Q4 2026 Guzman Y Gomez Ltd Earnings Call

August 21, 2026

Speaker #1: Thank you for standing by, and welcome to the Guzman y Gomez Ltd. (GYG) investor call. All participants are in listen-only mode. There will be a presentation followed by a question-and-answer session.

Operator: Thank you for standing by, and welcome to the Guzman y Gomez Limited, GYG investor call. All participants are in listen only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number 1 on your telephone keypad. I would now like to hand the conference over to Mr. Steven Marks, Founder and Co-CEO. Please go ahead.

Operator: Thank you for standing by, and welcome to the Guzman y Gomez Limited, GYG investor call. All participants are in listen only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Steven Marks, Founder and Co-CEO. Please go ahead.

Speaker #1: If you wish to ask a question, you will need to press the star key followed by the number 1 on your telephone keypad. I would now like to hand the conference over to Mr. Stephen Marks, Founder and Co-CEO. Please go ahead.

Speaker #2: Good morning, everyone, and thank you for joining us. This year marks a very special milestone for GYG: 20 years since we opened our very first restaurant in Newtown, Sydney.

Steven Marks: Good morning, everyone, and thank you for joining us. This year marks a very special milestone for GYG, 20 years since we opened our very first restaurant in Newtown, Sydney. We are incredibly proud of the growth we have been able to achieve in this time and the people who have been there on this journey with us. We started GYG with a simple belief. Customers had been sold bad food for too long and we wanted to do better. Our vision? To reinvent fast food and change the way the masses eat. That means serving clean, Mexican-inspired food that is full of flavor and made with the best quality fresh produce. We will never compromise on our food or our people. These are the foundations to our mission to be the best and biggest restaurant company in the world.

Speaker #2: We are incredibly proud of the growth we have been able to achieve during this time, and of the people who have been there on this journey with us.

Speaker #2: We started GYG with a simple belief: customers had been sold bad food for too long, and we wanted to do better. Our vision is to reinvent fast food and change the way the masses eat.

Steven Marks: Our vision? To reinvent fast food and change the way the masses eat. That means serving clean, Mexican-inspired food that is full of flavor and made with the best quality fresh produce. We will never compromise on our food or our people. These are the foundations to our mission to be the best and biggest restaurant company in the world.

Speaker #2: That means serving clean, Mexican-inspired food that's full of flavor and made with the best quality, fresh produce. We will never compromise on our food or our people.

Speaker #2: These are the foundations of our mission: to be the best and biggest restaurant company in the world. We have a mindset and a culture in our business that prioritizes making the right long-term decisions, so we can build a sustainable fast food model for the next generation.

Steven Marks: We have a mindset and a culture in our business that prioritizes making the right long-term decisions so we can build a sustainable fast food model for the next generation. This year, we made some difficult choices, including the decision to close our US operations, which we will come to a bit later on. But our conviction in the potential of this business has never been stronger. Moving now to FY26. This was another strong year for GYG as we focused on building momentum and investing in the foundations that will carry us into our next phase of growth. I will now take you through some highlights and note these exclude our discontinued operations in the US. We reached AUD 1.4 billion in network sales, up 18% on the prior year. Our underlying EBITDA was AUD 85 million, up 29%.

Speaker #2: This year, we made some difficult choices, including the decision to close our U.S. operations, which we will come to a bit later on. But our conviction in the potential of this business has never been stronger.

Speaker #2: Moving out of FY26, this was another strong year for GYG as we focused on building momentum and investing in the foundations that will carry us into our next phase of growth.

Steven Marks: Moving now to FY 2026. This was another strong year for GYG as we focused on building momentum and investing in the foundations that will carry us into our next phase of growth. I will now take you through some highlights and note these exclude our discontinued operations in the US. We reached AUD 1.4 billion in network sales, up 18% on the prior year. Our underlying EBITDA was AUD 85 million, up 29%.

Speaker #2: I will now take you through some highlights, and note these exclude our discontinued operations in the U.S. We reached $1.4 billion in network sales, up 18% on the prior year.

Speaker #2: Our underlying EBITDA was $85 million, up 29%. Our record underlying NPAT was $53 million, up 30%. Including discontinued operations—that is, including the U.S.

Steven Marks: Our record underlying NPAT of AUD 53 million, up 30%, including discontinued operations, that is including the US trading results and closure costs, we reported a statutory NPAT loss of AUD 27 million. Finally, we are happy to announce that the board has declared a fully franked final dividend of AUD 0.406 per share, which includes a special dividend of AUD 0.144 per share. This brings the full year dividend to AUD 0.48 per share. Our focus on food and guest experience has delivered good results this year. Our Australia segment delivered comp sales growth of 5.3%, underpinned by strong transactional growth. We opened 32 restaurants in Australia, in line with guidance. Across our network, we achieved an overall network restaurant margin of 20%, with drive-throughs achieving 22% margins. Our franchisees continue to perform very well and are generating strong returns on their investment.

Speaker #2: Including trading results and closure costs, we reported a statutory NPAT loss of $27 million. Finally, we are happy to announce that the Board has declared a fully franked final dividend of 40.6 cents per share, which includes a special dividend of 14.4 cents per share.

Speaker #2: This brings the full-year dividend to $0.48 per share. Our focus on food and guest experience has delivered good results this year. Our Australia segment delivered comparable sales growth of 5.3%, underpinned by strong transactional growth.

Steven Marks: Our focus on food and guest experience has delivered good results this year. Our Australia segment delivered comp sales growth of 5.3%, underpinned by strong transactional growth. We opened 32 restaurants in Australia, in line with guidance. Across our network, we achieved an overall network restaurant margin of 20%, with drive-throughs achieving 22% margins. Our franchisees continue to perform very well and are generating strong returns on their investment.

Speaker #2: We opened 32 restaurants in Australia, in line with guidance. Across our network, we achieved an overall network restaurant margin of 20%, with drive-throughs achieving 22% margins.

Speaker #2: Our franchisees continue to perform very well and are generating strong returns on their investment. We doubled the number of restaurants trading 24/7 to 36, and we now have 117 restaurants in our pipeline, with commercial terms agreed at year-end.

Steven Marks: We doubled the number of restaurants training 24/7 to 36, and we now have 117 restaurants in our pipeline, with commercial terms agreed at year-end. Our pipeline continues to grow in size and quality, and it is one of the things we are most excited about heading into the next year. This year builds an impressive track record of sales growth across our global restaurant network. Our strong sales growth continues to translate into very strong earnings growth, underpinned by the operating leverage that is embedded into our business model. This slide outlines progress we have made on our drivers of earnings growth during the year. Sales momentum continued to improve throughout the year, led by transactional growth. Like I just said, we expanded our network and grew our pipeline.

Speaker #2: Our pipeline continues to grow in size and quality, and it's one of the things we're most excited about heading into next year. This year, it builds on an impressive track record of sales growth across our global restaurant network.

Speaker #2: And our strong sales growth continues to translate into very strong earnings growth, underpinned by the operating leverage that's embedded in our business model. This slide outlines the progress we have made on our drivers of earnings growth during the year.

Steven Marks: Our strong sales growth continues to translate into very strong earnings growth, underpinned by the operating leverage that is embedded into our business model. This slide outlines progress we have made on our drivers of earnings growth during the year. Sales momentum continued to improve throughout the year, led by transactional growth. Like I just said, we expanded our network and grew our pipeline.

Speaker #2: Sales momentum continued to improve throughout the year, led by transactional growth. Like I just said, we expanded our network and grew our pipeline. Our franchisees continue to be extremely healthy, and we are seeing strong demand for new restaurant openings, both from internal and external applicants.

Steven Marks: Our franchisees continue to be extremely healthy, and we are seeing strong demand for new restaurant openings, both from internal and external applicants. We continue to innovate in our kitchens, including adding new digital training tools to make it easier for our crew. One area we are particularly excited about is electrifying some of our cooking equipment in FY27 after successful trials this year. We continue to invest in digital and technology with more of our guests choosing to use our app to transact, which brings exciting opportunities for more personalized experiences. We built our order management system, OMS, using AI in-house, and it is already live. We are seeing very strong results from its initial features, and we are just getting started. Finally, we have exited our US operations and are pleased with performance of our massive franchise markets of Singapore and Japan.

Speaker #2: We continue to innovate in our kitchens, including adding new digital training tools to make it easier for our crew. One area we are particularly excited about is electrifying some of our cooking equipment in FY27 after successful trials this year.

Speaker #2: We continue to invest in digital and technology, with more of our guests choosing to use our app to transact, which brings exciting opportunities for more personalized experiences.

Steven Marks: We continue to invest in digital and technology with more of our guests choosing to use our app to transact, which brings exciting opportunities for more personalized experiences. We built our order management system, OMS, using AI in-house, and it is already live. We are seeing very strong results from its initial features, and we are just getting started.

Speaker #2: We built our order management system, OMS, using AI in-house, and it's already live. We're seeing very strong results from its initial features, and we're just getting started.

Speaker #2: Finally, we have exited our U.S. operations and are pleased with the performance of our major franchise markets in Singapore and Japan. I'll now hand over to our CFO, Eric, to take you through FY26 performance.

Steven Marks: Finally, we have exited our US operations and are pleased with performance of our massive franchise markets of Singapore and Japan. I will now hand over to our CFO, Erik, to take you through FY 2026 performance.

Steven Marks: I will now hand over to our CFO, Erik, to take you through FY26 performance.

Speaker #3: Good morning, everyone. As Stephen mentioned, it's been another year of strong growth in our Australian segment. A key highlight of the result is how our strong network sales growth has translated into even stronger earnings growth.

Erik du Plessis: Good morning, everyone. As Steven mentioned, it has been another year of strong growth in our Australian segment. A key highlight of the result is how our strong network sales growth has translated into even stronger earnings growth. Included on this slide is what GYG's earnings look like on an underlying basis, adjusting for the impact of accounting standards that cover leases, share-based expenses, and other non-operating adjustments. As you can see, the underlying earnings power of the company is very strong and growing, resulting in 33.9% growth in underlying EPS on a diluted basis to AUD 0.521 per share. This measure is important to understanding GYG's underlying performance, and it will be the basis on which dividends are determined on an ongoing basis. We also incurred a material loss from discontinued operations in the US during the second half, which I will cover in detail on the next slide.

Speaker #3: Included on this slide is what GYG's earnings look like on an underlying basis, adjusting for the impact of accounting standards that cover leases, share-based expenses, and other non-operating adjustments.

Speaker #3: As you can see, the underlying earnings power of the company is very strong and growing, resulting in 33.9% growth in underlying EPS on a diluted basis to 52.1 cents per share.

Erik du Plessis: As you can see, the underlying earnings power of the company is very strong and growing, resulting in 33.9% growth in underlying EPS on a diluted basis to AUD 0.521 per share. This measure is important to understanding GYG's underlying performance, and it will be the basis on which dividends are determined on an ongoing basis. We also incurred a material loss from discontinued operations in the US during the H2, which I will cover in detail on the next slide.

Speaker #3: This measure is important to understanding GYG's underlying performance, and it will be the basis on which dividends are determined on an ongoing basis. We also incurred a material loss from discontinued operations in the U.S.

Speaker #3: During the second half, which I'll cover in detail on the next slide. The decision to exit the U.S. market this year was a difficult one.

Erik du Plessis: The decision to exit the US market this year was a difficult one. While we firmly believe it was the right one, we acknowledge the significant impact it has had, both financially and on our US team. As Steven said, the wind down of our US restaurant operations is now complete. We have completely exited 9 out of our 10 leases with commercial negotiations close to being finalized on the remaining sites. We have met all team member entitlements and the US class action has been discontinued. US operations are now accounted for as discontinued operations, capturing both the trading loss of USD 15.2 million and one-off closure costs of USD 32.8 million. We expect the P&L impact to land at the lower end of our guided range of USD 30 to 40 million, with any remaining impact in FY27 not expected to be material.

Speaker #3: While we firmly believe it was the right one, we acknowledge the significant impact it has had, both financially and on our U.S. team. As Stephen said, the wind-down of our U.S. operations...

Speaker #3: Restaurant operations are now complete. We have completely exited 9 out of our 10 leases, with commercial negotiations close to being finalized on the remaining site.

Speaker #3: We have met all team member entitlements, and the U.S. class action has been discontinued. U.S. operations are now accounted for as discontinued operations, capturing both the trading loss of $15.2 million.

Erik du Plessis: We have met all team member entitlements and the US class action has been discontinued. US operations are now accounted for as discontinued operations, capturing both the trading loss of USD 15.2 million and one-off closure costs of USD 32.8 million. We expect the P&L impact to land at the lower end of our guided range of USD 30 to 40 million, with any remaining impact in FY 2027 not expected to be material.

