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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 4, 2026


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission File Number: 001-40714

EUROPEAN WAX CENTER, INC.

(Exact Name of Registrant as Specified in its Charter)


Delaware	86-3150064
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
5830 Granite Parkway, 3rd Floor Plano, Texas	75024
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (469) 264-8123

Securities registered pursuant to Section 12(b) of the Act:

     Title of each class

     Trading
Symbol(s)

     Name of each exchange on which registered

     Class A common stock, par value $0.00001 per share

     EWCZ

     The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☒
Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 4, 2026, the registrant had 44,315,571 and 10,519,105 shares of Class A and Class B common stock, respectively, $0.00001 par value per share, outstanding.

Table of Contents


		Page

PART I.	FINANCIAL INFORMATION	1

Item 1.	Financial Statements (Unaudited)	1

	Condensed Consolidated Balance Sheets as of April 4, 2026 and January 3, 2026	1
	Condensed Consolidated Statements of Operations for the 13 weeks ended April 4, 2026 and April 5, 2025	2
	Condensed Consolidated Statements of Cash Flows for the 13 weeks ended April 4, 2026 and April 5, 2025	3
	Condensed Consolidated Statements of Stockholders' Equity for the 13 weeks ended April 4, 2026 and April 5, 2025	4
	Notes to Unaudited Condensed Consolidated Financial Statements	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	25
Item 4.	Controls and Procedures	26

PART II.	OTHER INFORMATION	27

Item 1.	Legal Proceedings	27
Item 1A.	Risk Factors	27
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 3.	Defaults Upon Senior Securities	27
Item 4.	Mine Safety Disclosures	27
Item 5.	Other Information	27
Item 6.	Exhibits	28
Signatures		29

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (“Form 10-Q”) includes forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Form 10-Q including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. Words including “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” or “would,” or, in each case, the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.

These forward-looking statements include, but are not limited to: statements regarding the Merger Agreement (as defined herein) and the transactions contemplated thereby, the operational and financial results of the Company’s franchisees; the ability of the Company’s franchisees to enter new markets, select appropriate sites for new centers or open new centers; the effectiveness of the Company’s marketing and advertising programs and the active participation of its franchisees in enhancing the value of its brand; the failure of its franchisees to participate in and comply with its agreements, business model and policies; the Company’s and its franchisees’ ability to attract and retain guests; the effect of social media on the Company’s reputation; the Company’s ability to compete with other industry participants and respond to market trends and changes in consumer preferences; the effect of the Company’s planned growth on its management, employees, information systems and internal controls; the Company’s ability to retain or effectively respond to a loss of key executives; recruitment efforts; a significant failure, interruptions or security breach of the Company’s computer systems or information technology; the Company and its franchisees’ ability to attract, train, and retain talented wax specialists and managers; changes in the availability or cost of labor; the Company’s ability to retain its franchisees and to maintain the quality of existing franchisees; failure of the Company’s franchisees to implement business development plans; the ability of the Company’s limited key suppliers, including international suppliers, and distribution centers to deliver their products; changes in supply costs and decreases in the Company’s product sourcing revenue; the Company’s ability to adequately protect its intellectual property; the Company’s substantial indebtedness; the impact of paying some of the Company’s pre-IPO owners for certain tax benefits the Company may claim; changes in general economic and business conditions; the Company’s and its franchisees’ ability to comply with existing and future health, employment and other governmental regulations; complaints or litigation that may adversely affect the Company’s business and reputation; the seasonality of the Company’s business resulting in fluctuations in its results of operations; the impact of global crises on the Company’s operations and financial performance; the impact of inflation and rising interest rates on the Company’s business; the Company’s access to sources of liquidity and capital to finance its continued operations and growth strategy and the other important factors discussed under the caption “Risk Factors” under Item 1A in the Company’s Annual Report on Form 10-K for the year ended January 3, 2026, filed with the Securities and Exchange Commissions (the “SEC”) on March 4, 2026.

We caution investors, potential investors and others not to place undue reliance on the forward-looking statements contained in this Form 10-Q. You are encouraged to read any further disclosures we may make in our future reports to the SEC, accessible on the SEC’s website at www.sec.gov, Investors Relations section of the Company’s website at www.waxcenter.com, or otherwise. Our website and information included in or linked to our website are not part of this Form 10-Q.

These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this Form 10-Q. Any forward-looking statement that the Company makes in this Form 10-Q speaks only as of the date of such statement, and we undertake no obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

PART I-FINANCIAL INFORMATION

Item 1. Financial Statements

EUROPEAN WAX CENTER, INC. and Subsidiaries

Condensed Consolidated Balance Sheets

(Amounts in thousands, except share and per share amounts)

(Unaudited)


	April 4, 2026			January 3, 2026
ASSETS
Current assets:
Cash and cash equivalents	$	71,742		$	76,060
Restricted cash		6,406			6,421
Accounts receivable, net		12,732			10,957
Inventory, net		18,731			17,772
Prepaid expenses and other current assets		8,832			5,329
Total current assets		118,443			116,539
Property and equipment, net		12,870			10,788
Operating lease right-of-use assets		3,087			3,378
Intangible assets, net		407,992			412,826
Goodwill		39,112			39,112
Deferred income taxes		140,831			141,332
Other non-current assets		1,203			1,285
Total assets	$	723,538		$	725,260
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	21,672		$	25,118
Long-term debt, current portion		4,000			4,000
Tax receivable agreement liability, current portion		8,735			8,735
Deferred revenue, current portion		3,786			4,057
Operating lease liabilities, current portion		1,229			1,234
Total current liabilities		39,422			43,144
Long-term debt, net		375,295			374,827
Tax receivable agreement liability, net of current portion		193,245			192,735
Deferred revenue, net of current portion		4,464			4,732
Operating lease liabilities, net of current portion		1,947			2,244
Deferred tax liability		845			845
Other long-term liabilities		1,589			1,859
Total liabilities		616,807			620,386
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock ($0.00001 par value, 100,000,000 shares authorized, none issued and outstanding as of April 4, 2026 and January 3, 2026, respectively)		—			—
Class A common stock ($0.00001 par value, 600,000,000 shares authorized, 54,096,523 and 53,576,183 shares issued and 44,277,746 and 43,757,406 outstanding as of April 4, 2026 and January 3, 2026, respectively)		—			—
Class B common stock ($0.00001 par value, 60,000,000 shares authorized, 10,519,105 and 10,628,216 shares issued and outstanding as of April 4, 2026 and January 3, 2026, respectively)		—			—
Treasury stock, at cost, 9,818,777 shares of Class A common stock as of April 4, 2026 and January 3, 2026		(86,240	)		(86,240	)
Additional paid-in capital		259,060			257,246
Accumulated deficit		(90,774	)		(91,734	)
Total stockholders’ equity attributable to European Wax Center, Inc.		82,046			79,272
Noncontrolling interests		24,685			25,602
Total stockholders’ equity		106,731			104,874
Total liabilities and stockholders’ equity	$	723,538		$	725,260

The accompanying notes are an integral part of these condensed consolidated financial statements.

EUROPEAN WAX CENTER, INC. and Subsidiaries

CoNDENSED Consolidated Statements of Operations

(Amounts in thousands, except share and per share amounts)

(Unaudited)


	For the Thirteen Weeks Ended
	April 4, 2026			April 5, 2025
REVENUE
Product sales	$	28,568		$	28,871
Royalty fees		12,704			12,428
Marketing fees		7,135			7,203
Other revenue		2,725			2,925
Total revenue		51,132			51,427
OPERATING EXPENSES
Cost of revenue		13,663			13,276
Selling, general and administrative		13,642			15,340
Advertising		9,278			7,248
Depreciation and amortization		5,396			4,981
Gain on disposal or impairment of assets		(4	)		—
Total operating expenses		41,975			40,845
Income from operations		9,157			10,582
Interest expense, net		6,726			6,633
Other income		(59	)		(2	)
Income before income taxes		2,490			3,951
Income tax expense		877			1,381
NET INCOME	$	1,613		$	2,570
Less: net income attributable to noncontrolling interests		653			835
NET INCOME ATTRIBUTABLE TO EUROPEAN WAX CENTER, INC.	$	960		$	1,735
Net income per share
Basic - Class A Common Stock	$	0.03		$	0.04
Diluted - Class A Common Stock	$	0.03		$	0.04
Weighted average shares outstanding
Basic - Class A Common Stock		43,854,766			43,300,933
Diluted - Class A Common Stock		44,346,379			43,421,246

The accompanying notes are an integral part of these condensed consolidated financial statements.

