Restaurant Brands International Inc. · NYSE:QSR
Restaurant Brands International — Investor Presentation (2025)
36 slides from Restaurant Brands International's investor presentation, Oct 3, 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: 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 juest experience leadership franchisor best talent in the world
Slide 4: Four Iconic Brands
Four Iconic Brands rbi rbi restaurant = 32125 ~$44B_ = >200 international Restaurants System-wide Sales | Market x Brand Combos BURGER KING Tim Hotlous Cais Popeyes. Since Acquired Since Acquired Since Acquired Since Acquired 1954 2010 =1964 2014 = 1972 2017. 1994 2021 >19,700 >120 »>6,000 >20 = =>4
Slide 5: Proven Track Record of Growth
Proven Track Record of Growth BURGER IRE OUSE) Brands oie KING SF Popeves. Tim Hotlons Restaurants ~13,000 32,125 2.5x Markets ~85 >125 1.5x Brand x Market ~ > Combos 85 200 2.4x System-wide Sales ~$16 billion ~$44 billion 2.8x Adjusted 7 a a Operating Income $0.5 billion $2.4 billion 4.8x Adjusted
Slide 6: RBI Consolidated restaurants, sales and operating income by segment
RBI Consolidated: 32,125 RBI Consolidated: $44.5B RBI Consolidated: $2.4B 2% ‘3G TH [sk PLK MBFHS INTL MRH Source: RBI internal data | Note: Results as of twelve months ended December 31, 2024, System-wide Sales and Restaurant Count for RH included in respective franchisor segments (BK for Carrols a
Slide 7: Overview of Each Franchisor Segment
Overview of Each Franchisor Segment rbi International Popeyes a . _ Restaurants! 4,539 7,082 3,520 1,345 15,639 System-Wide Sales (SWS)! $7.5B $11.5B $6.1B $1.2B $18.2B Revenue $4.0B $1.5B $0.8B $0.2B $0.9B Adjusted Operating $1,043M $410M $243M $48M $614M Income (AOI) Markets Canada & U.S. U.S. & C
Slide 8: Average Home Market Franchisee Profitability
Average Home Market Franchisee Profitability ($000 or C$000) FIREHOUSE ~$ll0 >C$305 >C$280 ~$205 ~$205 ~$245 78255 ; ~$90 ~$210 ~ $80 ~C$220 ~$140 i 2022 © 2023 ~=S 2024 2022 © -2023~=— 2024 2022 © 2023 ~=S 2024 2022 © 2023 ~=S 2024 Source: Unaudited, self-reported franchisee profitability. 2024 fig
Slide 9: Restaurant gap
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 Source: RBI internal dato; competitor company filings | Note: RBI and Competitor store counts as of December 31, 2024, Alll figures show in thousands (k) and rounded (except for FHS)
Slide 10: Tim Hortons growth drivers
= j Accelerating Expanding Line-up of 1 Second Improvement in Speed of Service Drives and innovating in of Incremental Annual Sales per Restaurant Continue to Increase Avg. ae Rating 2024, Market share rand Health 2024 Bowls & Sal Lal i a for Money? most loved brand in fis Increase Digital Sales fro
Slide 11: Burger King: Stronger Franchisees
Stronger Franchisees Refranchising Carrols to Local Operators Avg. 4-Wall EBITDA Improved >60% Since Program Launch Runway for Growth Improving System Health by Transitioning Restaurants to Stronger Operators Grilled Repeatable Precision Incentivizing Top Operators A-Operators Achieved >$275,000 Pro
Slide 12: Popeyes
0 | NOLA Heritage eae , with Authentic ; SS — 4 Quality Credentials $5.7B in U.S. SWS / In US&C since 2017 i Top Tier Operators? Drive 12+ Hour Marination Accelerating Digital Sales to One of Fastest Growing Chicken QSRs in US&C! Growing Only with Implementing Upgraded % across U.S. system by 2026 F
Slide 13: Firehouse Subs
Pras Ranks #1 in Sandwich Strong Brand Trusf! #1 Brand that Foundation _ Supports Local h Community Activities LFIR! jie SS . Value through in the Restaurant Industry’ “== ~—- High-quality Menu Items! pT 5 Strong Enhancements to New Openings Featuring Grew with User Experience Next Gen Kitchen >40 N
Slide 14: International performance and new market entries
