0.23 
Adjusted basic earnings per share from continuing operations(1)
$0.34 $0.23 $0.97 $0.85 
Adjusted diluted earnings per share from continuing operations(1)
$0.34 $0.23 $0.97 $0.85 
Weighted average shares outstanding
Basic163,900 159,804 162,434 159,743 
Diluted165,124 159,804 163,686 160,713 
Weighted average shares outstanding for Adjusted Net Income
Basic163,900 159,804 162,434 159,743 
Diluted165,124 161,113 163,686 160,713 
(1)Adjusted Earnings Per Share is calculated under the two-class method. Under the two-class method, adjusted earnings per share is calculated using adjusted net income attributable to common shares, which is derived by reducing adjusted net income by the amount attributable to participating securities. Adjusted Net Income attributable to participating securities used in the basic earnings per share calculations was less than $1 million and $1 million for the three and nine months ended September 27, 2025, respectively, and $1 million and $3 million for the three and nine months ended September 28, 2024, respectively. Adjusted Net Income attributable to participating securities used in the diluted earnings per share calculation was less than $1 million for the three and nine months ended September 27, 2025 and September 28, 2024.
10


Adjusted EBITDA

Adjusted EBITDA is considered a non-GAAP financial measure under the Securities and Exchange Commission’s (“SEC”) rules because it excludes certain amounts included in net income calculated in accordance with GAAP. Management believes that Adjusted EBITDA is a meaningful measure to share with investors because it facilitates comparison of the current period performance with that of the comparable prior period. In addition, Adjusted EBITDA affords investors a view of what management considers to be Driven Brand’s core operating performance as well as the ability to make a more informed assessment of such operating performance as compared with that of the prior period.

Please see the company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2024, filed with the SEC on February 26, 2025, for additional information on Adjusted EBITDA. The tables below reflect the calculation of Adjusted EBITDA for the three and nine months ended September 27, 2025, compared to the three and nine months ended September 28, 2024.





























11


Net Income to Adjusted EBITDA Reconciliation (Unaudited)
Three Months EndedNine Months Ended
(in thousands)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Net income (loss) from continuing operations$60,862 $(11,480)$90,161 $37,289 
Income tax (benefit) expense(21,659)16,474 (7,487)45,292 
Interest expense, net23,603 43,674 91,496 119,241 
Depreciation and amortization34,828 33,418 102,883 97,358 
EBITDA97,634 82,086 277,053 299,180 
Acquisition related costs(a)
(214)(393)784 1,572 
Non-core items and project costs, net(b)
18,557 6,424 32,770 16,166 
Cloud computing amortization(c)
6,055 1,022 15,191 3,436 
Share-based compensation expense(d)
5,191 12,798 28,269 35,641 
Foreign currency transaction (gain) loss, net(e)
(5,419)765 (17,406)5,767 
Asset sale leaseback (gain) loss, net, impairment, notes receivable loss, and closed store expenses(f)
9,907 29,036 63,387 36,213 
Loss on debt extinguishment(g)
4,549 205 4,549 205 
Adjusted EBITDA$136,260 $131,943 $404,597 $398,180 














12


Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings Per Share Footnotes
(a)Consists of acquisition costs as reflected within the consolidated statements of operations, including legal, consulting and other fees, and expenses incurred in connection with acquisitions completed during the applicable period, as well as inventory rationalization expenses incurred in connection with acquisitions. As acquisitions occur in the future, we expect to incur similar costs and, under U.S. GAAP, such costs relating to acquisitions are expensed as incurred and not capitalized.
(b)Consists of discrete items and project costs, including third-party professional costs associated with strategic transformation initiatives as well as non-recurring payroll-related costs and non-ordinary course legal settlements.
(c)Includes non-cash amortization expenses relating to cloud computing arrangements.
(d)Represents non-cash share-based compensation expense.
(e)Represents foreign currency transaction (gains) losses, net that primarily related to the remeasurement of our intercompany loans as well as gains and losses on cross currency swaps.
(f)Consists of the following items (i) (gains) losses, net on sale leasebacks, disposal of assets, or sale of business; (ii) net losses (gains) on sale for assets held for sale; (iii) impairment of certain fixed assets and operating lease right-of-use assets related to closed and underperforming locations, lease exit costs and other costs associated with stores that were closed prior to the respective lease termination dates; and (iv) loss on fair value of the Seller Note.
(g)Represents charges incurred related to the Company’s full repayment of the Term Loan in conjunction with the sale of the U.S. Car Wash business in the current year and charges incurred related to the Company’s partial repayment of Senior Secured Notes in conjunction with the sale of its Canadian distribution business in the prior year.
(h)Consists of amortization related to acquired intangible assets as reflected within depreciation and amortization in the consolidated statement of operations.
(i)Consists of the accelerated amortization of an interest rate hedge associated with the Series 2022-1 Senior Securitization Notes, which was refinanced in October 2025.
(j)Represents valuation allowances on income tax carryforwards in certain domestic jurisdictions that are not more likely than not to be realized.
(k)Represents the tax impact of adjustments associated with the reconciling items between net income from continuing operations and Adjusted Net Income, excluding the provision for uncertain tax positions and valuation allowance for certain deferred tax assets. To determine the tax impact of the deductible reconciling items, we utilized statutory income tax rates ranging from 9% to 36% depending upon the tax attributes of each adjustment and the applicable jurisdiction.
13

