Restaurant Brands International Inc. · NYSE:QSR
Restaurant Brands International — Q3 2026 Earnings Presentation
110 slides from Restaurant Brands International's earnings presentation, Oct 29, 2026
Slide 1: Presentation dated February 26, 2026
Presentation dated February 26, 2026. Confidential and Proprietary Information of Restaurant Brands International
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains confidential and proprietary information of RBI. You should not share the information in this pres ent ation with any third parties. This presentation contains certain forward - looking statements and information, which reflect management's current be
Slide 3: Table of Contents
Table of Contents Page 4 Overview of RBI Page 20 Path to 5%+ Net Restaurant Growth Page 40 Confidence in Burger King’s Turnaround Page 70 Financial Update Page 80 Capital Allocation Page 92 Appendix Confidential and Proprietary Information of Restaurant Brands International
Slide 4: Overview of RBI
Overview of RBI x Confidential and Proprietary Information of Restaurant Brands International
Slide 5: Four Iconic Brands
Four Iconic Brands >6,000 ~20,000 ~5,400 ~1,500 Restaurants Restaurants Restaurants Restaurants >$8B >$29B ~$8B ~$1.4B System - wide Sales System - wide Sales System - wide Sales System - wide Sales >20 >125 >50 9 Markets Markets Markets Markets Note: As of December 31, 2025. Confidential and Propri
Slide 6: Proven Track Record of Growth
Proven Track Record of Growth 2012 2025 Growth Brands Restaurants ~13,000 ~33,000 2.5x Markets ~85 >125 1.5x Brand and Market Combinations ~85 >200 2.4x System - wide Sales ~$16 billion ~$47 billion 2.9x Adjusted Operating Income ~$0.5 billion ~$2.6 billion 5.2x Adjusted Diluted EPS $0.69 $3.69 5.3x
Slide 7: Operating in a Stable and Durable Industry
Operating in a Stable and Durable Industry US QSR Industry: 30+ Years of Steady Growth $600B COVID Great Financial $500B Crisis Dot - com Bubble $400B $300B $200B $100B $0B 2011 2012 2021 2017 2015 1992 1992 1997 2013 2016 1995 2018 2019 1993 1996 1998 1999 2001 2010 2014 2014 1994 2022 2025 2023 20
Slide 8: Strong Relative Execution of Growth Algorithm
Strong Relative Execution of Growth Algorithm Growth RBI Average S&P 500 Franchised Algorithm 2024 & 2025 Peer Average 2 Comparable Sales 3%+ Average 2024 - 28 2.4% 1.6% Net Restaurant Growth 5%+ by End of 2028 3.2% 3.8% Organic Adjusted Operating 8%+ 8.7% 5.8% Income Growth 1 Average 2024 - 28 Sour
Slide 9: 2028 Vision
2028 Vision Double - digit Franchisor Employer of 99% 5%+ Predictable Earnings Growth Total Shareholder of Choice for the Best Choice for the Best Franchised NRG Returns Operators Talent Confidential and Proprietary Information of Restaurant Brands International
Slide 10: Proven Ability to Scale Brands Globally
Proven Ability to Scale Brands Globally Competitive Allocate Capital with Advantages a Long - term Lens Best - in- Class Talent and Best Practice Sharing Confidential and Proprietary Information of Restaurant Brands International
Slide 11: Proven Ability to Scale Brands Globally
Proven Ability to Scale Brands Globally Confidential and Proprietary Information of Restaurant Brands International
Slide 12: Global Infrastructure Supports Growth
Global Infrastructure Supports Growth Toronto Zug/Lucerne Syracuse Jacksonville Miami Shanghai Mexico City Singapore São Paulo ~380 People dedicated to 2,100+ Accredited ~330 Distributors International Suppliers Source: RBI internal data. RBI Offices Confidential and Proprietary Information of Resta
Slide 13: Burger King International Network
Burger King International Network 2025 International ~13,000 Restaurants ~$18B S ystem - wide Sales ~125 Markets Source: RBI internal data. International Markets Confidential and Proprietary Information of Restaurant Brands International
Slide 14: Track Record of International Expansion
Track Record of International Expansion Confidential and Proprietary Information of Restaurant Brands International
Slide 15: We've Built Six $1 Billion+ Businesses
