Wingstop Inc. (WING): PESTLE Analysis [Nov-2025 Updated]

Wingstop Inc. (WING) is flying high on digital sales-consistently above 65% of total revenue-but the macro environment is throwing some serious turbulence their way. You need to know exactly how rising labor costs, like the $20.00 per hour minimum wage in California, and volatile chicken wing prices are squeezing franchisee margins, plus how their reliance on kitchen automation and AI will counter these economic headwinds. We're cutting straight through the noise to map the Political, Economic, Sociological, Technological, Legal, and Environmental (PESTLE) factors that will defintely shape WING's stock performance and operational strategy through 2025.

Wingstop Inc. (WING) - PESTLE Analysis: Political factors

Trade tariffs on imported goods, impacting equipment costs for new international stores.

The shifting landscape of US trade policy in the 2025 fiscal year is defintely raising the capital expenditure (CapEx) for new Wingstop locations, both domestically and for international expansion. New US import tariffs, including a 10% baseline on all imports, are directly inflating the cost of restaurant equipment and construction materials.

The biggest pinch comes from specialized kitchen equipment, much of which is sourced from China. Analysts estimate that current tariffs on Chinese equipment can reach as high as 145% on certain categories, or a consolidated 30% through November 9, 2025, pending negotiations. This is a huge factor because equipment and construction materials typically account for 40% to 50% of a new store's total build-out cost. We're seeing initial estimates of a 10% to 15% rise in overall build-out expenses for restaurant chains. Here's the quick math: if a new Wingstop store build-out costs $400,000, a 12.5% increase is an extra $50,000 per unit.

For international growth, the risk is compounded by retaliatory tariffs. The US imposed a 25% tariff on all goods from Canada and Mexico starting in February 2025, with Canada announcing a reciprocal 25% tariff on over $100 billion of US exports. Since Wingstop primarily operates on a franchise model, these higher CapEx costs could slightly reduce the attractiveness of the investment for potential franchisees, even if the projected cash-on-cash returns only drop from, say, 40% to 35%, which is still attractive.

Geopolitical stability in key expansion markets like Canada, Mexico, and the UK.

Geopolitical stability is a core risk factor for Wingstop's international development pipeline. While Canada and the UK offer stable legal environments, Mexico presents a more volatile political risk profile in 2025.

• Mexico: The concentration of political power following the 2024 elections has created a volatile regulatory environment and heightened uncertainty for new investments. This political hegemony risks undermining the independence of regulatory bodies, which can lead to arbitrary decision-making that affects business operations. Plus, the North American free trade framework (USMCA) is under strain, increasing the likelihood of trade tensions.
• Canada & UK: Both are considered middle powers economically dependent on the US, which puts them in a reactive position during US-led trade disputes. The UK is also navigating political instability, with a noted drop in the Prime Minister's popularity following the 2024 electoral fervor, which can lead to policy uncertainty.

The stability of the legal and regulatory framework in these markets is critical for a franchisor like Wingstop, as it relies on predictable contract enforcement and a clear path for unit development.

U.S. federal and state lobbying efforts on franchise-model regulation.

The franchise model is facing increased scrutiny from federal and state legislators, which is a direct political risk to Wingstop's core business structure. The lobbying focus in 2025 is on shifting the balance of power and risk more toward the franchisor.

At the federal level, there is a push to reintroduce legislation that would grant franchisees a Private Right of Action (a right to sue) for violations of the Federal Trade Commission (FTC) Franchise Rule. If passed, this would allow franchisees to seek not just actual damages but also 'additional equitable relief,' such as recovering the cost of lease or loan obligations. This significantly raises the legal and financial exposure for franchisors like Wingstop.

State-level efforts are creating a challenging patchwork of regulations:

The push to limit franchisor control over supply chain and operational hours would directly impact Wingstop's ability to ensure brand consistency and optimize unit economics across its network.

Government-mandated menu labeling rules affecting nutritional disclosures.

Wingstop, as a chain with over 20 locations, already complies with the established federal FDA menu labeling rules that mandate displaying calorie counts on menus and providing written nutritional information (including total fat, sodium, protein, etc.) upon request. However, the political environment in 2025 is moving toward more granular, state-specific mandates that create a compliance headache.

