What exhibit contains Bhc's unaudited opening balance sheet?

According to Bhc's 2025 Franchise Disclosure Document, the company's unaudited opening balance sheet is found in Exhibit C. Additionally, Exhibit C includes BHC USA LLC's audited financial statements for the fiscal years ended as of December 31, 2024, along with an independent accountant's compilation report. The company's fiscal year-end is December 31st.

Prospective franchisees should review these financial statements carefully to understand Bhc's financial health and performance. The opening balance sheet provides a snapshot of the company's assets, liabilities, and equity at a specific point in time, while the audited financial statements offer a more detailed look at its financial performance over the past fiscal year.

It is important to note that the opening balance sheet is unaudited, meaning it has not been independently verified by an accountant. While this does not necessarily mean the information is inaccurate, it does mean that prospective franchisees should exercise caution and conduct their own due diligence to verify the information. The audited financial statements, on the other hand, have been verified by an independent accountant, providing a higher level of assurance as to their accuracy.

Franchisees should pay close attention to the accountant's compilation report, which provides an opinion on the fairness of the financial statements. A clean opinion indicates that the financial statements are presented fairly in accordance with generally accepted accounting principles. Any qualifications or disclaimers in the opinion should be carefully reviewed and understood.