Overview

• Canadaian quick service restaurant operator's Q1 revenue rose yr/yr, system-wide sales up 6.2%

• Adjusted EPS for Q1 grew 14.6% to $0.86

• Company resumed share repurchases, plans $500 mln in buybacks for 2026

Outlook

• Company expects 2026 segment G&A (excluding RH) between $600 mln and $620 mln

• Company sees 2026 RH Adjusted Operating Income at $10 mln to $20 mln

• Restaurant Brands International continues to target 8%+ organic Adjusted Operating Income growth through 2028

Result Drivers

• INTERNATIONAL GROWTH - Higher system-wide sales and royalty revenues from Burger King and Popeyes restaurants, as well as the resumption of royalty revenues from BK China, drove International segment results

• POPEYES SALES DECLINE - Lower system-wide and comparable sales at Popeyes led to a decrease in segment revenues and operating income

Company press release: ID:nCNWVgYW8a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue		$2.26 bln
Q1 Adjusted EPS		$0.86
Q1 Comparable Sales Growth		3.20%

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 17 "strong buy" or "buy", 7 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the restaurants & bars peer group is "buy"

• The stock recently traded at 20 times the next 12-month earnings vs. a P/E of 17 three months ago

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