Time Out Market South America Franchise Agreement

Time Out Group plc (AIM: TMO), the global media and hospitality business, today announces that it has signed a master franchise agreement with Giunina LLC, a company established by Brazilian hospitality and entertainment executive Benjamin Ramalho to develop and operate Time Out Market Brazil.

The agreement will bring Time Out Market to South America, with a location in São Paulo expected to open in the first quarter of 2027. The project is expected to become a significant addition to São Paulo's food and cultural landscape, serving both residents and visitors in South America's largest metropolis.

Time Out Market currently operates in 13 cities worldwide and has a further five locations in development. The São Paulo Market will combine Time Out Market's globally recognised editorially curated model with a locally tailored offering reflecting the city's food, drink and cultural scene.

Chris Ohlund, CEO of Time Out Group, said:

"São Paulo is one of the world's great food cities and an exciting next step in Time Out Market's global expansion. We are delighted to partner with Benjamin Ramalho and the team at Giunina LLC to bring our market concept to the region and look forward to creating a destination that showcases the very best of the city's culinary and cultural talent."

Benjamin Ramalho, CEO of Giunina LLC and Founder of Time Out Market Brazil, said:

"We are thrilled to bring Time Out Market to one of South America's most vibrant cities. With its cultural diversity, dynamic food scene and a public eager to discover new experiences, São Paulo is a natural fit for the first Time Out Market in the region."

This is the second Time Out Market franchise agreement signed by the Group, following the launch of its franchise model in India in 2025, and represents a further step in the expansion of the Time Out Market business into new high-growth markets.

Under the franchise agreement, Giunina LLC, through Time Out Market Brazil, will be responsible for the development and operation of the Market in the country, including site selection, leasing, culinary curation and day-to-day operations, with strategic guidance and support from Time Out Group. The Group will generate revenue through contractual franchise fees and ongoing payments, while not contributing capital towards the development of the Market.

The exact location, opening date and culinary partners will be announced in due course.

The existing Market portfolio and expected opening schedule based on calendar year is as follows: