Restaurant Brands Asia (RBA) Q4 2026 earnings summary

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 SSSG.

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

• Indonesia operations faced revenue decline of 5.5% YoY and continued negative EBITDA, though Burger King Indonesia turned EBITDA positive at the store level while Popeyes remained challenged.

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

• Net restaurant count nearly doubled since FY22, with consolidated FY26 revenue at INR 28,226 million (+10.7% YoY).

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%.

• India Restaurant EBITDA 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 and consolidated net losses widened due to exceptional items, with standalone net loss at ₹1,591.40 million and consolidated net loss at ₹2,041.28 million.

• Indonesia FY26 revenue was INR 5,509 million (-5.5% YoY), with negative Company EBITDA and gross margin at 42.9%.

Outlook and guidance

• Targeting free cash flow positive status in India by FY 2028, with 60–80 new restaurants annually.

• Café business aims for INR 25,000 per restaurant per day ADS over the next 4–5 years.

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

• Monitoring regulatory changes, especially new Labour Codes, with adjustments as needed.