8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 5, 2025

EUROPEAN WAX CENTER, INC.

(Exact name of Registrant as Specified in Its Charter)


Delaware	001-40714	86-3150064
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS 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

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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. ☐

Item 2.02 Results of Operations and Financial Condition.

On March 11, 2025, European Wax Center, Inc. (the “Company”) issued the press release attached hereto as Exhibit 99.1 reporting its financial results for the fourth quarter and fiscal year ended January 4, 2025.

All of the information included in Items 2.02 and 9.01 of this report and Exhibit 99.1 hereto is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act, regardless of any general incorporation language in such filings, unless expressly incorporated by specific reference in such filing.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 5, 2025, the Company appointed Thomas Kim as Chief Financial Officer of the Company, effective April 7, 2025 or such earlier date that may be mutually agreed by the parties (the “Effective Date”). Mr. Kim will succeed Stacie Shirley, the Company’s current Chief Financial Officer.

Mr. Kim, age 46, most recently served as Chief Financial Officer of Brinks Home, a home security system provider, since September 2023, where he helped the company increase recurring revenues, return to strong customer retention levels and achieve higher profitability and cash flows. Previously, he served as Chief Financial Officer of Smoothie King, a health-focused smoothie company, from March 2019 to September 2023 where he played a pivotal role in transforming one of the most recognized global franchisors in the health and wellness industry. Additionally, Mr. Kim served as Chief Financial Officer of YourCause from March 2018 to February 2019, as Chief Financial Officer of Working Solutions from June 2013 to March 2018 and as Principal at MHT Partners from March 2010 to June 2013. Mr. Kim brings over a decade of executive-level finance, corporate development and business strategy experience across high-growth consumer, technology and franchise brands. Mr. Kim received a B.S. in Economics from the United States Military Academy at West Point and an M.B.A. from Harvard Business School.

In connection with the appointment of Mr. Kim as Chief Financial Officer, Mr. Kim and the Company entered into an offer letter dated March 6, 2025, which sets forth the terms of his employment with the Company (the “Offer Letter”). Pursuant to the Offer Letter, Mr. Kim will be entitled to receive an annual base salary of $475,000 and he will be eligible to participate in the Company’s bonus program with a target bonus of 70% of base salary. In connection with Mr. Kim’s appointment as Chief Financial Officer, Mr. Kim will receive (i) a grant of 200,000 restricted stock units, (ii) a grant of options to purchase 310,000 shares of the Company’s Class A common stock (“Common Stock”) with an exercise price equal to the closing price of a share of Common Stock on the Effective Date, (iii) a grant of options to purchase 212,500 shares of Common Stock with an exercise price of $9.00 and (iv) a grant of options to purchase 212,500 shares of Common Stock with an exercise price of $12.00. The restricted stock units will vest in equal installments on each of the first four anniversaries of the Effective Date, and the options will be exercisable on the fourth anniversary of the Effective Date, generally subject to continued employment through the applicable vesting date, subject to accelerated vesting in certain circumstances. Mr. Kim will be eligible to participate in the Company’s Change in Control and Severance Plan.

There is no arrangement or understanding between Mr. Kim and any other person pursuant to which he was appointed Chief Financial Officer of the Company. There are no transactions involving Mr. Kim requiring disclosure under Item 404(a) of Regulation S-K.

The foregoing summary of the Offer Letter does not purport to be complete and is qualified in its entirety by reference to the Offer Letter, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

In connection with Mr. Kim’s appointment as the Company’s Chief Financial Officer, the Company announced that Stacie Shirley will depart from her position as Chief Financial Officer of the Company, effective as of the Effective Date. Ms. Shirley and EWC Ventures, LLC (“EWC Ventures”), a wholly-owned subsidiary of the Company, entered into a consulting agreement (the “Consulting Agreement”), dated March 10, 2025, which provides that Ms. Shirley will remain with the Company as a strategic advisor until April 30, 2025 (the “Separation Date”). Pursuant to the Consulting Agreement, Ms. Shirley will receive compensation equal to $35,416.68 per month, pro-rated as necessary.

In connection with Ms. Shirley’s departure from the Company as Chief Financial Officer, Ms. Shirley and EWC Ventures entered into a separation agreement (the “Separation Agreement”), dated March 10, 2025. Under the Separation Agreement, Ms. Shirley agreed to a general release of claims in favor of EWC Ventures and its affiliates in exchange for certain payments and benefits provided under Section 2.2(a) the Company’s Change in Control and Severance Plan, namely: (i) continued payment of her current base salary for 12 months following the Separation Date; (ii) a pro rata amount (based on number of days employed in fiscal year 2025) of the annual incentive bonus, if any, that is earned for fiscal year 2025 as determined by the Compensation Committee of the Board, to be paid in a lump sum at the time annual bonuses for fiscal year 2025 are otherwise normally paid; and (iii) subject to her election of COBRA coverage, payment of a monthly amount equal to the monthly health premiums for such coverage paid by the Company on behalf of Ms. Shirley and her eligible dependents immediately prior to the date of termination for up to 18 months following the Separation Date, in each case subject to her compliance with the terms and conditions of the Separation Agreement.

The foregoing summaries of the Consulting Agreement and the Separation Agreement do not purport to be complete and are qualified in its entirety by reference to the Consulting Agreement and Separation Agreement, copies of which are attached hereto as Exhibit 10.2 and 10.3, respectively, and are incorporated herein by reference.

Item 7.01 Regulation FD Disclosure.

On March 11, 2025, the Company issued a press release in connection with the announcement of Mr. Kim’s appointment as Chief Financial Officer and other changes to the Company’s executive leadership team, a copy of which is furnished herewith as Exhibit 99.2.

All of the information included in this Item 7.01 and the accompanying exhibit is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and shall not be incorporated by reference in any filing under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filings, unless expressly incorporated by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits


Exhibit Number		Description
10.1		Offer Letter, dated March 6, 2025, by and between Thomas Kim and EWC Corporate, LLC.
10.2		Consulting Agreement, dated as of March 10, 2025, by and between EWC Ventures, LLC and Stacie Shirley.
10.3		Separation Agreement, dated as of March 10, 2025, by and between EWC Ventures, LLC and Stacie Shirley.
99.1		Press release reporting financial results for the fourth quarter and fiscal year ended January 4, 2025, issued by European Wax Center, Inc. on March 11, 2025.
99.2		Press release announcing executive leadership changes, issued by European Wax Center, Inc. on March 11, 2025.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	EUROPEAN WAX CENTER, INC.

Date: March 11, 2025	By:	/s/ GAVIN M. O'CONNOR
		Name: Gavin M. O'Connor
		Title: Chief Administrative Officer, General Counsel and Corporate Secretary

Exhibit 10.1

March 6, 2025

VIA EMAIL

Thomas Kim

Dear Thomas,

EWC Corporate, LLC and its affiliates (collectively, “EWC”, “we”, “us” or “our”), operate and support the European Wax Center franchise system. We are very pleased to offer you the position of Executive Vice President and Chief Financial Officer of EWC Corporate, LLC and European Wax Center, Inc. on the following terms and subject to the conditions outlined in this letter.

Position. You will have duties, responsibilities and authorities commensurate with this role and as may reasonably be assigned from time to time. You will report to the Chief Executive Officer of European Wax Center, Inc. and we anticipate your employment will begin on or around April 10, 2025, or an earlier date as may be agreed upon by you and us. This full-time position requires you to devote your full business time to EWC business and therefore, you shall not engage in any activity which conflicts or interferes with the performance of your obligations without our express written consent.

While you will initially be designated as an employee of EWC Corporate, LLC, you will provide services for the benefit of various EWC entities. From time to time, we may require you to submit reports to us to allow us to track work performed and amount of time spent on work for our affiliates. Please also understand that as a franchise system, we support franchise locations that are individually owned and operated businesses and therefore, while we do provide training and support, we do not control franchisees or their personnel.

Compensation and Bonus. Your annual base pay will initially be $475,000, which amount will be reviewed from time to time by the Board of Directors (“Board”) or its Compensation Committee. As a full-time exempt associate, you are not eligible for overtime pay. Your salary shall be payable in accordance with our standard payroll policies in effect from time to time and will be subject to all applicable withholdings. You will also be eligible for an annual target performance bonus of 70% of your annual salary, with a maximum/stretch performance bonus of 140% of your annual salary. The amount of your actual bonus is based upon criteria established by and approvals from the Board or its Compensation Committee. Bonuses are typically provided on a calendar year basis and paid in February or March for the preceding year, subject to all applicable withholdings. Bonuses are not earned until the date of payment. Therefore, you must be employed on the date your bonus is awarded and actually paid to be eligible to receive a bonus. For those associates that are bonus eligible, associates that start prior to October 1st are eligible to receive their target bonus for their first calendar year of employment however their bonus potential is pro-rated based on their start date; associates that

start with us on or after October 1st are not bonus eligible until the next calendar year that follows their start date.

