Restaurant Brands Half Year Financial Results 2023

THE INTERIM REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2023
STORYPAG E
Key Results02
Group Operating Results03
Pro Forma Income Statement10
Non-GAAP Financial Measures12
Consolidated Statement of Comprehensive Income15
Consolidated Statement of Changes in Equity16
Consolidated Statement of Financial Position18
Consolidated Statement of Cash Flows19
Notes to and Forming Part of the Financial Statements 21
Independent Auditor’s Review Report 29
Corporate Directory 31
Financial Calendar 31
ABOUT RESTAURANT BRANDS
Restaurant Brands New Zealand Limited and subsidiaries
(the Group) operates the KFC, Pizza Hut, Taco Bell and
Carl’s Jr. brands in New Zealand, the KFC and Taco Bell
brands in Australia, the KFC and Taco Bell brands in
California, and the Taco Bell and Pizza Hut brands in Hawaii
and Guam. These brands – four of the world’s most famous
– are distinguished for their product, look, style, ambience
and service and for the total experience they deliver to their
customers around the world.

RESTAURANT BRANDS NEW ZEALAND LIMITEDTHE INTERIM REPORT 30 JUNE 2023PAGE 02PAGE 03
Key ResultsGroup Operating Results
$640.2 MILLION
TOTAL GROUP SALES / 1H 2023
$2.2 MILLION
GROUP NPAT / 1H 2023
$78.3 MILLION
GROUP STORE EBITDA
*
/ 1H 2023
493 STORES
377 OWNED + 116 FRANCHISED / 1H 2023
• Total store sales hit a new high of $640.2 million, up $55.3 million or 9.4% on 1H 2022,
supported by 10 net additional stores and a stronger US dollar.
• Net profit after tax (NPAT) for 1H 2023 was $2.2 million (1.75 cents per share).
• Group store EBITDA before G&A was $78.3 million, down $7.1 million on 1H 2022, with
cost inflation pressures partially offset by strong sales and improved performance of the
Australian division.
• Total stores increased from 488 to 493 for the six months ended 30 June 2023. This includes
377 owned stores and 116 franchised stores.
1H 2023
$NZm
1H 2022
$NZm
Change
$NZm

Change (%)
Total Group sales
640.2584.9+55.3+9.4
Group NPAT
2.215.3-1 3 . 1-85.6
Group store EBITDA
78.385.4-7. 1-8.4
Restaurant Brands New Zealand Limited (RBD) has earned a Group NPAT of $2.2 million for the
six months ended 30 June 2023 (1H 2023), compared with $15.3 million in 1H 2022, reflecting the
significant inflationary pressures facing the Group in all markets. Included in NPAT is a non-cash
net impairment charge of $1.8 million relating to property, plant and equipment.
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, lower than expected sales growth in
California and Hawaii; and higher interest rates leading to increased funding costs.
While the business has implemented a strategic programme of price increases and cost control
measures to relieve margin pressures, we were not able to raise prices to fully offset the input cost
increases during the period without significantly impacting transaction volumes.
Restaurant Brands’ owned store numbers now total 377, up 10 from 1H 2022. This is primarily
driven by new store openings, including five Taco Bell and four KFC stores across NZ and Australia,
two KFC stores in California, and one Taco Bell store in Hawaii offset by two Taco Bell store closures
in Hawaii. There are now 143 RBD-owned stores in New Zealand, 85 stores in Australia, 73 in Hawaii,
and 76 in California.
* EBITDA is earnings before interest, tax, depreciation and amortisation. The EBITDA amounts referred to throughout this report
are before G&A, NZ IFRS 16 and Other Items. EBITDA is a non-GAAP financial measure and is not in accordance with NZ IFRS.

RESTAURANT BRANDS NEW ZEALAND LIMITEDTHE INTERIM REPORT 30 JUNE 2023PAGE 04PAGE 05
NEW ZEALAND OPERATIONS
New Zealand store sales were $272.3 million, up $20.5 million or 8.1% on 1H 2022. Sales grew across
all brands, primarily driven by price increases and the easing of pandemic-related trading constraints.
EBITDA was $32.2 million, a $9.5 million or 22.8% decrease on 1H 2022 with significant cost pressures,
partially offset by the strong store sales performance. EBITDA margin at 11.8% was down on prior year
reflecting the effect of the cost pressures and the mix of less profitable Taco Bell brand sales as this
business continues to build momentum.
1H 2023
$NZm
1H 2022
$NZm
Change
$NZm

Change (%)
Sales
272.3251.8+20.5+8.1
Store EBITDA
32.241 .7-9.5-22.8
EBITDA as a % of sales
11.816.6
Store numbers
143138
Same store sales were up 6.0% for 1H 2023, despite the tight labour market causing adverse
related staff shortages which required many stores to reduce operating hours and/or operate
with reduced capacity.
1H 2023 saw the successful introduction of a number of new products into the market, with Hot Honey
Double Down (KFC) and Korean Chicken Pizza (Pizza Hut) delivering sales growth. Carl’s Jr. continues
to perform well with Philly Cheese Steak, Hot Honey, Truffle Mayo Big Angus, and Taco Bell with Chalupa,
Chipotle Crunch Burrito.
Operating profit for the New Zealand division (excluding the effect of NZ IFRS 16) was $14.2 million
(down 37.4%). Inflation has had a significant impact on ingredient and input costs and continues to do
so. In addition, labour shortages have significantly impacted the hospitality industry in New Zealand.
This has disrupted the ability to operate at full trading hours across all stores and channels, particularly
during the first quarter of 2023, but has shown improvement during the second quarter.
Whilst restricted availability of building materials and store equipment have slowed store development,
new store builds are continuing with four Pizza Hut franchisee stores opened under the Group’s turnkey
program during 1H 2023. Store development will continue to build momentum, with one KFC, one Taco
Bell, two Carl’s Jr. stores, and eight Pizza Hut stores expected to open in the second half of the year.
The Pizza Hut business in New Zealand continues to grow strongly, not only from RBD’s own stores, but
also from the 116 stores operated by independent franchisees under a Master Franchise agreement with
the Group. Four new stores were opened in the first half with up to eight additional stores anticipated by
the end of the year.
Store numbers increased by five from 1H 2022. Two Taco Bell stores and three KFC were opened in 2H 2022.
AUSTRALIA OPERATIONS
Total sales in Australia were $A140.3 million, up $A17.5 million or 14.2% on last year, primarily due to
post Covid recovery, value-based marketing strategies, and the effect of additional store openings.
In $NZ terms the Australian business contributed total sales of $NZ151.9 million (up 13.8%), a store
EBITDA of $NZ16.8 million (up 18.7%) and operating profit (excluding the effect of NZ IFRS 16) of
$NZ0.2 million (down 83.4%).
1H 2023
$Am
1H 2022
$Am
Change
$Am