The new front line for regulation is in major states and municipalities, focusing on specific public health issues:

• California (Allergen Disclosure): Effective July 2026, California will be the first state to mandate the disclosure of common allergens on menus for chains with 20 or more branches nationwide. This new rule requires flagging the nine most common allergens, including sesame, either next to the menu item or via a scannable QR code with a printed backup list available.
• New York City (Added Sugar): As of October 4, 2025, New York City requires franchised restaurants with more than 15 locations nationwide to disclose a warning sign next to food items containing more than 50 grams of added sugar. Non-compliance can result in a $200 fine per violation.
• United Kingdom (Calorie & Allergen): In England, businesses with over 250 employees must display calorie counts (kcal) on menus at the point of choice, along with the statement that 'adults need around 2000 kcal a day.' Additionally, clear allergen information for 14 major allergens is legally required.

What this estimate hides is the complexity of a national chain having to manage multiple, non-uniform disclosure rules. The compliance burden is shifting from a single federal standard to a costly, state-by-state, and city-by-city patchwork of requirements. This forces Wingstop's corporate team to invest more in localized menu printing, digital menu updates, and franchisee training to avoid fines and reputational damage.

Wingstop Inc. (WING) - PESTLE Analysis: Economic factors

Commodity price volatility, especially chicken wing prices, directly hitting food costs.

You can't talk about Wingstop Inc. without talking about chicken wings, and that means facing down extreme commodity volatility. This is a core risk for the business model, which relies on a predictable supply chain for its primary input. Here's the quick math: when wing prices spike, it instantly compresses the operating margin for franchisees, even with Wingstop's supply chain management efforts.

The first half of the 2025 fiscal year demonstrated this volatility clearly. Early in the year, jumbo whole wings were trading near $1.73 per pound. But as demand softened post-Super Bowl and inventories built up, the market saw a sharp correction. By the start of May 2025, prices for jumbo party wings and whole wings fell significantly to $1.03 and $0.96 per pound, respectively. This kind of massive swing-a drop of over 40% in a few months-makes forecasting incredibly difficult for a franchisee, even if the overall trend is favorable.

High inflation rates causing consumers to seek greater value in dining choices.

The persistent high inflation across the U.S. economy in 2025 is forcing a critical shift in consumer behavior, which directly impacts the Quick Service Restaurant (QSR) sector. We're seeing consumers, particularly those in the middle-income bracket, pull back on non-discretionary spending like dining out.

This macro headwind is already showing up in Wingstop's performance. After a strong run, domestic same-store sales growth declined by 0.7% year-over-year in the first half of 2025. The company's updated outlook in November 2025 reflected this broader softening, with a revised full-year projection for domestic same-store sales to decline between 3% to 4%, a significant downgrade from earlier expectations of a 1% rebound. This highlights that while the brand is strong, it's not immune to the consumer's search for greater value.

Labor cost increases from minimum wage hikes, like the $20.00 per hour law in California, pressuring franchisee margins.

The regulatory environment is translating directly into higher labor costs, most notably in California. The state's minimum wage for fast-food workers at large chains increased to $20.00 per hour, effective April 1, 2024, with the potential for additional increases starting January 1, 2025. About 20% of Wingstop's franchise locations are in California, so the impact is not marginal.

The immediate effect has been an estimated wage increase of about 11% for covered workers. To manage this, employers have passed on approximately 63% of the higher wage costs to consumers through price increases. This resulted in an average price increase of 2.1% for fast-food items in the state. For franchisees, this means navigating a delicate balance: absorbing some cost to maintain traffic, or raising prices and risking a further decline in transactions. It's a real pressure point on unit economics, defintely.

Strong U.S. dollar making international revenue conversion less defintely profitable.

As Wingstop continues its aggressive international expansion-a key pillar of its long-term strategy-the strength of the U.S. dollar becomes a material economic factor. As of June 2025, the company had 407 international franchised locations. A stronger dollar means that the royalty revenue and franchise fees collected in foreign currencies (like the Euro, Pound Sterling, or Mexican Peso) convert back into fewer U.S. dollars, reducing the reported revenue and earnings from these markets.

While the company's primary revenue is domestic, the international segment is the future growth engine, with a global unit growth rate expected between 17% to 18% for 2025. The currency headwind acts as a silent tax on this growth, making the conversion of international sales into U.S. dollar-denominated profit less efficient, even as the unit count rises.

Near-term interest rate outlook affecting capital expenditure (CapEx) for new store development.

