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      "text": "Chipotle has a long runaway for growth in sales and profitability\nNew unit growth of 8% to 10% annually in North America\nInternational expansion, including growth in Europe and the Middle East\nNew equipment and automation technology\nLong-term potential for daypart expansion",
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      "text": "Former COO Scott Boatwright named CEO following Brian Niccol’s exit\nSupported by an extraordinary team of world-class, long-tenured executives\nWe believe the team will continue to execute CMG’s strategy without interruption",
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      "text": "Industry-leading financial performance in 2024\nSame-store sales grew 7% in 2024, or 52% from 2019 levels\nTraffic increased over 5%, driven by successful marketing and faster throughput\n2024 restaurant margin expansion of 50bps despite discrete headwinds",
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      "text": "Source: Company filings. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
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