Speaker #3: and one-off closure costs of $32.8 million U.S. We expect the P&L impact to land at the lower end of our guided range of $30 to $40 million U.S., with any remaining impact in FY27 not expected to be material.

Speaker #3: Also, in line with the guidance we provided in May, total cash exit costs are not expected to exceed US$15 million, with $3 million incurred during FY26.

Erik du Plessis: Also, in line with the guidance we provided in May, total cash exit costs are not expected to exceed USD 15 million, with USD 3 million incurred during F26. While almost all lease exits have been agreed, most payments were made after 30 June 2026. Turning to our core markets in more detail. We saw good growth across Australia and Asia this year. In Australia, we saw comp growth across all day parts, with double digit comps in breakfast and after 9:00 PM. This was supported by more restaurants converting to 24/7. In Australia, we highlighted the great value offerings in our menu with an increase in guest frequency year on year and an increase in value perception among our guests. We opened 3 new restaurants in Singapore this year, with both Singapore and Japan planning to open more restaurants in F27.

Speaker #3: While almost all lease exits have been agreed, most payments were made after June 30, 2026. Now, turning to our core markets in more detail.

Speaker #3: We saw good growth across Australia and Asia this year. In Australia, we saw comparable growth across all dayparts, with double-digit comps in breakfast and after 9:00 p.m.

Speaker #3: This was supported by more restaurants converting to 24/7. In Australia, we highlighted the great value offerings in our menu, with an increase in guest frequency year-on-year and an increase in value perception among our guests.

Erik du Plessis: This was supported by more restaurants converting to 24/7. In Australia, we highlighted the great value offerings in our menu with an increase in guest frequency year on year and an increase in value perception among our guests. We opened 3 new restaurants in Singapore this year, with both Singapore and Japan planning to open more restaurants in F27.

Speaker #3: We opened three new restaurants in Singapore this year, with both Singapore and Japan planning to open more in FY27. In the Australia segment, we achieved a strong result of $85 million in underlying EBITDA.

Erik du Plessis: In the Australia segment, we achieved a strong result of AUD 85 million in underlying EBITDA. This represents a 29% increase on last year, lifting underlying EBITDA as a percentage of network sales by 50 basis points to 6.2%. The health of our network continues to grow despite our decision to keep menu price growth well below the level of cost growth. Operating leverage still delivered with network restaurant margins expanding 20 basis points to 20.3%, which was also supported by increasing mix towards higher margin drive-throughs. Our corporate restaurants also delivered significant growth, with sales up 22% and earnings up 17%. As we flagged at the half year result, corporate restaurant margins was impacted by lower corporate comp sales as well as the timing of new restaurant openings. I want to put the new openings into perspective.

Speaker #3: This represents a 29% increase on last year, lifting underlying EBITDA as a percentage of network sales by 50 basis points to 6.2%. The Health Bar network continues to grow despite our decision to keep menu price growth well below the level of cost growth.

Speaker #3: Operating leverage still delivered, with network restaurant margins expanding 20 basis points to 20.3%, which was also supported by an increasing mix towards higher-margin drive-throughs.

Erik du Plessis: Operating leverage still delivered with network restaurant margins expanding 20 basis points to 20.3%, which was also supported by increasing mix towards higher margin drive-throughs. Our corporate restaurants also delivered significant growth, with sales up 22% and earnings up 17%. As we flagged at the half year result, corporate restaurant margins was impacted by lower corporate comp sales as well as the timing of new restaurant openings. I want to put the new openings into perspective.

Speaker #3: Our corporate restaurants also delivered significant growth, with sales up 22% and earnings up 17%. As we flagged at the half-year result, corporate restaurant margins were impacted by lower corporate comp sales as well as the timing of new restaurant openings.

Speaker #3: I want to put the new openings into perspective. In the last 18 months, we've opened 21 new corporate restaurants, all of which were ramping up during FY26.

Erik du Plessis: In the last 18 months, we have opened 21 new corporate restaurants, all of which were ramping up during F26. We also made the deliberate decision to invest additional labor in opening our corporate restaurants and delivering a better guest experience in the first few months. These investments are delivering strong results. Going forward, we expect a significant improvement in corporate restaurant margins heading into F27 as newer restaurants continue to grow sales and the operating leverage comes through. Franchise and other revenue growth was driven by new franchise openings, higher franchise AUVs, and more restaurants transitioning to the tiered royalty structure. We saw effective operating leverage in G&A, which included a lower bonus payment in F26. I will now hand over to Hilton to talk through restaurant economics, comp growth and real estate.

Speaker #3: We also made the deliberate decision to invest additional labor in opening our corporate restaurants and delivering a better guest experience in the first few months.

Speaker #3: These investments are delivering strong results, and going forward, we expect a significant improvement in corporate restaurant margins heading into FY27 as newer restaurants continue to grow sales and the operating leverage comes through.

Speaker #3: Franchise and other revenue growth was driven by new franchise openings, higher franchise AUVs, and more restaurants transitioning to the tiered royalty structure. We also saw effective operating leverage in G&A, which included a lower bonus payment in Q4 2026.

Erik du Plessis: ranchise and other revenue growth was driven by new franchise openings, higher franchise AUVs, and more restaurants transitioning to the tiered royalty structure. We saw effective operating leverage in G&A, which included a lower bonus payment in F26. I will now hand over to Hilton to talk through restaurant economics, comp growth and real estate.

Speaker #3: I'll now hand over to Hilton to talk through restaurant economics, comp growth, and real estate.

Speaker #4: One thing we're extremely proud of at G&A is the strength of our restaurant economics. This year, we grew average drive-thru average unit volumes to $6.9 million.

Hilton Brett: One thing we are extremely proud of achieving is the strength of our restaurant economics. This year, we grew average drive-through, average unit volumes to AUD 6.9 million. While average AUVs for strip restaurants held on year-on-year at AUD 5 million. We opened 26 new drive-throughs in Australia this year, taking the total to 143. Network restaurant margins were super 22% for drive-throughs and 18% for strips. Drive-through margins expanded while strips slightly decreased. This reflects new restaurant mix effects and lower comp growth in strip restaurants, partly offset by chicken strategy and only modest comps inflation. To reiterate Erik's comment earlier, the health of our network continues to grow despite very low menu price growth. That health has flown through to franchisee profitability during the year. As you know, the health of our franchisee network is critical to our collective success.

Speaker #4: While average AUVs for strip restaurants held year on year at $5 million, we opened 26 new drive-throughs in Australia this year, taking the total to 143.

Speaker #4: Network restaurant margins were circa 22% for drive-throughs and 18% for strips. Drive-through margins expanded, while strips slightly decreased. This reflects the new restaurant mix effect and lower comp growth in strip restaurants, partly offset by our chicken strategy and only modest COGS inflation.

Hilton Brett: This reflects new restaurant mix effects and lower comp growth in strip restaurants, partly offset by chicken strategy and only modest comps inflation. To reiterate Erik's comment earlier, the health of our network continues to grow despite very low menu price growth. That health has flown through to franchisee profitability during the year. As you know, the health of our franchisee network is critical to our collective success.

Speaker #4: To reiterate Eric's comment earlier, the health of our network continues to grow despite very low menu price growth. And that health has flowed through to franchisee profitability during the year.

Speaker #4: As you know, the health of our franchisee network is critical to our collective success. This year, franchisees achieved a compelling return on investment of 47%.

Hilton Brett: This year, franchisees achieved a compelling return on investment of 47%. This was contributed to by continued year-on-year growth in the median average unit volumes to AUD 5.8 million and restaurant margins expanding to 21%. We opened 19 franchise restaurants during the period and welcomed 10 new franchisees, including seven who transitioned roles in Hola Central to become owners. We are very proud of this model and we believe it will lead to continued strong performance of the business into the future. Now turning to comp sales. We talked to five key volume levers in our business, and we have made significant progress against each one of them throughout the year, layering in a number of enduring initiatives to enable us to deliver sustainable comp growth. On restaurant capacity, we are starting to see the operational benefits from our new order management system and continued investment in restaurant leadership.

Speaker #4: This was contributed to by continued year-on-year growth in the median average unit volumes to $5.8 million, and restaurant margins expanding to 21%. We opened 19 franchise restaurants during the period and welcomed 10 new franchisees, including 7 who transitioned roles in Hola Central to become owners.

Speaker #4: We are very proud of this model, and we believe it will lead to continued strong performance of the business into the future. Now, turning to comp sales.

Hilton Brett: Now turning to comp sales. We talked to five key volume levers in our business, and we have made significant progress against each one of them throughout the year, layering in a number of enduring initiatives to enable us to deliver sustainable comp growth. On restaurant capacity, we are starting to see the operational benefits from our new order management system and continued investment in restaurant leadership.

Speaker #4: We talked to five key volume levers in our business, and we have made significant progress against each one of them throughout the year, layering in a number of enduring initiatives to enable us to deliver sustainable comp growth.

Speaker #4: On restaurant capacity, we are starting to see the operational benefits from our new order management system and continued investment in restaurant leadership. Daypart expansion has been a key driver.

Hilton Brett: Daypart expansion has been a key driver. We delivered positive comp sales growth across all dayparts, led by breakfast and after 9:00 PM, which was further supported by extending trading hours across our network. Importantly, improving momentum in lunch and dinner drove the overall comp sales growth improvement in the H2. As always, menu innovation has been a key focus for us. We launched our Caesar range early in the year and our first two Australian LTOs, the Barbecue Chicken Dinner Crunch and the Cheeseburger Cali Tacos. These LTOs drove engagement with our brand and attracted new guests. On delivery and digital, we entered Australia's first exclusive strategic partnership with Uber Eats this year. Total delivery and digital orders now account for almost half of our network sales. We also became the first Australian QSR to integrate with Apple CarPlay.

Speaker #4: We delivered positive comp sales growth across all day parts, led by breakfast and after 9:00 p.m., which was further supported by extending trading hours across our network.

Speaker #4: Importantly, improving momentum in lunch and dinner drove the overall comp sales growth improvement in the second half. As always, menu innovation has been a key focus for us.

Speaker #4: We launched our Caesar range early in the year, and our first two Australian LTOs: the Barbecue Chicken Dumpling Crunch and the Cheeseburger Cali Tacos.

Speaker #4: These LTOs drove engagement with our brand and attracted new guests. On delivery and digital, we entered Australia’s first exclusive strategic partnership with Uber Eats this year.

Hilton Brett: These LTOs drove engagement with our brand and attracted new guests. On delivery and digital, we entered Australia's first exclusive strategic partnership with Uber Eats this year. Total delivery and digital orders now account for almost half of our network sales. We also became the first Australian QSR to integrate with Apple CarPlay.

Speaker #4: Total delivery and digital orders in our account for almost half of our network sales. We also became the first Australian QSR to integrate with Apple CarPlay.

Speaker #4: Finally, marketing has played a crucial role in driving comp sales growth, supporting the launch of Caesar and our LTOs, as well as other campaigns such as Double Protein, Minis, and our value bundles like the $12 Bricky Bundle or the $12 Chicken Mini Meal. This has contributed significantly to our sales movement through the year.

Hilton Brett: Finally, marketing has played a crucial role in driving comp sales growth, supporting the launch of Caesar and our LTOs, as well as other campaigns such as Double Protein, Minis, our value bundles like the $12 Brekkie Bundle or the $12 Chicken Mini Meal, has contributed significantly to our sales momentum through the year. Network expansion is continuing at pace. We finished the year with 117 board-approved sites in our pipeline with commercial feed, having added 62 new sites during the period. Around 85% of the pipeline is drive-throughs. The pipeline is the strongest it has been and provides us with very high levels of visibility of growth in the short and medium term, but also reaching our long-term aspiration of around 1,000 restaurants in Australia over time. I will now hand back to Erik to take us through our cash flow.

Speaker #4: Network expansion is continuing at pace. We finished the year with 117 board-approved sites in our pipeline, with commercial Q3 having added 62 new sites during the period. Around 85% of the pipeline was drive-throughs.

Hilton Brett: Around 85% of the pipeline is drive-throughs. The pipeline is the strongest it has been and provides us with very high levels of visibility of growth in the short and medium term, but also reaching our long-term aspiration of around 1,000 restaurants in Australia over time. I will now hand back to Erik to take us through our cash flow.

Speaker #4: The pipeline is the strongest it's been and provides us with very high levels of visibility. Growth in the short and medium term, but also reaching our long-term aspiration of around 1,000 restaurants in Australia over time.

Speaker #4: I'll now hand back to Eric to take us through our cash flow.

