Financial Data and Key Metrics Changes - System sales grew 4% year-over-year, outpacing the China restaurant industry, while same-store sales grew for the second consecutive quarter [4][12] - Restaurant margin expanded to 17.3%, contributing to an 8% year-over-year increase in operating profit to $400 million, a record for adjusted operating profit in quarter three [4][14] - Net income was $282 million, down 5% year-over-year, but grew 7% year-over-year when excluding the investment in Meituan [14][15] Business Line Data and Key Metrics Changes - KFC opened a record 402 net new stores, with system sales growing 5% and same-store sales growing 2% [10][12] - Pizza Hut surpassed the 4,000-store milestone, with system sales growth improving sequentially from 2% in Q1 to 4% in Q3, and same-store sales growth of 1% driven by 17% same-store transaction growth [12][18] - K-Coffee Café expanded to 1,800 locations, with daily cups sold per store increasing 30% year-over-year [10] Market Data and Key Metrics Changes - Delivery sales accounted for 51% of total sales, up from 40% in the same quarter last year, indicating a shift in consumer purchasing behavior [9] - Lower-tier cities performed slightly better due to greater domestic travel, reflecting a trend in consumer spending [32] Company Strategy and Development Direction - The company is focused on a multi-brand portfolio and operational efficiency, leveraging synergies across brands to drive growth [19][20] - The LGM strategy (Resilience, Growth, Moat) continues to guide the company's operations and expansion plans [21] - The company aims to reach 20,000 stores by the end of 2026, with a commitment to return approximately $1.5 billion to shareholders annually from 2024 to 2026 [5][16] Management's Comments on Operating Environment and Future Outlook - Management noted that while the environment remains challenging, they are optimistic about maintaining mid-single-digit system sales growth and improving margins [17][18] - The company is committed to menu innovation and operational efficiency to navigate the competitive landscape and consumer price sensitivity [32][33] Other Important Information - The company plans to continue its focus on new growth drivers, including K-Pro and K-Coffee, which are designed to capture different customer segments [19][51] - The company is on track for 1,600-1,800 net new stores in 2025, with a capital expenditure target of $600 million-$700 million [16][17] Q&A Session Summary Question: Delivery platform subsidy impact and competitive landscape - Management observed a decrease in subsidies in coffee and tea but only a slight decrease in QSL, expecting limited impact on the company [26] - Long-term, management believes subsidies will normalize, emphasizing the importance of menu innovation and food quality [26] Question: Macro perspective on the restaurant industry in China - Management noted good performance in Q3, with lower-tier cities performing slightly better due to domestic travel, while consumers remain value-cautious [32][33] Question: Expansion strategy focusing on smaller formats and franchise stores - Management indicated that the ratio of system sales growth to store count growth may not remain constant due to strategic optimizations and timing of openings [35][36] Question: Delivery order mix and membership sales - Management clarified that the decrease in membership sales contribution is a mechanical result of increased aggregator orders, and they are working on improving delivery efficiency [42][43] Question: KFC business operating leverage - Management acknowledged that the increase in delivery mix has created headwinds for operating leverage but remains committed to maintaining stable restaurant margins [56] Question: Sustainability of KFC's same-store sales growth - Management expressed optimism about maintaining similar same-store sales growth levels, emphasizing the importance of transaction growth [60][61]

CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES Q3 2025 SUPPLEMENTAL INFORMATION November 4, 2025 The forward-looking statements included in this presentation are made only as of the date hereof and are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. NON-GAAP FINANCIAL MEASURE ...

Core Insights - The analysis of Jerónimo Martins has shown positive developments since the last review, indicating a favorable trend in the company's performance [1] Company Overview - Jerónimo Martins operates in the retail sector, focusing on food distribution and retailing, with a significant presence in Portugal and Poland [1] Analyst Background - The analyst specializes in the U.S. restaurant industry, covering various segments including quick-service, fast casual, and fine dining, with a focus on uncovering hidden value in micro and small-cap stocks [2] Research Methodology - The research employs advanced financial modeling and sector-specific KPIs to provide insights into potential investment opportunities within the consumer discretionary and food & beverage sectors [2] Market Position - The company is positioned to benefit from trends in consumer behavior and market dynamics, which may enhance its competitive edge in the retail space [1]

Group 1: Palantir Technologies - Palantir Technologies reported third-quarter earnings that exceeded Wall Street expectations, with a revenue forecast of $1.33 billion for the fourth quarter, surpassing analysts' expectations of $1.19 billion [1][5] - The company's stock initially rose after the earnings report but later fell over 7% in extended trading, despite a 25-fold increase in shares over the past three years and a 170% rise this year [5] - CEO Alex Karp attributed the strong performance to artificial intelligence and addressed critics during the earnings call, while also discussing controversial contracts with U.S. Immigration and Customs Enforcement [5] Group 2: Yum Brands and Pizza Hut - Yum Brands announced it is exploring strategic options for Pizza Hut, indicating a potential sale, as the brand's performance has declined post-pandemic [2][3] - The company reported third-quarter earnings that narrowly beat revenue expectations, reflecting a "K-shaped" economic recovery [4] Group 3: Kimberly-Clark and Kenvue - Kimberly-Clark is acquiring Kenvue in a $48.7 billion deal, which could create a significant player in the consumer staples market [5][6] - Following the announcement, Kimberly-Clark's shares dropped 14%, while Kenvue's shares surged 12% [6] Group 4: Starbucks - Starbucks is forming a joint venture with Boyu Capital to manage its China business, valued at over $13 billion, in a $4 billion deal expected to close in the second quarter of the 2026 fiscal year [11][12] - The China business has faced challenges due to the pandemic and competition, leading to a decrease in average ticket prices and profits [12]

