Aramark : Second Quarter 2024 Earnings Call Accompanying Material

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Q2 Fiscal 2024 Earnings Results

May 7, 2024

Forward-Looking Statements

Special Note About Forward-Looking Statements

This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current expectations as to future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. These statements include, but are not limited to, statements under the headings "Summary: Strong Performance Trajectory Expected," "Fiscal 2024 "Outlook," and those related to our expectations regarding the performance of our business, our financial results, our operations, our liquidity and capital resources, the conditions in our industry and our growth strategy. In some cases, forward-looking statements can be identified by words such as "outlook," "aim," "anticipate," "have confidence," "estimate," "expect," "will be," "will continue," "will likely result," "project," "intend," "plan," "believe," "see," "look to" and other words and terms of similar meaning or the negative versions of such words. These forward-looking statements are subject to risks and uncertainties that may change at any time, and actual results or outcomes may differ materially from those that we expected.

Some of the factors that we believe could affect or continue to affect our results include without limitation: unfavorable economic conditions; natural disasters, global calamities, climate change, pandemics, energy shortages, sports strikes and other adverse incidents; geopolitical events including, but not limited to, the ongoing conflict between Russia and Ukraine and the growing conflict in the Middle East, global supply chain disruptions, inflation, volatility and disruption of global financial markets; the failure to retain current clients, renew existing client contracts and obtain new client contracts; a determination by clients to reduce their outsourcing or use of preferred vendors; competition in our industries; increased operating costs and obstacles to cost recovery due to the pricing and cancellation terms of our food and support services contracts; currency risks and other risks associated with international operations, including compliance with a broad range of laws and regulations, including the United States Foreign Corrupt Practices Act; risks associated with suppliers from whom our products are sourced; disruptions to our relationship with our distribution partners; the contract intensive nature of our business, which may lead to client disputes; the inability to hire and retain key or sufficient qualified personnel or increases in labor costs; our expansion strategy and our ability to successfully integrate the businesses we acquire and costs and timing related thereto; risks associated with the completed spin-off of Aramark Uniform and Career Apparel ("Uniform") as an independent publicly traded company to our stockholders; continued or further unionization of our workforce; liability resulting from our participation in multiemployer defined benefit pension plans; laws and governmental regulations including those relating to food and beverages, the environment, wage and hour and government contracting; liability associated with noncompliance with applicable law or other governmental regulations; new interpretations of or changes in the enforcement of the government regulatory framework; increases or changes in income tax rates or tax-related laws; potential liabilities, increased costs, reputational harm, and other adverse effects based on our commitments and stakeholder expectations relating to environmental, social and governance considerations; the failure to maintain food safety throughout our supply chain, food-borne illness concerns and claims of illness or injury; a cybersecurity incident or other disruptions in the availability of our computer systems or privacy breaches; our leverage; variable rate indebtedness that subjects us to interest rate risk; the inability to generate sufficient cash to service all of our indebtedness; debt agreements that limit our flexibility in operating our business; and other factors set forth under the headings "Part I, Item 1A Risk Factors," "Part I, Item 3 Legal Proceedings" and "Part II, Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations" and other sections of our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the "SEC") on November 21, 2023 as such factors may be updated from time to time in our other periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov and which may be obtained by contacting Aramark's investor relations department via its website at www.aramark.com. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and in our other filings with the SEC. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, us. Forward-looking statements speak only as of the date made. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, changes in our expectations, or otherwise, except as required by law.

