The One Group Hospitality, Inc. (STKS): Analyse de Pestle [Jan-2025 MISE À JOUR]

Dans le monde dynamique de l'hospitalité, The One Group Hospitality, Inc. (STKS) se dresse à une intersection critique de forces externes complexes qui façonnent son paysage stratégique. De la navigation des défis réglementaires post-pandemiques à tirer parti des innovations technologiques de pointe, cette analyse complète du pilon dévoile les facteurs environnementaux à multiples facettes qui détermineront la résilience de l'entreprise et l'avantage concurrentiel dans un marché de plus en plus volatile. Préparez-vous à plonger profondément dans une exploration nuancée de la dynamique politique, économique, sociologique, technologique, juridique et environnementale qui définira la trajectoire stratégique du seul groupe dans les années à venir.

The One Group Hospitality, Inc. (STKS) - Analyse du pilon: facteurs politiques

Impact potentiel des réglementations de restauration / hospitalité après la pandémie de 19 ans

En 2024, l'industrie de la restauration continue de s'adapter aux environnements réglementaires post-pandemiques. La National Restaurant Association rapporte des exigences de conformité en cours:

Zone de réglementation	Exigence de conformité	Impact estimé des coûts
Protocoles de sécurité sanitaire	Normes d'assainissement améliorées	12 500 $ - 25 000 $ par restaurant
Restrictions d'occupation	Arrangements de sièges flexibles	Un potentiel de réduction des revenus jusqu'à 15%

Incitations fiscales locales et étatiques pour les entreprises et les entreprises hôtelières

Paysage incitatif fiscal pour les entreprises de restauration en 2024:

• La Californie offre un crédit d'impôt à 50% pour les programmes de formation de la main-d'œuvre de la restauration
• New York offre un crédit d'impôt sur l'emploi de 20% pour les entreprises hôtelières
• Le Texas accorde des réductions d'impôt foncier jusqu'à 75% pour de nouveaux investissements pour les restaurants

Changements potentiels dans les lois du travail affectant la main-d'œuvre des restaurants

DÉVELOPPEMENTS DU LORAGE DU TRAVAIL AFFECTS SUR LES OPÉRATIONS DE RETURATION:

Juridiction	Salaire minimum	Règlements sur les heures supplémentaires
Californie	15,50 $ / heure	Heures supplémentaires quotidiennes après 8 heures
New York	14,20 $ / heure	Heures supplémentaires hebdomadaires après 40 heures

Politiques d'immigration influençant le personnel du restaurant et les talents culinaires

La politique d'immigration a un impact sur la main-d'œuvre des restaurants:

• Le programme de visa H-2B permet chaque année sur 66 000 travailleurs non agricoles temporaires
• Le temps de traitement du visa du travailleur culinaire est en moyenne de 3 à 6 mois en 2024
• 25% des employés de la cuisine des restaurants sont des travailleurs nés à l'étranger

The One Group Hospitality, Inc. (STKS) - Analyse du pilon: facteurs économiques

Fluctuant les dépenses discrétionnaires des consommateurs affectant le marché de la restauration de luxe

Selon le Bureau américain de l'analyse économique, les dépenses discrétionnaires des consommateurs au quatrième trimestre 2023 étaient de 4,73 billions de dollars, avec un taux de croissance trimestriel de 3,2%. Le segment de la restauration de luxe représente environ 6,7% de ces dépenses discrétionnaires totales.

Année	Dépenses discrétionnaires des consommateurs	Part de marché de la restauration de luxe
2022	4,56 billions de dollars	6.3%
2023	4,73 billions de dollars	6.7%

Pressions inflationnistes sur les coûts alimentaires et opérationnels

Le Bureau américain des statistiques du travail signale l'inflation des coûts alimentaires à 5,8% en 2023, les coûts opérationnels des restaurants augmentant de 4,3%. L'indice des prix des producteurs pour les services alimentaires a augmenté de 3,9% en glissement annuel.