Speaker #3: Thank you, Hilton. The company remains highly cash-generative, with strong conversion of earnings into cash. On a continuing operations basis, operating cash flow was $98 million.

Erik du Plessis: Thank you, Hilton. The company remains highly cash generative, with strong conversion of earnings into cash. On a continuing operations basis, operating cash flow was AUD 98 million and cash conversion was 120%, primarily driven by timing of supplier payments and the timing of construction payments made on behalf of franchisees. Capital expenditure growth this year was driven by corporate restaurant openings, refurbishments and maintenance, and new restaurants in progress. On a net basis, GYG spent AUD 26.5 million to build the 13 new corporate restaurants opened this financial year. We continue to see average capital expenditure per new restaurant in line with target as outlined in our prospectus. This year, we also developed a more capital efficient model for our smaller, more regional sites that we will apply in future periods.

Speaker #3: And cash conversion was 120%, primarily driven by timing of supplier payments and the timing of construction payments made on behalf of franchisees. Capital expenditure growth this year was driven by corporate restaurant openings, refurbishments and maintenance, and new restaurants in progress.

Speaker #3: On a net basis, GYG spent $26.5 million to build the 13 new corporate restaurants opened in the financial year. We continue to see average capital expenditure per new restaurant in line with our target, as outlined in our prospectus.

Erik du Plessis: On a net basis, GYG spent AUD 26.5 million to build the 13 new corporate restaurants opened this financial year. We continue to see average capital expenditure per new restaurant in line with target as outlined in our prospectus. This year, we also developed a more capital efficient model for our smaller, more regional sites that we will apply in future periods.

Speaker #3: This year, we also developed a more capital-efficient model for our smaller, more regional sites that we will apply in future periods. Following our share buyback activity during the year and payment of dividends, our balance sheet remains in a very good position.

Erik du Plessis: Following our share buyback activity during the year and payment of dividends, our balance sheet remains in a very good position. It provides plenty of flexibility for future network expansion, continued funding for our dividend, and additional capital management opportunities, which I will come to now. As I said, GYG is a highly cash generative business. Our hybrid corporate franchise model means a significant share of our earnings require minimal CapEx. At GYG, we will always prioritize investment in our restaurants, the highest returning use of our capital. Any surplus capital will be returned to shareholders through regular dividends with a policy to return the majority of earnings, as well as an opportunistic buyback program when valuation is compelling. This slide illustrates how our capital was allocated in F26, with AUD 45 million invested in restaurants and AUD 120 million returned to shareholders during the year.

Speaker #3: It provides plenty of flexibility for future network expansion, continued funding for our dividend, and additional capital management opportunities, which I will come to now.

Speaker #3: As I said, GYG is a highly cash-generative business. Our hybrid corporate-franchise model means a significant share of our earnings require minimal capex. At GYG, we will always prioritize investment in our restaurants.

Erik du Plessis: At GYG, we will always prioritize investment in our restaurants, the highest returning use of our capital. Any surplus capital will be returned to shareholders through regular dividends with a policy to return the majority of earnings, as well as an opportunistic buyback program when valuation is compelling. This slide illustrates how our capital was allocated in F26, with AUD 45 million invested in restaurants and AUD 120 million returned to shareholders during the year.

Speaker #3: The highest returning use of our capital. Any surplus capital will be returned to shareholders through regular dividends, with a policy to return the majority of earnings, as well as an opportunistic buyback program when valuation is compelling.

Speaker #3: This slide illustrates how our capital was allocated in FY26, with $45 million invested in restaurants and $120 million returned to shareholders during the year.

Speaker #3: This year, the board has declared a full-year dividend of 48 cents per share. This represents an implied payout ratio of 90% of underlying earnings.

Erik du Plessis: This year, the board has declared a fully franked full-year dividend of AUD 0.48 per share. This represents an implied payout ratio of 90% of underlying earnings, consistent with our dividend policy of paying out the majority of earnings to shareholders. The final dividend declared for the year is AUD 0.406 per share and includes a special dividend of AUD 0.144 per share to retrospectively increase the implied payout ratio for the interim dividend, bringing it in line with the full year. The significant step up in the final versus the interim dividend reflects the removal of US losses, a larger earnings base, and a reduced share count following the buyback we undertook this year. Since October last year, we purchased approximately AUD 100 million worth of shares at an average price of AUD 19.58.

Speaker #3: Consistent with our dividend policy of paying out the majority of earnings to shareholders, the final dividend declared for the year is 40.6 cents per share.

Speaker #3: And includes a special dividend of 14.4 cents per share to retrospectively increase the implied payout ratio for the interim dividend, bringing it in line with the full year.

Speaker #3: The significant step-up in the final versus the interim dividend reflects the removal of US losses, a larger earnings base, and a reduced share count following the buyback we undertook this year.

Erik du Plessis: The significant step up in the final versus the interim dividend reflects the removal of US losses, a larger earnings base, and a reduced share count following the buyback we undertook this year. Since October last year, we purchased approximately AUD 100 million worth of shares at an average price of AUD 19.58. We are pleased to announce that as part of our capital allocation framework, the board has approved an extension of this buyback program by a further AUD 100 million.

Speaker #3: Since October last year, we purchased approximately $100 million worth of shares at an average price of $19.58. We are pleased to announce that, as part of our capital allocation framework, the board has approved an extension of this buyback program by a further $100 million.

Erik du Plessis: We are pleased to announce that as part of our capital allocation framework, the board has approved an extension of this buyback program by a further AUD 100 million. This provides us the opportunity to continue purchasing shares if valuation remains compelling after our higher priority uses of capital have been fully funded. I will now cover off on our outlook and guidance. Our medium-term ambition is unchanged. Our unit economics continue to be strong, and we remain confident in the underlying structural strength of the business. As we set out in our prospectus a few years ago, we continue to build towards a cadence of opening around 40 new restaurants per year in Australia. On average, around 60% of these will be franchised and 40% corporate. Around 85% of openings will be drive-throughs and 15% strip. Our business model is expected to deliver earnings growth significantly ahead of revenue growth.

Speaker #3: This provides us the opportunity to continue purchasing shares. The evaluation remains compelling after our higher priority uses of capital have been fully funded. I'll now cover our outlook and guidance.

Erik du Plessis: This provides us the opportunity to continue purchasing shares if valuation remains compelling after our higher priority uses of capital have been fully funded. I will now cover off on our outlook and guidance. Our medium-term ambition is unchanged. Our unit economics continue to be strong, and we remain confident in the underlying structural strength of the business.

Speaker #3: Our medium-term ambition is unchanged. Our unit economics continue to be strong, and we remain confident in the underlying structural strength of the business. As we set out in our prospectus a few years ago, we continue to build towards a cadence of opening around 40 new restaurants per year in Australia.

Erik du Plessis: As we set out in our prospectus a few years ago, we continue to build towards a cadence of opening around 40 new restaurants per year in Australia. On average, around 60% of these will be franchised and 40% corporate. Around 85% of openings will be drive-throughs and 15% strip. Our business model is expected to deliver earnings growth significantly ahead of revenue growth.

Speaker #3: On average, around 60% of these will be franchised and 40% corporate. Approximately 85% of openings will be drive-throughs, and 15% will be strip. Our business model is expected to deliver earnings growth significantly ahead of revenue growth.

Speaker #3: To recap on the drivers that will support this, our corporate restaurant margins will trend towards overall network restaurant margins as comp growth drives operating leverage in our restaurants, and the format mix shifts towards our higher-margin drive-throughs.

Erik du Plessis: To recap on the drivers that will support this, our corporate restaurant margins will trend towards overall network restaurant margins as comp growth drives operating leverage in our restaurants and the format mix shifts towards our higher margin drive-throughs. Our implied franchise royalty rate, which was 8.6% this year, is expected to move to approximately 10% as more franchisees transition to the higher tiered loyalty structure. In addition, as existing franchisees' restaurants grow, including opening proportionally more drive-throughs over time, a greater share of sales will attract higher royalties. Finally, G&A as a percentage of network sales is still expected to trend towards around 5% as sales growth drives operating leverage. In terms of comp sales growth, our mid-single digit outlook reflects the level where our restaurant economics will continue to get healthier and will enable us to achieve the operating leverage in our model.

Speaker #3: Our implied franchise royalty rate, which was 8.6% this year, is expected to move to approximately 10% as more franchisees transition to the higher-tiered royalty structure.

Speaker #3: In addition, as existing franchisee restaurants grow, including opening proportionally more drive-throughs over time, a greater share of sales will attract higher royalties. And finally, G&A as a percentage of network sales is still expected to trend towards around 5%, as sales growth drives operating leverage.

Erik du Plessis: In addition, as existing franchisees' restaurants grow, including opening proportionally more drive-throughs over time, a greater share of sales will attract higher royalties. Finally, G&A as a percentage of network sales is still expected to trend towards around 5% as sales growth drives operating leverage. In terms of comp sales growth, our mid-single digit outlook reflects the level where our restaurant economics will continue to get healthier and will enable us to achieve the operating leverage in our model.

Speaker #3: In terms of comp sales growth, our mid-single-digit outlook reflects the level where our restaurant economics will continue to get healthier and will enable us to achieve the operating leverage in our model.

Speaker #3: Our number one focus is being relentless in delivering the very best food and experience for our guests. When we do this, comp growth will take care of itself.

Erik du Plessis: Our number one focus is being relentless on delivering the very best food and experience for our guests. When we do this, comp growth will take care of itself. As a result of these levers, we remain confident that underlying EBITDA as a percentage of network sales will reach approximately 10% over the medium term. The path there may not be linear, and that is because we will always prioritize making the right long-term decisions, even if it means some disruption in the short term. Moving now to F27, we expect this to be another year of strong network and earnings growth. We are guiding to opening 35 new restaurants in Australia and for underlying EBITDA as a percentage of network sales to be in the range of 6.7% to 6.9%.

Speaker #3: As a result of these levers, we remain confident that underlying EBITDA, as a percentage of network sales, will reach approximately 10% over the medium term.

Speaker #3: The path there may not be linear, and that is because we will always prioritize making the right long-term decisions, even if it means some disruption in the short term.

Speaker #3: Moving now to FY27. We expect this to be another year of strong network and earnings growth. We're guiding to opening 35 new restaurants in Australia and for underlying EBITDA as a percentage of network sales to be in the range of 6.7% to 6.9%.

Erik du Plessis: Moving now to F27, we expect this to be another year of strong network and earnings growth. We are guiding to opening 35 new restaurants in Australia and for underlying EBITDA as a percentage of network sales to be in the range of 6.7% to 6.9%.

Speaker #3: The incremental openings versus FY26 are weighted to the back end of the financial year. So, these aren't expected to contribute materially to FY27 sales or earnings.

Erik du Plessis: The incremental openings versus F26 are weighted to the back end of the financial year, so these are not expected to contribute materially to F27 sales or earnings. We expect strong corporate restaurant margin expansion in F27, reflecting continued comp sales growth and a mix shift towards drive-throughs. We expect comp sales growth to continue at mid-single digit levels in F27. In the first seven weeks of the financial year, our comp sales growth has tracked above this at high double-single digit levels, reflecting the timing of delivery campaigns and the cycling of the softer prior corresponding period. I will now hand back to Steven.

Speaker #3: We expect strong corporate restaurant margin expansion in FY27, reflecting continued comp sales growth and a mix shift toward drive-throughs. We expect comp sales growth to continue at mid-single-digit levels in FY27.

Erik du Plessis: We expect comp sales growth to continue at mid-single digit levels in F27. In the first seven weeks of the financial year, our comp sales growth has tracked above this at high double-single digit levels, reflecting the timing of delivery campaigns and the cycling of the softer prior corresponding period. I will now hand back to Steven.

Speaker #3: In the first seven weeks of the financial year, our comp sales growth has tracked above this at high single-digit levels, reflecting the timing of delivery campaigns and the cycling of a softer prior corresponding period.

Speaker #3: I'll now hand back to Stephen.

Speaker #2: Twenty years on from that first restaurant in Newtown, our ambition to reinvent fast food and change the way the masses eat remains unchanged. With a strong team and a clear vision for the future, we are making progress on our mission to be the best and biggest restaurant company in the world.

Steven Marks: 20 years on from that first restaurant in Newtown, our ambition to reinvent fast food and change the way the masses eat remains unchanged. With a strong team and a clear vision for the future, we are making progress on our mission to be the best and biggest restaurant company in the world. I want to take a moment to thank our incredible team, our franchisees, our suppliers, our partners, and our guests for their passion and dedication to this business. Before we move into Q&A, I want to provide my perspective on the economy and reporting season so far. We are hearing a lot about low growth rates, inflation, and cost-cutting. At GYG, it is the complete opposite. Our price growth, at less than 2%, is well below inflation.

