Financial Data and Key Metrics Changes - In Q3 2025, the company reported revenue of $424 million, a 25% increase or $85 million compared to the same quarter last year [22][24] - Adjusted EBITDA for the quarter was $78 million, reflecting a 22% increase or $14 million year-over-year [24][25] - Adjusted EPS rose to $0.19, up from $0.16, marking a 19% increase from Q3 of the previous year [28] Business Line Data and Key Metrics Changes - Company-operated revenue reached $393 million, a 27% increase or $85 million year-over-year, with same shop sales growth of 7.4% driven by 6.8% transaction growth [25][26] - System-wide same shop sales growth was 5.7%, supported by a 4.7% increase in system transaction growth [22][23] Market Data and Key Metrics Changes - The company successfully expanded into six new states in 2025, bringing its total presence to 24 states [5][6] - The average unit volumes (AUVs) across the system reached record highs, indicating strong customer demand and brand appeal [5][19] Company Strategy and Development Direction - The company aims to open approximately 175 new system shops in 2026, with a long-term goal of 2,029 shops by 2029 [6][30] - The strategic focus includes enhancing the food program to drive breakfast and morning day part occasions, with plans to complete the rollout by the end of 2026 [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term durability of the business model and the effectiveness of transaction-driving initiatives, raising full-year guidance for total revenues and same shop sales growth [7][30] - The company noted that transaction growth has been consistent, marking the fifth consecutive quarter of growth, and highlighted the importance of culture and customer experience in driving sales [21][22] Other Important Information - The company has invested in advanced analytics and tools to maintain momentum as it scales, reinforcing its long-term financial model [20][30] - Coffee costs are expected to remain elevated into 2026, impacting margins, while labor costs are anticipated to be affected by regulatory changes in California [26][45] Q&A Session Summary Question: What are the key levers for traffic growth and future innovations? - Management believes there is significant runway in innovation, paid advertising, and the Dutch Rewards program, with ongoing efforts to segment customer offers [32][33] Question: How is the company performing among younger consumers? - The company reported strong performance among younger cohorts, with 75% of transactions coming from Dutch Rewards, indicating brand loyalty despite economic challenges [35] Question: Can you provide insights on customer feedback regarding the food program? - Customer and employee feedback has been positive, with improvements noted as the food program rolls out in new markets [36][37] Question: What is the impact of food on ticket dynamics? - The company noted a 4% comp lift in shops that have food, with a significant portion coming from transaction growth [40] Question: How has competition affected sales in new markets? - Management reported no negative impact from competitors in new markets, maintaining strong sales momentum [41] Question: What are the dynamics of the paid advertising efforts? - The company plans to continue ramping up paid advertising to build brand awareness and drive transactions through the Dutch Rewards program [54][55] Question: How is the mobile order and pay feature performing? - The mobile order mix reached 13%, with expectations for growth as new shops are rolled out [56][57] Question: What operational changes are needed for the food rollout? - The company is adding new equipment and training to ensure that food offerings do not slow down service, with positive throughput metrics observed [58][59]

Summary of Curtiss Wright's Presentation at the William Blair Growth Stock Conference Company Overview - **Company**: Curtiss Wright - **Industry**: Aerospace and Defense - **Key Personnel**: CEO Lynn Bamford, CFO Chris Farkas, Head of Investor Relations Jim Ryan - **Milestone**: Celebrated 95 years on the New York Stock Exchange [8][9] Core Messages - **Pivot to Growth Strategy**: Launched four years ago, focusing on growth and operational excellence [6][12] - **Financial Performance**: Strong financial results with a track record of achieving financial targets set during Investor Days [7][12] - **Engineering Workforce**: Approximately 9,000 employees, with 2,000 engineers, emphasizing collaboration and talent development [11] Operational Strategies - **Operational Growth Platform**: Focus on maximizing profitability through commercial and operational excellence [12] - **R&D Investments**: Increased R&D investments above sales growth, contributing to margin expansion and earnings growth in the mid-teens [12][26] - **Cost Efficiency**: Ongoing consolidation programs to drive efficiencies and reinvest in the business [13] End Markets and Growth Opportunities - **Navy Footprint**: Significant supplier for U.S. Navy platforms, targeting increased content for future generation platforms [19][20] - **Defense Electronics**: Partnership with NVIDIA to enhance electronics capabilities for battlefield technology [20] - **Nuclear Industry**: Focus on aftermarket services, life extensions, and new reactor builds, including small modular reactors (SMRs) [18][22][24] Market Trends - **Commercial Aerospace**: Anticipated multiyear ramp in growth, heavily focused on OEM [31] - **Foreign Military Spending**: Increased spending contributing to growth in defense markets [31] - **Nuclear Energy Expansion**: Targeting significant growth in nuclear energy, with potential for $1.5 billion in market share from Eastern Europe and additional opportunities from U.S. reactor builds [28][39][40] Financial Targets and Performance - **Sales Growth**: Targeting over 5% organic sales growth, with mid to high single-digit growth in defense markets [31] - **Operating Margins**: Expected operating margin expansion, with a current target of 18.4% [34] - **Free Cash Flow**: Projecting $1.3 billion in free cash flow over three years, with a strong focus on capital allocation [35][36] Future Outlook - **Nuclear Reactor Opportunities**: Anticipating orders for AP1000 reactors in 2026, with significant growth potential in the nuclear sector [43] - **Strategic Partnerships**: Collaborations with major players in the nuclear industry to enhance market position [40][41] Conclusion - **Investment Proposition**: Curtiss Wright's pivot to growth strategy is yielding positive results, with strong market positioning and a focus on delivering value to shareholders [28][29]