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 have 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's 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.

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.

Our conviction in the potential of this business has never been stronger. 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 $1.4 billion in network sales, up 18% on the prior year.

Our underlying EBITDA was $85 million, up 29%. Our record underlying NPAT of $53 million, up 30%.

Including discontinued operations, that is including the US 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.

This brings the full-year dividend to 48 cents 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-thrus achieving 22% margins. Our franchisees continue to perform very well and are generating strong returns on their investments.

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's one of the things we're most excited about heading into the next year.

This year builds an impressive track year a impressive track record of sales growth across our global restaurant network, and our strong sales growth continues to translate into very strong earnings growth, underpinned by the operating leverage that's 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.

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 a new 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 FY 2027 after successful trials this year. We continue to invest in digital and technology, with 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's already live. We are seeing very strong results from its initial features, and we're just getting started.

Finally, we have exited our US operations and are pleased with performance of our master franchise markets of Singapore and Japan. I'll now hand over to our CFO Erik to take you through FY 2026 performance.

Good morning, everyone. As Steven 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. 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 39. 33.9% growth in underlying EPS on a diluted basis to 52.1 cents 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'll cover in detail on the next slide.

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 had has had, both financially and on our US team.

As Steven said, the wind-down of our US restaurant 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 site.

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 $15.2 million US and one-off closure costs of $32.8 million US.

We expect the P&L impact to land at the lower end of our guided range of $30 to $40 million US, with any remaining impact in FY 2027 not expected to be material. 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 FY 2026.

While almost all lease exits have been agreed, most payments were made after 30 June '26. Now 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 dayparts, 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 three new restaurants in Singapore this year, with both Singapore and Japan planning to open more restaurants in FY 2027. In the Australia segment, we achieved a strong result of $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-thrus. 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.

In the last 18 months, we've opened 21 new corporate restaurants, all of which were ramping up during FY 2026. 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, and going forward, we expect a significant improvement in corporate corporate restaurant margins heading into FY 2027 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 FY 2026. I'll now hand over to Hilton to talk through restaurant economics, comp growth, and real estate.

One thing we're extremely proud of is the strength of our restaurant economics. This year, we grew average drive-thru average unit volumes to $6.9 million, while average AUVs for strip restaurants held up year-on-year at $5 million.

We opened 26 new drive-thrus in Australia this year, taking the total to 143. Network restaurant margins were 22% for drive-thrus and 18% for strips.

Drive-thru margins expanded, while strips slightly decreased. This reflects new restaurant mix effects and lower comp growth in strip restaurants, partly offset by our chicken strategy and only modest COGS inflation.

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

As the health of our franchisee network is critical to our collective success. 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 $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 a role 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.

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 second half. As always, menu innovation has been a key focus for us.

We launched our Caesar range earlier in the year and our first two Australian LTOs: the BBQ Chicken Double 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. 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 movement through the year.

Network expansion is continuing at pace. We finished the year with 117 board-approved sites in our pipeline with commercial terms agreed, having added 62 new sites during the period.

Around 85% of the pipeline is drive-thrus. The pipeline is the strongest it's 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'll now hand back to Erik to take us through our cash flow.

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 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 $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 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. 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 FY 2026, with $45 million invested in restaurants and $120 million returned to shareholders during the year.

This year, the board has declared a fully franked full-year dividend of 48 cents 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 40.6 cents per share 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. 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 $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.

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'll 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 franchise and 40% corporate, and around 85% of openings will be drive-thrus and 15% strip.

Our business model is expected to deliver earnings growth significantly ahead of revenue growth. 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-thrus.

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. In addition, as existing franchisees' restaurants grow, including opening proportionally more drive-thrus 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.

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 FY 2027. 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%. The incremental openings versus FY 2026 are weighted to the back end of the financial year, these aren't expected to contribute materially to FY 2027 sales or earnings.

We expect strong corporate restaurant margin expansion in FY 2027, reflecting continued comp sales growth and a mix shift towards drive-thrus. We expect comp sales growth to continue at mid-single-digit levels in FY 2027.

In the first 7 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. I'll now hand back to Steven.

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's 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.

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'll open it up for questions.

Morning, guys. Just a question on the corporate store margin in the second half.

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?

Good morning, Tom. Good to chat.

I just want to recap on corporate restaurant margins as a whole, then I'll get to the half-on-half movement, cuz 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 FY 2026.