Change (%)
Sales
140.3122.8+17. 5+14. 2
Store EBITDA
15.513.0+2.5+1 9. 2
EBITDA as a % of sales
11.110.6
Store numbers
8581
Same store sales were up 9.7% for the six months ended 30 June 2023. KFC sales have been strong
in 1H 2023 with both CBD and mall stores generating an extra $A6.8 million (same store sales of 30%)
on 1H 2022. Drive-thru concepts have delivered a solid result of $A7.5 million (same store sales of
6.8%). Digital sales through owned and third-party aggregator channels continued to contribute
to further sales increases. Ongoing investment in these channels combined with investment in
restaurant design has helped improve both brand awareness and operational efficiencies.
The store EBITDA results in the first half are encouraging despite the inflationary headwinds
experienced throughout the industry. The business has seen a significant recovery in CBD and
mall margins driven primarily by increased sales volume.
There were two new Taco Bell restaurants opened during 1H 2023 in Bathurst and Cessnock
demonstrating our continued commitment to the brand. Target growth areas across New South
Wales have been identified for future development.

RESTAURANT BRANDS NEW ZEALAND LIMITEDTHE INTERIM REPORT 30 JUNE 2023PAGE 06PAGE 07
HAWAII OPERATIONS
Total sales in Hawaii were $US79.3 million up $US3.3 million or 4.3% on last year, primarily due to
increased trading hours.
In $NZ terms the Hawaiian operations contributed $NZ127.1 million in revenues, $NZ20.3 million in
EBITDA and an operating profit (excluding the effect of NZ IFRS 16) of $NZ9.2 million for the period.
1H 2023
$USm
1H 2022
$USm
Change
$USm

Change (%)
Sales
79.376.0+3.3+4.3
Store EBITDA
12.61 3 .7-1 . 1-7. 8
EBITDA as a % of sales
15.918.0
Store numbers
7374
Same store sales were up 2.6%, however sales growth for the Hawaiian business was lower than
expected. Taco Bell sales improved versus 1H 2022, on the back of an “Old Favourites” promotion
including Enchirito and Nacho Fries limited time offers.
While EBITDA margin as a percentage of sales fell from 18.0% to 15.9% (largely as a result of the
higher cost of sales), store staffing challenges continue to impact the business with stores having
to operate to reduced trading hours on some occasions. Staffing challenges appear to be the direct
result of the State’s aging population and net migration outflow. However, the high cost of sales is
expected to abate in the second half of the year.
Overall store numbers in Hawaii are down by one from 1H 2022 with the closure of the two Pearl
Harbor Pizza Hut and Taco Bell stores in May 2023 offset by Taco Bell Kilauea which opened in
August 2022.
CALIFORNIA OPERATIONS
Total sales in California were $US55.5 million, slightly down $US0.3 million or 0.6% on last year as a
result of decreased consumer spending caused by high inflation.
In $NZ terms the Californian operations contributed $NZ88.9 million in revenues, $NZ9.0 million in
EBITDA and an operating loss (excluding the effect of NZ IFRS 16) of $NZ1.7 million for the period.
1H 2023
$USm
1H 2022
$USm
Change
$USm

Change (%)
Sales
55.555.8-0.3-0.6
Store EBITDA
5.65.8-0.2-3.4
EBITDA as a % of sales
10.110.4
Store numbers
7674
Same store sales decreased by 3.7%, primarily due to customers shifting to value-orientated menu
and promotional items.
Strong inflationary pressures in the US continue to challenge sales, cost of sales, and labour.
Profitability eased slightly with EBITDA reduced by $US0.2 million, however in $NZ terms it is higher
by $0.2 million due to the strengthened US dollar.
California store numbers increased by two to 76 stores, up from 74 stores in 1H 2022. KFC Ridgecrest
was opened in August 2022 and KFC Paramount in June 2023. The new store builds met the
California Green Building Standards Code with KFC Paramount being the first store to include solar
panels, energy-efficient materials, and design-specific landscaping to reduce water usage.