Speaker #2: I want to take a moment to thank our incredible team, our franchisees, our suppliers, our partners, and our guests for their passion and dedication to this business.

Speaker #2: Before we move into Q&A, I want to provide my perspective on the economy and reporting season so far. We are hearing a lot about low growth rates, inflation, and cost-cutting at GYG.

Steven Marks: Before we move into Q&A, I want to provide my perspective on the economy and reporting season so far. We are hearing a lot about low growth rates, inflation, and cost-cutting. At GYG, it is the complete opposite. Our price growth, at less than 2%, is well below inflation. We are paying our crew more, our franchisees are growing, our suppliers are growing, and we are delivering 30% earnings growth year over year.

Speaker #2: It is the complete opposite. Our price growth, at less than 2%, is well below inflation. We are paying our crew more, our franchisees are growing, our suppliers are growing, and we are delivering 30% earnings growth year over year.

Steven Marks: We are paying our crew more, our franchisees are growing, our suppliers are growing, and we are delivering 30% earnings growth year over year. We can do this because we keep investing in our network, in our systems, and in our people, and that is driving innovation and ultimately, productivity. Thank you guys for joining us, and now we will open it up for questions.

Speaker #2: We can do this because we keep investing in our network, in our systems, and in our people. That is driving innovation and, ultimately, productivity.

Steven Marks: We can do this because we keep investing in our network, in our systems, and in our people, and that is driving innovation and ultimately, productivity. Thank you guys for joining us, and now we will open it up for questions.

Speaker #2: Thank you, guys, for joining us. And now we'll open it up for questions.

Speaker #1: Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two.

Operator: Thank you. If you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star 2. If you are on a speakerphone, please pick up the handset to ask your question. Your first question comes from Thomas Kierath with Barrenjoey.

Speaker #1: If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Tom Carrath with Beringerly.

Speaker #4: Morning, guys. Just a question on the corporate store margin in the second half. I think it fell 100 bps. Was just a couple of things there.

Thomas Kierath: Morning, guys. Just a question on the corporate store margin in the H2. I think it fell 100 bps. Just a couple of things there. Was there any impact from the Uber exclusive deal on the margins there? Then second, how should we think about the investment in these kind of new corporate stores? How long does it take those stores to get to maturity in terms of margins which are comparable with the rest of the fleet?

Tom Kierath: Morning, guys. Just a question on the corporate store margin in the H2. I think it fell 100 bps. Just a couple of things there. Was there any impact from the Uber exclusive deal on the margins there? Then second, how should we think about the investment in these kind of new corporate stores? How long does it take those stores to get to maturity in terms of margins which are comparable with the rest of the fleet?

Speaker #4: Was there any impact from the Uber exclusive deal on the margins there? And then, second, how should we think about the investment in these kind of new corporate stores?

Speaker #4: How long does it take those stores to reach maturity in terms of margins? Would it be comparable with the rest of the fleet?

Speaker #3: Yeah, good morning, Tom. Good to chat. I just want to recap on corporate restaurant margins as a whole, and then I'll get to the half-on-half movement.

Erik du Plessis: Yeah. Good morning, Tom. Good to chat. I just want to recap on corporate restaurant margins as a whole, then I will get to the half-on-half movement, because this is an important point. To start with, we are very proud of our overall network restaurant margin and the expansion that we saw during FY26. Corporate margin specifically, there are a number of factors that impacted FY26, and in order of significance. The first is comp growth corporate network that came in lower than the overall network, primarily due to the higher weighting of strip and legacy restaurants. As we have talked earlier, we continued to invest in menu price inflation, making sure that is well below the level of cost growth that we are seeing in the business, and that has paid dividends through increased frequency and guest retention.

Speaker #3: Because this is an important point. To start with, we're very proud of our overall network restaurant margin and the expansion that we saw during Q4 2026.

Speaker #3: Corporate margin specifically—there are a number of factors that impacted FY26. And in order of significance, the first is comp growth in the corporate network, which came in lower than the overall network, primarily due to the higher weighting of strip and legacy restaurants.

Erik du Plessis: The first is comp growth corporate network that came in lower than the overall network, primarily due to the higher weighting of strip and legacy restaurants. As we have talked earlier, we continued to invest in menu price inflation, making sure that is well below the level of cost growth that we are seeing in the business, and that has paid dividends through increased frequency and guest retention.

Speaker #3: As we've discussed earlier, we continued to invest in menu price inflation, making sure that's well below the level of cost growth that we're seeing in the business.

Speaker #3: And that’s paid dividends through increased frequency and guest retention. The second factor, after comp growth, is the timing of new restaurant openings that you’ve called out in your question.

Erik du Plessis: The second factor after comp growth is the timing of new restaurant openings that you have called out in your question. As a reminder, we opened, in the last 18 months, 21 new corporate restaurants, all of which were still ramping up in F26. To put that into context, that represents about a 30% increase in the size of the corporate restaurant network, a level that will not be repeated going forward. As you mentioned, we have also invested more in our labor in our new restaurants so that we can open these restaurants with more experienced crew. That is already translating to stronger sales and margin profile for our corporate restaurants. We expect corporate restaurant margins to improve significantly in F27 and continue that momentum in the years to come.

Speaker #3: Now, as a reminder, we opened 21 new corporate restaurants in the last 18 months, all of which were still ramping up in FY26. To put that into context, that represents about a 30% increase in the size of the corporate restaurant network—a level that won't be repeated going forward.

Speaker #3: And as you mentioned, we've also invested more in our labor in our new restaurants so that we can open these restaurants with more experienced crew.

Erik du Plessis: As you mentioned, we have also invested more in our labor in our new restaurants so that we can open these restaurants with more experienced crew. That is already translating to stronger sales and margin profile for our corporate restaurants. We expect corporate restaurant margins to improve significantly in F27 and continue that momentum in the years to come.

Speaker #3: That is already translating into a stronger sales and margin profile for our corporate restaurants. So, if we put all that together, we expect corporate restaurant margins to improve significantly in FY27.

Speaker #3: And continue that momentum in the years to come. Now, to come specifically to your question around the second half, all of that was happening because the timing of new restaurant openings was weighted toward the second half.

Erik du Plessis: To come specifically to your question around the H2, all of that was happening because the timing of new restaurant openings were weighted towards the H2. That is the first element. The second element is that our corporate restaurant margins are always lower in the H2 because we have additional public holidays where a large number of our CBD corporate restaurants are shut during those periods. We have a lower margin profile. Specifically for the Uber deal, the Uber deals are working exactly as we expected in terms of the economics of our restaurants, and we are seeing a significant improvement in profitability as a result. We are very happy with the way that is flowing through. We did only see a part effect of that in terms of timing in the H2.

Speaker #3: So that's the first element. The second element is that our corporate restaurant margins are always lower in the second half, because we have additional public holidays, when a large number of our CBD corporate restaurants are shut during those periods.

Speaker #3: And so, of course, we have a lower margin profile. Specifically for the Uber deal, the Uber deal is working exactly as we expected in terms of the economics of our restaurants.

Erik du Plessis: We have a lower margin profile. Specifically for the Uber deal, the Uber deals are working exactly as we expected in terms of the economics of our restaurants, and we are seeing a significant improvement in profitability as a result. We are very happy with the way that is flowing through. We did only see a part effect of that in terms of timing in the H2.

Speaker #3: And we're seeing a significant improvement in profitability as a result, so we're very happy with the way that's flowing through. But we did only see a part effect of that, in terms of timing, in the second half.

Speaker #3: Going into FY27, that's one of the things that's giving us a high degree of confidence in that margin expansion in FY27. And we're already seeing that play through in our numbers early in the year.

Erik du Plessis: Going into F27, that is one of the things that has given us a high degree of confidence in that margin expansion in F27, and we are already seeing that play through in our numbers early in the year.

Speaker #4: Thanks. Just to follow up, is the comp growth you're seeing now in the corporate stores comparable to the franchise stores? What's the kind of difference there?

Thomas Kierath: Thanks. Just to follow up. Is the comp growth you are seeing now in the corporate stores comparable to the franchise stores? What is the kind of difference there in, I do not know, the last quarter or since you have made some changes?

Tom Kierath: Thanks. Just to follow up. Is the comp growth you are seeing now in the corporate stores comparable to the franchise stores? What is the kind of difference there in, I do not know, the last quarter or since you have made some changes?

Speaker #4: And I don't know the last quarter, or since you've made some changes.

Speaker #3: Yes, we're seeing very strong comp growth in our corporate network, if not slightly ahead of the franchise network.

Erik du Plessis: Yes. We are seeing very strong comp growth in our corporate network, if not slightly ahead of the franchise network.

Speaker #4: Okay, great. Thanks, Eric.

Thomas Kierath: Okay, great. Thanks, Erik.

Tom Kierath: Okay, great. Thanks, Erik.

Speaker #1: Your next question comes from Caleb Wheatley with Macquarie.

Operator: Your next question comes from Caleb Wheatley with Macquarie.

Speaker #5: Morning, Steven. Hilton and Eric. Perhaps just a follow-up on sort of restaurant profitability, but sort of more on a broader sense I suppose. Obviously seeing kind of fair work commission decision around wages, broadly still seems like inflation is coming through from a COGS point of view.

Caleb Wheatley: Morning, Steven, Hilton, and Erik. Perhaps just a follow-up on restaurant profitability, but more in a broader sense, I suppose. Obviously, seeing Fair Work Commission decision around wages, will all these still seem like in place coming through from a cost point of view, discussions on bird flu, et cetera. How should we think about some of those components from a restaurant profit point of view? What else are you doing internally at the restaurant level to drive efficiencies? And yeah, appreciate the pricing strategies well around the inflation, and they are not necessarily matching one to one. But how should we think about all those moving pieces from a broader network profitability point of view?

Speaker #5: Discussions on the third floor, etc. How should we think about some of those components from a restaurant profit point of view? What else are you doing internally?

Caleb Wheatley: What else are you doing internally at the restaurant level to drive efficiencies? And yeah, appreciate the pricing strategies well around the inflation, and they are not necessarily matching one to one. But how should we think about all those moving pieces from a broader network profitability point of view?

Speaker #5: At the restaurant level, to sort of drive efficiencies and appreciate the pricing strategy as well around inflation, and not necessarily matching one-to-one.

Speaker #5: How should we sort of think about all those moving pieces from a broader network profitability point of view?

Speaker #3: Yeah, sure. I might comment, Caleb, just in the first part around some of the drivers, and then Steven may have something to add at the end.

Erik du Plessis: Yeah, sure. I might comment, Caleb, just in the first part around some of the drivers, and then Steven may have something to add at the end. Firstly, if I talk labor, which is one of our biggest costs in restaurant. We have been absorbing labor cost inflation in this business for a very long time. I mean, last year was close to 5% with the Fair Work decision. This year will be close to 5% again. As Steven mentioned earlier, we have been relentless in making sure that we are building productivity into our systems, our processes, our people and training, et cetera, to make sure that we can offset those cost increases in our business. Operating leverage is a massive part of that, and continuing to drive sales and the guest experience is how we can do that. That is the labor component.

Speaker #3: Firstly, if I talk labor, which is one of our biggest costs in restaurants, we've been absorbing labor cost inflation in this business for a very long time.

Speaker #3: I mean, last year was close to 5% with the Fair Work decision. This year will be close to 5% again. And as Steven mentioned earlier, we've been relentless in making sure that we're building productivity into our systems, our processes, our people, and training, etc.

Erik du Plessis: As Steven mentioned earlier, we have been relentless in making sure that we are building productivity into our systems, our processes, our people and training, et cetera, to make sure that we can offset those cost increases in our business. Operating leverage is a massive part of that, and continuing to drive sales and the guest experience is how we can do that. That is the labor component.

Speaker #3: To make sure that we can offset those cost increases in our business, operating leverage is a massive part of that. Continuing to drive sales and the guest experience is how we can do that.

Speaker #3: So that's the labor component. From a COGS perspective, we're very happy with where COGS is sitting, and that's post most of our contracts adjusting on the 1st of July through the escalation process, or escalator process.

Erik du Plessis: From a cost perspective, we are very happy with where costs are sitting, and that is post most of our contracts adjusting at 1 July through the escalation process or escalator process. We are very comfortable where that is sitting. As I said earlier, and Steven mentioned again, you will hear from us 100 times. Price is the last lever we use to manage our costs, and we are in a great position with many of our suppliers to make sure that that cost position stays in a good spot. We are very happy with where that is.

Speaker #3: So we're very comfortable where that's sitting. As I said earlier—and as Steven mentioned again—you'll hear from us a hundred times: price is the last lever we use to manage our COGS.