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES
ADJUSTED EBITDA RECONCILIATION (UNAUDITED)
Three Months EndedNine Months Ended
(in thousands)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Take 5$107,307 $93,287 $316,378 $280,583 
Franchise Brands49,734 50,196 139,560 151,989 
Car Wash15,030 16,000 66,715 56,200 
Corporate and Other(35,811)(27,540)(118,056)(90,592)
Adjusted EBITDA$136,260 $131,943 $404,597 $398,180 



14

DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES
ADDITIONAL INFORMATION ON KEY PERFORMANCE INDICATORS (UNAUDITED)
Three Months Ended September 27, 2025
(in thousands)Take 5Franchise BrandsCar WashCorporate and OtherTotal
System-wide Sales
Franchise stores$155,871 $1,086,892 $— $— $1,242,763 
Company-operated stores255,749 4,720 — 70,790 331,259 
Independently operated stores— — 51,410 — 51,410 
Total System-wide Sales$411,620 $1,091,612 $51,410 $70,790 $1,625,432 
Store Count (in whole numbers)
Franchise stores502 2,663 — — 3,165 
Company-operated stores780 13 — 2131,006 
Independently operated stores— — 717 — 717 
Total Store Count1,282 2,676 717 213 4,888 
Three Months Ended September 28, 2024
(in thousands)Take 5Franchise BrandsCar WashCorporate and OtherTotal
System-wide Sales
Franchise stores$118,846 $1,084,819 $— $— $1,203,665 
Company-operated stores231,021 4,674 — 63,103 298,798 
Independently operated stores— — 49,959 — 49,959 
Total System-wide Sales$349,867 $1,089,493 $49,959 $63,103 $1,552,422 
Store Count (in whole numbers)
Franchise stores425 2,653 — — 3,078 
Company-operated stores69513 — 216 924 
Independently operated stores— — 719 — 719 
Total Store Count1,120 2,666 719 216 4,721 

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Nine Months Ended September 27, 2025
(in thousands)Take 5Franchise BrandsCar WashCorporate and OtherTotal
System-wide Sales
Franchise stores$441,678 $3,186,848 $— $— $3,628,526 
Company-operated stores763,998 13,366 — 201,306 978,670 
Independently operated stores— — 189,841 — 189,841 
Total System-wide Sales$1,205,676 $3,200,214 $189,841 $201,306 $4,797,037 
Store Count (in whole numbers)
Franchise stores502 2,663 — — 3,165 
Company-operated stores780 13 — 213 1,006 
Independently operated stores— — 717 — 717 
Total Store Count1,282 2,676 717 213 4,888 
Nine Months Ended September 28, 2024
(in thousands)Take 5Franchise BrandsCar WashCorporate and OtherTotal
System-wide Sales
Franchise stores$340,424 $3,252,714 $— $— $3,593,138 
Company-operated stores682,701 14,286 — 187,957 884,944 
Independently operated stores— — 163,286 — 163,286 
Total System-wide Sales$1,023,125 $3,267,000 $163,286 $187,957 $4,641,368 
Store Count (in whole numbers)
Franchise stores425 2,653 — — 3,078 
Company-operated stores69513 — 216924 
Independently operated stores— — 719 — 719 
Total Store Count1,120 2,666 719 216 4,721 





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