We’ve Built Six $1 Billion+ Businesses France S pain Germany $2.3B $1.7B $1.5B SWS SWS SWS Australia UK Brazil $1.2B $1B $1B SWS SWS SWS Source: RBI internal data. Confidential and Proprietary Information of Restaurant Brands International
Slide 16: We Acquired Popeyes in March 2017
We A cquired Popeyes in March 2017… 2017 International ~475Restaurants <$300M S ystem - wide Sales ~25 Markets (Excluding US and Canada) Source: RBI internal data. Note: Data as of February 2017, prior to RBI acquisition. International Markets Confidential and Proprietary Information of Restaurant B
Slide 17: Scaled to a Top 10 Western QSR Globally
…and Scaled to a Top 10 Western QSR Globally 2025 International >1,800 Restaurants $1.7B+ S ystem - wide Sales ~50 Markets (Excluding US and Canada) Source: RBI internal data. Euromonitor. International Markets Confidential and Proprietary Information of Restaurant Brands International
Slide 18: Allocate Capital with a Long-term Lens
Allocate Capital with a Long - term Lens Strong, Diversified Free Cash Flow Business Unit and RBI - level Accountability Ability to Invest through Cycles Disciplined and Flexible Approach to Capital Allocation Confidential and Proprietary Information of Restaurant Brands International
Slide 19: Best-in-Class Talent and Best Practice Sharing
Best - in- Class Talent and Best Practice Sharing Attract and Retain Top Talent Strong Ownership Culture Global Procurement Team Benefits Franchisees Deep Category Expertise Disciplined Processes Leverage RBI’s Global Presence Delivered ~$700M of Cumulative Savings Over Three Years Confidential and
Slide 20: Path to 5%+ Net Restaurant Growth
Path to 5%+ Net Restaurant Growth x Confidential and Proprietary Information of Restaurant Brands International
Slide 21: Historical Net Restaurant Growth
Historical Net Restaurant Growth Recent Results Impacted by Softness in Select Markets like Burger King China 4.5% 4.4% 3.9% 3.4% 2.9% 2021 2022 2023 2024 2025 Source: RBI internal data. Confidential and Proprietary Information of Restaurant Brands International
Slide 22: Historical Net Restaurant Growth Excluding Burger King China
Historical Net Restaurant Growth Excluding Burger King China Has Been Relatively Stable at ~4% Average: 4.0% 4.5% 4.5% 4.0% 3.7% 3.5% 2021 2022 2023 2024 2025 Source: RBI internal data. Note: Removes Burger King China store count from restaurant count. Confidential and Proprietary Information of Res
Slide 23: ~1,800 Net New Units = 5%+ NRG
US and Canada China International Excluding China 300 400 300 400 1,100 + + to to (700+400) ~1,800 = 5%+ NRG Net New Units Per Year By 2028 Confidential and Proprietary Information of Restaurant Brands International
Slide 24: US and Canada to Deliver 300 to 400 Net New Units per Year
US and Canada to Deliver 300 to 400 Net New Units per Year by 2028 150 - 200 FHS US&C BK US&C Roughly Neutral 150 - 200 Split Between TH and PLK US&C Confidential and Proprietary Information of Restaurant Brands International
Slide 25: Strong Firehouse Paybacks to Drive Growth
Strong Firehouse Paybacks to Drive Growth Clear Momentum in Firehouse US and Canada Net New Units 150- 200 104 80 19 29 37 2021 2022 2023 2024 2025 2028E Less than 4 - Year Paybacks Source: RBI internal data. Confidential and Proprietary Information of Restaurant Brands International
Slide 26: Tim Hortons Canada Growth Opportunity
1 for every ~10.5K Canadians 1 for every ~13K Western 1 for 1 for every ~15K 1 for every ~8K Quebec every ~7K Ontario Atlantic Canada Less than 3 - Year Paybacks Source: STATSCAN. Confidential and Proprietary Information of Restaurant Brands International
Slide 27: Growing in Existing and New Markets
Growing in Existing and New Markets Existing Coming Soon US Source: Tim Hortons US internal data. Confidential and Proprietary Information of Restaurant Brands International
Slide 28: Burger King China Historical Net New Units
Burger King China Historical Net New Units Clear Opportunity to Re - Accelerate to Growth to Pre - COVID Levels Pre - COVID 285 236 176 138 32 1 69 (113) (227) 2017 2018 2019 2020 2021 2022 2023 2024 2025 Source: RBI internal data. Confidential and Proprietary Information of Restaurant Brands Intern