Corporate margins specifically, there are a number of factors that impacted FY 2026, and in order of significance the first is comp growth for our corporate network that came in lower than the overall network, primarily due to the higher weighting of strip and legacy restaurants. As we talked earlier, we continued to invest in menu price inflation, making that sure that's well below the level of cost growth that we're seeing in the business, and that's paid dividends to increase 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. Now, as a reminder, we opened in the last 18 months 21 new corporate restaurants, all of which were still ramping up in FY 2026.

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. 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.

That is already translating to stronger sales and margin profile for our corporate restaurants. If we put all that together, we expect corporate restaurant margins to improve significantly in FY 2027 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 were weighted towards the second half, 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 where a large number of our CBD corporate restaurants are shut during those periods, 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, and we're seeing it's a significant improvement in profitability as a result. 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.

Going to FY 2027, that's one of the things that's giving us a high degree of confidence in that margin expansion in FY 2027, and we're already seeing that play through in our numbers early in the year.

Thanks. Just a 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 in I don't know the last quarter or since you've made some changes?

Yes, no, we're seeing very strong comp growth in our corporate network if not slightly ahead of the franchise network.

Great. Thanks, Erik.

Morning Steven, Hilton, and Erik. Perhaps just a follow-up on sort of restaurant profitability, but sort of more in a broader sense I suppose.

Obviously seeing kind of Fair Work Commission decision around wages, raw beef still seems like inflation coming through from a COGS point of view, touching on bird flu, etc. How should we sort of think about some of those components from a restaurant profit point of view?

What else are you sort of doing internally at the restaurant level to sort of drive efficiencies and, yeah, appreciate the sort of pricing strategy as well around inflation and not necessarily matching one-to-one, but how should we sort of think about all those moving pieces from a broader network profitability point of view?

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've been absorbing labor cost inflation in this business for a very long time. Last year it was close to 5% with the Fair Work decision.

This year will be close to 5% again. 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., 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'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 at 1st of July through the escalation process or escalator process, we're very comfortable with where that's sitting. As I said earlier and Steven mentioned again, you'll hear from us a hundred times, price is the last lever we use to manage our COGS, and we're in a great position with many of our suppliers to make sure that that COGS position stays in a good spot.

We're very happy with where that is. 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 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.

I think, Caleb, maybe just to build on what Erik said and just add one other thing, and as we've said, we expect to continue to deliver mid-single-digit comp sales growth. 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.

Great. That is helpful and nice segue into my second question.

Just keen to explore a little bit if we could just around sort of the commentary on your comps over the medium term. If I rewind back sort of 12 months ago from memory it was more sort of sequential improvement in comps quarter-by-quarter, and now it seems like it's sort of shifted obviously a bit more qualitatively, that's sort of pointing the market more towards a full-year view around that mid-single-digit level despite sort of running ahead early.

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

Thanks, Caleb. I'll address the first part of that question just around the timing of comp growth in the last couple of quarters and into FY 2027, and I know Steven wants to say something about our philosophy for the comp growth guidance overall.

Just as we know, we saw significant improvement in momentum that we built throughout FY 2026 from Q1 to Q2, Q3, into Q4. Really 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 an improvement. Really that relates to the timing of the delivery campaign, the Ding Dong campaign.

Last year it ran in June, 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, and then so we really continue to see that continue at that mid-single-digit level, and I know Steven wants to just say something around the philosophy around that.

Thanks, Erik. I want to be very clear on this, man.

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.

Now, as Erik was just saying, man, we see mid-single-digit comp growth as a sustainable level for the network over time. That's what delivers us incredible, obviously, restaurant economics.

It's to make sure that our franchisees are incredibly healthy, and that drives us to that 1,000-plus restaurants that will open up here in Australia. 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 the next 10 to 20 years. As we always say, this is a generational business, and we do not worry about the next quarter.

Yeah. Appreciate the signaling.

Thank you very much to the color team.

Hey, Shaun.

Park point. Oh, sorry.

Pardon me, I'm just stuck. Good morning, Steven and Hilton and Erik.

Just on G&A to sales, it fell to sort of 5.9% in full-year '26, 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 fiscal '27 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.

Maybe, Shaun, I'll just jump in quick before I hand it over to Erik to explain the impact on G&A. 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. In the context of our decision to exit the US market this year with significant writedowns we incurred, the value we deliver to our shareholders was impacted.

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 Hola Central team and our operators here, but smaller than in previous years.

Just to pick up on your question, Shaun, you're right that as we head into FY 2027, G&A as a percentage of sales won't be a material contributor to the ongoing improvement in EBITDA to network sales that we expect for FY 2027. Yes, it was a contributor in FY 2026.

We don't expect it to be a significant contributor in FY 2027. That's where we really see the corporate restaurant margins and our royalty rates seeing acceleration in those metrics this year.

