This quarter's results exceeded expectations, primarily driven by strong revenue growth and improved operational efficiency, leading to significant margin expansion.

Q4 incremental profit margin reached 38%, with the full-year figure at 30%; FY2027 guidance implies EPS growth of 10% and mid-to-high single-digit revenue growth.

All business lines performed well, with healthy trends in new business, retention, pricing, and cross-selling, particularly in the healthcare vertical. Ongoing operational initiatives such as supply chain automation, garment sharing, and SmartTruck continue to reduce costs and improve efficiency. The fire business faces a temporary headwind of approximately 100bps due to the SAP implementation.

FY2027 guidance: mid-to-high single-digit revenue growth, double-digit EPS growth, incremental profit margin of 30-32%, and operating margin expansion of 10-60bps. Energy costs are expected to rise by approximately 20bps, but this can be offset through operational optimization.

Management's tone is positive, expressing confidence in performance and guidance; however, rising energy costs and uncertainty surrounding the UniFirst acquisition remain potential headwinds.