Incentive Compensation. As an inducement to your accepting and commencing employment with EWC, promptly after your start date and the corresponding conclusion of any then-existing trading blackout period (the date that the awards are actually granted, the “Date of Grant”), you will be granted 200,000 Restricted Stock Units (the “RSUs”) and the following tranches of Nonqualified Stock Options (the “Options”) with the corresponding exercise price:

Number of Options Exercise Price

310,000 Closing price of Company stock on Date of Grant

212,500 $9.00

212,500 $12.00

The RSUs shall vest equally in four (4) annual tranches from the Date of Grant, and the Options shall vest and become exercisable in full on the fourth (4th) anniversary of the Date of Grant, subject in each case to your continued employment or service with the Company through each such date (each such date, a “Vesting Date”). The RSUs and Options shall be granted pursuant to, and in accordance with, the terms and conditions of (i) the 2021 Omnibus Incentive Plan or the 2025 Inducement Plan and (ii) a grant agreement, which will govern the terms of such awards. We will provide you copies of each of these governing documents separately upon the authorization and approval of the Options and RSUs. You will not participate in the annual equity grant cycle for EWC associates generally in fiscal year 2025, but will participate in such annual equity grant cycle beginning in fiscal year 2026. All grants under the 2021 Omnibus Incentive Plan and/or the 2025 Inducement Plan are subject to the approval of the Board or its Compensation Committee.

Benefits. While employed with us, you will be eligible to participate in certain benefit plans in accordance with our policies in effect during your employment including, without limitation, health, dental and vision insurance, a 401(k) retirement plan and a complimentary Wax Pass for services at our locations, in addition to other generally available health, welfare and other plans that may be in effect from time to time, in each case in accordance with their terms.

Location. Your principal place of employment will be at the Company’s headquarters in Plano, Texas. You may also be required to travel from time to time for conferences, business meetings or for other business purposes.

Paid Time Off; Expenses. You are also eligible for 216 hours of Paid Time Off (“PTO”) pursuant to our PTO policies in effect from time to time. PTO is pro-rated based on your start date. We will also reimburse you for reasonable business and related expenses incurred or paid by you in the performance of your duties and responsibilities, subject to the presentation of receipts or other appropriate documentation and in accordance with policies we establish from to time to time.

At-Will Employment; Change in Control and Severance Policy. Your employment with us will be at-will, which means that your employment is for an indefinite period of time and both you and EWC are free to terminate the employment relationship at any time for any or no reason and for any lawful reason with or without notice.

You will be an eligible employee under our Change In Control and Severance Policy (the “Severance Policy”), which provides certain benefits upon separation of your employment without cause, for good reason, and under other circumstances. This information will be provided to you in a separate document. The position offered to you hereby is at the Executive Vice President level for purposes of benefits under the Severance Policy.

EWC Policies. You will be required to comply with all applicable EWC rules, policies and procedures, as may be set forth in our employment handbooks, policies and procedures made available to you from time to time. Copies of our employment handbooks and these other policies and procedures will be provided separately on or around your start date and are also available upon request. You agree that you are subject to the Company’s Policy for Recoupment of Incentive Compensation. In addition, your employment is contingent upon your execution of our current Confidentiality, Non-Interference and Proprietary Rights Agreement.

No Other Agreements. This offer letter is not meant to constitute a contract of employment for a specific duration or term, it merely sets forth the initial terms of your employment and compensation with us which may change over time, and supersedes any prior representations or agreements, whether written or oral.

10.

Conditions of Employment. In addition to the execution of our current Confidentiality, Non-Interference and Proprietary Rights Agreement, please understand that this offer of employment is specifically also contingent upon (i) verification of your employment eligibility to work in the United States and (ii) completion of a background check and credit check. Our Talent team will provide you with a copy of the “Lists of Acceptable Documents” for the USCIS Form I-9. Please make sure to bring appropriate documentation when you arrive on your first day. The Talent team will contact you separately about our requirements to conduct a background check and credit check and will provide you with all required notices and authorization forms.

Upon your acceptance, subject to the completion of our pre-employment screening requirements, as applicable, we will confirm your actual start date. If you wish to accept this offer of employment, please sign below and return this offer letter to the undersigned at [email protected]. Unless otherwise withdrawn, this offer is open for you to accept until [DATE], 2025, at which time it will be deemed to be withdrawn. If you have any questions about the above details, please don’t hesitate to call me.

We look forward to having you join the European Wax Center team.

Sincerely,

EWC Corporate, LLC


By:	/s/ Gavin O’Connor
	Gavin O’Connor
	Chief Administrative Officer, General Counsel and Corporate Secretary

By signing below, I accept employment with EWC upon the terms and conditions set forth above and agree that I am not relying on any prior statements or representations not contained within this offer letter. I also represent, warrant and covenant to EWC that I have read this offer letter and the form of Confidentiality, Non-Interference and Proprietary Rights Agreement in their entirety, that I fully understand all of their terms and their significance, that I have signed voluntarily and of my own free will, and that I am not bound, nor will I become bound, by any covenant, contract, agreement or other obligation that conflicts with, or may or does prevent me in any manner from performing my duties while employed with EWC.

In accepting this offer of employment, I also certify my understanding that my employment with EWC will be on an at-will basis; that this letter is not a contract, express or implied; and that this letter does guarantee employment for any specific duration.


		Print Name:	Thomas Kim
Date:	3/6/2025	Signature:	/s/ Thomas Kim

Exhibit 10.2

March 10, 2025

Ms. Stacie Shirley (“you”)

Re: Contract Services

Dear Stacie,

The purpose of this letter agreement is to memorialize our discussions regarding a short-term support engagement with EWC Ventures, LLC (“EWC”),1 pursuant to the terms and conditions which are documented in this letter agreement (also referred to as the “Contractor Agreement”).

Specifically, we are hereby agreeing that you will be generally available during the Contract Period to provide any reasonable transition services related to the CFO role (the “Contract Services”). By signing below, in consideration of the mutual covenants and agreements contained in this Contractor Agreement, the sufficiency of which is hereby conclusively acknowledged, you and we agree to the following terms and conditions:

Contract Services.

As an independent contractor, you will provide the Contract Services. This engagement shall commence on April 7, 2025, or such earlier date that may be mutually agreed by the parties, and continue through April 30, 2025, unless earlier terminated pursuant to Paragraph 2 of this Contractor Agreement (the “Contract Period”).

Unless otherwise agreed by you and us, all Contract Services will be provided to EWC on a remote basis.

You will maintain the myewc.com e-mail that you have had during the term of your employment with EWC for purposes of this limited engagement, and you shall use only this issued myewc.com e-mail for all e-mail communication sent by or to you in connection with the Contract Services.

EWC Property:

•

In the event we provide you with any EWC property in connection with the Contract Services, you agree to maintain such property in good working order and in accordance with the terms and conditions of this Contractor Agreement. EWC property may include access cards, identification cards, computers, chargers, cell/smart phones, manuals and removable information storage devices. You agree that the improper use of EWC property may result in personal liability, including, where such improper use causes EWC property to be stolen, misplaced or damaged (beyond ordinary wear and tear). Upon our demand, you must return any EWC property in your possession back to us (or destroy such EWC property at our request), the failure to do so could also result in personal liability.

1 EWC and its affiliated entities, as applicable are referred to in this letter agreement, individually and collectively, as applicable, as “EWC”, “we”, “our” and/or “us”).

Fees:

•

Thirty-five thousand, four hundred sixteen and 68/100 Dollars ($35,416.68) per month, pro-rated as necessary (the “Contract Fee”).

•

You will be paid on a monthly basis.

Travel/Expenses:

•

Any and all expenses incurred by you in performing the Contract Services, including, but not limited to, travel expenses (e.g., gas, mileage), internet, telephone and other overhead charges, are included in the Contract Fee and will be at your sole cost and expense. Travel time will not be reimbursed unless EWC otherwise agrees in writing. However, in the event we request that you travel outside of a reasonable commuting distance from your home, we may provide you a per diem to reimburse you for your time and meals, and we will reimburse you for reasonable airfare, hotel, ground transportation (e.g., Uber, taxi, parking) and other related travel expenses incurred in connection with the requested travel and that are properly documented by appropriate receipts or other documentation as we may reasonably require from time to time (“Reimbursable Expenses”). Any per diem or other Reimbursable Expenses must however be pre-approved by us in writing. You agree to invoice us for any such pre-approved per diem and Reimbursable Expenses along with the Contract Fee.

The Contract Period may be extended from time to time provided any such agreement shall be in writing signed by you and EWC (e-mail acceptable between you and primary point of contact).