Speaker #3: And we're in a great position with many of our suppliers to make sure that our COGS position stays in a good spot. So we're very happy with where that is.

Speaker #3: So as we look forward to things like the Fair Work decision around junior rates, we're pretty comfortable with the way that the investment that we've got lined up and some of the productivity initiatives coming through—whether it's the OMS, whether it's some of the additional ways we're using AI in our restaurants—to make sure we're driving productivity.

Erik du Plessis: As we look forward to things like the Fair Work decision around junior rates, we are pretty comfortable with the way that the investment that we have got lined up and some of the productivity initiatives coming through, whether it is the RMS, whether it is some of the additional ways we are using AI in our restaurants to make sure we are driving productivity and simply making it easier for our crews to execute and taking that admin away. We see continued margin expansion in all of our restaurants as we drive sales.

Speaker #3: And simply making it easier for our crews to execute, and taking that admin away. So, we see continued margin expansion in all of our restaurants as we drive sales.

Speaker #4: I think, Caleb, maybe just to build on what Eric said and add one other thing—as we’ve said, we expect to continue to deliver mid-single-digit comp sales growth.

Hilton Brett: I think, Caleb, maybe just to build on what Erik said and just add one other thing. As we have said, we expect to continue to deliver mid-single-digit comp sales growth. At those levels, with the wage growth that is coming through from Fair Work and obviously the cost stability, we continue to expect, and we have delivered operating leverage in our restaurants, which is really the benefit of our model.

Speaker #4: And at those levels, with the wage growth that's coming through from Fair Work, and obviously the COGS stability, we continue to expect—and we have delivered—operating leverage in our restaurants, which is really the benefit of our model.

Speaker #5: Okay, great. That's helpful, and a nice segue into my second question. I'm just keen to explore a little bit, if we could, just around the commentary on your comps over the medium term.

Caleb Wheatley: Okay, great. That's helpful and nice segue into my second question. Just keen to explore a little bit, if we could, just around the commentary on your comps over the medium term. If I wind back 12 months ago, from memory, it was more sequential improvement in comps quarter by quarter. It now seems like it's shifted, obviously, a bit more qualitatively, but pointing the market more toward a full year view around that mid-single digit level supply running ahead early. Is this signaling that not maturity, but signaling a longer-term focus on running around that level, just given the volatility around events and transitioning to 24/7, what have you? What's the broader thought process around maybe shifting the commentary on that as we look into FY27?

Speaker #5: If I wind back to 12 months ago, from memory, it was more of a sequential improvement in comps quarter by quarter. That now seems like it's shifted a bit more qualitatively.

Speaker #5: But sort of pointing the market more toward a full year view around that mid-single digit level supplier, sort of running ahead early. Is this sort of signaling that sort of maturity, but sort of signaling a longer-term focus on running around that level just given the volatility around events and sort of transitioning to 24/7, what have you?

Caleb Wheatley: Is this signaling that not maturity, but signaling a longer-term focus on running around that level, just given the volatility around events and transitioning to 24/7, what have you? What's the broader thought process around maybe shifting the commentary on that as we look into FY 2027?

Speaker #5: Yeah, what's the sort of broader thought process around maybe shifting the commentary on that as we look into FY27?

Speaker #3: Yeah, thanks, Caleb. I'll address the first part of that question, which is around the timing of comp growth in the last couple of quarters and into FY27.

Erik du Plessis: Yeah. Thanks, Caleb. I'll address the first part of that question, is around the timing of comp growth in the last couple of quarters and into F27. I know Steven wants to say something about our philosophy for the comp growth guidance overall. Just as we know, we saw a significant improvement in momentum that we built throughout F26, from Q1 to Q2, Q3 into Q4. The second half of that comp growth momentum really driven by transaction growth, driven by guest frequency. We saw great stable momentum in the business Q3 into Q4, and then also into Q1 this year. Q4 did see a small step back in comp growth, with Q1 this year seeing as an improvement. That really relates to the timing of the delivery campaign, the Ding Dong campaign. Last year it ran in June.

Speaker #3: And I know Steven wants to say something about our philosophy for the comp growth guidance overall. So just as we know, we saw significant improvement in momentum that we built throughout fiscal '26, from Q1 to Q2, Q3, and into Q4.

Speaker #3: And really, the second half of that comp growth momentum was driven by transaction growth, driven by guest frequency. We saw great, stable momentum in the business from Q3 into Q4.

Erik du Plessis: The H2 of that comp growth momentum really driven by transaction growth, driven by guest frequency. We saw great stable momentum in the business Q3 into Q4, and then also into Q1 this year. Q4 did see a small step back in comp growth, with Q1 this year seeing as an improvement. That really relates to the timing of the delivery campaign, the Ding Dong campaign. Last year it ran in June.

Speaker #3: And then also into Q1 this year. Q4 did see a small step back in comp growth, with Q1 this year seeing an improvement.

Speaker #3: And really, that relates to the timing of the delivery campaign by the Ding Dong campaign. So, last year, it ran in June. This year, it ran a couple of weeks later, in July.

Erik du Plessis: This year it ran a couple of weeks later in July. As you heard us say before, we always time those campaigns for when it's best for our guests and best for our restaurants, not when it's best for the financial quarters of our business. That's really the only change in momentum in terms of the business. We really continue to see that continue at that mid-single digit level. I know Steven wants to say something around the philosophy around that.

Speaker #3: As you heard us say before, we always time those campaigns for when it's best for our guests and best for our restaurants—not when it's best for the financial quarters of our business.

Speaker #3: And so that's really the only change in momentum in terms of the business. And then, so we really continue to see that continue at that mid-single-digit level.

Speaker #3: And I know Steven wants to just say something around the philosophy behind that.

Speaker #5: Yeah, thanks, Eric. I want to be very clear on this. I mean, as always, we remain relentlessly focused on delivering two things, and it's always been these two things: exceptional food and an exceptional experience for our guests.

Steven Marks: Yeah. Thanks, Erik. I want to be very clear on this. As always, we remain relentlessly focused on delivering two things, and it's always been these two things: exceptional food and exceptional experience for our guests. We will continue to be rewarded with great comp sales growth when we deliver that. As Erik was just saying, we see mid-single digit comp growth as a sustainable level for the network over time, and that's what delivers us incredible, obviously, restaurant economics to make sure that our franchisees are incredibly healthy, and that drives us to that thousand-plus restaurants that will open up here in Australia. Variability in comp growth is the nature of the restaurant business, and at GYG, that is no exception. We will continue, as we always have, to prioritize making long-term decisions that'll set us up for the next 10 to 20 years.

Speaker #5: And we will continue to be rewarded with great comp sales growth when we deliver that. As Eric was just saying, I mean, we see mid-single-digit comp growth as a sustainable level for the network over time.

Steven Marks: As Erik was just saying, we see mid-single digit comp growth as a sustainable level for the network over time, and that's what delivers us incredible, obviously, restaurant economics to make sure that our franchisees are incredibly healthy, and that drives us to that thousand-plus restaurants that will open up here in Australia. Variability in comp growth is the nature of the restaurant business, and at GYG, that is no exception. We will continue, as we always have, to prioritize making long-term decisions that'll set us up for the next 10 to 20 years.

Speaker #5: And that's what delivers us, obviously, incredible restaurant economics. It makes sure that our franchisees are incredibly healthy. And that drives us to that 1,000-plus restaurants that will open up here in Australia.

Speaker #5: Now, variability in comp growth is the nature of the restaurant business, and at GYG, that's no exception. We will continue, as we always have, to prioritize making long-term decisions that will set us up for the next 10 to 20 years.

Speaker #5: As we always say, this is a generational business, and we do not worry about the next quarter. Yeah, very sensitive to signaling. Thank you very much for the call, Hossain.

Steven Marks: As we always say, this is a generational business and we do not worry about the next quarter.

Caleb Wheatley: Yeah. Appreciate the signaling. Thank you very much for the color, Steven.

Speaker #1: Your next question comes from Sean Cousins with UBS.

Operator: Your next question comes from Shaun Cousins with UBS.

Speaker #5: Hey, Sean.

Steven Marks: Hey, Shaun.

Speaker #1: Sean?

Operator: Sean?

Speaker #2: Five-point—sorry, pardon me. I'm stuck. Good morning, Steven, Hilton, and Eric. Just on G&A to sales—it fell to 5.9% in full year 26, partly assisted by some lower bonus payments.

Shaun Cousins: Five-point. Pardon me, my mistake. Good morning, Steven, Hilton, and Erik. Just on G&A to sales, it fell to sort of 5.9% in FY26, partly assisted by some lower bonus payments. If we've got mid-single digit same-store sales growth and some investments and I assume possibly some bonuses come back, is there a risk that actually G&A to sales rises in FY27 or can that continue to sort of remain where it is or fall? I understand the longer-term plan to get it to 5%, but I'm just trying to think about that as a swing factor in that it was quite a helpful contributor to the EBITDA margin expansion you enjoyed this year.

Shaun Cousins: Five-point. Pardon me, my mistake. Good morning, Steven, Hilton, and Erik. Just on G&A to sales, it fell to sort of 5.9% in FY 2026, partly assisted by some lower bonus payments. If we've got mid-single digit same-store sales growth and some investments and I assume possibly some bonuses come back, is there a risk that actually G&A to sales rises in FY 2027 or can that continue to sort of remain where it is or fall?

Speaker #2: If we've got mid-single-digit same store sales growth and some investments, and I assume possibly some bonuses come back, is there a risk that actually G&A to sales rises in fiscal '27, or can that continue to sort of remain where it is or fall?

Speaker #2: I understand the longer-term plan to get it to five, but I'm just trying to think about that as a swing factor, in that it was quite a helpful contributor to the EBITDA margin expansion you enjoyed this year.

Shaun Cousins: I understand the longer-term plan to get it to 5%, but I'm just trying to think about that as a swing factor in that it was quite a helpful contributor to the EBITDA margin expansion you enjoyed this year.

Speaker #5: Yeah, maybe, Sean, I'll just jump in quickly before I hand it over to Eric to explain the impact on G&A. But I want to highlight something that's important from a values perspective at GYG.

Steven Marks: Yeah. Maybe, Shaun, I'll just jump in quick before I hand it over to Erik to explain the impact on G&A.

Shaun Cousins: Sure.

Steven Marks: But I want to highlight something that's important from a values perspective at GYG. One of our core values here is, it's up to us. So in the context of our decision to exit the US market this year with significant write-downs we incurred and the cost this has had, the value we delivered to our shareholders was impacted. Therefore, it wasn't appropriate that we pay a bonus to our senior leadership team this year. I mean, however, the Australian segment did perform well, and there is a bonus payable to our all essential team and our operators here, but smaller than in previous years.

Speaker #5: One of our core values here is it's up to us. So in the context of our decision to exit the U.S. market this year, with significant write-downs we incurred, and the cost this has had, the value we delivered to our sellers was impacted.

Speaker #5: Therefore, it wasn't appropriate that we pay a bonus to our senior leadership team this year. However, the Australian segment did perform well, and there is a bonus payable to our all-essential team and our operators here.

Steven Marks: Therefore, it wasn't appropriate that we pay a bonus to our senior leadership team this year. I mean, however, the Australian segment did perform well, and there is a bonus payable to our all essential team and our operators here, but smaller than in previous years.

Speaker #5: But smaller than in previous years.

Speaker #3: So just to pick up on your question, Sean, you're right that as we head into FY27, G&A as a percentage of sales won't be a material contributor to the ongoing improvement in the EBITDA to network sales that we expect for FY27.

Erik du Plessis: So just to pick up on your question, Shaun, you're right that as we head into F27, G&A as a percentage of sales won't be a material contributor to the ongoing improvement in the EBITDAs network sales that we expect for F27. Yes, it was a contributor in F26. We don't expect it to be a significant contributor in F27. And that's where we really see the corporate restaurant margins and our royalty rates seeing acceleration that in those metrics this year.

Speaker #3: So yes, it was a contributor in FY26. We don't expect it to be a significant contributor in FY27, and that's where we really see the corporate restaurant margins and our royalty rate accelerating in those metrics this year.

Speaker #2: Great, and that leads into the second question. Just around the franchisee royalty rate, when will you have all franchisees on the new structure? And can you talk a little bit about whether the Uber deal actually helps franchisee economics?

Shaun Cousins: Great. That leads to the second question, just around the franchisee royalty rate. When will you have all franchisees on the new structure? Can you talk a little bit if the Uber deal actually helps franchisee economics, and does that come back to GYG, to some degree in a royalty benefit?

Speaker #2: And does that come back to GYG to some degree in a royalty benefit?

