bfi1q23earningssupplemen

First Quarter 2023 Earnings Supplement May 16, 2023

2 Forward Looking Statements This presentation may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, including statements relating to BurgerFi's estimates of its future business outlook, liquidity, prospects or financial results, long-term opportunities, executing on growth strategies, launch of the Anthony’s franchise system, increased revenue, improved operating margins in both brands and higher adjusted EBITDA, store opening plans, and expectations regarding adjusted EBITDA in 2023, as well as statements set forth under the section titled “Fiscal Year 2023 Outlook." Forward-looking statements generally can be identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will be,” “will continue,” “will likely result,” and similar expressions. These forward- looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause our actual results to differ materially from those reflected in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in our Annual Report on Form 10-K for the year ended January 2, 2023, and those discussed in other documents we file with the Securities and Exchange Commission, including our ability to continue to access liquidity from our credit agreement and remain compliant with financial covenants therein, as well as to successfully realize the expected benefits of the acquisition of Anthony’s or any other factors. All subsequent written and oral forward-looking statements attributable to BurgerFi or persons acting on BurgerFi’s behalf are expressly qualified in their entirety by the cautionary statements included in this press release. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

3 Corporate Overview BurgerFi Anthony‘s Coal Fired Pizza & Wings Award-Winning, Fast Casual “Better Burger” Concept o Chef-founded and committed to serving fresh, all-natural and quality food o 100% American Angus Beef with no steroids, antibiotics, growth hormones, chemicals or additives o High-quality wagyu beef, antibiotic and cage-free chicken offerings, hand-cut sides, custard shakes, draft beer and more o Modern, eco-friendly restaurants served by passionate team members o Concentrated along Eastern Seaboard The 900 Degree Difference o Streamlined menu offering signature “well-done” pizza that can’t be replicated, plus coal fired chicken wings, homemade meatballs and handcrafted sandwiches & salads o No freezers, fryers or microwaves – coal fired ovens in every restaurant give the food its signature flavor o Proprietary recipes are fresh & made-to-order using high-quality, purposefully-sourced ingredients: ▪ Imported tomatoes and olive oil from Italy ▪ Winona mozzarella ▪ Homemade pizza dough ▪ Fresh, never frozen jumbo chicken wings BurgerFi Location Anthony’s Location BurgerFi & Anthony’s Location (1) As of 4/3/2023 60 Anthony‘s Locations 112 BurgerFi Locations 172 Total Locations(1)

First Quarter 2023 Financial Results & Recent Highlights 4

5 First Quarter 2023 Highlights For the First Quarter ended April 3, 2023 BurgerFi systemwide sales2 of $40.3M (-1% YOY) Restaurant-level operating profit continues to improve sequentially in both brands Adjusted EBITDA1,2,3 of $2.6M (+12% YOY) Opened two new BurgerFi franchised restaurants Anthony’s same-store sales + 3% Total revenue1 of $45.7M (+2% YOY) 1) Includes BurgerFi and Anthony’s in consolidated financials 2) See slide 11 for definition of key metrics and non-U.S. GAAP financial measures. 3) See slides 12-13 for consolidated and by brand reconciliation of non-U.S. GAAP financial measures.

Q1 2023 Key Metrics1 6 1) See slide 11 for definition of key metrics and non-U.S. GAAP financial measures. 6 -$0.2 -$0.5 $2.5 $3.1 Q1 2022 Q1 2023 Adjusted EBITDA2 BurgerFI Anthony's $2.6 million 118 112 61 60 Q1 2022 Q1 2023 Systemwide Unit Count BurgerFi Anthony's 172 Restaurants $40.6 $40.3 $32.5 $33.1 Q1 2022 Q1 2023 Systemwide Sales2 BurgerFi Anthony's $73.4 million $12.4 $12.6 $32.5 $33.1 Q1 2022 Q1 2023 Total Revenue BurgerFi Anthony's $45.7 million