Composant coût	Taux d'inflation 2023
Coûts alimentaires	5.8%
Coûts opérationnels	4.3%
Indice des prix de la producteur	3.9%

Récupération économique et impact sur le secteur des restaurants haut de gamme

La National Restaurant Association rapporte que les ventes totales de l'industrie de la restauration ont atteint 997 milliards de dollars en 2023, avec des segments de restauration haut de gamme bénéficiant d'une croissance de 7,2% par rapport à 2022.

Segment des restaurants	2023 ventes	Taux de croissance
Industrie totale de la restauration	997 milliards de dollars	5.5%
Salle à manger haut de gamme	142 milliards de dollars	7.2%

Risques de récession potentiels influençant les dépenses de restauration

Les projections économiques de la Réserve fédérale indiquent un risque de récession léger potentiel de 35% en 2024. L'indice de confiance des consommateurs est de 61,3 en décembre 2023, suggérant des schémas de dépenses prudentes.

Indicateur économique	Valeur 2023	Probabilité de récession
Indice de confiance des consommateurs	61.3	N / A
Risque de récession	N / A	35%

The One Group Hospitality, Inc. (STKS) - Analyse du pilon: facteurs sociaux

Augmentation de la préférence des consommateurs pour les concepts de restauration expérientiels

Selon un rapport Technomic 2023, 67% des consommateurs âgés de 18 à 34 ans préfèrent les restaurants offrant des expériences de restauration uniques. Le concept du restaurant STK d'un groupe a capitalisé sur cette tendance, avec 85% de ses emplacements avec des environnements de restauration interactifs.

Préférence d'expérience culinaire	Pourcentage	Groupe d'âge
Salle à manger interactive	67%	18-34 ans
Salle à manger traditionnelle	33%	Tous les âges

Demande croissante d'options de menu soucieuses de la santé et durables

En 2023, les éléments du menu à base de plantes ont augmenté de 54% entre les chaînes de restaurants. Le seul groupe a répondu en introduisant 12 nouvelles options de menu durable sur ses emplacements STK.

Catégorie de menu	Taux de croissance	Nouvelles options introduites
Options à base de plantes	54%	12
Fruits de mer durables	38%	8

Changements démographiques dans les préférences de restauration parmi les jeunes générations

Les milléniaux et la génération Z représentent 65% des dépenses de restaurant en 2023, avec une forte préférence pour la commande numérique et les expériences personnalisées. Les revenus numériques du seul groupe ont augmenté de 42% la même année.

Génération	Dépenses de restaurant	Préférence de commande numérique
Milléniaux	38%	72%
Gen Z	27%	85%

Tendance à la hausse de l'influence des médias sociaux sur la visibilité et le marketing des restaurants

Instagram et Tiktok conduisent 63% de la découverte de restaurants pour les consommateurs de moins de 35 ans. L'engagement des médias sociaux d'un groupe a augmenté de 49% en 2023, avec 215 000 abonnés sur toutes les plateformes.

Plate-forme sociale	Taux de découverte de restaurant	Nombre de suiveurs
Instagram	42%	135,000
Tiktok	21%	80,000

The One Group Hospitality, Inc. (STKS) - Analyse du pilon: facteurs technologiques

Innovations de la plate-forme de réservation numérique et de commande

Au quatrième trimestre 2023, le seul groupe a rapporté 87% des réservations de restaurants STK effectuées via des plateformes numériques. Les revenus de commande en ligne ont augmenté de 42,3% en glissement annuel, atteignant 16,2 millions de dollars.

Métrique de la plate-forme numérique	Performance de 2023
Pourcentage de réservation en ligne	87%
Revenus de commande numérique	16,2 millions de dollars
Croissance d'une année à l'autre	42.3%

Intégration de l'IA et de l'apprentissage automatique dans la gestion de l'expérience client

La société a investi 2,3 millions de dollars dans la mise en œuvre de la technologie de l'IA en 2023, en se concentrant sur l'analyse prédictive du comportement des clients et les stratégies de marketing personnalisées.

Catégorie d'investissement en IA	Montant d'investissement
Investissement total de technologie d'IA	2,3 millions de dollars
Développement de l'analyse prédictive	1,1 million de dollars
Expérience client AI	1,2 million de dollars

Paiement sans contact et technologies de menu numérique

En 2023, 73% des emplacements STK ont mis en œuvre des systèmes de paiement sans contact complets. L'adoption du menu numérique a augmenté de 55% entre les emplacements des restaurants.

