Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) ("Red Robin" or the "Company"), a casual dining restaurant chain serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today announced it has entered into two separate refranchising agreements with experienced multi-unit restaurant operators for the sale of 86 company-owned units for $72.5 million. These units will continue operating under the same Red Robin brand guests love and trust.

Under the terms of the agreements and following closing, the new franchisees will acquire and operate restaurants in the following markets:

• Op Burgers, LLC will acquire 69 units based in Kentucky, Indiana, Maryland, Ohio, North Carolina, Pennsylvania, South Carolina and Virginia for $62.5 million.
• Kuber Oregon, LLC and Kuber Washington, LLC ("Kuber") will acquire 17 units based in Oregon and Washington for $10 million.

These transactions follow the recent announcement of a refranchise transaction of 30 locations to Evergreen Dining, LLC announced on May 28, 2026. Together, these three transactions (which remain subject to customary due diligence, adjustments, and closing conditions) represent a combined transaction value of approximately $96 million. The Company intends to use the net proceeds from these transactions to pay down outstanding debt and execute on the refinancing priorities outlined in its "First Choice Plan."

Dave Pace, Red Robin's President and Chief Executive Officer said, "Strengthening our financial foundation remains a key priority for the Red Robin team and these transactions are a major step forward toward achieving our goal. Our partnerships with Op Burgers and Kuber introduce experienced operators into the Red Robin system. These teams bring proven track records of delivering exceptional guest experiences and the demonstrated ability to grow into the future."

Pace continued, "These new partnerships with Op Burgers, Kuber, and Evergreen Dining will provide Red Robin with the financial flexibility needed to reduce debt, support our refinancing objectives and accelerate investment system-wide. I look forward to what we will accomplish together for the benefit of our guests, team members and investors."

Op Burgers said, "We have long been impressed by Red Robin's commitment to great food and great service. We look forward to partnering with the dedicated team members at each location to strengthen and expand their position as the First Choice in these communities."

Kuber said, "Sharing meals is the best way to bring people together. We have always admired Red Robin's commitment to fostering the community spirit at each of its restaurants. We are excited to work together with these talented teams to welcome even more guests to these Pacific Northwest locations."

These transactions are expected to close in the second half of 2026, subject to customary due diligence, adjustments, and closing conditions. Further details are available in the Company's Form 8-K to be filed with the Securities and Exchange Commission. The Company expects to update guidance following the close of these transactions.