Great, and 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?

Yeah. Shaun, I might do the second part first.

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, and so they're 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've called out previously, the Uber deal was designed to drive sales, and that's how we will benefit as a business going forward 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. The majority are already on the tiered royalty structure.

There's about 30 franchisees that are yet to transition, and they'll transition progressively over the next few years as we work through that. As we guided, in the medium term, we expect that to work its way through to a 10% royalty rate over time.

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

Sorry,

yeah, just to be clear,

34 restaurants and there's Oh, sorry.

Yep. Okay.

34. 34 restaurants.

Thank you.

67 franchisees overall, but yeah, and we also have the number of franchised restaurants, but it's 30 34 restaurants.

Yep. No, fantastic.

That's great. Thank you very much, Erik.

Good morning, team. Just interested in terms of the breakup around the comps, how you're seeing average order value versus price increases in terms of the drivers of that.

I suppose looking forward from here, what are you thinking around price? Because you've obviously been very disciplined, arguably your value proposition's improved versus your peers.

You've had the right to increase pricing more, and just interested in how you're thinking about maintaining that, what are you assuming in your sort of guidance or qualitative guidance for pricing?

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 will 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 COGS are at at the moment, as I mentioned earlier, and we've already taken our price. We'll have to watch that closely, but as we've said before, the last thing we're going to do is work our way to a price increase again this year.

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.

Are you seeing AOV fall then, Erik? On some of those smaller transactions, you get better margin.

Yeah.

How's the average order value?

Average order value has declined very slightly in the business. There's a number of factors that are contributing to that.

As the popularity of our Minis is a really big factor, 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.

We've talked before about the value campaigns. Breakfast is also a contributor.

These are great long-term drivers of the business, and it's having a small impact on average order value, but really nothing material and it's not something that's showing up in our economics at all.

Perfect. Just final one from me.

How do you decide what is a compelling price for the buyback? I appreciate your average price in the buyback is looking pretty good now given where the share price is, but how does the board and management team decide where you should be buying back stock at any point in time?

It's a great question. We have a very strong view on value and valuation framework internally that we've 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 the IRR that we expect to generate 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 that capital, and that's 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 won't speak to exactly the numbers, but as I said 6 months ago, we're delighted at the prices that we were buying our shares for, and so we're pleased to see an extension of the share buyback program.

Just sorry to follow up on that. In terms of competition for capital in the group at any one year, obviously it takes 3 years plus to build out a store pipeline, it's not like you can suddenly accelerate materially store rollout at any one year.

Where is the competing capital decision in any sort of year-to-year? 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're obviously generating a lot of cash, and based on the great numbers you put in today, you're going to have a truckload more cash coming out this year.

How does that competition internally sit?

Ben, I want to be very clear. The buyback does not compete for capital versus the other investment that we're making.

We will always prioritize the investment in our restaurants, whether that's new restaurants or existing restaurants, and other opportunities to deploy capital, for example, in electrification, etc. We will have surplus capital.

Just this year, we have $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, that's when we have the opportunity to conduct a buyback.

My comment earlier around the high return rate that we demand is just because our shareholders deserve high rates of returns because of the rates of return that we earn in the rest of the business. We're not competing the buyback against other restaurant network investments.

Got it. Perfect.

Thanks, Eric. Appreciate that.

Morning, all. Might just want to go back to corporate margins again, apologies for coming back to this issue, but just wanted to sort of clarify a few things.

You mentioned, I think, that same-store sales growth initially was lower in corporate stores than franchise stores due to the mix there, Erik. I just wanted to understand if franchisee margins also fell in 2H 2026, cuz that 110 basis point year-on-year move is surprising, particularly given that Uber Eats partnership.

Then also, does Uber Eats have a similar share of sales in both the corporate and franchised channels? Thanks.

Firstly, our franchise margins increased significantly or did increase over the year, we detailed that in our material. In FY 2025, the median franchise margin restaurants were 19.9 and increased to 20.8, we did see a improvement there.

We expect that obviously to 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 in recent months rather than in the second half.

That's where we see that come through.

Okay. Then just the timing effect you mentioned around store openings towards the end of the half, and that all makes sense, but I just wanted to understand then, assuming that doesn't repeat and that kind of is a normal cadence next year, should that margin sort of bounce back in 2H 2027?

Just as a follow-up to that, the minimum wage backdrop and 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 step through these high cost base?