RESTAURANT BRANDS NEW ZEALAND LIMITEDTHE INTERIM REPORT 30 JUNE 2023PAGE 08PAGE 09
CORPORATE & OTHER
Group general and administration (G&A) costs were $32.8 million, an increase of $5.3 million on
1H 2022. G&A as a percentage of total revenue was 4.9%, up on 1H 2022 (4.5%). As with much of
the business, this was primarily driven by cost inflation higher than anticipated and the filling of
vacancies across all regions.
Depreciation charges of $23.0 million for 1H 2023 were $2.0 million higher than 1H 2022. The
increase is due to the continued developments of the new store builds and store refurbishments
although at a slower rate than the prior year. Depreciation of right of use assets is also up $1.1 million
to $21.1 million with new leases increasing the associated right of use asset depreciation.
Financing costs of $27.2 million were up $7.5 million on 1H 2022, primarily due to an increase in bank
interest costs of $6.0 million driven by higher interest rates charged on the Group loans. Interest
on bank loans was $9.7 million (1H 2022: $3.7 million). Lease interest contributed to the increase of
$1.6 million due to both new leases and existing leases being extended.
Tax expense was $0.8 million, down $4.4 million due to the lower earnings. The effective tax rate is
27.4%, up from 25.6% on 1H 2022.
OTHER EXPENSES
Other expenses for the half year totalled $1.8 million. This relates to the recognition of an impairment
expense of $2.2 million for two Taco Bell restaurants in Australia offset by the reversal of impairment
of $0.4 million recognised in prior periods for a KFC store, also in Australia.
NZ IFRS 16
The impact of NZ IFRS 16 on the Group accounts for the half year is a reduction of $4.8 million on
after-tax operating earnings (1H 2022 impact: $4.8 million).
The Consolidated Statement of Financial Position has right of use assets of $619.8 million as at 30
June 2023, up $12.0 million since 31 December 2022 due to the new stores being opened and lease
renewals. Lease liabilities of $734.1 million are also up by $19.1 million reflecting the increase in future
lease commitments.
CASH FLOW AND BALANCE SHEET
Total assets of the Group were $1,436.7 million, up $19.5 million on the previous year end, primarily
due to new store builds which increased the value of both property, plant and equipment as well
as right of use assets. Bank debt at the end of the 1H 2023 was $291.8 million compared to $280.3
million at the previous year end. As at 30 June 2023, the Group had bank debt facilities totalling
approximately $384.0 million available. Cash and cash equivalents decreased by $12.7 million since
December 2022 with net debt increasing by $24.2 million to $274.7 million over the half year. This is
due to decreased profitability and commitment to a capital investment programme.
The Group remains comfortably within all banking covenants with a Net Debt to EBITDA ratio
of 2.4 : 1.
Net operating cash inflows were $49.7 million, up $1.3 million on 1H 2022. This small increase is
mainly driven by higher sales and lower payment of income tax and is partially offset by $6.0 million
additional interest paid versus the prior year.
Net investing cash outflows were $33.4 million, $0.6 million lower than the $34.0 million in 1H 2022.
The underlying spend on new stores as well as refurbishing existing stores throughout the network
was up by $1.3 million.
A dividend of $20.0 million (16 cents per share) was paid to shareholders in April 2023.
OUTLOOK
Despite near-term global inflationary challenges, the Board and Management Team are confident
there are robust measures in place to deliver against guidance in the second half and rebuild
performance to support the long-term roadmap to growth.
Our focus remains firmly on strong sales volumes, customer loyalty and maintaining a competitive
market, while carefully managing cost pressures and margin performance. The Group continues
to implement price increases where possible, while ensuring transaction volumes are not
adversely impacted.
It is critical that price increases are made at a pace and level that is cognisant of sales volumes,
customer loyalty and our relativity to competitors. We remain firmly focused on these factors as
we seek improved profitability in the second half of 2023.
We continue to fine-tune operations across the business to ensure our systems and processes are
fit for purpose for the volatile economic environment and our growing store network.
This includes improvements to several of our internal systems, which will streamline and enhance
processes over contracting, procurement, pricing, hiring and inventory management, improving
margin controls. Additionally, the alignment of environmental, social, and corporate strategies
continues to see increased efforts on general waste diversion, energy efficiency initiatives, and
food waste reduction programs with a positive result.
Continued investment into our digital platforms is also planned to provide improved customer
access and attract new customers, alongside menu re-engineering and an enhanced marketing
and promotions programme.
RBD continues to monitor the trading and economic environment closely as volatility continues
across its key markets. Management plans to provide an update on outlook for the Group, in terms
of expected time to recovery, at the time of the full-year results.
Against the current economic backdrop, NPAT for the 2023 financial year is expected to be in the
range of $12 million to $16 million.

RESTAURANT BRANDS NEW ZEALAND LIMITEDTHE INTERIM REPORT 30 JUNE 2023PAGE 10PAGE 11
$NZ000’s
30 June 2023
unaudited% sales
vs Prior
%
30 June 2022
unaudited% sales
Store EBITDA before G&A
New Zealand
32,18711.8(22.8)41,67916.6
Australia
16,80211.11 8 .714,15710.6
Hawaii
20,26515.9(2.3)2 0 ,7 5 018.0
California
9,00210.12.18,81510.4
Total Store EBITDA before G&A78,25612.2(8.4)85,40114.6
Ratios
Net tangible assets per security
(net tangible assets divided by number
of shares) in cents
2.5 (13.5)
Cost of goods sold are direct costs of operating stores: food, paper, freight, labour
and store overheads.
Distribution expenses are costs of distributing product from store.
Marketing expenses are order centre, advertising and local store marketing expenses.
General and administration expenses (G&A) are non-store related overheads.

$NZ000’s
30 June 2023
unaudited
vs Prior
%
30 June 2022
unaudited
Sales
New Zealand
272,3178.1251,816
Australia
151,89413.8133,473
Hawaii
1 2 7,0 7 610.4115,139
California
88,8645.284,462
Total sales
640,1519.4584,890
Other revenue
33,00222.22 7,0 0 9
Total operating revenue
673,15310.0611,899
Cost of goods sold
(571,273)( 1 2 .7 )( 5 0 6 ,7 9 7 )
Gross margin
101,880(3.1)105,102
Distribution expenses
(4,606)(22.9)(3 ,74 8 )
Marketing expenses
(32,431)(4.8)(30,951)
General and administration expenses
(3 2 ,7 5 9)(19.3)( 2 7, 4 5 2 )
Other income
-n/a850
Other expenses
(1,830)47.7(3,500)
Operating profit
30,254(24.9)40,301
Financing expenses
( 2 7, 2 4 5 )( 3 7. 9 )(19,762)
Net profit before taxation
3,009(85.4)20,539
Taxation expense
(826)84.3(5,258)
Total profit after taxation (NPAT)
2,183( 8 5 .7 )15,281
Group store EBITDA
for the six months ended 30 June 2023
Pro forma income statement
for the six months ended 30 June 2023

