Pershing Square Activist Presentation Deck
Investment Highlights
Category killer in away-from-home coffee with leading omnichannel presence
Quality and innovation advantage over low-cost coffee and traditional QSR players
Convenience, technological and cost advantage over high-end, boutique players
Premium coffee is a secularly growing and attractive category
Frequent consumption creates loyal customer base and trade-up potential
Aligned with health and wellness and sustainability trends
Attractive unit economics support owned business model in key markets
■ Frequency, price point and high gross margins support profitability
Build costs are lower than traditional restaurants due to the absence of kitchens
New units in the U.S. generate ~30% cash EBITDA margins and ~65% pretax ROIC; new
unit economics in China are even higher
China will become an increasingly greater percentage of the total company over time
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