EUROPEAN WAX CENTER, INC. and Subsidiaries

CONDENSED Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)


	For the Thirteen Weeks Ended
	April 4, 2026			April 5, 2025
Cash flows from operating activities:
Net income	$	1,613		$	2,570
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		5,396			4,981
Amortization of deferred financing costs		1,554			1,471
Provision for inventory obsolescence		(42	)		—
Provision for bad debts		16			73
Deferred income taxes		803			1,281
Remeasurement of tax receivable agreement liability		(59	)		(2	)
Loss on disposal or impairment of assets		(3	)		—
Equity compensation		1,882			2,564
Changes in assets and liabilities:
Accounts receivable		(1,789	)		(600	)
Inventory, net		(917	)		478
Prepaid expenses and other assets		(3,212	)		1,545
Accounts payable and accrued liabilities		(3,516	)		(945	)
Deferred revenue		(539	)		(429	)
Other long-term liabilities		(569	)		(280	)
Net cash provided by operating activities		618			12,707
Cash flows from investing activities:
Purchases of property and equipment		(1,709	)		(660	)
Net cash used in investing activities		(1,709	)		(660	)
Cash flows from financing activities:
Principal payments on long-term debt		(1,000	)		(1,000	)
Distributions to EWC Ventures LLC members		(1,510	)		(1,228	)
Repurchase of Class A common stock		—			(1,064	)
Taxes on vested restricted stock units paid by withholding shares		(732	)		(159	)
Dividend equivalents to holders of EWC Ventures units		—			(10	)
Net cash used in financing activities		(3,242	)		(3,461	)
Net (decrease) increase in cash, cash equivalents and restricted cash		(4,333	)		8,586
Cash, cash equivalents and restricted cash, beginning of period		82,481			56,194
Cash, cash equivalents and restricted cash, end of period	$	78,148		$	64,780
Supplemental cash flow information:
Cash paid for interest	$	5,385		$	5,439
Cash paid for income taxes	$	—		$	143
Non-cash investing activities:
Property purchases included in accounts payable and accrued liabilities	$	65		$	89
Property purchases included in additional paid-in capital	$	872		$	3,968
Right-of-use assets obtained in exchange for operating lease obligations	$	—		$	446

The accompanying notes are an integral part of these condensed consolidated financial statements.

EUROPEAN WAX CENTER, INC. and Subsidiaries

CONDENSED Consolidated Statements of STOCKHOLDERS’ Equity

(Amounts in thousands, except share and per share amounts)

(Unaudited)



											Additional
	Class A Common Stock					Class B Common Stock					paid-in			Accumulated			Treasury			Noncontrolling			Total
	Shares			Amount		Shares			Amount		capital			deficit			Stock			interest			equity
Balance at January 3, 2026		43,757,406		$	—		10,628,216		$	—	$	257,246		$	(91,734	)	$	(86,240	)	$	25,602		$	104,874
Exchange of Class B Common Stock and EWC Ventures Units for Class A Common Stock		109,111			—		(109,111	)		—		—			—			—			—			—
Vesting of restricted stock units		550,373			—		—			—		—			—			—			—			—
Shares withheld for taxes on vested restricted stock units		(139,144	)		—		—			—		(732	)		—			—			—			(732	)
Equity compensation		—			—		—			—		2,754			—			—			—			2,754
Distributions to members of EWC Ventures		—			—		—			—		—			—			—			(1,510	)		(1,510	)
Tax receivable liability and deferred taxes arising from share exchanges		—			—		—			—		(268	)		—			—			—			(268	)
Allocation of equity to noncontrolling interests		—			—		—			—		60			—			—			(60	)		—
Net income		—			—		—			—		—			960			—			653			1,613
Balance at April 4, 2026		44,277,746		$	—		10,519,105		$	—	$	259,060		$	(90,774	)	$	(86,240	)	$	24,685		$	106,731



											Additional
	Class A Common Stock					Class B Common Stock					paid-in			Accumulated			Treasury			Noncontrolling			Total
	Shares			Amount		Shares			Amount		capital			deficit			Stock			interest			equity
Balance at January 4, 2025		43,323,183		$	—		12,005,172		$	—	$	244,611		$	(100,416	)	$	(80,148	)	$	27,545		$	91,592
Exchange of Class B Common Stock and EWC Ventures Units for Class A Common Stock		139,626			—		(139,626	)		—		—			—			—			—			—
Vesting of restricted stock units		114,024			—		—			—		—			—			—			—			—
Shares withheld for taxes on vested restricted stock units		(30,434	)		—		—			—		(159	)		—			—			—			(159	)
Equity compensation		—			—		—			—		6,532			—			—			—			6,532
Distributions to members of EWC Ventures		—			—		—			—		—			—			—			(1,228	)		(1,228	)
Repurchase of Class A Common Stock		(240,573	)		—		—			—		—			—			(1,064	)		—			(1,064	)
Tax receivable liability and deferred taxes arising from share exchanges		—			—		—			—		269			—			—			—			269
Allocation of equity to noncontrolling interests		—			—		—			—		(907	)		—			—			907			—
Net income		—			—		—			—		—			1,735			—			835			2,570
Balance at April 5, 2025		43,305,826		$	—		11,865,546		$	—	$	250,346		$	(98,681	)	$	(81,212	)	$	28,059		$	98,512

The accompanying notes are an integral part of these condensed consolidated financial statements.

EUROPEAN WAX CENTER, INC. and Subsidiaries

Notes to CONDENSED Consolidated Financial Statements

(Amounts in thousands, except share/unit and per share/unit amounts)

(Unaudited)

1. Nature of business and organization

European Wax Center, Inc. was formed as a Delaware corporation on April 1, 2021. European Wax Center, Inc. and subsidiaries (the “Company”) was formed for the purpose of completing a public offering and related transactions in order to carry on the business of EWC Ventures, LLC (“EWC Ventures”) and its subsidiaries. Through its subsidiaries, the Company is engaged in selling franchises of European Wax Center, distributing unique facial and body waxing products to franchisees which are used to perform waxing services and providing branded facial and body waxing products directly to consumers at various locations throughout the United States.

The Company operates on a fiscal calendar which, in a given year, consists of a 52 or 53 week period ending on the Saturday closest to December 31st. The quarters ended April 4, 2026 and April 5, 2025 both consisted of 13 weeks.

Merger Agreement

On February 9, 2026, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Glow Midco, LLC, a Delaware limited liability company and an affiliate of General Atlantic, our largest stockholder (“Parent”), Glow Merger Sub 1, Inc., a Delaware corporation and wholly owned subsidiary of Parent (“Merger Sub Inc.”), Glow Merger Sub 2, LLC, a Delaware limited liability company and wholly owned subsidiary of Parent (“Merger Sub LLC,” and together with Parent and Merger Sub Inc., the “Buyer Parties”) and EWC Ventures, providing for (i) the merger of Merger Sub Inc. with and into the Company, with the Company continuing as the surviving corporation, and (ii) the merger of Merger Sub LLC with and into EWC Ventures, with EWC Ventures continuing as the surviving limited liability company (collectively, the “Mergers”). A special committee (the “Special Committee”) of independent and disinterested members of the Company’s Board of Directors unanimously adopted resolutions recommending that the Company’s Board of Directors approve the Merger Agreement and the transactions contemplated thereby and recommending that the Company’s stockholders unaffiliated with the Buyer Parties approve and adopt the Merger Agreement. Thereafter, the Company’s Board of Directors unanimously approved the Merger Agreement and resolved to recommend that the stockholders of the Company adopt the Merger Agreement. The Mergers closed on May 8, 2026 and pursuant to the Merger Agreement, each share of class A common stock outstanding as of the effective time of the Mergers was cancelled and extinguished and automatically converted into the right to receive cash in an amount equal to $5.80, each share of class B common stock outstanding as of the effective time of the Mergers was cancelled and extinguished and automatically converted into the right to receive cash in an amount equal to $0.00001, and each unit of EWC Ventures was cancelled and extinguished and automatically converted into the right to receive cash in an amount equal to $5.80 (less the Class B common stock consideration per share).

2. Summary of significant accounting policies

(a) Basis of presentation and consolidation

The accompanying unaudited condensed consolidated financial statements have been presented in conformity with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission and includes the operations of the Company and EWC Ventures and its wholly owned subsidiaries. EWC Ventures is considered a variable interest entity. The Company is the primary beneficiary of EWC Ventures. As a result, the Company consolidates EWC Ventures.

The condensed consolidated balance sheet as of January 3, 2026 is derived from the audited consolidated financial statements of the Company but does not include all disclosures required by GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended January 3, 2026 included in our annual report on Form 10-K.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all normal recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations, and cash flows for the periods presented. All intercompany accounts and transactions have been eliminated in consolidation.