In performing the Contract Services, you will: (i) comply with all applicable EWC security policies and procedures as in force from time to time, including those regarding computer equipment, e-mail use, computer networks and document storage systems; (ii) not access or use any EWC facilities, EWC property or information technology resources, except as authorized by EWC; (iii) not access or use any EWC facilities, EWC property or information technology resources in any manner after the termination or expiration of the Contract Period for any reason, whether termination or expiration is voluntary or involuntary; (iv) observe and comply with all applicable EWC rules, regulations, procedures and policies and will carry out and perform all applicable reasonable requests by EWC within the scope of such services; (v) perform in a trustworthy, good faith and professional businesslike manner, in a manner that reflects favorably at all times on the good name, goodwill and reputation of each EWC entity, and in compliance with all applicable laws, rules and regulations; (vi) not in any event engage in any deceptive, misleading or unethical or make any false or misleading representations with regard to EWC Franchise or any other EWC entity; (vii) devote such time, energy, and skill as necessary to perform the Contract Services; (viii) be reasonably accessible during normal business hours (Central Time) in order to perform the Contract Services and will respond to any inquiries or reasonable requests for assistance from EWC consistent with the scope of the Contract Services on a timely basis; and (ix) maintain consistent contact with EWC via telephone, e-mail, or other agreed on means of communication with reasonable frequency to discuss the status of these services. In addition, you hereby agree to notify EWC promptly in the event you learn of any misappropriation or unauthorized access, use, reproduction or reverse engineering of, or tampering with any EWC facilities or information technology resources or other EWC property or materials by others.

You acknowledge and agree that you are, at all relevant times when performing the Contract Services for EWC, an independent contractor and not an employee of any EWC entity.

You will be solely responsible for determining the means and methods for performing the Contract Services, and will determine the time, place and manner in which you will provide the Contract Services within the overall schedule mutually agreed between you and EWC.

You will not represent that you are an employee of EWC, it being understood and agreed that neither you, on the one hand, and each EWC entity, on the other, will have any authority to bind the other by any promise, agreement or representation, oral or written, unless specifically authorized in a writing bearing an authorized signature of the other’s officer, director or authorized representative.

Neither EWC nor, as applicable, any other EWC entity, will be obligated to withhold any taxes from any payments made to you in connection with the Contract Services. You shall be responsible for making all applicable tax filings and payments required to be made in connection with any payments made to you in connection with the Contract Services, including with respect to withholding taxes, FICA taxes, federal unemployment taxes, and any other international, federal, state or local taxes, payments or filings required to be paid, made or maintained in connection with any such payments made to you, and you will indemnify and hold each EWC entity harmless from and against any claims, costs, fees, expenses, liabilities or penalties associated with your failure to make any such filings or payments.

In no event will any EWC entity be required to provide you any additional compensation (other than the Contract Fee and Reimbursable Expenses) in connection with the performance of the Contract Services, including any health benefits, workers’ compensation insurance, vacation pay, sick leave or any other fringe benefit whatsoever.

Termination. You and EWC may each terminate the Contract Period at any time upon at least ten (10) days’ prior written notice (e-mail acceptable) to the other party. Upon termination or expiration of the Contract Period, (a) you will immediately (i) cease the performance of all Contract Services, and (ii) return to us all copies and manifestations of the Confidential Information (as defined below), as well as any and all EWC Materials (as defined below), and other EWC property in your possession, custody or control; and (b) we will not have any further duty or obligation under this Contractor Agreement; provided that we will pay you within fifteen (15) days after the effective date of the termination or expiration of the Contract Period (the “Date of Termination”), the amount of any Contract Fees and Reimbursable Expenses accrued through, but not yet paid as of, the Date of Termination.

EWC Materials; Confidentiality. In connection with your performance of the Contract Services, you will have access to trade, business and financial secrets and other confidential and proprietary information as well as other disclosures pertaining to, based on, or containing, directly or indirectly, in whole or in part, any of our confidential or proprietary information, which may or may not be marked as “confidential” (collectively, the “Confidential Information”). Without limiting the generality of the foregoing, “Confidential Information” includes information within, accessible through or otherwise related to our business and marketing plans, software and franchise system, as well as other materials we may provide from time to time in connection with this engagement (collectively, the “EWC Materials”). As between you and us, we own all rights, title and interest arising under all applicable laws throughout the world in and to the Confidential Information, including all EWC Materials, and neither you nor any third party will acquire any right, title or interest in the Confidential Information, including any EWC Materials, by virtue of this Contractor Agreement or otherwise. By signing below, you agree to at all times: (a) hold the Confidential Information in strict confidence; (b) take all steps necessary to protect the confidentiality of the Confidential Information and comply with all applicable published and communicated policies, procedures and practices that we establish or may establish from time to time with regard to the Confidential Information; (c) use the Confidential Information for the sole purpose of performing pursuant to this Contractor Agreement; and (d) restrict disclosure of the Confidential Information to persons or entities to whom you reasonably and in good faith believe such disclosure of the Confidential Information is necessary

and in the best interest of EWC, and then only to the extent that persons have a need to know such Confidential Information. You acknowledge and agree that the terms of this Contractor Agreement do not supersede, but rather supplement, that certain Confidentiality; Non-Interference And Proprietary Rights Agreement that you signed as an employee of EWC, which remains in full force and effect, as applicable to this consulting arrangement, and which will survive the execution of this Contractor Agreement and as applicable, the expiration or termination of the Contract Period (the “Confidentiality Agreement”). Without limiting the generality of the foregoing, the covenants set forth in Sections 1, 3, 4 and 5 of the Confidentiality Agreement are hereby incorporated in to this Contractor Agreement by reference as if fully set forth herein, however for this purpose, such covenants are intended to apply with respect to the Contract Services provided pursuant to this Contractor Agreement. For the avoidance of doubt, all reports, recommendations, analyses, data and other materials or work product you develop and directly related to your performance of the Contract Services, shall be deemed “works made for hire” and therefore our sole and exclusive property.

The terms and conditions of this Contractor Agreement shall also be deemed to be fully confidential and shall not hereafter be disclosed by you to any other person or entity, except: (i) as may be required by law; and (ii) that you may disclose the existence, terms, and conditions to your family members, attorney and/or accountant, and any governmental authority with a need to know, provided that you make the person to whom disclosure is made aware of the confidentiality provisions and such person agrees to keep the terms of this Contractor Agreement fully confidential. You acknowledge and agree that we may disclose Confidential Information as well as the terms of this Contractor Agreement, and any such disclosure shall not reduce your obligations hereunder.

Integration. This Contractor Agreement sets forth the entire agreement between you and us relating to the subject matter of this Contractor Agreement and fully supersedes any and all prior agreements or understandings, whether written or oral, between you and us pertaining to the subject matter hereof.

Validity of Agreement. If any provision of this Contractor Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any applicable jurisdiction, neither the legality, validity or enforceability of the remaining provisions of this Contractor Agreement nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired thereby. If any provision of this Contractor Agreement may be construed in two or more ways, one of which would render the provision invalid or otherwise voidable or unenforceable and another of which would render the provision valid and enforceable, such provision will have the meaning which renders it valid and enforceable.

Miscellaneous. All representations, warranties, covenants and other agreements set forth in this Contractor Agreement will survive the execution and delivery of this Contractor Agreement, the consummation of the transactions provided for herein, and the expiration or termination of the Contract Period. This Contractor Agreement will be deemed as a joint work product, and both you and EWC Franchise will be considered the drafters of this Contractor Agreement. Any rule of construction to the effect that any ambiguities are to be construed against the drafting party will not be applicable in any interpretation of this Contractor Agreement. Except to the extent a prohibition is not permitted by applicable law or approved by EWC in writing, you may not assign your rights or delegate your duties or obligations, and any purported and unpermitted assignment or delegation shall be void and without effect and shall permit EWC to terminate this Contractor Agreement immediately. Subject to the foregoing, the provisions of this Contractor Agreement will be binding upon and inure to the benefit of you and EWC and, as applicable, your and each EWC entity’s respective heirs, personal and legal representatives, successors and permitted assigns. This Contractor Agreement may be executed in one or more counterparts, each of which will be deemed an original, but all of which taken together will constitute one and the same instrument.

Confirmation of execution by electronic transmission of a facsimile or .pdf signature page will be binding on the parties to this Contractor Agreement. Any waiver of a breach of this Contractor Agreement shall not operate as a waiver of any other breach. It is agreed that this Contractor Agreement shall be construed and governed under the laws of the State of Texas and venue shall be in Collin County, Texas. The provisions of this Contractor Agreement may not be amended, supplemented, waived or changed orally, but only by a writing signed by both you and us.

[Remainder of Page Intentionally Left Blank]

Please confirm that this Contractor Agreement accurately sets forth our agreement by signing this Contractor Agreement in the space provided below and returning a copy of it to Aura De Biase by e-mail at [***]. Please understand that this Contractor Agreement will not be effective, and no offer or other agreement will be deemed or construed to have been created pursuant hereto, until such time as a copy of the fully signed Contractor Agreement has been returned to EWC.


