Network rollout

8 → 18 → 35 → 65 → 100 restaurants (FY2027–FY2031)

Corporate : franchise split

20 corporate, 80 franchised at maturity

Mature corporate store run-rate

~R40.6m p.a. (blended formats)

Mature franchise store run-rate

~R33.4m p.a. (system)

Store ramp curve

50% / 85% / 100% of run-rate in opening / +1 / +2 years

System EBITDA margin

12.2% → 21.5% (sponsor headline, preserved)

Royalty rate

6% of franchisee turnover

Marketing levy

3% (pass-through, excluded from revenue)

Initial franchise fee

R1.8m per new franchise

Corporate store capex

R11m per store (blended)

Depreciation

Stores 10y; commissary 15y; tech 5y; building 40y (SL)

Corporate tax rate

27% with assessed-loss carry-forward (80% limit)

Prime / repo rate

10.5% / 7.0% (mid-2026)

Senior debt

R150m, prime + 2.75%, 24m grace, amortise FY2029–FY2033

Working-capital facility

R50m revolving, prime + 3.5%

DSRA

R25m funded at close

Dividend policy

45% of net profit from FY2030 (base case)

Exit assumption

9.0× EV/EBITDA on FY2031 statutory EBITDA (base)