Bryan, it's exactly that that's giving us the confidence that corporate margins will improve significantly in FY 2027 because these new restaurants are now hitting that point where we've invested in that initial guest experience. We showed at the half how the typical restaurant performance improved at 12 months mark, and a lot of them are drive-thrus, which do earn the higher margins as well.

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 FY 2027. Hopefully that helps.

Okay. Thank you.

Just the final one is just on the 24/7 conversions. In terms of just the raw number of 24/7 stores, it was 13 incremental in the first half and 5 incremental in the second half.

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 sort of coming through a bit in your medium-term guidance? Thanks.

Bryan, Hilton. I'll take this question.

As of the end of the financial year, we now have 36 restaurants trading 4/7 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've said before, over the long term, all of our drive-thrus will go to 24/7, 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, because most importantly is making sure that we can deliver the similar outstanding guest experience in late night as we do during the normal day trading hours during the day.

Nothing's changed and we'll continue to obviously focus and build on 24/7 from where we are today.

Okay. Thank you.

Oh, 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 daypart, but I'm just curious if you can add some color as to which dayparts are contributing the strongest. Speaking with trading update, but just more broadly year-to-date?

Excellent. Happy to do that, Noah.

I guess the first thing is one of the things that has happened as we've built momentum throughout FY 2026 is the improvement that we saw in our lunch and dinner comps, 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.

In terms of the composition of comp growth across dayparts, there's not much has changed from that second half where we built that momentum. Breakfast continues to comp very well at the 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.

Great. Then just the second question if I can.

The guidance on corporate restaurant margins is for strong expansion in '27. Does this help us understand what this looks like in terms of relative to '26?

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?

We're not going to give exact numbers in terms of what we expect for FY 2027, but I guess what I mentioned earlier with Shaun's question is that we don't 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. That's where you're going to see the corporate margins come through.

Right. Thanks, Erik.

Hi Steven, Hilton, and Erik. Thank you.

Can you help us dimension the contribution from the Uber deal on the 5.3% comp?

Overall for the year? The 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. We've got great levers available for us to continue to drive longer-term sales, and we haven't lost any sales as a result of moving to Uber exclusively.

That was a big objective for us. We've successfully realized that.

We're now on a more profitable delivery channel that we're able to have more levers to drive growth on. 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. We're obviously driving both channels pretty hard to make sure we realize the best outcomes for our guests and for our franchisees.

Excellent. Thank you.

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? Then any comments you have around planning approvals in Australia, is it getting easier or tougher?

Hilton, do you want to catch this one? I might jump in there.

Pipeline drive-thru is 117 in the pipeline, we guided to 35 restaurants this year. That's the restaurants that we expect to open in FY 2027.

Obviously that leaves us with a significant pipeline in to '28 and to '29, which is great to see that field, because it gives us great visibility over 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, it's in the best shape it's been, and we're very happy with where that's sitting.

All right. 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?

Thank you.

As Steven mentioned earlier, the number one priority of our technology and our processes and systems is to make it easier for our crews to execute in our restaurants, and so what that allows us to do is deliver a better guest experience, which ultimately comes through in sales. That's the focus, and so we're not getting into trying to decompose comp growth further into OMS contribution, etc., but what we are seeing is a material improvement in guest metrics in terms of complaints per thousand and reviews, and that's because we are able to deliver more accurate orders to our guests, which is great to see, and that will be the continued focus in that area.

All right. Thank you.

Hi, guys. Thanks for taking my question.

Just in relation to the pipeline, sort of a bit of a follow-up from previous one, but just wanted to confirm during the various stages of starting from site acquisition to approval to structure and opening, are you seeing any sort of changes either positive or negative in the timeframe there?

The timeframe's been pretty consistent over the last call it 12 to 18 months. Drive-thrus, 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, and nothing's really changed on that timeline with councils.

Right. Okay.

Then if 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, sort of that's a net gain of 30, but I think the pipeline itself is only up 19.

Am I sort of thinking about this the right way that seems to be 11 sites sort of dropped out of the pipeline, or am I completely wrong?

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. The 62 that we're adding to the pipeline we're very happy with because there are these drop-offs.

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.

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

No, there's not.

Right. Thank you.

Good morning Steven, Hilton, and Erik. Just one for me on the bird flu.

I know you haven't explicitly called anything out, and Inghams 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.

Great question, and 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 probably around September 12th of what that's going to look like going forward, which would obviously affect Woolies and Coles as well as GYG. We will always have chicken at GYG and all this is considered in our contract with Baiada Lilydale, with who we have an extremely strong relationship with.

Great. Thanks, Steven.

As always, thank you to everyone who has joined us, and make sure you get lunch at your local GYG. Love ya.