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• The Yum! Brands (KFC, Taco Bell) of casual and family dining.
• Like Restaurant Brands International (Burger King, Popeyes) but for sit-down casual restaurants.

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• IHOP Restaurants: Operates and franchises full-service family dining restaurants specializing in breakfast, lunch, and dinner.
• Applebee's Neighborhood Grill + Bar Restaurants: Operates and franchises casual dining restaurants offering American cuisine for lunch and dinner.
• Virtual Restaurant Concepts: Develops and offers delivery-only food concepts, such as Frazr and Flippy's, leveraging existing restaurant infrastructure.

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Dine Brands Global (symbol: DIN) operates primarily as a franchisor for its restaurant brands: Applebee's, IHOP, and Fuzzy's Taco Shop. As such, the company's direct customers are primarily other companies—its numerous independent franchisees.

However, no single franchisee or group of franchisees constitutes a "major customer" that accounts for a significant portion of Dine Brands Global's revenue (typically defined as 10% or more), nor are they publicly traded entities whose names can be listed. The company's revenue stream is derived from royalties, advertising fees, and other payments from thousands of individual franchised locations.

Therefore, to understand the "major customers" that ultimately drive Dine Brands Global's business, it is more appropriate to describe the categories of end-consumers who frequent its franchised restaurants. These individuals are the ultimate source of revenue for the franchisees, which, in turn, generate income for Dine Brands Global. Based on the target demographics of Applebee's, IHOP, and Fuzzy's Taco Shop, the key customer categories are:

1. Families and Casual Diners: This broad category encompasses individuals, couples, and families (often with children) seeking accessible, comfortable, and often value-oriented dining experiences across various meal times (breakfast, lunch, dinner). This includes families visiting IHOP for breakfast, groups enjoying a casual meal at Applebee's, or friends meeting at Fuzzy's Taco Shop.

2. Value-Conscious Consumers: Customers who prioritize affordability and seek good value for their money. This segment is often drawn to promotions, combo deals, and the generally moderate pricing offered across all Dine Brands Global's concepts, especially prominent at IHOP and Fuzzy's Taco Shop.

3. Socializers and Convenience Seekers: This category includes individuals and groups looking for a convenient location, a relaxed social atmosphere, and a dining experience that is either quick (like Fuzzy's) or offers a comfortable environment for lingering (like Applebee's). This includes the happy hour crowd at Applebee's, people seeking all-day breakfast convenience at IHOP, or those looking for a lively, informal spot at Fuzzy's Taco Shop.

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John Peyton Chief Executive Officer

John Peyton joined Dine Brands Global as Chief Executive Officer in January 2021. Prior to this, he served as President and CEO of Realogy Franchise Group LLC (now Anywhere), where he managed a portfolio of real estate franchise brands including Better Homes and Gardens Real Estate, CENTURY 21, Coldwell Banker, Corcoran Group, ERA, and Sotheby's International Realty. Before Realogy, Mr. Peyton spent 17 years at Starwood Hotels and Resorts Worldwide, holding various senior executive roles such as Chief Marketing Officer, Senior Vice President of Global Operations, and Chief Operating Officer for the North America Hotel Division. He was responsible for the Global and North American Food and Beverage teams at Starwood. Earlier in his career, he spent 10 years with PricewaterhouseCoopers in both accounting and management consulting practices.

Vance Chang Chief Financial Officer

Vance Chang has been the Chief Financial Officer of Dine Brands Global since June 2021. Before joining Dine Brands, he served as Chief Financial Officer for Exer Urgent Care and previously as CFO at YOGAWORKS. Mr. Chang has also held positions at Pressed Juicery, Moelis & Company, Oracle, and Deloitte & Touche.

Douglas M. Pasquale Chairman

Douglas M. Pasquale has served as the Chairman of Dine Brands Global since June 2025. His previous roles include serving as Chairman, President, and Chief Executive Officer of Nationwide Health Properties. He also held the position of Executive Vice President and Chief Operating Officer of Nationwide Health Properties. Mr. Pasquale currently serves on the boards of directors for Alexander & Baldwin, Inc., Terreno Realty Corporation, and Sunstone Hotel Investors, Inc.