	Sincerely,
	EWC VENTURES, LLC

By:	/s/ Gavin O’Connor
	Gavin O’Connor, Chief Administrative officer,
	General Counsel and Corporate secretary

By signing below, I represent, warrant and covenant to EWC that I am not bound, nor will I become bound, by any contract, agreement, covenant or other obligation that conflicts with, or may or does prevent me in any manner from signing this Contractor Agreement or performing the Contract Services contemplated by this Contractor Agreement (including without limitation, with respect to non-competition or confidentiality for the benefit of any other person or entity), and I understand that EWC is relying on these representations, warranties and covenants in offering me this consulting engagement.


Agreed and Accepted:


/s/ Stacie Shirley
Stacie Shirley

3/10/25
Date

Exhibit 10.3

March 10, 2025

Stacie Shirley

[***]

Via Electronic Mail: [***]

Dear Stacie:

As we have discussed, your employment with EWC Ventures, LLC (the “Company”), a subsidiary of European Wax Center, Inc. (“EWC”), will terminate, effective as of April 7, 2025, or such earlier date that may be mutually agreed by the parties (the “Separation Date”). The purpose of this letter (the “Agreement”) is to confirm the terms concerning your separation from employment, as follows:

Final Salary and Vacation Pay. The Company will pay you, at your final base rate of pay, all accrued salary, to the extent not previously paid, and for any vacation days you had earned but not used as of the Separation Date, determined in accordance with Company policy and as reflected on the books of the Company.

Severance Benefits. In consideration of your acceptance of this Agreement and subject to your meeting in full your obligations under this Agreement, the EWC Change in Control and Severance Plan (the “Severance Plan”) and your Continuing Obligations (as defined below) and in full consideration of any rights you may have under the Severance Plan:

(a)

The Company will pay you your salary, at your final base rate of pay (the “Severance Payments”), for a period of twelve (12) months beginning on May 1, 2025 (the “Severance Period”). Severance Payments will be paid in substantially equal installments in accordance with the Company’s regular payroll practices, beginning on the Company’s first regular payroll date following the date that this Agreement becomes fully effective and irrevocable.

(b)

If you are enrolled in the Company’s group medical, dental and/or vision plans on the Separation Date, you may elect to continue your participation and that of your eligible dependents in those plans for a period of time pursuant to the federal law known as “COBRA” or similar applicable state law (together, “COBRA”). You may make such an election whether or not you accept this Agreement. However, if you accept this Agreement and you timely elect to continue your participation and that of your eligible dependents in such plans, the Company will pay you a monthly amount equal to the monthly amount the Company contributed to group medical, dental and/or vision insurance premiums (as applicable) for you and any eligible dependents immediately prior to the Separation Date (the “Monthly Premium Payment”), until the earlier of (i) the end of eighteen (18) months of COBRA coverage, (ii) the date you and your dependents

are no longer entitled to coverage under COBRA or Company plans, and (iii) the date on which you obtain health coverage from another employer (the “COBRA Period”). Monthly Premium Payments will begin on the Company’s first regular payroll date following the first date of the month following the date that this Agreement becomes fully effective and irrevocable. Notwithstanding the foregoing, in the event that the Company’s payment of the Monthly Premium Payments, as described in this Section would subject the Company to any tax or penalty under Section 105(h) of the Internal Revenue Code of 1986, as amended, the Patient Protection and Affordable Care Act, as amended, any regulations or guidance issued thereunder, or any other applicable law, in each case, as determined by the Company, then you and the Company agree to work together in good faith to restructure such benefit.

(c)

You will be eligible to receive your bonus for fiscal year 2025, with the actual amount of any bonus to be determined by the Compensation Committee of the Board of Directors of EWC (the “Board”) based on actual performance and prorated based on the number of days you were employed by the Company during such fiscal year, which bonus, to the extent earned based on performance, will be paid at the same time as bonuses are paid to executives of EWC generally for fiscal year 2025.

Acknowledgement of Full Payment and Withholding; Other Acknowledgements.

(a)

You acknowledge and agree that the payments provided under Section 1 of this Agreement are in complete satisfaction of any and all compensation or benefits due to you from the Company, whether for services provided to the Company or otherwise, through the Separation Date and that, except as expressly provided under this Agreement, no further compensation or benefits are owed or will be paid to you.

(b)

All payments made by the Company under this Agreement shall be reduced by any tax or other amounts required to be withheld by the Company under applicable law and all other lawful deductions authorized by you.

(c)

You acknowledge and agree that (i) you hereby waive your right to the payments and benefits described in Section 2.2(b) of the Severance Plan, and for the avoidance of doubt, you will only be entitled to the payments and benefits set forth in Section 2 of this Agreement and will not receive any additional payments or benefits in the event a consummation of a Change in Control (as defined in the Severance Plan) occurs within the three (3)-month period following the Separation Date.

Status of Employee Benefits, Paid Time Off, Expenses, Incentive Equity, and Resignations.

(a)

Except for any right you may have to continue your participation and that of your eligible dependents in the Company’s medical, dental, and vision plans under COBRA and except as provided for in Section 2 of this Agreement, your participation in all employee benefit plans of the Company ended as of the Separation Date, in accordance with the terms of those plans. You acknowledge that you have not continued to earn paid time off or other similar benefits after the Separation Date. You will receive information about your COBRA continuation rights under separate cover.

(b)

Within two (2) weeks following the Separation Date, you must submit your final expense reimbursement statement reflecting all business expenses you incurred through the Separation Date, if any, for which you seek reimbursement, and, in accordance with Company policy, reasonable substantiation and documentation for the same. The Company will reimburse you for your authorized and documented expenses within thirty (30) days of receiving such statement pursuant to its regular business practice.

(c)

Your rights and obligations with respect to outstanding options to purchase shares of Class A common stock of EWC and restricted stock units of EWC, in each case, granted to you pursuant to the EWC 2021 Omnibus Incentive Plan (the “Plan”), and any other equity or equity-based awards you held as of the Separation Date, including any units of EWC Management Holdco (collectively, the “Outstanding Awards”), shall be governed by the Plan, the Amended and Restated EWC Management Holdco, LLC Equity Incentive Plan and the award agreements evidencing such awards, as applicable.

(d)

Effective as of the Separation Date, you will be deemed to have irrevocably resigned from any and all positions or offices that you held with the Company or any of its Affiliates, without any further action required therefor (collectively, the “Resignations”). The Company, on its own behalf and on behalf of its Affiliates, hereby accepts the Resignations as of the Separation Date, and you agree to sign and return such documents confirming the Resignations as the Company or any of its Affiliates may reasonably require.

Continuing Obligations, Confidentiality and Non-Disparagement.

(a)

You acknowledge that you continue to be bound by your obligations under any agreement concerning confidentiality, non-competition and/or assignment of rights to intellectual property by and between you and the Company or any of its Affiliates, including but not limited to the award agreements governing the Outstanding Awards, which survive the termination of your employment by necessary implication or the terms thereof (the “Continuing Obligations”).

(b)

For the purposes of this Agreement, “Affiliates” means all persons and entities directly or indirectly controlling, controlled by or under common control with the Company, where control may be by management authority, equity interest or otherwise.

Return of Company Documents and Other Property. In signing this Agreement, you represent and warrant that you have returned to the Company any and all documents, materials and information (whether in hardcopy, on electronic media or otherwise) related to the business of the Company and its Affiliates (whether present or otherwise), and all keys, access cards, credit cards, computer hardware and software, telephones and telephone-related equipment and all other property of the Company or any of its Affiliates in your possession or control. Further, you represent and warrant that you have not retained any copy or derivation of any documents, materials or information (whether in hardcopy, on electronic media or otherwise) of the Company or any of its Affiliates. Recognizing that your employment with the Company has terminated as of the Separation Date, you represent and warrant that you have not, since the Separation Date, for any purpose, attempted to access or use any computer or computer network or system of the Company or any of its Affiliates, including without limitation the electronic mail system, and you agree that you will not do so. Further, you acknowledge that you have disclosed to the Company all passwords necessary or desirable to obtain access to, or that would assist in obtaining access to, all information which you have password-protected on any computer equipment, network or system of the Company or any of its Affiliates.

Employee Cooperation. You agree to cooperate with the Company and its Affiliates hereafter with respect to all matters arising during or related to your employment, including but not limited to all matters in connection with any governmental investigation, litigation or regulatory or other proceeding which may have arisen or which may arise following the signing of this Agreement. The Company will reimburse your out-of-pocket expenses incurred in complying with Company requests hereunder, provided such expenses are authorized by the Company in advance.

General Release of Claims.