The near-term interest rate environment, influenced by the Federal Reserve's policy, directly impacts the cost of capital for both Wingstop Inc. and its franchisees. Higher interest rates raise the cost of debt financing, which is often used for new store construction and CapEx.

For Wingstop Inc. itself, the fiscal year 2025 guidance projects a net interest expense of approximately $39 million. For the franchisees, however, the impact is mitigated by the strong unit economics, which provide a compelling incentive for development despite higher borrowing costs. The unlevered cash on cash returns for new Wingstop locations are over 70%, which is a powerful driver for continued expansion. This robust return profile supports the aggressive unit growth forecast of 17% to 18% for 2025, which is expected to add between 475 to 485 net new restaurants globally.

Wingstop Inc. (WING) - PESTLE Analysis: Social factors

Sustained consumer demand for convenient, high-quality take-out and delivery options.

You know that the quick-service restaurant (QSR) landscape is now dominated by the 'off-premise' model, and Wingstop Inc. is defintely built for this trend. Their small-footprint, asset-light model is a perfect fit for the consumer's sustained demand for convenience.

The proof is in the digital mix: in the fiscal third quarter of 2025, digital sales accounted for an impressive 72.8% of system-wide sales. This high percentage demonstrates that the company's proprietary technology platform, MyWingstop, is successfully capturing the digital-native customer. Plus, the rollout of the AI-fueled Smart Kitchen platform across the domestic system in 2025 is a game-changer, cutting average ticket times in half to around 10 minutes at company units, which directly enhances the speed and quality of the take-out and delivery experience.

The operational efficiency gains translate directly into unit economics, keeping the average domestic restaurant Average Unit Volume (AUV) strong at $2.1 million as of Q3 2025.

Increasing focus on health and wellness, requiring menu innovation beyond traditional fried wings.

The broader social trend toward health and wellness presents a near-term risk and a clear opportunity. Consumers are increasingly seeking healthier options, and while Wingstop Inc. is known for its core offering-cooked-to-order, hand-sauced chicken wings-the company must continually innovate to remain relevant to the health-conscious segment.

The firm is actively using menu innovation to drive sales, as seen with the relaunch of Crispy Chicken Tenders in 2025. This move successfully tripled the number of new and reactivated guests compared to the run rate at the end of 2024, showing that strategic menu adjustments can engage a wider audience. What this estimate hides, though, is the ongoing need for non-fried or lower-calorie alternatives to compete with fast-casual chains that emphasize fresh ingredients and customizable, healthier bowls. The focus right now is on flavor and quality, but the long-term play requires a nod to nutrition.

Shifting demographics in urban areas, supporting the smaller, efficient store model.

Wingstop Inc.'s development strategy is capitalizing on dense urban and suburban demographics where the demand for quick, high-quality food is highest. The small footprint of their restaurants-which minimizes dine-in space and maximizes kitchen efficiency for digital orders-is perfectly suited for the high real estate costs and population density of major cities.

Here's the quick math: the company is aggressively expanding, with a global unit growth rate of over 19% year-over-year, adding 114 net new restaurants in Q3 2025 alone, bringing the system-wide count to 2,932 units. This massive expansion is concentrated in key metropolitan areas, demonstrating a strategic alignment with demographic shifts:

This geographic concentration minimizes delivery times and maximizes brand visibility in high-traffic, high-density consumer bases.

Strong brand loyalty and a cult following among younger, digital-native customers.

Wingstop Inc. has successfully cultivated a 'cult following,' especially among younger, digital-native consumers, by focusing on flavor and a strong digital experience. The company's proprietary tech stack, MyWingstop, is a core asset, having amassed a database of over 60 million digital customers.

This data advantage is crucial for driving loyalty and frequency. The firm is leveraging it to build a new loyalty program, 'Club Wingstop,' which is currently being piloted in Q4 2025 ahead of a planned system-wide launch in 2026. The goal is to move beyond simple transactions to 'hyper-personalized' digital experiences, which is the new standard for retaining customers in the QSR space.

The brand also connects with this demographic through culturally relevant marketing, such as the Q2 2025 'Rookie Draft Class' campaign, which used sports influencer partnerships (like WNBA's Paige Bueckers) to drive engagement and promote limited-time offers. This strategy of high-impact, culturally-aware marketing keeps the brand fresh and top-of-mind for its target audience.