Source: RBI internal data | Note: (I) SSS and SWS growth (SWSG) excludes Russia and represents organic growth averages from 2021 to 2024. (2) Represents new brand/market combination opened between January 1,202! and December 31, 2024
Slide 15: International Markets Key Growth Driver
International Markets Key Growth Driver rbi System-wide sales and store count growth in international markets has been a strong and steady contributor to overall RBI growth Store Count since 2017 (000’s) System Wide Sales (SWS) since 2017 ($B) 32.1 $44.5 8% oe ~8% CAGR 23.9 CAGR $18.2 $29.8 $10.0 ~2
Slide 16: International: Strong Pipeline for Growth
International: Strong Pipeline for Growth rbi Each brand in different stages of development across various markets Sign Market & NCE Process Entry Phase Scale Up Sustained Growth (-2 years) (-2 years) (3+ years) BURGER oo ( ) e@ we @ Spain (974) France op es Brazil (970) S. Korea (517) KING Balkans
Slide 17: International: Diverse Business with Runway
International: Diverse Business with Runway ofn? Top 10 international markets comprise ~60% of International SWS | { RBI Top 10 International Markets 567 974 753 471 970 572 772 1,474 517 294 $3.8M $26M $2.18 a : fem Bar $1.68 o me om $1.38 $128 ($ slg $0.98 0.68 , $0.48 BK France BK Spain BK German
Slide 18: Strategic Investments and Shareholder Returns
Strategic Investments and Shareholder Returns rbi illions) M&A and Repurchases (Sm 3 vi 2 7 bo] ‘ o \ete/ 3 $ Moitons. $18B/ popeves OB MAB Repurchases!: +$294 +$330 +$561 +$380 +$551 -+$326 = +$500 = C338) 49 Consecutive Quarters of Dividend per Share Growth since 2013 $1,029 + Long-Term Target Div
Slide 19: Continue to Prioritize Deleveraging in 2025
Continue to Prioritize Deleveraging in 2025 (Net Debt + Preferred) / LTM Adj. EBITDA Leverage 45x in 2024 assuming full year 1 >| 75x t 67x 6.0x t of Carrols results oe Oct. 2010 2011 2012 2013, -3Q14 2014 2015 2016 1Q‘17 2017 2018 2019 2020 2021 2022 = =62023-— 2024 Well-Positioned Debt Maturity Pr
Slide 20: Long-term guidance average 2024-2028
Average 2024-2028 S%t Assumes 2% to 3% inflation 5%+ 8%+ Adjusted Operating Income Growth 8% Committed to growing Adjusted Operating Income at least as fast as System-wide Sales Source: RBI internal data. Note: Long-term guidance as of February 15, 2024. Represents expected average annual results fr
Slide 21: Appendix: Overview of Reporting Segments and Intersegment Relationships
Appendix: Overview of Reporting Segments and Intersegment Relationships CS Lf p
Slide 22: Overview of Each Reporting Segment
Overview of Each Reporting Segment In connection with the acquisition of Carrols Restaurant Group (“Carrols”) and the Popeyes business in China (“PLK China”), RBI now reports results under six segments consisting of the following: Intersegment Eliminations ~ ~ eee tenance coy see jim Operations of o
Slide 23: Primary Revenue Drivers by Franchisor Segment
Primary Revenue Drivers by Franchisor Segment rbi International Supply Chain & Sales Consumer Packaged Company Restaurants None Goods Mid-4% Average Blended Mid-4% Royalties Varies by US vs Canada and ~4.5% ~5.0% ~6.0% Varies by Market and Property Control Master Franchisee Rental Income on Rental I
Slide 24: Intersegment Relationships
Intersegment Relationships rbi RBI maintains the franchisor P&L in its TH, INTL, BK, PLK and FHS segments given the temporary nature of RBI owning and operating RH restaurants. RH results include Company revenues as well as expenses including royalties, rent, and advertising. These expenses are reco
Slide 25: Appendix: Non-GAAP Reconciliations
Appendix: Non-GAAP Reconciliations (Jp
Slide 26: Key Operating Metrics
Key Operating Metrics roi We evaluate our restaurants and assess our business based on the following operating metrics. + System-wide sales growth refers to the percentage change in sales at all franchised restaurants and Company restaurants (referred to as system-wide sales) in one period from the
