Aramark delivered a solid QQ1 2025 performance with meaningful top-line momentum and margin expansion, supported by a robust pipeline of new business and favorable cost dynamics. Organic revenue grew 5% in the quarter to $4.6 billion, led by the Food and Support Services (FSS) segment, with US FSS organic revenue up 3% and International up 10% year over year. Adjusted operating income (AOI) rose 13% on a constant-currency basis to $258 million, driving AOI margin to 5.6% (up ~40 bps YoY). GAAP EPS was $0.39 and adjusted EPS $0.51, up 25% year over year on a constant-currency basis. Management reaffirmed full-year guidance, with organic revenue growth of 7.5%–9.5%, AOI growth of 15%–18%, and adjusted EPS growth of 23%–28%, incorporating the 53rd week in Q4 and targeting ~3x leverage by year-end. The quarter featured several strategic moves (Quantum acquisition, debt refinancing, share repurchases) and a strong pipeline of high-profile new accounts (Walmart HQ, General Dynamics, WPP, Indianapolis Zoo) along with ongoing NCAA athletics opportunities (ASU athletics) and cross-border GPO expansion. Inflation remained modest (2%–3%), and tariff impact was modeled as de minimis (about 30 bps in input costs). Near-term cash flow showed seasonality headwinds (free cash flow negative in QQ1) but free-cash-flow dynamics improved versus last year, setting up a constructive path for the remainder of fiscal 2025.