Sysco Corporation

- No new fundraising through debt or equity is explicitly mentioned in the provided pages. - Sysco plans to fund the $29.1 billion Restaurant Depot acquisition through a combination of cash and approximately 91.5 million shares of Sysco stock. - To prepare for the acquisition, Sysco has suspended share repurchases and is exercising discipline with capital expenditures. - Post-acquisition, net leverage is expected to be about 4.5 turns, with a plan to rapidly deleverage to approximately 3.5 turns within 24 months. - Following deleveraging, a glide path to return to 2.75 turns net leverage over time is expected. - There is no direct mention of future fundraising beyond managing leverage and existing capital allocation plans.

- Restaurant Depot: Capital investment focused on maintaining no-frills store environments and fit-for-purpose facilities rather than cosmetic upgrades. Stores are reported to be in good shape with sufficient capital allocated for ongoing operations and to support opening 5-6 new stores per year. - Sysco: Investments include fleet (trucks and trailers), sales headcount growth in higher growth areas, fleet and building expansions. - Post-acquisition: Combined business expects to sustain a net store opening plan of 5-6 stores annually, with capital deployment aligned to historical growth. - CapEx for Restaurant Depot is less than 1% of sales, covering maintenance and growth. - Sysco is maintaining disciplined capital expenditure and suspending share repurchases ahead of the Restaurant Depot acquisition to preserve cash. - Future investment strategies focus on returns-driven capital allocation, including potential optimization tests in stores, increased labor where profitable, and enhancing private label assortment.

- Sysco expects net sales growth of approximately 3% to 5% for full-year 2026, driven by inflation (~2%), volume growth, and M&A contributions. - Local case volume growth is forecasted at least 2.5% in Q4 2026, reflecting a 120 basis points acceleration on a 2-year stacked basis compared to Q3. - National contract case volume growth is expected to improve in Q4 versus Q3, fueled by strength in non-restaurant businesses and onboarding new national restaurant customers. - International segment local case growth was strong at 3.8% in Q3, supported by expanded supply chain, increased Sysco Brand availability, and sales headcount. - Restaurant Depot volumes increased 4% recently, with plans for 5-6 net new store openings per year, contributing to revenue growth. - Sysco is confident in continued momentum in local and international sales, as well as modest growth at the national level despite softness in some segments.

- Full year 2026 adjusted EPS is expected at the high end of the prior range of $4.50 to $4.60. - Adjusted EPS growth for FY ’26 (excluding incentive compensation headwind) is projected at 5% to 7%, aligning with long-term growth targets. - For Q4, adjusted EPS is forecasted approximately $1.51, including carryover incentive compensation impact. - Mid to high single-digit EPS accretion expected in year 1 post Restaurant Depot acquisition; low to mid-teens EPS accretion in year 2. - Cost synergies of $250 million from acquisition ramp up fully by year 3, contributing to bottom-line growth. - Combined company’s EBITDA margin expected to expand by ~150 basis points to 6.7% due to synergies. - Restaurant Depot deal anticipated to boost free cash flow by over $2 billion by year 4, supporting dividends, share repurchases, and future M&A.

The provided document pages do not contain specific information about Sysco's current or expected order book or pending orders. However, relevant insights include: - Sysco expects to open net 125 new Restaurant Depot stores over time, contributing to revenue growth. - National chain restaurant contracts with long lead times are expected to start shipping in April, May, and June, as part of net new wins. - Sysco’s sales volumes showed a steady increase, with local volume growth accelerating to 2.5%-3.3% range in recent quarters. - There is an ongoing focus on new customer acquisition, retention, and penetration, supported by increased sales headcount and productivity tools like AI360. - Restaurant Depot performance remains strong with volume growth of 4% in Q1 and profitability in line with expectations. No explicit order backlog or pending order figures are disclosed in the excerpts provided.