Does Belocal include financial information about Publications managed by its affiliate in the disclosure document?

According to Belocal's 2025 Franchise Disclosure Document, the company does not include financial information regarding publications managed by its affiliate in the disclosure document. Belocal also excludes financial information from franchisees operating the 13 test publications.

This means that prospective franchisees will not have access to financial performance data from these specific segments of Belocal's operations when evaluating the franchise opportunity. The financial performance data presented in Item 19 is based on 84 BeLocal Publications that were in print as of June 30, 2024, and had been in print for a full year, as well as 88 active franchisees for the reporting period from July 1, 2024, through June 30, 2025.

It is important for potential franchisees to be aware of these exclusions and to consider their impact on the overall financial picture presented. While Belocal provides financial performance representations for a subset of its publications and franchisees, the absence of data from affiliate-managed publications and test publications may limit the scope of the information available for decision-making. Prospective franchisees may want to inquire directly with Belocal about the performance of these excluded publications to gain a more comprehensive understanding, keeping in mind that Belocal is not obligated to provide this information.