Half Year Investor Presentation

Restaurant Brands NZ Limited
1H 20 Results Presentation
Russel Creedy -Group CEO
Grant Ellis –Group CFO
16 October 2020

•Highlights
•Results Overview
•New Zealand Operations
•Australia Operations
•Hawaii Operations
•Growth Opportunities
•Outlook
Presentation Outline

Highlights
•Group sales $442.6 million up $11.6 million (+2.7%)
•NPAT $20.0 million down $0.4 million (-2.0%)
•NPAT (excluding non-trading items and effect of NZ IFRS 16) up $3.2 million (+14.4%)
•Brand EBITDA (excluding G&A) up $3.4 million (+5.0%)

Results overview –NPAT (1)
Reported NPAT down 2.0% on prior year to $20.0m with
significant impact from NZ IFRS 16
19.1
20.4
20.0
1H 18 1H 19 1H 20
15.5c
16.0c
16.5c
EPS
$NZm

NZ IFRS 16
Impact of NZ IFRS 16 on reported profit has been substantial
$NZm
1H 20
Lease costs (previously expensed)
20.2
Depreciation - right of use assets
(14.0)
Finance cost - right of use assets
(10.1)
NZ IFRS 16 impact pre-tax
(3.9)
Income tax
1.0
NPAT impact of NZ IFRS 16
(2.9)

Non-trading items
Non-trading items similar to prior year overall
$NZm1H 191H 20
Lease modification -(0.2)
Gain on sale Pizza Hut stores(1.6)0.1
Leave remediation2.0 0.3
Store closure costs0.2 0.4
Relocations0.4 0.6
Franchise rights amortisation1.1 1.1
2.1 2.3
Less tax(0.7)(0.2)
1.4 2.1

Results overview –NPAT (2)
NPAT on a comparative basis up 14.4% on 1H 19
19.1
20.4
20.0
1.3
1.4
2.1
2.9
20.4
21.9
25.0
Reported NPATNon TradingNZ IFRS 16
1H 18 1H 19 1H 20
Note: 1H 19 trading included a further $1.1m NPAT from Starbucks Coffee business
$NZm
+7.4%
+14.4%
16.6c17.6c
20.0c
EPS

Results overview by division
40.1
41.2
43.0
10.6
15.2
15.5
12.7
12.8
14.1
63.4
69.2
72.6
New Zealand
Australi a
Hawaii
1H18 1H 19 1H 20 *
EBITDA
$NZm
225.4
230.2
230.8
71.9
103.4
104.8
88.9
97.4
106.9
386.1
431.0
442.6
New Zealand
Australi a
Hawaii
1H18 1H 19 1H 20
Sales
$NZm
Sales and margins grew across all three divisions with strong
sales growth in Hawaii
* Excludes impact of NZ IFRS 16

Cash flows remain strong
Operating cash flow growth utilised in accelerated capex programme
*Adjusted for PIR purchase
**Adjusted as follows:
Reported under NZ IFRS 1663.7
Less lease expense(20.2)
Add back lease interest10.1
53.6
$NZm
1H 18
1H 19
1H 20
Operating cash flow
37.6
47.3
53.6
**
Investing cash flow (adjusted)
(10.1)
*
(13.9)
(27.7)
Free cash flow
27.5
33.4
25.9

Net borrowings
Net debt $NZm
Net Debt:EBITDA1.4:1
1.5:11.1:1
Gearing(D:D+E)39.2%
40.5%35.0%
1H 18 1H 19 1H 20
Ratios
Continued growth in free cash flow, together with dividend hold reduces net borrowings
124.4
147.6
109.8
8.7
12.0
41.3
133.1
159.6
151.1
Net Debt
Cash
1H 18 1H 19 1H 20

New Zealand operations
•Standout sales and margin performance by KFC
•Pizza Hut weak sales and margins reduced
•Carl’s Jr. significant sales improvement with delivery service introduced
•Taco Bell infrastructure established, staff trained. First store opening in November 2019
(Lynnmall)
•Three KFC stores opened in 1H 20, bringing RBD KFC stores to 99
•Pizza Hut store sales to independent franchisees continues (mix of new builds and
existing stores)

Newmarket KFC
Newly opened KFC featuring the new food-court design

New Zealand division sales
170.3
179.3
193.5
7.0%
3.8%
5.7%
Total Sales $mSame Store Sales %
KFC Sales
1H18 1H 19 1H 20
18.8
17.5
19.0
-2.3%
-2.0%
9.8%
Total Sales $mSame Store Sales %
Carl's Jr. Sales
1H18 1H 19 1H 20
Another record performance by KFC and good recovery by Carl’s Jr. offset by softer Pizza Hut result
22.9
20.5
18.3
10.6%
-
4.9%
-
4.4%
Total Sales $m
Same Store Sales %
1H18 1H 19 1H 20
Pizza Hut Sales