Slide 27: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures rbi Below, we define the non-GAAP financial measures, provide a reconciliation of each non-GAAP financial measure to the most directly comparable financial measure calculated in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), and discuss the
Slide 28: Reconciliation: Income from Operations to Adjusted Operating Income
Reconciliation: Income from Operations to Adjusted ela? Operating Income (RBI for 2024 and BKW 2012) | bi Twelve Months Ended Dec 31, RBI (in US$ millions) 2024 Income from Operations 2,419 Franchise agreement and reacquired franchise rights amortization 53 RH Transaction costs”) 22 Corporate restru
Slide 29: Reconciliation: Net Income to Adjusted Net Income and Adjusted Diluted EPS
Reconciliation: Net Income to Adjusted Net Income and Adjusted Diluted Earnings per Share (RBI and BKW) ‘RBI Twelve Months Ended Dec 31, (in US$ millions, except per share data) 2024 Adjusted Net Income and Adjusted Diluted EPS: Net Income $ 1445 Income tax expense 364 Income before income taxes $ 1
Slide 30: Reconciliation: Net Income to Adj. EBITDA
Reconciliation: Net Income to Adj. EBITDA rbi Twelve Months Ended Dec 31, (in US$ millions) 2024 2023 2022 2021 2020 2019 2018 2017 9 2016 2015 2014 © Net income $ 1445 $ 1718 $ 1482 $ 1255 $ 750 $ TN $ 1144 $ 1255 $ 956 $ FIZ $ 457 Income tax (benefit) expense 364 (265) a7) no 66 341 238 (134) 244
Slide 31: Reconciliation: Adjusted EBITDA to Net Leverage
Reconciliation: Adjusted EBITDA to Net Leverage Twelve Months Ended Dec 31, (in US$ millions, except ratios) 2024 2023 2022 2021 2020 2019 2018 2017 9 2016 2015 20149 Adjusted EBITDA Net Leverage Long term debt net of current portion $ 13,455 S$ 12854 $ 12839 $ 12,916 $ 12,397 1,759 1,823 11,801 841
Slide 32: Reconciliation: Net Income to Adjusted EBITDA and Net Leverage
Reconciliation: Net Income to Adjusted EBITDA rbi and Adjusted EBITDA to Net Leverage eee Merah US$ milions, t rat 2017 (in US$ millions) Three Months Ended Mar 31, Dec 31, Mar 31, (in US$ milions, except ratios) EBITDA and Adjusted EBITDA: 2017 2016 2016 2or7 (Net Debt + Preferred Equity) to LTM Ad
Slide 33: Reconciliation: BK Net Income to Adjusted EBITDA and Net Leverage
Reconciliation: BK Net Income to Adjusted EBITDA and rbi LTM Adjusted EBITDA to Net Leverage Nine Months Three Months Ended Ended Twelve Months Ended (in USS milions, except ratios) Sep 50,2014 Dec 31,2013 “Sep 30,2014 _Dec3, 2013 _DecS2012 _DecS20N bec st, 2010 EBITDA and Adjusted EBITDA: Net incom
Slide 34: Reconciliation: BKW Net Debt / LTM Adj. EBITDA
Reconciliation: BKW Net Debt / LTM Adj. EBITDA rbi As of December 31, 2010 ‘Adjustment: Amended Adjustment: Credit Issuance of Actual Agreement Discount Note _ As Adjusted Nef debt to adjusted LTM EBITDA: Long term debt, net of current portion $ 2652 $ 3B $ 402 $ 3,077 Capital leases, net of current
Slide 35: Footnotes to Reconciliation Tables
Footnotes to Reconciliation Tables rbi 1?) 2) 3) 4) 5) 6) 7) 8) 9) 10) 1) 12) 13) Represents share-based compensation expense associated with equity awards for the periods indicated; also includes the portion of annual non-cash incentive compensation expense that eligible employees elected to receiv
Slide 36: Footnotes to Reconciliation Tables
Footnotes to Reconciliation Tables rbi 14) 15) 16) 17) In connection with the implementation of initiatives to integrate the back-office processes of TH and BK to enhance efficiencies, we incurred certain non-recurring selling, general and administrative expenses related to these initiatives during
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