Accounting policies used in the preparation of these unaudited condensed consolidated financial statements are consistent with the accounting policies described in the audited consolidated financial statements and the related notes thereto for the year ended January 3, 2026 included in our annual report on Form 10-K.

(b) Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. Significant areas where estimates and judgments are relied upon by management in the preparation of the financial statements include revenue recognition, provision for inventory obsolescence, income taxes, the tax receivable agreement (as amended, the “TRA”), the expected life of franchise agreements, the useful life of reacquired rights, valuation of equity-based compensation awards, and the evaluation of the recoverability of goodwill and long-lived assets, including indefinite-lived intangible assets. Actual results could differ from those estimates.

The Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”) and may take advantage of reduced reporting requirements that are otherwise applicable to public companies. Section 107 of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with those standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards. We also intend to take advantage of some of the reduced regulatory and reporting requirements of emerging growth companies pursuant to the JOBS Act so long as we qualify as an emerging growth company, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation, and exemptions from the requirements of holding non-binding advisory votes on executive compensation and golden parachute payments.

(d) Comprehensive income (loss)

Comprehensive income (loss) is defined as the change in equity (net assets) of a business entity during a period from transactions and other events and circumstances from nonowner sources. Comprehensive income (loss) is equal to net income (loss) for all periods presented.

(e) Recently adopted accounting pronouncements

In July 2025, the FASB issued ASU 2025-05, Financial Instruments (Topic 326)—Measurement of Credit Losses for Accounts Receivable and Contract Assets. ASU 2025-05 amends ASC 326-20 to provide a practical expedient and an accounting policy election related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. ASU 2025-05 is effective for annual periods beginning after December 15, 2025, and interim reporting periods within that annual period, with early adoption permitted. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements.

(f) Recently issued accounting pronouncements not yet adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that the adoption of these standards will have on its consolidated financial statements and disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 modernizes the accounting for internal-use software by eliminating the traditional “development stages” framework. This update adopts a new, principles-based approach where costs are capitalized once management commits to funding and it is probable the software will be completed and used as intended. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and interim reporting periods within that annual period, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and disclosures.

3. Prepaid expenses and other current assets

Prepaid expenses and other current assets consisted of the following:


	April 4, 2026		January 3, 2026
Prepaid inventory	$	844	$	1,013
Prepaid insurance		508		1,085
Prepaid technology		1,815		1,876
Prepaid advertising		1,220		319
Prepaid commissions		280		290
Prepaid transaction costs		3,342		—
Prepaid other & other current assets		823		746
Total	$	8,832	$	5,329

4. Accounts payable and accrued liabilities

Accounts payable and accrued liabilities consisted of the following:


	April 4, 2026		January 3, 2026
Accounts payable	$	8,802	$	6,305
Accrued inventory		1,698		1,545
Accrued compensation		1,127		5,423
Accrued taxes and penalties		735		418
Accrued technology and subscription fees		107		430
Accrued interest		1,142		1,086
Accrued professional fees		993		948
Accrued advertising		1,151		2,855
Accrued litigation		5,000		5,000
Other accrued liabilities		917		1,108
Total accounts payable and accrued liabilities	$	21,672	$	25,118

5. Long-term debt

Long-term debt consists of the following:


	April 4, 2026			January 3, 2026
Class A-2 Notes	$	385,000		$	386,000
Less: current portion		(4,000	)		(4,000	)
Total long-term debt		381,000			382,000
Less: unamortized debt discount and deferred financing costs		(5,705	)		(7,173	)
Total long-term debt, net	$	375,295		$	374,827

On April 6, 2022 (the “Closing Date”), EWC Master Issuer LLC, a limited-purpose, bankruptcy remote, indirect subsidiary of the Company (the “Master Issuer”), completed a securitization transaction pursuant to which it issued $400,000 in aggregate principal amount of Series 2022-1 5.50% Fixed Rate Senior Secured Notes, Class A-2 (the “Class A-2 Notes”).

In connection with the issuance of the Class A-2 Notes, the Master Issuer also entered into (i) a revolving financing facility that allows for the issuance of up to $40,000 in Variable Funding Notes (“Variable Funding Notes”), and certain letters of credit and (2) an advance funding facility with Bank of America, N.A. (“BofA”), whereby BofA and any other advance funding provider thereunder would, in certain specified circumstances, make certain debt service advances and collateral protection advances (not to exceed $5,000 in the aggregate). The Variable Funding Notes were undrawn as of April 4, 2026.

Fair Value

The carrying values of cash, accounts receivable and accounts payable approximate fair value because of the short-term nature of these instruments. Cash equivalents consist of money market funds for which original cost approximates fair value. Cash equivalents have an approximate fair value of $25,819 as of April 4, 2026 which was determined using Level 1 inputs. Our outstanding Class A-2 Notes had an approximate fair value of $381,304 as of April 4, 2026 which was estimated using Level 2 inputs, obtained from an independent source, and based on quoted prices for recent trades of our Class A-2 Notes.

6. Equity Based Compensation

2025 Inducement Plan

On March 21, 2025, the board of directors of the Company (the “Board”) approved the European Wax Center, Inc. 2025 Inducement Plan (the “2025 Inducement Plan”). In accordance with Nasdaq Listing Rule 5635(c)(4), the Company did not seek approval of the 2025 Inducement Plan by its stockholders. Pursuant to the Inducement Plan, the Company may grant nonqualified stock options, stock appreciation rights, restricted stock units and certain other stock-based awards for up to a total of 4,000,000 shares of Class A Common Stock of the Company, par value $0.00001 per share, to employees entering into employment or returning to employment after a bona fide period of non-employment with the Company.

Restricted Stock Units

During the 13 weeks ended April 5, 2025, we granted 1,615,782 restricted stock units (“RSUs”) to certain employees and directors under the 2021 Omnibus Incentive Plan (the “2021 Incentive Plan”). In addition, during the 13 weeks ended April 5, 2025, we granted 244,000 RSUs to certain employees under the 2025 Inducement Plan. The RSUs granted generally vest on the anniversaries of the date of grant over a period of two to four years, subject in all cases to continued employment on the applicable vesting date. The total grant date fair value of the RSUs will be recognized as equity-based compensation expense over the vesting period. The weighted average grant date fair values of the RSUs granted during the 13 weeks ended April 5, 2025 was $5.00. The weighted average grant date fair values of the RSUs granted were equal to the closing price of the underlying Class A common stock on the grant dates. No RSUs were granted during the 13 weeks ended April 4, 2026.

Class A Common Stock Options

During the 13 weeks ended April 5, 2025, we granted 1,767,187 options, to certain employees under the 2021 Incentive Plan. In addition, during the 13 weeks ended April 5, 2025, we granted 900,000 options to certain employees under the 2025 Inducement Plan. The weighted average exercise prices of options granted during the 13 weeks ended April 5, 2025 were $8.19 per share. The options granted have a ten-year contractual term and will cliff vest on either the third or fourth anniversary of the grant date, subject in all cases to continued employment on the applicable vesting date. The weighted average grant date fair values of the options were $3.47 for the 13 weeks ended April 5, 2025. The total grant date fair value of the stock options will be recognized as equity-based compensation expense over the vesting period. As these options were granted with exercise prices 20% higher than the closing price, it was determined that the options contained an implicit market condition. As such, the Company estimated the fair value of the options using a trinomial lattice model. No stock options were granted during the 13 weeks ended April 4, 2026.

The following table presents the weighted average assumptions used in the lattice model to determine the fair value of the options granted during the 13 weeks ended April 5, 2025:


	For the Thirteen Weeks Ended
	April 5, 2025
Expected dividend yield		0.0	%
Expected volatility		67.7	%
Risk-free rate		4.3	%
Suboptimal exercise factor	2.5x

A description of each of the inputs to the lattice model is as follows:

•

Expected dividend yield - The expected dividend yield is based on our history of not paying regular dividends in the past and our current intention to not pay regular dividends in the foreseeable future. An increase in the expected dividend yield would decrease compensation expense.

•

Expected volatility - This is a measure of the amount by which the price of the equity instrument has fluctuated or is expected to fluctuate. The expected volatility was based on the historical volatility of the Company as well as that of a group of guideline companies. An increase in expected volatility would increase compensation expense.

•

Risk-free interest rate - This is the U.S. Treasury rate as of the measurement date having a term approximating the contractual term of the award. An increase in the risk-free interest rate would increase compensation expense.

•

Suboptimal exercise factor - The multiple of the exercise price at which an option exercise would be expected to occur. An increase in the suboptimal exercise factor would increase compensation expense.