• Digital mix at 72.8% shows strong digital-native adoption.
• Customer database includes 60 million unique guests.
• New loyalty program, Club Wingstop, is in Q4 2025 pilot.

The digital channel is the loyalty channel for this brand.

Wingstop Inc. (WING) - PESTLE Analysis: Technological factors

Digital sales penetration consistently above 65% of total sales, requiring constant platform investment

You need to look at Wingstop Inc.'s digital sales not just as a channel, but as the core operating model. This isn't a side hustle; it's the main event. For the fiscal third quarter of 2025, digital sales hit a remarkable 72.8% of system-wide sales, up from 72.2% in the second quarter. That consistent level, well above the 65% benchmark, means the company is defintely a tech-first restaurant brand. This reliance demands continuous, heavy investment in the underlying technology platform (the 'tech stack').

Here's the quick math on the investment: The company's guidance for fiscal year 2025 projects total Depreciation and Amortization-mostly driven by technology capital expenditures-to be between $28 million and $29 million. Plus, you have system implementation costs of approximately $4.5 million baked into the SG&A (Selling, General, and Administrative) expense for the year. That's a minimum of $32.5 million dedicated to keeping the digital engine running and improving. If that platform goes down, 7 out of every 10 transactions stop dead. That's a huge operational risk.

Use of Artificial Intelligence (AI) and machine learning for personalized marketing and dynamic pricing

Wingstop is moving past simple online ordering to true data-driven personalization using Artificial Intelligence (AI) and machine learning. They use this tech to create a single, unified customer profile, which is crucial for delivering personalized messages and offers. This strategy has been highly effective, helping the 'MyWingstop' tech stack grow the consumer database from 40 million to over 50 million users.

The AI isn't just for marketing; it's also a core component of the operational efficiency drive. The new Smart Kitchen system, for instance, uses an AI-driven forecasting engine. This engine predicts demand in 15-minute increments using over 300 variables, including local events and weather. This level of precision allows for optimized staffing and inventory, which is a subtle but powerful form of dynamic pricing and cost control.

Continued investment in kitchen automation to improve speed and manage high labor costs

The biggest technological opportunity-and risk-is the full rollout of the AI-fueled Smart Kitchen platform. This system replaces paper tickets with digital screens and uses AI to streamline the workflow for back-of-house staff. The goal is simple: manage high labor costs and increase throughput (the number of orders a kitchen can handle).

The results from the rollout in company-owned stores are compelling. The system has reduced average ticket times by a significant 40%, cutting the service duration from 18-22 minutes down to under 10 minutes. Furthermore, the AI-driven labor optimization contributed to a reduction in company-owned unit cost of sales by 70 basis points in Q1 2025. The company is on track to have this platform system-wide in all U.S. locations by the end of 2025, with the system already live in 2,000 domestic units as of Q3 2025.

Reliance on third-party delivery platforms for a significant portion of revenue, creating margin pressure

The high digital sales mix means a heavy reliance on third-party delivery platforms (like DoorDash or Uber Eats), which is a double-edged sword. It drives massive system-wide sales-which were $1.4 billion in Q3 2025-but those platforms extract a commission, creating margin pressure for the franchisees. The brand's royalty revenue is a fixed 6.5% of gross sales, which is great for Wingstop Inc. as a franchisor, but the franchisee bears the brunt of the platform fees.

The Smart Kitchen initiative is a direct response to a major delivery challenge. Historically, long quote times meant Wingstop wouldn't even appear in searches on platforms that filter for delivery under 30 minutes. By cutting service time, the brand is now showing up as 'fastest near you' and in the 'under 30 minutes' category, directly increasing its visibility and, therefore, its revenue potential on those platforms. Still, this reliance exposes the company to platform-specific risks, like shifts in app algorithms or changes in delivery partner dynamics, which are outside of Wingstop's direct control.

• Delivery speed is a new competitive battleground.
• Franchisees face margin compression from platform fees.
• Technology mitigates the speed issue, but not the fee structure.

Wingstop Inc. (WING) - PESTLE Analysis: Legal factors

The legal landscape for Wingstop is getting more complex, moving beyond simple compliance to managing a patchwork of state-level regulations and heightened scrutiny on the franchise model itself. You need to focus on proactive compliance investments, particularly in data privacy and labor oversight, because the financial and reputational costs of a misstep are rising fast.

