Restaurant Brands International Inc. · NYSE:QSR
Restaurant Brands International — Investor Day (September 2023)
49 slides from Restaurant Brands International's investor day presentation, Sep 10, 2023
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: Strategic priorities
oved Being a brand- Focusing on Driving digital Modelling industry Living a culture that led company exceptional innovation and excellence as attracts and retains the g I a est experience leadership franchisor best talent in the world
Slide 4: Compelling Opportunity
(all Compelling Opportunity
Slide 5: Four Iconic Brands
Four Iconic Brands rbi r ) e restaurant (| (| brands international Tim Hotlous Popeyes IREHOUS Since Acquired Since Acquired Since Acquired Since Acquired 1954 2010 =1964 2014 = 1972 2017 1994 2021 >18,900 > >120 >5,600 >15 = >4,200 >35 = ->1,200 4 Restaurants Markets! Restaurants Markets! Restauran
Slide 6: 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 Vv Vv Popeyes == Franchise Royalties System-Wide Sales V v pO y y KING Comparable Sales JV PI ty Ri —— roperly revenues and
Slide 7: International Businesses Significant Contributor to RBI
International Businesses Significant Contributor to RBI rbi International restaurants comprise approximately 45% of total restaurants and drive roughly a quarter of RBI Adjusted EBITDA with a predominantly franchise royalty driven business model Restaurant Count System Wide Sales ($bn) RBI Consolida
Slide 8: International Markets Key Growth Driver
International Markets Key Growth Driver System-wide sales and store count growth in international markets has been a strong and steady contributor to overall RBI growth Store Count since stem Wide Sales (SWS) since 2 $38.7 23.9 ~8% ~7I% $14.7 CAGR CAGR ~3% ~4% 16.4 24.0 Ms CAGR $198 . CAGR 2017 2022
Slide 9: International NRG Diversifying with TH and PLK
International NRG Diversifying with TH and PLK rbi 1233 1,266 US&C RBI 137 Hi Tim Hortons Int! (TH) uz Hl Popeyes Int'l (PLK) 84 Hl Burger King Int'l (BK) 48 (7%) (4%) Burger King (incl. ~285 in China) . Burger King (incl. ~30 in China) 2019 2022 Source: RBI internal data | Note: Results exclude BK
Slide 10: Restaurant gap to largest competitors by region
@ North America 73k = @ 149k 4.5k O ov 32k @ 4k Gk ee 23.6 @ Asia Pacific 39k = Bak 07k = «WH ON3k ork = @ 15.2k Bo amax restaurant gap Latin America & , Europe, Middle ‘ restaurant gap Caribbean ¥ East & Africa 2.2 24k 5.5k 10.9k : ¥ 55 1.6k hs ¥ 7 0.3k 5.9k (@® = Largest Sandwich Competitor 0.2k 1
Slide 11: International Overview
International Overview rbi
Slide 12: International footprint and brands
rbi @ Tin Hortons. Jigbpi 4 (S549 BURGER ~]4k 120+ 4 oS KING | wes Restaurants Markets Iconic Brands — Popeyes. ® REHOU “ REE FI SUBS SE ving
Slide 13: Our International Assets
Our International Assets rbi 1) Our Brands 2) Our People Ving oD —— a 3) Our Experience KING Popeyes. 4) Our Infrastructure —_ REHOU 5) Our Partner Network
Slide 14: Global Brand Portfolio
Global Brand Portfolio * From 78 markets in 2010 to 120+ markets + $14.6bn SWS®) * #1 brand in markets such as Spain, Turkey, South Korea and Mexico Since 2014 From 4 markets to 15 markets) + 3 future new country entries (NCE) announced (Singapore, South Korea and Morocco) + $0.5bn Sws® >1,000 inter
Slide 15: Positioned in Top Global QSR Categories
Positioned in Top 4 Global QSR Categories ° Each with at least a 5% projected CAGR through 2027 QSR Category Market Size ($bn) ‘22-'27E CAGR $619 Bakery & Sandwich 462% Care C105 % Chicken C3% Burger 455% 2022 2027E Source: Euromonitor 2022; chained @SRs; sales based on 2022 fixed rates | Note: Burg
Slide 16: Sales growth and new country entries