7. Commitments and contingencies

Litigation

On July 1, 2025, a class-action lawsuit captioned Sydney Dunn v. European Wax Center, Inc. was filed in the United States District Court for the Northern District of California against the Company by a putative class representing users who booked a reservation on the Company’s website, asserting various privacy-related claims stemming from the Company’s purported use of digital tracking technologies on its website. During the quarter ended April 4, 2026, the parties reached a successful mediation that resolved the matter within the Company’s originally reported estimates. The settlement is expected to be substantially covered by insurance, and the Company does not expect the impact to its Condensed Consolidated Statement of Operations to exceed its insurance policy’s $250 deductible, which was recorded within Selling, general and administrative during the year ended January 3, 2026, nor to exceed the policy’s $5,000 coverage limits.

In addition, the Company is exposed to various asserted and unasserted potential claims encountered in the normal course of business. Although the outcomes of potential legal proceedings are inherently difficult to predict, the Company does not expect the resolution of these occasional legal proceedings to have a material effect on its financial position, results of operations, or cash flows.

8. Revenue from contracts with customers

Contract liabilities consist of deferred revenue resulting from franchise fees, which are generally recognized on a straight-line basis over the term of the underlying franchise agreement. Also included are service revenues from corporate-owned centers, including customer prepayments in connection with the Wax Pass program. Contract liabilities are classified as deferred revenue on the condensed consolidated balance sheets.

Deferred franchise fees are reduced as fees are recognized in revenue over the term of the franchise license for the respective center. Deferred service revenues are recognized over time as the services are performed. The following table reflects the change in contract liabilities for the periods indicated:


	Contract liabilities
Balance at January 3, 2026	$	8,789
Revenue recognized that was included in the contract liability at the beginning of the year		(1,006	)
Increase, excluding amounts recognized as revenue during the period		467
Balance at April 4, 2026	$	8,250

During the 13 weeks ended April 4, 2026, the Company recognized $1,006 in revenue that was included in the contract liability as of January 3, 2026. During the 13 weeks ended April 5, 2025, the Company recognized $1,012 in revenue that was included in the contract liability as of January 4, 2025.

The weighted average remaining amortization period for deferred revenue is 2.8 years.

The following table illustrates estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of April 4, 2026. The Company has elected to exclude short term contracts, sales-based royalties and any other variable consideration recognized on an “as invoiced” basis.


Contract liabilities to be recognized in:	Amount
2026 (from April 5, 2026)	$	3,511
2027		1,085
2028		1,046
2029		858
2030		597
Thereafter		1,153
Total	$	8,250

The summary set forth below represents the balances in deferred revenue as of April 4, 2026 and January 3, 2026:


	April 4, 2026		January 3, 2026
Franchise fees	$	5,582	$	5,908
Service revenue		2,668		2,881
Total deferred revenue		8,250		8,789
Long-term portion of deferred revenue		4,464		4,732
Current portion of deferred revenue	$	3,786	$	4,057

9. Income taxes

The Company is subject to U.S. federal income taxes, in addition to state and local income taxes, with respect to its allocable share of any taxable income or loss of EWC Ventures. The remaining share of EWC Ventures income or loss is non-taxable to the Company and is not reflected in current or deferred income taxes.

EWC Ventures is a limited liability company that is treated as a partnership for U.S. federal income tax purposes and for most applicable state and local income tax purposes. As a partnership, EWC Ventures is not subject to U.S. federal and certain state and local income taxes. For U.S. federal and certain state and local income taxes, taxable income or loss generated by EWC Ventures is passed through to its members and included in the taxable income or loss of its members on a pro rata basis, subject to applicable tax regulations.

We recorded income tax expense of $877 and $1,381 for the 13 weeks ended April 4, 2026 and April 5, 2025, respectively. The effective tax rate was 35.2% and 35.0% for the 13 weeks ended April 4, 2026 and April 5, 2025, respectively. The effective tax rate for the 13 weeks ended April 4, 2026 differs from the U.S. federal statutory rate primarily due to nondeductible officer compensation, non-taxable income attributable to noncontrolling interest, state taxes and the tax effects of stock compensation. The effective tax rate for the 13 weeks ended April 5, 2025 differs from the U.S. federal statutory rate primarily due to nondeductible officer compensation, non-taxable income attributable to noncontrolling interest, state taxes and the tax effects of stock compensation.

Tax Receivable Agreement

As of April 4, 2026, future payments under the TRA are expected to be $201,980. Payments made under the TRA represent payments that otherwise would have been made to taxing authorities in the absence of attributes obtained by us as a result of exchanges by our pre-IPO members. Such amounts will be paid only when a cash tax savings is realized as a result of attributes subject to the TRA. That is, payments under the TRA are only expected to be made in periods following the filing of a tax return in which we are able to utilize certain tax benefits to reduce our cash taxes paid to a taxing authority. The impact of any changes in the projected obligations under the TRA as a result of changes in the geographic mix of the Company’s earnings, changes in tax legislation and tax rates or other factors that may impact the Company’s tax savings will be reflected in other expense on the condensed consolidated statement of operations in the period in which the change occurs.

10. Noncontrolling interests

We are the sole managing member of EWC Ventures and, as a result of this control, and because we have a substantial financial interest in EWC Ventures, we consolidate the financial results of EWC Ventures. We report noncontrolling interests representing the economic interests in EWC Ventures held by the other members of EWC Ventures. Income or loss is attributed to the noncontrolling interests

based on their contractual distribution rights, and the relative percentages of EWC Ventures non-voting common units (“EWC Ventures Units”) by us and the other holders of EWC Ventures Units during the period.

The EWC Ventures LLC Agreement permits the members of EWC Ventures to exchange EWC Ventures Units, together with related shares of our Class B common stock, for shares of our Class A common stock on a one-for-one basis or, at the election of the Company, for cash at the current fair value on the date of the exchange. Changes in the Company’s ownership interest in EWC Ventures while retaining control of EWC Ventures will be accounted for as equity transactions. As such, future redemptions or direct exchanges of EWC Ventures Units by the other members will result in a change in ownership and reduce the amount recorded as noncontrolling interest and increase additional paid-in capital. As of April 4, 2026, all EWC Ventures Units have vested.

The following table summarizes the ownership of EWC Ventures as of April 4, 2026:


	April 4, 2026
	Units Owned		Ownership Percentage
European Wax Center, Inc.		44,277,746		80.8	%
Noncontrolling interests		10,519,105		19.2	%
Total		54,796,851		100.0	%

The following table presents the effect of changes in the Company’s ownership interest in EWC Ventures on the Company’s equity for the 13 weeks ended April 4, 2026 and April 5, 2025:


	For the Thirteen Weeks Ended
	April 4, 2026		April 5, 2025
Net income attributable to European Wax Center, Inc.	$	960	$	1,735
Transfers from noncontrolling interests:
Increase (decrease) in additional-paid-in-capital as a result of equity allocations from the noncontrolling interest		60		(907	)
Net increase in equity of European Wax Center, Inc. due to equity interest transactions with noncontrolling interests	$	1,020	$	828

11. Net income per share

Basic net income per share of Class A common stock is computed by dividing net income attributable to Class A common shareholders for the period by the weighted average number of shares of Class A common stock outstanding for the same period. Shares issued during the period and shares reacquired during the period are weighted for the portion of the period in which the shares were outstanding. Diluted net income per share of Class A common stock is computed by dividing net income attributable to Class A common shareholders by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities using the more dilutive of either the treasury stock method or the if-converted method.

The following table sets forth the computation of basic net income per share of Class A common stock for the 13 weeks ended April 4, 2026 and April 5, 2025:


	For the Thirteen Weeks Ended
	April 4, 2026		April 5, 2025
(in thousands, except for share and per share amounts)
Net income	$	1,613	$	2,570
Less: net income attributable to noncontrolling interests		433		815
Net income applicable to Class A common shareholders	$	1,180	$	1,755
Basic weighted average outstanding shares
Class A Common Stock		43,854,766		43,300,933
Basic net income per share applicable to common shareholders:
Class A Common Stock	$	0.03	$	0.04

The following table sets forth the computation of diluted net income per share of Class A common stock for the 13 weeks ended April 4, 2026 and April 5, 2025:


	For the Thirteen Weeks Ended
	April 4, 2026		April 5, 2025
(in thousands, except for share and per share amounts)
Net income	$	1,613	$	2,570
Less: net income attributable to noncontrolling interests		429		814
Net income applicable to Class A common shareholders	$	1,184	$	1,756
Diluted weighted average outstanding shares
Basic weighted average outstanding shares - Class A Common Stock		43,854,766		43,300,933
Effect of dilutive securities:
RSUs and Restricted Shares		491,613		120,313
Diluted weighted average outstanding shares - Class A Common Stock		44,346,379		43,421,246
Diluted net income per share applicable to common shareholders:
Class A Common Stock	$	0.03	$	0.04

For the 13 weeks ended April 4, 2026, diluted net income per share of Class A common stock was calculated using the treasury stock method. For the 13 weeks ended April 5, 2025, diluted net income per share of Class A common stock was calculated using the treasury stock method.

