Investor Day Highlights Durability of Outsized Growth

UBS maintains a Buy rating on Brinker International (EAT.US) with a 12-month price target of US$285. EAT's Investor Day highlighted multiple initiatives to support the durability of Chili's long-term sales growth and margin expansion, emphasizing restaurant unit growth and remodels. Updated 3-year targets include 4-6% revenue growth (implying ~2-3% sss), 2-3% annual unit expansion by '29, and double-digit% EPS growth, likely meaningfully above the 2023 investor day targets. Drivers supporting sustainable sss and traffic include compelling everyday value, a robust menu innovation/renovation pipeline (60% of the menu upgraded), marketing, and operational improvements. Unit economics are attractive (~18-20% cash-on-cash returns, ~US$5MM AUVs) with significant US whitespace, while average guests per restaurant/week (4.2K in FY26 vs 5.2K peak) suggests further upside. Remodels (16 to date) are driving a ~3-5% sales lift on ~US$600K average spend, with FY27 plans for 60-80 remodels. Capital