Interest Rate Risk We are exposed to the impact of interest rate changes on our PJI Revolving Facility and PJMF Revolving Facility. We attempt to minimize interest rate risk exposure by fixing our interest rate through the utilization of interest rate swaps, which are derivative financial instruments. Our swaps are entered into with financial institutions that participate in the PJI Revolving Facility. By using a derivative instrument to hedge exposures to changes in interest rates, we expose ourselves to credit risk due to the possible failure of the counterparty to perform under the terms of the derivative contract. We do not enter into contracts for trading purposes and do not use leveraged instruments. The market risks associated with our debt obligations as of June 28, 2026 have not changed from those reported in “Part II. Item 7A. Quantitative and Qualitative 45 Disclosure About Market Risk” in our Annual Report on Form 10-K for the fiscal year ended December 28, 2025. See “Note 8. Debt” of “Notes to Condensed Consolidated Financial Statements” for additional information on our debt obligations and derivative instruments. Foreign Currency Exchange Rate Risk We are exposed to foreign currency exchange rate fluctuations from our operations outside of the United States, which can adversely impact our revenues, net income and cash flows. Our International operations principally consist of distribution sales to franchised Papa Johns restaurants located in the UK, operation of Company-owned restaurants in the UK, and our franchise sales and support activities, which derive revenues from sales of franchise and development rights and the collection of royalties from our International franchisees. Approximately 9.3% and 9.2% of our revenues were derived from these operations for the three and six months ended June 28, 2026, respectively, as compared to 8.3% and 8.0% for the prior year comparable periods, respectively. We have not historically hedged our exposure to foreign currency fluctuations. Foreign currency exchange rate fluctuations had a favorable impact of approximately $0.7 million and a favorable impact of approximately $2.9 million on International revenues for the three and six months ended June 28, 2026, respectively; and a favorable impact of $1.9 million and a favorable impact of approximately $2.0 million on International revenues for the three and six months ended June 29, 2025, respectively. Foreign currency exchange rate fluctuations had a favorable impact of approximately $0.7 million and a favorable impact of approximately $2.9 million on operating income for the three and six months ended June 28, 2026, respectively; and an unfavorable impact of approximately $0.1 million and a favorable impact of approximately $0.1 million on operating income for the three and six months ended June 29, 2025, respectively. Commodity Price Risk In the ordinary course of business, the food and paper products we purchase, including cheese (our largest ingredient cost), are subject to seasonal fluctuations, weather, availability, demand and other factors that are beyond our control. We have pricing agreements with some of our vendors, including forward pricing agreements for a portion of our cheese purchases for our Domestic Company-owned restaurants, which are accounted for as normal purchases; however, we still remain exposed to ongoing commodity volatility, and increases in commodity prices or food costs, including as a result of inflation, could negatively impact our business, financial condition or results of operations. We have not historically entered into other financial instruments that would be accounted for as hedging instruments to manage this risk.