Westlife Foodworld Ltd Management Discussions

Indias QSR sector is poised for strong growth, driven by rising disposable incomes, rapid urbanisation, and evolving consumer preferences emphasising nutrition and convenience. Expansion beyond metropolitan cities, digital adoption, and menu innovation are fuelling this momentum. Supported by Indias rapid economic rise and a competitive landscape, the QSR market offers significant long-term value creation opportunities for brands focused on value proposition, nutrition-consciousness, and local relevance.

Global economic review

The global economy entered 2025 facing moderating inflation, uneven growth, and geopolitical tensions. While advanced economies like the U.S. demonstrated resilience with stable consumption and labour market strength, India stands out among major economies with a projected 6.5% growth for FY 2024-25, positioning itself to become the worlds fourth-largest economy.

Global GDP expanded by approximately 3.1% in 2024, as per IMF estimates, slightly below the long-term average. Inflation showed signs of easing across major economies, but remained elevated in some regions due to commodity price volatility, wage growth, and supply-side constraints.

Consumer behaviour globally reflected a clear pivot towards affordability and value-driven choices, especially in emerging markets where disposable income growth remained moderate. India emerged as a standout performer, recording a robust 9.2% GDP growth in FY 2023-24, the highest among major economies, underpinned by strong domestic consumption, manufacturing, and services growth.

Global outlook

While short-term adjustments define the current moment, long-term global growth prospects signal deeper shifts. The IMFs five-year forecast pegs global GDP growth at around 3.2%, well below the 2000-19 average of 3.7%, reflecting longer-term structural headwinds, ageing populations, weak productivity, and subdued investment, especially in developing nations.

While global trade is expected to grow modestly by 1.5% in 2025, the broader trade environment remains challenged by policy unpredictability, rising economic nationalism, and residual supply chain bottlenecks.

Global Quick Service Restaurant (QSR) industry outlook

The global QSR industry, valued at $971 billion in 2024, is projected to grow from $1,055 billion in 2025 to nearly $1.93 trillion by 2032, exhibiting a CAGR of 9%1. This growth is driven by inflated urbanisation, rising disposable income, and the growing preference for convenience among millennials and Gen Z. Sustainability and nutrition-focused offerings have also transitioned from niche to mainstream demands, particularly among younger urban consumers.

While the overall industry recovery remains strong, inflation has intensified competition, prompting brands to emphasise value through pricing strategies and loyalty programmes. The sectors resilience is further bolstered by the seamless integration of technologies like mobile-first platforms, AI enabled kitchen operations, and digital loyalty ecosystems that enhance speed, accuracy, and customer engagement.

Going forward, strategic expansion, sustainability initiatives, and continued digital transformation will be pivotal for QSR brands in navigating evolving consumer behaviour and macroeconomic shifts.

Indias economic overview

Indias economic outlook for FY 2024-25 reflects a combination of resilience and moderation, with GDP growth easing from 9.2% in FY 2023-24 to an estimated 6.5% in FY 2024-252, reflecting normalisation to more sustainable levels of expansion rather than underlying weakness. Headline althoughfoodinflation remained volatile. Short-term headwinds such as election-related uncertainty, inflation. Looking uneven monsoons, and volatile external demand softened private investment and consumption. In response, the RBI executed a bold monetary easing: a 50 bp repo rate cut, a 100 bp reduction in CRR, and direct liquidity management, injecting approximately 2.5 lakh crore to support lending and revive activity3. Complementing this were ongoing government-led reforms and stimulus measures. Flagship initiatives such as ‘Make in India, the Production Linked Incentive (PLI) scheme, and targeted infrastructure spending continued to drive manufacturing, investment, and self-reliance.Significantly, comprehensive tax reforms, along with substantially increased budgetary allocations, have been pivotal in accelerating rural development and fuelling strong urban consumption. Rural consumption was better, driven by strong real wage growth, while urban demand is expected to rebound with tax ahead, reformsandsofter private investment, consumption revival, and continued policy support underpin Indias status as the globes fastest-growing major economy.

Indian food services and QSR sector

Indias QSR landscape is undergoing a structural transformation. What was once a metro-centric, indulgence-driven space has evolved into an everyday lifestyle choice driven by a younger, digitally fluent population. Tier 2 and Tier 3 cities now offer compelling opportunities: lower real estate costs, rising disposable incomes, and robust demand, enabling faster breakeven and, at times, better store unit economics.