RESTAURANT BRANDS NEW ZEALAND LIMITEDTHE INTERIM REPORT 30 JUNE 2023PAGE 12PAGE 13
The Group results are prepared in accordance with New Zealand Generally Accepted Accounting
Practice (“NZ GAAP”) and comply with New Zealand International Financial Reporting Standards
(“NZ IFRS”). These financial statements include non-NZ GAAP financial measures that are
not prepared in accordance with NZ IFRS. The non-NZ GAAP financial measures used in this
presentation are as follows:
1. EBITDA before G&A and other items. The Group calculates Earnings Before Interest, Tax,
Depreciation and Amortisation (“EBITDA”) before G&A (general and administration expenses)
and other items by taking net profit before taxation and adding back (or deducting) financing
expenses, other items, depreciation, amortisation and G&A. The Group also refers to this
measure as Store EBITDA before G&A. This measure provides the results of the Group’s core
operating business and excludes those costs not directly attributable to stores. This is believed
to be a useful measure to assist in the understanding of the financial performance of the Group.
The term Store refers to the Group’s 10 operating divisions comprising the four New Zealand
brands (KFC, Pizza Hut, Taco Bell and Carl’s Jr.), the two Australia brands (KFC and Taco Bell), the
two Hawaii brands (Taco Bell and Pizza Hut) and the two California brands (Taco Bell and KFC).
The term G&A represents non-store related overheads.
2. Total NPAT excluding the impact of NZ IFRS 16. Total Net Profit After Taxation (“NPAT”)
excluding the impact of NZ IFRS 16 is calculated by taking profit after taxation attributable
to shareholders and adding back (or deducting) lease items whilst also allowing for any tax
impact of those items. This measure reflects the performance of the business, excluding costs
associated with the adoption of NZ IFRS 16 and is considered a useful measure to assist with
understanding the financial performance of the Group.
The Group believes that these non-NZ GAAP measures provide useful information to readers
to assist in the understanding of the financial performance and position of the Group but that
they should not be viewed in isolation, nor considered as a substitute for measures reported
in accordance with NZ IFRS. Non-NZ GAAP measures as reported by the Group may not be
comparable to similarly titled amounts reported by other companies.
The following is a reconciliation between these non-NZ GAAP measures and net profit after taxation:
$NZ000’s Note*
30 June 2023
unaudited
30 June 2022
unaudited
EBITDA before G&A and other items178,25685,401
Depreciation(23,013)(21,022)
Net loss on sale of property, plant and equipment
(included in depreciation)
(687)(526)
Lease depreciation(21,063)(19,943)
Lease costs31 ,7 7 029,293
Amortisation (included in cost of sales)(4,861)(5,051)
General and administration costs –
area managers, general managers and support centre
(28,638)(25,201)
Gain on lease termination320–
Other income– 850
Other expenses(1,830)(3,500)
Operating profit30,25440,301
Financing expenses( 2 7, 2 4 5 )(19,762)
Net profit before taxation 3,00920,539
Taxation expense (826)(5,258)
Net profit after taxation2,18315,281
Add back NZ IFRS 16 impact6,5536,668
Less taxation expense on NZ IFRS 16 impact(1 ,7 1 1 )(1,840)
Total NPAT excluding the impact of NZ IFRS 1627,0 2 520,109
* Refers to the list of non-NZ GAAP measures as listed on the previous page.
Non-GAAP financial measures (continued)
for the six months ended 30 June 2023
Non-GAAP financial measures
for the six months ended 30 June 2023

THE INTERIM REPORT 30 JUNE 2023PAGE 15
INTERIM FINANCIAL
STATEMENTS

$NZ000’s
Note
30 June 2023
unaudited
30 June 2022
unaudited
31 December 2022
audited
Store sales revenue640,151584,8901,239,048
Other revenue33,0022 7,0 0 95 9,17 0
Total operating revenue673,153611,8991,298,218
Cost of goods sold(571,273)( 5 0 6 ,7 9 7 )(1,077,075)
Gross profit101,880105,102221,143
Distribution expenses(4,606)(3 ,74 8 )(8,244)
Marketing expenses(32,431)(30,951)(61,849)
General and administration expenses(3 2 ,7 5 9)( 2 7, 4 5 2 )(61,445)
Other income-8502,465
Other expenses3(1,830)(3,500)(5,365)
Operating profit30,25440,3018 6 ,7 0 5
Finance expenses( 2 7, 2 4 5 )(19,762)(44,528)
Profit before taxation3,00920,53942,17 7
Taxation expense(826)(5,258)(10,094)
Profit after taxation attributable
to shareholders
2,18315,28132,083
Other comprehensive income:
Exchange differences on translating
foreign operations
6,46915,84510,515
Derivative hedging reserve -971954
Income tax relating to components of
other comprehensive income
-(272)(182)
Other comprehensive income net of tax6,46916,54411,287
Total comprehensive income attributable
to shareholders
8,65231,82543,370
Basic and diluted earnings per share
(cents)
41 .7 512.252 5 .7 2
For and on behalf of the Board:
José Parés Emilio Fullaondo
Chairman Director
28 August 2023 28 August 2023
Consolidated statement of comprehensive income
for the six months ended 30 June 2023
RESTAURANT BRANDS NEW ZEALAND LIMITEDPAGE 14

