Restaurant Brands Asia (RBA) Q4 24/25 earnings summary

Executive summary

• Ended FY25 with 513 restaurants in India, adding 58 new stores year-over-year, and achieved 11.8% revenue growth to INR 19,678 million, with SSSG of 1.1% for the year and 5.1% in Q4.

• Indonesia operations faced an 11.9% YoY revenue decline due to store rationalization and geopolitical headwinds, but losses narrowed sequentially and early recovery signs emerged.

• Consolidated revenue grew 4.7% YoY for FY25, with improved profitability in India offsetting Indonesia's challenges.

• Audited standalone and consolidated financial results for FY25 and Q4 FY25 were approved, with continued net losses but revenue growth year-over-year.

• Statutory auditors issued unmodified opinions on both standalone and consolidated results.

Financial highlights

• India FY25 revenue: INR 19,678 million (+11.8% YoY); Restaurant EBITDA: INR 2,068 million (+21.2% YoY); Company EBITDA: INR 994 million (+32% YoY).

• Indonesia FY25 revenue: IDR 1,105.2 billion (-11.9% YoY); Company EBITDA: IDR (118.4) billion.

• Consolidated FY25 revenue: INR 25,507 million (+4.7% YoY); Restaurant EBITDA: INR 1,935 million (+11.6% YoY); Company EBITDA: INR 526 million (loss to profit YoY).

• Standalone net loss for FY25 was INR 875.78 million; consolidated net loss was INR 2,327.94 million.

• Cash and cash equivalents at year-end rose to INR 5,210.28 million standalone and INR 5,342.52 million consolidated.

Outlook and guidance

• India targets 60–80 new restaurants annually, aiming for 800 stores by FY29.

• Gross margin targeted to reach 69%-70% by FY29, with incremental annual improvements of 0.5%-0.7%.

• Indonesia business under strategic review, with further portfolio rationalization and a decision expected in the next two to three quarters.