The interims show a mixed H1 trading period but good strategic progress. We identify three key points: (1) Underlying EBITDA (ex Pizzeria 105 acquisition) rose only c.£0.2m YoY to £0.4m, with Poland LFL sales +0.5% as higher tickets offset softer volumes; (2) the franchise share reached 17% at June-25 (vs 12% at Dec-24), while early Pizzeria 105 conversions showed strong uplifts; (3) a good start to H2, with Poland system sales +4.8% in July and +13.0% in August (albeit no LFL’s given). Forecasts unchanged for now but work to do to hit consensus. The LT thesis remains a capital-light, franchise-led model with scale benefits from Pizzeria 105.