RESTAURANT BRANDS NEW ZEALAND LIMITEDTHE INTERIM REPORT 30 JUNE 2023PAGE 16PAGE 17

$NZ000’s
Share
capital
Foreign
currency
translation
reserve
Derivative
hedging
reserve
Retained
earningsTotal
For the period ended 31 December 2022
Balance at the beginning of the period
154,565(1,480)(872)1 3 7, 5 2 4 2 8 9,7 3 7
Comprehensive income
Profit after taxation attributable
to shareholders
- -- 15,28115,281
Other comprehensive income
Movement in foreign currency
translation reserve
- 15,845-- 15,845
Movement in derivative hedging reserve- -699- 699
Total other comprehensive income-15,845699-16,544
Total comprehensive income- 15,84569915,28131,825
Transactions with owners
Net dividends distributed
- - -(39,923)(39,923)
Total transactions with owners- - -(39,923)(39,923)
Unaudited balance as at 30 June 2022154,56514,365(17 3)112,882281,639
Comprehensive income
Profit after taxation attributable
to shareholders
- - -16,80216,802
Other comprehensive income
Movement in foreign currency
translation reserve
-(5,430)--(5,430)
Movement in derivative hedging reserve- - 17 3-17 3
Total other comprehensive income- (5,430)17 3-(5,257)
Total comprehensive income- (5,430)17 316,80211,545
Audited balance as at 31 December 2022154,5658,935-129,684293,184
Consolidated statement of changes in equity
for the six months ended 30 June 2023
Consolidated statement of changes in equity (continued)
for the six months ended 30 June 2023

$NZ000’s
Share
capital
Foreign
currency
translation
reserve
Derivative
hedging
reserve
Retained
earningsTotal
For the six month ended
30 June 2023
Comprehensive income
Profit after taxation attributable
to shareholders
–––2,1832,183
Other comprehensive income
Movement in foreign currency
translation reserve
–6,469––6,469
Total other comprehensive income–6,469––6,469
Total comprehensive income–6,469–2,1838,652
Transactions with owners
Net dividends distributed
–––(19,961)(19,961)
Total transactions with owners–––(19,961)(19,961)
Unaudited balance as at 30 June 2023154,56515,404–111,906281,875

RESTAURANT BRANDS NEW ZEALAND LIMITEDTHE INTERIM REPORT 30 JUNE 2023PAGE 18PAGE 19
Consolidated statement of financial position
as at 30 June 2023

$NZ000’s
Note
As at
30 June 2023
unaudited
As at
30 June 2022
unaudited
As at
31 December 2022
audited
Non-current assets
Property, plant and equipment
5
330,000301,463319,302
Right of use assets
6
619,833623,834607,765
Sublease receivable
918927962
Intangible assets
364,204370,457358,336
Deferred tax asset
47,7 7443,07043,627
Land held for development
8
8,4617,0 8 47,0 8 4
Total non-current assets
1,371,1901,346,8351,337,076
Current assets
Inventories
18,939 20,25325,140
Trade and other receivables
19,370 17,7 2 015,570
Income tax receivable
10,097 9,1429,616
Cash and cash equivalents
17, 1 2 8 33,15129,869
Total current assets
65,534 80,26680,195
Total assets
1 , 4 3 6 ,7 2 4 1 , 4 2 7, 1 0 11,417,271
Equity attributable to shareholders
Share capital
154,565 154,565154,565
Reserves
15,404 14,1928,935
Retained earnings
111,906 112,882129,684
Total equity attributable to shareholders
281,875 281,639293,184
Non-current liabilities
Provisions
5,2454,6884,858
Deferred income
64121804
Loans
2 91 ,7 8 594,378280,281
Lease liabilities
703,347696,338685,332
Deferred tax liabilities
499586–
Total non-current liabilities
1,001,517796,011971,275
Current liabilities
Income tax payable
–1,1681,480
Trade and other payables
118,683119,927119,290
Provisions
1 ,7 6 11,3061,866
Lease liabilities
3 0,74 628,88929,599
Deferred income
2,142 1,822577
Derivative financial instruments
– 100–
Loans
–196,239–
Total current liabilities
153,332349,451152,812
Total liabilities
1,154,8491,145,4621,124,087
Total equity and liabilities
1 , 4 3 6 ,7 2 41 , 4 2 7, 1 0 11,417,271
Consolidated statement of cash flows
for the six months ended 30 June 2023

$NZ000’s

30 June 2023
unaudited
30 June 2022
unaudited
31 December 2022
audited
Cash flow from operating activities
Cash was provided by/(applied to):
Receipts from customers
672,406609,2011,295,520
Payments to suppliers and employees(589,619)(528,054)(1,109,499)
Interest paid(9,612)(3,665)(10,901)
Interest paid on leases( 17, 5 8 0 )(16,018)(33,429)
Payment of income tax(5,931)(13,087)(20,097)
Net cash from operating activities49,66448,377121,594
Cash flow from investing activities
Cash was (applied to)/provided by:
Acquisition of business
–(1,021)(1,087)
Payment for intangibles(1,132)(1,198)(1,559)
Purchase of property, plant and equipment(33,348)(31,984)(90,515)
Proceeds from the disposal of property,
plant and equipment
1,0971661,591
Net cash used in investing activities(33,383)(34,037)(91,570)
Cash flow from financing activities
Cash was provided by/(applied to):
Proceeds from loans
143,74049,9865 2 7, 8 3 4
Repayment of loans(139,512)(24,663)(506,397)
Dividend paid to shareholders(19,961)(39,923)(39,923)
Payment for lease principal(14,190)(13,275)( 2 7,0 4 4 )
Net cash used in financing activities(29,923)(27,875)(45,530)
Net (decrease) in cash and cash equivalents(13,642)(13,535)(15,506)
Cash and cash equivalents at beginning
of the period
29,86945,15545,155
Foreign exchange movements9011,531220
Cash and cash equivalents at the end
of the period
17, 1 2 833,15129,869
Cash and cash equivalents comprise:
Cash on hand
691679678
Cash at bank16,43732,47229,191
17, 1 2 833,15129,869

RESTAURANT BRANDS NEW ZEALAND LIMITEDPAGE 20
Consolidated statement of cash flows (continued)
for the six months ended 30 June 2023
Reconciliation of profit after taxation with net cash from operating activities:

