Restaurant Brands Asia (RBA) investor relations material

Executive summary

• Achieved Great Place to Work certification and strong revenue growth in India, with FY26 revenue up 15.4% year-over-year, driven by store expansion and same store sales growth.

• India operations saw significant improvements in profitability, with Restaurant EBITDA up 27.4% and Company EBITDA up 33.2% year-over-year for FY26.

• Indonesia operations faced revenue decline of 5.5% year-over-year, with continued negative EBITDA, though Burger King Indonesia turned EBITDA positive at the store level while Popeyes remains a challenge.

• Inspira Global acquisition is nearing completion, with revised outlook to be shared post-transaction.

• Audited standalone and consolidated financial results for FY26 were approved, with the audit report carrying an unmodified opinion, but both reflect continued net losses due to significant non-recurring items.

Financial highlights

• India FY26 revenue reached INR 22,717 million (+15.4% YoY), with gross margin at 69.0% (+1.3% YoY); Q4 FY26 India revenue was INR 5,735 million (+17.1% YoY), gross margin 70.2%.

• India Restaurant EBITDA (Pre IND AS 116) for FY26 was INR 2,636 million (+27.4% YoY); Company EBITDA was INR 1,324 million (+33.2% YoY).

• Consolidated FY26 revenue was INR 28,226 million (+10.7% YoY), with consolidated Company EBITDA at INR 3,411 million (+24.6% YoY).

• Standalone net loss for FY26 was ₹1,591.40 million, consolidated net loss was ₹2,041.28 million, both widened due to exceptional items.

• Indonesia FY26 revenue was INR 5,509 million (-5.5% YoY), with Company EBITDA at -1.6%.

Outlook and guidance

• Plans to add 60–80 new restaurants annually in India, targeting 70% gross profit margin by FY29, already achieved in FY26.

• Targeting free cash flow positive by FY 2028, with cash flow neutrality expected in 4–6 quarters.

• The company continues to monitor regulatory changes, especially regarding new Labour Codes, and will adjust accounting as needed.

• Expansion plans are supported by QIP proceeds, with a focus on new restaurant openings in India.

• Revised outlook to be provided after Inspira Global acquisition closes.