The overall Indian Food Services market is projected to grow from $85.2 billion in 2025 to $139.8 billion by 2030, at a healthy CAGR of 10.4%. Within this, the QSR segment alone is expected to expand from $27.8 billion to $43.5 billion, growing at a CAGR of 9%. Consumer behaviour is shifting from occasional indulgence to habitual convenience, with 94% of men and 96% of women consuming fast food at least once a week4, and 70-75% preferring smaller, more frequent meals over traditional dining formats5. The digital pivot has been foundational. Mobile apps, loyalty programmes, digital wallets, and third-party aggregators are now standard operating tools for QSRs. Meanwhile, backend efficiencies like kitchen analytics and automatic inventory systems are quietly reshaping profitability. As omnichannel engagement becomes critical, successful brands are seamlessly blending dine-in, takeaway, and delivery.

This is also a market where localisation matters. With 38% of Indians identifying as vegetarian6 and regional preferences shaping dining choices, menu innovation and cultural relevance remain essential. At the same time, growing interest in nutrition conscious options and sustainability is pushing QSRs to adopt cleaner menus, recyclable packaging, and ethical sourcing.

India food service market construct and opportunity

Notably, Westlife Foodworld has significantly outpaced the sectors average with a strong 3-year sales CAGR of 16%, underscoring the strength of its execution excellence, strategic priorities, and consumer relevance.

Growth drivers

Urbanisation and rising eating-out frequency

Consumers in urban India are dining out or ordering in more frequently, 7.9 times a month on average, up from 6.6 pre-pandemic7. Increasing disposable incomes and time-constrained lifestyles are fuelling this shift.

Digital penetration and online food delivery

The surge of online ordering via third-party aggregators has created a new customer base that values convenience.

Digital payments, app-only deals, and loyalty programmes further accelerate consumer stickiness.

Nutrition-conscious dining

A growing focus on wellness, rising lifestyle-related health concerns, and greater nutritional awareness are triggering a macro-level shift in consumer eating habits across India. Urban, affluent, and younger cohorts, especially millennials and Gen Z, are actively seeking more nutrition-focused, balanced meal options.

This trend is further supported by the rise in fitness adoption, preventive healthcare spending, and regulatory nudges toward transparency. While still a niche segment in terms of overall market share, health-conscious dining is rapidly gaining traction and influencing menu strategies. In response, foodservice brands are evolving their offerings with curated low-calorie and high-protein menu options while emphasising ingredient integrity and nutritional disclosure.

Prudent network expansion beyond metro cities

Indias economic momentum is increasingly being fuelled by regions beyond metropolitan cities. These markets are witnessing rapid urbanisation, improving infrastructure, and growing digital penetration, creating a large, untapped consumption base. Rising disposable incomes, a young aspirational population, and increasing exposure to national and global brands are reshaping consumption patterns in these regions. As organised markets gain ground beyond metros, these emerging cities are poised to drive the next phase of demand-led growth for the

QSR industry.

Technology and automation

AI-driven customer personalisation, advanced kitchen systems, and digital kiosks are helping QSRs reduce costs, enhance efficiency, and personalise consumer journeys.

Premiumisation and experiential dining

Indias rising middle and upper-middle classes are driving demand for premium menu offerings and unique in-store experiences, such as breakfast-focused formats and chef-led QSR menus.

Glocalisation

Indias cultural and culinary diversity demands a nuanced approach. By blending global QSR formats with local flavours, brands can tap into deep-rooted regional preferences while offering aspirational global experiences. Westlife has strategically mastered this balance by localising McDonalds iconic offerings to suit Indian sensibilities through innovations like the McAloo Tikki and Peri-Peri Fries that resonate deeply with the Indian consumer preferences.

Sustainability as a brand differentiator

Younger consumers are rewarding brands that adopt eco-friendly packaging, reduce food waste, and prioritise ethical sourcing. Sustainability is shifting from a ‘nice-to-have to a competitive necessity.

Company overview

As a leading force in Indias rapidly expanding Quick Service Restaurant (QSR) landscape, Westlife Foodworld Limited (WFL) drives the McDonalds brand across West and South India. Through its fully owned subsidiary, Hardcastle

Restaurants Pvt. Ltd. (HRPL), WFL holds the exclusive master franchise rights granted by McDonalds Corporation USA, delivering world-class dining experiences and growth in key markets.

Business progress

FY 2024-25 saw a soft economic environment for the QSR industry due to tepid wage growth and higher inflation.

