Restaurant Brands International Inc. · NYSE:QSR
Restaurant Brands International — Investor Presentation (June 2025)
24 slides from Restaurant Brands International's investor presentation, June 2025
Slide 1: 1
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Slide 2: Forward-looking statements
This presentation may contain certain forward-looking statements and information, which reflect management's current beliefs and expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements are not guarantees of future performa
Slide 3: Introduction to RBI's International Business
Slide 4: International Significant Growth Driver and >25% of AOI
International Significant Growth Driver and >25% of AOI rbi International's restaurant count and system-wide sales have grown at a strong rate since 2017, outpacing US & Canada growth by over 5 points. The business drives ~26% of RBI's Adjusted Operating Income via its capital-light, franchise royal
Slide 5: Primary Revenue Drivers by Brand
Primary Revenue Drivers by Brand (Home Market vs. International Markets) Brand Component Key Growth Driver Home Market International GRRE Franchise Royalties System-Wide Sales v v Popeyes aa Franchise Royalties System-Wide Sales V Vv KING [> Property Revenues Comparable Sales v x & Inflation (-20% o
Slide 6: Largest international markets highlight the importance of strong, local partners and healthy unit economics
Largest international markets highlight the importance of strong, local partners and healthy unit economics BK France BK Spain BK Germany BK Australia — BK Brazil BK UK BK Turkey BK China BK Korea BK Italy mmm System-wide Sales Average Restaurant Sales (ARS) Units Source: RBI internal data as of twe
Slide 7: Popeyes, Tim Hortons, and Firehouse Subs International have grown
In the last five years, Popeyes, Tim Hortons, and Firehouse Subs International have grown from ~13% to ~54% of International net new units 2019 2024 »») 46%; 410 Burger King China: -113 87%; 910 Burger King China: +285 Hi Burger King International Popeyes International Tim Hortons International Fire
Slide 8: Our International Assets
Our International Assets rbi 1) Four Iconic Brands a y, 2) Strong Business Model grees 3) Dedicated Partner Network KING [a Popeyes. 4) Global Infrastructure & Team FIREHOUSE 5) Proven Track Record of Growth ..Diversified Business with Significant Runway
Slide 9: Four Iconic Brands in Largest QSR Categories
Four Iconic Brands in Largest QSR Categories rbi @ rbi restwent §— 15,639 «= >$18B. Ss ~200 international international International Market x Brand Restaurants System-wide Sales Combos eorees Tim Hotlous KING | Popeyes. >12,600 >120 >1,500 ~20 >1,400 ~45 >25 >5 INTL Units Markets! INTL Units Market
Slide 10: Capital-light Business Model
Capital-light Business Model rbi International growth powered by a proven master franchise model International Business Model Key Partner Criteri C1) Well-capitalized, Local Partner f 1 (in some cases) C2) Ambitious and Aligned Vision Master Franchise (MFDA) Committed capital © Witingness and Abilit
Slide 11: Dedicated Partner Network
Dedicated Partner Netwo rbi Diversified set of well-capitalized and aligned partners help drive our international businesses Entrepreneur / Family Office hy) ite APPAREL groupebertrand Jack Cowin There dreams came alive (OR Burger King France Burger King Australia Tim Hortons & Firehouse Subs GCC! T
Slide 12: Global Infrastructure Supporting Franchise Partners
Global Infrastructure Supporting Franchise Partners rbi Toronto Zug/, Lucerne es S' 2 Jacksonville p *yracuse ee ° S *Miami Mexico City Singapore e Sao Paulo e * 7 offices with ~380 people dedicated to international * +2,800 accredited suppliers and ~260 distributors * Global quality assurance and p
Slide 13: Proven Track Record Building International Businesses
