Restaurant Brands Half Year Results Presentation

HALF YEAR RESULTS TO
30 JUNE 2025 (1H 25)
Arif Khan | CEO
Julio Valdés | CFO
26 February 2024
26 August 2025

Presentation Outline
1H 25 Financial Performance
1H 25 Regional Performance
2H 25 Outlook
Questions
1H 25 Overview1
2
3
4
5

1H 25 Overview

4
•Store sales hit record high of $703m, up $16m (2.3%) on 1H 24.
•NPAT of $11.9m, down $0.7m (5.6%) on 1H 24.
•Store EBITDA down 4.1% at $91m on 1H 24.
Key Points
1H 23
1H 24
1H 25
Change
• Group Store Sales
$640.2m
$687.2m
$703.2m
+2.3%
• Store EBITDA
$78.3m
$94.6m
$90.7m
-4.1%
• Reported NPAT
$2.2m
$12.6m
$11.9m
-5.6%

1H 25 in review
5
•Despite challenging retail environment, sales reached another record high.
•Solid uplift in Hawaii sales from innovative new products and promotions.
•New Zealand, Australia and California recovery slowed by significant cost of living
pressures on consumers.
•Margins impacted by increased labour, energy and rental costs, higher aggregator
activity and value seeking consumers.
•California margins impacted by a 29% increase in the minimum wage.
•Continued progress delivered against business improvement and innovation
workstreams to ensure our systems and customer offering place the Group in a
strong position for sustainable future growth.

1H 25 Financial
Performance

NPAT flat on higher sales and
margin initiatives
7
* Pre-G&A, NZ IFRS 16 and Other (Income)/Expenses
$NZm1H 241H 25Change B/(W)
Store EBITDA *95 91 (4)
Net G&A Expenses29 30 (1)
66 61 (5)
Other Expenses3 0 3
Depreciation & Amortisation30 30 0
Operating Profit Pre IFRS 1633 31 (2)
IFRS 16 Adjustment12 13 1
Operating Profit45 44 (1)
Financing Expenses28 28 0
Net Profit Before Tax17 16 (1)
Taxation4 4 0
Net Profit After Tax13 12 (1)

8
Sales lift with margins under
pressure from weak consumer
confidence
272
310 310
152
151
150
127
139
153
89
88
90
640
687
703
1H 23 (6 months)1H 24 (6 months)1H 25 (6 months)
Store Sales
$NZm
New ZealandAustraliaHawaiiCalifornia
32
49
47
17
17
16
20
25
25
9
4
3
78
95
91
1H 23 (6 months)
1H 24 (6 months)
1H 25 (6 months)
Store EBITDA
$NZm
New Zealand
Australia
Hawaii
California

9
Other Income and Expenses – no
significant items
$NZm Pre-tax (Other Income)/Expenses
1H 24
1H 25
Other Income
(0.1)
0.0
Net Impairments
3.3
(0.3)
Net Other (Income)/Expense
3.2
(0.3)

10
Investing cash flows reduced with
focus on portfolio optimisation
$NZm
1H 24
1H 25
Operating Cash Flows (adjusted) *
45
44
Investing Cash Flows
(32)
(13)
Free Cash Flow
13
31
*Adjusted for payments of lease interest classified as operating activities under NZ IFRS 16 of $18.3m in 1H 25 and $18.0m in 1H 24, and
payments of lease costs excluded from operating activities under NZ IFRS 16 of $35.3m in 1H 25 and $33.8m in 1H 24.

11
* EBITDA excluding right of use asset lease costs (pre-NZ IFRS 16)
Net borrowings decrease with low
capex spend.
Healthy Debt:EBITDA ratio
$NZm
1H 24
1H 25
Net Debt
252
208
Net Debt:EBITDA*
1.9:1
1.6:1
Gearing (ND:ND+E)
45%
40%