Justin Skelton Chief Information Officer and Senior Vice President

Justin Skelton has been the Chief Information Officer and Senior Vice President of Dine Brands Global since 2020. Prior to this role, he served as Acting Chief Information Officer and Vice President, IT Infrastructure and Operations within the company. Before joining Dine Brands, Mr. Skelton was Vice President, Infrastructure, Support, and Operations at CVS Health. He also held several leadership positions at Bank of America, including Senior Vice President and Chief Information Officer within the Insurance Services division, and Chief Technology Officer for the home loans and insurance division.

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The key risks to Dine Brands Global (DIN) revolve primarily around its substantial debt load, volatile free cash flow, and mixed performance within its core restaurant brands amid a challenging consumer environment.

1. Financial Leverage and Debt: Dine Brands Global carries a significant debt burden, amounting to approximately $1.64 billion USD as of June 2025. A large portion of its operating cash flow is allocated to servicing this debt, rather than being reinvested for growth. The company's capital structure is deeply leveraged, evidenced by a negative Debt-to-Equity ratio as of September 30, 2025. Recent refinancing activities, such as the issuance of Series 2025-1 6.720% Fixed Rate Senior Secured Notes, indicate higher interest costs, further straining the company's finances. This high level of indebtedness presents a critical challenge to the company's financial stability and operational flexibility.
2. Free Cash Flow Volatility and Dividend Sustainability: The company has demonstrated an inability to consistently generate free cash flow (FCF) above $100 million, which poses a risk to the sustainability of its dividend payouts. FCF has been unstable, significantly declining in 2022 and remaining below its 2021 peak. Inconsistent operating cash flow and fluctuating capital expenditures contribute to this volatility. While Dine Brands has maintained a dividend, its historical FCF instability raises concerns that payouts could be at risk during an economic downturn if FCF does not expand.
3. Mixed Brand Performance and Challenging Consumer Environment: Dine Brands Global faces headwinds from the inconsistent performance of its core restaurant brands, particularly IHOP, which has seen comparable store sales fall below expectations. While Applebee's has shown stronger performance, this divergence highlights underlying challenges within the portfolio. The company operates in a casual dining sector marked by persistent consumer price sensitivity, rising operating costs, and overall pressure on profitability. This economic sensitivity means that both Applebee's and IHOP are vulnerable in a slowing economy where consumers prioritize affordability. Strategic initiatives aimed at driving traffic and reversing declining sales trends have not consistently yielded meaningful turnarounds, further impacted by broader industry challenges such as labor costs, supply chain issues, and the need for digital innovation.

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The proliferation of ghost kitchens and virtual restaurant brands optimized for delivery represents a clear emerging threat. These operations, which often have significantly lower overhead costs due to the absence of traditional dine-in spaces and front-of-house staff, can offer competitive pricing and greater efficiency in serving the rapidly growing at-home dining market. This model directly competes for delivery and takeout revenue, effectively siphoning market share from traditional, dine-in focused establishments like Applebee's and IHOP without bearing the same operational burdens of maintaining physical dining rooms and associated staffing.

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Dine Brands Global (symbol: DIN) operates primarily in the casual dining, family dining, and fast-casual dining segments of the restaurant industry through its brands Applebee's, IHOP, and Fuzzy's Taco Shop, respectively.

Addressable Market Sizes for Dine Brands Global's Main Products or Services:

Casual Dining (Applebee's):

• The global casual dining market size was valued at USD 333.02 billion in 2025 and is expected to reach USD 575.5 billion by 2035.
• North America accounts for 28% of the global casual dining market share.
• The casual dining segment is identified as the largest and fastest-growing segment within the U.S. full-service restaurant market.

Family Dining (IHOP):

• The global full-service restaurant segment, which includes family dining, is projected to grow from USD 1.65 trillion in 2025 to USD 1.97 trillion by 2032.
• The U.S. full-service restaurants market was valued at USD 324.90 billion in 2023 and is projected to reach USD 554.12 billion by 2032.
• The family dining segment within the global full-service restaurant market is anticipated to grow steadily in the coming years.

