Xponential Fitness : Investor Presentation as of May 2024

One of the Leading Global Franchisors of Boutique Health & Wellness Brands

INVESTOR PRESENTATION | As of March 31, 2024 | Reported on May 2, 2024

LEGAL DISCLAIMER

The information contained in this presentation is provided solely for the purpose of acquainting the readers with Xponential Fitness, Inc. (the "Company," "Xponential" or "we") and its business operations, strategies and financial performance. This presentation and any accompanying oral statements is not an offer to sell nor is it a solicitation of any offer to buy any securities and conveys no right, title or interest in the Company or the products of its business activities.

Nothing in this presentation constitutes an offer of securities for sale in any jurisdiction where it is unlawful to do so. This presentation does not constitute an offering of securities that will be registered or qualified under the Securities Act of 1933, any United States state securities or "blue sky" laws of the securities laws or any other jurisdiction.

Cautionary Note Regarding Forward-Looking Statements

This presentation contains forward-looking statements that are based on current expectations, estimates, forecasts and projections of future performance based on management's judgment, beliefs, current trends, and anticipated financial performance. These forward-looking statements include, without limitation, statements relating to expected growth of our business; projected number of new studio openings; profitability; the expected impact of our movement away from Company- owned transition studios; anticipated industry trends; projected financial and performance information such as system-wide sales; projected annual revenue and Adjusted EBITDA; our competitive position in the boutique fitness industry; and ability to execute our business strategies and our strategic growth drivers. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. These factors include, but are not limited to, our relationships with master franchisees, franchisees and international partners; difficulties and challenges in opening studios by franchisees; the ability of franchisees to generate sufficient revenues; risks relating to expansion into international markets; loss of reputation and brand awareness; general economic conditions and industry trends; and other risks as described in our SEC filings, including our Annual Report on Form 10-K for the full year ended December 31, 2023 filed by Xponential with the SEC and other periodic reports filed with the SEC. Other unknown or unpredictable factors or underlying assumptions subsequently proving to be incorrect could cause actual results to differ materially from those in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this presentation is as of today's date, unless otherwise stated, and Xponential undertakes no duty to update such information, except as required under applicable law.

Market Data and Non-GAAP Financial Measures

This presentation includes statistical and other industry and market data that we obtained from industry publications and research, surveys, studies and other similar third-party sources, as well as our estimates based on such data and on our internal sources. Such data and estimates involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such data and estimates. We believe that the information from these third-party sources is reliable; however, we have not independently verified them, we make no representation as to their accuracy or completeness and we do not undertake to update the data from such sources after the date of this presentation. Further, our business and the industry in which we operate is subject to a high degree of risk and uncertainty, which could cause results to differ materially from those expressed in the estimates made by the third-party sources and by us.

In addition to our results determined in accordance with GAAP, we believe non-GAAP financial measures are useful in evaluating our operating performance. We use certain non-GAAP financial information in this presentation, such as EBITDA, Adjusted EBITDA and adjusted net income (loss), and adjusted net earnings (loss) per share, which exclude certain non-operating or non-recurring items, including but not limited to, equity-based compensation expenses, acquisition and transaction expenses, litigation expenses, employee retention credit, financial transaction fees and related expenses, tax receivable agreement remeasurement, impairment of goodwill and other assets that we believe are not representative of our core business or future operating performance, and charges incurred in connection with our restructuring plan, to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively with comparable GAAP financial measures, is helpful to investors because it provides consistency and comparability with past financial performance, and provides meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations or outlook. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. We seek to compensate such limitations by providing a detailed reconciliation for the non-GAAP financial measures to the most directly comparable financial measures stated in accordance with GAAP in this presentation. You are encouraged to review the related GAAP financial measures and the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measures and not rely on any single financial measure to evaluate our business. In addition, we are not able to provide a quantitative reconciliation of the estimated full-year Adjusted EBITDA for fiscal year ending December 31, 2024 without unreasonable efforts to the most directly comparable GAAP financial measure due to the high variability, complexity and low visibility with respect to certain items such as taxes, TRA remeasurements, and income and expense from changes in fair value of contingent consideration from acquisitions. We expect the variability of these items to have a potentially unpredictable and potentially significant impact on future GAAP financial results, and, as such, we also believe that any reconciliations provided would imply a degree of precision that would be confusing or misleading to investors.

2

Xponential is one of the Leading Global Franchisors in the $20 Billion+ Boutique Fitness Industry.

Our Mission is to Make Boutique Fitness Accessible to Everyone.