Slide 29: Clear Momentum at Burger King China
Clear Momentum at Burger King China RBI Delivered Strong Results during Temporary 2025 Ownership Burger King China SSS Strengthened Team Experienced Local Leadership 10.5% 9.2% Reignited Marketing 2.2% CPE Deal Announced Focus on Whopper and Krispper RBI Acquisition Optimized Portfolio (5.8%) Strong
Slide 30: CPE Invested $350M of Primary Capital
CPE Invested $350M of Primary Capital Goal to Reach >2,500 >4,000 Restaurants by 2030 Restaurants by 2035 First Five Years of Development Fully Funded Source: RBI internal data. Confidential and Proprietary Information of Restaurant Brands International
Slide 31: China to Deliver Net New Units per Year by 2028
China to Deliver 300 to 400 Net New Units per Year by 2028 >200 Net New Units 100- 200 Net New Units Combined Confidential and Proprietary Information of Restaurant Brands International
Slide 32: International to Deliver 1,100 Net New Units per Year
International to Deliver 1,100 Net New Units per Year by 2028 (Excl. China) Confidential and Proprietary Information of Restaurant Brands International
Slide 33: Highly Diversified International Business
Highly Diversified International Business 2025 System - wide Sales Mix 43% Other INTL Businesses 57% 10 Largest SWS Businesses Source: RBI internal data. Confidential and Proprietary Information of Restaurant Brands International
Slide 34: Expanding in Attractive Markets
Expanding in Attractive Markets $1.3M Average INTL >$2B Primary Capital Unit Volumes Invested Since 2020 vs. $1.4M Global Average Across 13 Markets Source: RBI internal data. Confidential and Proprietary Information of Restaurant Brands International
Slide 35: Top Ten Markets to Deliver Net New Units
Top Ten Markets to Deliver Great Britain France Spain Turkey Korea Italy Japan Mexico India Brazil 700 Net New Units per Confidential and Proprietary Information of Restaurant Brands International Year by 2028
Slide 36: Historical Net New Units: Top Ten Growth Markets
Historical Net New Units Top Ten Growth Markets 1 606 646 527 540 359 2021 2022 2023 2024 2025 Average Payback of 4.5 Years Source: RBI internal data . Note: (1) Includes France, Spain, Italy, Great Britain, Mexico , Brazil, Japan, Turkey, India, and Korea. Confidential and Proprietary Information o
Slide 37: Other International Markets to Deliver Net New Units
Other International Markets to Deliver 4 00 Net New Units per Confidential and Proprietary Information of Restaurant Brands International Year by 2028
Slide 38: Historical Net New Units: Other International
Historical Net New Units Other International, Excluding Top Ten Markets and China Geopolitical Impacts 351 376 308 218 209 2021 2022 2023 2024 2025 ~175 brand - market combinations Source: RBI internal data. Confidential and Proprietary Information of Restaurant Brands International
Slide 39: Net New Units Bridge by Region
300 400 to US and Canada Top 10 Growth 700 Markets 1 300 400 to China Other 400 Note: (1) Includes France, Spain, Italy, Great Britain, Mexico International , Brazil, Japan, Turkey, India, and Korea. Confidential and Proprietary Information of Restaurant Brands International
Slide 40: Burger King: Reclaim the Flame
Burger King Reclaim the Flame Confidential and Proprietary Information of Burger King Company, LLC. TM & © 2025 Burger King Company, LLC
Slide 41: Our Brand Promise
We will always be the first choice for the best burger and great tasting food, served your way… with CARE. Our Brand Promise Operations Franchising Modern Image Marketing Franchisee Profitability Confidential and Proprietary Information of Restaurant Brands International
Slide 42: Reclaim the Flame Commitments
Reclaim the Flame ~$700M >$1.5B Burger King Corporate Franchisee Commitment Commitment Capital commitments to remodels, equipment, technology, and marketing Source: BKC internal data. Confidential and Proprietary Information of Restaurant Brands International