Speaker #3: Yeah, so Sean, I made the second part first and I'll come back to it. So firstly, the Uber deal has a very significant improvement to our franchisees, in that they get the full benefit of that.

Erik du Plessis: Yeah. Sean, I will go to the second part first, and I will come back to. Firstly, the Uber deal has a very significant improvement to our franchisees that they get the full benefit of that. As always, we pass on full benefits of these types of arrangements to our franchisees. They are seeing, obviously continued sales growth, but also improved economics as a result of the Uber deal. The primary way in which we benefit from that is through higher royalties as our franchisees continue to grow, and we invest in that delivery channel. As we have called out previously, the Uber deal was designed to drive sales, and that is how we will benefit as a business going forward, from a royalty perspective.

Speaker #3: As always, we pass on the full benefits of these types of arrangements to our franchisees. And so, they're seeing, obviously, continued sales growth, but also improved economics as a result of the Uber deal.

Speaker #3: The primary way in which we benefit from that is through higher royalties as our franchisees continue to grow and reinvest in that delivery channel.

Erik du Plessis: The primary way in which we benefit from that is through higher royalties as our franchisees continue to grow, and we invest in that delivery channel. As we have called out previously, the Uber deal was designed to drive sales, and that is how we will benefit as a business going forward, from a royalty perspective.

Speaker #3: So, as we've called out previously, the Uber deal was designed to drive sales, and that's how we will benefit as a business going forward.

Speaker #3: From a royalty perspective, in terms of the transition to the tiered royalty structure, that's really a function of how our franchisees continue to roll through their franchise agreements, which is tied to the lease of the restaurants.

Erik du Plessis: In terms of the transition to the tiered royalty structure, that is really a function of how our franchisees continue to roll through their franchise agreements, which is tied to the lease of the restaurants. The majority are already on the tiered royalty structure. There are about 30 franchisees that are yet to transition, and they will transition progressively over the next few years, as we work through that. But as we have guided, in the medium term, we expect that to work its way through to a 10% royalty rate, over time.

Speaker #3: The majority are already on the tiered royalty structure. There are about 30 franchisees that are yet to transition, and they'll transition progressively over the next few years as we work through that.

Speaker #3: But, as we guided, in the medium term we expect that to work its way through to a 10% royalty rate over time.

Speaker #2: And, Eric, maybe just how many franchisees—apologies if this is in the pack—but how many franchisees do you have? Just so we can put that 30 into context.

Shaun Cousins: Erik, maybe just how many franchisees, apologies if this is in the pack, but how many franchisees do you have? Just how we can put that 30 into.

Speaker #3: Sorry, just to be clear: 34 restaurants, and there's...

Erik du Plessis: Sorry

Shaun Cousins: a comparison.

Erik du Plessis: 34 restaurants, and there's-

Speaker #2: Oh, sorry. Yeah. Okay. Thirty-four restaurants. Thank you.

Shaun Cousins: Oh, sorry. Yep. Okay. 34 restaurants. Thank you.

Speaker #3: 67 franchisees overall, but, yeah, and we also have the number of franchise restaurants, but it's 34.

Erik du Plessis: 67 franchisees overall, but yeah, and we also have the number of franchise restaurants, but it's 34-

Speaker #2: Yep.

Shaun Cousins: Yep

Speaker #3: Restaurants.

Erik du Plessis: restaurants.

Speaker #2: Yep. No, fantastic. That's great. Thank you very much, Eric.

Shaun Cousins: Yep. No, fantastic. No, that's great. Thank you very much, Erik.

Speaker #1: Your our next question comes from Ben Gilbert with Jordan.

Operator: Your next question comes from Ben Gilbert with Jarden.

Speaker #4: Good morning, team. Just in terms of the makeup around the comps, are you saying average order value versus price increases, in terms of the drivers of that?

Ben Gilbert: Good morning, team. Just interested in terms of the makeup around the comps. How are you seeing average order value versus price increases, in terms of the drivers of that? Looking forward from here, what are you thinking around price? Because you've obviously been very disciplined and arguably your value proposition's improved versus your peers who've increased pricing more. Just interested in how you're thinking about maintaining that. What are you assuming in your sort of your qualitative guidance for pricing?

Speaker #4: I suppose, looking forward from here, what are you thinking about price? Because you've obviously been very disciplined, and arguably, your value proposition has improved versus your periods of increased pricing before.

Speaker #4: And just in terms of how you're thinking about maintaining that, what are you assuming in your guidance or sort of your qualitative guidance for pricing?

Speaker #3: Yeah, great. Thank you, Ben. So, firstly, transaction growth continues to do the heavy lifting on our comp growth, which is exactly where we like it, as you say.

Erik du Plessis: Yeah. Great. Thank you, Ben. Firstly, transaction growth continues to do the heavy lifting on our comp growth, which is exactly where we like it. As you say, I would say it's not arguably, we're definitely improving our relative value relative to competitors, so, that's been great to see. We're very happy with where comps are at the moment, as I mentioned earlier, and we've already taken our price. We'll have to watch that closely, but as we said before, the last thing we're going to do is work our way through price, to a price increase again, this year. So, we'll have to watch and see. But I expect, in terms of that, mid-single digit comp guidance, that the majority of that continues to be transaction growth.

Speaker #3: So I would say it's not arguable—we're definitely improving our relative value relative to competitors, so that's been great to see. We're very happy with where COGS are at at the moment, as I mentioned earlier.

Speaker #3: And we've already taken our price, so we'll have to watch that closely. But as we said before, the last thing we're going to do is work our way through price to a price increase again this year.

Speaker #3: So we'll have to watch and see. But I expect, in terms of that mid-single-digit comp guidance, that the majority of that continues to be transaction growth.

Erik du Plessis: So, we'll have to watch and see. But I expect, in terms of that, mid-single digit comp guidance, that the majority of that continues to be transaction growth.

Speaker #4: So you're saying I have a calling, Eric? On some of those smaller brands, you actually get better margin?

Ben Gilbert: Are you seeing AOV falling, Erik? Because I know on some of those smaller transactions,

Erik du Plessis: Oh, yeah.

Ben Gilbert: You actually get better margin.

Speaker #3: Yeah.

Erik du Plessis: Yeah.

Speaker #4: So, how do you think about average order value?

Ben Gilbert: How are you seeing average order value?

Speaker #3: So, average order value has declined very slightly in the business. There are a number of factors that are contributing to that. The popularity of our Minis is a really big factor.

Erik du Plessis: Average order value has declined very slightly in the business. There is a number of factors that are contributing to that. The popularity of our Minis is a really big factor, which is something we are delighted about because we have great gross margins on our Minis. It is the right amount of food, and it just gives our guests the ability to come back more often. We have talked before about the value campaigns. Breakfast is also a contributor. These are great long-term drivers of the business, and it is having a small impact on average order value, but really nothing material, and it is not something that is showing up in our economics at all.

Speaker #3: Which is something we're delighted about because we have great gross margins on our minis. It's the right amount of food, and it just gives our guests the ability to come back more often.

Speaker #3: We've talked before about the value campaigns. Breakfast is also a contributor, so these are great long-term drivers of the business. And it's having a small impact on average order value.

Erik du Plessis: Breakfast is also a contributor. These are great long-term drivers of the business, and it is having a small impact on average order value, but really nothing material, and it is not something that is showing up in our economics at all.

Speaker #3: But really, nothing material, and it's not something that's showing up in our economics at all.

Speaker #4: Perfect. And just a final one from me. How do you decide what is a compelling price for the buyback? I can appreciate your average price—that you bought back at something pretty good now, given where the share price is.

Ben Gilbert: Okay. Just final one from me. How do you decide what is a compelling price for the buyback? I can appreciate your average price that you bought back is looking pretty good now given where the share price is. But how do you as a board and your management team decide whether you should be buying back stock at any point in time?

Speaker #4: But how do you, support and management, then decide where you should be buying back stock at any point in time?

Speaker #3: Yeah, it's a great question. We have a very strong view on value and a valuation framework internally that we've agreed on with the board. Our valuation framework takes into account the significant growth in earnings and cash flows that we expect over the next few years.

Erik du Plessis: Yeah. It is a great question. We have a very strong view on value and valuation framework internally that we have agreed with the board. That valuation framework takes into account the significant growth in earnings and cash flows that we expect over the next few years. That valuation spits out a share price, and then we put in on top of that a very high return hurdle in terms of our IRR that we expect to generate. Because we have high competing uses of capital in terms of the restaurants that we are investing in, and so it is appropriate for our shareholders that we demand a very high return on our capital. That is how we then get comfortable that when we discount that back using a very high IRR, that valuation is going to be compelling for our shareholders. Obviously we will not speak to exactly the numbers.

Speaker #3: We then—that valuation spits out a share price. And then we put on top of that a very high return hurdle in terms of an IRR that we expect to generate.

Speaker #3: Because we have high competing uses of capital in terms of the restaurants that we're investing in, it's appropriate for our shareholders that we demand a very high return on our capital.

Erik du Plessis: Because we have high competing uses of capital in terms of the restaurants that we are investing in, and so it is appropriate for our shareholders that we demand a very high return on our capital. That is how we then get comfortable that when we discount that back using a very high IRR, that valuation is going to be compelling for our shareholders. Obviously we will not speak to exactly the numbers.

Speaker #3: And that's how we then get comfortable that when we discount that back using a very high IR, that valuation is going to be compelling for our shareholders.

Speaker #3: So obviously, we don't speak to exactly the numbers. But we've as I said, we're as I said, six months ago, we're delighted at which at the prices that we were buying the our shares for.

Erik du Plessis: As I said 6 months ago, we are delighted at the prices that we were buying our shares for. We are pleased to see an extension of the share buyback program.

Speaker #3: And so, we're pleased to see an extension of the share buyback program.

Speaker #4: So in terms of so just follow up on that. So in terms of the competition to capital, in the growth at any one year, obviously, it takes three years plus to build out a store pipeline.

Ben Gilbert: Sorry, just to follow up on that. In terms of the competition, the capital in the group in any one year, obviously, it takes three years plus to build out a store pipeline, so it is not like you can suddenly accelerate materially store rollout any one year. Where is the competing capital decision in a year to year? Is it, do you go into a new market like New Zealand or is it you preserve capital to put into stores and try and pull forward rollout? What is the competing capital? Because you are obviously generating a lot of cash and based on the great numbers you have printed today, you are going to have a truckload more cash coming out this year. I am just, how does that competition internally sit?

Speaker #4: So it's not like you can suddenly accelerate materially or roll out stores in any one year. Where is the competing capital decision in any sort of year-to-year?

Speaker #4: Is it, do you go into a new market like New Zealand? Or is it, you preserve capital to put into stores and try and pull forward rollout?

Speaker #4: What is the competing capital? Because you're obviously generating a lot of cash. And based on the great numbers you've printed today, you're going to have a truckload more cash coming out this year.

Ben Gilbert: What is the competing capital? Because you are obviously generating a lot of cash and based on the great numbers you have printed today, you are going to have a truckload more cash coming out this year. I am just, how does that competition internally sit?

Speaker #4: I'm just—how does that competition internally sit?

Speaker #3: So, yeah, Ben, I want to be very clear. The buyback does not compete for capital versus the other investments that we're making. We will always prioritize the investment in our restaurants, whether that's new restaurants or existing restaurants.

Erik du Plessis: Yeah, Ben, I want to be very clear. The buyback does not compete for capital versus the other investment that we are making. We will always prioritize the investment in our restaurants, whether that is new restaurants or existing restaurants, and other opportunities to deploy capital, for example, in electrification, et cetera. But we will have surplus capital. Just this year, we have AUD 92 million of franchise royalties that require minimal CapEx. And so we will generate surplus capital. The majority of that will go to dividends. And when we have surplus to that is when we have the opportunity to conduct a buyback. So my comment earlier around the high return rate that we demand is just because our shareholders deserve high rates of returns because of the rest of the business, the rates of return that we earn in the rest of the business.

Speaker #3: And other opportunities to deploy capital, for example in electrification, etc. But we will have surplus capital. I mean, just this year, we have $92 million of franchise royalties that require minimal capex.

Speaker #3: And so, we will generate surplus capital. The majority of that will go to dividends, and when we have surplus beyond that, that's when we have the opportunity to conduct a buyback.

Erik du Plessis: And so we will generate surplus capital. The majority of that will go to dividends. And when we have surplus to that is when we have the opportunity to conduct a buyback. So my comment earlier around the high return rate that we demand is just because our shareholders deserve high rates of returns because of the rest of the business, the rates of return that we earn in the rest of the business.

Speaker #3: So my comment earlier around the high return rate that we demand is just because our shareholders deserve higher rates of returns because of the rest of the business, the rates of return that we earn in the rest of the business.