$NZ000’s
Note
30 June 2023
unaudited
30 June 2022
unaudited
31 December 2022
audited
Total profit after taxation attributable
to shareholders
2,18315,28132,083
Add/(less) items classified as investing
activities:
Gain on acquisition
–(850)(842)
Loss on disposal of property, plant and
equipment
687526949
687(324)107
Add/(less) non-cash items:
Depreciation
44,07740,96585,220
Impairment of property, plant
and equipment
31,830–1,209
Lease termination(320)––
Increase in provisions60211941
Amortisation of intangible assets4,8615,05110,118
Net (increase) in deferred tax asset(3,454)(4 ,7 8 5 )(6, 217 )
47,0 5 441,4 4291,271
Add/(less) movement in working capital:
Decrease/(increase) in inventory
6,3012,264(2,648)
(Increase)/decrease in trade and
other receivables
(3,981)(3,465)1,265
(Decrease)/increase in trade creditors
and other payables
(929)(3,777)3,303
(Decrease)/increase in income tax payable(1,651)(3,04 4)(3 ,7 8 7 )
(260)(8,022)(1,867)
Net cash from operating activities49,66448,377121,594
Reconciliation of movement in term loans
Opening balance
280,281246,887246,887
Net cash flow movement4,22825,32321,437
Decrease/(increase) in prepaid facility costs61114(92)
Foreign exchange movement7, 2 1 518,29312,049
Closing balance2 91 ,7 8 52 9 0,6 17280,281
Notes to and forming part of the consolidated financial statements
for the six months ended 30 June 2023
1. GENERAL INFORMATION
The reporting entity is the consolidated group (the “Group”) comprising the parent entity Restaurant
Brands New Zealand Limited (the “Company”) and its subsidiaries. Restaurant Brands New
Zealand Limited is a limited liability company incorporated and domiciled in New Zealand. The
principal activity of the Group is the operation of quick service and takeaway restaurant concepts
in New Zealand, Australia, USA, Saipan and Guam.
The Company is listed on the New Zealand Stock Exchange (“NZX”) and the Australian Securities
Exchange (“ASX”). The Group is designated as a for-profit entity for financial reporting purposes.
Statutory base
The Company is registered under the Companies Act 1993 and is an FMC reporting entity under
Part 7 of the Financial Markets conduct Act 2013.
Reporting framework
These financial statements for the six months ended 30 June 2023 have been prepared in
accordance with NZ IAS 34 New Zealand Interim Financial Reporting, and IAS 34 Interim Financial
Reporting and should be read in conjunction with the financial statements published in the Annual
Report year ended 31 December 2022. The accounting policies have been applied on a basis
consistent with those used and described in the audited consolidated financial statements for
the year ended 31 December 2022.
The unaudited interim financial statements have been prepared in accordance with New Zealand
Generally Accepted Accounting Practice (“NZ GAAP”).
New standards and amendments
There were no new accounting standards, amendments, and interpretations which were assessed
as having a material impact on the Group. There are no NZ IFRS, NZ IFRIC interpretations or other
applicable IFRS that are effective for the first time for the financial year beginning on or after
1 January 2023 that had a material impact on the financial statements.
THE INTERIM REPORT 30 JUNE 2023PAGE 21

Notes to and forming part of the consolidated financial statements (cont.)
for the six months ended 30 June 2023
2. SEGMENTAL REPORTING
Operating segments are reported in a manner consistent with the internal reporting provided to
the chief operating decision makers. The Group is split into four geographically distinct operating
divisions; New Zealand, Australia, Hawaii and California. The chief operating decision makers,
responsible for allocating resources and assessing performance of the operating segments, have
been identified as the Acting Group Chief Executive Officer (Group CEO) and Group Chief Financial
Officer (Group CFO). The chief operating decision makers consider the performance of the business
from a geographic perspective, being New Zealand, Australia, Hawaii (including Guam and Saipan)
and California while the performance of the corporate support function is assessed separately.
The Group is therefore organised into four operating segments, depicting the four geographic
regions the Group operates in and the corporate support function located in New Zealand.
All segments operate quick service and takeaway restaurant concepts. All operating revenue
is from external customers.
The Group evaluates performance and allocates resources to its operating segments on the
basis of segment assets, segment revenues, EBITDA before general and administration expenses
and operating profit before Leases (NZ IFRS 16 and IFRS 16). EBITDA refers to earnings before
interest, taxation, depreciation and amortisation. Operating profit refers to earnings before interest
and taxation.
The Group believes that these non-GAAP measures provide useful information to readers to assist
in the understanding of the financial performance and position of the Group but that they should
not be viewed in isolation, nor considered as a substitute for measures reported in accordance with
New Zealand equivalents to International Financial Reporting Standards (NZIFRS). The non-GAAP
measures presented do not have a standardised meaning prescribed by GAAP and therefore may
not be comparable to similar financial information presented by other entities.
30 June 2023
$NZ000’s
New Zealand AustraliaHawaiiCalifornia
Corporate
support
function
Consolidated
half year
unaudited
Business segment
Store sales revenue
2 7 2,317151,8941 2 7,0 7 688,864 – 640,151
Other revenue32,589306 – 107 – 33,002
Total operating revenue304,906152,2001 2 7,0 7 688,971–673,153
EBITDA before general and
administration expenses,
NZ IFRS 16 and other items
35,120 15,812 19,296 8,028 –78,256
General and administration
expenses
(10,204)(6,483)(4,775)(4,547 )(2,629)(28,638)
24,9169,32914,5213,481(2,629)49,618
Other expenses
(refer to note 3)
–(1,830)–––(1,830)
Depreciation(10,153)(6,609)(4 ,7 17 )(2,212)(10)(23,701)
Amortisation(550)(656)(635)(2,943)(77)(4,861)
Operating profit before
NZ IFRS 16
14,2132349,169(1 ,6 74)(2,716)19,226
Adjustments for NZ IFRS 164,921 3,166 1,343 1,598 – 11,028
Operating profit19,134 3,400 10,512 (76)(2,716)30,254
Current assets29,132 14,327 1 3 ,7 8 3 8,292 –65,534
Non-current assets17 7,0 0 6 233,452 204,662 135,319–750,439
Non-current lease assets
(excluding deferred tax)
1 8 7,6 8 3 159,428 91,538 182,102–6 2 0 ,7 51
Total assets393,821 407,207 309,983 325,713 –1 , 4 3 6 ,7 2 4
RESTAURANT BRANDS NEW ZEALAND LIMITEDTHE INTERIM REPORT 30 JUNE 2023PAGE 22PAGE 23

