Aramark : Reports Fourth Quarter 2022 Earnings

	Inquiries:
For Immediate Release	Felise Kissell	Scott Sullivan
	[phone]	[phone]
	[e-mail]	[e-mail]

Aramark Reports Fourth Quarter and Full Year Fiscal 2022 Results

Q4 YEAR-OVER-YEAR SUMMARY

• Revenue +24%; Organic Revenue +26%
• • Revenue at 111% of pre-COVID level; Organic Revenue at 113% of pre-COVID level
  • Driven by record net growth, pricing, and ongoing base recovery
• Operating Income +50%; Adjusted Operating Income (AOI) +62%1
• • Operating Income Margin +79 bps; AOI Margin +136 bps1
  • Continued margin recovery as a percentage of pre-COVID level
• EPS increased $0.15 to $0.29; Adjusted EPS more than doubled to $0.491
• • Effect of currency translation impacted Adjusted EPS by $0.01

FISCAL 2022 YEAR-OVER-YEAR SUMMARY

• Record Net New Business of $790 million, over 50% higher than fiscal '21
• • Annualized gross new business exceeded $1.6 billion, representing 10% of pre-COVID revenue
  • Retention rate of 95.3%, maintained significant improvement vs. historical average
• Revenue +35%; Organic Revenue +35%
• • Represents highest annual revenue in Company history
  • Strong momentum into fiscal 2023 driven by net growth, pricing, and ongoing base recovery
• Operating Income +228%; Adjusted Operating Income (AOI) +169%1
• • Operating Income Margin +227 bps; AOI Margin +243 bps
  • Improved profitability from higher sales volume and operational cost management
• EPS increased $1.11 to $0.75; Adjusted EPS increased $1.49 to $1.201
• • Effect of currency translation impacted Adjusted EPS by $0.04
• Strong cash flow and higher earnings drove enhanced financial flexibility
• • Net cash provided by operating activities of $694 million, increased $37 million; Free Cash Flow of $330 million, an improvement of $48 million
  • Leverage ratio improved 2.1x with cash availability of over $1.8 billion at fiscal year-end

Notes:

• Net New Business is an internal statistical metric used to evaluate Aramark's new sales and retention performance. A definition of the metric can be found under Selected Operational and Financial Metrics
• Pre-COVIDlevel reflects constant currency performance compared to the same period in fiscal '19
• Supplemental business review slides available on Aramark's Investor Relations website
• 1On a constant-currency basis

Philadelphia, PA, November 15, 2022 - Aramark (NYSE: ARMK) today reported fourth quarter and full year fiscal 2022 results.

"We are extremely pleased with our performance in the fourth quarter and throughout fiscal 2022 as we delivered the highest annual revenue in Aramark's history, a second consecutive year of record Net New Business, and ongoing margin expansion," said John Zillmer, Aramark's Chief Executive Officer. "The strong results and multiple milestones achieved over the past year are reflective of our 'everyone sells' mindset and a testament to the work of our teams across the globe to meet and exceed the demands of our clients. Our strong finish was driven by broad-based growth across all segments, as well as the strategic initiatives and hospitality-focused culture we have implemented to position our business for continued success."

FOURTH QUARTER RESULTS

Consolidated revenue was $4.4 billion in the fourth quarter, an increase of 24% compared to the prior year period. Organic revenue, which adjusts for the effect of currency translation and certain acquisitions, improved 26% year-over-year.

Consolidated revenue reached 111% and organic revenue reached 113% of pre-COVID levels, driven by broad-based net new business, pricing, and ongoing base recovery.

			Revenue Change (%) Year-Over-Year
	Q4 '21*		Q1 '22	Q2 '22	Q3 '22	Q4 '22
FSS United States	51%	68%	51%	50%	29%
FSS International	22%	26%	29%	34%	22%
Uniform & Career Apparel	(2)%	8%	10%	11%	8%
Total Company	32%	44%	37%	38%	24%

				% of Fiscal '19 Quarter
Total Company	90%	93%		97%		103%	111%
			Organic Revenue Change (%) Year-Over-Year
	Q4 '21		Q1 '22		Q2 '22		Q3 '22	Q4 '22
FSS United States	58%	61%		45%		45%	26%
FSS International	21%	28%		35%		49%	39%
Uniform & Career Apparel	5%	7%		10%		11%	8%
Total Company	37%	41%		35%		39%	26%
				% of Fiscal '19 Quarter
Total Company	87%	92%	95%		103%	113%

*A 53rd week of operations during fiscal 2020 impacted Q4 '21 Revenue Change %

• FSS United States organic revenue increased 26% compared to the fourth quarter last year, primarily due to the following contributors in each sector:

Sector	Q4 Revenue Activity
	Strong start to the new academic year that commenced at the end of the quarter, following a
Education	typical seasonal slowdown in the summer months. Additional pricing actions have been
	implemented, as appropriate, for board plans and on-campus retail outlets.
Sports, Leisure &	Sports & Entertainment maintained high attendance levels with better-than-historic per capita
spending. Destinations had greater guest activity and Corrections reported strong growth led by a
Corrections	record level of new business wins.
Business &	Continued steady progress as return-to-office gained momentum across the portfolio, particularly
Industry	in September, providing customized solutions tailored to client needs.
Healthcare	Experienced increased patient and retail activity, as well as significantly higher net growth from
newly awarded contracts, improved retention rates, and additional services.
Facilities & Other	Supported ongoing demand in core business offerings at existing client locations, in addition to a
	strong level of new account wins.

Page 2 of 22

• FSS International grew organic revenue 39% year-over-year in the fourth quarter, driven by higher per capita spending at sports and entertainment venues, particularly in Europe, and increased business & industry activity across the portfolio. Similar to FSS U.S., education internationally was largely closed in the summer and resumed activity at high levels with the start of the fall semester. Consistent multi-year net new business performance continued to drive strong results in the segment.
• Uniform & Career Apparel organic revenue increased 8% year-over-year in the fourth quarter, driven by strength in both recurring rental revenue growth and adjacency services.

			Revenue
	Q4 '22	Q4 '21	Change (%)	Organic Revenue
	Change (%)
FSS United States	$2,786M	$2,163M	29%	26%
FSS International	$935M	$765M	22%	39%
Uniform & Career Apparel	$670M	$623M	8%	8%
Total Company	$4,390M	$3,551M	24%	26%

Difference between Change (%) and Organic Revenue Change (%) reflects the effects of certain acquisitions and currency translation. May not total due to rounding.

Operating Income grew 50% year-over-year to $198 million and Adjusted Operating Income (AOI) improved 62%1 to $267 million, resulting in an AOI margin of 6.2%. The effect of currency translation had an approximate 10 basis point impact that led to a constant currency AOI margin of 6.1%, a year-over-year increase of 136 basis points. Improvement was due to operating leverage from increased sales volumes and effective cost management, partially offset by the impact of inflation as well as the profitability ramp of meaningfully higher levels of new business and related start-up costs.

Significant year-over-year AOI growth and margin expansion was broad-based across all operating segments:

• FSS United States AOI increased 60%1, reflecting an AOI margin improvement of 150 bps1, primarily driven by operating cost management across the portfolio and revenue recovery, particularly in Sports & Entertainment and Business & Industry.
• FSS International AOI grew 105%1 and expanded AOI margins by 114 bps1 as a result of greater client activity across geographies and the benefit from previously implemented cost savings actions.
• Uniform & Career Apparel AOI increased 22%1 with double-digit AOI margins higher by 125 bps1 due to improved operational efficiencies, progress in route-based optimization, and strength in adjacency services.
• Corporate AOI remained relatively unchanged year-over-year with overhead costs tightly managed to support the business as revenue increased.

		Operating Income
	Q4 '22	Q4 '21	Change (%)
FSS United States	$179M	$102M	76%
FSS International	$18M	$28M	(36)%
Uniform & Career Apparel	$43M	$32M	33%
Corporate	($41M)	($29M)	(40)%
Total Company	$198M	$132M	50%

May not total due to rounding.

Adjusted Operating Income

Q4 '22	Q4 '21	Change (%)1
$192M	$120M	60%
$33M	$19M	105%
$72M	$59M	22%
($31M)	($30M)	(2)%
$267M	$168M	62%

Page 3 of 22

FOURTH QUARTER GAAP SUMMARY

Fourth quarter fiscal 2022 GAAP results improved across all metrics compared to the prior year period. On a GAAP basis, revenue was $4.4 billion, operating income was $198 million, net income attributable to Aramark stockholders was $76 million, and diluted earnings per share were $0.29. These results included $61 million of revenue from the acquisition of Union Supply Group. Comparatively, fourth quarter fiscal 2021 revenue was $3.6 billion, operating income was $132 million, net income attributable to Aramark stockholders was $35 million, and diluted earnings per share were $0.14. A reconciliation of GAAP to Non-GAAP measures is included in the Appendix.

FISCAL 2022 SUMMARY

On a GAAP basis, revenue was $16.3 billion, operating income was $628 million, net income attributable to Aramark stockholders was $194 million, and diluted earnings per share were $0.75. These results included $333 million of revenue related to the acquisitions of Next Level Hospitality and Union Supply Group, collectively. Comparatively, fiscal 2021 revenue was $12.1 billion, operating income was $191 million, net loss attributable to Aramark stockholders was $91 million, and diluted loss per share were $0.36.