(a)

In exchange for the special severance pay and benefits provided to you under this Agreement, to which you would not otherwise be entitled, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, on your own behalf and that of your heirs, executors, administrators, beneficiaries, personal representatives and assigns, you agree that this Agreement shall be in complete and final settlement of any and all causes of action, rights and claims, whether known or unknown, that you have had in the past, now have, or might now have, against the Company or any of its Affiliates of any nature whatsoever, including but not limited to those in any way related to, connected with or arising out of your employment or your other association with the Company or any of its Affiliates or the termination of the same or pursuant to Title VII of the Civil Rights Act, the Americans with Disabilities Act, the Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act, the Employee Retirement Income Security Act, the wage and hour, wage payment and/or fair employment practices laws and statutes of the state or states in which you

have provided services to the Company or any of its Affiliates (each as amended from time to time), and/or any other federal, state or local law, regulation or other requirement, and you hereby release and forever discharge the Company, its Affiliates and all of their respective past, present and future directors, shareholders, officers, members, managers, general and limited partners, employees, employee benefit plans, administrators, trustees, agents, representatives, parents, subsidiaries, affiliates, insurers, predecessors, successors and assigns, and all others connected with any of them, both individually and in their official capacities (collectively, the “Released Parties”), from any and all such causes of action, rights and claims.

(b)

Nothing contained in this Agreement shall be construed to prohibit you from filing a charge with or participating in any investigation or proceeding conducted by the federal Equal Employment Opportunity Commission or a comparable state or local agency; provided however, that you hereby waive your right to recover monetary damages or other individual relief in any such charge, investigation or proceeding or any related complaint or lawsuit filed by you or by anyone else on your behalf; provided, further, however, that you are not waiving any right to seek and receive a financial incentive award for any information you provide to a governmental agency or entity. Nothing in this Agreement or other Continuing Obligations limits, restricts or in any other way affects your communicating with any governmental agency or entity, or communicating with any official or staff person of a governmental agency or entity, concerning matters relevant to the governmental agency or entity.

(c)

This Agreement, including the general release of claims set forth in Section 8(a), creates legally binding obligations and the Company and its Affiliates therefore advise you to consult an attorney before signing this Agreement. In signing this Agreement, you give the Company and its Affiliates assurance that you have signed it voluntarily and with a full understanding of its terms; that you have had sufficient opportunity of not less than twenty-one (21) days, before signing this Agreement, to consider its terms and to consult with an attorney, if you wished to do so; and that, in signing this Agreement, you have not relied on any promises or representations, express or implied, that are not set forth expressly in this Agreement.

Section 409A. It is the intent of the parties that payments and benefits under this Agreement comply with or be exempt from Section 409A of the Code, and the regulations and guidance thereunder (collectively, “Section 409A”) and the provisions of this Agreement will be interpreted and construed in favor of complying with any applicable requirements of Section 409A as necessary in order to avoid the imposition of additional tax and interest under Section 409A; provided, that nothing herein shall be construed as a representation, promise or guarantee by the Company as to the tax treatment of any payment or benefit that may be paid or provided pursuant to this Agreement and in no event shall the Company have any liability relating to a failure of any payment or benefit under this Agreement to comply with, or be exempt from, the requirements of Section 409A. To the extent that any reimbursements under this Agreement are subject to Section 409A, any such reimbursements shall be paid to you no later than December

31 of the year following the year in which the expense was incurred. To the extent permitted under Section 409A, each payment made under this Agreement shall be treated as a separate payment and any right to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments. If at the time of your separation from service, you are a “specified employee” within the meaning of Section 409A, any and all amounts payable in connection with such separation from service that constitute deferred compensation subject to Section 409A, as determined by the Company in its sole discretion, and that would (but for this sentence) be payable within six (6) months following such separation from service, shall instead be paid on the date that follows the date of such separation from service by six (6) months (or upon death if earlier).

10.

Miscellaneous.

(a)

This Agreement constitutes the entire agreement between you and the Company, and supersedes all prior and contemporaneous communications, agreements and understandings, whether written or oral, with respect to your employment, its termination and all related matters, excluding only the Severance Plan, , the Continuing Obligations, and your obligations with respect to the securities of the Company, all of which shall remain in full force and effect in accordance with their terms.

(b)

If any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law; provided, however, and for the avoidance of doubt, in no event shall the Company be required to provide payments or benefits to you pursuant to Section 2 of this Agreement if all or part of the general release in Section 8 of this Agreement is held to be invalid or unenforceable.

(c)

This Agreement may not be modified or amended, and no breach shall be deemed to be waived, unless agreed to in writing by you and the Board or its expressly authorized designee. The captions and headings in this Agreement are for convenience only, and in no way define or describe the scope or content of any provision of this Agreement.

(d)

The obligation of the Company to make payments to you or on your behalf under this Agreement, and your right to retain the same, is expressly conditioned upon your continued full performance of your obligations under this Agreement and the Continuing Obligations.

(e)

This is a Texas contract and shall be governed and construed in accordance with the laws of the State of Texas, without regard to any conflict of laws principles that would result in the application of the laws of another jurisdiction.

(f)

This Agreement may be executed in any number of counterparts, any of which may be executed and transmitted by DocuSign, facsimile, electronic mail (including “pdf”), and any other means of electronic transmission complying with the U.S. federal ESIGN Act of 2000, and each of which shall be deemed to be an original, but all of which together shall be deemed to be one and the same instrument.

If the terms of this Agreement are acceptable to you, please sign, date and return it to me within twenty-one (21) days of the date you receive it. You may revoke this Agreement at any time during the seven-day period immediately following the date of your signing by notifying me in writing of your revocation within that period. If you do not revoke this Agreement, then, on the eighth day following the date that you signed it, this Agreement shall take effect as a legally binding agreement between you and the Company on the basis set forth above. You agree that if there have been any changes to a prior version of this Agreement (material or immaterial), the 21-day consideration period will not be reset. The enclosed copy of this letter, which you should also sign and date, is for your records.


	Sincerely,
	EWC Ventures, LLC

By:	/s/ Gavin O’Connor
Name:	Gavin O’Connor
Title:	Chief Administrative Officer, General Counsel and Corporate Secretary


Accepted and agreed:


Signature:	/s/ Stacie Shirley

Date:	3/10/25

Exhibit 99.1

European Wax Center, Inc. Reports Fourth Quarter and Fiscal Year 2024 Results

Issues fiscal 2025 outlook

Fiscal Year 2024 versus 2023

•

Net new centers increased 2.2% to 1,067 total centers in 45 states

•

System-wide sales of $951.0 million decreased 0.4% and increased 1.2% on a 52-week basis

•

Total revenue of $216.9 million decreased 1.9% and was flat on a 52-week basis

•

Same-store sales increased 0.2%

•

GAAP net income of $14.7 million increased 21.9%

•

Adjusted Net Income of $25.6 million increased 15.2%

•

Adjusted EBITDA of $75.5 million decreased 0.7%

Plano, TX, March 11, 2025- Today, European Wax Center, Inc. (NASDAQ: EWCZ), the leading franchisor and operator of out-of-home waxing services in the United States, reports financial results for the 13 and 52 weeks ended January 4, 2025 as compared to the 14 and 53 weeks ended January 6, 2024.

Chris Morris, Chairman and CEO of European Wax Center, Inc. stated, “We ended fiscal 2024 on a solid note, delivering fourth quarter results in line with our expectations thanks to the loyalty of our core guests and strong semiannual Wax Pass promotional period. In my first nine weeks as CEO, I have immersed myself in the business by engaging with our key stakeholders. We have a unique and powerful business model underpinned by talented associates and passionate franchisees who continue to voice their commitment to our long-term growth potential. As a result, I am even more optimistic about the future for European Wax Center.”

Mr. Morris continued, “As previously shared, we expect 2025 to be a transitional year for the brand. Based on our comprehensive network evaluation and the impact of recent pressure on four-wall profitability, we estimate that franchisees will open 10 to 12 centers and close 40 to 60 in fiscal 2025. I am still finalizing our long-term strategic plan, but we have already made substantial progress identifying key near-term priorities and moving with urgency to execute against them. I am confident that when we develop a robust, data-rich marketing engine to drive traffic, cultivate a more effective, service-based support infrastructure for franchisees, and implement a more sophisticated development approach focused on thoughtful, profitable expansion, we will deliver superior four-wall economics, reignite our growth and drive long-term value for franchisees, associates and shareholders.”

Results for the Fourth Quarter of Fiscal 2024 versus Fiscal 2023

•

Franchisees opened 10 and closed 7 centers. We ended the quarter with 1,067 centers, representing a 2.2% increase versus 1,044 centers in the prior year period.

•

System-wide sales of $229.3 million decreased 5.1% from $241.7 million in the prior year period, which contained 14 weeks. Excluding the $15.0 million impact of the 53rd week in fiscal 2023, system-wide sales increased 1.1% driven by increased spend by guests at existing centers and net new centers opened over the past twelve months.

•

Total revenue of $49.7 million decreased 11.7% from $56.3 million in the prior year period, which contained 14 weeks. Excluding the $4.2 million impact of the 53rd week in fiscal 2023, Adjusted Total Revenue decreased 4.6%.

•

Same-store sales increased 0.7% on a thirteen-week basis.

•

Selling, general and administrative expenses (“SG&A”) of $14.8 million increased 8.2% from $13.7 million in the prior year period. SG&A as a percent of total revenue increased 540 basis points to 29.8% from 24.4% driven by an adjustment to franchise tax expense recognized in fiscal 2024.