Notes to and forming part of the consolidated financial statements (cont.)
for the six months ended 30 June 2023
30 June 2022
$NZ000’s
New Zealand AustraliaHawaiiCalifornia
Corporate
support
function
Consolidated
half year
unaudited
Business segment
Store sales revenue
251,816133,473115,13984,462–584,890
Other revenue2 5 ,7 9 8331880––2 7,0 0 9
Total operating revenue2 7 7,6 1 4133,804116,01984,462–611,899
EBITDA before general and
administration expenses,
NZ IFRS 16 and other items
43,19813,65320,2468,304–85,401
General and administration
expenses
( 9,747 )(5,643)(4,627 )(3,924)(1,260)(25,201)
33,4518,01015,6194,380(1,260)60,200
Other expenses
(refer to note 3)
–––850(3,500)(2,650)
Depreciation( 9,7 6 6 )(5,943)(3 ,7 9 7 )(2,030)(12)(21,548)
Amortisation(980)(649)(662)( 2 ,7 6 0 )–(5,051)
Operating profit before
NZ IFRS 16
2 2 ,7 0 51,41811,160440(4 ,7 7 2 )30,951
Adjustments for NZ IFRS 164,6772,5701,1299 74–9,350
Operating profit2 7, 3 8 23,98812,2891,414(4 ,7 7 2 )40,301
Current assets31,94715,32617, 9 0 515,087–80,265
Non-current assets16 4 ,7 2 2226,839201,013129,500–72 2,0 74
Non-current lease assets
(excluding deferred tax)
188,061157,72593,685185,291–624,762
Total assets3 8 4 ,7 3 0399,890312,603329,878–1 , 4 2 7, 1 0 1
2.1 Reconciliation between operating profit and net profit after taxation
excluding NZ IFRS 16

$NZ000’s

30 June 2023
unaudited
30 June 2022
unaudited
31 December 2022
audited
Operating profit
30,254 40,3018 6 ,7 0 5
Financing expenses
( 2 7, 2 4 5 )(19,762)(44,528)
Net profit before taxation
3,009 20,53942,17 7
Taxation expense
(826)(5,258)(10,094)
Net profit after taxation
2,18315,28132,083
Add back net financial impact of NZ IFRS 16
6,5536,66814,208
Less taxation expense of NZ IFRS 16
(1 ,7 1 1 )(1,840)(3,934)
Net profit after taxation excluding NZ IFRS 16
7,0 2 520,10942,357
3. Profit before taxation

$NZ000’s

30 June 2023
unaudited
30 June 2022
unaudited
31 December 2022
audited
Profit before taxation
The profit before taxation is calculated after
charging/(crediting) the following items:
Royalties
3 7, 8 6 234,29772,393
Lease expense5,3843,5928,125
Insurance recovery--(1,623)
Rent relief-(165)(165)
Gain on acquisition-(850)(842)
Other income---
Other expenses1,8303,5005,365
Lease expenses
This relates to short term and variable lease costs included in the consolidated statement of
comprehensive income not included in NZ IFRS 16 costs.
RESTAURANT BRANDS NEW ZEALAND LIMITEDTHE INTERIM REPORT 30 JUNE 2023PAGE 24PAGE 25

Notes to and forming part of the consolidated financial statements (cont.)
for the six months ended 30 June 2023
Other expenses

$NZ000’s

30 June 2023
unaudited
30 June 2022
unaudited
31 December 2022
audited
Acquisition costs-65-
ERP implementation-3,4354,014
Store closure--1,0 47
Net impairment of property, plant and
equipment and right of use assets
1,830-162
Other--142
Total other expenses
1,8303,5005,365
Net impairment of property, plant and equipment and right of use assets
The Group continued to face challenges from staff shortages impacting operations across
all divisions and cost inflation pressures across all markets which was partially mitigated by
implementing price increases where possible. A detailed review of property, plant and equipment
and right of use assets of stores at period end resulted in a number of stores with impairment
indicators. Based on further analysis a net impairment charge of $1.8 million was recognised for
June 2023 (June 2022: nil). This included two Taco Bell stores in Australia with an impairment charge
of $2.2 million and one KFC store that had an impairment provision of $0.4 million reversed.
4. EARNINGS PER SHARE

30 June 2023
unaudited
30 June 2022
unaudited
31 December 2022
audited
Basic and diluted earnings per share
Profit after taxation attributable to
shareholders ($NZ000’s)
2,18315,28132,083
Weighted average number of shares
on issue (000’s)
1 2 4 ,7 5 9124,759124,759
Basic and diluted earnings per share
(cents)
1 .7 512.252 5 .7 2
Shares on issue
As at 30 June 2023, the total number of ordinary shares on issue was 124,758,523
(June 2022: 124,758,523).
5. PROPERTY, PLANT AND EQUIPMENT
Additions and disposals
During the six months ended 30 June 2023, the Group acquired assets with a total cost of $31.9
million (June 2022: $31.3 million) and disposed of assets with a total cost of $1.7 million (June 2022:
$0.8 million).
6. RIGHT OF USE ASSETS
Additions and modifications
During the six months ended 30 June 2023, the Group had lease additions and modifications of
$21.2 million (June 2022: $39.1 million).
7. RELATED PARTY TRANSACTIONS
Transactions with key management or entities related to them
During the period the Group incurred $30,000 of travel related expenses for Julio Valdés, whilst
employed as CFO of Grupo Finaccess S.A.P.I de C.V. (the ultimate parent company of the Group),
prior to his appointment as Group Chief Financial Officer of Restaurant Brands New Zealand Limited
on 1 June 2023. These transactions were at arm’s length and performed on normal commercial terms.
RESTAURANT BRANDS NEW ZEALAND LIMITEDTHE INTERIM REPORT 30 JUNE 2023PAGE 26PAGE 27