E J L Source: RBI internal data | Note: (I) SWS growth (SWSG) excludes Russia and represents organic growth averag announced NCEs that have yet to open as of September 10, 2023, in 2021 and 2022; (2) Represents markets opened between 2021 and June 2023; (3) Represents
Slide 17: RBI Market Lifecycle Summary
RBI Market Lifecycle Summary Each brand in different stages of development across various markets (number of Prepare Brand Sign Market & NCE Entry Phase Scale Up i restaurants) for Scaling Process (-2 years) (-2 years) (3+ years) Sustained Growth y soneet 0) e @ S06®92 BURGER w @e w KING - Nigeria J
Slide 18: Underlying Business Model
Underlying Business Model rbi International Business Model y Partner Cri 1. Well Capitalized t (in some cases) 2. Ambitious and Aligned Vision Master Franchise (MFDA) 3. Willingness and Ability to Build Top Management Teams Committed capital Development commitment Exclusivity in territory Manage Ad
Slide 19: Well capitalized and aligned partners drive international businesses
Well capitalized and aligned partners help drive our international businesses Dedicated Partner Network e rbi Single Territory Single Territory Multiple Territories Multiple Territories & & & & Single Brand Multiple Brands Single Brand Multiple Brands ® 7} Cinven vn nee Z2ANIP Alsea Cinven] BK Franc
Slide 20: Supported by Global Infrastructure
Supported by Global Infrastructure rbi Toronto Zurich (Ink: ~170) Miami/Jacksonville (Int'l: 40+) Mexico City (Int: 15+) Singapore SGo Paulo wn eo (Intl: 20+) * 5 offices with ~320+ people dedicated to international * +2,600 accredited suppliers and +240 distributors * Global QA & Procurement infras
Slide 21: Burger King
ey bi 3 KING Burger King
Slide 22: BK International: Strong Footprint
BK International: Strong Footprint —_ Established footprint in over 120 markets around the world KING =! > $14. 6bu International SWS TB existing Burger King international Market Source: RBI internal data | Note: SWS represents last twelve months ending June 30, 2023 Store count as of June 30, 2023.
Slide 23: International restaurant count outside of US & Canada
(International restaurant count outside of US & Canada)
Slide 24: System-wide sales CAGR 2017 to 2022
= CAGR from 2017 to 2022 ($ in billion USD)
Slide 25: Be our guests' preferred QSR brand
Be our guests’ preferred QSR brand for great food delivered, through a consistent, seamless, and outstanding guest experience
Slide 26: BK International: Preferred Guest Touch Points
Slide 27: Share of total sales
(% of total sales) (% of total sales)
Slide 28: Premium and Plant-Based platforms drive incremental sales
Key platforms such as Premium and Plant-Based, in addition to having ~80% of sales with clean ingredients, are helping drive incremental sales internationally Premium / Gourmet (incidence %) Swiss Selection REVOLUTION 2tse=c: seh als Plant based? ruff Hl clean In progress 2023 (YTD) 2019 2023 (YTD J
Slide 29: Results versus control group
(numbers shown as deltas to control group) (numbers shown as deltas to control group)
Slide 30: Tim Hortons
ey bi @) Burger King (all) Compelling Opp« Tim Hortons -FIREHOUSE 30
Slide 31: TH International: Plenty of Runway for Future Growth
TH International: Plenty of Runway for Future Growth Tin Hortons. 185 Store Count 84 International 4 (# restaurants) 40 5 Starbucks McCatfe » e Market SWS ($mm) # Stores China $190 649 Middle East $144 278 Top 5 Great Britain $122 15 International Markets! Mexico $37 57 Philippines $20 5 Top 5 Total
Slide 32: TH International: Business Beginning to Ramp
TH International: Business Beginning to Ramp Recent acceleration as we enter new markets and expand in China Tin Mowtons. Store Count System Wide Sales (Bin billion USD) 1,161 mm a 2014 2015 2016 2017 2018 2019 2020 2021 2022 LTM 1,081 720 401 289 205 - ~ 7 || : Oo en 2014 2015 2016 2017 2018 2019 2
