GyG reported 1H25 network sales growth of 23% and network EBITDA growth of 28%. The strong sales have been helped by growth of breakfast sales and after 9pm. In addition, delivery sales have grown as a share of the business. While there was less operating leverage than hoped, the primary driver is additional store openings, which are a drag on margins in their first 12 months. While near-term leverage is softer, the company’s scope for store growth and margin expansion remains strong.