Aramark : BofA Securities 2023

BofA Securities

2023 Information & Business Services Conference

MARCH 16, 2023

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 heading "Quarterly Cadence of AOI Margin" and "Quarterly Cadence of Free Cash Flow" 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," "are or remain or continue to be confident," "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, 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, including the ongoing COVID-19 pandemic, energy shortages, sports strikes and other adverse incidents; geopolitical events including, but not limited to, the ongoing conflict between Russia and Ukraine and its effects on global supply chains, 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; our expansion strategy and our ability to successfully integrate the businesses we acquire and costs and timing related thereto; continued or further unionization of our workforce; liability resulting from our participation in multiemployer defined benefit pension plans; the inability to hire and retain key or sufficient qualified personnel or increases in labor costs; 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; environmental regulations; 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; risks associated with the impact, timing or terms of the proposed spin-off of Aramark Uniform Services (our Uniform segment) as an independent publicly traded company to our stockholders (the "proposed spin-off'"); risks associated with the expected benefits and costs of the proposed spin-off, including the risk that the expected benefits of the proposed spin-off will not be realized within the expected time frame, in full or at all, and the risk that conditions to the proposed spin-off will not be satisfied and/or that the proposed spin-off will not be completed within the expected time frame, on the expected terms or at all; the expected qualification of the proposed spin-off as a tax-free transaction for United States federal income tax purposes, including whether or not an Internal Revenue Service ruling will be sought or obtained; the risk that any consents or approvals required in connection with the proposed spin-off will not be received or obtained within the expected time frame, on the expected terms or at all; risks associated with expected financing transactions undertaken in connection with the proposed spin-off and risks associated with indebtedness incurred in connection with the proposed spin-off; the risk of increased costs from lost synergies, costs of restructuring transactions and other costs incurred in connection with the proposed spin-off; retention of existing management team members as a result of the proposed spin-off; reaction of customers, our employees and other parties to the proposed spin-off; and the impact of the proposed spin-off on our business and the risk that the proposed spin-off may be more difficult, time-consuming or costly than expected, including the impact on our resources, systems, procedures and controls, diversion of management's attention and the impact on relationships with customers, suppliers, employees and other business counterparties; 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 22, 2022 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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State of the Business

• Cultural transformation across the organization to drive profitable growth
• • resulted in record net new business in each of the last two years
  • continued extensive new business pipeline
• Ongoing strong business momentum on both top- and bottom-line
• • revenue growth driven by net new business, pricing, and base business recovery
  • significant year-over-year profitability growth with continued progression expected
• Improved leverage ratio at accelerated rate
• • result of financial performance
  • strategic actions, including planned AIM Services divestiture
• Continued progress on separation of Uniform Services business
• Confident in ability to drive margins beyond historic levels over time
• • new business maturity ramp
  • supply chain scale and stability
  • containment and leveraging of above unit overheads
  • eventual moderation of inflation

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Quarterly Cadence of AOI Margin

		AOI Margin
	8.7%
					8.1%
		6.9%
6.0%		6.0%	5.9%	5.9%
		5.3%
4.4%
Q3	Q4	Q1	Q2	Q3	Q4
		Pre-COVID	Post-COVID
		(Q3 '18 - Q4 '19)	(Q3 '22 - Q4 '23 proj)

Historic "U-shaped" cadence driven primarily by higher

profitability in Q1 and Q4 related to seasonal peak activity in Education and Sports & Leisure

Expected FY23 Cadence

• H1 Expectation ~5.0% (versus 4.3% last year),

…with Q2 Expectation: > 4.5%

• Full Year Expectation: > 5.5% (versus 4.8% last year),

Drivers of Second Half FY23 Margin Performance

• Return of typical seasonality
• Ongoing supply chain normalization
• Continued recovery of pricing lag in certain businesses, specifically Higher Education and Corrections
• Profitability ramp of record new business wins in FY21 and FY22 driven by operational maturity and efficiencies
• Leverage of above unit overhead across higher revenue
• Some moderation of inflation

Note: Reflects AIM Services divestiture that is anticipated to close at the beginning of Aramark's third quarter fiscal 2023, subject to customary closing conditions and approvals.

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Quarterly Cadence of Free Cash Flow

Free Cash Flow

				(in millions)
FY23		Q1	Q2	Q3	Q4	FY
	($706)
					$717
			$278			$330
FY22
			($96)

($569)

Pre-COVID Reference Point

		$620
		$499
FY19	$187	$13
	($321)
		$713
FY18	$210		$429
($429)	($64)

Historic Q1 and Q4 large outflow/inflow driven by seasonal start up and shut down of Higher Education and Leisure businesses

Expected FY23 Cadence

• Consistent with historic seasonal trends
• Full Year expectation of $300-350 million, including:

…in December, Company made a scheduled deferred FICA payment of $64.2 million, as previously disclosed

…an estimated $100-$120 million of spin-off and restructuring related charges that will occur over the course of the year, with the bulk occurring at the time of Uniform Services spin-off transaction

Drivers of Second Half FY23 Cash Flow Performance

• Driven by typical seasonal inflow of Q4; Growth of Higher Education since pre-COVID
• Improving management of working capital and disciplined use of CapEx

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