SEDAR Interim Financial Statements

Condensed interim consolidated financial statements of MTY Food Group Inc. For the three and nine-month periods ended August 31, 2025 and 2024 Three months ended August 31 Nine months ended August 31 2025 2024 2025 2024 Notes $ $ $ $ Revenue 13 & 15 296,989 292,753 886,655 875,136 Expenses Operating expenses 14 & 15 223,785 220,972 685,716 670,895 Depreciation – property, plant and equipment and right-of- use assets 14,930 15,031 44,440 44,673 Amortization – intangible assets 8,126 7,934 24,615 23,617 Interest on long-term debt 8,751 12,119 26,809 36,088 Net interest expense on leases 7 2,640 2,776 8,222 8,384 Impairment (reversal) charge – right-of-use assets 7 (1,030) — (535) 114 Impairment charge – property, plant and equipment and intangible assets 8 6,241 2,986 6,676 8,382 263,443 261,818 795,943 792,153 Other income (expenses) Unrealized and realized foreign exchange gain 723 7,374 14,303 4,521 Interest income 71 255 261 527 Gain (loss) on de-recognition/lease modification of lease liabilities 427 319 (65) 148 Gain on disposal of property, plant and equipment 119 826 37 746 Revaluation of financial liabilities and derivatives recorded at fair value 12 (330) (1,015) (660) (356) Restructuring — (847) — (1,690) Gain on extinguishment of debt — — — 131 1,010 6,912 13,876 4,027 Income before taxes 34,556 37,847 104,588 87,010 Income tax expense (recovery) Current 8,514 2,690 23,685 7,624 Deferred (2,103) 117 (6,336) (500) 6,411 2,807 17,349 7,124 Net income 28,145 35,040 87,239 79,886 Net income attributable to: Owners 27,875 34,886 86,907 79,469 Non-controlling interests 270 154 332 417 Net income 28,145 35,040 87,239 79,886 Net income per share 11 Basic 1.22 1.46 3.77 3.30 Diluted 1.22 1.46 3.77 3.30 The accompanying notes are an integral part of the condensed interim consolidated financial statements. MTY Food Group Inc. Condensed interim consolidated statements of income For the three and nine-month periods ended August 31, 2025 and 2024 (In thousands of Canadian dollars, except per share amounts) (Unaudited) Page 1 Three months ended August 31 Nine months ended August 31 2025 2024 2025 2024 Notes $ $ $ $ Net income 28,145 35,040 87,239 79,886 Other comprehensive income (loss) Items that may be reclassified subsequently to net income Translation adjustments Unrealized loss on translation of foreign operations (1,753) (13,676) (26,500) (10,771) Cash flow hedges Change in fair value of financial instruments 12 58 (799) (873) 2,686 Loss realized on financial instruments transferred to earnings 12 (685) (477) (2,890) (3,235) Deferred tax recovery on foreign currency translation adjustments and cash flow hedges 547 2,789 3,288 2,459 (1,833) (12,163) (26,975) (8,861) Total comprehensive income 26,312 22,877 60,264 71,025 Total comprehensive income attributable to: Owners 26,042 22,723 59,932 70,608 Non-controlling interests 270 154 332 417 26,312 22,877 60,264 71,025 The accompanying notes are an integral part of the condensed interim consolidated financial statements. MTY Food Group Inc. Condensed interim consolidated statements of comprehensive income For the three and nine-month periods ended August 31, 2025 and 2024 (In thousands of Canadian dollars) (Unaudited) Page 2 Reserves Capital stock Other Contributed surplus Accumulated other comprehensive income Total reserves Retained earnings Equity attributable to owners Equity attributable to non- controlling interests Total $ $ $ $ $ $ $ $ $ For the nine months ended August 31, 2025 Ba --- lance, beginning of period 290,593 (850) 6,295 59,705 65,150 446,094 801,837 1,613 803,450 Net income — — — — — 86,907 86,907 332 87,239 Other comprehensive loss — — — (26,975) (26,975) — (26,975) — (26,975) Total comprehensive income 59,932 332 60,264 Shares repurchased and cancelled (Note 10) (7,310) — — — — (19,088) (26,398) — (26,398) Dividends — — — — — (22,764) (22,764) (96) (22,860) Share-based compensation — — 375 — 375 — 375 — 375 Balance, end of period 283,283 (850) 6,670 32,730 38,550 491,149 812,982 1,849 814,831 Reserves Capital stock Other Contributed surplus Accumulated other comprehensive loss Total reserves Retained earnings Equity attributable to owners Equity attributable to non- controlling interests Total $ $ $ $ $ $ $ $ $ For the nine months ended August 31, 2024 Balance, beginning of period 301,779 (850) 5,649 25,470 30,269 479,364 811,412 1,477 812,889 Net income — — — — — 79,469 79,469 417 79,886 Other comprehensive loss — — — (8,861) (8,861) — (8,861) — (8,861) Total comprehensive income 70,608 417 71,025 Shares repurchased and cancelled (Note 10) (7,345) — — — — (20,455) (27,800) — (27,800) Dividends — — — — — (20,226) (20,226) (330) (20,556) Share-based compensation — — 524 — 524 — 524 — 524 Balance, end of period 294,434 (850) 6,173 16,609 21,932 518,152 834,518 1,564 836,082 The accompanying notes are an integral part of the condensed interim consolidated financial statements. MTY Food Group Inc. Condensed interim consolidated statements of changes in shareholders’ equity For the nine-month periods ended August 31, 2025 and 2024 (In thousands of Canadian dollars) (Unaudited) Page 3 Assets Current assets Cash 37,069 50,409 Accounts receivable 5 99,694 81,240 Inventories 15,876 20,002 Assets held for sale 6 2,372 4,365 Current portion of loans and other receivables 767 1,495 Current portion of finance lease receivables 7 72,911 76,152 Income taxes receivable 7,139 6,757 Current portion of derivative assets 12 78 3,674 Other assets 6,389 5,199 Prepaid expenses and deposits 15,422 13,855 257,717 263,148 Loans and other receivables 2,650 2,499 Finance lease receivables 7 225,606 231,652 Contract cost asset 8,139 7,949 Deferred income taxes 1,219 9,701 Derivative assets 12 15 177 Property, plant and equipment 93,136 103,916 Right-of-use assets 7 165,657 185,168 Intangible assets 1,045,651 1,088,314 Goodwill 684,470 693,835 2,484,260 2,586,359 Liabilities and Shareholders' equity Liabilities Current liabilities Accounts payable and accrued liabilities 128,395 134,390 Provisions 3,598 3,866 Gift card and loyalty program liabilities 158,481 157,534 Income taxes payable 11,373 5,083 Current portion of deferred revenue and deposits 15,070 15,827 Current portion of long-term debt 9 1,855 2,464 Current portion of derivative liabilities 12 2,376 — Current portion of lease liabilities 7 107,106 110,910 Liabilities held for sale 6 488 2,964 428,742 433,038 Long-term debt 9 637,004 704,141 Lease liabilities 7 381,543 404,228 Deferred revenue and deposits 59,174 57,660 Deferred income taxes 162,527 183,842 Derivative liabilities 12 439 — 1,669,429 1,782,909 August 31, 2025 November 30, 2024 Notes $ $ MTY Food Group Inc. Condensed interim consolidated statements of financial position As at August 31, 2025 and November 30, 2024 (In thousands of Canadian dollars) (Unaudited) Page 