BT Brands, Inc.

In this Annual Report, and unless otherwise indicated, the terms BT Brands, the Company, we, us, our, our Company, and our business refer to BT Brands, Inc. together with its consolidated subsidiaries. The following discussion should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report. Due to rounding, figures in tables may not sum exactly. Overview of Our Company As of December 28, 2025, we owned and operated nine restaurants across multiple states in the Midwest, Massachusetts, and Florida, and held a minority ownership interest in an unconsolidated affiliate that operated an additional five restaurants, for a total of 14 operating restaurant locations. Operating restaurants comprise: Six Burger Time fast-food restaurants are located in the North Central region of the United States (collectively, BTND ). A Sioux Falls, South Dakota, Burger Time closed in 2024, a location in Ham Lake, Minnesota, closed at the end of 2024, and a location in Minot, North Dakota, closed in July 2025; Keegan’s Seafood Grille is a casual seafood restaurant located in Indian Rocks Beach, Florida; Pie In The Sky Coffee, a coffee shop and bakery located in Woods Hole, Massachusetts, and Schnitzel Haus is a German-themed fine dining restaurant and bar in Hobe Sound, Florida ( Schnitzel ). In addition, we own a 40.7% interest in Bagger Dave’s Burger Tavern, Inc. ( BDVB ), an unconsolidated affiliate operating five casual-dining restaurants in Michigan, Ohio, and Indiana.