Restaurant Brands International (QSR) TD Cowen’s 8th Annual Future of the Consumer Conference summary

Executive leadership and strategic focus

• New CFO brings over a decade of experience across multiple business units and global offices, enabling strong cross-brand collaboration and ROI focus.

• Emphasis on leveraging investments and sharing best practices across decentralized brands.

• Franchisee profitability is now a key metric for executive compensation, aligning incentives across the organization.

• Transparent reporting of franchisee profitability to stakeholders increases accountability.

Consumer trends and macro environment

• U.S. employment remains stronger than Canada, supporting QSR demand, while inflation has moderated faster in Canada.

• The gap between grocery and restaurant pricing has widened in the U.S., making grocery more attractive for some consumers.

• Value positioning is central for both Tim Hortons and Burger King, with strategies to attract value-conscious consumers.

Tim Hortons growth and opportunities

• Tim Hortons is well positioned for value, with strong brand momentum and consistent execution.

• Major growth opportunities include expanding PM food sales, increasing cold beverage market share, and accelerating digital adoption.

• Digital sales now exceed 30%, with features like Scan & Pay improving operational efficiency.

• Cold beverage and digital are seen as significant untapped growth drivers.

• Supply chain business is expected to maintain a 19% margin in 2024, with growth driven by restaurant volume and new openings.