Slide 43: Driving Industry Outperformance
Driving Industry Outperformance Burger King vs. burger QSR Industry Same -store Sales 0.5% 0.7% 3.2% 1.8% (7.2%) (10.8%) 2020 2021 2022 2023 2024 2025 Source: Circana. Note: Burger QSR Industry includes McDonald’s, Wendy’s, Jack in the Box, Carl’s Jr., Hardees, and Checkers & Ra lly’s. Confidential
Slide 44: Pre-Reclaim the Flame vs Today
Pre -Reclaim Today the Flame ~$1.4M 2021 Average Unit Volumes ~$1.7M 2025 Average Unit Volumes 37% 2021 Modern Image 58% 2025 Modern Image ~$125K August Trailing -Twelve ~$185K 2025 Trailing -Twelve Month Profitability Month Profitability Source: BKC internal data. Confidential and Proprietary Infor
Slide 45: Operations
Reclaim the Flame Operations Confidential and Proprietary Information of Burger King Company, LLC. TM & © 2025 Burger King Company, LLC
Slide 46: Royal Reset Refresh
Royal Reset Refresh Invested Benefited $100 Million into >5,300 the program restaurants Matched 1:1by Kitchen equipment, franchisees kiosks, signage Source: BKC internal data. Confidential and Proprietary Information of Restaurant Brands International
Slide 47: Relentless Focus on Repeatable Precision
Relentless Focus on Repeatable Precision Increased Field Team Standardized by Over 100% Tech Stack Implemented Standard Uptime Improved Operating Visits , leading to from 92% in 2022 +1.8% SSS and +1.3% SST to >99% Today Launched Royal Converting to Singular Roundtables Point -of -Sale by End of 202
Slide 48: Whopper Product Satisfaction
Whopper Product Satisfaction Improvement Driven by Continued Focus on Execution 87.2% 87.4% 85.3% 83.2% +10% 77.7% 2022 2023 2024 2025 YTD 2026 Source: Guest Receipt Surveys. Confidential and Proprietary Information of Restaurant Brands International
Slide 49: Overall Satisfaction
Overall Satisfaction Improvement out of 100% from 2023 to 2025 8 Points 8 Points 8 Points 6 Points Taste Order Accuracy Friendliness Speed of Service Third -party overall satisfaction rank improved from 10 out of 12 in 2020 to 6 out of 12 in 2025. Revisit Intent improved from 5 th to 3 rd . Source:
Slide 50: Franchising
Reclaim the Flame Franchising Confidential and Proprietary Information of Burger King Company, LLC. TM & © 2025 Burger King Company, LLC
Slide 51: Improving Franchisee Base
Improving Franchisee Base Implemented Franchisee Success System to Better Measure Performance Prioritize Placing Restaurants in the Hands of Stronger Operators >1,000 Restaurants Changed Hands since 2022 Source: BKC internal data. Confidential and Proprietary Information of Restaurant Brands Interna
Slide 52: Modern Image
Reclaim the Flame Modern Image Confidential and Proprietary Information of Burger King Company, LLC. TM & © 2025 Burger King Company, LLC
Slide 53: Sizzle Introduced in 2023
Sizzle Introduced in 2023 >35% of Remodels in 2025 Vast Majority of Remodels Moving Forward ~$2.2 Million Average Unit Volumes Source: BKC internal data. Confidential and Proprietary Information of Restaurant Brands International
Slide 54: Remodels Continue to Drive Strong Results
Remodels Continue to Drive Strong Results Sales Uplifts in the Teens Net of Control Miami Restaurants Accelerating Modern Image 8 Points SSS Outperformance Relative to System Average in 2025 Source: BKC internal data. Confidential and Proprietary Information of Restaurant Brands International
Slide 55: Marketing
Reclaim the Flame Marketing Confidential and Proprietary Information of Burger King Company, LLC. TM & © 2025 Burger King Company, LLC
Slide 56: Flame Grilled: Focused on Core Differentiators
Flame Grilled Focused on Core Differentiators Confidential and Proprietary Information of Restaurant Brands International
Slide 57: Fuel the Flame Ad Fund Dynamics
Fuel the Flame Ad Fund Dynamics Initial Commitment $120 Million Burger King Corporate ad fund investment late 2022 to 2024 and Franchisees i ncrease ad fund contribution to +4.5% for 2025 and 2026 if average 4 -wall profitability reached $175K by year -end 2024 Future Target Achieve $230K 4 -wall pr
Slide 58: We have the BEST burger!