4 Shareholders' equity Equity attributable to owners Capital stock 10 283,283 290,593 Reserves 38,550 65,150 Retained earnings 491,149 446,094 812,982 --- 801,837 Equity attributable to non-controlling interests 1,849 1,613 814,831 803,450 2,484,260 2,586,359 August 31, 2025 November 30, 2024 Notes $ $ Approved by the Board on October 9, 2025 , Director , Director The accompanying notes are an integral part of the condensed interim consolidated financial statements. MTY Food Group Inc. Condensed interim consolidated statements of financial position (continued) As at August 31, 2025 and November 30, 2024 (In thousands of Canadian dollars) (Unaudited) Page 5 Notes $ $ $ $ Operating activities Net income 28,145 35,040 87,239 79,886 Adjusting items: Interest on long-term debt 8,751 12,119 26,809 36,088 Net interest expense on leases 7 2,640 2,776 8,222 8,384 Depreciation – property, plant and equipment and right-of- use assets 14,930 15,031 44,440 44,673 Amortization – intangible assets 8,126 7,934 24,615 23,617 Impairment (reversal) charge – right-of-use assets 7 (1,030) — (535) 114 Impairment charge – property, plant and equipment and intangible assets 8 6,241 2,986 6,676 8,382 Unrealized foreign exchange gain (723) (7,374) (14,303) (4,521) (Gain) loss on de-recognition/lease modification of lease liabilities (427) (319) 65 (148) Loss on disposal of property, plant and equipment (119) (826) (37) (746) Revaluation of financial liabilities and derivatives recorded at fair value 12 330 1,015 660 356 Gain on extinguishment of debt — — — (131) Income tax expense 6,411 2,807 17,349 7,124 Share-based compensation 275 164 375 524 73,550 71,353 201,575 203,602 Income taxes (paid) received (7,725) 8,318 (17,741) (2,347) Interest paid (9,032) (12,262) (28,100) (35,871) Other 123 (57) 802 (1,190) Changes in non-cash working capital items 16 (17,907) (997) (18,565) (3,103) Cash provided by operating activities 39,009 66,355 137,971 161,091 Investing activities Repayment (issuance) of loans and other receivables 1,047 (2,704) 584 (2,453) Additions to property, plant and equipment (2,681) (6,375) (10,728) (20,651) Additions to intangible assets (81) (808) (1,797) (1,462) Proceeds on disposal of property, plant and equipment 486 801 1,808 3,685 Cash used in investing activities (1,229) (9,086) (10,133) (20,881) Three months ended August 31 Nine months ended August 31 2025 2024 2025 2024 MTY Food Group Inc. Condensed interim consolidated statements of cash flows For the three and nine-month periods ended August 31, 2025 and 2024 (In thousands of Canadian dollars) (Unaudited) Page 6 $ $ $ $ Financing activities Issuance of long-term debt — — — 14,785 Repayment of long-term debt (30,353) (33,853) (56,112) (84,813) Net lease payments 7 (10,914) (10,702) (34,286) (32,149) Shares repurchased and cancelled 10 — (11,442) (26,398) (27,800) Capitalized financing costs — — — (1,052) Proceed on disposal of SOFR fixed interest rate swap 12 — 6,562 — 6,562 Dividends paid to non-controlling shareholders of subsidiaries — — (96) (330) Dividends paid (7,538) (6,674) (22,764) (20,226) Cash used in financing activities (48,805) (56,109) (139,656) (145,023) Net increase (decrease) in cash (11,025) 1,160 (11,818) (4,813) Effect of foreign exchange rate loss (gain) on cash 890 (2,424) (1,522) (3,093) Cash, beginning of period 47,204 52,253 50,409 58,895 Cash, end of period 37,069 50,989 37,069 50,989 Three months ended August 31 Nine months ended August 31 2025 2024 2025 2024 The accompanying notes are an integral part of the condensed interim consolidated financial statements. MTY Food Group Inc. Condensed interim consolidate --- d statements of cash flows (continued) For the three and nine-month periods ended August 31, 2025 and 2024 (In thousands of Canadian dollars) (Unaudited) Page 7 1. Description of the business 9 2. Basis of preparation 9 2. Basis of preparation (continued) 10 3. Changes in accounting policies 10 4. Future accounting changes 11 5. Accounts receivable 12 6. Assets and liabilities held for sale 12 7. Leases 13 8. Impairment charge 16 9. Long-term debt 16 10. Capital stock 16 11. Net income per share 17 12. Financial instruments 17 13. Revenue 20 14. Operating expenses 21 15. Segmented information 22 16. Condensed interim consolidated statement of cash flows 24 MTY Food Group Inc. Table of contents Page 8 1. Description of the business MTY Food Group Inc. (the “Company”) is a franchisor in the quick service and casual dining food industry. Its activities consist of franchising and operating corporate-owned locations as well as the sale of retail products under a multitude of banners. The Company also operates two distribution centers and two food processing plants, all of which are located in the province of Quebec. The Company is incorporated under the Canada Business Corporations Act and is listed on the Toronto Stock Exchange (“TSX”). The Company’s head office is located at 8210 Trans-Canada Highway, Ville Saint-Laurent, Quebec. 2. Basis of preparation Measurement basis The Company’s unaudited condensed interim consolidated financial statements (“financial statements”) for the three and nine months ended August 31, 2025 have been prepared in accordance with International Financial Reporting Standards (“IFRS Accounting Standards”), as issued by the International Accounting Standards Board (“IASB”), applicable to the preparation of interim financial statements, specifically International Accounting Standard ("IAS") 34, Interim Financial Reporting. The financial statements were authorized for issue by the Board of Directors on October 9, 2025. The material accounting policies set out below have been applied consistently to all periods presented in the condensed interim consolidated financial statements, with the exception of: • IAS 1 as disclosed in Note 3 to these financial statements; • IFRS 16 as disclosed in Note 3 to these financial statements; and • IAS 12 as disclosed in Note 3 to these financial statements. The financial statements have been prepared on the historical cost basis except for certain financial instruments that are measured at revalued amounts or fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these financial statements is determined on such a basis, except for: • leasing transactions, that are within the scope of IFRS 16, Leases; and • measurements that have some similar --- ities to fair value but are not fair value, such as net realizable value in IAS 2, Inventories, or value in use in IAS 36, Impairment of Assets. In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; • Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and • Level 3 inputs are unobservable inputs for the asset or liability. The financial statements are presented in Canadian dollars, which is the functional currency of the Company, and tabular amounts are rounded to the nearest thousand ($000) except when otherwise indicated. MTY Food Group Inc. Notes to the condensed interim consolidated financial statements For the three and nine-month periods ended August 31, 2025 and 2024 (In thousands of Canadian dollars, except per share amounts and stock options) (Unaudited) Page 9 2. Basis of preparation (continued) Seasonality Results of operations for any interim period are not necessarily indicative of the results of operations for the full year. The Company expects that seasonality will continue to be a factor in the quarterly variation of its results. For example, the Frozen treat category, which is a significant category in the United States (“US”) market, varies significantly during the winter season as a result of weather conditions. This risk is offset by other brands that have better performance during the winter season such as Papa Murphy’s. Sales for shopping mall locations are also higher than average in December during the holiday shopping period. 