Westlife Foodworld remained resilient with prudent network expansion and guest count driving initiatives. As a result, consolidated sales grew 4.2% YoY to 24.9 billion. Tapping into the Gen Z love for Korean culture, WFL launched a limited-edition Korean-inspired menu that is affordable, bold, and globally appealing. In addition, the Companys also introduced the Crispy Veggie as part of its global range of McCrispy burgers, which aligns with the evolving customer trends and preferences.

The summer season was energised by the MangoBurst range, featuring fan favourites like the Mango Burst McFlurry with OREO, McSwirl and Smoothie. WFL expanded its presence, opening a record 47 new restaurants, broadening the Companys reach. Digital innovation remained a growth engine, propelled by self-ordering kiosks and its robust mobile apps, which boast 41 million cumulative downloads and 3 million monthly active users. The Companys commitment to digital innovation ensures seamless customer experiences across all touchpoints, further supported by the healthy enrolment in the

MyMcDonalds Rewards programme. The Companys off-premise business sustained healthy traction, with the McDelivery app growth outpacing third-party operators, alongside the ongoing expansion of its 20-minutes delivery service following successful trials. A key development milestone was the opening of WFLs 100th Drive-Thru restaurant, significantly enhancing customer experience and reinforcing its competitive edge.

The Company is well-positioned for continued growth, capitalising on a vibrant economy, robust infrastructure development, and a large young population eager for convenience and new global experiences.

With a trusted brand, sharp execution, and a clear focus on Vision 2027, WFL is well positioned to overcome challenges, raise its baseline, and capture future opportunities.

Financial highlights

For FY 2024-25, consolidated sales reached 24,919.9 million, up 4.2% YoY. However, Same-Store Sales Growth (SSSG) declined to -2.9%, impacted by tough market conditions. Despite subdued demand, the Companys gross margin stayed strong at 70.1%. Restaurant Operating Margins (ROM) were 19.4%, and Operating EBITDA margins stood at 13.2%, both down from last year due to operating deleverage. These declines were partly

Financial ratios
	FY 24-25	FY 23-24	Change
Debtors Turnover (x)	137.2	170.6	(20%)
Inventory Turnover (x)	10.4	10.6	(2%)
Interest Coverage Ratio (x)	1.9	1.7	11%
Current Ratio (x)	NA	NA	NA
Debt Equity Ratio (x)	0.4	0.4	8%
Operating Profit Margin (%)	13.2	15.8	(13%)
Net Profit Margin (%)*	0.5	2.9	(83%)
Return on Net Worth (%)#	2.2	12.7	(83%)

Market share and competition

WFL maintains a strong market position by actively listening to customer feedback and continuously supported by targeted trials. This approach helped the Company achieve a modest gain in market share over the year. Brand health parameters remained strong, especially the affordability metrics, which saw a significant rise during the year.

WFLs strategy

Guided by Vision 2027, WFL is strategically positioned to seize emerging opportunities.

The Company remains sharply focused on enhancing meal offerings, omnichannel presence, and accelerating. The Company is driving success with strong execution, focusing on the 4Ds Digital, Delivery, Drive-Thrus and Development, along with continuous innovation and powerful branding. By staying true to its values and people,

WFL consistently adapts and thrives amid changing customer preferences.

Statutory Reports Growth pillars

Brand trust and affinity

Strengthening brand trust is core to building long-term customer loyalty. At Westlife Foodworld, the Company is investing in initiatives that position McDonalds as a modern, safe, and forward-thinking brand in India one that resonates with evolving consumer values.

Its innovations of what Indian consumers want: relevance, variety, and local authenticity.

During the year WFL stepped up innovation with the launch of the globally successful McCrispy platform. These products offer a high crunch and an indulgent experience to customers and the premium

McDonalds range globally. The McCrispy

Chicken Burger features a whole muscle chicken fillet patty paired with a unique water-glazed bun, while the Crispy Veggie Burger offers a patty made of exotic vegetables like zucchini, aubergine and bell peppers. WFL also introduced McCrispy Fried Chicken to its on-the-bone chicken portfolio, now available across the South market. Other launches include the Mango Burst summer range and the limited-time Korean menu, to the multi-millet bun made with five indigenous grains. These brand that is culturally attuned, nutritionally aware, and constantly innovating to stay ahead.

Attention to affordability

Affordability remains a cornerstone of WFLs value proposition delivering quality meals that are easy on both time and wallet.

In FY 2024-25, the Company strengthened its value platform, leading to a notable rise in affordability perception, customer footfall, and meal frequency. The Everyday McSaver Meals and Combos, starting at just 99 and 149, redefined value by offering full meals without compromise, anytime in the day.

