Starbucks Corp.

Q3 performance beat expectations / momentum strengthening - Consolidated net revenues: $9.3B, -1% YoY (mainly due to China deconsolidation into a license JV structure). - Global comps +7.9% YoY (sequential improvement; transaction growth >4%, ticket growth contributing). - Operating margin 14.4%, +430 bps YoY; EPS +70% YoY to $0.85 → evidence of operating leverage and durability from “Back to Starbucks”. - North America led: U.S. comps +7.9% (transactions +4.2%, average ticket +3.6%). Canada stronger via international company-operated performance.

Plan “Back to Starbucks” driving the recovery (operational + brand + store experience) - Green Apron Service (1 year anniversary): ownership/accountability returned to store leaders; added tools/hours/standards/coaching. - Throughput/service gains: Smart Queue improving accuracy/speed; target service times achieved across access points even with transaction growth. - Supply chain improvements: food availability ~99%, +10 pts vs. a year ago. - Store readiness scoring: 2/3 of North America stores at 4+ shots (up >5 pts QoQ and >40 pts since last October). - Partner incentives: launched “Best of Starbucks Reward” (eligible Green Apron partners can earn up to $300/quarter).

Brand + rewards + innovation are supporting demand - Brand affinity/consideration/purchase intent: all at 5-year highs; customer connection improved significantly YoY. - Starbucks Rewards: 35.8M 90-day active U.S. members (up QoQ and YoY); new program is exceeding expectations (engagement and reload amounts increasing). - Examples of demand drivers: Refreshers (double-digit U.S. YoY revenue growth), customizable energizing refreshers, and seasonal LTOs like S’mores (tracking as strongest summer coffee LTO in years). - Third-party competition/market activity acknowledged, but Starbucks believes it can gain share by staying category-leading and continuing execution.