•

Interest expense, net of $6.4 million decreased from $6.6 million in the prior year period, primarily driven by an increase in interest income from the Company’s short-term investments.

•

Income tax benefit was $1.6 million compared to expense of $2.2 million in the prior year period. The decrease in income tax expense was primarily driven by lower state income taxes in fiscal 2024.

•

Net income of $3.1 million decreased 13.1% from $3.5 million, and Adjusted Net Income of $8.1 million increased 37.0% from $5.9 million in the prior year period. Net income margin decreased 10 basis points to 6.2% from 6.3%.

•

Adjusted EBITDA of $19.0 million decreased 1.6% from $19.3 million in the prior year period. Adjusted EBITDA margin increased 390 basis points to 38.1% from 34.2%.

•

The Company repurchased approximately 1.6 million shares of its Class A Common Stock during the period for $10.0 million, bringing cumulative repurchases under the Company’s current $50 million authorization to $40.1 million.

Annual Results for Fiscal 2024 versus Fiscal 2023

•

Franchisees opened 43 and closed 20 centers in fiscal 2024.

•

System-wide sales of $951.0 million decreased 0.4% from $955.0 million in the prior year, which contained 53 weeks. Excluding the $15.0 million impact of the 53rd week in fiscal 2023, system-wide sales increased 1.2% increased spend by guests at existing centers and net new centers opened over the past twelve months.

•

Total revenue of $216.9 million decreased 1.9% from $221.0 million in the prior year, which contained 53 weeks. Excluding the $4.2 million impact of the 53rd week in fiscal 2023, Adjusted Total Revenue increased $0.1 million.

•

Same-store sales increased 0.2% on a fifty-two-week basis.

•

SG&A of $58.7 million decreased 1.3% from $59.5 million in the prior year. SG&A as a percent of total revenue increased 20 basis points to 27.1% from 26.9% driven by the estimated impact of the 53rd week of fiscal 2023.

•

Interest expense, net of $25.5 million decreased from $26.7 million in the prior year, primarily driven by increased interest income.

•

Income tax expense was $2.2 million compared to $6.2 million. The effective tax rate decreased to 13.0% from 33.8% in the prior year, primarily driven by lower state income taxes in fiscal 2024.

•

Net income of $14.7 million increased 21.9% from $12.0 million, and Adjusted Net Income of $25.6 million increased 15.2% from $22.2 million in the prior year. Net income margin increased 140 basis points to 6.8% from 5.4%.

•

Adjusted EBITDA of $75.5 million decreased 0.7% from $76.0 million in the prior year. Adjusted EBITDA margin increased 40 basis points to 34.8% from 34.4%.

Balance Sheet and Cash Flow

The Company ended the year with $49.7 million in cash and cash equivalents, $6.5 million in restricted cash, $390.0 million in borrowings outstanding under its senior secured notes and no outstanding borrowings under its revolving credit facility. Net cash provided by operating activities totaled $16.6 million during the quarter and $56.5 million in fiscal 2024.

Fiscal 2025 Financial Outlook

The Company provides the following financial outlook for fiscal year 2025:


	Fiscal 2025 Outlook
System-Wide Sales	$940 million to $960 million
Total Revenue	$210 million to $214 million
Same-Store Sales	0.0% to 2.0%
Adjusted Net Income(1)	$16 million to $18 million
Adjusted EBITDA	$69 million to $71 million

——————————————

(1) Adjusted Net Income outlook assumes an effective tax rate of approximately 23% for fiscal 2025 computed by applying our estimated blended statutory tax rate and incorporating the effect of nondeductible and other rate impacting adjustments.

Fiscal 2025 Net New Center Outlook

The Company currently estimates that franchisees will open 10 to 12 new centers and close 40 to 60 centers, translating to 28 to 50 net center closings in fiscal 2025. The Company expects 6 to 7 net center closings during the first quarter. As of March 11, 2025, 2 centers have opened and 5 have closed in fiscal 2025.

See “Disclosure Regarding Non-GAAP Financial Measures” and the reconciliation tables that accompany this release for a discussion and reconciliation of certain non-GAAP financial measures included in this release.

Webcast and Conference Call Information

European Wax Center, Inc. will host a conference call to discuss fourth quarter and fiscal 2024 results today, March 11, 2025, at 8:00 a.m. ET/7:00 a.m. CT. To access the conference call dial-in information, analysts should click here to register online at least 15 minutes before the start of the call. All other participants are asked to access the earnings webcast via https://investors.waxcenter.com. A replay of the webcast will be available two hours after the call and archived on the same web page for one year.

About European Wax Center, Inc.

European Wax Center, Inc. (NASDAQ: EWCZ) is the leading franchisor and operator of out-of-home waxing services in the United States. European Wax Center locations perform more than 23 million services per year, providing guests with an unparalleled, professional personal care experience administered by highly trained wax specialists within the privacy of clean, individual waxing suites. The Company continues to revolutionize the waxing industry with its innovative Comfort Wax® formulated with the highest quality ingredients to make waxing a more efficient and relatively painless experience, along with its collection of proprietary products to help enhance and extend waxing results. By leading with its values – We Care About Each Other, We Do the Right Thing, We Delight Our Guests, and We Have Fun While Being Awesome – the Company is proud to be Certified™ by Great Place to Work®. European Wax Center, Inc. was founded in 2004 and is headquartered in Plano, Texas. Its network, which includes more than 1,000 centers in 45 states, generated sales of $951 million in fiscal 2024. For more information, including how to receive your first wax free, please visit: https://waxcenter.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include but are not limited to European Wax Center, Inc.’s strategy, outlook and growth prospects, its operational and financial outlook for fiscal 2025, expected center openings and closures, its capital allocation strategy, including the share repurchase program and its long-term targets and algorithm, including but not limited to statements under the headings “Fiscal 2025 Financial Outlook” and “Fiscal 2025 Net New Center Outlook” and statements by European Wax Center’s chief executive officer. Words including “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “likely,” “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 are based on current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause the Company’s actual results, performance or achievements to be materially different results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: the operational and financial results of its franchisees; the ability of its 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 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 of effectively respond to a loss of key executives; 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 its 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 it 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” in the Company’s Annual Report on Form 10-K for the year ended January 6, 2024 filed with the Securities and Exchange Commission (the “SEC”), as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov and Investors Relations section of the Company’s website at www.waxcenter.com.

These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement that the Company makes in this press release speaks only as of the date of such statement. Except as required by law, the Company does not have any 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.

Disclosure Regarding Non-GAAP Financial Measures

In addition to the financial measures presented in this release in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company has included certain non-GAAP financial measures in this release, including Adjusted Total Revenue, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income and Net Leverage Ratio. Management believes these non-GAAP financial measures are useful because they enable management, investors, and others to assess the operating performance of the Company.

We define Adjusted Total Revenue as total revenue excluding the impact of the 53rd week in our fiscal year. We believe that removing the impact of this additional week allows for better comparability between the periods such that each period presented contains the same number of weeks. We estimated the impact of the 53rd week using actual total revenue for the 53rd week.

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, transaction costs and other one-time expenses and/or gains.

We define Adjusted EBITDA margin as Adjusted EBITDA divided by total revenue.

We define Adjusted Net Income (Loss) as net income (loss) 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, debt extinguishment costs, non-cash gains and losses on remeasurement of our tax receivable agreement liability, contractual cash interest on our tax receivable agreement liability, transaction costs and other one-time expenses and/or gains.

We define Net Leverage Ratio as the total principal balance of our outstanding debt (“total debt”) less cash and cash equivalents, then divided by Adjusted EBITDA for the trailing twelve months.

Please refer to the reconciliations of non-GAAP financial measures to their GAAP equivalents located at the end of this release. This release includes forward-looking guidance for certain non-GAAP financial measures, including Adjusted EBITDA and Adjusted Net Income. These measures will differ from net income (loss), determined in accordance with GAAP, in ways similar to those described in the reconciliations at the end of this release. We are not able to provide, without unreasonable effort, guidance for net income (loss), determined in accordance with GAAP, or a reconciliation of guidance for Adjusted EBITDA and Adjusted Net Income (Loss) to the most directly comparable GAAP measure because the Company is not able to predict with reasonable certainty the amount or nature of all items that will be included in net income (loss).

Glossary of Terms for Our Key Business Metrics

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. Our system-wide sales growth is driven by net new center openings as well as increases in same-store sales.

Same-Store Sales. Same-store sales reflect the change in sales over a comparable 52-week period year over year 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 new center openings and closures. We review same-store sales for corporate-owned centers as well as franchisee-owned centers. Same-store sales growth is driven by increases in the number of transactions and average transaction size.

