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CLAIM #39195 · McDonald’s Corporation (MCD) · 2025Q1 earnings call · May 1, 2025 · due Dec 31, 2025

So, assuming inflation keeps coming down, I would expect the contribution from price to kind of continue to moderate in line with that.

Ian Borden · CFO

PENDING
graded after results covering Dec 31, 2025 are reported

In context

on that. And then, as you think about other incremental programs that you may need to do, certainly, we test those, we'll do different modelling on those to make sure that in total that the P&L works. I think you can't really decompose and take each individual item, you have to look at it in totality and say, does this program work for our franchisees for the company. But Ian, I don't know if you have anything else you want to add to that. Ian Borden: Yeah, Brian. Good morning. Just maybe a couple of things I'd add. I mean, you're right. If we use the U.S. as the example that menu pricing, obviously, as you would expect has been coming down as inflation has been coming down, and I think we were just under mid-single digit in Q1, most of that frankly was carryover from price taken in 2024. So, assuming inflation keeps coming down, I would expect the contribution from price to kind of continue to moderate in line with that. As Chris said, I mean, obviously, what we've been doing in the U.S. and we're kind of in this non-comparable period is, we've obviously responded to the kind of needs of the consumer, and we've put stronger value and affordability in place. If you remember, the $5 Meal went in place at the end of June in 2024. And so, there certainly is -- until we kind of get more comparable, there is a bit of a mix adjustment. Obviously, the purpose of that mix adjustment, as Chris was talking to is, we want to drive stronger underlying momentum in the business. We want to drive guest count led growth. And then, as you get that guest count led growth and you start complementing that with things like Minecraft or Chicken Strips, you get the check growth, the profit growth, which is obviously the kind of

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SEC filings for MCD · Claim quote is verbatim from the 2025Q1 earnings call.