We have the BEST burger! 17% 12% 11% 9% 8% 8% 4% McDonald's Five Guys Wendy's In-N-Out Whataburger Culvers Source: Morning Consult Brand Equity Tracker: 3 Months Ending March 2025. 3rd party names property of the respective 3rd parties. Confidential and Proprietary Information of Restaurant Brands I
Slide 59: Combo Meal Incidence Improving
Combo Meal Incidence Improving Regular Priced Combo Meal Incidence Year -over -year Improvement 49% 48% 47% 47% 46% 46% 45% 45% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'24 Q4'25 Source: BO/Tableau; Calculates all Regular -Priced Combo Meals (excluding Breakfast) divided by 3 (to account for 1 entrée,
Slide 60: Franchisee Profitability
Reclaim the Flame Franchisee Profitability Confidential and Proprietary Information of Burger King Company, LLC. TM & © 2025 Burger King Company, LLC
Slide 61: Franchisee Profitability
Franchisee Profitability Average 4 -Wall Profitability ~$205k Beef Cost Impact $205k $205k $185k $140k $125k August 2022 2022 2023 2024 2025 Source: BKC internal data based off unaudited, self -reported franchisee data. Note: Beef cost impact assumes no year -over -year c hange in average price per
Slide 62: Operations Drive Profitability
Operations Drive Profitability 2025 Average 4 -Wall EBITDA by Franchise Success Score ~$245k ~$185k A-Restaurants System Average Source: BKC internal data based off unaudited, self -reported franchisee data and BKC Franchise Success Scores. Confidential and Proprietary Information of Restaurant Bran
Slide 63: Future Opportunities
Reclaim the Flame Future Opportunities Confidential and Proprietary Information of Burger King Company, LLC. TM & © 2025 Burger King Company, LLC
Slide 64: Key BK US Growth Catalysts
Key BK US Growth Catalysts Operational High -quality Culinary Win with Kids Improvements Remodels Elevation and Families Confidential and Proprietary Information of Burger King Company, LLC. TM & © 2025 Burger King Company, LLC
Slide 65: BK Assistant
BK Assistant Utilizes AI to Surface Actionable Data in Real -time Soft drink is out in the Reduces manual data collection lobby, please replace! Provides real -time notifications What was my drive -thru speed of service today? Supports training How many slices of bacon do I put on the Maple Enhances
Slide 66: The Elevated Whopper
The Elevated Whopper Launched February 2026 Confidential and Proprietary Information of Restaurant Brands International
Slide 67: QSR Family Share vs Burger King
20% QSR Family Share VS 10% Burger King Source: Circana 2025 Parties with Children Ticket Mix. Confidential and Proprietary Information of Restaurant Brands International
Slide 68: Opportunity to Recapture Families
Opportunity to Recapture Families Historical Kids’ Meal Daily Average Unit Volumes 95 92 86 83 78 79 2025 marked first notable 67 67 AUV growth in 20 years 48 42 36 31 25 24 21 21 18 18 18 16 16 16 17 15 15 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 201
Slide 69: Growing Kids Meal Incidence
Growing Kids Meal Incidence Historical Kids’ Meal Daily Average Unit Volumes 21 18 18 18 17 16 16 16 15 15 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Source: BKC internal data. Confidential and Proprietary Information of Restaurant Brands International
Slide 70: Financial Update
Financial Update x Confidential and Proprietary Information of Restaurant Brands International
Slide 71: Consistent Earnings Growth
Consistent Growing Value to Earnings Free Cash Shareholders Growth Flow 8%+ AOI Growth 99% Franchised + Dividend + Investment Grade Share Repurchases Confidential and Proprietary Information of Restaurant Brands International 71
Slide 72: AOI Growth Levers
AOI Growth Levers Return to Royalty Rate G&A 5%+ NRG Expansion Leverage Confidential and Proprietary Information of Restaurant Brands International
Slide 73: Bridge to 5%+ Net Restaurant Growth
Bridge to 5%+ Net Restaurant Growth 0.7% FHS US&C + PLK INTL 1.3% BK China Confidential and Proprietary Information of Restaurant Brands International