Stricter food safety and hygiene regulations post-pandemic, increasing compliance costs.

Post-pandemic, the regulatory focus on food safety has intensified, pushing compliance costs higher for all quick-service restaurants (QSRs). For Wingstop and its franchisees, this translates into mandatory upgrades to operational systems and more rigorous training.

The core challenge is maintaining consistency across over 2,000 global locations. Regulators are demanding better control over the cold chain and cooking processes. For example, cold foods must now be kept at or below 41F, and hot foods at or above 135F to stay out of the temperature danger zone. This isn't just a best practice anymore; it's a compliance necessity.

Honestly, the risk is real. Recent reports show that more than 60% of health inspection failures in the past year across the industry were due to non-compliance with updated sanitation and food handling rules. To mitigate this, Wingstop must push its franchisees to invest in digital tracking and automated temperature monitoring systems, which adds to the initial and ongoing operating costs for each location.

Franchise disclosure and relationship laws, particularly concerning renewal and termination terms.

The relationship between franchisor and franchisee is under a magnifying glass, with the Federal Trade Commission (FTC) and state legislatures pushing for more protections for the operator. This shift creates a legal risk of increased disputes and potential changes to the fundamental franchise agreement structure.

In 2025, the FTC is actively focusing on franchise relationship issues, not just initial disclosure. This means disputes are likely to increase, especially concerning system changes and new fees.

Here's what's driving the tension and potential litigation:

• Undisclosed Fees: Franchisors adding fees for new technology or services that were not explicitly detailed in the original Franchise Disclosure Document (FDD).
• Renewal Conditions: Disputes over the terms and costs required for a franchisee to renew their agreement after the initial term expires.
• Capital Expenditure: New guidance from the North American Securities Administrators Association (NASAA) in August 2025 emphasizes that FDDs must be accurate and specific, even when market conditions change rapidly.

The trend is toward giving franchisees a more reasonable opportunity to make a return on their investment and even providing compensation for early termination in certain circumstances, as seen in new codes taking effect globally in 2025. For Wingstop, a company that relies heavily on its franchise model, this means a potential erosion of franchisor control and higher legal costs to defend agreements.

Data privacy regulations (e.g., CCPA) impacting how customer data is collected and used for digital orders.

The explosion of digital ordering-via the Wingstop website and mobile application-has turned the company into a significant collector of consumer data, which brings it squarely into the crosshairs of state data privacy laws.

The compliance burden is massive. Wingstop already adheres to the California Consumer Privacy Act (CCPA), as amended by the California Privacy Rights Act (CPRA), which is detailed in its September 2025 privacy policy.

But the compliance patchwork is expanding exponentially in 2025. You're not just dealing with California anymore. Eight new US state privacy laws are taking effect this year, including the Iowa Consumer Data Protection Act and the New Jersey Data Privacy Law, each with its own nuances on consent, data minimization, and consumer rights.

The key risk is how Wingstop shares data. The CCPA classifies the sharing of personal information with third parties for consideration (like online advertising networks or analytics companies) as a 'sale' of personal information, even if no money changes hands. Wingstop must ensure its data flow to franchisees and service providers is compliant across all these new jurisdictions.

Litigation risk related to labor practices and joint-employer liability with franchisees.

The most immediate and material legal risk comes from labor litigation, specifically the ongoing debate over whether a franchisor can be held liable as a 'joint employer' alongside its franchisees.

Even though Wingstop Inc. is generally insulated from the daily employment decisions of its independent franchisees, the brand is still named in or impacted by major labor disputes. For example, a wage and hour class action, Jamal Shabazz v. Mann & Company, Inc. (Wingstop), was pending in California's Butte County Superior Court as of late 2025, alleging failures to pay minimum wage, overtime, and provide meal and rest breaks.

A more concrete financial example comes from a September 2024 settlement where a California Labor Commissioner investigation found a franchisee had created separate corporate entities for five Wingstop locations to illegally pay a lower minimum wage. This scheme affected approximately 550 workers and resulted in a settlement of $1.7 million for wage theft and penalties. The total liability cited in the original citations was over $3 million. This demonstrates that franchisee non-compliance creates a direct, multi-million-dollar reputational and financial risk to the entire system, regardless of the legal structure.

The core action here is to mandate and audit franchisee labor compliance, not just food quality. You need to defintely invest in better compliance technology that tracks labor hours and pay across a franchisee's multiple locations to avoid these multi-site wage theft schemes.