Historical Performance 7 $39.8 $44.2 $41.4 $40.7 $40.6 $42.4 $39.1 $38.7 $40.3 $22.4 $32.5 $31.8 $31.5 $33.0 $33.1 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1' 23 Systemwide Sales BurgerFi Anthony's $0.7 $0.3 $0.2 $0.6 -$0.2 $0.2 -$0.1 -$0.1 -$0.5 $2.0 $2.5 $2.4 $1.7 $2.7 $3.1 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Adjusted EBITDA43 BurgerFi Anthony's $2.3 1) See slide 11 for definition of key metrics and non-U.S. GAAP financial measures. 2) See slides 12-13 for reconciliation of non-U.S. GAAP financial measures. 3) Q4 Anthony’s Systemwide sales from November 3, 2021 $63.13 $73.1 $74.2 $2.6 $2.6 $70.6 $1.6 4) BurgerFi Adjusted EBITDA includes approximately $2-3m annually of public company costs that are not directly associated with operating the brand $71.6 $2.6 $73.4 $2.6

8 Fiscal Year 2023 Outlook1 Consolidated low-single digit same-store sales2 growth for corporate-owned locations 15-20 new franchised locations, including one new Anthony's Adjusted EBITDA2 of $10-$12 million Capital expenditures of ~$2 million Annual revenues of $175-$180 million Management’s outlook for the fiscal year 2023 1) These projections assume the current economic environment does not change materially 2) See slide 11 for definition of key metrics and non-U.S. GAAP financial measures

9 Investment Highlights Experienced executive leadership team, backed by a hands-on board of directors, with deep sector expertise1 Dominant market position established over the last decade supported by strategic, blue-chip investors such as Lionheart Capital and L Catterton 2 Targeted focus on improving customer experience through technology to increase sales growth & drive brand awareness 3 Judicious strategy for market penetration via targeted national expansion supported by market validation4 Topline revenue growth & operating margin enhancement resulting from existing Covid-19 tailwinds, near- term growth initiatives and a sightline into capitalization opportunities 5 Well-positioned relative to peers given the breadth of products & services offered across both brands6