3. Changes in accounting policies IAS 1, Presentation of Financial Statements In January 2020, the IASB issued Classification of Liabilities as Current or Non-current (Amendments to IAS 1) providing a more general approach to the classification of liabilities under IAS 1 based on the contractual arrangements in place at the reporting date. The amendments in Classification of Liabilities as Current or Non- current (Amendments to IAS 1) affect only the presentation of liabilities in the statement of financial position, not the amount or timing of recognition of any asset, liability income or expenses, or the information that entities disclose about those items. In July 2020, the IASB published Classification of Liabilities as Current or Non-current – Deferral of Effective Date (Amendment to IAS 1) deferring the effective date of the January 2020 amendments to IAS 1 by one year. In February 2021, the IASB issued Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) with amendments that are intended to help preparers in deciding which accounting policies to disclose in their financial statements. An entity is now required to disclose its material accounting policy information instead of its significant accounting policies and several paragraphs are added to IAS 1 to explain how an entity can identify material accounting policy information and to give examples of when accounting policy information is likely to be material. The amendments also clarify that: acco --- unting policy information may be material because of its nature, even if the related amounts are immaterial; accounting policy information is material if users of an entity’s financial statements would need it to understand other material information in the financial statements; and if an entity discloses immaterial accounting policy information, such information shall not obscure material accounting policy information. In October 2022, the IASB published Non-current Liabilities with Covenants (Amendments to IAS 1) to clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments modify the requirements introduced by Classification of Liabilities as Current or Non- current on how an entity classifies debt and other financial liabilities as current or non-current in particular circumstances: only covenants with which an entity is required to comply on or before the reporting date affect the classification of a liability as current or non-current. In addition, an entity has to disclose information in the notes that enables users of financial statements to understand the risk that non-current liabilities with covenants could become repayable within twelve months. The amendments also defer the effective date of the 2020 amendments to January 1, 2024. The amendments to IAS 1 are effective for annual reporting periods beginning on or after January 1, 2024. Earlier application is permitted. The amendments to IAS 1 were adopted effective December 1, 2024 and resulted in no significant adjustment. IFRS 16, Leases In September 2022, the IASB issued Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) with amendments that clarify how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15, Revenue from Contracts with Customers, to be accounted for as a sale. The amendments require a seller-lessee to subsequently measure lease liabilities arising from a leaseback in a way that it does not recognize any amount of the gain or loss that relates to the right of use it retains. The new requirements do not prevent a seller-lessee from recognizing in profit or loss any gain or loss relating to the partial or full termination of a lease. The amendments to IFRS 16 are effective for annual reporting periods beginning on or after January 1, 2024. Earlier application is permitted. The amendments to IFRS 16 were adopted effective December 1, 2024 and resulted in no significant adjustment. MTY Food Group Inc. Notes to the condensed interim consolidated financial statements For the three and nine-month periods ended August 31, 2025 and 2024 (In thousands of Canadian dollars, except per share amounts and stock options) (Unaudited) Page 10 3. Changes in accounting policies (continued) IAS12, Income Taxes In May 2023, the IASB issued International Tax Reform – Pillar Two Model Rules (Amendments to IAS 12). These amendments introduced a temporary exception to the accounting for deferred taxes arising from the implementation of the Pillar Two model rules developed by the Organization for Economic Co-operation and Development. Specifically, the amendments require entities to not recognize and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. The amendments also require specific disclosures to help users understand the entity’s exposure to such taxes.The amendm --- ents to IAS 12 are effective for annual reporting periods beginning on or after January 1, 2023, with early application permitted. The Corporation adopted these amendments effective December 1, 2024. As a result, the Corporation has applied the exception to not recognize and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. Income tax expense recognized in the condensed interim consolidated statement of income for the nine-month period ended August 31, 2025 includes $6.2 million (2024 – not applicable) related to Pillar Two income taxes. 