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Alex Conway

Research Associate at Baird

Alex Conway, CFA, is a Research Associate at Baird, specializing in equity research within the Apparel, Footwear & Fitness industry as part of the Active Lifestyles vertical. He supports the coverage of leading companies in this sector alongside Jonathan Komp, CFA, who is recognized among the top 3% of Wall Street analysts by TipRanks. Conway has contributed to the team’s strong performance track record, reflecting high rankings for Baird analysts in overall success rates and investment research. His career in equity research began after earning the Chartered Financial Analyst (CFA) designation, and he has held relevant securities licenses and is likely FINRA registered, though specific license numbers are not publicly listed.

Alex Conway's questions to European Wax Center (EWCZ) leadership

Question · Q3 2025

Alex Conway questioned the primary reasons behind the unit closures, such as low volume, real estate issues, or franchisee circumstances, and sought clarification on the confidence in alleviating these pressures by the second half of 2026. He also asked about unique factors in Q4 that might lead to lower year-over-year EBITDA growth compared to the full-year guidance.

Answer

Chairman and CEO Chris Morris explained that closures primarily involve low-volume units due to factors like poor real estate or unique franchisee situations, with lease expiration dates playing a significant role. He expressed confidence in returning to net positive growth by late 2026, citing improved portfolio health, stronger franchisee partnerships, and positive trends in guest engagement and acquisition. CFO Tom Kim affirmed confidence in the full-year EBITDA guidance, noting that Q3 benefited from timing shifts in certain operating expenses, including marketing and technology, which will move into Q4, influencing the quarterly dynamics.

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Question · Q3 2025

Alex Conway asked about the primary reasons for unit closures and the factors contributing to low-volume units, seeking clarification on what gives management confidence that these pressures will ease, leading to net positive growth by the second half of 2026. He also questioned unique factors in Q4 that might lead to lower year-over-year EBITDA growth despite strong performance in the first three quarters.

Answer

Chris Morris, Chairman and CEO, explained that closed units are typically low-volume due to poor real estate, market conditions, or unique franchisee circumstances, with lease expirations influencing timing. Confidence in future growth stems from a strong understanding of portfolio health, improved franchisee partnerships, and positive signs from strategic initiatives. Tom Kim, CFO, reaffirmed full-year guidance for both top and bottom lines, noting that Q4's dynamics reflect timing shifts of certain operating expenses, including marketing and technology spend, into the quarter, which will level out the full-year EBITDA target.

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