Speaker #3: So we're not competing to buy back against other restaurant network investments.

Erik du Plessis: We are not competing the buyback against other restaurant network investment.

Speaker #4: That's helpful. Thanks, Eric. I appreciate it.

Ben Gilbert: That is helpful. Thanks, Erik. Appreciate it.

Speaker #2: Your next question comes from Brian Raymond with JP Morgan.

Operator: Your next question comes from Bryan Raymond with J.P. Morgan.

Speaker #4: Good morning. I'm just going to go back to corporate margins again—apologies for coming back to this issue. But I just wanted to sort of clarify a few things.

Bryan Raymond: Morning, all. I am just going to go back to corporate margins again. Apologies for coming back to this issue, but just wanting to clarify a few things. You mentioned, I think, that same-store sales growth initially was lower in corporate stores than in franchise stores due to the mix there. Erik, I just wanted to understand if franchisee margins also fell in H2 2026, because that 110 basis point year-on-year move is surprising, particularly given that Uber Eats partnership. Also, does Uber Eats have a similar share of sales in both the corporate and franchise channels? Thanks.

Speaker #4: So you mentioned, I think, that same-store sales growth was initially lower in corporate stores than in franchise stores due to the mix there.

Speaker #4: Eric, I just wanted to understand if franchisee margins also fell in 2H26, because that 110-basis-point year-on-year move is surprising, particularly given that Uber Eats partnership.

Speaker #4: And then also, does Uber Eats have a similar share of sales in both the corporate and franchise channels? Thanks.

Speaker #3: Yeah. So firstly, our franchise margins increased significantly or increased over the year. So we had we detailed that in our material. So in F25, there were the medium franchise margin restaurants were 19.9 and increased to 20.8.

Erik du Plessis: Yeah. Firstly, our franchise margins increased significantly or increased over the year. We detailed that in our material. In F25, there were, the median franchise margin restaurants were 19.9% and increased to 20.8%. We did see improvement there. We expect that, obviously, continue with full-year impact of the Uber deal. In terms of comp growth in our corporate restaurants, as I said, there has been a significant improvement, but really we saw that tick through as opposed to in recent months rather than in the second half. That is where we see that come through.

Speaker #3: So we did see an improvement there, and we expect that, obviously, to continue with the full-year impact of the Uber deal. In terms of comp growth in our corporate restaurants, as I said, there has been a significant improvement.

Speaker #3: But really, we saw that tick through a post in the recent months rather than in the second half. So that's where we see that come through.

Speaker #4: Okay. And then just the timing effect you mentioned around store openings towards the end of the half—that all makes sense. But I just wanted to understand, should that just bounce back, assuming that doesn't repeat and it kind of returns to a normal cadence next year? Should that margin sort of bounce back in 2H27?

Bryan Raymond: Okay. Then just the timing effect you mentioned around store openings.

Erik du Plessis: Yeah

Bryan Raymond: towards the end of the H1. That all makes sense, but I just wanted to understand then, should that just bounce, assuming that doesn't repeat and that kind of is a normal cadence next year, should that margin bounce back into H2 2027? Just as a follow-up to that, the minimum wage backdrop and the 18 to 20-year-old transitioning to full minimum wage over the next 3 years, is that corporate store margin likely to bounce back quickly or is it going to face a few more headwinds just as we go

Speaker #4: And just as a follow-up to that, with the minimum wage backdrop and the 18- to 20-year-olds transitioning to full minimum wage over the next three years, is that corporate store margin likely to bounce back quickly, or is it going to face a few more headwinds as we go through these higher cost bases?

Erik du Plessis: Yeah

Bryan Raymond: step through this higher cost base?

Speaker #3: So Brian, it's exactly that that's giving us the confidence that corporate margins will improve significantly in FY27, because these new restaurants are now hitting that point where we've invested in that initial guest experience.

Erik du Plessis: Brian, it's exactly that that's giving us the confidence that corporate margins will improve significantly into F27 because these new restaurants are now hitting that point where we've invested in that initial guest experience. We showed at the H1 how our typical restaurant performance improved at our 12-month mark. These restaurants, a lot of them are drive-throughs, which do earn the higher margins as well. We've been very pleased with the margin performance coming through in our corporate restaurants recently, so we're very confident in that expansion into F27. Hopefully that helps.

Speaker #3: We showed at the half how our typical restaurant performance improves at the 12-month mark. And these restaurants, a lot of them are drive-throughs, which do earn the higher margins as well.

Speaker #3: So, we've been very pleased with the margin performance coming through in our corporate restaurants recently, and so we're very confident in that expansion into FY27.

Speaker #3: Yeah, so hopefully that helps.

Speaker #4: Okay, thank you. And just a final one, on the 24/7 conversions—the pace slowed in terms of just the raw number of 24/7 stores. There were 13 incremental in the first half and 5 incremental in the second half.

Bryan Raymond: Okay. Thank you. Just a final one is just on the 24/7 conversions. The pace slowed from, or in terms of just the raw number of 24/7 stores, there was 13 incremental in H1 and 5 incremental in the H2. I just wanted to understand if you've had a change of thinking around the economics of 24/7, or is this a prioritization of percentage margin over same-store sales growth that is also coming through a bit in your medium-term guidance. Thanks.

Speaker #4: I just wanted to understand if you've had a change of thinking around the economics of 24/7, or is this a prioritization of percentage margin over same-store sales growth that's also coming through a bit in your medium-term guidance?

Speaker #4: Thanks.

Speaker #5: Brian, I'll take this question. As of the end of the financial year, we now have 36 restaurants trading 47, 24/7.

Hilton Brett: Brian, Hilton. I will take this question. As of the end of the financial year, we now have 36 restaurants trading 24/7. We also had a number of restaurants that have increased trading hours up to 24/3. For us, 24/7 obviously remains a high priority, and as we have said before, over the long term, all of our drive-throughs will go to 24/7, so nothing has changed. In terms of obviously going 24/7, we see a significant interest from our franchisees in terms of wanting to move to 24/7. What takes the time is obviously council restrictions and getting the approvals, as well as obviously making sure that from an operational perspective, we are commercially ready, we have the teams trained to be able to execute.

Speaker #5: We also had a number of restaurants that have increased trading hours up to 24/3. For us, 24/7 obviously remains a high priority. And as we've said before, over the long term, all of our drive-throughs will go to 24/7.

Speaker #5: So, nothing has changed. In terms of obviously going 24/7, we see significant interest from our franchisees in wanting to move to 24/7.

Hilton Brett: In terms of obviously going 24/7, we see a significant interest from our franchisees in terms of wanting to move to 24/7. What takes the time is obviously council restrictions and getting the approvals, as well as obviously making sure that from an operational perspective, we are commercially ready, we have the teams trained to be able to execute.

Speaker #5: What takes the time is, obviously, council restrictions and getting the approvals, as well as making sure that, from an operational perspective, we are commercially ready.

Speaker #5: We have the teams trained to be able to execute, because most importantly, we need to make sure that we can deliver the same outstanding guest experience in late night as we do during the normal trading hours during the day.

Hilton Brett: Because most importantly is making sure that we can deliver a similar outstanding guest experience in late night as we do during the normal day, trading hours during the day.

Hilton Brett: Because most importantly is making sure that we can deliver a similar outstanding guest experience in late night as we do during the normal day, trading hours during the day. Nothing has changed, and we will continue to obviously focus and build on 24/7 from where we are today.

Speaker #5: So, nothing's changed, and we'll continue to obviously focus on and build 24/7 from where we are today.

Erik du Plessis: Nothing has changed, and we will continue to obviously focus and build on 24/7 from where we are today.

Speaker #4: Okay. Thank you.

Noah Hunt: Okay. Thank you.

Bryan Raymond: Okay. Thank you.

Speaker #2: Your next question comes from Noah Hunt with MST Marquee.

Operator: Your next question comes from Noah Hunt with MST Marquee.

Speaker #6: Oh, morning, Steven, Eric, and Hilton. Just a question on the comp sales momentum. We don't have the same granularity in the deck on comp sales by day part.

Noah Hunt: Morning, Steven, Erik, and Hilton. Just a question on the comp sales momentum. We don't have the same granularity in the deck on comp sales by day part. I'm just curious if you can add some color as to which day parts are contributing the strongest, particularly in the trading update, but just more broadly year to date.

Speaker #6: But I'm just curious if you can add some color as to which dayparts are contributing the strongest to this particular trading update, but just broadly year to date.

Erik du Plessis: Yeah. Excellent. Happy to do that, Noah. The first thing is, one of the things that has happened as we build momentum throughout FY26 is the improvements that we saw in our lunch and dinner comps. That's really important for us. That's the core of the business, and comping well in lunch and dinner is an important part of delivering on our comp growth ambitions and the guidance that we've outlined today. In terms of the shape of the composition of comp growth across day parts, there's not much that's changed from that second half where we built that momentum. Breakfast continued to comp very well at double-digit levels. 24/7 continues to comp very well, but we have seen that continued momentum in lunch and dinner, which has been great to see.

Erik du Plessis: Yeah. Excellent. Happy to do that, Noah. The first thing is, one of the things that has happened as we build momentum throughout FY 2026 is the improvements that we saw in our lunch and dinner comps. That's really important for us. That's the core of the business, and comping well in lunch and dinner is an important part of delivering on our comp growth ambitions and the guidance that we've outlined today. In terms of the shape of the composition of comp growth across day parts, there's not much that's changed from that H2 where we built that momentum.

Speaker #3: Yeah, excellent. I'm happy to do that now. So, I guess the first thing is, one of the things that has happened as we built momentum throughout FY26 is the improvement that we saw in our lunch and dinner comps.

Speaker #3: And that's really important for us. That's the core of the business. And comping well in lunch and dinner is an important part of delivering on our comp growth ambitions and the guidance that we've outlined today.

Speaker #3: In terms of the shape of the composition of comp growth across day parts, there's not much that has changed from that second half, where we built that momentum.

Speaker #3: So, breakfast continues to comp very well—double-digit levels. 24/7 continues to comp very well. But we have seen that continued momentum in lunch and dinner, which has been great to see.

Erik du Plessis: Breakfast continued to comp very well at double-digit levels. 24/7 continues to comp very well, but we have seen that continued momentum in lunch and dinner, which has been great to see.

Speaker #6: Right. And then just the second question, if I can. The guidance on corporate restaurant margins is for strong expansion in '27. Does this help us to understand what this looks like relative to '26?

Noah Hunt: Great. Then just the second question, if I can. The guidance on corporate restaurant margins is for strong expansion in 2027. Can you just help us to understand what this looks like in terms of relative to 2026? Obviously, it declined 70 basis points in 2026. Is this just about recouping that, or is it that and then some with those stores maturing and comp sales improving?

Speaker #6: Obviously, it declined 70 basis points in '26. Is this just about recouping that, or is it that and then some, with those stores maturing and comp sales improving?

Speaker #3: Yeah, yeah. We're not going to give exact numbers in terms of what we expect for F27, but I guess what I mentioned earlier with Sean's question is that we don't expect G&A to contribute materially.

Erik du Plessis: Yeah. We are not going to give exact numbers in terms of what we expect for F27. But I guess what I mentioned earlier with Shaun's question is that, we do not expect G&A to contribute materially, and we are expecting a significant improvement in overall EBITDA to network sales to that 6.7% to 6.9% mark. So that is where you are going to see the corporate margins come through.

Speaker #3: And we are expecting a significant improvement in overall EBITDA to network sales, to that 67% to 69% mark. So that's where you're going to see the corporate margins come through.

Noah Hunt: Great. Thanks, Erik.

Speaker #6: Right. Thanks, Eric.

Speaker #2: Your next question comes from Sam Teger with Citi.

Operator: Your next question comes from Sam Teeger with Citi.

Speaker #3: Oh, hi Steve, Hilton, and Eric. Thank you. Can you help us dimensionalize the contribution from the Uber deal on the 5.3% comps overall for the year?

Sam Teeger: Hi, Steven, Hilton, and Erik. Thank you. Can you help us dimensionalize the contribution from the Uber deal on the 5.3% comps?

Erik du Plessis: Overall for the year. Delivery overall, year-on-year has been, in terms of share, quite stable. What has been great in terms of the Uber deal is that we have obviously realized the improved economics. We have great levers available for us to continue to drive long-term sales, and we have not lost any sales as a result of moving to Uber exclusively. That was a big objective for us. We have successfully realized that. We are now in a more profitable delivery channel that we are able to have more levers to drive growth on. That has been a key focus for us, and we are very pleased with that result. In terms of the contribution to comp growth, as I said, because the delivery share is pretty stable, there has been an equal contribution from both non-delivery and delivery in our business, which is also something we like.

