Elevated Leverage And Rising DebtDebt‑to‑equity rising above 1x and sharply higher total debt materially increases financial leverage and fixed obligations. Elevated leverage narrows discretionary cash flow after interest, raises refinancing and covenant risk, and reduces resilience to cyclical softness over the medium term.
Volatile Cash ConversionA ~26% FCF decline in 2024 despite rising earnings highlights inconsistent cash conversion and sensitivity to working capital or timing. This volatility undermines predictability of funding for capex, debt servicing and dividends, complicating medium‑term financial planning and capital allocation.
Sustainability Of 2025 Step‑change ResultsThe 2025 step‑change in revenue and margins is flagged as a key watch item; such single‑year jumps can be difficult to sustain in restaurants. If those gains reflect transient factors, future growth and margins could revert, increasing uncertainty around multi‑period earnings durability.