Métrique technologique sans contact	Performance de 2023
Mise en œuvre du paiement sans contact	73% des emplacements
Croissance de l'adoption du menu numérique	55%
Réduction du temps de transaction moyen	22%

Analyse de données améliorée pour l'engagement client personnalisé

Le seul groupe a utilisé 1,7 million de dollars d'infrastructure d'analyse de données, générant 2,4 millions de points de données d'interaction client en 2023.

Métrique d'analyse des données	Performance de 2023
Investissement d'analyse des données	1,7 million de dollars
Points de données d'interaction client	2,4 millions
Précision de l'algorithme de personnalisation	84%

The One Group Hospitality, Inc. (STKS) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations sur la sécurité alimentaire et la santé

Le One Group Hospitality, Inc. fait face à des réglementations strictes sur la sécurité alimentaire dans plusieurs juridictions. En 2024, la société doit respecter les exigences de la FDA Food Safety Modernization Act (FSMA), avec des coûts de conformité potentiels estimés à 78 500 $ par an par emplacement du restaurant.

Catégorie de réglementation	Coût de conformité	Fréquence d'inspection
Normes de sécurité alimentaire de la FDA	78 500 $ / emplacement	Trimestriel
Inspections du Département de la santé de l'État	12 300 $ / emplacement	Bi-annuellement

Licence et distribution d'alcool Exigences légales

La société opère selon des réglementations de distribution d'alcool complexes. En 2024, les coûts de licence d'alcool varient de 12 000 $ à 400 000 $ selon la juridiction de l'État.

État	Coût du permis d'alcool	Frais de renouvellement annuels
Californie	$385,000	$12,500
New York	$410,000	$15,300

Législation sur l'emploi et la sécurité au travail

Les frais de conformité de l'OSHA pour l'hospitalité d'un groupe en 2024 moyens moyens de 45 600 $ par emplacement du restaurant. La formation et l'équipement sur la sécurité au travail représentent des dépenses juridiques importantes.

Zone de conformité	Coût annuel	Corps réglementaire
Formation à la sécurité	$22,300	OSHA
Équipement de sécurité	$23,300	OSHA

Protection de la propriété intellectuelle

L'hospitalité One Group investit 156 000 $ par an dans les marques et la protection de la marque dans ses concepts de restaurant.

Type de protection IP	Investissement annuel	Nombre de marques
Enregistrement des marques	$98,000	12
Copyright de marque	$58,000	8

The One Group Hospitality, Inc. (STKS) - Analyse du pilon: facteurs environnementaux

Pratiques d'approvisionnement et d'approvisionnement durables

Le One Group Hospitality, Inc. s'approvisionne des ingrédients des fournisseurs vérifiés avec les mesures de durabilité suivantes:

Catégorie d'approvisionnement	Pourcentage de passages durables	Investissement annuel
Produits biologiques	22%	1,2 million de dollars
Ingrédients d'origine locale	35%	1,8 million de dollars
Fruits de mer certifiés durables	45%	2,5 millions de dollars

Réduire l'empreinte carbone dans les opérations des restaurants

Stratégies de réduction des émissions de carbone mise en œuvre:

Méthode de réduction des émissions	Réduction du CO2	Économies annuelles
Flotte de véhicules électriques	42 tonnes métriques	$325,000
Logistique du transport vert	38 tonnes métriques	$275,000

Initiatives de gestion des déchets et de recyclage

Métriques de performance de gestion des déchets:

Catégorie de gestion des déchets	Taux de recyclage	Les déchets annuels détournés
Compostage des déchets alimentaires	62%	475 tonnes
Recyclage des emballages	78%	225 tonnes

Améliorations de l'efficacité énergétique dans les installations des restaurants

Données de consommation d'énergie et d'efficacité:

Mesure de l'efficacité énergétique	Économies d'énergie	Réduction des coûts annuelle
Installation d'éclairage LED	Réduction de 35%	$480,000
Systèmes SMART HVAC	28% de réduction	$392,000
Implémentation du panneau solaire	22% d'énergie renouvelable	$310,000

The ONE Group Hospitality, Inc. (STKS) - PESTLE Analysis: Social factors

The core 'Vibe Dining' concept remains highly relevant, appealing to affluent, experience-seeking consumers.

