Slides
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Restaurant Brands Asia Limited Investor Presentation Oct 30, 2025
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Disclaimer 2 Certain statements made in this presentation relating to the Company’s objectives, projections, outlook, expectations, estimates, among others may constitute ‘forward-looking statements’ within the meaning of applicable laws and regulations. Actual results may differ from such expectations, projections etc., whether express or implied. These forward-looking statements are based on various assumptions, expectations and other factors which are not limited to, risk and uncertainties regarding fluctuations in earnings, competitive intensity, pricing environment in the market, economic conditions affecting demand and supply, change in input costs, ability to maintain and manage key customer relationships and supply chain sources, new or changed priorities of trade, significant changes in political stability in India and globally, government regulations and taxation, climatic conditions, natural calamity, commodity price fluctuations, currency rate fluctuations, litigation among others over which the Company does not have any direct control. These factors may affect our ability to successfully implement our business strategy. The company cannot, therefore, guarantee that the ‘forward-looking’ statements made herein shall be realized. The Company, may alter, amend, modify or make necessary corrective changes in any manner to any such forward looking statement contained herein or make written or oral forward-looking statements as may be required from time to time on the basis of subsequent developments and events. Restaurant Brands Asia Limited | 30 October 2025 | Q2 FY26
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Business Strategy & Performance Update
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India – Key Priorities Grow Dine In Traffic Value Leadership 10 consecutive quarters of positive dine in traffic growth (SSTG(1)) Menu Innovation Continue to build taste equity through burger innovations Digital First Brand Scale up Dine-in King’s Journey 91% of all orders through digital channels(2), Table Service & ordering in all restaurants(3) Build BK App as a Foundation for CRM 70% growth in monthly active users over previous year Profitability Focus Gain in Delivery Business 17.4% revenue growth with over 1% YoY increase in margins Drive Efficiencies Across the P&L Continuing measures to drive supply chain efficiencies, gross margins improved by 0.8% YoY Note: (1) Same store traffic growth (2) In Stores with Self Ordering Kiosks (3) Except Food Court restaurants 4 Restaurant Brands Asia Limited | 30 October 2025 | Q2 FY26
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Key measures to improve overall performance in Indonesia 5(1) G&A excludes one-off costs, LTIP and cross charge Focus on increasing sales through value & menu innovation Higher ADS in 12 out of last 13 months over previous year Improve Restaurant Profitability Gross Margin Improvements through Chicken-led portfolio, Menu Pricing and focus on Cost Efficiencies Reduction in Corporate Overheads 25% (INR 15 Crs) reduction in G&A (1) over 2 years; On track to achieve further 10% (INR 4.5 Crs) reduction in FY26 – completed Popeyes brand – Need to resolve awareness and scale challenges Experimenting fast casual dine-in format which resulted in highest ADT in October via Shareable Menu and Kiosk-led Ordering Restaurant Brands Asia Limited | 30 October 2025 | Q2 FY26
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Visible improvement in sales through value & menu innovation 6 15.1 18.4 16.8 18.1 20.1 17.6 18.4 17.3 16.8 16.5 15.8 17.1 19.8 17.5 17.3 21.0 18.4 19.1 18.7 18.7 17.0 17.9 Nov-24 Dec-24 Jan-25 Feb-25 Mar & Apr- 25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 (MTD) Total ADS Previous Period Current Period Ramadan-Lebaran seasonality Sept’25 impacted by civil unrest (ADS in IDR Mn) Restaurant Brands Asia Limited | 30 October 2025 | Q2 FY26 MTD – 1st to 19th October 2025