Even limited-time offerings, like the Korean range launched at an entry price of 69, underscored WFLs commitment to accessible innovation and premium experiences at everyday prices.

Bringing families together

McDonalds has long been a place where families gather for quick bites, celebrations, and everyday moments. The Company continues to deepen this connection through experiences that are warm, accessible, and designed to bring people closer. Its family-friendly atmosphere, combined with value-driven menus and engaging campaigns, keeps McDonalds relevant across generations.

From the globally consistent Experience of the Future (EOTF) to a series of high-impact

TV commercials and engaging campaigns, WFL has crafted memorable moments in and beyond the restaurant.

Shordaar crunch

A sensory campaign celebrating WFLs McCrispy Chicken and Crispy Veggie Burgers; from sound design to immersive in-store activations

A menu for every mood

The menu is thoughtfully designed to reflect the diverse palates of Indian consumers while staying true to McDonalds uniqueness. Over the years, the Company has balanced innovation with familiarity, introducing localised flavours and formats without losing sight of its iconic favourites.

WFL continues to evolve its core offerings while infusing seasonal excitement through limited-time products. This approach helps the brand remain relevant across different consumer segments and dayparts, from breakfast to late-night cravings. Menu innovation, rooted in cultural insight and culinary trends, is central to WFLs leadership ambition.

Digital at the core

Digital is no longer just a channel for

WFL; its the engine powering its growth.

From discovery to delivery, the Company is redefining how customers interact with McDonalds. Consumer adoption of WFLs digital platforms, including the McDelivery app, self-ordering kiosks, and MyMcDonalds Rewards, has surged, directly contributing to stronger digital-led sales.

Behind the scenes, the Company has invested in intuitive design, data-driven personalisation, and robust back-end integration, all of which have elevated the customer journey. By building seamless, rewarding, and tech-enabled experiences, WFL is future-proofing the brand and unlocking new levers of growth.

Off-premises momentum

WFLs off-premise business grew by 6.7% YoY, contributing 42% to total sales. The in-house developed McDelivery app, built on a more scalable architecture and enriched with intuitive UI/UX, delivered a seamless customer journey and significantly improved order throughput.

Intelligent algorithms enabled better demand forecasting and load management, particularly during peak hours.

Ongoing collaborations with third-party delivery platforms have further boosted reach, improved delivery efficiency, and helped drive repeat orders and higher customer satisfaction. WFLs growing portfolio of Drive-Thrus continues to scale as customers continue to increasingly adopt this format of consumption.

Expanding WFLs footprint

WFLs expansion strategy remains focused and future-forward. In FY 2024-25, the Company opened a record 47 new restaurants, taking the total to 438 outlets across 69 cities, a clear signal of momentum and market conviction.

The new stores are built for todays customer: ~95% feature McCafes, 99% are modern Experience of the Future (EOTF) formats, and ~23% include Drive-Thrus for added convenience. The Company continues to deepen its presence in southern India and high-potential emerging towns, where its brand promise and value-led offerings are resonating strongly.

Financial overview

Consolidated financial performance ( mn)

	FY 24-25	%	FY 23-24	%
Sales	24,919.9	100%	23,918.1	100%
YoY Sales Growth %	4.2%		5.0%
Food & paper	7,452.8	29.9%	7,106.9	29.7%
Gross Profit	17,467.1	70.1%	16,811.2	70.3%
Payroll & Benefits	2,581.5	10.4%	2,322.9	9.7%
Royalty	1,269.9	5.1%	1,164.2	4.9%
Other Operating Expenses	8,789.7	35.3%	8,108.1	33.9%
Restaurant Operating	4,826.0	19.4%	5,216.0	21.8%
Margin (ROM)
General & Admin Expense	1,524.8	6.1%	1,435.5	6.0%
Op. EBITDA	3,301.2	13.2%	3,780.4	15.8%
YoY EBITDA Growth %	(12.7%)		(3.8%)
Depreciation	2,041.0	8.2%	1,822.2	7.6%
(Other Income)/Expense, net	(234.9)	(0.9%)	(162.4)	(0.7%)
Financial Expense	1,272.6	5.1%	1,098.7	4.6%
Extraordinary Expenses	91.9	0.4%	63.5	0.3%
PBT	130.6	0.5%	958.4	4.0%
Tax	9.0	0.0%	266.3	1.1%
PAT	121.6	0.5%	692.1	2.9%
PAT (pre-IND AS 116)	461.6	1.9%	1,038.3	4.3%
Cash Profit After Tax	1,905.2	7.6%	2,328.3	9.7%
SSSG (%)	(2.9%)		(1.5%)
New stores opening	47		41

Consolidated operating results

In FY 2024-25, WFLs total revenue, predominantly derived from operating restaurants, increased by 4.2% YoY, reaching 24,920 million. Gross Margin demonstrated stability at 70.1%, consistent with near-term projections. However, the Restaurant Operating Margin (ROM) declined to 19.4% from 21.8% in FY 2023-24, primarily attributable to adverse operating leverage and elevated royalty fees.