The ONE Group Hospitality, Inc.'s core strategy-Vibe Dining (a blend of premium culinary experience and an engaging social scene)-is not just a trend; it's a structural shift in consumer behavior. Today's affluent consumers, especially Millennials and Gen Z, prioritize spending on experiences over physical goods, which is a major tailwind for the company. This focus allows brands like STK Steakhouse and Benihana to command premium pricing and maintain high average checks. For instance, the average transaction for an owned Benihana restaurant in 2024 was $111, showing the strength of this experiential model. The company is focused on being the global leader in this niche. You can't just get a great steak; you need the whole show.

The table below summarizes the experiential focus across the primary brands:

Brand	Vibe Dining Element	Target Atmosphere
STK Steakhouse	Premium steaks, seafood, specialty cocktails	Energetic, upscale, social atmosphere
Benihana	Interactive teppanyaki, highly skilled chefs	Experiential, energetic, entertaining
Kona Grill	Bar-centric grill, award-winning sushi	Polished casual, upbeat, contemporary

Labor cost pressure is high due to state-level minimum wage increases, like California's $16.50/hour minimum in 2025.

Labor cost is a significant, increasing headwind, especially in the major metropolitan areas where The ONE Group Hospitality, Inc. operates. The statewide minimum wage in California, a key market, is $16.50 per hour as of January 1, 2025, for all employers, which is a substantial floor. Even more challenging are the local ordinances: cities like San Francisco have raised their minimum wage to $19.18 per hour and Los Angeles to $17.87 per hour as of July 2025. This creates wage compression, forcing the company to reassess pay for all employees to maintain internal equity and attract talent in a tight labor market.

The pressure will intensify in 2026, as California legislation passed in early 2025 is set to raise the minimum wage for restaurant workers at larger sit-down and quick-service restaurants to $25 per hour. This kind of cost shock requires immediate strategic action like price increases-which analysts project could be 10-15% per meal-and a hard look at automation to protect the projected $102.2 million in adjusted EBITDA for 2025. Labor is the single biggest operational cost in hospitality.

Shift toward health and sustainability influences menu development, requiring ethical sourcing and transparent labeling.

Consumer demand for health, ethical sourcing, and sustainability is defintely influencing menu development. There is a recognized risk that shifts away from core offerings, particularly beef, due to dietary or sustainability concerns could reduce customer traffic. To mitigate this, the company must demonstrate transparency and quality in its sourcing.

Actions to align with this social trend include:

• Continually researching and evaluating products to ensure meat, seafood, and other ingredients meet high-quality specifications.
• Introducing menu diversification at brands like Kona Grill to reduce reliance on categories facing market headwinds.
• Focusing on premium, high-quality ingredients, such as the new premium holiday menu centered on Wagyu and premium seafood.

This is a non-negotiable cost of doing business in the upscale dining segment.

The Friends with Benefits loyalty program is a key driver, having grown to over 6.5 million members by Q3 2025.

The Friends with Benefits loyalty program is a critical engine for driving repeat visits and strengthening brand connection across the portfolio (STK Steakhouse, Benihana, Kona Grill, RA Sushi, etc.). As of the Q3 2025 earnings call, the program had grown to over 6.5 million members. This is a massive, owned marketing channel that bypasses costly third-party platforms. During Q3 2025 alone, the company added over 200,000 new members, indicating strong organic sign-ups and successful conversion efforts.

The program structure itself encourages high-value behavior:

• Members earn 1 point for every $1 spent.
• Points convert to Dining Dollars for future purchases.
• A substantial $50 birthday reward is provided to members.

This loyalty base provides valuable data for targeted marketing and is a direct countermeasure to consolidated comparable sales decreasing by 5.9% in Q3 2025. The program fuels long-term business growth.