10 Appendix

11 Adjusted EBITDA Reconciliation & Key Metrics Definitions Adjusted EBITDA Reconciliation • To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the measure Adjusted EBIT DA. T he presentation of this f inancial information is not intended to be cons idered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP • We use this non-GAAP financial measure for financial and operational decis ion-making and as a means to e valuate period-to-period comparisons. We be lieve that this non-GAAP f inancial measure provides meaningful supplemental information re garding our performance and l iquidity by excluding certain items that may not be indicative of our recurring core bus iness operat ing results. We belie ve that both management and investors benefit from referr ing to this non-GAAP f inancial measure in assessing our performance and when planning, forecast ing, and analyzing future periods. This non-GAAP financial measure also faci litates mana gement’s internal comparisons to our his torical performance and liquidity as well as comparisons to our competitors’ operating results. We believe this non-GAAP financial measure is useful to investors both because (1) it allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) it is used by our institutional investors and the analyst community to help them analyze the health of our business • There are a num ber of l imitations related to the use of this non-GAAP financial measure. We compe nsate for these limitations by providing specific information regarding the GAAP amounts excluded f rom this non-GAAP financial measure and evaluating this non-GAAP financial measure together with its relevant financial measures in accordance with GAAP • A reconcil iation of Adjusted EBITDA guidance is not being provide d due to the nature of this forward-looking non-GAAP measure containing certain elements that are impractical to pre dict given their market-based nature, such as share-based compensat ion expe nse and gain and losses on change in value of warrant liabilities, without unreasonable efforts. For the same reasons, we are unable to address the probable signif icance of the unavailable information, nor can we accurately pre dict al l of the com pone nts of the a pplica ble non-GAAP f inancial measure and reconciling adjustments thereto; accordingly, guidance for the corresponding GAAP measure may be materially differe nt than guidance for the non-GAAP measure. Such forward looking information is also subject to uncertainty and various ris ks, and there can be no assurance that any forecasted results or conditions will actually be achieved Key Metrics Definitions • “Systemwide Restaurant Sales ” is presented as informational data in order to unders tand the aggre gation of franchised stores sales, ghost kitche n and corporate-owne d store sales performance. Sys temwide Restaurant Sales growth refers to the percentage change in sales at al l franchised restaurants, ghost kitchens and corporate-owned restaurants in one period from the same period in the prior year. Systemwide Restaurant Same-Store Sales growth refers to the percentage change in sales at al l franchised restaurants, ghost kitchens, and corporate-owned restaurants after 14 months of operations. See definition below for “Same-Store Sales” • “Corporate-Owned Restaurant Sales” represent the sales ge nerated only by corporate-owned restaurants. Corporate-Owned Restaurant Sales growth refers to the percenta ge change in sales at al l corporate-owned restaurants in one period f rom the same period in the prior year. Corporate-Owned Restaurant Same-Store Sales growth refers to the percentage change in sales at all corporate-owned restaurants after 14 months of operations. These measures highlight the performance of existing corporate-owned restaurants • “Franchise Restaurant Sales ” represent the sales generated only by franchisee-owned restaurants and are not re corded as revenue, however, the royalt ies based on a percentage of these franchise restaurant sales are recorded as revenue. Franchise Restaurant Sales growth refers to the percentage change in sales at al l f ranchised restaurants in one period from the same period in the prior year. Franchise Restaurant Same-Store Sales growth refers to the percentage change in sales at al l franchise d restaurants after 14 m onths of operations. These measures highlight the performance of existing franchised restaurants • “Same-Store Sales” is used to evaluate the performance of our store base, which excludes the impact of new stores and closed stores, in both periods under comparison. We include a restaurant in the calculation of Same-Store Sales after 14 months of operations. A restaurant which is temporari ly closed, is included in the Same-Store Sales computation. A restaurant which is closed permanently, such as upon term ination of the lease, or other permanent closure, is immediately remove d from the Same-Store Sales computation. Our calculation of Same-Store Sales may not be comparable to others in the industry • “Digital C hannel” % of systemwide sales is use d to measure performance of our investments made in our digital platform and partnerships with third party delivery partners. We believe our digital platform capabilities are a vital element to continuing to serve our customers and will cont inue to be a different iator for the Company as compared to some of our competitors. Digital Channel as percentages of Systemwide Restaurant Sales are indicative of the sales placed through our digital platforms and the percentage of those digital sales whe n compared to total sales at all our franchised and corporate-owned restaurants • Adjuste d EBITDA,” a non-GAAP measure, is defined as net loss before share-based compe nsation expense, depre ciation and amortization expense, interest expe nse (which includes accret ion on the value of preferre d s tock and interest accretion on re lated party note), restructuring costs, merger, acquisition and integration costs, legal settlements, store closure costs, pre-opening costs, loss on change in value of warrant liability and income tax benefit • Unless otherwise state d, Sys temwide Restaurant Sales, Systemwide Sales growth, and Same-Store Sales are presented on a systemwide basis, which means the y include f ranchise restaurants and company-owne d restaurants. Franchise restaurant sales represent sales at all franchise restaurants and are revenues to our franchisees. We do not record franchise sales as revenues; however, our royalty revenues and brand royalty revenues are calculated based on a percentage of franchise sales

12 Adjusted EBITDA Reconciliation for First Quarter 2023 The following table sets forth a consolidated reconciliation of Net Loss to Adjusted EBITDA:

13 Segment Adjusted EBITDA Reconciliation for First Quarter 2023 The following table sets forth reconciliation of Net Income (Loss) to Adjusted EBITDA:

14 Store Rollforward