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Overview

1

2

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Strong Business Performance

Continued Momentum from Growth Strategies

Fiscal 2024 Outlook

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Summary of Q2 Fiscal 2024 Results

• Revenue +7%; Organic Revenue +9%
• • Growth from strong base business volume, pricing actions, and net new business
  • Record revenue in a second quarter for both the FSS U.S. and International segments
• Operating Income +27%1; Adjusted Operating Income (AOI) +29%2
• • Increased profitability from revenue growth, supply chain strategies, and cost discipline
  • Record profit in a second quarter for FSS International segment
• GAAP EPS +271%1 to $0.20; Adjusted EPS +79%2 to $0.29
• • Results reflected ongoing commitment to profitable growth across organization
  • GAAP EPS benefited from lower interest expense associated with repayment of 2025 Senior Notes

1Operating Income and GAAP EPS reported on a continuing operations basis

2Constant currency; Adjusted EPS excludes the interest expense, net of tax, recorded during fiscal 2023 on the $1.5 billion Senior Notes due 2025 that were repaid in the current year

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Driving Revenue Growth Across Segments

$84$4,283

+9%

Organic Growth

Continued strong performance led by base business volume, pricing actions, and net new business

+7%

Organic Growth

+16%

Organic Growth

*Charts displayed in $ millions
Totals may not foot due to rounding	TOGETHER WE ARE

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Portfolio Drivers

Education

1. Sports, Leisure &

S Corrections

S
U
S	Business & Industry
	Facilities & Other
	Healthcare

FSS International

• Collegiate Hospitality experienced enhanced culinary partnerships and new business wins, as well as innovation leading to increased participation
• Sports experienced strong attendance levels and per cap spending in Stadiums and Arenas; expanded our grab-and-gomicro-marketsand self-checkout offerings, and launched additional local restaurant partnerships
• Corrections continued to increase its portfolio taking great pride in the success of our IN2Work program as a second chance employer
• Leisure experienced greater guest activity, particularly in National Parks
• Gained momentum across all regions as the quarter progressed led by new business, increased participation rates, and additional catering activity
• Increased in-demand services and project-orientedadd-onsat client locations
• Focus on innovation and enhanced patient experiences; pursuing senior living opportunities
• Organic revenue growth across every country and region, particularly strong in Latin America, U.K., and Canada
• Aramark Korea served fans at MLB games for the first time leading to new business potential in sports
• Hosted first International Innovation Summit focused on food and facility customer experiences of the future; 700 participants globally

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Adjusted Operating Income Growth and Margin Expansion

$200

Aramark		AOI Margin
4.5%	+69 bps

3.8%

$150

$100

$50

$-

+29% $187.4

$147.4

Q2 '23

Q2 '24

Increased profitability from leveraging higher revenue, supply chain efficiencies and strategies, and disciplined control of costs

$200

$150

$100

$50

$-

FSS United StatesAOI Margin

	5.5%	+65 bps	$60
4.9%			$50
			$40

		+21%	$30
					$168.0
$138.6				$20
					$10
							$-
	Q2 '23				Q2 '24

*Charts displayed in $ millions Totals may not foot due to rounding

AOI growth and AOI margin percentages are calculated on a constant currency basis

FSS International
	AOI Margin
		+43 bps
	4.1%

3.6%

+29% $47.3

$38.9

Q2 '23

Q2 '24

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Summary: Strong Performance Trajectory Expected

-Clear, consistent strategic priorities

-Strong, sustainable growth framework firmly in place

-Hospitality, client focused culture creates significant opportunities

-Confidence in ability to go "to and through" financial targets

-Focused on delivering significant value for stakeholders

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Fiscal 2024 Outlook

As a result of Aramark's strong performance in the first half of fiscal 2024, the Company raised its full-year Outlook for Organic Revenue growth, after indicating AOI growth and adjusted EPS growth would be toward the higher end of the range last quarter.

Aramark currently anticipates the following full-year performance for fiscal 2024:

The Company provides its expectations for organic revenue growth, Adjusted Operating Income growth, Adjusted Earnings per Share growth, and Net Debt to Covenant Adjusted EBITDA ("Leverage Ratio") on a non-GAAP basis, and does not provide a reconciliation of such forward-lookingnon-GAAP measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments that could be made for the effect of currency translation. The fiscal 2024 outlook reflects management's current assumptions regarding numerous evolving factors that are difficult to accurately predict, including those discussed in the Risk Factors set forth in the Company's filings with the United States Securities and Exchange Commission

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