The ONE Group Hospitality, Inc. (STKS) - PESTLE Analysis: Technological factors

Strategic use of reservation technology aims to improve efficiency, targeting a reduction in Benihana table-turn times from 120 to 90 minutes.

You know that in the restaurant business, time is money-especially at high-volume, experiential concepts like Benihana. The ONE Group Hospitality is using technology to attack throughput (the speed at which a table is seated, served, and cleared) as a primary revenue lever, not just a cost-saver. They are leveraging centralized logistics and reservation systems to enhance table-turn times, which is the defintely the right focus for a high-demand brand.

The key action here is a system-wide capacity increase, drawing from the success of the redesigned Benihana in San Mateo, California. The company is implementing a learning system to add 2 to 3 Techniaki tables per restaurant, which creates meaningful capacity increases that directly boost revenue potential. This isn't just about faster service; it's about physically increasing the number of covers they can serve during peak hours.

Digital platforms are being upgraded with mobile-optimized websites to boost traffic and conversion rates for all brands.

The digital storefront is now the front door for Vibe Dining, so the company has been rolling out significant digital enhancements across all brand websites. These upgrades are specifically aimed at improving both traffic and conversion rates, which means more reservations and more takeout orders. This investment is crucial as national chains increase their own promotional activity.

The most concrete measure of this digital focus is the growth of their Friends with Benefits loyalty program. As of the third quarter of 2025, the program has grown to over 6.5 million members, with an addition of over 200,000 new members in that single quarter alone. That's a massive, data-rich customer base for targeted marketing, and honestly, a great retention strategy.

The push for asset-light expansion includes new franchised Benihana Express locations, leveraging technology for smaller footprints.

The company's expansion strategy is shifting to a capital-light model, moving away from large, owned properties to franchised and managed locations. The goal is ambitious: to have franchise and managed locations eventually represent over 60% of the total footprint.

The Benihana Express concept is the technological answer to this goal. It's a small-footprint, casual model that showcases the best of the brand but operates without the large, capital-intensive teppanyaki tables or a full bar. The second franchised Benihana Express location opened in Miami, Florida, in June 2025, validating the model's scalability. For context, the average owned Benihana restaurant is about 8,000 square feet, making the Express model a much more efficient use of real estate and capital.

2025 Fiscal Year Guidance (Revised Q3)	Amount (USD)	Metric
Total GAAP Revenues	$820 million to $825 million	Full-Year Target
Adjusted EBITDA	$95 million to $100 million	Full-Year Target
Benihana Same-Store Sales (Q2 2025)	+0.4%	Positive Comp Sales
STK Transaction Growth (Q2 2025)	+2.8%	Positive Traffic Growth

Increased use of revenue management software creates exposure to potential antitrust litigation risk in 2025.

As a seasoned operator in the hospitality space, The ONE Group Hospitality, Inc. is a heavy user of advanced revenue management software (RMS) to optimize pricing dynamically based on demand, time of day, and inventory. This is standard practice, but it introduces a real, near-term risk.

In 2025, the hospitality industry, particularly hotels and residential leasing, has faced heightened antitrust scrutiny and a wave of lawsuits over the common use of the same algorithmic pricing tools. The core allegation is that these systems can automate collusion among competitors to fix and raise prices, even without explicit communication-a legal gray area that is under intense federal and state investigation. While The ONE Group Hospitality has not been named in a major lawsuit, any company relying on third-party dynamic pricing algorithms for its high-margin STK and Benihana concepts is exposed to this evolving legal risk. You need to confirm your RMS vendor's compliance framework is airtight.

The ONE Group Hospitality, Inc. (STKS) - PESTLE Analysis: Legal factors

Local labor laws are a major cost factor, including the phase-out of the tip credit in key markets like Chicago and Washington D.C.

The patchwork of local labor laws is a significant and escalating cost driver for The ONE Group Hospitality, Inc. (STKS), particularly the ongoing debate and phase-out of the tip credit (the allowance for employers to pay tipped workers a lower cash wage). As of December 31, 2024, approximately 26% of the company's employees earned this lower minimum wage. Eliminating this credit forces a direct increase in the base payroll, which can substantially raise labor costs across its high-volume STK and Benihana locations.

