Restaurant Brands International Inc. Q4 FY2025 earnings call

Josh Kobza reflected on 2025, focusing on basics, investments. China Burger King took control, Popeyes refocused leadership, Burger King US refranchising. Sami Siddiqui discussed financial results, cash flow, capital allocation. Patrick Doyle talked about business health, franchisee profitability, progress

Tim Hortons represents roughly 42% of operating profit. 2025 was strong with Canada comps 2.8%, beverage sales growth, net restaurant growth in Canada returning. International drives about 27% of operating profit. 2025 was standout with double-digit system-wide sales growth, comps 4.9%, net restaurant growth 4.9%, Burger King China comps 9.2%, joint venture with CPE. Burger King represents roughly 18% of operating profit. US comps 1.6%, outperformed burger QSR industry, modern image 58%, franchisee profitability ~$185,000. Popeyes had net restaurant growth 1.6%, comps down 3.2%, franchise profitability ~$235,000, focus on operations. Firehouse Subs had comps 1.1%, net restaurant growth 7.7%, system-wide sales growth 8%, franchisee profitability over $100,000

2026 committed to 8% organic AOI growth. Segment G&A ~$600-620M, net adjusted interest expense ~$500-520M, CapEx ~$400M, Tim Hortons supply chain margins inline, Restaurant Holdings AOI ~$10-20M

Consumer pressure, cost elevation, macro/geopolitical uncertainty, beef cost inflation, impact on franchisee profitability

Includes questions from Danilo Gargiulo, Brian Bittner, David Palmer, Dennis Geiger, John William Ivankoe, Brian Mullen, Christine Cho, Brian James Harbour with corresponding answers from Josh Kobza, Sami Siddiqui, Patrick Doyle