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Q2 FY26 Financial Performance
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68.3% Gross Margin +0.8% YoY | 0.6% QoQ Driven by change in Menu Mix and Supply Chain efficiencies INR 592 Mn Restaurant EBITDA (Pre-IND AS 116) +13.8% YoY Driven by revenue growth & gross margin improvement India Q2 FY26 – Operational and Business Highlights INR 284 Mn Co EBITDA (Pre-IND AS 116) +16.4% YoY Led by revenue growth 533 Stores +69 YoY*| +14 QoQ* as on 30 September, 2025 INR 5,687 Mn Revenue from Operations +15.6% YoY Led by store additions & same store sales growth INR 119K Average Daily Sales +2.8% SSSG Consistent growth across Dine-in & Delivery Channels * Store count net of closure 8Restaurant Brands Asia Limited | 30 October 2025 | Q2 FY26
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464 510 513 519 533 279 437 466 484 509365 433 464 482 507 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Restaurant Count Kings Journey BK Café 521 596 516 536 592 430 450 470 490 510 530 550 570 590 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Rest. EBITDA* (INR Million) 67.5% 67.8% 67.8% 67.7% 68.3% 65.6% 66.6% 67.6% 68.6% 69.6% Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Gross Profit% 118 114 108 120 119 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 ADS (INR '000) -3.0% -0.5% 5.1%SSSG% 3.1% 2.6% 4,921 4,954 4,898 5,523 5,687 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Revenue (INR Million) 43% 44%43% 42% 42% 244 309 266 225 284 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 - 50 100 150 200 250 300 Co. EBITDA* (INR Million) Delivery Mix %-0.5% 5.1% 2.6%-3.0% 2.8% Margin % 12.0% 10.5% 9.7%10.6% 10.4% 6.2% 5.4% 4.1%5.0% 5.0%Margin % *EBITDA is Pre IND AS-116 India Business Summary : Q2 FY26 9Restaurant Brands Asia Limited | 30 October 2025 | Q2 FY26
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Indonesia Financial Summary by Brand 10*EBITDA is Pre IND AS-116 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Store Count 149 147 143 139 136 25 25 25 25 25 174 172 168 164 161 ADS (IDR Mn) 16.9 17.6 18.5 19.7 18.1 14.6 14.0 14.1 13.2 11.8 Revenue 230 237 237 251 225 34 32 32 30 27 264 269 269 281 252 Gross profit 128 138 134 142 128 19 18 18 18 16 147 156 152 159 143 % 55.6% 58.0% 56.3% 56.5% 56.8% 56.8% 56.6% 58.4% 58.6% 58.5% 55.8% 57.8% 56.5% 56.8% 57.0% Store EBITDA* -8 -10 0 6 -3 -5 -4 -5 -6 -8 -13 -14 -5 0 -12 % -3.5% -4.3% -0.2% 2.5% -1.5% -13.9% -13.0% -14.8% -19.9% -30.9% -4.9% -5.4% -1.9% 0.1% -4.7% Corp G&A -26 -20 -17 -21 -21 % -9.9% -7.3% -6.5% -7.5% -8.4% Co EBITDA* -39 -34 -23 -21 -33 % -14.8% -12.7% -8.4% -7.3% -13.0% Burger King Popeyes Indonesia Consolidated IDR Bn Restaurant Brands Asia Limited | 30 October 2025 | Q2 FY26 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Store Count 149 147 143 139 136 25 25 25 25 25 174 172 168 164 161 ADS (IDR Mn) 16.9 17.6 18.5 19.7 18.1 14.6 14.0 14.1 13.2 11.8 Revenue 230 237 237 251 225 34 32 32 30 27 264 269 269 281 252 Gross profit 128 138 134 142 128 19 18 18 18 16 147 156 152 159 143 % 55.6% 58.0% 56.3% 56.5% 56.8% 56.8% 56.6% 58.4% 58.6% 58.5% 55.8% 57.8% 56.5% 56.8% 57.0% Store EBITDA* -8 -10 0 6 -3 -5 -4 -5 -6 -8 -13 -14 -5 0 -12 % -3.5% -4.3% -0.2% 2.5% -1.5% -13.9% -13.0% -14.8% -19.9% -30.9% -4.9% -5.4% -1.9% 0.1% -4.7% Corp G&A -26 -20 -17 -21 -21 % -9.9% -7.3% -6.5% -7.5% -8.4% Co EBITDA* -39 -34 -23 -21 -33 % -14.8% -12.7% -8.4% -7.3% -13.0% Burger King Popeyes Indonesia Consolidated IDR Bn
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Marketing Initiatives - India
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Focus on Strengthening Burger Taste Equity, fuel “Taste is King” positioning • Launched Korean Spicy Fest to ride the “Hallyu Wave” • Relaunched King’s Collection with Premium Brioche Buns Innovation on Burgers to drive Taste Equity Strengthen Core Burger Menu New Launch on July 4th 12Restaurant Brands Asia Limited | 30 October 2025 | Q2 FY26
