Darden Restaurants — Jun 24, 2026 release

(Analysts) Courtney Aquilla, (407) 245-5054; (Media) Rich Jeffers, (407) 245-4189 Fiscal Q4 Reported to Adjusted Earnings Reconciliation Q4 2026 Q4 2025 $ in millions, except per share amounts Earnings Before Income Tax Income Tax Expense Net Earnings Diluted Net Earnings Per Share Earnings Before Income Tax Income Tax Expense Net Earnings Diluted Net Earnings Per Share Reported Earnings from Continuing Operations $ 465.6   $ 57.8   $ 407.8   $ 3.54   $ 336.5   $ 32.5   $ 304.0   $ 2.58   Adjustments: Closed restaurant and other strategic review costs 6 7.2   1.5   5.7   0.05   9.2   2.3   6.9   0.06       General and administrative expenses 4.3  0.7  3.6  0.03  9.2  2.3  6.9  0.06      Depreciation and amortization 2.9  0.8  2.1  0.02  —  —  —  —  Impairment due to restaurant closures 7 9.7   2.4   7.3   0.06   47.7   11.9   35.8   0.30   Chuy’s integration related one-time costs 1.1   0.3   0.8   0.01   7.0   2.1   4.9   0.04   Adjusted Earnings from Continuing Operations $ 483.6   $ 62.0   $ 421.6   $ 3.66   $ 400.4   $ 48.8   $ 351.6   $ 2.98   % Change vs Prior Year 22.8% 4 Fiscal YTD Reported to Adjusted Earnings Reconciliation 2026 2025 $ in millions, except per share amounts Earnings Before Income Tax Income Tax Expense Net Earnings Diluted Net Earnings Per Share Earnings Before Income Tax Income Tax Expense Net Earnings Diluted Net Earnings Per Share Reported Earnings from Continuing Operations $ 1,388.6   $ 174.9   $ 1,213.7   $ 10.44   $ 1,187.2   $ 136.2   $ 1,051.0   $ 8.88   Adjustments: Closed restaurant and other strategic review costs 6 19.4   4.5   14.9   0.13   9.2   2.3   6.9   0.06       General and administrative expenses 15.7  3.6  12.1  0.10  9.2  2.3  6.9  0.06      Depreciation and amortization 3.7  0.9  2.8  0.03  —  —  —  —  Impairment due to restaurant closures 7 34.8   8.6   26.2   0.22   47.7   11.9   35.8   0.30   Income tax adjustments and benefits —   (7.1) 7.1   0.06   —   —   —   —   Chuy’s integration related one-time costs 9.5   2.4   7.1   0.06   44.6   7.9   36.7   0.31   Gain on Olive Garden Canada sale (42.1) (10.5) (31.6) (0.27) —   —   —   —       Impairment and restaurant disposals, net (42.3) (10.5) (31.8) (0.27) —   —   —   —       General and administrative expenses 0.2  —  0.2  —  —   —   —   —   Adjusted Earnings from Continuing Operations $ 1,410.2   $ 172.8   $ 1,237.4   $ 10.64   $ 1,288.7   $ 158.3   $ 1,130.4   $ 9.55   % Change vs Prior Year 11.4% YTD Adjusted EBITDA Reconciliation $ in millions 5/26/2019 5/31/2026 Net Earnings from Continuing Operations $ 718.6   $ 1,213.7   Interest, Net 50.2  194.2  Income Tax Expense (Benefit) 63.7  174.9  Depreciation and Amortization 336.7  561.1  EBITDA $ 1,169.2   $ 2,143.9   Adjustments: Restaurant impairments 7 14.6  34.8  Chuy’s integration related one-time costs —  9.5  Restaurant closing costs 6 —  15.7  Gain on Olive Garden Canada sale —  (42.1) Adjusted EBITDA $ 1,183.8   $ 2,161.8   Fiscal 2027 EBITDA Outlook Reconciliation Net Earnings from Continuing Operations $1.26 billion to $1.29 billion Interest, Net $0.21 billion $0.20 billion Income Tax Expense $0.19 billion $0.20 billion Depreciation and Amortization $0.60 billion $0.60 billion EBITDA $2.26 billion to $2.29 billion 6 Closed restaurant costs and costs related to the exploration of strategic alternatives for the Bahama Breeze brand 7 Fiscal 2026 impairment costs due to non-cash asset impairment charges primarily related to the closures of Bahama Breeze locations and another underperforming location in the fourth quarter of fiscal 2026. Fiscal 2025 impairment costs were due to restaurant closures primarily related to the closure of 22 underperforming restaurants that were permanently closed during the fourth quarter of fiscal 2025. Fiscal 2019 non-cash asset impairment charges related to four underperforming restaurants whose projected cash flows were not sufficient to cover their respective carrying values. 5 DARDEN RESTAURANTS, INC. NUMBER OF COMPANY-OWNED RESTAURANTS 5/31/26 5/25/25 Olive Garden 949  935  LongHorn Steakhouse 618  591  Cheddar’s Scratch Kitchen 184  181  Chuy’s 110  108  Yard House 93  88  Ruth’s Chris Steak House 83  82  The Capital Grille 74  71  Seasons 52 44  43  Eddie V’s 31  29  Bahama Br