Slide 33: TH International: White Space Opportunity
TH International: White Space Opportunity Tin Houtous. Tim Hortons covers this unique white space by winning in Coffee & Food, while providing a distinct and comfortable restaurant environment and staying competitive from a value for money (VFM) standpoint COFFEE ENVIRONMENT. t+ [1 <: Price a @ mg"
Slide 34: Distinct restaurant designs inspired by Canadian heritage
Distinct restaurant designs inspired by the brand’s Canadian heritage with distinct nuances aimed to suit different international needs
Slide 35: Tim Hortons Quality Coffee
Tim Hortons Quality Coffee Sustainable Sourcing Taste & Process Bean to Cup Story Tim Hortons coffee is responsibly sourced ified by Er ite ; , Cote haat Our arabica coffee is sourced from top Our Bean to Cup Process: 100% Premium Arabica growing, high-altitude regions, giving our * Growing with Car
Slide 36: Popeyes
e ey bi Popeyes Compelling Opp« -FIREHOUSE =
Slide 37: PLK International: Beginning to Ramp Footprint
PLK International: Beginning to Ramp Footprint ..with significant whitespace in key markets around the world Store Count International (# restaurants) KFC Popeyes El Pollo Feliz A Market SWS ($mm) # Stores Turkey $182 301 Spain $79 95 Puerto Rico $47 a Philippines $40 49 Top 10 Great Britain $39 26
Slide 38: PLK International store count and system-wide sales
(in billion USD) 975 08 856 0.6 626 674 603 540 576 on 04 0.4 . 0.5 03 2017 2018 2019 2020 2021 2022 June’23 2017 2018 2019 2020 2021 2022 LTMo NRG 38 48 (23) 7 182 2420 # Countries 28 28 28 3 35 35 2022 - 2023 YTD: China, Romania, France, Poland, South Korea, Indonesia, India, New Zealand Other Ann
Slide 39: Superior Parity Loss
83 1 || . Superior Parity Loss Source 2021-2023 CLT Testing scores for Preference in Core products across Ching, Philippines, India, Singapore, Brazil, Korea, UK, Indonesia, Poland, France 40 Note: Provided for informational purposes only; data not indicative of performance for new restaurant develo
Slide 40: Digitally enabled restaurant designs
Two distinct and digitally enabled restaurant designs are currently deployed with a bold new design rolling out across multiple markets beginning at the end of 2023 ~100% ~100% -90% ili: ~75% Digital Sales Kiosks DSS Modern Image (% of SWS) (% Rest.) (% Rest.) (% Rest.) Source: RBI internal data bas
Slide 41: Firehouse Subs
ey bi @) Burger King Firehouse Subs (all) Compelling Opp« 4)
Slide 42: Firehouse Subs international entry
La t | coal Hs H. => dele ntern ebnlejate jtside ye ors sal zerland
Slide 43: FHS: Superior Products Set Brand Apart
FHS: Superior Products Set Brand Apart .FIREHOUSE. Exciting opportunity to leverage NCE expertise to grow in a major global category FHS industry leading product together with an evolved brand concept allows it to stand out against the competition Evolved Bi Appeal Meet & Exceeds Expectations 9 ° 88
Slide 44: Compelling Opportunity
ey bi (all Compelling Opportunity 44
Slide 45: System-wide sales CAGR 2017 to 2022
= CAGR from 2017 to 2022 ($ in billion USD)
Slide 46: SWS and restaurant gap to leading competitor
~$81bn SWSgapto leading competitor ~67k Restaurant gapto leading competitor
Slide 47: RBI International: A Compounding Growth Driver
RBI International: A Compounding Growth Driver rbi International businesses offer multiple paths to deliver long-term growth Well positioned in top 4 global QSR categories Significant whitespace with less competition than North America Scaled and consistent Burger King growth engine Proven ability t
Slide 48: Appendix
Slide 49: Non Digital Channels vs Digital
• 3% 20% • • 97% 80% • • • Non Digital Channels Digital
Restaurant Brands International — Investor Day (September 2023) on 6ix