Guidance Update and Q2 Sales Results

NZX/ASX
7 August 2023


GUIDANCE UPDATE AND Q2 SALES RESULTS

Restaurant Brands New Zealand Limited (“RBD”) has today provided updated earnings guidance for
the 2023 financial year and released its Q2 sales announcement.

Guidance Update
The RBD Board of Directors wishes to provide updated full year NPAT guidance for the 2023 financial
year, which is now expected to be in the range of $12 million to $16 million.

As announced at the 2023 Annual Shareholders' Meeting in May, RBD continues to face global
inflationary pressures, particularly in regard to rising ingredient and wage costs, which is having a
significant and ongoing impact on profits.

A soft first half of the 2023 financial year was anticipated when the initial guidance was provided.
However, the inflationary environment has continued to evolve, and performance continues to be
impacted significantly due to:

 continued input cost increases in the New Zealand business which have exceeded earlier
expectations of scope and quantum; and
 lower than expected sales growth in California and Hawaii.

Given these factors will continue for some time, at a level far greater than anticipated, it has become
apparent that recovery in the second half is also going to be weaker than expected.

While the business has implemented a strategic programme of price increases and cost control
measures to relieve margin pressures, we have not yet been able to raise prices to fully offset the input
cost increases.

Sales growth and customer loyalty remain foundational to RBD’s long-term growth strategy. While the
near-term focus is firmly on managing cost pressures and margin performance, it is also critical that
our pricing strategy continues to support sales volumes, protect our strong customer base and
maintain relativity to competitors into the future.

Restaurant Brands New Zealand Limited Chairman, José Parés, said: “We acknowledge this
adjustment will be disappointing for shareholders. The Board of Directors wishes to provide assurance
that the Company is diligently managing these short-term challenges and have full confidence in the
new leadership team to deliver on our strategy to provide continued long-term shareholder value.”

RBD expects to release its half year trading results on 28 August 2023.

FY23 Q2 Sales Results
RBD total sales for the second quarter to 30 June 2023 increased to $331.6 million. This was up
$22.1 million (+7.1%) over the equivalent period last year. This reflects ongoing recovery from the
impacts of the 2022 COVID-19 Omicron outbreak and the price increases that were implemented across
all markets.

Total year to date sales reached $640.2 million (an increase of 9.4% on the prior year). Total sales were
supported by the net inclusion of 10 new stores (to 377 stores in total) and the strengthening US dollar
since the equivalent period last year.


RESTAURANT BRANDS NEW ZEALAND LIMITED

New Zealand
Second quarter sales for New Zealand were $142.9 million, up 7.2% in total and 4.7% on a same store
basis. Sales grew across all brands, largely driven by price increases and the easing of pandemic-
related trading constraints.

Total year to date sales were $272.3 million, an increase of 8.1% on the prior year and 6.0% on a same
store basis. Store numbers remained constant during the quarter at 143 stores.

Australia
Australia’s sales for the second quarter were $A72.4 million ($NZ78.2 million), an increase of 13.0% in
total on the prior year. Same store sales were up 8.4% (local currency). Mall and city store sales have
recovered to near pre-COVID-19 levels.

Total year to date sales were $A140.3 million ($NZ151.9 million). This is an increase of 14.2% on a
total basis on the prior year and 9.7% on a same store basis.

Store numbers increased by two during the quarter to 85 stores with the opening of new Taco Bell
stores in Bathurst and Cessnock.

Hawaii
Sales for the second quarter in Hawaii were $US40.4 million ($NZ65.3 million), flat on a total basis, but
up 4.2% on a same store basis (local currency).

Hawaii trading has solidified around the new highs achieved during last year and the new stores opened
in 2022 continued to produce strong trading results. Total year to date sales were $US79.3 million
($NZ127.1 million), an increase of 4.3% on a total basis and 2.6% on a same store basis.

Store numbers decreased by two during the quarter to 73 stores with the closure of the Taco Bell and
Pizza Hut stores at Pearl Harbour.

California
California’s sales in the second quarter were $US27.9 million ($NZ45.2 million), a decrease of 1.5% on
a total basis, and a decrease of 3.5% on a same store basis (local currency).

Same store sales have reduced on the prior year largely due to customers shifting to value-orientated
menu and promotional items.

Total year-to-date sales were $US55.5 million ($NZ88.9 million), a decrease of 0.6% on a total basis
and a decrease of 3.7% on a same store basis.

Store numbers increased by one during the quarter to 76 stores with the opening of the new KFC store
at Paramount.

For more information: investor@rbd.co.nz

Authorised by:
Arif Khan Julio Valdés
Acting Group CEO
+64 9 525 8700
Group CFO
+64 9 525 8700





Ends

2023 ($000's)2022 ($000's)Change
Total Store Sales ($NZ)
Q2 2023 vs Q2 2022

New Zealand
142,937 133,288 7.2%
Australia
78,188 70,384 11.1%
Hawai i
65,300 62,093 5.2%
California
45,161 43,721 3.3%
Total Store Sales
331,585 309,486 7.1%
YTD 2023 vs YTD 2022
New Zealand
272,317 251,816 8.1%
Australia
151,894 133,473 13.8%
Hawai i
127,076 115,139 10.4%
California
88,864 84,462 5.2%
Total Store Sales
640,151 584,890 9.4%
20232022Change
Same Store Sales
Q2 2023 vs Q2 2022
New Zealand
4.7% 3.2% 1.6%
Australia
8.4% 5.0% 3.4%
Hawai i
4.2% 3.6% 0.6%
California
(3.5%)(6.1%)2.6%
YTD 2023 vs YTD 2022
New Zealand
6.0% 1.4% 4.6%
Australia
9.7% 3.4% 6.3%
Hawai i
2.6% 2.9% (0.3%)
California
(3.7%)(3.0%)(0.7%)
RESTAURANT BRANDS NEW ZEALAND LIMITED
Quarterly Sales Report
Summary of Results for the 2nd Quarter (Q2)
(for the 3 months 01/04/23 to 30/06/23)

2023 ($000's)2022 ($000's)Change
Total Store Sales (Local Currency)
Q2 2023 vs Q2 2022
New Zealand ( $NZ)
142,937 133,288 7.2%
Australia ($A)
72,358 64,045 13.0%
Hawai i ( $US)
40,387 40,423 (0.1%)
California ($US)
27,937 28,366 (1.5%)
YTD 2023 vs YTD 2022
New Zealand ( $NZ)
272,317 251,816 8.1%
Australia ($A)
140,264 122,842 14.2%
Hawai i ( $US)
79,287 75,997 4.3%
California ($US)
55,451 55,810 (0.6%)
20232022Change
Number Of Stores Open At Quarter End
New Zealand
143 138 5
Australia
85 81 4
Hawai i
73 74 (1)
California
76 74 2
Total Stores
377 367 10
Exchange Rates
- Blended $A:$NZ rate for Q20.925 0.910 0.015
- Blended $A:$NZ rate for YTD0.923 0.920 0.003
- Blended $US:$NZ rate for Q20.619 0.650 (0.031)
- Blended $US:$NZ rate for YTD0.624 0.660 (0.036)
Note: Some sales numbers for each of the divisions may not aggregate in total due to rounding.
Summary of Results for the 2nd Quarter (Q2)
(for the 3 months 01/04/23 to 30/06/23)
RESTAURANT BRANDS NEW ZEALAND LIMITED
Quarterly Sales Report