Speaker #3: So, look, delivery overall, year on year, in terms of share, has been quite stable. What's been great in terms of the Uber deal is that we've obviously realized the improved economics.

Speaker #3: We've got great levers available for us to continue to drive long-term sales. And we haven't lost any sales as a result of moving to Uber exclusively.

Speaker #3: So, that was a big objective for us. We've successfully realized that. We're now on a more profitable delivery channel, and we're able to have more levers to drive growth on.

Erik du Plessis: We have successfully realized that. We are now in a more profitable delivery channel that we are able to have more levers to drive growth on. That has been a key focus for us, and we are very pleased with that result. In terms of the contribution to comp growth, as I said, because the delivery share is pretty stable, there has been an equal contribution from both non-delivery and delivery in our business, which is also something we like.

Speaker #3: So that's been a key focus for us, and we're very pleased with that result. In terms of the contribution to comp growth, as I said, because the delivery share is pretty stable, there's been an equal contribution from both non-delivery and delivery in our business, which is also something we like.

Speaker #3: We are obviously driving both channels pretty hard to make sure we realize the best outcomes for our guests and for our franchisees.

Erik du Plessis: We are obviously driving both channels pretty hard to make sure we realize the best outcomes for our guests and for our franchisees.

Speaker #4: Excellent, thank you. And then, second question on rollout: I'm wondering what proportion of that 117-site pipeline is expected to land and open in '27 or '28?

Sam Teeger: Excellent. Thank you. Second question on rollout. I am wondering what proportion of that 117 site pipeline is expected to land and open in 2027 or 2028. Any comments you have around planning approvals in Australia, is it getting easier or tougher?

Speaker #4: And then, any comments you have around planning approvals in Australia—is it getting easier or tougher?

Speaker #3: Hilton, do you want to catch this one? Am I jumping there? So, of our drive pipeline drive-throughs, we've got 117 in the pipeline. We've guided to 35 restaurants this year.

Erik du Plessis: Hilton, do you want to catch this one? I might jump in there. Of our pipeline drive-throughs, we have 117 in the pipeline. We have guided to 35 restaurants this year. That is the restaurants that we expect to open in FY27. Obviously that leaves us with a significant pipeline into 2028 and 2029, which is great to see that filled because it gives us great visibility of a continued step up in our restaurant openings, which is something that is clearly evident in our medium-term framework. That pipeline, as Hilton mentioned earlier, that confidence that we can give it is in the best shape it has been, and we are very happy with where that is sitting.

Erik du Plessis: Hilton, do you want to catch this one? I might jump in there. Of our pipeline drive-throughs, we have 117 in the pipeline. We have guided to 35 restaurants this year. That is the restaurants that we expect to open in FY 2027. Obviously that leaves us with a significant pipeline into 2028 and 2029, which is great to see that filled because it gives us great visibility of a continued step up in our restaurant openings, which is something that is clearly evident in our medium-term framework.

Speaker #3: So, that's the restaurants that we expect to open in FY27. Obviously, that leaves us with a significant pipeline into FY28 and FY29, which is great to see. That fills because it gives us great visibility over a continued step-up in our restaurant openings, which is something that's clearly evident in our medium-term framework.

Speaker #3: So that's been that pipeline, as Hilton mentioned earlier—the confidence that we can give it. It's in the best shape it's been, and we're very happy with where that's sitting.

Erik du Plessis: That pipeline, as Hilton mentioned earlier, that confidence that we can give it is in the best shape it has been, and we are very happy with where that is sitting.

Speaker #4: All right, and then last question: Can you help us quantify or dimension the EBITDA benefit that you expect from the OMS and AI initiatives over the next couple of years?

Sam Teeger: All right. Last question. Can you help us quantify or dimension the EBITDA benefit that you expect from the OMS and AI initiatives over the next couple of years? Thank you.

Speaker #4: Thank you.

Speaker #3: Well, as Steven mentioned earlier, the number one priority of our technology, process, and systems is to make it easier for our crews to execute in our restaurants.

Erik du Plessis: Well, as Steven Marks mentioned earlier, the number one priority of our technology and our process and systems is to make it easier for our crews to execute in our restaurants. That allows us to deliver a better guest experience, which ultimately comes through in sales. So that is the focus. We are not going to get into trying to decompose comp growth further into OMS contribution, et cetera. But what we are seeing is a material improvement in guest metrics in terms of complaints per thousand and reviews. That is because we are able to deliver more accurate orders to our guests, which is great to see. That will be the continued focus in that area.

Speaker #3: And so what that allows us to do is deliver a better guest experience, which ultimately comes through in sales. So that's the focus. And so we're not going to get into trying to decompose comp growth further into OMS contribution, etc.

Speaker #3: But what we are seeing is a material improvement in guest metrics, in terms of complaints per 1,000 and reviews, and that's because we are able to deliver more accurate orders to our guests, which is great to see.

Erik du Plessis: But what we are seeing is a material improvement in guest metrics in terms of complaints per thousand and reviews. That is because we are able to deliver more accurate orders to our guests, which is great to see. That will be the continued focus in that area.

Speaker #3: And that will be the continued focus in that area.

Speaker #4: All right. Thank you.

Sam Teeger: All right. Thank you.

Speaker #2: Your next question comes from Peter Mickelbrook with Select Securities.

Operator: Your next question comes from Peter Mickleburgh with Select Securities.

Speaker #5: Hi, guys. Thanks for taking my question. Just in relation to the pipeline—sort of a bit of a follow-up from the previous one—but just wanted to confirm, during various stages, starting from site acquisition to approvals, construction, and opening, are you seeing any sort of changes, either positive or negative, in the timeframe there?

Peter Mickleburgh: Hi, guys. Thanks for taking my question. Just in relation to the pipeline, a bit of a follow-up from the previous one. Just wanted to confirm, during various stages of starting from site acquisition to approval to construction and opening, are you seeing any sort of changes, either positive or negative in the timeframe there?

Peter Meichelboeck: Hi, guys. Thanks for taking my question. Just in relation to the pipeline, a bit of a follow-up from the previous one. Just wanted to confirm, during various stages of starting from site acquisition to approval to construction and opening, are you seeing any sort of changes, either positive or negative in the timeframe there?

Speaker #3: The timeframe has been pretty consistent over the last, call it, 12 to 18 months. So, drive-throughs—from the time our team identifies a site and goes through board approval to when we actually open it—is about two years.

Steven Marks: The timeframe has been pretty consistent over the last, call it 12 to 18 months. Drive-throughs, by the time that our team identifies it and goes through board approval to, obviously, when we open it, is about 2 years. Strips are a little bit less. Nothing's really changed on that timeline with councils.

Speaker #3: Strips are a little bit less, and nothing's really changed on that timeline with councils.

Speaker #5: Right, okay. And can I just clarify something, just to make sure I'm thinking about this the right way? I understand that there were 62 sites added to the pipeline during the year, and, given that, 32 sites opened.

Peter Mickleburgh: Right. Okay. Can I just clarify something? Just make sure I'm thinking about this the right way. I understand that there were 62 sites added to the pipeline during the year, and given 32 sites opened, it's a net gain of 30. I think the pipeline itself is only up 19. Am I thinking about this the right way, that there seems to be 11 sites dropped out of the pipeline, or have I got that completely wrong?

Peter Meichelboeck: Right. Okay. Can I just clarify something? Just make sure I'm thinking about this the right way. I understand that there were 62 sites added to the pipeline during the year, and given 32 sites opened, it's a net gain of 30. I think the pipeline itself is only up 19. Am I thinking about this the right way, that there seems to be 11 sites dropped out of the pipeline, or have I got that completely wrong?

Speaker #5: So, it's a net gain of 30. But I think the pipeline itself is only up 19. So am I sort of thinking about this the right way—that there sort of seems to be 11 sites that have dropped out of the pipeline?

Speaker #5: Or am I going to be completely wrong?

Speaker #3: No, that's right. So, from time to time, we do see sites drop out of the pipeline. Quite often, they come back at a later time.

Erik du Plessis: No, that's right. From time to time, we do see sites drop out of the pipeline. Quite often they come back at a later time. Yeah, so the 62 that we're adding to the pipeline, we're very happy with because there are these drop-offs, and so 62 is what allows us to do 40 over time. That's why you can't just have 40 new additions to a pipeline because your pipeline will decrease, if that's the case. That's why that 62 number is really important for our longer-term ambitions.

Speaker #3: But yeah, so the 62 that we're adding to the pipeline, we're very happy with because there are these drop-offs. And so, 62 is what allows us to do 40 over time.

Speaker #3: And so that's why you can't just have 40 new additions to a pipeline, because your pipeline will decrease if that's the case. So that's why that 62 number is really important for our longer-term ambitions.

Speaker #5: Yeah, understood. And in terms of those ones that do drop out, given that you sort of have great commercial terms on these sites, is there any sort of cost associated with the ones that drop out?

Peter Mickleburgh: Yeah, understood. In terms of those ones that do drop out, given that you have agreed commercial terms on these sites, is there any sort of cost associated with the ones that drop out?

Peter Meichelboeck: Yeah, understood. In terms of those ones that do drop out, given that you have agreed commercial terms on these sites, is there any sort of cost associated with the ones that drop out?

Speaker #3: No. There's not.

Erik du Plessis: No, there's not.

Speaker #5: Great. Thank you.

Peter Mickleburgh: Great. Thank you.

Peter Meichelboeck: Great. Thank you.

Speaker #2: Your next question comes from Leo Amadi with Bell Potter Securities.

Operator: Your next question comes from Leo Amati with Bell Potter Securities.

Speaker #6: Good morning, Steven, Hilton, and Eric. Just one from me on the bird flu. I know you haven't explicitly called anything out, and Ingham's today reported there's still no commercial outbreak.

Leo Amati: Yeah, good morning, Steven, Hilton, and Erik. Just one from me on the bird flu. I know you haven't explicitly called anything out, and Ingham's today reported saying there's still no commercial outbreak. But, just given your exposure to free-range chicken, I just wanted to know what it would look like if we saw an outbreak and the timing lag before it hits COGS, especially given the price discipline that you have and whether you'd have room to pass that through.

Leo Armati: Yeah, good morning, Steven, Hilton, and Erik. Just one from me on the bird flu. I know you haven't explicitly called anything out, and Ingham's today reported saying there's still no commercial outbreak. But, just given your exposure to free-range chicken, I just wanted to know what it would look like if we saw an outbreak and the timing lag before it hits COGS, especially given the price discipline that you have and whether you'd have room to pass that through.

Speaker #6: But just given your exposure to free-range chicken, I just wanted to know what it would look like if we saw an outbreak, and the timing lag before it hits COGS.

Speaker #6: Especially given the price discipline that you have, and whether you'd have room to pass that through.

Speaker #3: Yeah, so great question. And just to be clear, we will have chicken available at GYG always, and there will be no effect on our pricing or COGS based on our contract with Baeda.

Steven Marks: Yeah. So, great question. Just to be clear, we will have chicken available at GYG always. There will be no effect on our pricing or COGS based on our contract with Baiada. At an industry level, though, free range right now are largely being housed indoors for safety, and there'll be a decision prior around 12 September of what that's going to look like going forward, which would obviously affect Woolworths and Coles as well as GYG. But we will always have chicken at GYG, and it's obviously, all this is considered in our contract with Baiada Lilydale, with who we have an extremely strong relationship with.

Speaker #3: At an industry level, though, free-range right now are largely being housed indoors for safety, and there'll be a decision prior, around September 12th, of what that's going to look like going forward, which would obviously affect Woollies and Coles as well as GYG.

Speaker #3: But we will always have chicken at GYG, and obviously, all of this is considered in our contract with Baeda Lillydale, with whom we have an extremely strong relationship.

Steven Marks: But we will always have chicken at GYG, and it's obviously, all this is considered in our contract with Baiada Lilydale, with who we have an extremely strong relationship with.

Speaker #6: Right. Thanks, Steven.

Leo Amati: Right. Thanks, Steven.

Leo Armati: Right. Thanks, Steven.

Speaker #2: There are no further questions at this time. I'll now hand back to Mr. Marks for closing remarks.

Operator: There are no further questions at this time. I'll now hand back to Mr. Marks for closing remarks.

Speaker #3: Well, as always, thank you to everyone who has joined us. And make sure you get lunch at your local GYG. Love you.

Steven Marks: Well, as always, thank you to everyone who has joined us, and make sure you get lunch at your local GYG. Love you.

Operator: That does conclude our conference for today. Thank you for participating. You may now disconnect.

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Q4 2026 Guzman Y Gomez Ltd Earnings Call

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