4. Future accounting changes A number of new standards, interpretations and amendments to existing standards were issued by the IASB that are not yet effective for the three and nine-month periods ended August 31, 2025 and have not been applied in preparing these financial statements. The following amendments may have a material impact on the financial statements of the Company: Standard Issue date Effective date for the Company Impact IAS 21 The Effects of Changes in Foreign Exchange Rates August 2023 December 1, 2025 In assessment IFRS 9 & IFRS 7 Financial Instruments & Financial Instruments and Disclosures May 2024 December 1, 2026 In assessment IFRS 10 Consolidated Financial Statements July 2024 December 1, 2026 In assessment IFRS 18 Presentation and Disclosure in Financial Statements April 2024 December 1, 2027 In assessment IAS 21, The Effects of Changes in Foreign Exchange Rates In August 2023, the IASB published Lack of Exchangeability (Amendments to IAS 21). The amendments specify when a currency is exchangeable into another currency and when it is not, specify how an entity determines the exchange rate to apply when a currency is not exchangeable, and require the disclosure of additional information when a currency is not exchangeable. The amendments to IAS 21 are effective for annual reporting periods beginning on or after January 1, 2025. Earlier application is permitted. The Company will adopt the amendments on December 1, 2025. IFRS 9, Financial Instruments and IFRS 7 Financial Instrument Disclosures In May 2024, the IASB published Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures). The amendments to IFRS 9 clarify de-recognition and classification of specific financial assets and liabilities respectively while the amendments to IFRS 7 clarify the disclosure requirements for investments in equity instruments designated at fair value through other comprehensive income and contractual terms that could change the timing or amount of contractual cash flows on the occurrence or non-occurrence of a contingent event. The amendments to IFRS 9 and IFRS 7 are effective for annual reporting beginning on or after January 1, 2026. Earlier application is permitted. The Company will adopt the amendments on December 1, 2026. MTY Food Group Inc. Notes to the condensed interim consolidated financial statements For the three and nine-month periods ended August 31, 2025 and 2024 (In thousands of Canadian dollars, except per share amounts and stock options) (Unaudited) Page 11 4. Future accounting changes (continued) IFRS 10, Consolidated Financial Statements In July 2024, the IASB issued the Annual Improvements to IFRS Accounting Standards—Volume 11, which included amendments to IFRS 10 Consolidated Financial Statements. These amendments aim to clar --- ify the determination of a 'de facto agent' in the context of control assessment. A 'de facto agent' refers to an entity that, although not formally designated as an agent, acts on behalf of another entity due to its specific circumstances, such as holding a significant portion of voting rights without practical exercise. The amendments to IFRS 10 are effective for annual reporting beginning on or after January 1, 2026. The Company will adopt the amendments on December 1, 2026. IFRS 18, Presentation and Disclosure in Financial Statements In April 2024, the IASB published a new standard: IFRS 18 Presentation and Disclosure in Financial Statements which replaces IAS 1 Presentation of Financial Statements. New requirements have been introduced for presentation in the statement of profit and loss, increased disclosure of management defined performance measures and defining the way information is aggregated and disaggregated in the financial statements. The application of IFRS 18 is effective for annual reporting beginning on or after January 1, 2027. Earlier application is permitted. The Company will adopt the amendments on December 1, 2027. 5. Accounts receivable The following table provides details on trade accounts receivable not past due, past due and the related credit loss allowance. August 31, 2025 November 30, 2024 $ $ Total accounts receivable 107,379 89,297 Less: Allowance for credit losses 7,685 8,057 Total accounts receivable, net 99,694 81,240 Of which: Not past due 76,024 64,045 Past due for more than one day but no more than 30 days 8,657 4,439 Past due for more than 31 days but no more than 60 days 2,294 2,097 Past due for more than 61 days 12,719 10,659 Total accounts receivable, net 99,694 81,240 6. Assets and liabilities held for sale During the year ended November 30, 2024, the Company designated certain assets and liabilities related to a casual dining brand as held for sale. The assets primarily consisted of inventories, prepaid expenses, deposits, right-of-use assets (Note 7), property, plant and equipment, and intangible assets while the liabilities included in the carrying value were the gift card liability and the lease liability (Note 7) During the period ended August 31, 2025, the Company determined that the assets and liabilities no longer met the criteria to be classified as held for sale, as the Company no longer intends to divest these operations. Accordingly, the assets and liabilities have been reclassified back to their respective categories in the condensed interim consolidated financial statements. The impairment recognized on reclassification was subsequently reversed, as described in Note 8 and depreciation on these assets has resumed in accordance with applicable accounting standards. MTY Food Group Inc. Notes to the condensed interim consolidated financial statements For the three and nine-month periods ended August 31, 2025 and 2024 (In thousands of Canadian dollars, except per share amounts and stock options) (Unaudited) Page 12 6. Assets and liabilities held for sale (continued) This reclassification led to a reversal of an impairment charge of $689 to property, plant and equipment, $1,485 to intangible assets and $1,084 to right-of-use-assets. The total carrying amount reversed from held for sale is comprised of assets of $4,281 and liabilities of $2,907, resulting in a net amount of $1,374. During the period ended August 31, 2025, the Company designated four Company-owned stores related to two c --- asual dining brands as held for sale. This decision reflects management's formal commitment to a plan to divest these assets, which primarily include property plant and equipment, right-of-use assets and lease liabilities (Note 7). Consistent with applicable accounting standards, the assets are measured at the lower of their carrying amount or fair value less costs to sell. No depreciation or amortization has been recorded on these assets while classified as held for sale. The designation to an available for sale asset and liability led to an impairment charge of $382 to property plant and equipment and a reclassification from right-of-use-assets and lease liability of $447 to held for sale asset and liability respectively. The total carrying amount reclassified as held for sale is comprised of assets of $2,372 and lease liabilities of $488 resulting in a net amount of $1,884. 