Restaurant Brands International Inc. Q1 FY2026 earnings call

• Investor Day in February laid out vision including 5% plus net restaurant growth, predictable earnings growth, etc. - Q1 was early proof point with strong top-line results. - Burger King's Reclaim the Flame work showing results. - International and Tim Hortons had 20 consecutive quarters of positive comparable sales. - Closed Burger King China joint venture. - Tim Hortons focused on defending and extending leadership in coffee, etc. - International's local teams launching innovative products. - Burger King's marketing anchored on key tenets. - Popeyes focused on improving execution, narrowing core offerings, etc. - Firehouse Subs with solid development momentum.

Tim Hortons: Represents ~41% of operating profit. Delivered 1.5% comparable sales growth in Canada, with broad-based growth across day parts. Beverage sales grew 2%, with cold beverages up 10%. Average Google rating 4 stars, guest satisfaction improved. Digital sales mix ~40%. International: Represents 29% of operating profit. Delivered 5.7% comparable sales and 11.1% system-wide sales growth. Closed Burger King China joint venture. Burger King: Represents ~18% of operating profits. U.S. same-store sales grew 5.8%, outperforming the burger QSR industry. Launched Elevated Whopper, King Jr. meals, etc. Popeyes: Net restaurant growth 1.2%, comparable sales decline 6.5%. Focus on improving execution, narrowing core offerings, rebuilding everyday value. Firehouse Subs: Net restaurant growth 8.1%, relatively flat comparable sales, 7.2% system-wide sales growth.

• Expect segment G&A, excluding restaurant holdings, of about $600 to $620 million. - Net adjusted interest expense to stay ~flat in $500 to $520 million range. - 2026 CapEx and cash inducements around $400 million. - Tim Horton supply chain margins roughly in line with 2025 levels. - Restaurant Holdings AOI expected ~$10 to $20 million for 2026. - Resumed share repurchases in March, on track to repurchase ~$500 million for 2026.

• Q: Question about Tim Hortons and Canadian macro environment, A: Josh provided thoughts on Tim's strength, macro softness, investments, etc. - Q: Question about other international markets, A: Tiago provided color on international business across regions. - Q: Question about sustainability of Burger King US results, A: Josh and Patrick provided thoughts on momentum, listening campaign, etc. - Q: Question about accelerating re-franchising of Burger King RH segment, A: Josh provided thoughts on focus on new partners, quality of operators, etc. - Q: Question about Burger King US remodels, A: John and Josh provided thoughts on modern image, remodel pace, etc. - Q: Question about Tim Hortons fountain drink equipment rollout, A: Josh provided update on rollout and impact. - Q: Question about international AOI bad debt recoveries and 3% same-store sales, A: Andrew provided thoughts on one-off bad debt recovery and confidence in 3% same-store sales. - Q: Question about Popeyes franchisee profitability and category competition, A: Sarah and Josh provided thoughts on Popeyes' operations, category, etc.