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We decided to the extend the Whopper portfolio in Core layer Differentiated Product (Competitive Advantage) Value for Money (7 layers, Great Taste, Quality) Brand Equity (Cool Personifications) Range (Choice of Protein) Whopper Deluxe 13Restaurant Brands Asia Limited | 30 October 2025 | Q2 FY26
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Impact visibility to build Brand Salience Cheese Whopper Deluxe Chicken Whopper Deluxe Paneer Whopper Deluxe 14Restaurant Brands Asia Limited | 30 October 2025 | Q2 FY26
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We continue to Strengthen our Value Leadership 15 Continue 2for79 to drive incremental traffic Crazy App Deals to increase frequency of BK App Thematic Saver “Meals for 2” for higher group sizes Restaurant Brands Asia Limited | 30 October 2025 | Q2 FY26
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We continue Building Brand Love with Gen Z and Millennials Indian FestivalsMenu Introduction UGCsVFM Focus 16Restaurant Brands Asia Limited | 30 October 2025 | Q2 FY26
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Integrating deeper with Regional Festivals to build an emotional connect 17Restaurant Brands Asia Limited | 30 October 2025 | Q2 FY26
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Digital Transformation: Building CRM base by Increasing Known Diner Sales Table Ordering All stores excluding Food court 91% orders for Dine-in is Digital ordering through SOK & BK APP Table Service All stores excluding Food court Self Ordering Kiosk (SOK) 509 restaurants of 533 18Restaurant Brands Asia Limited | 30 October 2025 | Q2 FY26
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Business Update - Indonesia
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Taste, Differentiation and Value: Twin engine of Burgers and Chicken 20 Build Relevance & Credibility of Chicken MenuEstablish Leadership in Burgers Strengthen Value Proposition Strengthen Delivery and Digital CRM Optimize Profitability Grow Unique Customer Base Restaurant Brands Asia Limited | 30 October 2025 | Q2 FY26
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Sales improving on the back of Dine-in 21 15.1 18.4 16.8 18.1 20.1 17.6 18.4 17.3 16.8 16.5 15.8 17.1 19.8 17.5 17.3 21.0 18.4 19.1 18.7 18.7 17.0 17.9 Nov-24 Dec-24 Jan-25 Feb-25 Mar & Apr- 25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 (MTD) Total ADS Previous Period Current Period Ramadan-Lebaran seasonality Sept’25 impacted by civil unrest 9.4 11.4 9.3 10.8 12.5 11.6 10.9 10.6 10.6 10.7 10.1 10.7 12.6 11.2 10.7 13.2 12.4 11.5 12.0 11.7 10.6 11.1 Nov-24 Dec-24 Jan-25 Feb-25 Mar & Apr- 25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 (MTD) Dine-in ADS Previous Period Current Period 5.7 7.0 7.5 7.4 7.6 6.8 8.0 6.8 6.2 5.8 5.7 6.4 7.2 6.3 6.6 7.8 6.9 6.6 6.7 6.9 6.3 6.7 Nov-24 Dec-24 Jan-25 Feb-25 Mar & Apr- 25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 (MTD) Delivery ADS Previous Period Current Period *ADS in IDR Mn; MTD – 1st to 19th October 2025 * * * Restaurant Brands Asia Limited | 30 October 2025 | Q2 FY26
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Brand Challenges: Awareness, Scale and Chicken category competition for Popeyes Shareable Menu QSR Top Sellers Table Service 22 Fast Casual Test Results: Incremental Dine In Sales via Shareable Menu and Kiosk-led Ordering Restaurant Brands Asia Limited | 30 October 2025 | Q2 FY26
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Q2 FY26 Financial Summary
