Darden Restaurants, Inc.

Q1 performance met expectations; sales + EPS up (good) - Total Q1 sales: $3.2B, +5.1% YoY (driven by +3.2% comparable calendar same-restaurant sales and 53 net new restaurants). - Diluted EPS (cont. ops): $2.05, +4.1% YoY. - EBITDA: $464M. - Restaurant-level EBITDA margin: 18.8%, flat YoY and consistent with plan.

Same-restaurant growth solid across segments; key headwinds were temporary (mixed but manageable) - Industry benchmark (Black Box, excluding Darden): comps +2.4% sales, -0.2% guest counts on a comparable calendar basis. - Company: positive comps in every segment. - World Cup + lettuce concerns hurt early in Q1 and drove guest count softness at Olive Garden. - Net effect disclosed: World Cup impact led to ~+180 bps at Yard House but ~-80 bps net to Darden same-restaurant sales, concentrated early; trends improved through the quarter and accelerated into September.

Olive Garden: value-led promotions + lunch opportunity; NEPB demand stronger than expected (surprising upside) - Olive Garden same-restaurant sales: +1%; guest counts down ~150–200 bps from World Cup and lettuce concern; mix headwind ~50 bps from lighter portion section. - Brand maintained strength; NEPB “Never-Ending Pasta Bowl” launched in Q2: - Pasta Pass sale: 10,000 passes sold out immediately; ~3M devices logged in. - Early quarter performance: “a little bit better than expected”; buy-ups higher than before. - Added menu/toppings helped: Spicy Alfredo Sauce and Crispy Shrimp Fritta; protein buy-up pricing noted as unlimited proteins for $4.99 (pricing discipline). - Lunch is a meaningful opportunity: longer-term traffic deterioration vs dinner; marketing support and a new lunch platform are being activated/tested in Q2 after being paused earlier post-COVID.