So hi everyone and welcome to In Good Company. I'm Nicola Tangen and the CEO of the Norwegian Soan Wealth Fund.

And today we are joined by Patrick Doyle and Josh Kobza, the executive chair and the CEO of

restaurant brands. So basically you get two for the price of one, like in a good fast food retail shop.

They own Burger King, Team Hortons, Firehouse and Popeye. So basically

combine there sell billions of burgers, coffees, chicken sandwiches. Very, very interesting.

So, hey, what's so good about the fast food industry?

We love this industry. We think it's a great industry. You know, it's a very stable industry.

People generally eat three times a day, 365 days a year, so it's a pretty consistent business to be in.

And there are a bunch of really incredible global growth drivers. You have the formalization of the restaurant

sector all around the world, especially in developing markets. That's a decades-long journey,

and that drives a lot of structural growth for us. It's also a pretty good margin business. So our

margin profile is something like 40% operating margins, and it's pretty low capital intensity. So

something like 10% of EBADA goes into CAPEX.

So you put that all together.

So cheap to make the shops and high margin.

Yeah, overall good business.

Sounds like a good combination.

Now, you're in coffee, you're in burgers, chicken sandwiches.

So why are those particularly good sectors?

They're the four biggest ones globally. So we're already, we have

amazing brands in the four largest segments of quick service restaurants globally. Pretty good

place to be. Yeah. Well, there's one one thing here which is glaringly absent in my mind,

...