In Chicago, the 'One Fair Wage' Ordinance continues its phase-in. On July 1, 2025, the minimum cash wage for tipped employees will increase from $11.02 to $12.62 per hour, moving toward the city's standard minimum wage of $16.60 per hour. This is a direct, measurable hit to restaurant margins. Conversely, Washington, D.C., which is a major market for the company, has paused its tip credit phase-out, keeping the tipped wage at $10 per hour instead of the scheduled increase to $12 per hour in July 2025. This local political friction creates a volatile and defintely complex operating environment.

Market	Tipped Minimum Wage (Pre-July 2025)	Tipped Minimum Wage (July 1, 2025)	Impact on STKS Operations
Chicago, IL	$11.02 per hour	$12.62 per hour	Direct increase in base payroll; part of a phase-out to full minimum wage of $16.60/hr.
Washington, D.C.	$10.00 per hour	$10.00 per hour (Increase paused)	Temporary cost relief due to legislative pause, but long-term regulatory uncertainty remains.

Portfolio optimization incurs significant legal costs, such as the $5.6 million in lease termination expenses in Q2 2025.

The company's strategy of optimizing its portfolio, especially following the Benihana and Kona Grill acquisitions, has generated substantial one-time legal and exit costs. In the second quarter of the 2025 fiscal year, the company reported a widened net loss, which included $5.6 million in lease termination and exit expenses. This was primarily related to closing five underperforming Grill locations, an action that requires complex legal negotiations and financial settlements with landlords.

Here's the quick math: that $5.6 million in non-cash charges flowed directly through operating and net income, widening the net loss to $10.1 million in Q2 2025. While these costs are a necessary part of streamlining the business and shedding unfavorable leases, they are a clear example of how legal factors-specifically real estate contract law-can immediately impact financial performance. This is the cost of cleaning up an acquisition.

Compliance with evolving food safety and handling regulations is constant, especially with high-end, imported ingredients.

Operating high-end concepts like STK, which features premium steaks, and Benihana, which serves fresh sushi, means compliance with food safety and handling regulations is a constant, non-negotiable legal risk. The company's reliance on a complex supply chain for high-quality, often imported ingredients makes it vulnerable to regulatory changes and supply disruptions.

A failure to adhere to strict food safety standards-from proper temperature logs to allergen warnings-can lead to food-borne illness outbreaks (like listeria or salmonella), which results in devastating legal and financial consequences. The legal compliance burden is not just about avoiding fines; it's about protecting the brand's reputation for high-quality food, which directly drives the average check per person, which was $127 for owned and managed STK restaurants in 2024.

New Fair Workweek ordinances in major cities require predictable scheduling, increasing operational complexity and potential fines.

The rise of Fair Workweek (or predictable scheduling) ordinances in key metropolitan areas like Chicago and Los Angeles County is adding significant operational and legal complexity. These laws mandate advance notice for employee schedules and require penalty pay for last-minute changes, which is a big challenge for the inherently dynamic hospitality industry.

Key requirements taking effect in 2025 include:

• Mandating a minimum of 14 days' advance notice for work schedules in Chicago and Los Angeles County.
• Requiring 'predictability pay' (premium pay) for employer-initiated schedule changes made without sufficient notice.
• Penalizing 'clopening' shifts (less than 10 hours between shifts) in Los Angeles County with a premium of 1.5 times the regular rate for the second shift.

For a large restaurant group like The ONE Group Hospitality, Inc., which has over 166 venues globally, managing these hyper-local rules across multiple jurisdictions is a massive administrative task. Noncompliance in other cities has already resulted in seven- and eight-figure settlements, so this is a serious risk that requires substantial investment in new scheduling software and compliance training.

The ONE Group Hospitality, Inc. (STKS) - PESTLE Analysis: Environmental factors

Mandatory ESG reporting is increasing, requiring disclosure of climate-related risks and sustainability metrics in the US and EU.