Fast-Casual Dining (Fuzzy's Taco Shop):

• The global fast-casual restaurant market size was valued at USD 209.77 billion in 2024 and is estimated to reach USD 451.04 billion by 2031.
• Another estimate places the global fast-casual restaurant market at USD 179.19 billion in 2024, projected to grow to USD 318.52 billion by 2033.
• The North American fast-casual restaurant market was valued at USD 63.48 billion in 2023, representing 33.32% of the global market share.
• The U.S. fast-casual restaurant market size reached approximately USD 45.58 billion in 2024. It is forecasted to grow by USD 84.5 billion from 2024 to 2029.

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Dine Brands Global (NYSE: DIN) is anticipated to drive future revenue growth over the next 2-3 years through several strategic initiatives focused on expansion, menu innovation, and enhancing the guest experience.

Here are 3-5 expected drivers of future revenue growth:

1. Expansion of Dual-Brand Locations and Strategic Acquisitions: Dine Brands Global is actively pursuing the expansion of its dual-brand restaurant concept, with plans for approximately 30 locations opened or under construction by the end of 2025 and an additional 50 openings targeted for 2026. This strategy is generating significant enthusiasm among franchisees and is seen as a key growth driver. Additionally, the company has engaged in strategic acquisitions of company-owned Applebee's and IHOP restaurants, contributing to increased company restaurant sales. For instance, in 2025, the company acquired 10 IHOP and 12 Applebee's restaurants. This approach aims to grow the portfolio and enhance operational efficiency.
2. Menu Innovation, Value Offerings, and Price Optimization: The company is focused on introducing innovative new menu offerings and leveraging everyday value platforms and limited-time offers to attract and retain customers. These efforts are designed to appeal to cost-sensitive consumers and improve traffic. Furthermore, Dine Brands plans for normalized menu pricing in the low single digits, indicating a strategic approach to pricing that balances value and profitability.
3. Restaurant Remodeling, Enhanced Guest Experience, and Off-Premise Growth: Dine Brands is investing in remodeling its existing restaurants, which has demonstrated positive results, leading to traffic-driven sales growth. Coupled with these physical enhancements, the company is prioritizing digital engagement and high-impact marketing strategies to resonate with guests and improve the overall guest experience. The growth in off-premise sales, including to-go and delivery, is also a significant contributor, with Applebee's seeing a 9% lift in off-premise comparable sales in Q3 2025. Continuous investment in technology and loyalty programs further supports this driver.

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Share Repurchases

• Dine Brands Global committed to repurchase $50 million of shares over the next two quarters, as announced in November 2025.
• During the third quarter of 2025, the company repurchased approximately $22.5 million of its common stock.
• Between April 1, 2025, and June 30, 2025, Dine Brands Global repurchased 244,909 shares for $5.97 million, contributing to a total of $124.28 million (2,175,177 shares) repurchased under a program announced in 2022.

Outbound Investments

• In March 2025, Dine Brands Global acquired 10 IHOP restaurants in Ohio and Kentucky, followed by the acquisition of 12 Applebee's restaurants across Kentucky, Indiana, Arkansas, and Oklahoma in May 2025.
• The company's acquisition of 47 Applebee's restaurants in the fourth quarter of 2024 significantly contributed to increased company-owned restaurant sales.
• Dine Brands acquired Fuzzy's Taco Shop on December 2, 2022.

Capital Expenditures

• Dine Brands Global's capital expenditure guidance for 2025 was increased to a range of $30 million to $40 million.
• Capital expenditures through the third quarter of 2025 amounted to $21.3 million, an increase from $10.3 million in the same period of 2024, primarily due to investments in company-owned restaurants.
• The company plans to remodel over 100 Applebee's restaurants, aiming for two-thirds of the portfolio to be completed by the end of 2027, with a focus on improving company operations, remodeling incentives, and dual-brand initiatives.