EUROPEAN WAX CENTER, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share amounts)


	January 4, 2025			January 6, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	49,725		$	52,735
Restricted cash		6,469			6,493
Accounts receivable, net		7,283			9,250
Inventory, net		19,070			20,767
Prepaid expenses and other current assets		5,292			6,252
Total current assets		87,839			95,497
Property and equipment, net		2,313			2,284
Operating lease right-of-use assets		3,313			4,012
Intangible assets, net		432,160			451,495
Goodwill		39,112			39,112
Deferred income taxes		140,315			138,623
Other non-current assets		2,015			3,094
Total assets	$	707,067		$	734,117
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	17,354		$	17,966
Long-term debt, current portion		4,000			4,000
Tax receivable agreement liability, current portion		9,353			9,363
Deferred revenue, current portion		4,149			5,261
Operating lease liabilities, current portion		1,255			1,232
Total current liabilities		36,111			37,822
Long-term debt, net		373,246			372,000
Tax receivable agreement liability, net of current portion		194,917			197,273
Deferred revenue, net of current portion		5,836			6,615
Operating lease liabilities, net of current portion		2,318			3,158
Deferred tax liability		738			—
Other long-term liabilities		2,309			2,246
Total liabilities		615,475			619,114
Commitments and contingencies
Stockholders’ equity:
Preferred stock ($0.00001 par value, 100,000,000 shares authorized, none issued and outstanding as of January 4, 2025 and January 6, 2024, respectively)		—			—
Class A common stock ($0.00001 par value, 600,000,000 shares authorized, 51,713,132 and 51,261,001 shares issued and 43,323,183 and 48,476,981 outstanding as of January 4, 2025 and January 6, 2024, respectively)		—			—
Class B common stock ($0.00001 par value, 60,000,000 shares authorized, 12,005,172 and 12,278,876 shares issued and outstanding as of January 4, 2025 and January 6, 2024, respectively)		—			—
Treasury stock, at cost, 8,389,949 and 2,784,020 shares of Class A common stock as of January 4, 2025 and January 6, 2024, respectively		(80,148	)		(40,000	)
Additional paid-in capital		244,611			232,902
Accumulated deficit		(100,416	)		(110,878	)
Total stockholders’ equity attributable to European Wax Center, Inc.		64,047			82,024
Noncontrolling interests		27,545			32,979
Total stockholders’ equity		91,592			115,003
Total liabilities and stockholders’ equity	$	707,067		$	734,117

EUROPEAN WAX CENTER, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands)


	For the Thirteen Weeks Ended			For the Fourteen Weeks Ended		For the Years Ended
	January 4, 2025			January 6, 2024		January 4, 2025			January 6, 2024
REVENUE
Product sales	$	26,348		$	31,812	$	121,453		$	125,269
Royalty fees		12,780			13,509		53,094			53,352
Marketing fees		7,330			7,626		30,171			29,994
Other revenue		3,283			3,378		12,198			12,409
Total revenue		49,741			56,325		216,916			221,024
OPERATING EXPENSES
Cost of revenue		12,762			15,559		57,313			62,637
Selling, general and administrative		14,845			13,716		58,696			59,485
Advertising		4,276			9,277		32,949			33,869
Depreciation and amortization		5,033			5,116		20,279			20,548
(Gain) loss on disposal of assets and non-cancellable contracts		—			7		(2	)		7
Gain on sale of centers		—			—		(81	)		—
Total operating expenses		36,916			43,675		169,154			176,546
Income from operations		12,825			12,650		47,762			44,478
Interest expense, net		6,449			6,591		25,492			26,686
Other (income) expense		4,864			344		5,399			(412	)
Income before income taxes		1,512			5,715		16,871			18,204
Income tax (benefit) expense		(1,561	)		2,179		2,190			6,160
NET INCOME	$	3,073		$	3,536	$	14,681		$	12,044
Less: net income attributable to noncontrolling interests		1,105			1,106		4,219			3,340
NET INCOME ATTRIBUTABLE TO EUROPEAN WAX CENTER, INC.	$	1,968		$	2,430	$	10,462		$	8,704

EUROPEAN WAX CENTER, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)


	For the Years Ended
	January 4, 2025			January 6, 2024
Cash flows from operating activities:
Net income	$	14,681		$	12,044
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		20,279			20,548
Amortization of deferred financing costs		5,590			5,417
Provision for inventory obsolescence		259			(63	)
Provision for bad debts		570			129
Loss on disposal of property and equipment		3			11
Gain on sale of centers		(81	)		—
Deferred income taxes		2,334			5,547
Remeasurement of tax receivable agreement liability		5,399			(512	)
Equity-based compensation		5,150			10,988
Changes in assets and liabilities:
Accounts receivable		1,327			(2,701	)
Inventory, net		1,418			2,313
Prepaid expenses and other assets		2,800			1,213
Accounts payable and accrued liabilities		(417	)		529
Deferred revenue		(1,704	)		891
Other long-term liabilities		(1,102	)		(752	)
Net cash provided by operating activities		56,506			55,602
Cash flows from investing activities:
Purchases of property and equipment		(521	)		(785	)
Cash received for sale of center		135			—
Net cash used in investing activities		(386	)		(785	)
Cash flows from financing activities:
Principal payments on long-term debt		(4,000	)		(4,000	)
Distributions to EWC Ventures LLC members		(4,313	)		(3,398	)
Repurchase of Class A common stock		(40,148	)		(29,920	)
Taxes on vested restricted stock units paid by withholding shares		(557	)		(537	)
Dividend equivalents to holders of EWC Ventures units		(789	)		(2,849	)
Payments pursuant to tax receivable agreement		(9,347	)		(5,679	)
Net cash used in financing activities		(59,154	)		(46,383	)
Net (decrease) increase in cash, cash equivalents and restricted cash		(3,034	)		8,434
Cash, cash equivalents and restricted cash, beginning of period		59,228			50,794
Cash, cash equivalents and restricted cash, end of period	$	56,194		$	59,228
Supplemental cash flow information:
Cash paid for interest	$	21,894		$	22,244
Cash paid for income taxes	$	498		$	860
Non-cash investing activities:
Property purchases included in accounts payable and accrued liabilities	$	593		$	—
Property purchases included in additional paid-in capital	$	116		$	—
Right-of-use assets obtained in exchange for operating lease obligations	$	592		$	368

Reconciliation of Total Revenue to Adjusted Total Revenue:


	For the Thirteen Weeks Ended		For the Fourteen Weeks Ended			For the Years Ended
	January 4, 2025		January 6, 2024			January 4, 2025		January 6, 2024
(in thousands)
Total revenue	$	49,741	$	56,325		$	216,916	$	221,024
Impact of additional week in fiscal period		—		(4,191	)		—		(4,191	)
Adjusted Total Revenue	$	49,741	$	52,134		$	216,916	$	216,833

Reconciliation of Net Income to Adjusted Net Income:


	For the Thirteen Weeks Ended			For the Fourteen Weeks Ended		For the Years Ended
	January 4, 2025			January 6, 2024		January 4, 2025			January 6, 2024
(in thousands)
Net income	$	3,073		$	3,536	$	14,681		$	12,044
Share-based compensation(1)		945			1,499		5,150			10,988
Remeasurement of tax receivable agreement liability (2)		4,864			344		5,399			(412	)
Gain on sale of center (3)		—			—		(81	)		—
Gain from legal judgment proceeds (4)		15			—		(724	)		—
Executive severance(5)		—			—		1,548			—
Reorganization costs (6)		140			—		630			—
Terminated debt offering costs(7)		(3	)		—		941			—
Tax effect of adjustments to net income (8)		(916	)		546		(1,930	)		(389	)
Adjusted Net Income	$	8,118		$	5,925	$	25,614		$	22,231

(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 gain on the sale of a corporate-owned center.

(4) Represents the collection of cash proceeds from a legal judgment.

(5) Represents cash severance paid or payable to our former chief executive and commercial officers.

(6) Represents employee cash severance paid or payable to employees and costs related to the Company's return-to-office mandate such as retention bonuses, relocation assistance and preparation of the Company's corporate office.

(7) Represents costs related to a debt offering the Company was previously evaluating and subsequently decided to terminate.

(8) Represents the income tax impact of non-GAAP adjustments computed by applying our estimated blended statutory tax rate to our share of the identified items and incorporating the effect of nondeductible and other rate impacting adjustments.

Reconciliation of Net Income to EBITDA and Adjusted EBITDA:


	For the Thirteen Weeks Ended			For the Fourteen Weeks Ended			For the Years Ended
	January 4, 2025			January 6, 2024			January 4, 2025			January 6, 2024
(in thousands)
Net income	$	3,073		$	3,536		$	14,681		$	12,044
Interest expense, net		6,449			6,591			25,492			26,686
Income tax (benefit) expense		(1,561	)		2,179			2,190			6,160
Depreciation and amortization		5,033			5,116			20,279			20,548
EBITDA	$	12,994		$	17,422		$	62,642		$	65,438
Share-based compensation(1)		945			1,499			5,150			10,988
Remeasurement of tax receivable agreement liability (2)		4,864			344			5,399			(412	)
Gain on sale of center (3)		—			—			(81	)		—
Gain from legal judgment proceeds (4)		15			—			(724	)		—
Executive severance(5)		—			—			1,548			—
Reorganization costs (6)		140			—			630			—
Terminated debt offering costs(7)		(3	)		—			941			—
Adjusted EBITDA	$	18,955		$	19,265		$	75,505		$	76,014
Net income margin		6.2	%		6.3	%		6.8	%		5.4	%
Adjusted EBITDA margin		38.1	%		34.2	%		34.8	%		34.4	%

(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 gain on the sale of a corporate-owned center.