0.5
0.7
0.8
2.9%
4.0%
4.4%
EBITDA $mEBITDA % of Sales
New Zealand division EBITDA
35.3
37.0
41.8
20.7%
20.7%
21.6%
EBITDA $m
EBITDA % of Sales
KFC EBITDA
2.1
1.5
0.5
9.0%
7.1%
2.7%
EBITDA $m
EBITDA % of Sales
1H18 1H 19 1H 20
Pizza Hut EBITDA
1H18 1H 19 1H 20
Carl’s Jr. EBITDA
1H 18 1H 19 1H 20
Sales leverage and good cost control assisted earnings with KFC reaching a new record

Australia operations
•Solid same store sales growth and profit performance in KFC
•No new KFC store openings in 1H, however two planned for 2H
•Taco Bell infrastructure established, staff trained. Two new stores opening pre-Christmas
in Jesmondand Blacktown

Australia division
66.7
95.5
99.5
5.8%
4.5%
5.9%
Total Sales $Am
Same Store Sales %
9.8
14.0
14.8
14.7%
14.7%
14.9%
EBITDA $Am
EBITDA % of Sales
KFC Australia Sales
KFC Australia EBITDA
1H18 1H 19 1H 20
1H 18 1H 19 1H 20
A sound result from KFC as business continues to consolidate on recent acquisitions

Hawaii operations
•Very strong sales performance by Taco Bell on good promotions and innovative product
releases
•Pizza Hut showing improved performance with local promotional activity (Big New Yorker)
•Both brands are seeing some margin pressure (wage rates and imported ingredients)
•Moanalua Taco Bell reopened after transformation with +29% sales growth since
reopening.
•Two more Taco Bell transformations scheduled by year end

Moanalua Taco Bell
Latest Taco Bell transformation

1.9
1.0
1.0
7.1%
3.5%
3.5%
EBITDA $USmEBITDA % of Sales
7.2
7.8
8.4
19.7%
20.1%
19.8%
EBITDA $USm
EBITDA % of Sales
27.3
28.4
28.5
-2.0%
2.9%
Total Sales $USm
Same Store Sales %
Hawaii division
36.6
38.6
42.4
3.2%
13.7%
Total Sales $USm
Same Store Sales %
1H 18 1H 19 1H 20
1H 18 1H 19 1H 20
1H 18 1H 19 1H 20
1H 18 1H 19 1H 20
Pizza Hut Sales
Pizza Hut EBITDA
Taco Bell EBITDA
Taco Bell Sales
Double-digit same store sales growth for Taco Bell with some very strong promotions.
Pizza Hut sales and margins stabilised with local promotionsand resolution of systems issues

Growth opportunities progress to date (FY20)
New ZealandAustraliaHawaiiUS
•Network and channel
expansion (4-5 new stores)
•Delivery rolled out to a total
of 32 stores in network
•3new stores opened with 2
new stores in 2H
•Network and channel expansion
(2 new stores)
•Small franchisee acquisitions
•Large acquisition
•Delivery rolled out to 30 stores
in network
•No new stores 1Hwith 2 new
stores in 2H
•Discussions continuingwith
small franchisees
•Potential acquisition
•New store builds
•No further progress on
acquisition (now 15 stores)
•Sites identified for new
builds
•Potential acquisition(beachhead)
Actively looking (West Coast, US)
•Focus sharpeningon potential
targets
•Store builds (network)
•8 builds for re-sale
•3 built and 2 on-sold
•Relocations
•New store builds (1-2 new
delcos)
•Market secured
2 new stores
•Development agreement
signed
•2stores to open in 2H
•NSW / ACT market secured
2 new stores
•Development agreement signed
•2 stores to open in 2H
•New store builds
•Transformations
(2-3 transformations)
•No new store builds
•One transformationcomplete
(1H) –Moanalua
•2 scheduled for 2H
•Potential acquisition (beachhead)
•No further progress todate
PLAN
1H
PLAN
1H
PLAN
1H

Outlook
•The Group expects to deliver a NPAT (excluding effect of NZ IFRS 16) for FY20 of at
least 10% in excess of FY19

Questions
DISCLAIMER
The information in this presentation:
Is provided by Restaurant Brands New Zealand Limited (“RBD”) for general information purposes and does not constitute investment advice or an offer of or invitation to purchase RBD securities.
Includes forward-looking statements. These statements are not guarantees or predictions of future performance. They involve known and unknown risks, uncertainties and other factors, many of which
are beyond RBD’s control, and which may cause actual results to differ materially from those contained in this presentation.
Includes statements relating to past performance which should not be regarded as reliable indicators of future performance.
Is current at the date of this presentation, unless otherwise stated. Except as required by law or the NZX Main Board and ASXlisting rules, RBD is not under any obligation to update this presentation,
whether as a result of new information, future events or otherwise.
Should be read in conjunction with RBD’s consolidated financial statements for the 28 weeks to 9 September 2019, the audited consolidated financial statements for the full year ended 25 February
2019 and the NZX and ASX market releases relating to these financial statements.
Includes non-GAAP financial measures including "EBITDA”. These measures do not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial
information presented by other entities, and should not be used in substitution for, or isolation of, RBD’s audited consolidated financial statements.
Has been prepared with due care and attention. However, RBD and its directors and employees accept no liability for any errors oromissions.
Contains information from third parties RBD believes reliable. However, no representations or warranties are made as to the accuracy or completeness of such information.