Proven Track Record Building International Businesses rbi Since 2010, we've built major international businesses together with our master franchise partners, including one $2 billion system-wide sales (SWS) business and four ~$1 billion businesses Store Count by Brand x Market Combination 1 © Burger
Slide 14: Burger King remains a consistent growth driver as other brands ramp up
Burger King remains a consistent growth driver as Popeyes, Tim Hortons, and Firehouse Subs ramp up into new markets 15,639 ~8% 9,418 ~5% 2017 2024 Hi Burger King International Popeyes International Source: RBI internal data. | Note: Results for all periods exclude Burger King Russia $10.0 ~8% 2017 2
Slide 15: Scaled International Burger QSR: Modern Image, Portfolio, Operational Excellence
1 of 2 Scaled International Burger QSRs Modern Image Portfolio Operational Excellence Restaurants Outside the 4.1 OI Google Rating +0.4 vs Main Competitor ——= Expanding Digital Mix (% of Sales) Growing Premium Food Incidence Strong Partners 2024 ie 39% 28,431 ~870 2019 Tb] restaurant 26% () brands g
Slide 16: Tims & Popeyes Restaurants Outside the US & Canada
Restaurants Outside the US & Canada 27,642 21,775 Tims & Popeyes Google Rating +0.1 and +0.2 vs. Main Competitor, respectively 1459 1504 83 10% A AMPAREL Whee Toca caone alive ORO? Warm & Welcoming Baked Goods & Food 7 restaurant : . Ju! BIA europe ;OODWORKS Good Superiority Parity Loss Source: RBI
Slide 17: Popeyes International: Unlocking Significant Growth
Popeyes International: Unlocking Significant Growth ..in one of the largest global QSR categories Top 10 International Markets System-wid Msc Sales ($mm $279 # Stores 394 Turkey UK 2020 $153 66 Spain 2019 $137 156 Puerto Rico 2022 $59 27 Philippines. 2022 60 Brazil 2018 93 Peru 2022 48 ~ g 7. 3hn y;
Slide 18: Tim Hortons International: Plenty of Runway
Tim Hortons International: Plenty of Runway Capitalizing on international opportunity by winning in coffee and food Top 5 4 International Markets ¥ System-wide Market Sales ($mm) # Stores \ e China $201 815 ~ Middle East $144 308 UK $129 77 Mexico $87 139 Philippines $16 46 4 $6 OOmm Top 5 Total $57
Slide 19: Firehouse Subs International: Setting the Stage
Firehouse Subs International: Setting the Stage Opportunity to leverage new country entry expertise to grow in a major global category Firehouse Subs industry leading product together with an evolved brand concept allows it to stand out against the competition June 2023 2024 2025 Continue leveraging
Slide 20: Restaurant gap by region
4A restaurant gap 45k W 185k 35k 7 @ 43k GBsk am 226K Latin America & Caribbean 2.4k 2.6k 01k 1.8k 0.3k 2.0k @ 23 ask Europe, Middle East & Africa 61k 11.0k 0.4k 49k 0.9k 6.4k @ ; 5.0k Source: RBI internal data and competitor public filings as of December 31, 2024. | Note: All figures show in thousa
Slide 21: Strong Pipeline for Growth
Strong Pipeline for Growth Each brand in different stages of development across various markets (number of Sign Market & New Country Entry Phase Scale Up ‘ restaurants) Entry Process (-2 years) (-2 years) (3* years) Sustained Growth aan e S & ( ) S BURGER we Spain (974) France op es Brazil (970) S.
Slide 22: RBI International: A Compounding Growth Driver
RBI International: A Compounding Growth Driver International businesses offer multiple paths to deliver long-term growth Well positioned in the top 4 global QSR categories Significant whitespace with less competition than North America Scaled and consistent Burger King growth engine Proven ability t
Slide 23: Appendix
Appendix Non-GAAP Reconciliation @ (Jp
Slide 24: Reconciliation: Income from Operations to Adjusted Operating Income
Reconciliation: Income from Operations to Adjusted rbi Operating Income RBI Twelve Months Ended Dec 31, (in US$ millions) 2024 Income from Operations $ 2,419 Franchise agreement and reacquired franchise rights amortization 53 RH Transaction costs 22 Corporate restructuring and advisory fees 20 Impac
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