Premium coffeehouse brand intends to implement restaurant technology platform at 500 locations across the United States

Toast (NYSE: TOST), the digital technology platform built for restaurants, today announced an agreement with Caribou Coffee to implement Toast Enterprise Solutions across 500 initial coffeehouse locations in the United States. In addition to Toast point-of-sale (POS) terminals, Caribou Coffee will use Toast Payments, Kitchen Display Systems (KDS), and Multi-Location Management.

Caribou Coffee has made significant progress in its retail expansion plan through company-owned development as well as its previously announced franchise program. To help support the brand’s growing coffeehouse footprint, Caribou Coffee sought a modern technology partner with a robust, scalable POS solution that would be easy to use for all stakeholders including company and franchisee operators and team members. Focused on maximizing speed of service while maintaining an enhanced guest and team experience, Caribou Coffee also wanted to ensure availability of key features to support guests like the ability to modify active orders and offer flexible payment options.

“Caribou Coffee was founded over 30 years ago with a vision to bring personal service into the coffeehouse space. That commitment to our guest and team member experience guides us today as we announce this exciting partnership. Toast proved to be the ideal strategic technology partner for our brand as we introduce tools that will ensure we can bring our coffeehouse experience to more guests than ever before,” said Scott Kennedy, Chief Financial Officer at Caribou Coffee. “Toast took the time to understand our business and clearly demonstrate that they can support our team members and guests with their easy to use, easy to manage platform.”

“Like Caribou Coffee, Toast is similarly committed to supporting the ‘day making’ experiences our customers want to deliver, offering innovation and operational efficiencies to help differentiate brands in the market, and providing the foundations for scale that fast-growing, tech-forward brands need,” said Kelly Esten, Senior Vice President and General Manager, Enterprise at Toast. “We are thrilled to be working with Caribou Coffee as they bring such a beloved brand to new markets across the U.S.”

Toast currently serves hundreds of multi-unit brands, including Craveworthy Brands, Nothing Bundt Cakes, Papa Gino's & D’Angelo, The Human Bean, Bar Louie, Costa Vida Fresh Mexican Grill, and Juice It Up!, among others. For more information about Toast and its enterprise capabilities, visit our Toast for Enterprise page.

About Toast

Toast [NYSE: TOST] is a cloud-based, all-in-one digital technology platform purpose-built for the entire restaurant community. Toast provides a comprehensive platform of software as a service (SaaS) products and financial technology solutions that give restaurants everything they need to run their business across point of sale, payments, operations, digital ordering and delivery, marketing and loyalty, and team management. We serve as the restaurant operating system, connecting front of house and back of house operations across service models including dine-in, takeout, delivery, catering, and retail. Toast helps restaurants streamline operations, increase revenue, and deliver amazing guest experiences. For more information, visit www.toasttab.com.

About Caribou Coffee

Caribou Coffee provides high-quality, handcrafted coffee-forward beverages and craveable food options in more than 800 coffeehouses worldwide. Known for a commitment to sustainable practices and making a difference, Caribou Coffee serves 100% Rainforest Alliance Certified coffee beans and crafts each menu item with the purpose to create day-making experiences. This passion for premium is also why Caribou Coffee makes every handcrafted beverage with only high-quality ingredients, like real chocolate chips, and no artificial flavors, colors, sweeteners, or preservatives.

Caribou Coffee has 333 company-owned, 140 non-traditional and 338 franchise locations in 11 countries, as of December 26, 2023. Caribou Coffee is part of Panera Brands, a portfolio of complementary brands bound by common values, comprising Panera Bread®, Caribou Coffee® and Einstein Bros.® Bagels. To learn more about Caribou Coffee, visit CaribouCoffee.com.

Forward-looking Statements

This press release contains “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when Toast or its management is discussing its beliefs, estimates or expectations. Such statements generally include the words “believes,” “plans,” “intends,” “targets,” “may,” “could,” “should,” “will,” “expects,” “estimates,” “suggests,” “anticipates,” “outlook,” “continues,” or similar expressions. These statements are not historical facts or guarantees of future performance, but represent the beliefs of Toast and its management at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside Toast’s control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. Forward-looking statements include, without limitation, statements regarding the agreement between Toast and Caribou Coffee and its impact on Toast’s business and operations, and the planned and future implementation of the Toast platform at Caribou Coffee.

The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Toast’s filings with the Securities and Exchange Commission (“SEC”), including in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations'' in Toast’s Annual Report on Form 10-K for the year ended December 31, 2022, Toast’s Quarterly Report on Form 10-Q for the three months ended September 30, 2023, and Toast’s subsequent SEC filings. Toast can give no assurance that the plans, intentions, expectations or strategies as reflected in or suggested by those forward-looking statements will be attained or achieved. The forward-looking statements in this release are based on information available to Toast as of the date hereof, and Toast disclaims any obligation to update any forward-looking statements, except as required by law. These forward-looking statements should not be relied upon as representing Toast’s views as of any date subsequent to the date of this press release.

TOST-CORP

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