Restaurant Brands Asia (RBA) Q4 2026 earnings summary

Executive summary

• Achieved Great Place to Work certification, reflecting strong organizational culture.

• India operations delivered strong revenue and EBITDA growth in FY26, driven by store expansion, menu innovation, and digital initiatives.

• Indonesia operations faced revenue decline and continued negative EBITDA, with Burger King turning EBITDA positive at the store level but Popeyes remaining a challenge.

• Audited standalone and consolidated financial results for FY26 were approved, with the audit report carrying an unmodified opinion.

• Both standalone and consolidated results reflect continued net losses, with significant non-recurring items impacting the year.

Financial highlights

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

• 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 INR 1,591.40 million, and consolidated net loss was INR 2,041.28 million, both widened due to exceptional items.

• SSSG for India Q4 FY26 was 6.3%, the highest in 12 quarters.

• Corporate EBITDA swung from a loss of INR 14 crores in FY 2022 to a profit of INR 132 crores in FY 2026.

Outlook and guidance

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

• Plans to open 60–80 new restaurants annually in India.

• Revised outlook to be provided post-acquisition by Inspira Global; expansion plans supported by QIP proceeds.