Operating EBITDA decreased to 3,301.2 million, with the corresponding margin contracting to 13.2% from 15.8%, reflecting a significant YoY reduction from 3,780.4 million. Profit After Tax (PAT) witnessed a substantial decline to 121.6 million, largely influenced by strategic store expansion initiatives and increased interest expenses.

Cash profit after tax was 1,905.2 million (7.6%), lower than 2,328.3 million (9.7%) in FY 2023-24.

The Company generated 3,449 million in cash from operations, which was used for operating expenses, taxes, and general purposes. A total of 2,177.1 million was invested in capital projects aimed at enhancing customer experience and expanding brand presence. Cash and investments were 2,181.5 million, with total borrowings at 3,081 million. During the year, 47 new stores were opened, compared to 41 in FY 2023-24. The momentum from these new stores is yet to be witnessed and is anticipated to contribute to revenue next year. Same-store sales growth (SSSG) declined by (2.9)%, compared to a (1.5)% decline in the prior year.

SCOT analysis

Strengths

Strong brand equity

McDonalds enjoys unparalleled brand recognition, a symbol of trust, quality, and everyday convenience. This brand strength drives customer preference and top-of-mind recall.

Pan-regional scale with omnichannel access

With 438 outlets across West and South

India, WFLs scale translates into operational efficiency and market resilience. Its omnichannel ecosystem, spanning dine-in, Drive-Thru, takeaway, and McDelivery, ensures the brand is accessible wherever the consumer is.

Menu relevance with consistent quality

A ‘glocal approach powers WFLs menu strategy, blending global standards with local tastes while upholding rigorous food safety and quality benchmarks across every restaurant.

Consumer-centric marketing

From digital storytelling to tactical campaigns, the Company leverages deep consumer insights to create high-impact, cross-platform marketing that builds affinity and reinforces trust.

Operational efficiency at scale

WFLs in-store execution is guided by McDonalds global systems, enabling the Company to maintain consistency, reduce waste, and optimise customer experience.

Robust, sustainable supply chain

The Companys tightly integrated

‘farm-to-fork supply chain ensures 99% on-time, temperature-controlled deliveries, supported by sustainable sourcing and environmental stewardship.

Financial strength

Strong cash flows and prudent capital allocation enable WFL to invest in innovation, expand strategically, and remain agile in a dynamic market landscape.

Challenges

Health perception gap

Despite innovation in healthier offerings, QSRs continue to grapple with a perception of being calorie-dense and nutrition-light. This stigma can alienate health-conscious consumers unless actively addressed through transparent communication and product reformulation.

High employee turnover

QSRs are labour-intensive operations, often facing high turnover rates due to a predominantly young and part-time workforce. This churn drives up recruitment and training costs while also impacting service consistency and overall operational efficiency.

Evolving regulatory landscape

Indias regulatory environment around food safety, labour laws, and hygiene standards is becoming increasingly stringent. Staying ahead of compliance requirements demands constant vigilance, investment, and agility.

Real estate pressures

Securing high-footfall, economically viable locations, particularly in Tier 1 cities, remains a challenge. Escalating rental costs and zoning constraints can impact expansion timelines and profitability.

Rising input costs

Fluctuating prices of raw materials, packaging, and energy can compress margins. While value engineering and supply chain efficiencies help mitigate impact, long-term volatility remains a risk.

Intensifying competition

The proliferation of local and global brands in Indias QSR space heightens the need for differentiation. Brand equity, menu innovation, and superior customer experience are key to defending market share.

Opportunities

Meals and menu

Strategically expanding WFLs menu to incorporate more relevant and appealing offerings across various dayparts and occasions holds the potential to significantly broaden its customer base.

Digital and technology

Ongoing and continuous investments in technology, aimed at enhancing both front-end customer interfaces and back-end operational processes, can lead to substantial improvements in customer convenience and overall operational efficiency.

