SHAREHOLDER VALUE PROPOSITION

Investment Case
  • Proudly the largest Master Franchisee of the largest pizza company on the planet and leading digital QSR
  • Clear market leader in all countries, with a geographically diverse portfolio
  • Leadership has long tenure, with deep franchising experience
  • A globally recognised QSR innovator
  • Capital light store model, with strong Franchisee returns
  • Hybrid Franchise/Corporate model optimising benefits of both platforms:
    ‒ Franchising: capital light, with entrepreneurial innovation
    ‒ Corporate stores: leading bestpractice, accelerating growth & ability to further leverage scale
Well-Balanced
High-Performance Portfolio
    ANZ
  • Clear market leader
  • Best-in-class unit economics
  • High operating leverage
  • World-leading healthy franchise system
  • Europe
  • High growth, market-leading platform
  • Significant store runway
  • Strategic footprint, with adjacent acquisitions possible
  • Market highly fragmented, offering opportunity to gain market share
  • Japan
  • Large Corporate store system
  • High cash flow business
  • Significant potential to improve returns
  • Goal to increase footprint by +60% within the next 7 years
Targeting Long-Term
Shareholder Value Creation
  • Targeting sizable store additions and sales growth, as we strengthen and deepen our position as market leader
  • Market position forecast to strengthen as we continue to focus on operational execution, through Project 3-10
  • Strong balance sheet, with exceptional cash conversion
  • Long runway of store growth and continued prospects for acquisitive growth
  • Consistent history of strong dividends
  • Strong track-record of significant shareholder returns, with 10-year EPS CAGR of 24.1%
  • Excellent EPS growth prospects into the future