GyG reported FY26 network sales growth of 18% and underlying EBITDA of $85 million, up 29% on the pcp. We forecast comp sales growth to settle at 5.6% in FY27e, after delivering “high single digit” growth in its trading update. Strong sales growth will be needed to improve corporate restaurant margins, which is the primary driver of group margin expansion in FY27e. The prospects for ongoing double-digit store and EPS growth is strong and GyG is a cleaner investment proposition without its US earnings drag.