Network expansion

Pursuing strategic expansion within WFLs existing successful markets and venturing into promising emerging towns presents significant growth opportunities.

Food safety and hygiene

Proactively addressing and enhancing awareness of stringent food hygiene and safety standards can not only boost market share but also drive sustainable, long-term growth.

Sustainability

Strengthening WFLs sustainability initiatives, including but not limited to waste reduction strategies and the adoption of eco-friendly packaging, can demonstrably improve the

Companys brand image and increase appeal to environmentally conscious consumers.

Partnerships and collaborations

Forging collaborations with other popular brands, strategically leveraging celebrity endorsements, and implementing compelling limited-time promotions can collectively enhance customer excitement and directly contribute to increased visit frequency.

Threats

Competition

The QSR industry remains intensely competitive, characterised by a multitude of players offering similar products at highly competitive price points.

Regulatory challenges

Navigating and ensuring compliance with the diverse and often varying regulations across different geographical regions can introduce considerable operational costs and complexity.

Economic downturns and geopolitics

Periods of economic instability directly impact the discretionary spending power of consumers, potentially leading to reduced consumption and lower dining frequency. Furthermore, global geopolitical events can significantly influence overall consumer sentiment and purchasing decisions.

Quality negligence

Any instances of food-borne illnesses, product contamination, or a sudden increase in health-related incidents carry the potential for severe and detrimental impacts on the business.

Risks and concerns

Food safety

Lapses in food safety protocols can lead to severe legal ramifications, significant brand damage, and a profound erosion of customer trust.

Human rights

Violations of human rights principles can result in costly lawsuits, widespread employee dissatisfaction, and severe reputational damage to the organisation.

Responsible sourcing

Ensuring responsible practices throughout the supply chain is paramount, as it directly impacts environmental stewardship, animal welfare standards, and the livelihoods of communities involved.

Nutrition and responsible marketing

Empowering customers to make well-informed decisions regarding nutrition and food quality is essential through transparent and responsible marketing practices.

Supplier practices

Disruptions within supplier practices can adversely affect product quality, product availability, customer satisfaction, and overall business continuity.

Data security and privacy

Robust protection of customer data is absolutely critical for maintaining operational integrity and safeguarding sensitive information.

Ethics and compliance

Strict adherence to established regulations and upholding high ethical practices are fundamental to minimising legal risks and ensuring corporate integrity.

Climate action and energy

The Companys energy-intensive operations inherently contribute to broader environmental and climate impacts, necessitating diligent climate action and energy management.

Read more on page 40

People

WFL focuses on attracting and retaining top talent, strengthening processes, and fostering a culture of excellence.

Targeted learning and development programmes upskill its workforce, enabling faster and more efficient customer service. As of March 31, 2025, WFL employs over 11,100 individuals.

Read more on page 44

Corporate social responsibility

WFL is committed to environmental sustainability and stakeholder well-being. Key initiatives include banning single-use plastics, recycling cooking oil, installing waterless urinals, using solar energy, and switching to biodegradable cutlery.

The Company aims to drive positive change by giving back to communities and empowering individuals.

The effectiveness of internal control systems

WFL has a robust internal control system meticulously designed to ensure comprehensive adherence to all policies, diligent execution of all procedures, and full compliance with all legislative obligations. The processes for authorisations, approvals, and audits, are thoroughly documented and executed. Every facet of financial and operational control is comprehensively covered by an all-inclusive internal audit framework.

The internal audit team comprises highly experienced professionals drawn from finance and audit departments, including senior management members of Westlife Foodworld Limited. This team actively oversees the restaurant operations and all other essential support functions.

The adequacy of internal control systems

The internal control framework is designed to monitor the efficient utilisation and protection of resources, as well as to ensure unwavering compliance with all legal and internal policy requirements. The Companys well-documented guidelines form an integral component of the overall governance structure, encompassing every aspect of the business. The Internal Control department provides robust support to the Audit Committee, operating independently by reviewing procedures, assessing operating systems, and conducting internal audits with the assistance of external co-sourced auditors.

Cautionary statement

This statement made in this section describes the Companys objectives, projections, expectations and estimations which may be ‘forward-looking statements within the meaning of applicable Securities Laws and Regulations. Forward-looking statements are based on certain assumptions and expectations of future events.

The Company cannot guarantee that these assumptions and expectations are accurate or will be realised by the Company.

Actual results could differ materially from those expressed in the statements or implied due to the influence of external factors that are beyond the control of the Company.

The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements based on any subsequent development, information or events.