Shares of Class B common stock do not share in the earnings or losses attributable to the Company and are therefore not participating securities. As such, separate presentation of basic and diluted net income per share of Class B common stock under the two-class method has not been presented. Shares of Class B common stock are, however, considered potentially dilutive shares of Class A common stock because shares of Class B common stock, together with the related EWC Ventures Units, are exchangeable into shares of Class A common stock on a one-for-one basis.

The following table sets forth the securities which were excluded from the computation of diluted net income per share of Class A common stock for the 13 weeks ended April 4, 2026 and April 5, 2025 as they were determined to be antidilutive:


	For the Thirteen Weeks Ended
	April 4, 2026		April 5, 2025
Antidilutive securities excluded from the computation of diluted net income per share:
Class B Common Stock		10,519,105		11,865,546
Options		4,134,453		4,267,576
RSUs and Restricted Shares		40,117		402,101
Warrants		2,730,000		2,730,000

12. Stockholders’ equity

Share Exchange Transactions

During the 13 weeks ended April 4, 2026 certain members of EWC Ventures exercised their exchange rights and exchanged 109,111 EWC Ventures Units and the corresponding shares of Class B common stock for 109,111 newly issued shares of Class A common stock. During the 13 weeks ended April 5, 2025 certain members of EWC Ventures exercised their exchange rights and exchanged 139,626 EWC Ventures Units and the corresponding shares of Class B common stock for 139,626 newly issued shares of Class A common stock, respectively. These exchange transactions increased the Company’s ownership interest in EWC Ventures.

Share Repurchases

During the 13 weeks ended April 4, 2026, the Company did not repurchase any shares of Class A Common stock. During the 13 weeks ended April 5, 2025, the Company repurchased 240,573 shares of Class A common stock at an average price of $4.42 per share for $1,064 pursuant to the stock repurchase program authorized by the Board in May 2024.

13. Subsequent events

On May 8, 2026, the Company completed its mergers pursuant to the Merger Agreement. At the effective time, each outstanding share of Class A common stock and each EWC Ventures unit was converted into the right to receive $5.80 in cash, while each share of Class B common stock was converted into the right to receive $0.00001 in cash.

Outstanding equity awards were treated as follows:

•

Vested Awards: Vested stock options were cancelled and converted into the right to receive a cash payment equal to the "spread" between $5.80 and the exercise price. Vested restricted stock units (RSUs) were converted into the right to receive $5.80 per share in cash. Options with an exercise price equal to or greater than $5.80 were cancelled for no consideration.

•

Unvested Awards: Unvested stock options, RSUs, and restricted stock awards were converted into contingent cash awards. These remain subject to the holder’s continued service and the original vesting schedules and conditions (including "double trigger" protection, where applicable). Unvested options with an exercise price equal to or greater than $5.80 were cancelled for no consideration.

For additional information on the mergers, see Note 1 - Nature of business and organization.

Concurrently with the closing of the Mergers, the Master Issuer and EWC Sub Issuer LLC, a limited purpose, indirect subsidiary of the Company, (the “Subnote Issuer”), entered into the Amended and Restated Base Indenture, dated as of May 8, 2026 (the “Base Indenture”), with Citibank, N.A., a national banking association, as trustee (in such capacity, the “Trustee”), and as the securities intermediary, and (ii) the Series 2026-1 Supplement to the Amended and Restated Base Indenture, dated as of May 8, 2026, between the Master Issuer, the Subnote Issuer and the Trustee (the “Series Supplement” and together with the Base Indenture and any other supplement thereto, the “Indenture”), in connection with the issuance of by the Master Issuer of (a) $460,000 aggregate principal amount of the Series 2026-1 6.4% Fixed Rate Senior Secured Notes, Class A-2 and (b) up to $40,000 aggregate principal amount of the Series 2026-1 Variable Funding Senior Secured Notes, Class A-1. The proceeds of the Term Loan Facility, together with equity financing and available cash on hand of the Company and its subsidiaries, were used to fund the aggregate Merger Consideration and to pay fees and expenses incurred in connection with the Mergers and the related transactions. The Indenture is fully and unconditionally guaranteed by the direct parent of the Subnote Issuer as well as the subsidiaries of the Master Issuer (collectively, the “Securitization Entities”), and is secured on a first-priority basis by perfected first-priority liens on substantially all assets of the Securitization Entities (subject to certain exclusions and exceptions). The Indenture includes representations and warranties, covenants, events of default and other provisions that are customary for facilities of this type.

In addition, the Master Issuer prepaid in full all outstanding Class A-2 Notes. The aggregate prepayment amount was approximately $388,100, consisting of $385,000 in outstanding principal amount plus approximately $3,100 in accrued and unpaid interest. No make-whole prepayment premium or other early termination penalty was payable in connection with the prepayment. The prepayment was funded with the net proceeds from the issuance of the Series 2026-1 Class A-2 Notes issued under an Amended and Restated Base Indenture.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion of our historical performance, financial condition and future prospects in conjunction with the management’s discussion and analysis of financial conditions and results of operations and the audited consolidated financial statements included in our annual report on Form 10-K for the fiscal year ended January 3, 2026. The following discussion and analysis should also be read in conjunction with our unaudited condensed consolidated financial statements and the notes thereto included elsewhere in this quarterly report on Form 10-Q. This discussion contains forward-looking statements that are based on the views and beliefs of our management, as well as assumptions and estimates made by our management. Actual results could differ materially from such forward-looking statements as a result of various risk factors, including those that may not be in the control of management. For further information on items that could impact our future operating performance or financial condition, see Part I, “Item 1A. Risk Factors” included in our annual report on Form 10-K for the fiscal year ended January 3, 2026 and “Cautionary Note Regarding Forward-Looking Statements” included in this quarterly report on Form 10-Q.

We conduct substantially all of our activities through our subsidiary, EWC Ventures, LLC and its subsidiaries. We operate on a fiscal calendar widely used by the retail industry that results in a given fiscal year consisting of a 52- or 53-week period ending on the Saturday closest to December 31. Our fiscal quarters are composed of 13 weeks each, except for 53-week fiscal years for which the fourth quarter will be composed of 14 weeks.

Overview

We are the leading franchisor and operator of out-of-home ("OOH") waxing services in the United States. We delivered approximately 23 million waxing services in both 2025 and 2024. Throughout our highly franchised network, we generated system-wide sales of $947 million and $951 million in fiscal 2025 and 2024, respectively. Our portfolio of centers operate in 1,047 locations across 44 states as of January 3, 2026. Of these locations, 1,042 are franchised centers operated by franchisees and five are corporate-owned centers.

We believe that the European Wax Center brand is trusted, efficacious and accessible. Our culture is obsessed with our guest experience and we deliver a superior guest experience relative to smaller chains and independent salons. We offer guests high-quality, hygienic waxing services administered by our licensed, EWC-trained estheticians (our “wax specialists”), at our accessible and welcoming locations (our “centers”). Our technology-enabled guest interface simplifies and streamlines the guest experience with automated appointment scheduling and remote check-in capabilities, with a goal of making guest visits convenient, hassle-free, and consistent across our network of centers. Our well-known, pre-paid Wax Pass program makes payment easy and convenient, fostering loyalty and return visits. Many of our loyal guests view us as a non-discretionary part of their personal-care and beauty regimens.

We believe that our asset-light franchise platform delivers capital-efficient growth with strong cash flow generation. Our centers are 99% owned and operated by our franchisees who benefit from strong unit-level economics.

In partnership with our franchisees, we fiercely protect our points of differentiation that attract new guests, build meaningful relationships and promote lasting retention.