Organic Revenue of $16.3 billion for the year sequentially increased each quarter relative to pre- COVID levels, reaching 113% in the fourth quarter. Adjusted Operating Income grew 169%1 to $780 million and resulted in an AOI margin of 4.9% on a constant-currency basis, a 243 bps increase compared to fiscal 2021.

CURRENCY

In the fourth quarter, the effect of currency translation decreased reported revenue by $138 million, operating income by $5 million, net income by $5 million, and earnings per share by $0.01. For fiscal 2022, the effect of currency translation decreased reported revenue by $310 million, operating income by $13 million, net income by $10 million, and earnings per share by $0.04.

CASH FLOW AND CAPITAL STRUCTURE

Consistent with the typical quarterly cadence of the business, the fourth quarter generated a significant cash inflow. Net cash provided by operating activities was $836 million and Free Cash Flow was $717 million.

In fiscal 2022, Net cash provided by operating activities was $694 million compared to $657 million last fiscal year and Free Cash Flow was $330 million compared to $282 million last fiscal year. The favorable year-over-year performance was the result of significantly improved operational results and slightly lower capital expenditures, partially offset by higher working capital associated with increased revenue.

Strong cash flow generation, combined with significantly higher earnings performance, resulted in an improved leverage ratio of 5.3x, compared to 7.4x a year ago. At year-end, cash availability totaled over $1.8 billion.

DIVIDEND DECLARATION

As announced on November 8, 2022, the Company's Board of Directors approved a quarterly dividend of 11 cents per share of common stock. The dividend will be payable on December 5, 2022, to stockholders of record at the close of business on November 22, 2022.

Page 4 of 22

BUSINESS UPDATE

Aramark drove strong business performance through record-level Net New Business, pricing, and ongoing base revenue recovery, while navigating a complex operating environment.

The Company's strong growth performance was broad-based, coming from multiple lines of business and geographies, as well as from clients both large and small. Annualized gross new business wins exceeded $1.6 billion-representing 10% of pre-COVID annual revenue-and the annual retention rate remained above 95% for the second consecutive year. Collectively, this resulted in $790 million of Net New Business, more than 50% higher than fiscal 2021 and over 8.5x greater than the historical five-year average prior to last fiscal year. At nearly 5% of pre-COVID revenue, this level of Net New Business achieved is already at the top end of the multi-year target range provided at Aramark's Analyst Day. The Company expects to sustain its growth momentum into fiscal 2023.

Aramark continued to strategically manage the current inflationary environment by utilizing various actions available across the food, labor, and direct cost categories, and worked with clients to implement targeted pricing actions, where appropriate, to offset the impact on operational profitability. The Company is confident in its ability to drive continued margin progression that will ultimately exceed pre-COVID levels.

UNIFORM SERVICES SPIN-OFF

Since its announcement in May, Aramark has made significant progress in anticipation of the separation of the Uniform Services business, including hiring key executives to complement the Uniform leadership team, identifying candidates for the new Board of Directors, and preparing carve- out financials. Aramark expects to complete the transaction under the terms of its existing debt agreements. The Company maintains its leverage target provided at Aramark's Analyst Day and anticipates that its prudent capital structure will position both businesses to execute their respective strategies operating as two industry-leading, independent, publicly traded companies. The transaction, which is intended to be tax-free to Aramark and its stockholders, is expected to occur in the second half of fiscal 2023.

OUTLOOK

The Company provides its expectations for organic revenue growth, Adjusted Operating Income, and Free Cash Flow on

1. non-GAAPbasis, 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 impact of the change in fair value related to certain gasoline and diesel agreements and other charges and the effect of currency translation. The fiscal 2023 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.

Aramark currently expects the following full-year total Company performance for fiscal 2023:

• Organic revenue growth between +11% and +13% driven by Net New Business, pricing, and ongoing base recovery;
• Adjusted Operating Income (AOI) growth of +34% to +39%;
• Free Cash Flow in a range of $475 million to $525 million, before the payment of deferred payroll taxes associated with the CARES Act as well as spin-off and restructuring related costs; and
• Leverage ratio between 4.0x and 4.5x by the end of the fiscal year.

Zillmer added. "We enter fiscal 2023 with excellent momentum and remain intently focused on delivering upon our growth strategies that are expected to result in significant value for our clients, employees, and shareholders. Aramark is well-poised to continue to win new business, drive operating efficiencies, and leverage enhanced financial flexibility for sustained success, while remaining committed to providing world-class service for clients."

Note: Leverage ratio is defined as Net Debt to Covenant Adjusted EBITDA

Page 5 of 22