Slide 74: Demonstrated Popeyes Track Record
Demonstrated Popeyes Track Record Recent International Restaurant Count Expansion PLK UK PLK Spain PLK India PLK Turkey 493 108 179 72 0 0 0 165 2021 2025 2018 2025 2021 2025 Feb. 2017 2025 Popeyes International Nearly 40% System - wide Sales Growth in 2025 Source: RBI internal data. Confidential an
Slide 75: Historical Segment G&A
Historical Segment G&A Excluding Restaurant Holdings ($M) ~50% Growth 1 $647 $632 $561 $594 $450 $369 $391 2019 2020 2021 2022 2023 2024 2025 Source: RBI internal data. Note: 1. Excludes Firehouse brand G&A in 2025 to adjust for 2021 acquisition. Confidential and Proprietary Information of Restauran
Slide 76: Continued Financial Discipline
Continued Financial Discipline Segment G&A Excluding Restaurant Holdings ($M) $647 $632 $594 (4%) $323 $296 $262 (10%) $324 $336 $332 +1% 2023 2024 2025 Brand Corporate CAGR Source: RBI internal data. Confidential and Proprietary Information of Restaurant Brands International
Slide 77: Financial Discipline Drives AOI Leverage
Financial Discipline Drives AOI Leverage Segment G&A Excluding Restaurant Holdings ($M) $600 - 620 +2% $647 $632 $561 $594 $450 $369 $391 2019 2020 2021 2022 2023 2024 2025 2026E 2027E+ Actual Estimate Source: RBI internal data. Confidential and Proprietary Information of Restaurant Brands Internati
Slide 78: Sunset Restaurant Holdings
Sunset Restaurant Holdings By the End of 2027 Refranchise to Reach Popeyes China & Firehouse Brazil in the Hands of ~300 - 500 Burger King Company Long - term Restaurants with steady - state Local Operators goal of 300 restaurants Refranchising Goal: Place restaurants in the hands of strong, local o
Slide 79: Sunsetting Restaurant Holdings: Modeling Implications
Sunsetting Restaurant Holdings Expected Modeling Implications Burger King US Company Restaurants Immaterial EPS Impact ~1,100 Per Year from Burger King Refranchisings Lower BK Capex Scaling Down Capex Starting in 2028 ~300 - 500 EPS Tailwind Once Popeyes China and Firehouse Brazil are Refranchised 2
Slide 80: Capital Allocation
Capital Allocation x Confidential and Proprietary Information of Restaurant Brands International
Slide 81: Strong and Growing Free Cash Flow
Strong and Growing Free Cash Flow Levered Free Cash Flow, Including Benefit of Swaps ($B) 8%+ AOI Growth $1.6 On Average from 2024 to 2028 $1.5 $1.5 Lower BK Capex Scaling Down Reclaim the Flame Refranchising Sunsetting RH by the End of 2027 2023 2024 2025 Source: RBI internal data. Confidential and
Slide 82: Capital Allocation Priorities
1. Invest in Business 2. Grow Dividend Capital Allocation 3. Naturally Deleverage Priorities 4. Repurchase Shares Confidential and Proprietary Information of Restaurant Brands International
Slide 83: Capital Allocation Targets
Invest in 2028 Capex and Cash Businesses ~$300 Million Inducements Target Grow Dividend ~60% Payout Long - term Target Naturally 2028 Net Deleverage Low - to Mid - 3.0x Leverage Target Repurchase 2026 Repurchase Target, Shares ~$500 Million Growing from There Confidential and Proprietary Information
Slide 84: Capital Investments are Normalizing
Capital Investments are Normalizing Long - term Capex and Cash Inducements of ~$300M from 2028 Onward Capex and Cash Inducements ($M) ~$400 ~$400 $150M Tim Hortons $365 Driven by Development and Renovations $332 ~$300 $50M Company Ops Remodels, Repairs, and Maintenance $50M Corporate Technology, Fac
Slide 85: Maintain a Healthy, Growing Dividend
Maintain a Healthy, Growing Dividend 67% Long - term Payout Ratio Guidance 2025 Payout Ratio 50% to 60% 60% 52 Quarters Year - over - year Dividend Growth 60% Payout Ratio Long - term Target Previous Refined Source: RBI internal data. Confidential and Proprietary Information of Restaurant Brands Int
Slide 86: Track Record of Deleveraging
