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

Executive summary

• Ended FY25 with 513 restaurants in India, adding 58 stores year-over-year, and achieved 11.8% revenue growth to INR 19,678 million, driven by store expansion and strong dine-in traffic.

• Consolidated revenue grew 4.7% year-over-year to INR 25,507 million, with improved profitability in India offsetting Indonesia's challenges.

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

• 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 (Pre-IND AS 116): INR 2,068 million (+21.2% YoY); Company EBITDA (Pre-IND AS 116): INR 994 million (+32.0% YoY).

• Consolidated FY25 revenue: INR 25,507 million (+4.7% YoY); Restaurant EBITDA (Pre-IND AS 116): INR 1,935 million (+11.6% YoY); Company EBITDA (Pre-IND AS 116): 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.

• Indonesia FY25 revenue: IDR 1,105.2 billion (-11.9% YoY); Company EBITDA (Pre-IND AS 116): IDR (118.4) billion.

Outlook and guidance

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

• Gross margin in India expected to improve by 0.5–0.7% annually, targeting 70% by FY29.

• Indonesia to continue portfolio rationalization and reduce corporate overheads by 10% in FY26.

• Focus remains on driving traffic, value, innovation, and digital initiatives for sustained growth.

• Indonesia business under close review, with all strategic options open depending on continued recovery.