Ann: Business Update and FY25 Outlook, page-131

You have to understand this is a scale business, where they are the largest in some territories but not all of them. When you are the largest, you can spread your costs across the largest number of customers, making it hard for competitors to compete economically. It’s the opposite in if you’re not.

The US business is better because they are just a single market where they are the largest player in pizza. DMP would be the same if it was AU only.

DMP has to subsidise the Japan/France growth initiatives via earnings from its established markets, I.e AU/Germany. It will take a long time, there is no guarantee it will work and the numbers coming out of the business will look pretty bad as they are forced to compete without the scale advantage and many of their markets. Ultimately, they invested heavily right at the top of the cycle in Japan, and now they are paying for it.

this has nothing to do with the taste of the food or the local food preferences, this has completely to do with the economics of scale across the entire aggregate business.

Thankfully for shareholders they know this and put it as side 1 in all the presentations, ie their goal to be number 1 in all markets they are in. The kicker is all the debt they have puts them somewhat on a clock.