Wingstop Inc. (WING) - PESTLE Analysis: Environmental factors

Growing pressure to reduce packaging waste and transition to sustainable materials.

You're seeing the regulatory and consumer push for sustainable packaging intensify, and for a quick-service restaurant (QSR) like Wingstop, this is a direct operational cost and reputation risk. The industry faces a tough reality: Gartner projected that by 2025, a staggering 90% of public sustainable packaging commitments might not be met due to heavy reliance on single-use plastics. Wingstop has made concrete steps, but the pressure is relentless.

The company's approach focuses on material substitution and waste reduction at the point of sale. For instance, they transitioned small dip cups, straws, and cutlery to polypropylene in 2023, a substrate that is curbside recyclable in most domestic municipalities. Also, their restaurant carryout bags are produced with post-consumer recycled content of at least 40%. That's a solid start, but the sheer volume of packaging from a chain with over 2,500 locations means the total waste footprint remains a major concern.

A simple action point is offering 'no drink' and 'no dip' options to avoid automatically including items that become instant waste. That's just smart business.

Scrutiny on the carbon footprint of the supply chain, particularly meat production.

The biggest environmental challenge for any chicken-centric QSR is the carbon footprint of its supply chain, known as Scope 3 emissions (emissions from assets not owned or controlled by the company, but that the company indirectly affects in its value chain). While Wingstop is committed to measuring and reducing these, specific Scope 3 data has not yet been disclosed. This lack of transparency is a major vulnerability, especially given the high environmental cost of meat production.

However, the company has set a Science Based Target (SBTi) to reduce its direct emissions (Scope 1 and 2) by 42% by 2030, using a 2020 baseline. For 2024, Wingstop reported total direct greenhouse gas emissions of approximately 4,655,000 kg CO2e (Scope 1: 2,330,000 kg CO2e; Scope 2: 2,325,000 kg CO2e). They are also mitigating waste by recycling used cooking oil, a major win. In 2024, they recycled approximately 22 million pounds of used cooking oil, which is equivalent to taking over 4,600+ cars off the road. You must monitor their Scope 3 disclosure; that's where the real risk lives.

Here's the quick math on their direct footprint:

Water usage regulations in drought-prone areas, impacting restaurant operations.

Water scarcity is a growing operational risk, especially in the US Sun Belt where Wingstop has a dense footprint. States like California, where the company has a significant presence, continue to grapple with extreme fluctuations between drought and flood conditions. In early 2025, for example, California's snowpack-which accounts for 30% of the state's water supply-remained below average in the Central and Southern Sierra Nevada mountains.

While Wingstop has not publicly disclosed specific water consumption metrics or reduction targets, the risk is clear. Water usage is critical for restaurant operations, from food preparation to cleaning. New local regulations, such as mandatory water use restrictions during drought emergencies, can directly impact operating hours or require costly retrofits of high-efficiency equipment. The franchise model means the risk is distributed, but the brand's reputation and system-wide efficiency are still on the hook. You need to know your franchise partners' water risk exposure.

Corporate social responsibility (CSR) reporting demands from investors like BlackRock on environmental metrics.

Institutional investors, particularly those managing massive passive funds like BlackRock, are increasingly using Environmental, Social, and Governance (ESG) metrics to assess long-term financial risk. BlackRock's 2020 survey indicated that investors planned to double their allocations to ESG assets under management (AUM) by 2025, with climate-related risks being the top concern for 88% of respondents globally.

However, Wingstop's S&P Global ESG Score of 22/100 as of 2024 suggests the company is lagging behind peers in disclosure and overall ESG performance. This low score creates a perception of higher governance risk, even with tangible efforts like their Global Support Center in Addison, Texas, being powered 100% by local wind energy. To be fair, BlackRock's own support for environmental and social shareholder proposals dipped to less than 2% in the 2025 proxy season, indicating they are prioritizing material financial risk and clear, actionable disclosure over broad social proposals.

The key takeaway for Wingstop is that disclosure is risk mitigation. They need to close the gap on their Scope 3 emissions and water usage data to satisfy these major capital allocators.

• Improve the S&P Global ESG Score of 22/100.
• Disclose Scope 3 emissions data to address supply chain risk.
• Keep the corporate office running on 100% wind power.