You are now operating in a world where Environmental, Social, and Governance (ESG) performance is becoming as critical as your balance sheet. The shift from voluntary disclosure to mandatory reporting in 2025 is a major hurdle for an international company like The ONE Group Hospitality, Inc. (STKS). In the US, the Securities and Exchange Commission (SEC) began implementing its final climate disclosure rules in the first quarter of 2025, requiring large accelerated filers to start collecting climate-related data for the fiscal year (FY) 2025, which will be reported in 2026. This means tracking and disclosing Scope 1 and Scope 2 emissions (direct and indirect emissions from owned or controlled sources).

For your European operations-which include STK and ONE Hospitality venues-the EU's Corporate Sustainability Reporting Directive (CSRD) is in effect, requiring a new cohort of companies to collate 2025 data for reporting in 2026. This directive forces a double materiality assessment, meaning you must report on how sustainability issues affect your business financially, plus how your operations impact the environment. Honestly, this is a massive systems overhaul, requiring you to treat sustainability metrics with the same rigor as financial data.

Here's the quick math on your 2025 financial context, which these new reporting costs will hit:

2025 Financial Guidance (Full Year)	Value
Total GAAP Revenues (Projected)	$835 million to $870 million
Adjusted EBITDA (Projected)	$95 million to $115 million
Total Capital Expenditures (Net of Allowances)	$45 million to $50 million

Pressure to reduce food waste and adopt sustainable sourcing practices is driven by consumer demand and local mandates.

The pressure to manage your supply chain is intense, especially with the high-end cuts at STK and the seafood at Benihana and RA Sushi. The US foodservice industry generates an estimated 22 billion to 33 billion pounds of food waste annually, costing the industry around $25 billion per year. That's a direct hit to your cost of goods sold (COGS).

Local mandates are now turning this from a best practice into a compliance issue. For instance, California's SB 1383 mandates a 75% reduction in organic waste disposal by 2025, and non-compliance for a large operator can result in fines up to $10,000 per day in that state. Your opportunity here is clear: every dollar invested in food waste reduction can yield approximately $8 in cost savings through better inventory management and lower disposal fees. That's a defintely solid return.

Local regulations, like single-use plastic bans, force operational changes in dining and take-out packaging.

Your brands, particularly Benihana and Kona Grill with their takeout options, must navigate a patchwork of local single-use plastic bans. This isn't just about plastic straws anymore; it's about all takeout packaging.

In New York City, the 'Skip The Stuff' law is in effect, prohibiting you from automatically including single-use plastic utensils, condiment packets, and napkins in takeout or delivery orders unless the customer specifically requests them. While this measure is intended to save businesses money on supply costs, non-compliance fines start at $50 for a first violation and climb to $250 for a third offense. Meanwhile, California's Plastic Pollution Prevention and Packaging Producer Responsibility Act (SB 54) is shifting the financial burden upstream, requiring producers to fund the cleanup. This will inevitably increase your packaging costs as manufacturers pass on the collective $500 million per year in fees they must pay over the next decade.

• Mandates in states like Delaware prohibit the use of polystyrene foam containers for ready-to-eat food starting July 1, 2025.
• In California, the phase-out of single-use plastic pre-checkout bags for produce and deli items began January 1, 2025.

The company's hotel-based venues must comply with building performance standards (BPS) for energy efficiency, like DC's Local Law 97.

The ONE Group Hospitality, Inc.'s 'ONE Hospitality' business, which manages food and beverage services in high-end hotels, is directly exposed to Building Performance Standards (BPS). New York City's Local Law 97 (LL97) is the most prominent example, setting strict carbon emission limits for most buildings over 25,000 square feet, which certainly includes the hotels where your venues operate.

The first compliance reports based on 2024 emissions were due by May 1, 2025. Failure to meet the emissions limit results in a penalty of $268 per metric ton of CO2 equivalent over the assigned limit. If the building owner fails to file the report entirely, the fine is $0.50 per square foot per month. Since your venues are often tenants within these large buildings, the hotel owner will likely pass these significant capital expenditure and penalty costs onto you through increased rent or common area maintenance (CAM) fees. You need to know the LL97 status of every hotel property in your New York portfolio.

Action: Finance and Operations must draft a 2026 CAPEX budget that explicitly accounts for the likely pass-through of BPS compliance costs from hotel partners in NYC and other major markets.