Merger Agreement with Principal Stockholder

On February 9, 2026, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Glow Midco, LLC, a Delaware limited liability company and an affiliate of General Atlantic, our largest stockholder (“Parent”), Glow Merger Sub 1, Inc., a Delaware corporation and wholly owned subsidiary of Parent (“Merger Sub Inc.”), Glow Merger Sub 2, LLC, a Delaware limited liability company and wholly owned subsidiary of Parent (“Merger Sub LLC,” and together with Parent and Merger Sub Inc., the “Buyer Parties”) and EWC Ventures, LLC, a Delaware limited liability company and subsidiary of the Company (“EWC Ventures”), providing for (i) the merger of Merger Sub Inc. with and into the Company, with the Company continuing as the surviving corporation, and (ii) the merger of Merger Sub LLC with and into EWC Ventures, with EWC Ventures continuing as the surviving limited liability company (collectively, the “Mergers”). A special committee (the “Special Committee”) of independent and disinterested members of the Company’s board of directors (the “Board”) unanimously adopted resolutions recommending that the Board approve the Merger Agreement and the transactions contemplated thereby and recommending that the Company’s stockholders unaffiliated with the Buyer Parties approve and adopt the Merger Agreement. Thereafter, the Board unanimously approved the Merger Agreement and resolved to recommend that the stockholders of the Company adopt the Merger Agreement. The Mergers closed on May 8, 2026 and pursuant to the Merger Agreement, each share of class A common stock outstanding as of the effective time of the Mergers was cancelled and extinguished and automatically converted into the right to receive cash in an amount equal to $5.80, each share of class B common stock outstanding as of the effective time of the Mergers was cancelled and extinguished and automatically converted into the right to receive cash in an amount equal to $0.00001, and each unit of EWC Ventures was cancelled and extinguished and automatically converted into the right to receive cash in an amount equal to $5.80 (less the class B common stock consideration per share).

Key Business Metrics

We track the following key business metrics to evaluate our performance, identify trends, formulate financial projections, and make strategic decisions. Accordingly, we believe that these key business metrics provide useful information to investors and others in understanding and evaluating our results of operations in the same manner as our management team. These key business metrics are presented for supplemental information purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled metrics or measures presented by other companies.

Number of Centers. Number of centers reflects the number of franchised and corporate-owned centers open at the end of the reporting period. We review the number of new center openings, the number of closed centers and the number of relocations of centers to assess net new center growth, and drivers of trends in system-wide sales, royalty and franchise fee revenue and corporate-owned center sales.

System-Wide Sales. System-wide sales represent sales from same day services, retail sales and cash collected from wax passes for all centers in our network, including both franchisee-owned and corporate-owned centers. While we do not record franchised center sales as revenue, our royalty revenue is calculated based on a percentage of franchised center sales, which are 6.0% of sales, net of retail product sales, as defined in the franchise agreement. This measure allows us to better assess changes in our royalty revenue, our overall center performance, the health of our brand and the strength of our market position relative to competitors. System-wide sales growth is typically driven by net new center openings as well as increases in same-store sales, whereas system-wide sales decline is typically driven by net center closures as well as decreases in same-store sales. System-wide sales of $228.9 million in the 13 weeks ended April 4, 2026 increased 1.3% from $225.9 million in the 13 weeks ended April 5, 2025, primarily driven by an increase in cash collected from wax pass sales, partially offset by a decrease in same day services and retail sales.

Same-Store Sales. Same-store sales reflect the change in year-over-year sales from services performed and retail sales for the same-store base. We define the same-store base to include those centers open for at least 52 full weeks. If a center is closed for greater than six consecutive days, the center is deemed a closed center and is excluded from the calculation of same-store sales until it has been reopened for a continuous 52 full weeks. This measure highlights the performance of existing centers, while excluding the impact of net new center (closures) openings. We review same-store sales for corporate-owned centers as well as franchisee-owned centers. Same-store sales growth is typically driven by increases in the number of transactions and average transaction size, whereas same-store sales decline is typically driven by decreases in the number of transactions and average transaction size. Same-store sales of 2.0% for the 13 weeks ended April 4, 2026 was primarily due to an increase in both the average transaction size and the number of transactions at centers opened for at least 52 full weeks.

Net New Center Closures. The number of net new center closures reflects centers opened during a particular reporting period for both franchisee-owned and corporate-owned centers, less centers closed during the same period. Opening new centers is an integral part of our long-term growth strategy, and we expect the majority of our future new centers to be franchisee-owned. Before we obtain the certificate of occupancy or report any revenue from new corporate-owned centers, we incur pre-opening costs, such as lease costs, labor expense and other operating expenses. Some of our centers open with an initial start-up period of higher-than-normal marketing and operating expenses, particularly as a percentage of monthly revenue.

Average Unit Volume (“AUV”). AUV consists of the average annual system-wide sales of all centers that have been open for a trailing 52-week period or longer. This measure is calculated by dividing system-wide sales during the applicable period for all centers being measured by the number of centers being measured. AUV allows management to assess our franchisee-owned and corporate-owned center economics. AUV growth is primarily driven by increases in services and retail product sales as centers fill their books of reservations, which we refer to as maturation of centers. Similarly, AUV declines are typically caused by decreases in services and retail product sales.


	For the Thirteen Weeks Ended
(in thousands, except operating data and percentages)	April 4, 2026			April 5, 2025
Number of system-wide centers (at period end)		1,044			1,062
System-wide sales	$	228,916		$	225,937
Same-store sales		2.0	%		0.7	%
Net new center closures		(3	)		(5	)

The table below presents changes in the number of system-wide centers for the periods indicated:


	For the Thirteen Weeks Ended
	April 4, 2026			April 5, 2025
System-wide Centers
Beginning of Period		1,047			1,067
Openings		1			5
Closures		(4	)		(10	)
End of Period		1,044			1,062

Significant Factors Impacting Our Financial Results

We believe there are several important factors that have impacted, and that we expect will continue to impact, our business and results of operations. These factors include:

Net New Center Closures. We expect that new centers will be a key driver of growth in our future revenue and operating profit results. Opening new centers is an important part of our growth strategy, and we expect the majority of our future new centers will be franchisee-owned. Our results of operations have been and will continue to be materially affected by the timing and number of new center openings and closures each period. As centers mature, center revenue and profitability typically increase significantly. The performance of new centers may vary depending on various factors such as the effective management and cooperation of our franchisee partners, whether the franchise is part of a multi-unit development agreement, the center opening date, the time of year of a particular opening, the number of licensed wax specialists recruited, and the location of the new center, including whether it is located in a new or existing market. Our planned long-term center expansion will place increased demands on our operational, managerial, administrative, financial, and other resources. Given the current macroeconomic environment, our short-term strategy involves a focus on realigning the business to improve existing centers' productivity and unit economics, which we believe will allow us to continue thoughtful center growth in the future.

System-Wide Sales Growth or Decline. System-wide sales is a key driver of our business. Various factors affect system-wide sales, including:

•

consumer preferences and overall economic trends;

•

the recurring, non-discretionary nature of personal-care services and purchases;

•

our ability to identify and respond effectively to guest preferences and trends;

•

our ability to provide a variety of service offerings that generate new and repeat visits to our centers;

•

the guest experience we provide in our centers;

•

the availability of experienced wax specialists;

•

our ability to source and deliver products accurately and timely;

•

changes in service or product pricing, including promotional activities;

•

the number of services or items purchased per center visit;

•

net new center openings or closures; and

•

center closures in response to state or local regulations or health concerns.

Overall Economic Trends. Macroeconomic factors that may affect guest spending patterns, and thereby our results of operations, include employment rates, the rate of inflation, business conditions, changes in the housing market, the availability of credit, interest rates, tax rates and fuel and energy costs. However, we believe that many of our guests see our services as largely non-discretionary in nature. Therefore, while overall economic trends and related changes in consumer behavior have impacted us and may impact us in the future, we believe that such changes have less of an impact on our business than they may have for other companies that have a significant portion of their sales attributed to discretionary consumer spending.

Guest Preferences and Demands. Our ability to maintain our appeal to existing guests and attract new guests depends on our ability to develop and offer a compelling assortment of services responsive to guest preferences and trends. We also believe that OOH waxing is a recurring need that brings guests back for services on a highly recurring basis which is reflected in the predictability of our financial performance over time. Our guests’ routine personal-care need for OOH waxing is further demonstrated by the top 20% of guests who visit us, on average, approximately every five weeks.

Our Ability to Source and Distribute Products Effectively. Our revenue and operating income are affected by our ability to purchase our products and supplies in sufficient quantities at competitive prices. While we believe our vendors have adequate capacity to meet our current and anticipated demand, our level of revenue could be adversely affected in the event we face constraints in our supply chain, including the inability of our vendors to produce sufficient quantities of some products or supplies in a manner that matches market demand from our guests, leading to lost revenue. We depend on two key suppliers to source our Comfort Wax and two key suppliers to source our branded retail products and we are thus exposed to concentration of supplier risk. Our supply chain incorporates both domestic and international procurement. However, more than half of our product cost is subject to various global tariffs. While the majority of our branded retail products are sourced domestically, our Comfort Wax is sourced from Europe and a portion of our medical supplies and retail product components are sourced from China. To address the recent increase in tariffs on internationally sourced products, we continue to deploy alternative sourcing strategies and are evaluating alternatives to mitigate cost increases.