1H 25 Regional
Performance

13
Image result for new zealand map black and white simple
New Zealand Operations

14
NZ sales flat on consumer cost of living
pressures in urban areas.
Pizza Hut growing strongly on new stores
and value seeking consumers
272
310
310
6.0%
10.0%
-
3.1%
1H 23 (6 months)
1H 24 (6 months)
1H 25 (6 months)
NZ Store Sales
Total Sales $m
Same Store Sales %
32
49
47
11.8%
15.9%
15.1%
1H 23 (6 months)
1H 24 (6 months)
1H 25 (6 months)
NZ Store EBITDA
Store EBITDA $m
Store EBITDA % of Sales

15
Australian Operations

16
Australian sales and margin
impacted by continued cost of living
pressures on consumers
140
140
137
9.7%
-
3.8%
-
1.0%
1H 23 (6 months)
1H 24 (6 months)
1H 25 (6 months)
Australia Store Sales
Total S ales $Am
Same Store Sales %
16
15
15
11.1%
11.0%
10.8%
1H 23 (6 months)
1H 24 (6 months)
1H 25 (6 months)
Australia Store EBITDA
Store EBITDA $Am
Store EBITDA % of Sales

17
Hawaiian Operations

18
Hawaii sales and margins
continue to be strong despite
inflation pressures
79
84
89
2.6%
4.7%
5.5%
1H 23 (6 months)
1H 24 (6 months)
1H 25 (6 months)
Hawaii Store Sales
Total Sales $USm
Same Store Sales %
13
15
14
15.9%
17.7%
16.1%
1H 23 (6 months)
1H 24 (6 months)
1H 25 (6 months)
Hawaii Store EBITDA
Store EBITDA $USm
Store EBITDA % of Sales

19
Californian Operations

20
California adversely impacted by
inflationary impacts on consumers
and higher minimum wage
55
54
53
-3.7%
-5.8%
1.9%
1H 23 (6 months)1H 24 (6 months)1H 25 (6 months)
California Store Sales
Total Sales $USmSame Store Sales %
6
3
2
10.1%
4.9%
3.2%
1H 23 (6 months)
1H 24 (6 months)
1H 25 (6 months)
California Store EBITDA
Store EBITDA $USm
Store EBITDA % of Sales

FY25 Outlook

2H 25 Outlook
22
•Stronger sales expected in New Zealand and Australia
than 1H 25 as inflationary pressures and interest rates
ease, coupled with innovation and strong marketing
campaigns.
•Hawaii to maintain strong sales position with margins
impacted by high energy costs.
•California recovering with innovation and margin
recovery initiatives.
•Capex spend expected to increase on a mix of new
stores, refurbishments and technology in 2H 25.

2H 25 Outlook
23
Strategic Focus Areas:
➢Customer engagement with new menu items,
promotions and digital enhancements.
➢Protecting brand strength
➢Margin recovery and operational efficiency
➢Targeted investment
While elevated labour and energy costs persist, global
economic trends are expected to progressively improve
operating conditions into 2026.

Questions

DISCLAIMER
The information in this presentation:
•Is provided by Restaurant Brands New Zealand Limited (“RBD”) for general information purposes and
does not constitute investment advice or an offer of or invitation to purchase RBD securities.
•Includes forward-looking statements. These statements are not guarantees or predictions of future
performance. They involve known and unknown risks, uncertainties and other factors, many of which
are beyond RBD’s control, and which may cause actual results to differ materially from those contained
in this presentation.
•Includes statements relating to past performance which should not be regarded as reliable indicators
of future performance.
•Is current at the date of this presentation, unless otherwise stated. Except as required by law or the NZX
Main Board and ASX listing rules, RBD is not under any obligation to update this presentation, whether
as a result of new information, future events or otherwise.
•Should be read in conjunction with RBD’s unaudited consolidated financial statements for the 6 months
ended 30 June 2025 and NZX and ASX market releases.
•Includes non-GAAP financial measures including "EBITDA”. These measures do not have a standardised
meaning prescribed by GAAP and therefore may not be comparable to similar financial information
presented by other entities. However, they should not be used in substitution for, or isolation of, RBD’s
audited consolidated financial statements. We monitor EBITDA as a key performance indicator, and we
believe it assists investors in assessing the performance of the core operations of our business.
•Has been prepared with due care and attention. However, RBD and its directors and employees accept
no liability for any errors or omissions.
25
Questions