Supporting evidence

• LedgerRevenue trend reported at -74.8% YoY requires structural clarification to properly assess underlying business health
• LedgerRevenue +5% YoY (Q4 FY2026)
• EventGuidance Unchanged

• EventTransformation Costs Escalating YoY
• EventAcquisition Overhang Active
• EventIncurred acquisition and due diligence costs, and debt issuance costs on a bridge loan facility and a loss on deal contingent rate lock transactions.
• EventExpected to be immediately accretive to margins, EPS, and free cash flow, deliver approximately $250 million in annualized net cost synergies within three years, and increase Sysco…
• EventExpected to contribute to long-term growth and job creation.
• InitiativeOngoing, with costs incurred in the current fiscal year.
• InitiativeOngoing, with significant costs incurred in the current fiscal year.
• InitiativeOngoing, with costs incurred.
• InitiativeOngoing, with costs incurred.
• EventEscalating transformation initiative costs ($72M in FY2026 vs $49M in FY2025) compress near-term margins with no clear timeline for normalization
• EventJetro Restaurant Depot acquisition introduces integration complexity, bridge loan costs, and rate lock losses that could weigh on future earnings