DAVY VIEW

While all eyes remain on the outcome of the forthcoming strategic review and EGM, today’s update highlights operational progress. Notable was the performance in North America through June, with the region benefitting from an earlier easing of restrictions and recovery in the key QSR channel. Cash management remains tight with ample liquidity at the end of June. While revenue momentum is notable, we expect the rebuild to be non-linear, with a margin lag evidencing negative operating leverage.