Core Insights - Domino's reported a solid performance in Q3 2025, demonstrating positive sales and operational momentum despite a challenging consumer environment [2][3] - The introduction of the Chick 'N' Dip brand has shown promising initial results, with more details expected at the upcoming Investor Day [2] - Franchisees are leading the industry with impressive delivery times and are actively working to manage increasing costs and potential budget impacts [3] Financial Performance - The company is on track to meet its full-year profit expectations, indicating strong financial health moving into the next year [3] Strategic Outlook - Domino's is well-positioned to handle future challenges and is optimistic about its success in the latter part of the year and into the next [3]

| Sales Growth | | Margin Gains | | Store Expansion | | | --- | --- | --- | --- | --- | --- | | System Sales | Same-store | OP | Restaurant | Net New | Total | | Growth1 | Sales Growth1 | Margin | Margin | Stores | Stores | | +4% | +1% | 12.5% | 17.3% | 536 | 17,514 | | Q3 YoY | | +40 bps | +30 bps | In Q3 | | | 11th Same-store transaction growth | consecutive quarter | Q3 YoY | | KFC: Fastest openings Q3 YTD | | | | | | | Pizza Hut: Total stores surpassed 4,000 | | | +4% YoY | | | | | | | Strong Growth in ...

Core Insights - First Watch Restaurant Group reported a same-restaurant sales growth of 7.1% and total revenues increased by 25.6% to $316.0 million for Q3 2025 compared to $251.6 million in the same period of 2024 [1][7] - The company opened 21 new system-wide restaurants across 14 states, bringing the total to 620 restaurants [1][7] - Net income for the quarter was $3.0 million, or $0.05 per diluted share, compared to $2.1 million, or $0.03 per diluted share, in Q3 2024 [1][7] Financial Performance - Adjusted EBITDA for Q3 2025 was $34.1 million, up from $25.6 million in Q3 2024 [1][7] - System-wide sales increased by 20.9% to $352.7 million compared to $291.8 million in the same period of 2024 [7] - Restaurant-level operating profit margin improved to 19.7% from 18.9% in the same period of 2024 [7] Operational Highlights - Same-restaurant traffic growth was recorded at 2.6% [7] - The company plans to guide to the high end of its previous range for FY25 adjusted EBITDA at approximately $123 million [3][6] - Capital expenditures for the fiscal year are projected to be around $150 million, primarily for new restaurant projects and remodels [8] Future Outlook - The company anticipates opening 60 to 61 new system-wide restaurants in FY25, net of closures [8] - The updated guidance for total revenue growth is approximately 20.0%-21.0% for FY25 [8] - The company remains confident in achieving a robust finish to the year with continued aggressive growth [3]

Core Insights - Yum Brands reported strong quarterly earnings and revenue growth, driven by robust demand for Taco Bell and improved sales for KFC [1][2] Financial Performance - The company reported a third-quarter net income of $397 million, or $1.41 per share, an increase from $382 million, or $1.35 per share, a year earlier [2] - Excluding costs related to the strategic review of Pizza Hut, adjusted earnings per share were $1.58 [3][7] - Net sales rose 8% to $1.98 billion, slightly above the expected $1.97 billion [3][7] Sales Performance - Taco Bell's same-store sales increased by 7%, surpassing analyst estimates of 5.2% growth, attributed to its value perception and menu innovation [4] - KFC reported same-store sales growth of 3%, exceeding estimates of 2.4%, with system sales in China rising by 6% [5] - Pizza Hut was the only brand to experience a decline, with same-store sales falling by 1%, driven by a 7% drop in U.S. locations [6] Digital Sales - Yum's digital sales reached $10 billion system-wide, accounting for approximately 60% of total orders [3] Strategic Moves - The company announced plans to review strategic options for Pizza Hut, which has struggled to attract diners in recent years [2] - Yum is acquiring 128 Taco Bell locations in the Southeast U.S., with 98% of its restaurants being franchised [4]

Yum! Brands has initiated a strategic review for Pizza Hut, exploring options for the struggling chain as it falls behind in the highly competitive pizza market https://t.co/5brDl1Ppuh ...

Core Viewpoint - Westlife Foodworld, the master franchisee for McDonald's in western and southern India, is launching a 20-minute delivery option on its app to boost sales and reduce reliance on third-party delivery platforms [1][2]. Group 1: Strategic Initiatives - The company aims to increase same-store sales by 3% to 5% by 2027 through the introduction of the 20-minute delivery service [1]. - Delivery currently accounts for approximately 40% of Westlife's total sales, indicating its significance in the business model [2]. - The accelerated delivery model has been piloted successfully, showing promising results [2]. Group 2: Financial Performance - For the quarter ending September 30, Westlife reported a consolidated loss before exceptional items and tax of Rs158.5 million, a decline from a profit of Rs7.1 million year-on-year [4]. - Same-store sales fell by 2.8% during the same period, with overall expenses increasing by 7% due to rising input and labor costs [4]. - Revenue increased by 3.8% to Rs6.42 billion, bolstered by a one-time gain of Rs581.7 million from the sale of a store property [4]. Group 3: Market Context - The quick-service restaurant sector in India is experiencing softer demand, particularly in major cities where Westlife operates [3]. - Increased competition from local outlets in metro markets is challenging established players [3]. - Rival Jubilant FoodWorks, which operates Domino's in India, has responded to market conditions by reducing prices and offering a 30-minute delivery guarantee [3]. Group 4: Future Plans - Westlife plans to open 300 additional McDonald's outlets by 2027, indicating a commitment to expansion despite current market challenges [4].