Our Ability to Recruit and Retain Qualified Licensed Wax Specialists for our Franchised Centers. Our franchisees’ ability to operate their centers is largely dependent upon their ability to attract and retain qualified, licensed wax specialists. Our unmatched scale enables us to ensure that we universally train our wax specialists at the highest standards, ensuring that our guests experience consistent level of quality, regardless of the specific center they visit. The combination of consistent service delivery, across our trained base of wax specialists, along with the payment ease and convenience of our well-known, pre-paid Wax Pass program fosters loyalty and return visits across our guest base. Over time, our ability to build and maintain a strong pipeline of licensed wax specialists is important to preserving our current brand position.

Seasonality. Our results are subject to seasonality fluctuations in that services are typically in higher demand in periods leading up to holidays and the summer season. The resulting demand trend has historically yielded higher system-wide sales in the second and fourth quarter of our fiscal year. In addition, our quarterly results may fluctuate significantly, because of several factors, including the timing of center openings, price increases and promotions and general economic conditions.

Components of Results of Operations

Revenue

Product Sales: Product sales consist of revenue earned from sales of Comfort Wax, other products consumed in administering our wax services and retail merchandise to franchisees, as well as retail merchandise sold in corporate-owned centers. Revenue on product sales is recognized upon transfer of control. Our product sales revenue comprised 55.9% and 56.1% of our total revenue for the 13 weeks ended April 4, 2026 and April 5, 2025, respectively.

Royalty Fees: Royalty fees are earned based on a percentage of the franchisees’ gross sales, net of retail product sales, as defined in the applicable franchise agreement, and recognized in the period the franchisees’ sales occur. The royalty fee is 6.0% of the franchisees’ gross sales for such period and is paid weekly. Our royalty fees revenue comprised 24.8% and 24.2% of our total revenue for the 13 weeks ended April 4, 2026 and April 5, 2025, respectively.

Marketing Fees: Marketing fees are earned based on 3.0% of the franchisees’ gross sales, net of retail product sales, as defined in the applicable franchise agreement, and recognized in the period the franchisees’ sales occur. Additionally, the Company charges a fixed monthly fee to franchisees for search engine optimization and search engine marketing services, which is due on a monthly basis and recognized in the period when services are provided. Our marketing fees revenue comprised 14.0% and 14.0% of our total revenue for the 13 weeks ended April 4, 2026 and April 5, 2025, respectively.

Other Revenue: Other revenue primarily consists of service revenues from our corporate-owned centers and franchise fees, as well as technology fees and training, which together represent 5.3% and 5.7% of our total revenue for the 13 weeks ended April 4, 2026 and April 5, 2025, respectively. Service revenues from our corporate-owned centers are recognized at the time services are provided. Amounts collected in advance of the period in which service is rendered are recorded as deferred revenue. Franchise fees are paid upon commencement of the franchise agreement and are deferred and recognized on a straight-line basis commencing at contract inception through the end of the franchise license term. Franchise agreements generally have terms of 10 years beginning on the date the center is opened and the initial franchise fees are amortized over a period approximating the term of the agreement. Deferred franchise fees expected to be recognized in periods greater than 12 months from the reporting date are classified as long-term on the condensed consolidated balance sheets. Technology fees and training are recognized as the related services are delivered and are not material to the overall business.

Costs and Expenses

Cost of Revenue: Cost of revenue primarily consists of the direct costs associated with wholesale product and retail merchandise sold, including distribution and outbound freight costs and provision for inventory obsolescence, as well as the cost of materials and labor for services rendered in our corporate-owned centers.

Selling, General and Administrative Expenses: Selling, general and administrative expenses primarily consist of wages, benefits and other compensation-related costs, third-party warehousing costs, corporate marketing costs, rent, software, and other administrative expenses incurred to support our existing franchise and corporate-owned centers, as well as expenses attributable to growth and

development activities. Also included in selling, general and administrative expenses are accounting, legal, marketing, operations, and other professional fees. Third-party warehousing costs recorded as a component of selling, general and administrative expenses, which consists primarily of logistics services in the form of warehouse inventory storage management and fulfillment costs, were $0.6 million and $0.6 million for the 13 weeks ended April 4, 2026 and April 5, 2025, respectively. Corporate marketing costs recorded as a component of selling, general and administrative expenses, which consists primarily of local and corporate marketing initiatives, sponsorships and influencers, were $0.6 million and $0.4 million for the 13 weeks ended April 4, 2026 and April 5, 2025, respectively.

Advertising Expenses: Advertising expenses consist of advertising, public relations, and administrative expenses incurred to increase sales and further enhance the public reputation of the European Wax Center brand.

Depreciation and Amortization: Depreciation and amortization includes depreciation of property and equipment and capitalized leasehold improvements, as well as amortization of intangible assets, including franchisee relationships and reacquired area representative rights. Area representative rights represent an agreement with area representatives to sell franchise licenses and provide support to franchisees in a geographic region. From time to time, the Company enters into agreements to reacquire certain area representative rights.

Interest Expense, net: Interest expense, net consists of interest on our long-term debt, including amounts outstanding under our revolving financing facility, amortization of debt discount and deferred financing costs, gains and losses on debt extinguishment as well as interest income from short-term, highly-liquid investments.

Other (Income) Expense: Other (income) expense consists of non-cash gains and losses related to the remeasurement of our tax receivable agreement liability and contractual cash interest paid on our tax receivable agreement liability.

Income Tax Expense: We are subject to U.S. federal, state and local income taxes with respect to our taxable income, including our allocable share of any taxable income of EWC Ventures and are taxed at the prevailing corporate tax rates. Income tax expense includes both current and deferred income tax expense.

Noncontrolling Interests: We are the sole managing member of EWC Ventures. Because we manage and operate the business and control the strategic decisions and day-to-day operations of EWC Ventures and also have a substantial financial interest in EWC Ventures, we consolidate the financial results of EWC Ventures, and a portion of our net income is allocated to the noncontrolling interests to reflect the entitlement of the EWC Ventures Post-IPO Members to a portion of EWC Ventures’ net income.

Results of Operations

The following tables presents our condensed consolidated statements of operations for each of the periods indicated (amounts in thousands, except percentages):


	For the Thirteen Weeks Ended
	April 4, 2026			April 5, 2025			$ Change			% Change
Revenue:
Product sales	$	28,568		$	28,871		$	(303	)		(1.0	)%
Royalty fees		12,704			12,428			276			2.2	%
Marketing fees		7,135			7,203			(68	)		(0.9	)%
Other revenue		2,725			2,925			(200	)		(6.8	)%
Total revenue		51,132			51,427			(295	)		(0.6	)%
Operating expenses:
Cost of revenue		13,663			13,276			387			2.9	%
Selling, general and administrative		13,642			15,340			(1,698	)		(11.1	)%
Advertising		9,278			7,248			2,030			28.0	%
Depreciation and amortization		5,396			4,981			415			8.3	%
Gain on disposal or impairment of assets		(4	)		—			(4	)		0.0	%
Total operating expenses		41,975			40,845			1,130			2.8	%
Income from operations		9,157			10,582			(1,425	)		(13.5	)%
Interest expense, net		6,726			6,633			93			1.4	%
Other income		(59	)		(2	)		(57	)		(2850.0	)%
Income before income taxes		2,490			3,951			(1,461	)		(37.0	)%
Income tax expense		877			1,381			(504	)		(36.5	)%
Net income	$	1,613		$	2,570		$	(957	)		(37.2	)%
Less: net income attributable to noncontrolling interests		653			835			(182	)		(21.8	)%
Net income attributable to European Wax Center, Inc.	$	960		$	1,735		$	(775	)		(44.7	)%

The following table presents the components of our condensed consolidated statements of operations for each of the periods indicated, as a percentage of revenue:


	For the Thirteen Weeks Ended
	April 4, 2026			April 5, 2025
Revenue:
Product sales		55.9	%		56.1	%
Royalty fees		24.8	%		24.2	%
Marketing fees		14.0	%		14.0	%
Other revenue		5.3	%		5.7	%
Total revenue		100.0	%		100.0	%
Costs and expenses:
Cost of revenue		26.7	%		25.8	%
Selling, general and administrative		26.7	%		29.8	%
Advertising		18.1	%		14.1	%
Depreciation and amortization		10.6	%		9.7	%
Gain on disposal or impairment of assets		(0.0	)%		—
Total operating expenses		82.1	%		79.4	%
Income from operations		17.9	%		20.6	%
Interest expense, net		13.2	%		12.9	%
Other income		(0.2	)%		(0.0	)%
Income before income taxes		4.9	%		7.7	%
Income tax expense		1.7	%		2.7	%
Net income		3.2	%		5.0	%
Less: net income attributable to noncontrolling interests		1.3	%		1.6	%
Net income attributable to European Wax Center, Inc.		1.9	%		3.4	%

Comparison of the Thirteen Weeks Ended April 4, 2026 and April 5, 2025

Total Revenue

Total revenue decreased $0.3 million, or 0.6%, to $51.1 million during the 13 weeks ended April 4, 2026, compared to $51.4 million for the 13 weeks ended April 5, 2025. The decrease in total revenue was primarily due to net center closures during the period from April 6, 2025 to April 4, 2026 and partially offset by an increase in transactions at existing centers.