7. Leases Leases as a lessee relate primarily to leases of premises in relation to the Company’s operations and its corporate store locations. For many of the leases related to its franchised locations, the Company is on the head lease of the premises and a corresponding sublease contract was entered into between the Company and its unrelated franchisee. The sublease contract is substantially based on the same terms and conditions as the head lease. Leases and subleases typically have terms ranging between five and 10 years at inception. The Company has options to purchase the premises on some of its leases. Right-of-use assets The following table provides the net carrying amounts of the right-of-use assets by class of underlying asset and the changes in the nine-month period ended August 31, 2025: Offices, corporate and dark stores Store locations subject to operating subleases Other Total $ $ $ $ Balance as at November 30, 2024 177,962 6,660 546 185,168 Additions 7,240 — 276 7,516 Reclassified from assets held for sale (Note 6) 831 — — 831 Depreciation expense (26,692) (491) (231) (27,414) Impairment reversal 535 — — 535 De-recognition/lease modification of lease liabilities 3,238 (1,742) (39) 1,457 Foreign exchange (2,460) 28 (4) (2,436) Balance as at August 31, 2025 160,654 4,455 548 165,657 MTY Food Group Inc. Notes to the condensed interim consolidated financial statements For the three and nine-month periods ended August 31, 2025 and 2024 (In thousands of Canadian dollars, except per share amounts and stock options) (Unaudited) Page 13 7. Leases (continued) Finance lease receivables The following table provides the carrying amount of the finance lease receivables and the changes in the nine-month period ended August 31, 2025 : 2025 $ Balance as at November 30, 2024 307,804 Additions 27,516 Lease renewals and modifications 34,919 Lease terminations (8,415) Other adjustments 217 Interest income (1) 10,011 Receipts (71,371) Foreign exchange (2,164) Balance as at August 31, 2025 298,517 (1) During the nine-month period ended August 31, 2024, the Company recorded interest income on finance lease receivables of $9,458. Recorded in the condensed interim consolidated statements of financial position as follows: Finance lease receivables $ Current portion 76,152 Long-term portion 231,652 November 30, 2024 307,804 Current portion 72,911 Long-term portion 225,606 August 31, 2025 298,517 MTY Food Group Inc. Notes to the condensed interim consolidated financial statements For the three and nine-month periods ended August 31, 2025 and 2024 (In thousands of Canadian dolla --- rs, except per share amounts and stock options) (Unaudited) Page 14 7. Leases (continued) Lease liabilities The following table provides the carrying amount of the lease liabilities and the changes in the nine-month period ended August 31, 2025: 2025 $ Balance as at November 30, 2024 515,138 Additions 23,929 Reclassified from assets held for sale (Note 6) 2,063 Lease renewals and modifications 50,258 Lease terminations (9,124) Other adjustments (1,341) Interest expense (1) 18,233 Payments (105,657) Foreign exchange (4,850) Balance as at August 31, 2025 488,649 (1) During the nine-month period ended August 31, 2024, the Company recorded interest expense on lease liabilities of $17,842. Recorded in the condensed interim consolidated statements of financial position as follows: Lease liabilities $ Current portion 110,910 Long-term portion 404,228 November 30, 2024 515,138 Current portion 107,106 Long-term portion 381,543 August 31, 2025 488,649 MTY Food Group Inc. Notes to the condensed interim consolidated financial statements For the three and nine-month periods ended August 31, 2025 and 2024 (In thousands of Canadian dollars, except per share amounts and stock options) (Unaudited) Page 15 8. Impairment charge The Company performed its quarterly impairment indicator test to identify if any property, plant and equipment or intangible assets were potentially at risk for impairment. Based on the results obtained, the Company recorded $382 and $818 for the three and nine-month period ended August 31, 2025, respectively (2024 – $791 and $4,847, respectively) of impairment losses on its property, plant and equipment for certain corporate owned locations in the US & International geographical segments (2024 – corporate owned locations in the US & International and Canadian geographical segments) and recognized a reversal of $689 (Note 6) for both periods (2024 - nil for both periods) for certain corporate owned locations in the US & International geographical segments. During the three- month and nine-month period ended August 31, 2025, the Company recorded an impairment loss of $8,033 for both periods (2024 – $2,195 and $3,535, respectively) related to its franchise rights and trademarks for five brands and recognized a reversal of $1,485 (Note 6) for both periods (2024 - nil for both periods) related to its trademarks for brands in the US & International and Canadian geographical segments. These amounts have been recognized in the condensed interim consolidated statements of income. Impairment charges were based on the amount by which the carrying values of the assets exceeded the recoverable amounts, determined using expected discounted projected operating cash flows. 9. Long-term debt August 31, 2025 November 30, 2024 $ $ Non-interest-bearing contract cancellation fees and holdbacks on acquisitions — 1,552 Fair value of non-controlling interest buyback obligation in 9974644 Canada Inc.(1) 2,365 2,142 Revolving credit facility payable to a syndicate of lenders (2) 637,179 704,578 Credit facility financing costs (685) (1,667) 638,859 706,605 Less: Current portion (1,855) (2,464) 637,004 704,141 (1) Payable on demand. (2) Under the revolving credit facility, the Company has the option to draw funds in Canadian or in US dollars, at its discretion. The facility’s maturity is March 15, 2027 and must be repaid in full at that time. The revolving credit facility has an authorized amount of $900,000 (November 30, 2024 – $900,000). As at August 31, 2 --- 025, the Company had drawn CAD$253,000 and US$281,000 (November 30, 2024 – CAD$270,000 and US$308,000) on the facility and has elected to pay interest based on the Canadian Overnight Repo Rate Average (“CORRA”) and the Secured Overnight Financing Rate (“SOFR”) plus applicable margins. The credit facility bears interest at Canadian prime rate, US prime rate, CORRA, and SOFR plus an applicable margin that will vary depending on the type of advances. The Company pays a commitment fee on the available unused credit facility. 