US Restaurants "European Investor Meeting Takeaways" Geiger

Research evidence excerpt

US Restaurants "European Investor Meeting Takeaways" Geiger

Global Research

26 June 2026ab

US Restaurants Equities

AmericasEuropean Investor Meeting Takeaways

Restaurants

Dennis Geiger, CFA

Investor meetings in Europe focused on consumer, CMG, MCD, YUM, SBUX Analyst

Our meetings in Europe last week highlighted mixed views on the US & global restaurant dennis.geiger@ubs.com

industry, with concerns around consumer health / restaurant demand trends, but also +1-212-713 9313

some optimism that recent positive macro headlines and lower gas prices will support Paul Hao

improved traffic and sales. While meetings were heavily skewed toward long-only Associate Analyst

investors, much focus was on the latest trends and industry spending patterns paul.hao@ubs.com

& consumer behaviors. Investors generally have maintained a more negative view on the +1-201-352 1091

sector recently, but debated the setup now for the rest of ’26, specifically whether Nikhil Gunderia

consumer restaurant demand / spend improves more significantly or just modestly given Associate Analyst

consumer pressures likely still persist. Restaurants most in focus in nearly every meeting nikhil.gunderia@ubs.com

included: CMG, MCD, YUM, and SBUX, which didn’t surprise us, with many discussions +1-212-713 3258

on QSR, while CAVA, BROS, TXRH and EAT were more topical than we anticipated. Emily Li

WING was discussed a fair amount, but less often than expected, while DPZ was Associate Analyst

discussed in more limited capacity. emily.li@ubs.com

+1-212-649 8262

McDonald's (MCD, Buy, $365 PT)

MCD was discussed in nearly every meeting, with many investors owning shares and

looking for reassurance that continuing to hold is prudent, while others were focused on

whether current valuation represents a good entry point.