Track Record of Deleveraging Net Leverage Over Time 7.5x COVID 6.7x 6.1x 5.5x 5.2x 5.1x 4.7x 5.5x 5.1x 4.8x 4.6x 4.2x 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Source: RBI internal data. Confidential and Proprietary Information of Restaurant Brands International
Slide 87: Naturally Reduce Leverage
Naturally Reduce Leverage 4.0x Long - term Net Leverage Guidance 2026 Net Leverage Target (from 4.2x in 2025) Low - to mid - 3.0x 3.0x Long - term Net Leverage Target to 5.0x Low - to mid - 3.0x Investment Grade Leverage to be Achieved by 2028 Previous Refined Confidential and Proprietary Informatio
Slide 88: Benefits of Investment Grade
Benefits of Investment Grade Size of Market 2020 Issuance Activity $7.6T $1.8T $1.5T $0.4T High Yield Investment Grade High Yield Investment Grade Investment - grade markets offer lower borrowing costs, greater capacity and resilience, and longer maturities Source: Bloomberg, Credit Flow Research. C
Slide 89: Expect to Achieve Investment-Grade Leverage in 2028
Expect to Achieve Corporate Investment - Grade Leverage in 2028 Net Leverage Over Time 7.5x COVID 6.7x 6.1x 5.5x 5.5x 5.2x 5.1x 5.1x 4.7x 4.8x 4.6x Low - to 4.2x 4.0x Mid - 3x 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2028E+ Source: RBI internal data. Confidential and Proprie
Slide 90: Returning Majority of Excess Cash Flow via Share Repurchases
Returning Majority of Excess Cash Flow via Share Repurchases Starting in 2026 $500M Share Repurchases Expected in 2026 $1.6B Total Shareholder Returns Expected in 2026 (Dividend + Repurchases) Buybacks Expected to Grow with Earnings Growth and Future Leverage Capacity after Reaching Investment Grade
Slide 91: Illustrative 2026 Total Shareholder Return
Illustrative 2026 Total Shareholder Return Source: RBI internal data and Bloomberg. Note: Share Repurchase yield calculated as $500 million divided by current RBI market capita lization. Confidential and Proprietary Information of Restaurant Brands International
Slide 92: Appendix: International Case Studies
Appendix: International Case Studies x Confidential and Proprietary Information of Restaurant Brands International
Slide 93: Spain Case Study
2016 Master Franchise Established #1 Burger Player in Spain $1.7B 2025 System - wide Sales ~1,000 Restaurants Source: RBI internal data. Confidential and Proprietary Information of Restaurant Brands International
Slide 94: International Case Study: ~900 Unit Gap to Largest Competitor
2021 Market Entry $244 ~900 Unit Gap to Largest Competitor ` $153 108 $73 66 38 2 $1 17 $18 2021 2022 2023 2024 2025 Store Count System-wide Sales ($M) Source: RBI internal data. Gap to competitor based on competitor externally reported store count. Confidential and Proprietary Information of Restau
Slide 95: International Case Study: ~1,000 Unit Gap to Largest Competitor
2013 Market Entry ~1,000 Unit Gap to ~615 Largest Competitor ~565 ~515 $2.3B 2025 System - wide Sales ~340 ~370 ~430 ~474 ~290 ~200 ~110 ~20 ~40 ~5 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Source: RBI internal data. Gap to competitor based on competitor externally reported st
Slide 96: International Case Study: ~100 Unit Gap to Largest Competitor
2014Market Entry ~100 Unit Gap to Largest Competitor ~575 ~510 >$250M 2025 System - wide Sales ~380 ~440 ~295 ~255 ~270 ~185 ~125 ~85 ~45 ~10 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Restaurant Count Source: RBI internal data. Gap to competitor based on competitor externally repor
Slide 97: Appendix: Non-GAAP Reconciliations
Appendix: Non - GAAP Reconciliations x Confidential and Proprietary Information of Restaurant Brands International
Slide 98: Key Operating Metrics
Key Operating Metrics Key performance indicators (“KPIs”) are shown for RBI's Five Franchisor Segments. The KPIs for the Carrols Burger King restau ran ts are included in the BK segment and KPIs for the PLK China, BK China, and FHS Brazil restaurants are included in the INTL segment. • System - wide
Slide 99: Use of Non-GAAP Financial Measures
