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- **North America Challenges**: Q3 comps down 2.7% due to sides decline, offset by flat core pizza sales.\n- **International Strength**: 7.1% comp growth driven by U.K. and China, with 2025 outlook raised to 5-6%.\n- **Cost Transformation**: $50M+ supply chain savings by 2028, $25M G&A savings over 2026-2027.\n- **Refranchising Acceleration**: Targeting mid-single-digit ownership in North America by 2026.\n- **Innovation Pipeline**: Papa Dippa and Grand Papa launched, with 2026 focused on affordable sides and add-ons.\n- **Balance Sheet Health**: $502M liquidity, free cash flow $59M, supporting strategic initiatives.

**【CEO Summary Section】**
- **North America Sales Decline**: Q3 comparable sales decreased 2.7%, driven by lower add-ons and sides sales, while core pizza sales remained flat despite a 3% increase in pizzas sold.\n- **International Growth**: International comparable sales rose 7.1%, with strong performance in Europe, Middle East, and Asia Pacific.\n- **Cost Savings Initiatives**: Targeting $50 million in supply chain savings by 2028, including $20 million in 2026, and $25 million in non-customer facing G&A savings over 2026-2027.\n- **Refranchising Acceleration**: Reducing company-owned restaurants to mid-single digits of North America system by 2026, with 85 restaurants set to transfer in Q4.\n- **Innovation Pipeline**: Launching Papa Dippa and Grand Papa in Q3, with 2026 focused on reimagined sides and affordable add-ons.\n- **Promotional Strategy**: Pulsing BOGO offers and 50% off carryout to drive transactions, with early signs of success in Q3.\n
**【CFO Financial Commentary】**\n- **Q3 Financials**: Global system-wide sales $1.21B (flat vs. prior year), North America revenue down $6M, international up $6M.\n- **EBITDA**: Consolidated adjusted EBITDA $48M, impacted by $4M incremental marketing and $2M higher incentive costs.\n- **Margins**: North America commissary EBITDA margin improved 100bps to 3.4%, driven by 3% pizza volume growth.\n- **Balance Sheet**: $502M liquidity, gross leverage 3.4x, within target range.\n- **2025 Outlook**: Global sales +1-2%, North America comps -2-2.5%, international comps raised to 5-6%.\n- **Cash Flow**: Free cash flow $59M (vs. $9M prior year), driven by working capital and tax timing.\n
**【Q&A Key Highlights】**\n- **Refranchising Execution**: Pipeline of buyers at attractive multiples, with 85 restaurants set to close in Q4.\n- **G&A Savings**: $25M+ savings to begin in 2026, none embedded in 2025 guidance.\n- **International Momentum**: U.K. and China leading with franchisee focus on priority markets, 4Q comps tracking above expectations.\n- **Loyalty Program Growth**: 40M total loyalty accounts (+1M Q3), with higher redemption rates and order frequency.\n- **Value Proposition**: 50% off carryout offer showing early traction, balancing premium positioning with affordability.\n- **Marketing Efficiency**: $17M incremental spend year-to-date, with focus on testing and learning for 2026 strategy.

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