“I think we remain really confident in our ability to drive margin improvement over time as we get that stronger top-line growth.”

In context

“: Our next question is from Eric Gonzalez with KeyBanc. Alright. Thank you. The second half of 2024 was difficult from a profitable margin perspective in the fourth quarter. Particularly challenging in the US and the We haven't checked that kind of stuff earlier. I think you said you expected capital margins to improve year over year in 2025 driven by top-line growth. Beyond that recovery, can you discuss how much of that margin degradation is on the second half where you expect to get back? Given the heavier end of the fund value and the value of the issues that you rolled out at the start of the year, and what the drivers of that improvement will be year will be your progressive. Ian Borden: Yeah. Let me take that one, Eric. Well, look, I mean, I think as you've heard me say previously, I think we remain really confident in our ability to drive margin improvement over time as we get that stronger top-line growth. So certainly nothing fundamentally has changed, I think, in that regard. I mean, obviously, as you highlighted, 2024 was clearly a year where we didn't get the strong top-line growth that we need to drive margin improvement. I think that combined with kind of some of the inflationary pressure areas like food and paper and labor as well as once you highlighted, which is kind of the mix shifts as we kind of get stronger value in affordability in place, certainly put pressure on margins through the course of the year. And then as you note, in the US, we had those specific impacts through quarter four, which was obviously, as I talked about earlier, the kind of impact specifically on quarter pounder sales, which is a very strong profitable margin item. And then the investment, I think, you kn”