Restaurant Brands International (QSR) investor relations material

Portfolio and global scale

• Operates four major brands: Tim Hortons, Burger King, Popeyes, and Firehouse Subs, with over 33,000 restaurants in more than 125 markets worldwide as of December 31, 2025.

• System-wide sales reached approximately $47 billion, with Burger King as the largest contributor.

• Demonstrated a proven track record of growth, with restaurant count, system-wide sales, and adjusted operating income all increasing significantly since 2012.

• Maintains a highly franchised model, with over 95% of restaurants operated by franchisees.

• Global infrastructure includes offices and support teams across major international cities, supporting expansion and operations.

Brand and segment performance

• Tim Hortons leads the Canadian QSR market, with strong digital sales and loyalty program engagement.

• Burger King focuses on operational excellence, franchisee profitability, and modernizing its image, with over 1,000 restaurants changing hands since 2022.

• Popeyes emphasizes core product execution and digital convenience, ranking #2 in US chicken QSR sales.

• Firehouse Subs is accelerating development, achieving 5x net new units in 2025 versus 2021 and over 45% digital sales.

• International segment is a key growth driver, with six $1B+ international businesses and strong new unit growth, especially for Burger King.

Financial performance and growth

• Adjusted operating income (AOI) for 2025 was $2.6B, with adjusted diluted EPS of $3.69, both showing strong year-over-year growth.

• Levered free cash flow reached $1.6B in 2025, supporting capital allocation priorities such as investment, dividends, deleveraging, and share repurchases.

• Segment G&A expenses have been managed with discipline, supporting AOI leverage and efficiency.

• Net leverage improved to 4.2x in 2025, with a target to reach investment-grade leverage (low- to mid-3x) by 2028.

• Capital investments are normalizing, with long-term capex and inducements targeted at ~$300M from 2028 onward.