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1、 Please refer to important disclosures on pages 26 and 27.Analyst certification is on page 26.William Blair or an affiliate does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affe

2、ct the objectivity of this report.This report is not intended to provide personal investment advice.The opinions and recommendations herein do not take into account individual client circumstances,objectives,or needs and are not intended as recommendations of particular securities,financial instrume

3、nts,or strategies to particular clients.The recipient of this report must make its own independent decisions regarding any securities or financial instruments mentioned herein.Monthly Morsels Equity Research Consumer|Restaurants November 20,2025 Sharon Zackfia,CFA +1 312 364 5386 Tania Anderson,CFA+

4、1 312 364 8942 89747_caade571-cad9-49f1-9d1e-3872be197c4c.pdfWilliam Blair Sharon Zackfia+1 312 364 5386 2 Trends in the Restaurant Industry Restaurant stocks declined about 8%in October(excluding McDonalds),well below a 2%increase in the S&P 500.As a result,the industrys year-to-date performance th

5、rough October significantly trails the market with a 30%-plus decline versus a midteens gain for the S&P 500.All sectors are down this year,with specialty coffee faring best with a midsingle-digit average stock decline,followed by a high-teens decline in QSR and a roughly 20%average decline in casua

6、l dining.Fast-casual stocks have declined an average of 55%,reversing much of the average 80%-plus gain experienced in 2024.Given lackluster stock performance,all subsectors are trading below their respective 3-year average valuations with the most meaningful gap in QSR and casual dining.With the th