10. Capital stock On June 30, 2025, the Company announced the renewal of the normal course issuer bid (“NCIB”). The NCIB began on July 3, 2025 and will end on July 2, 2026 or on such earlier date when the Company completes its purchases or elects to terminate the NCIB. The renewed period allows the Company to purchase 1,142,068 of its common shares. These purchases will be made on the open market plus brokerage fees through the facilities of the TSX and/or alternative trading systems at the prevailing market price at the time of the transaction, in accordance with the TSX’s applicable policies. All common shares purchased pursuant to the NCIB will be cancelled. During the three and nine-month periods ended August 31, 2025, the Company repurchased and cancelled a total of nil and 584,400 common shares, respectively (2024 – 254,700 and 592,200, respectively), under the current NCIB, at a weighted average price of nil and $44.78, respectively per common share (2024 – $44.92 and $46.94, respectively), for a total consideration of nil and $26,398, respectively (2024 – $11,442 and $27,800, respectively). An excess of nil and $19,088, respectively (2024 – $8,283 and $20,455, respectively) of the shares’ repurchase value over their carrying amount was charged to retained earnings as share repurchase premiums. MTY Food Group Inc. Notes to the condensed interim consolidated financial statements For the three and nine-month periods ended August 31, 2025 and 2024 (In thousands of Canadian dollars, except per share amounts and stock options) (Unaudited) Page 16 11. Net income per share The following table provides the weighted average number of common shares used in the calculation of basic income per share and used for the purpose of diluted income per share: Three months ended August 31 Nine months ended August 31 2025 2024 2025 2024 Weighted daily average number of common shares – basic 22,841,361 23,871,807 23,031,868 24,107,968 Assumed exercise of stock options (1) — — 812 2,414 Weighted daily average number of common shares – diluted 22,841,361 23,871,807 23,032,680 24,110,382 (1) The calculation of the assumed exercise of stock options includes the effect of the average unrecognized future compensation cost of dilutive options. The number of excluded options for the three and nine-month periods ended August 31, 2025 was 425,000 for both periods (2024 – 440,000 and 306,668, respectively). 12. Financial instruments In the normal course of business, the Company uses various financial instruments, which by their nature involve risk, including market risk and the credit risk of non-performance by counterparties. These financial instruments are subject to normal credit standards, financial controls, risk management and monitoring procedures. Fair value of recognized financial instruments Swaps Cross currency interest rate swaps On August 29, 2025, the Company entered into one floating to floating 1-month cross currency interest rat --- e swap (November 30, 2024 – one floating to floating 3-month cross currency interest rate swap). A derivative liability at fair value of $1,971 was recorded as at August 31, 2025 (November 30, 2024 – derivative asset of $3,071) in the current portion of derivative liabilities in the condensed interim consolidated statements of financial position. The Company has classified this as level 2 in the fair value hierarchy. August 31, 2025 November 30, 2024 1-month 3-month Receive – Notional US$182,698 US$189,200 Receive – Rate 6.12 % 6.51 % Pay – Notional CA$253,000 CA$262,000 Pay – Rate 4.47 % 5.43 % MTY Food Group Inc. Notes to the condensed interim consolidated financial statements For the three and nine-month periods ended August 31, 2025 and 2024 (In thousands of Canadian dollars, except per share amounts and stock options) (Unaudited) Page 17 12. Financial instruments (continued) Fair value of recognized financial instruments (continued) Fixed interest rate swaps On March 24, 2023, the Company entered into a three-year SOFR fixed interest rate swap for a notional amount of US$200,000. A fair value remeasurement of nil and was recorded in the Company’s condensed interim consolidated statement of comprehensive income for the three and nine-month periods ended August 31, 2025, respectively (2024 – fair value remeasurement loss of $481 and a fair value remeasurement gain of $246, respectively). On June 4, 2024, the Company sold the swap, realizing proceeds of $6,562 from this transaction. The cumulative gain on the hedging instrument, which was previously recognized in other comprehensive income during the effective hedging period, will continue to be recognized in equity and will be amortized to the condensed interim consolidated statement of income until the termination of the hedged item on April 10, 2026. For the three and nine-month periods ended August 31, 2025, the Company recorded a gain of $895 and $2,684 in the Company’s condensed interim consolidated statement of income related to this amortization, respectively (2024 – $795). On May 30, 2023, the Company entered into a two-year SOFR fixed interest rate swap for a notional amount of US$100,000. The period of two years ended on May 30, 2025. Under the terms of this swap, the interest rate is fixed at 3.64%, unless the 1-month term SOFR exceeds 5.50%; if the 1-month term SOFR exceeds 5.50%, the Company will pay the 1-month term SOFR. A derivative asset fair value of nil was recorded as at August 31, 2025 (November 30, 2024 – $499). The Company has classified this as level 2 in the fair value hierarchy. A fair value remeasurement loss of nil and $495 was recorded in the Company’s condensed interim consolidated statement of income for the three and nine-month periods ended August 31, 2025 (2024 – fair value remeasurement loss of $716 and $507, respectively). On January 22, 2024, the Company entered into a three-year SOFR fixed interest rate swap for a notional amount of US$50,000. The period of three years ends on January 22, 2027. Under the terms of this swap, the Company will receive 0.25% unless the 1-month term SOFR falls below 2.95% or exceeds 5.50%. If the term SOFR falls below 2.95%, the Company will pay the difference between the current rate and 2.95%. A derivative asset of $52 was recorded as at August 31, 2025 (November 30, 2024 – $39). The Company has classified this as level 2 in the fair value hierarchy. A fair value remeasurement gain of $14 and $17 was recorded in the --- Company’s condensed interim consolidated statement of income for the three and nine-month periods ended August 31, 2025, respectively (2024 – fair value remeasurement loss of $334 and $277, respectively). On September 19, 2024, the Company entered into a three-year CORRA fixed interest rate swap for a notional amount of $100,000. The period of three years ends on September 17, 2027. Under the terms of this swap, the interest rate is fixed at 2.79%. A derivative liability of $571 was recorded as at August 31, 2025 (November 30, 2024 – derivative asset of $143). The Company has classified this as level 2 in the fair value hierarchy. A fair value remeasurement gain of $181 and loss of $713 was recorded in the Company’s condensed interim consolidated statement of comprehensive income for the three and nine-month periods ended August 31, 2025, respectively (2024 – nil). On September 24, 2024, the Company entered into a three-year CORRA fixed interest rate swap for a notional amount of $50,000. The period of three years ends on September 24, 2027. Under the terms of this swap, the interest rate is fixed at 2.77%. A derivative liability of $273 was recorded as at August 31, 2025 (November 30, 2024 – derivative asset of $99). The Company has classified this as level 2 in the fair value hierarchy. A fair value remeasurement gain of $87 and loss of $365 was recorded in the Company’s condensed interim consolidated statement of comprehensive income for the three and nine-month periods ended August 31, 2025, respectively (2024 – nil). Range bonus accumulator (RBA) On April 8, 2025, the Company entered a one-year range bonus accumulator (“RBA”) agreement, which is a written option that provides incremental returns if the foreign exchange rate remains within a predetermined range. The contract involves monthly observations of the USD/CAD exchange rate and may trigger an obligation of a notional amount of US$1,000 if rates move outside defined limits. A derivative asset of $41 was recorded as at August 31, 2025. The Company has classified this as level 2 in the fair value hierarchy. A fair value gain of $1 and gain of $41 was recorded in the Company’s condensed interim consolidated statement of income for the three and nine-month periods ended August 31, 2025, respectively. MTY Food Group Inc. Notes to the condensed interim consolidated financial statements For the three and nine-month periods ended August 31, 2025 and 2024 (In thousands of Canadian dollars, except per share amounts and stock options) (Unaudited) Page 18 12. Financial instruments (continued) Fair value of recognized financial instruments (continued) The swaps were recorded in the condensed interim consolidated statements of financial position as follows: Cross currency interest rate swaps 1-year SOFR fixed interest rate swap (RBA) 3-year SOFR fixed interest rate swap 3-year CORRA fixed interest rate swap 3-year CORRA fixed interest rate swap Total $ $ $ $ $ $ Current portion of derivative assets — 41 37 — — 78 Long-term portion of derivative assets — — 15 — — 15 Total derivative assets — 41 52 — — 93 Current portion of derivative liabilities (1,971) — — (274) (131) (2,376) Long-term portion of derivative liabilities — — — (297) (142) (439) Total derivative liabilities (1,971) — — (571) (273) (2,815) Fair value hierarchy The changes in the carrying amount of the financial liabilities classified as level 3 in the fair value hierarchy are as follows: 2025 $ Financial liabilities classifi --- ed as level 3 as at November 30, 2024 2,142 Revaluation of financial liabilities recorded at fair value 223 Financial liabilities classified as level 3 as at August 31, 2025 2,365 As at August 31, 2025 and November 30, 2024, the financial liabilities classified as level 3 in the fair value hierarchy were comprised of the following: August 31, 2025 November 30, 2024 $ $ Fair value of non-controlling interest buyback obligation in 9974644 Canada Inc. 2,365 2,142 Financial liabilities classified as level 3 2,365 2,142 The Company has determined that the fair values of its financial assets and financial liabilities with short-term and long-term maturities approximate their carrying value. These financial instruments include cash, accounts receivable, accounts payable and accrued liabilities, deposits and other liabilities. MTY Food Group Inc. Notes to the condensed interim consolidated financial statements For the three and nine-month periods ended August 31, 2025 and 2024 (In thousands of Canadian dollars, except per share amounts and stock options) (Unaudited) Page 19 12. Financial instruments (continued) Fair value hierarchy (continued) Determination of fair value The following methods and assumptions were used to estimate the fair values of each class of financial instrument: Loans and other receivables and Finance lease receivables – The carrying amount for these financial instruments approximates fair value due to the short-term maturity of these instruments and/or the use of market interest rates. Long-term debt – The fair value of long-term debt is determined using the present value of future cash flows under current financing agreements based on the Company’s current estimated borrowing rate for similar debt. 13. Revenue Three months ended August 31, 2025 August 31, 2024 US & US & Canada International TOTAL Canada International TOTAL $ $ $ $ $ $ Royalties 23,602 45,962 69,564 23,416 46,802 70,218 Franchise and transfer fees 1,492 2,183 3,675 1,588 1,961 3,549 Retail, food processing and distribution revenues 46,015 643 46,658 39,201 897 40,098 Sale of goods, including construction revenue 11,538 107,311 118,849 12,515 109,600 122,115 Gift card breakage income 84 2,149 2,233 80 2,074 2,154 Promotional funds 12,124 19,071 31,195 10,718 19,273 29,991 Other franchising revenue 9,602 11,530 21,132 9,753 11,159 20,912 Other 843 2,840 3,683 623 3,093 3,716 105,300 191,689 296,989 97,894 194,859 292,753 Nine months ended August 31, 2025 August 31, 2024 US & US & Canada International TOTAL Canada International TOTAL $ $ $ $ $ $ Royalties 67,670 133,703 201,373 67,201 134,287 201,488 Franchise and transfer fees 4,612 6,052 10,664 4,574 5,894 10,468 Retail, food processing and distribution revenues 122,645 2,013 124,658 111,584 2,133 113,717 Sale of goods, including construction revenue 36,184 344,222 380,406 35,491 343,777 379,268 Gift card breakage income 379 6,341 6,720 354 6,104 6,458 Promotional funds 33,744 56,618 90,362 32,225 58,361 90,586 Other franchising revenue 29,434 32,253 61,687 29,326 31,602 60,928 Other 1,587 9,198 10,785 2,092 10,131 12,223 296,255 590,400 886,655 282,847 592,289 875,136 MTY Food Group Inc. Notes to the condensed interim consolidated financial statements For the three and nine-month periods ended August 31, 2025 and 2024 (In thousands of Canadian dollars, except per share amounts and stock options) (Unaudited) Page 20 14. Operating expenses Three months ended August 31, 2025 August 31, 2024 Canada US & Inter --- national TOTAL Canada US & International TOTAL $ $ $ $ $ $ Restated (1) Cost of goods sold and rent 5,685 34,586 40,271 5,852 34,262 40,114 Retail, food processing and distribution costs 41,761 144 41,905 34,647 289 34,936 Wages and benefits 17,035 53,357 70,392 16,291 56,378 72,669 Other corporate store expenses 517 12,387 12,904 1,940 13,360 15,300 Consulting and professional fees 1,006 1,932 2,938 1,362 2,555 3,917 Insurance and taxes 116 1,674 1,790 293 2,261 2,554 Utilities, repairs and maintenance 678 6,101 6,779 529 6,158 6,687 Advertising, travel, meals and entertainment 953 4,494 5,447 1,239 3,649 4,888 Gift cards – related costs — 1,728 1,728 — 2,108 2,108 Royalties 1,811 2,615 4,426 646 2,684 3,330 Promotional funds (2) 