10 Brands Across High-Growth Modalities in 3,000+ Locations.

3

What is Boutique Fitness?

1. • Retail studio space
   • Structured, class-based programming in a specific fitness modality
   • Social, supportive community of coaches and consumers
   • Affluent, engaged, loyal consumer
   • Has grown more rapidly than the overall $97Bn global health & fitness club industry(1)(2)
   • Xponential grew and gained share through COVID(3), while industry contracted (30% of U.S. boutique studios closed permanently)(1)
2. International Health, Racquet & Sports Association ("IHRSA") Research, "2022 IHRSA Global Report."
3. From 2015 to 2019.
4. From December 2019 to December 2021.
5. IBISWorld report, "Gym, Health & Fitness Clubs in the U.S.", published January 2023.
6. IHRSA Research. Represents the period from 1998 to 2019.
7. Third party study conducted by Frost & Sullivan.

Large and Growing U.S.

Fitness Industry

~$31Bn	21+
2023E	Consecutive Years of
Total Market Size(4)	U.S. Annual Growth
	Prior to COVID-19(5)

~$24Bn	+5.3%
2023E	'23E - '25E
Boutique Fitness	Boutique Fitness
Market Size(6)	Market CAGR(6)

4

Experienced Management Team With a Successful

Track Record in Fitness Franchising

Brenda Morris	John Meloun	Sarah Luna	Andrew Hagopian
Interim CEO and Director		CFO	President	CLO
5 Years at Xponential	6 Years at Xponential	9 Years at Xponential	1 Year at Xponential
41 Years of Industry Experience	25 Years of Industry Experience	16 Years of Industry Experience	18 Years of Industry Experience

Franchised

5

Xponential is one of the Largest Global Franchisors in $20Bn+ Boutique Fitness Industry

Total U.S. Studios Open(1)

2,680

1,311

868

375	357	256	222
		178	116	73
				59	50

Xponential Highlights(2)

3,150+	6,360+	$1.5B+
Global Studios Open	Global License Sold	LTM System-Wide Sales(3)
+19% vs. 2022	+18% vs. 2022	+42% vs. 2022

780K+	$327M	$112M
Total Members	LTM Revenue	LTM Adj. EBITDA
+33% vs. 2022	+34% vs. 2022	+51% vs. 2022

1. Source for non-Xponential brands: Company websites accessed on April 28, 2024.
2. All data as of March 31, 2024.

3)	System-wide sales represents gross sales by all North American studios. We receive approximately 7% and 2% of the sales by franchisees as royalty revenue and marketing fund revenue, respectively.	6
4)	See appendix for reconciliation to net loss, the most directly comparable GAAP financial measure.

Xponential's Boutique Offering at a Glance

Studio

Storefronts

• Convenient retail locations
• Avg size: 1,500-2,500 sqft
• Also operating in other non-traditional locations

Retail	Class
Operations	Sessions
• Branded & third-party products	• Small class sizes
• Recurring revenue stream	• Flexible location (indoor/outdoor/digital)
• Create consumer brand experience outside	• Community driven
of the studio

7

Xponential's Evolution From One to Ten Brands in

Key Boutique Fitness Verticals(1)

Acquired	Mar 2015(2)	Sep 2017	Nov 2017	Dec 2017	Mar 2018	Jul 2018	Oct 2018	Mar 2021	Oct 2021	Jan 2024
Open	1,035	264	491	77	14	202	635	94	298	30
Studios(3)
Licenses	1,737	564	990	327	122	635	791	388	739	56
Sold(3)
		Founded 2017					Launched 2020			Launched 2021

Global Studios

								2,648	3,072	3,156
						2,146
		1,538	1,816
	1,100
844
2017	2018	2019	2020	2021	2022	2023	Q1 2024
					North America		International

1. Xponential's health & wellness verticals include Pilates, indoor cycling, barre, stretching, rowing, dancing, boxing, functional training, yoga and metabolic health solutions. All data as of March 31, 2024. All KPI information is presented on an adjusted basis to include historical information of all brands owned as of today, and to exclude historical information of Stride given its divestiture by the Company in February 2024.

2)	Acquired by Anthony Geisler prior to the formation of Xponential Fitness.	8
3)	Does not include Princess Cruises. Licenses sales are presented gross of terminations.

Our Franchise Model

9

Proven Model to Rapidly Scale Franchised

Boutique Fitness Concepts

1 Screen and select franchisee candidates

2 Assist franchisees with site selection and build out

3 Studio-level instructor and management training

4 Support member base build prior to studio opening

5	Ongoing monitoring, operational support
using extensive data analytics capabilities

10