Product Sales

Product sales decreased $0.3 million, or 1.0%, to $28.6 million during the 13 weeks ended April 4, 2026, compared to $28.9 million for the 13 weeks ended April 5, 2025. The decrease in product sales was primarily due to net center closures during the period from April 6, 2025 to April 4, 2026 which resulted in less wax supplies and Comfort Wax to our franchisees and was partially offset by an increase in transactions at existing centers.

Royalty Fees

Royalty fees increased $0.3 million, or 2.2%, to $12.7 million during the 13 weeks ended April 4, 2026, compared to $12.4 million for the 13 weeks ended April 5, 2025. The increase in royalty fees during the 13 weeks ended April 4, 2026 was primarily the result of higher royalty fees received from existing and new centers and was partially offset by 25 center closures during the period from April 6, 2025 to April 4, 2026.

Marketing Fees

Marketing fees decreased $0.1 million, or 0.9%, for the 13 weeks ended April 4, 2026 to $7.1 million compared to $7.2 million for the 13 weeks ended April 5, 2025. Marketing fees decreased as a result of 25 center closures during the period from April 6, 2025 to April 4, 2026 and was partially offset by 7 centers that opened during the same period.

Other Revenue

Other revenue decreased $0.2 million, or 6.8%, for the 13 weeks ended April 4, 2026 to $2.7 million compared to $2.9 million for 13 weeks ended April 5, 2025, primarily due to a decrease in franchise fees that resulted from decreased franchised center transfers in the current period.

Costs and Expenses

Cost of Revenue

Cost of revenue increased $0.4 million, or 2.9%, to $13.7 million during the 13 weeks ended April 4, 2026, compared to $13.3 million for the 13 weeks ended April 5, 2025. The increase in cost of revenue was primarily due to an increase in the landed cost of our wholesale products and was partially offset by the decrease in product sales.

Selling, General and Administrative

Selling, general and administrative expenses decreased $1.7 million, or 11.1%, to $13.6 million during the 13 weeks ended April 4, 2026, compared to $15.3 million for the 13 weeks ended April 5, 2025. The decrease in selling, general and administrative expenses was primarily due to a $1.6 million decrease in payroll and benefits expense and other miscellaneous decreases, and was partially offset by an increase in professional fees of $0.5 million.

The decrease in payroll and benefits expense was primarily due to $0.5 million in executive severance during the 13 weeks ended April 5, 2025 that did not recur during the 13 weeks ended April 4, 2026, as well as a $0.7 million decrease in equity compensation. The increase in professional fees was primarily related to an increase in business transformation costs.

Advertising

Advertising expenses increased $2.0 million, or 28.0%, to $9.3 million during the 13 weeks ended April 4, 2026, compared to $7.2 million for the 13 weeks ended April 5, 2025, primarily due to timing of various advertising initiatives. Looking forward, we continue to invest in flexible, high-performing advertising channels and optimize our advertising spending to drive revenue growth and guest engagement.

Depreciation and Amortization

Depreciation and amortization for the 13 weeks ended April 4, 2026 was up 8.3%, or $0.4 million, at $5.4 million compared to $5.0 million during the 13 weeks ended April 5, 2025. This increase was due to an increase in assets placed in service during the period from April 6, 2025 to April 4, 2026 related to our ongoing investments in marketing and technology.

Interest Expense, net

Interest expense, net increased $0.1 million, or 1.4%, to $6.7 million during the 13 weeks ended April 4, 2026, compared to $6.6 million for the 13 weeks ended April 5, 2025. The increase was primarily due to a decrease in interest income from the Company’s short-term investments during the 13 weeks ended April 4, 2026.

Income Tax Expense

We recorded $0.9 million and $1.4 million of income tax expense for the 13 weeks ended April 4, 2026 and April 5, 2025, respectively. Income tax expense recognized in the 13 weeks ended April 4, 2026 differs from the federal statutory income tax rate primarily as a result of non-taxable income attributable to nondeductible officer compensation, noncontrolling interest, state taxes and the tax effects of stock compensation. Income tax expense recognized in the 13 weeks ended April 5, 2025 differs from the federal statutory income tax rate primarily as a result of non-taxable income attributable to noncontrolling interest, state taxes and the tax effects of stock compensation.

Non-GAAP Financial Measures

In addition to our GAAP financial results, we believe the non-GAAP financial measures EBITDA and Adjusted EBITDA are useful in evaluating our performance. Our non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial

information prepared in accordance with GAAP. These non-GAAP financial measures are presented for supplemental information purposes only and may be different from similarly titled metrics or measures presented by other companies. A reconciliation of the non-GAAP financial measures to the most directly comparable financial measure stated in accordance with GAAP and a further discussion of how we use non-GAAP financial measures is provided below.

EBITDA and Adjusted EBITDA. We define EBITDA as net income (loss) before interest, taxes, depreciation and amortization. We believe that EBITDA, which eliminates the impact of certain expenses that we do not believe reflect our underlying business performance, provides useful information to investors to assess the performance of our business. We define Adjusted EBITDA as net income (loss) before interest, taxes, depreciation and amortization, adjusted for the impact of certain additional non-cash and other items that we do not consider in our evaluation of ongoing performance of our core operations. These items include non-cash equity-based compensation expense, non-cash gains and losses on remeasurement of our tax receivable agreement liability, contractual cash interest on our tax receivable agreement liability, loss on disposal or impairment of assets, transaction costs, business transformation costs and other one-time expenses and/or gains. Business transformation costs primarily include expenses related to our business transformation and optimization efforts that do not qualify as capital expenditures under applicable accounting principles. We believe that Adjusted EBITDA is an appropriate measure of operating performance in addition to EBITDA because it eliminates the impact of other items that we believe reduce the comparability of our underlying core business performance from period to period and is therefore useful to our investors in comparing the core performance of our business from period to period. EBITDA and Adjusted EBITDA may not be comparable to other similarly titled captions of other companies due to differences in methods of calculation.

A reconciliation of net income to EBITDA and Adjusted EBITDA is set forth below for the periods indicated:


	For the Thirteen Weeks Ended
	April 4, 2026			April 5, 2025
(in thousands)
Net income	$	1,613		$	2,570
Interest expense, net		6,726			6,633
Income tax expense		877			1,381
Depreciation and amortization		5,396			4,981
EBITDA	$	14,612		$	15,565
Share-based compensation(1)		1,882			2,564
Remeasurement of tax receivable agreement liability(2)		(59	)		(2	)
Loss on disposal or impairment of assets(3)		(3	)		—
Executive severance(4)		—			465
Reorganization costs(5)		—			160
Business transformations costs(6)		1,002			—
Adjusted EBITDA	$	17,434		$	18,752

(1)

Represents non-cash equity-based compensation expense.

(2)

Represents non-cash adjustments related to the remeasurement of our tax receivable agreement liability.

(3)

Represents the loss on disposal or impairment of assets.

(4)

Represents cash severance paid or payable to former executives.

(5)

Represents costs associated to the Company's return-to-office mandate.

(6)

Represents costs related to our business transformation and optimization efforts that do not qualify as capital expenditures under applicable accounting principles.

Liquidity and Capital Resources

We measure liquidity in terms of our ability to fund the cash requirements of our business operations, including working capital needs, capital expenditures, contractual obligations and debt service with cash flows from operations and other sources of funding. Our primary sources of liquidity and capital resources have been cash provided from operating activities, cash and cash equivalents on hand, proceeds from our Class A-2 Notes and Variable Funding Notes and proceeds from the issuance of equity to our stockholders. We had cash and cash equivalents of $71.7 million as of April 4, 2026.

Future payments under the TRA with respect to the purchase of EWC Ventures Units which occurred as part of the IPO and through April 4, 2026 are currently expected to be $202.0 million. Such amounts will be paid when such deferred tax assets are realized as a reduction to income taxes due or payable. That is, payments under the TRA are only expected to be made in periods following the filing of a tax return in which we are able to utilize certain tax benefits to reduce our cash taxes paid to a taxing authority. The impact of any changes in the projected obligations under the TRA as a result of changes in the geographic mix of the Company’

European Wax Center, Inc. 10-Q