Key positives in the 2QFY24 result include (1) volume-led revenue growth, (2) continued sequential improvement in LFL ADS, (3) on-track ramping-up of Popeyes with positive consumer feedback (to add 30 stores in FY24), (4) healthy traction in the loyalty program (enrolments up 16% QoQ, 50% revenue share) and (5) transitioning from 4 region structure to 7; this will lead to better agility and sharper execution/regionalisation.