(4) Represents the collection of cash proceeds from a legal judgment.

(5) Represents cash severance paid or payable to our former chief executive and commercial officers.

(7) Represents costs related to a debt offering the Company was previously evaluating and subsequently decided to terminate.

Reconciliation of Total Debt to Net Leverage Ratio:


	For the Years Ended
	January 4, 2025				January 6, 2024
(in thousands)
Total debt	$	390,000			$	394,000
Less: Cash and cash equivalents		(49,725	)			(52,735	)
Net Debt	$	340,275			$	341,265
Adjusted EBITDA		75,505				76,014
Net Leverage Ratio		4.5		x		4.5		x

Investor Contact

European Wax Center, Inc.

Bethany Johns

[email protected]

469-270-6888

Media Contact

Zeno Group

Sophia Tortorella

[email protected]

312-752-6851

Exhibit 99.2

European Wax Center, Inc. Announces Chief Financial Officer Transition

Seasoned financial executive with high-growth franchise experience Thomas Kim appointed CFO

Current CFO Stacie Shirley to depart the Company; will remain as a strategic advisor through April 30, 2025

Company also strengthens executive leadership team with the appointments of Katie Mullen as Chief Commercial Officer and Chris Andrews as Chief Information and Digital Officer

PLANO, Texas, March 11, 2025 – European Wax Center, Inc. (NASDAQ: EWCZ) (the “Company” or “European Wax Center”), the leading franchisor and operator of out-of-home waxing services in the United States, today announced that Thomas “Tom” Kim has been appointed Chief Financial Officer (CFO), effective April 7, 2025 or such earlier date as may be agreed with the Company. He will succeed Stacie Shirley, who will depart from the CFO role when Mr. Kim joins the Company. To ensure a smooth transition, Ms. Shirley will remain with the Company as a strategic advisor through April 30, 2025.

Mr. Kim brings over a decade of executive-level finance, corporate development and business strategy experience across high-growth consumer, technology and franchise brands. He most recently served as CFO at Brinks Home, where he helped the company increase recurring revenues, return to strong customer retention levels, and achieve higher profitability and cash flows. Prior to Brinks Home, he served as CFO at Smoothie King, where he played a pivotal role in transforming one of the most recognized global franchisors in the health and wellness industry. Mr. Kim will report to European Wax Center’s CEO Chris Morris and work alongside the executive team to execute the Company’s strategy to return the business to long-term, sustainable growth.

“We are thrilled to welcome Tom to the European Wax Center team. He is a proven Chief Financial Officer with a wealth of franchise and financial transformation experience that will be instrumental in strengthening our financial foundation as we work to reignite long-term growth,” said Mr. Morris. “I would also like to thank Stacie for her contributions to European Wax Center as well as her commitment to ensuring a smooth transition. She has been an invaluable resource during my onboarding, and I wish her continued success in all her endeavors.”

“Stacie has played a vital role in supporting the Company through several key milestones and strategic initiatives that have built the foundation for our path forward,” said Board Member David Berg. “On behalf of the Board, I would like to thank Stacie for her leadership and unwavering commitment to European Wax Center over the last two years.”

“It’s been a pleasure to serve as European Wax Center’s CFO, and I am confident that Tom has the right skill set and experience to work alongside Chris to execute our priorities and unlock value for our stakeholders,” said Ms. Shirley. “His leadership will be instrumental in driving the next phase of growth, and I look forward to working with him to support a smooth transition.”

Additional Appointments to Further Strengthen Executive Team

The Company also announced that Katie Mullen has been appointed Chief Commercial Officer, effective March 5, 2025. Ms. Mullen will lead European Wax Center’s marketing transformation, data insights and guest acquisition efforts. Ms. Mullen has nearly two decades of consumer, retail and leadership experience, having served as Chief Customer Officer at JCPenney and Chief Digital Officer at Neiman Marcus Group.

Additionally, Chris Andrews will join the Company as Chief Information and Digital Officer, effective March 31, 2025. In this newly created role, Mr. Andrews will lead European Wax Center’s digital transformation, working closely with Ms. Mullen. He brings over two decades of experience leading technology and data functions, including at franchise and growth companies, and most recently served as Chief Information

Officer at Unleashed Brands, a leading youth enrichment growth-focused platform and franchisor of category-leading brands.

“We are also excited to be bolstering our leadership team and further strengthening our capabilities with the additions of Katie and Chris, who together will drive our marketing and digital transformations,” said Mr. Morris. “We are building a deep bench of seasoned executives with the expertise and experience needed to capitalize on our opportunities and return our business to sustainable, long-term growth.”

About Thomas Kim

Mr. Kim most recently served as Executive Vice President and Chief Financial Officer at Brinks Home, one of North America's leading home security and alarm monitoring companies. Prior to joining Brinks Home, Mr. Kim was the Chief Financial Officer of Smoothie King, where he led all corporate development, strategy, IT, business intelligence, financial, accounting, and supply chain operations for the company. Mr. Kim has over 20 years of financial expertise, with a long history of guiding organizations through financial transformations, optimizing processes, and driving profitability. He holds a Master of Business Administration degree from Harvard Business School and a bachelor’s degree from the United States Military Academy at West Point.

About Katie Mullen

Katie Mullen most recently served as Chief Customer Officer at JCPenney, where she oversaw e-commerce strategy and omnichannel development, with an added emphasis on customer marketing, engagement, analytics and more. Her role focused on driving strategies to transform customer engagement and accelerate company growth. Prior to her time at JCPenney, Ms. Mullen served as the Chief Digital Officer at Neiman Marcus Group. She led the neimanmarcus.com business and oversaw the performance marketing team responsible for product and category management, site merchandising, analytics, data science, promotions, drop-ship buying, e-commerce operations, establishing new sales channels and more. Ms. Mullen holds a Master of Business Administration degree from the University of Pennsylvania and a bachelor’s degree from Princeton University.

About Chris Andrews

Chris Andrews most recently served as Chief Information Officer at Unleashed Brands, the largest Youth Enrichment Platform providing safe, fun and enriching environments to help kids learn, play and grow. Prior to joining Unleashed Brands, Mr. Andrews was the Chief Information Officer of Smoothie King, where he led IT capabilities across the organization. Mr. Andrews has over 30 years of experience working in information technology, 20 years of which were spent managing and directing IT operations, infrastructure and strategic technology initiatives for leading companies in the restaurant, health and consulting industries. He holds a Master of Professional Accounting from the University of Texas at Arlington and a bachelor's degree from Texas Wesleyan University.

About European Wax Center, Inc.

European Wax Center, Inc. (NASDAQ: EWCZ) is the leading franchisor and operator of out-of-home waxing services in the United States. European Wax Center locations perform more than 23 million services per year, providing guests with an unparalleled, professional personal care experience administered by highly trained wax specialists within the privacy of clean, individual waxing suites. The Company continues to revolutionize the waxing industry with its innovative Comfort Wax® formulated with the highest quality ingredients to make waxing a more efficient and relatively painless experience, along with its collection of proprietary products to help enhance and extend waxing results. By leading with its values – We Care About Each Other, We Do the Right Thing, We Delight Our Guests, and We Have Fun While Being Awesome – the Company is proud to be Certified™ by Great Place to Work®. European Wax Center, Inc. was founded in 2004 and is headquartered in Plano, Texas. Its network, which includes more than 1,000 centers in 45 states, generated sales of $955 million in fiscal 2023. For more information, including how to receive your first wax free, please visit: https://waxcenter.com.

Forward Looking Statements

These forward-looking statements are based on current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause the Company’s actual results, performance or achievements to be materially different results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: the operational and financial results of its franchisees; the ability of its 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 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 of effectively respond to a loss of key executives; 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 its 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 it 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” in the Company’s Annual Report on Form 10-K for the year ended January 6, 2024 and the Company’s Quarterly Report on Form 10-Q for the period ended October 5, 2024, each filed with the Securities and Exchange Commission (the “SEC”), as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov and Investors Relations section of the Company’s website at www.waxcenter.com. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement that the Company makes in this press release speaks only as of the date of such statement. Except as required by law, the Company does not have any 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.

Investor Contact

European Wax Center, Inc.

Bethany Johns

[email protected]

469-270-6888

Media Contact

Edelman Smithfield

Josh Hochberg & Ashna Vasa

[email protected]

Zeno Group

Sophia Tortorella

[email protected]

312-752-6851