Chart with Projected Statements 2023-2029 Burlington Stores, Inc. Forecast Forecast Year 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Beginning balance sheet Beg. Net working capital 18,326,251 EA 298,238 $ 328,062 360,868 $ 396,955 $ 436,650 $ 480,315 528,346.81 $ 581,181.49 $ 639,299.64 +Beg. Net long-term assets (17,531,346) $ 698,694 EA 768,563 845,420 $ 929,962 $ 1,022,958 EA 1, 125,254 $ 1,237,779.04 $ 1,361,556.95 $ 1,497,712.64 = Net operating assets 794,905 996,932 1,096,625 1,206,288 1,326,916 1,459,608 $ 1,605,569 1,766,126 $ 1,942,738.4 $ 2,137,012.28 Net debt 5,602,069 5,784,549 $ 6,363,004 $ 6,999,304 $ 7,699,235 $ 8,469,158 $ 9,316,074 $ 10,247,681.41 $ 11,272,449.55 $ 12,399,694.51 + Preferred stock EA GA GA GA EA + shareholders' equity 794,905 996,932 1,096,625 1,206,288 EA 1,326,916 EA 1,459,608 $ 1,605,569 $ 1,766,125.85 $ 1,942,738.44 $ 2,137,012.28 = Net capital 6,396,974 6,781,481 7,459,629 8,205,592 9,026,151 $ 9,928,766 $ 10,921,643 $ 12,013,807.26 $ 13,215,187.99 $ 14,536,706.79 Income Statement Sales 8,684,545 9,708,973 $ 10,679,870 $ 11,747,857 $ 12,922,643 $ 14,214,907 $ 15,636,398 $ 17,200,037.92 $ 18,920,041.71 $ 20,812,045.88 Net operating profits after tax 230,123 339,649 EA 373,614 410,975 452,073 497,280 EA EA EA 547,008 601,708.92 EA 661,879.81 EA 728,067.80 - Net interest expense after tax 66,474 78,399 86,239 94,863 104,349 114,784 126,262 138,888.61 152,777.47 $ 168,055.22 = Net income 230,123 339,649 A EA E 373,614 410,975 EA 452,073 497,280 547,008 EA 601,708.92 661,879.81 728,067.80 - Preferred dividents = Net income to common 230,123 339,649 373,614 410,975 452,073 497,280 547,008 $ 601,708.92 $ 661,879.81 $ 728,067.80 Operating return on assets 5% 7% 7% 7% 7% 7% 7% 7% 7% 7% Return on common equity 29% 34% 34% 34% 34% 34% 34% 34% 34% 34% Book value of assets growth rate n/a 6% 10% 10% 10% 10% 10% 10% 10% 10% Book value of common equity growth rate n/a 25% 10% 10% 10% 10% 10% 10% 10% 10% Net operating asset turnover 10.93 9.74 9.74 9.74 9.74 9.74 9.74 9.74 9.74 9.74 Cash Flow Data Net income S 230,123 339,649 $ 373,614 $ 410,975 452,073 497,280 547,008 $ 601,708.92 661,880 EA 728,067.80 EA EA Change in net working capital n/a $ (18,028,013) 29,824 32,806 36,087 39,695 43,665 48,031.53 52,834.68 $ 58,118.15 EA GA GA GA Change in net long-term assets n/a EA 18,230,040 69,869 76,856 84,542 92,996 102,296 112,525.37 123,777.90 $ 136, 155.69 EA EA + Change in net debt n/a 182,480 578,455 636,300 699,930 769,923 EA 846,916 EA 931,607.40 $ 1,024,768.14 $ 1,127,244.96 EA EA = Free cash flow to equity n/a 320,102 852, 376 937,613 $ 1,031,374 $ 1,134,512 $ 1,247,963 $ 1,372,759.43 $ 1,510,035.37 $ 1,661,038.91 Net operating profit after tax $ 230,123 EA 339,649 373,614 410,975 452,073 497,280 547,008 601,708.92 661,879.81 728,067.80 CA EA EA EA Change in net working capital n/a $ (18,028,013) EA EA EA 29,824 32,806 EA EA EA 36,087 EA GA GA EA GA GA 39,695 43,665 48,031.53 EA GA GA 52,834.68 58,118.15 Change in net long-term assets EA n/a 18,230,040 69,869 76,856 84,542 92,996 AtA 102,296 1 12,525.37 123,777.90 EA 136,155.69 = Free cash flow to capital $ A 273,921 331,444 A n/a 137,622 301,313 364,588 $ 401,047 $ 441,152.03 485,267.23 $ 533,793.95