QSR

• Diversification and Consolidated Strength • RBI's diversified brand portfolio delivers strong consolidated results even when individual brands have off quarters, with consistent long-term strengthening of each business as a core advantage • Management maintains confidence in hitting the target of 8% annual adjusted operating income growth, with EPS growing at an even faster rate • RBI holds the strongest scaled international business in the global QSR industry, and is the only global QSR to deliver double-digit international system-wide sales growth for multiple consecutive years

• Burger King US Update • Operations have improved tremendously over the past 3-4 years, with good progress on restaurant image upgrades and menu execution, and recently tied for the number one burger chain in the ACSI customer satisfaction index • Franchisees have invested heavily alongside RBI to upgrade restaurants to modern image formats, with strong alignment between the company and its franchise network driving performance gains • Burger King China is back on track, improving unit economics after a period of soft performance

• Tim Hortons Canada Update • Even with a weaker than expected comparable sales quarter, Tim Hortons remains a strong brand with high customer loyalty among Canadian guests, with 21 consecutive quarters of positive same-store sales • Recent operational improvements include rolling out new fountain systems across all Canadian locations to enable new beverage innovation, and remodeling hundreds of restaurants in 2026 • Recently launched new initiatives include the return of guest-favorite MELT items, a national Matcha cold beverage launch, a Harry Potter promotional partnership, breakfast innovation, and a cross-brand loyalty program with Canadian Tire

• Popeyes US Turnaround Update • The turnaround is progressing in line with management expectations, with value consistency restored via offers including $5 faves, $20 family meals, and $6 big boxes that have stabilized traffic and sales • Marketing has refocused on core menu items (tenders, chicken sandwich, bone-in chicken), leading to improved product satisfaction across core SKUs • Operational consistency is improving: guest complaints and order errors are declining, following expansion of the field support team to work with underperforming locations

• International Operations Update • Strong returns on investment are seen in high-growth markets including France, Spain, Japan, Korea, Australia, New Zealand, the UK (Popeyes), Turkey (Popeyes), and Mexico (Tim Hortons) • Unit economics are materially improving in China (Burger King) and India, enabling faster future unit growth, while Tim Hortons China has an active plan to improve its low current AUVs

• Management reiterates its full-year 2026 target of 8% adjusted operating income growth, and reaffirms the long-term unit growth target of 5% annual net new unit growth
• Re-franchising of Burger King US corporate restaurants remains on track to be completed by the end of 2027, with a few hundred transactions planned for 2026 after an accelerated start in late 2025, and acceleration expected in the second half of 2026
• Management expects Tim Hortons Canada will deliver improved performance in the second half of 2026, supported by its robust pipeline of marketing, innovation, and operational initiatives
• Management confirms Popeyes US is on track to deliver positive same-store sales in the second half of 2026, in line with prior guidance
• Accelerated remodeling of Burger King US restaurants is expected to start in 2027, as franchisee P&Ls strengthen from current top-line momentum

Financial performance for individual segments is not explicitly provided in this transcript excerpt. No absolute revenue figures or revenue contribution percentages are disclosed for Burger King, Tim Hortons, Popeyes, or the international business segment in the provided content.

• Competitive pressure in the Canadian QSR market is increasing, with a major new competitor planning a rapid re-entry to the market, particularly targeting non-office day parts
• Chicken category saturation in the US has been raised by investors as a potential headwind to the Popeyes turnaround
• Beef inflation is currently at an all-time high, creating a margin headwind for Burger King that may require future menu pricing adjustments
• Restaurant image upgrades for Burger King US remain incomplete, with many locations still needing modernization after several years of improvement work
• Popeyes operational improvement is progressing gradually, with full system-wide consistency expected to take additional time to achieve
• Tim Hortons Canada reported weaker than expected comparable sales in the quarter, requiring near-term operational and marketing adjustments

Q: What are the most underappreciated remaining growth drivers for Burger King US after its recent strong performance? / A: Management notes significant remaining growth runway, anchored by continued improvement to core fundamentals rather than one-off promotions. Around half of Burger King US locations have not yet been upgraded to modern image standards, creating a multi-year tailwind from ongoing remodeling. Additional operational improvements are still planned after recent gains that earned Burger King a tie for first in the ACSI customer satisfaction index. A multi-phase menu elevation initiative, launched with the updated Whopper earlier this year, will continue with new rollouts over the next month and through 2027. Strong alignment with franchisees, who are investing heavily alongside the company, supports sustained long-term growth.

Q: How is Tim Hortons Canada planning to deliver durable share gains amid increased competition and softer market sentiment? / A: Management argues the Canadian QSR market is growing at a 3% rate similar to the US, and Tim Hortons retains its position as the clear value leader in the market. The company is stepping up the pace of cold beverage innovation, starting with the recent national Matcha launch that attracts new customers in underpenetrated day parts; additional cold beverage innovations will launch over the next 12 months. On the food side, the recently returned MELT menu has performed well, with additional afternoon/evening food innovations planned. New initiatives including the Harry Potter partnership, Canadian Tire loyalty tie-up, and fountain system upgrades to enable new beverage options are expected to drive sustained growth. Management notes any off quarter is a temporary setback, and the brand’s long-term trajectory of improving guest experiences remains on track.

Q: Where does RBI see the strongest return on investment for international growth, and how can international average unit volumes (AUV) improve over time? / A: For Burger King International, the highest returning markets include France, Spain, Japan, and Korea, with materially improving unit economics in China and India driving faster future growth. For Popeyes International, top performing markets include the UK, Turkey, and Brazil, with growing momentum in India and China. For Tim Hortons International, Mexico and the UK have strong unit economics, while management is executing a plan to improve low AUVs in China. Aggregate payback periods for new units in top 10 growth markets are 4-5 years and improving, and when lower-AUV China is excluded, international Burger King AUV is nearly equal to US Burger King AUV with better payback periods than the US.

Q: What is the status of the Popeyes US turnaround, and is it progressing slower than expected? / A: Management confirms the turnaround is exactly on track with expectations, with positive same-store sales still targeted for the second half of 2026. Value consistency has already been restored with new permanent value offers that have worked better than expected to stabilize traffic. Marketing has refocused on core menu items, leading to higher product satisfaction, and operational improvements are progressing as expected, with guest complaints declining after the company expanded its field support team for restaurants. Operational consistency will take additional time to fully implement across the entire system, but all milestones are on schedule.