12,124 19,071 31,195 10,718 19,273 29,991 Impairment for expected credit losses 154 3 157 272 133 405 Other (3) 2,635 1,218 3,853 1,213 2,860 4,073 84,475 139,310 223,785 75,002 145,970 220,972 Nine months ended August 31, 2025 August 31, 2024 Canada US & International TOTAL Canada US & International TOTAL $ $ $ $ $ $ Restated (1) Cost of goods sold and rent 18,030 111,423 129,453 16,598 106,634 123,232 Retail, food processing and distribution costs 110,934 503 111,437 100,072 623 100,695 Wages and benefits 51,606 174,682 226,288 49,299 174,926 224,225 Other corporate store expenses 2,864 41,242 44,106 3,447 43,167 46,614 Consulting and professional fees 5,655 6,182 11,837 4,436 7,731 12,167 Acquisition-related transaction costs — 1,411 1,411 — — — Insurance and taxes 29 6,099 6,128 1,117 6,100 7,217 Utilities, repairs and maintenance 1,812 18,378 20,190 1,426 17,021 18,447 Advertising, travel, meals and entertainment 2,876 12,248 15,124 3,563 10,506 14,069 Gift cards – related costs — 6,353 6,353 — 7,371 7,371 Royalties 1,907 6,992 8,899 1,786 7,029 8,815 Promotional funds (2) 33,744 56,618 90,362 32,225 58,361 90,586 (Reversal) impairment for expected credit losses (83) 509 426 1,536 441 1,977 Other (3) 7,305 6,397 13,702 6,300 9,180 15,480 236,679 449,037 685,716 221,805 449,090 670,895 (1) Prior year amounts have been restated to reflect a reclassification between consulting and professional fees and royalty expense (2) Promotional fund expenses include wages and benefits. (3) Other operating expenses are comprised mainly of other office administration expenses. MTY Food Group Inc. Notes to the condensed interim consolidated financial statements For the three and nine-month periods ended August 31, 2025 and 2024 (In thousands of Canadian dollars, except per share amounts and stock options) (Unaudited) Page 21 15. Segmented information Management monitors and evaluates results of the Company based on geographical segments, these two segments being Canada and US & International. The Company and its chief operating decision maker assess the performance of each operating segment based on its segment profit and loss, which is equal to revenue less operating expenses. Within those geographical segments, the Company’s chief operating decision maker also assesses the performance of subdivisions based on the type of product or service provided. These subdivisions include: franchising; corporate stores; processing, distribution and retail; and promotional fund revenues and expenses. This information is disclosed below. Below is a summary of each geographical and operating segment’s performance for the three and nine-month periods ended August 31, 2025. CANADA US & INTERNATIONAL Franchising Corporate Processing, dist --- ribution and retail Promotional funds Interco Total Canada Franchising Corporate Processing, distribution and retail Promotional funds Interco Total US & International Total consolidated $ $ $ $ $ $ $ $ $ $ $ $ $ Revenue 36,355 10,801 47,066 12,125 (1,047) 105,300 64,329 107,750 643 19,072 (105) 191,689 296,989 Operating expenses 20,060 10,874 42,565 12,125 (1,149) 84,475 25,598 94,499 144 19,072 (3) 139,310 223,785 Segment profit (loss) 16,295 (73) 4,501 — 102 20,825 38,731 13,251 499 — (102) 52,379 73,204 CANADA US & INTERNATIONAL Franchising Corporate Processing, distribution and retail Promotional funds Interco Total Canada Franchising Corporate Processing, distribution and retail Promotional funds Interco Total US & International Total consolidated $ $ $ $ $ $ $ $ $ $ $ $ $ Revenue 108,355 31,774 124,098 33,744 (1,716) 296,255 188,039 344,104 2,013 56,618 (374) 590,400 886,655 Operating expenses 61,212 31,696 112,027 33,744 (2,000) 236,679 84,577 307,429 503 56,618 (90) 449,037 685,716 Segment profit (loss) 47,143 78 12,071 — 284 59,576 103,462 36,675 1,510 — (284) 141,363 200,939 MTY Food Group Inc. Notes to the condensed interim consolidated financial statements For the three and nine-month periods ended August 31, 2025 and 2024 (In thousands of Canadian dollars, except per share amounts) (Unaudited) Page 22 15. Segment information (continued) Below is a summary of each geographical and operating segment’s performance for the three and nine-month periods ended August 31, 2024. CANADA US & INTERNATIONAL Franchising Corporate Processing, distribution and retail Promotional funds Interco Total Canada Franchising Corporate Processing, distribution and retail Promotional funds Interco Total US & International Total consolidated $ $ $ $ $ $ $ $ $ $ $ $ $ Revenue 36,998 11,198 39,484 10,718 (504) 97,894 65,606 109,198 897 19,273 (115) 194,859 292,753 Operating expenses 18,567 11,398 34,924 10,718 (605) 75,002 26,674 99,748 289 19,273 (14) 145,970 220,972 Segment profit (loss) 18,431 (200) 4,560 — 101 22,892 38,932 9,450 608 — (101) 48,889 71,781 CANADA US & INTERNATIONAL Franchising Corporate Processing, distribution and retail Promotional funds Interco Total Canada Franchising Corporate Processing, distribution and retail Promotional funds Interco Total US & International Total consolidated $ $ $ $ $ $ $ $ $ $ $ $ $ Revenue 108,068 31,393 112,422 32,225 (1,261) 282,847 188,072 344,116 2,133 58,361 (393) 592,289 875,136 Operating expenses 58,271 32,121 100,739 32,225 (1,551) 221,805 85,235 304,974 623 58,361 (103) 449,090 670,895 Segment profit (loss) 49,797 (728) 11,683 — 290 61,042 102,837 39,142 1,510 — (290) 143,199 204,241 MTY Food Group Inc. Notes to the condensed interim consolidated financial statements For the three and nine-month periods ended August 31, 2025 and 2024 (In thousands of Canadian dollars, except per share amounts) (Unaudited) Page 23 16. Condensed interim consolidated statement of cash flows Changes in non-cash operating activities are as follows: Three months ended August 31 Nine months ended August 31 2025 2024 2025 2024 $ $ $ $ Accounts receivable (14,501) (155) (19,233) 784 Inventories 110 (51) 3,998 1,382 Other assets 146 2,944 (1,286) 1,578 Prepaid expenses and deposits 547 1,297 (2,101) (792) Accounts payable and accrued liabilities 194 (1,254) (5,221) (9,003) Provisions (621) 380 (268) (537) Gift card and loyalty program liabilities (3,599) (3,430) 3,787 1,885 Deferred revenue and deposits (183) (728) 1,7 --- 59 1,600 (17,907) (997) (18,565) (3,103) For the three and nine-month periods ended August 31, 2025, non-cash items amounting to $(140) and $165, respectively (2024 – $(549) and $(181), respectively), are included in proceeds on disposal of property, plant and equipment, primarily related to commitments made as part of the disposal of a portfolio of corporately-owned locations. MTY Food Group Inc. Notes to the condensed interim consolidated financial statements For the three and nine-month periods ended August 31, 2025 and 2024 (In thousands of Canadian dollars, except per share amounts) (Unaudited) Page 24