Use of Non - GAAP Financial Measures Below, we define non -GAAP financial measures, provide a reconciliation of each measure to the most directly comparable financial measure calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP” ), and discuss the reasons why we believe
Slide 100: Income from Operations to Adjusted Operating Income: BKW 2012
Income from Operations to Adjusted Operating Income: BKW 2012 Burger King Worldwide Twelve Months Ended Dec 31, (in US$ millions) 2012 Income from Operations $ 418 Franchise agreement amortization 21 (8) Global portfolio realignment project costs 30 (9) Business combination agreement expenses 27 Oth
Slide 101: Net Income to Adjusted Net Income and Adjusted Diluted EPS: BKW 2012
Net Income to Adjusted Net Income and Adjusted Diluted Earnings per Share : BKW 2012 (in US$ millions, except per share data) Twelve Months Ended Dec 31, Burger King Worldwide 2012 Adjusted Net Income and Adjusted Diluted EPS: Net Income $ 118 Income tax expense 42 Income before income taxes $ 160 A
Slide 102: Net Income to Income from Operations to AOI to Adjusted EBITDA
Net income from continuing operations to Income from Operations to AOI to Adjusted EBITDA Twelve Months Ended Dec 31, (In US$ Millions) 2025 2024 Net income from continuing operations $ 1,201 $ 1,445 Income tax expense (benefit) from continuing operations 483 364 Loss on early extinguishment of debt
Slide 103: Net Income to Adjusted Net Income and Adjusted Diluted EPS
Net income from continuing operations to Adjusted Net Income and Adjusted Diluted EPS Twelve Months Ended Dec 31, (in US$ millions, except per share data) 2025 2024 Net income from continuing operations $ 1,201 $ 1,445 (18) Income tax expense from continuing operations 483 364 Income from continuing
Slide 104: Organic AOI Growth
Organic AOI Growt h Twelve Months Ended Dec 31, Variance RH Impact FX Impact Organic Growth 2025 2024 $ % $ $ $ % Adjusted Operating Income TH $ 1,077 $ 1,043 $ 34 3.3% $ - $ (17) $ 51 4.9% BK 468 410 57 14.0% - - 58 14.1% PLk 250 243 7 2.7% - - 7 2.8% FHS 56 48 8 15.6% - - 8 15.7% INTL 690 614 76 1
Slide 105: G&A Expenses to Segment G&A and Segment G&A, Excluding RH
G&A Expenses to Segment G&A and Segment G&A, Excluding RH Twelve Months Ended Dec 31, (In US$ Millions) 2025 2024 2023 2022 2021 2020 2019 General and Administrative (G&A) Expenses $ 741 $ 733 $ 704 $ 631 $ 484 $ 407 $ 1,264 - Advertising Expenses (Reclassified to Ad Fund) - - - - - - 865 - RH and B
Slide 106: Levered Free Cash Flow and Capex and Cash Inducements
Levered Free Cash Flow, Including Benefit of Swaps and Capex and Cash Inducements (In US$ Millions) Twelve Months Ended Dec 31, Free Cash Flow 2025 2024 2023 Net cash provided by operating activities $ 1,714 $ 1,503 $ 1,323 Payments for additions of property and equipment (265) (201) (120) Free Cash
Slide 107: Net Income to Adjusted EBITDA
Net Income to Adjusted EBITDA Twelve Months Ended Dec 31, 2025 2024 2023 2022 2021 2020 2019 2018 (a) 2016 2015 (a) (in US$ millions) 2017 2014 Net income from continuing operations $ 1,201 $ 1,445 $ 1,718 $ 1,482 $ 1,253 $ 750 $ 1,111 $ 1,144 $ 1,235 $ 956 $ 512 $ 437 Income tax (benefit) expense 4
Slide 108: Net Leverage
Net Leverage Twelve Months Ended Dec 31, (in US$ millions, except ratios) 2025 2024 2023 2022 2021 2020 2019 2018 2017 (a) 2016 2015 2014 (a) Net Leverage Long term debt net of current portion $ 13,250 $ 13,455 $ 12,854 $ 12,839 $ 12,916 $ 12,397 11,759 11,823 11,801 8,410 8,462 8,827 Finance leases
Slide 109: Footnotes to Reconciliation Tables
Footnotes to Reconciliation Tables 1) Represents share - based compensation expense associated with equity awards for the periods indicated; also includes the portion o f annual non - cash incentive compensation expense that eligible employees elected to receive or are expected to elect to receive a
Slide 110: Footnotes to Reconciliation Tables
Footnotes to Reconciliation Tables 14) 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 2016, prima
Restaurant Brands International — Q3 2026 Earnings Presentation on 6ix