The ONE Group Hospitality enters into Ten Restaurant Asset-Light Development Agreement

The ONE Group Hospitality, Inc. announced development milestones achieved during the fourth quarter of 2025:

Major Expansion
- Largest Asset-Light Agreement Ever:
- 10 Benihana / Benihana Express restaurants planned in the San Francisco Bay Area.
- Mix of franchise (3), joint venture (2), and licensed (5) formats.
- Joint ventures expected to open in 2026; others phased over 7 years.

Sports & Entertainment Venues
- Phoenix, Arizona – Mortgage Matchup Center: Renewed 3-year concession, adding STK-branded products alongside Benihana.
- New York – UBS Arena: Secured new 3-year Benihana concession, complementing existing Yankee Stadium presence.
- These concessions generate high-margin royalties and millions of fan impressions annually.

New Restaurant Openings
- Scottsdale, Arizona (STK): Converted from RA Sushi in 8 weeks, ~$1M cost, strong early performance.
- Oak Brook, Illinois (STK): Opened Dec 2025, ~$1.5M cost, expanding Chicago market presence.
- Both showcase success of second-generation STK conversions.

Product Innovation
- Benihana-Branded Teriyaki Crispy Chicken Chips launched with Flock Foods.
- High-protein, low-carb snack available online and entering retail in early 2026.
- Expands brand into “better-for-you” snack category.

2026 Strategy
- Focus on capital-efficient growth:
- New units capped at ~$1.5M opening cost.
- Pipeline of ~12 leases prioritized over new signings.
- Up to 9 Kona Grill / RA Sushi conversions planned into Benihana or STK formats (~$1M each).
- Goal: Strengthen balance sheet, enhance flexibility, and drive EBITDA accretion.

Brand Portfolio Snapshot
- STK – modern steakhouse with global presence.
- Benihana & Benihana Express – interactive Japanese dining and casual formats.
- Kona Grill & RA Sushi – polished casual, sushi-forward concepts.
- Salt Water Social & Samurai – seafood and teppanyaki experiences.
- ONE Hospitality – food & beverage services for hotels/casinos in US & Europe.

✅ Takeaway: The ONE Group is doubling down on asset-light expansion, stadium concessions, and brand innovation, while keeping growth capital-efficient and shareholder-focused.