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India Operating Performance *excludes MTM loss on financial instruments, unrealized forex loss and loss on PPE write-off 24 Particulars (INR Million) Q2 FY26 % Q2 FY25 % Q1 FY26 % H1 FY26 % H1 FY25 % Revenue from operations 5,687 100.0% 4,921 100.0% 5,523 100.0% 11,209 100.0% 9,826 100.0% YoY Growth% 15.6% 8.5% 12.6% 14.1% 12.2% Cost of materials consumed 1,802 31.7% 1,599 32.5% 1,784 32.3% 3,586 32.0% 3,186 32.4% Gross Profit 3,884 68.3% 3,322 67.5% 3,739 67.7% 7,623 68.0% 6,640 67.6% Employee Related Expenses 670 11.8% 535 10.9% 613 11.1% 1,283 11.4% 1,045 10.6% Occupancy and Other Expenses 2,092 36.8% 1,811 36.8% 2,070 37.5% 4,162 37.1% 3,733 38.0% Restaurant EBITDA (Post Ind AS 116) 1,122 19.7% 976 19.8% 1,055 19.1% 2,178 19.4% 1,862 18.9% YoY Growth% 14.9% 11.5% 19.2% 17.0% 16.7% Corporate General & Administration expenses 309 5.4% 277 5.6% 310 5.6% 619 5.5% 537 5.5% Reported Company EBITDA* 813 14.3% 699 14.2% 745 13.5% 1,559 13.9% 1,324 13.5% YoY Growth% 16.3% 10.2% 19.2% 17.7% 18.4% Restaurant EBITDA (Pre Ind AS 116) 592 10.4% 521 10.6% 536 9.7% 1,128 10.1% 956 9.7% YoY Growth% 13.8% 7.6% 23.0% 18.0% 16.5% Company EBITDA (Pre Ind AS 116)* 284 5.0% 244 5.0% 225 4.1% 509 4.5% 420 4.3% YoY Growth% 16.5% 0.6% 28.6% 21.3% 21.8%Restaurant Brands Asia Limited | 30 October 2025 | Q2 FY26
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Indonesia Operating Performance 25 * excludes loss on termination of lease, cross charge and one-off severance costs Particulars (INR Million) Q2 FY26 % Q2 FY25 % Q1 FY26 % H1 FY26 % H1 FY25 % Revenue from operations 1,348 100.0% 1,403 100.0% 1,454 100.0% 2,802 100.0% 2,965 100.0% YoY Growth% -3.9% -18.1% -6.9% -5.5% -17.7% Cost of materials consumed 581 43.1% 620 44.2% 629 43.3% 1,210 43.2% 1,329 44.8% Gross Profit 767 56.9% 783 55.8% 825 56.7% 1,592 56.8% 1,636 55.2% Employee Related Expenses 244 18.1% 239 17.0% 246 16.9% 489 17.5% 482 16.2% Occupancy and Other Expenses* 466 34.6% 492 35.1% 461 31.7% 927 33.1% 955 32.2% Restaurant EBITDA (Post Ind AS 116)* 57 4.2% 52 3.7% 118 8.1% 175 6.2% 199 6.7% Corporate General & Administration expenses* 108 8.0% 139 9.9% 108 7.5% 216 7.7% 253 8.5% Reported Company EBITDA* -51 -3.8% -87 -6.2% 10 0.7% -41 -1.5% -54 -1.8% Restaurant EBITDA (Pre Ind AS 116)* -63 -4.7% -67 -4.8% 2 0.1% -61 -2.2% -42 -1.4% Company EBITDA (Pre Ind AS 116)* -170 -12.6% -206 -14.7% -106 -7.3% -277 -9.9% -295 -9.9% Exchange Rate(INR to IDR) 187 188 193 190 191 Restaurant Brands Asia Limited | 30 October 2025 | Q2 FY26
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Consolidated Operating Performance (India+Indonesia) 26 * excludes MTM loss on financial instruments, unrealized forex loss, loss on PPE write-off, loss on termination of lease, cross charge and one-off severance costs (Indonesia) Restaurant Brands Asia Limited | 30 October 2025 | Q2 FY26 Particulars (INR Million) Q2 FY26 % Q2 FY25 % Q1 FY26 % H1 FY26 % H1 FY25 % Revenue from operations 7,034 100.0% 6,324 100.0% 6,977 100.0% 14,011 100.0% 12,791 100.0% YoY Growth% 11.2% 1.2% 7.9% 9.5% 3.5% Cost of materials consumed 2,384 33.9% 2,220 35.1% 2,413 34.6% 4,797 35.5% 4,516 35.3% Gross Profit 4,651 66.1% 4,104 64.9% 4,564 65.4% 9,215 64.5% 8,276 64.7% Employee Related Expenses 914 13.0% 773 12.2% 859 12.3% 1,773 11.7% 1,527 11.9% Occupancy and Other Expenses* 2,558 36.4% 2,303 36.4% 2,532 36.3% 5,090 36.9% 4,689 36.7% Restaurant EBITDA (Post Ind AS 116)* 1,179 16.8% 1,028 16.3% 1,174 16.8% 2,353 16.0% 2,060 16.1% YoY Growth% 14.8% 4.5% 13.8% 14.3% 12.7% Corporate General & Administration expenses* 416 5.9% 416 6.6% 419 6.0% 835 5.8% 790 6.2% Reported Company EBITDA* 763 10.8% 612 9.7% 755 10.8% 1,518 10.2% 1,270 9.9% YoY Growth% 24.7% 0.1% 14.8% 19.6% 16.0% Restaurant EBITDA (Pre Ind AS 116)* 530 7.5% 454 7.2% 538 7.7% 1,067 7.1% 914 7.1% YoY Growth% 16.7% -2.7% 16.8% 16.7% 13.1% Company EBITDA (Pre Ind AS 116)* 113 1.6% 38 0.6% 119 1.7% 232 1.3% 124 1.0% YoY Growth% 198.7% -59.6% 37.4% 87.1% 65.9%
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Outlook
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The Way Forward – India Operations 28 Detail Q2FY26 Actual Outlook Restaurant Count 533 • 60 to 80 new restaurants every year • ~800 restaurants by FY29 Gross Profit 68.3% • ~70% by FY29 Restaurant Brands Asia Limited | 30 October 2025 | Q2 FY26
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Thank You Restaurant Brands Asia Limited CIN: L55204MH2013FLC249986 For further information, please contact: Mr. Gaurav S. Ajjan, CFA Head – Corporate Development and Investor Relations gaurav.ajjan@rbrandsasia.com