ONE Group Hospitality, Inc.

ONE Group Hospitality, Inc. is a U.S.-based restaurant and hospitality company that develops, owns, operates, manages, licenses and franchises upscale and polished-casual dining concepts. Its portfolio includes STK, Benihana, Kona Grill and RA Sushi, along with ONE Hospitality food-and-beverage services for hotels, casinos and other high-end venues in North America, Europe, Latin America and the Middle East.

6,4 %

−11,4 %

+19,7 %

0.43

0.35

— ONE Group Hospitality, Inc.
%
Owned restaurant brands90% Company-operated dining concepts including STK, Benihana, Kona Grill and RA Sushi.
Managed, licensed and franchised restaurants5% Restaurants and venues operated under fee-based arrangements rather than direct ownership.
ONE Hospitality services5% Turn-key food-and-beverage operations for hotels, casinos and other hospitality venues.

The company serves guests seeking destination dining experiences with premium food, cocktails and...

  • Upscale restaurant guestsprimary

    Customers dining at STK and similar venues for premium steaks, seafood, cocktails and social atmosphere.

  • Casual and family dining guestsprimary

    Customers visiting Benihana, Kona Grill and RA Sushi for branded menu items and experiential dining.

  • Hospitality venue operatorssecondary

    Hotels, casinos and similar properties that buy managed F&B services, consulting and operating support.

  • Franchise and license partnerssecondary

    Third parties that operate branded locations and pay fees tied to sales and profits.

The company operates in major metropolitan markets across North America, Europe, Latin America and the Middle East,...

  • •Core venue base is in major U.S. metropolitan markets
  • •International presence spans Europe, Latin America and the Middle East
  • •ONE Hospitality serves hotels and casinos in the U.S. and Europe
  • •New openings are tied to high-traffic urban and destination sites
  • •Geography affects rent, labor availability and guest traffic

The company’s strategy centers on expanding STK and Benihana, improving same-store sales and operating efficiency, and...

01
Expand core brandsmedium-term

STK and Benihana are the main growth engines and brand anchors.

02
Increase operating efficiencyshort-term

Higher system scale can improve purchasing, labor and overhead leverage.

03
Grow fee-based hospitality servicesmedium-term

Management and franchise fees diversify revenue and reduce capital needs.

The business is exposed to consumer spending trends, traffic volatility and the economics of premium dining, where...

high

Expansion and development execution

New venues require site selection, construction, training and lease commitments.

Scope
Owned restaurant openings and relocations
Materiality
high
high

Discretionary consumer spending

Upscale and experiential dining is sensitive to consumer confidence and traffic.

Scope
STK, Benihana, Kona Grill and RA Sushi
Materiality
high
high

Lease and occupancy costs

Restaurant sites often require long-term leases and tenant improvements.

Scope
Urban and destination locations
Materiality
high
medium

Third-party venue performance

Management and franchise fees depend on the sales and profitability of client sites.

Scope
ONE Hospitality contracts
Materiality
medium
medium

Labor and input cost inflation

Restaurants are labor-intensive and exposed to food, beverage and wage changes.

Scope
Owned and managed venues
Materiality
high
Revenue recognition by business line
Affects reported revenue mix and comparability across segments
Lease accounting and non-cash rent
Affects operating expense presentation and adjusted EBITDA
Seasonality
Quarterly results may not be representative of full-year performance
Pre-opening and construction costs
Can create uneven expense recognition during expansion periods

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: 29/04/2026