Restaurant Brands Asia (RBA) Q3 25/26 earnings summary

Executive summary

• Achieved 11 consecutive quarters of positive sales and dine-in traffic growth in India, driven by digital adoption and menu innovation, despite a challenging environment.

• Indonesia showed improved Burger King store EBITDA and turnaround progress, but Popeyes continued to report losses; corporate overheads were reduced.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved by the Board on February 3, 2026.

Financial highlights

• India Q3 FY26 revenue from operations was ₹5,773.17 million, up 16.5% year-over-year, with SSSG of 4.5%.

• Consolidated Q3 FY26 revenue was ₹7,146.54 million, up 11.8% year-over-year; consolidated net loss was ₹479.43 million.

• India gross margin improved to 69.9% (+2.1% YoY), restaurant EBITDA (pre-Ind AS 116) up 25.7% YoY to ₹749 million, and company EBITDA up 31.5% YoY to ₹406 million.

• Indonesia Q3 FY26 revenue was ₹1,373.37 million, with a company EBITDA margin of -11.6%.

• Earnings per share for the quarter were negative, with standalone at ₹(0.12) and consolidated at ₹(0.75).

Outlook and guidance

• On track to add 60–80 new restaurants annually in India, with gross margin target of 70% achieved ahead of FY29 guidance.

• Board approved a preferential issue of shares and warrants to new investors, subject to regulatory and shareholder approvals.

• Revised long-term guidance and next milestones to be shared in the next quarter.