THE INTERIM REPORT 30 JUNE 2023PAGE 29
Notes to and forming part of the consolidated financial statements (cont.)
for the six months ended 30 June 2023
Apart from directors’ fees and key management remuneration, there were no other related party
transactions with key management or any Directors or entities associated with them.
Key management compensation
In September 2022 the former Group CEO was awarded a one-time compensation benefit due to
his upcoming retirement in March 2023. The total amount of the one-time award was $1.3 million
and was paid upon his retirement on 31 March 2023. This was accrued on a straight-line basis
from the period when the award was agreed and the retirement date. As of 31 December 2022,
the total accrual for this benefit was $0.7 million. The net impact on the financial statements as of
30 June 2023 was $0.6 million.
8. LAND HELD FOR DEVELOPMENT
As at 30 June 2023 there was $8.5 million relating to land that has been purchased for use in
developing new stores in the future (December 2022: $7.1 million).
9. CAPITAL COMMITMENTS
As at 30 June 2023 the Group has capital commitments totalling $33.5 million (June 2022:
$26.5 million) which are not provided for in these financial statements.
10. CONTINGENT LIABILITIES
There are no contingent liabilities that the directors consider will have a significant impact on the
financial position of the Group (June 2022: nil).
11. SUBSEQUENT EVENTS
The significant weather events that occurred in Hawaii in August 2023 have not materially impacted
the Group.
Two Hawaii stores were affected by the Maui wildfire however the Group has an insurance policy
in place and therefore there is no expected material impact on the financial statements.
There are no other subsequent events that would have a material effect on these consolidated
interim financial statements.
REPORT ON THE INTERIM FINANCIAL STATEMENTS
Our conclusion
We have reviewed the consolidated interim financial statements of Restaurant Brands New Zealand
Limited (the Company) and its subsidiaries (the Group) on pages 15 to 28, which comprise the
consolidated statement of financial position as at 30 June 2023, and the consolidated statement
of comprehensive income, the consolidated statement of changes in equity and the consolidated
statement of cash flows for the six month period ended on that date, and significant accounting
policies and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that these
accompanying consolidated interim financial statements of the Group do not present fairly,
in all material respects, the financial position of the Group as at 30 June 2023, and its financial
performance and cash flows for the six month period then ended, in accordance with International
Accounting Standard 34 Interim Financial Reporting (IAS 34) and New Zealand Equivalent to
International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements
2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity
(NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor’s responsibilities
for the review of the financial statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in
New Zealand relating to the audit of the annual financial statements, and we have fulfilled our
other ethical responsibilities in accordance with these ethical requirements. In addition to our
role as auditor, our firm carries out other services for the Group in the areas of specified procedures
on landlord certificates, review of the Yum! Advertising co-operative report, and greenhouse gas
emissions assurance readiness assessment. In addition, certain partners and employees of our firm
may deal with the Group on normal terms within the ordinary course of trading activities of the Group.
These relationships and the provision of these other services have not impaired our independence
as auditor of the Group.
Responsibilities of the Directors for the financial statements
The Directors of the Company are responsible on behalf of the Group for the preparation and fair
presentation of the consolidated interim financial statements in accordance with IAS 34 and NZ IAS
34 and for such internal control as the Directors determine is necessary to enable the preparation
and fair presentation of the consolidated interim financial statements that are free from material
misstatement, whether due to fraud or error.
Independent auditor’s review report
To the shareholders of Restaurant Brands New Zealand Limited
RESTAURANT BRANDS NEW ZEALAND LIMITEDPAGE 28

RESTAURANT BRANDS NEW ZEALAND LIMITEDPAGE 30
Auditor’s responsibilities for the review of the financial statements
Our responsibility is to express a conclusion on the consolidated interim financial statements based
on our review. NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our
attention that causes us to believe that the consolidated interim financial statements, taken as a
whole, are not prepared in all material respects, in accordance with IAS 34 and NZ IAS 34.
A review of consolidated interim financial statements in accordance with NZ SRE 2410 (Revised)
is a limited assurance engagement. We perform procedures, primarily consisting of making
enquiries, primarily of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. The procedures performed in a review are substantially
less than those performed in an audit conducted in accordance with International Standards on
Auditing (New Zealand) and International Standards on Auditing and consequently does not enable
us to obtain assurance that we might identify in an audit. Accordingly, we do not express an audit
opinion on these consolidated interim financial statements.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our review work has been
undertaken so that we might state those matters which we are required to state to them in our
review report and for no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the shareholders, as a body, for our review procedures,
for this report, or for the conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review report is
Karen Shires.
For and on behalf of:
Chartered Accountants
28 August 2023 Auckland
Directors
José Parés Gutiérrez (Chairman)
Emilio Fullaondo Botella
Carlos Fernández González
Luis Miguel Álvarez Pérez
Stephen Ward
Huei Min (Lyn) Lim
Malena Pato-Castel
Registered office
Level 3
Building 7
Central Park
666 Great South Road
Penrose
Auckland 1051
New Zealand
Share registrar
New Zealand
Computershare Investor Services Limited
Level 2
159 Hurstmere Road
Takapuna
Private Bag 92 119
Auckland 1142
New Zealand
T: 64 9 488 8700
E: enquiry@computershare.co.nz
Australia
Computershare Investor Services Limited
Yarra Falls
452 Johnston Street
Abbotsford, VIC 3067
GPO Box 3329
Melbourne, VIC 3001
Australia
T: 1 800 501 366 (within Australia)
T: 61 3 9415 4083
F: 61 3 9473 2500
E: enquiry@computershare.co.nz
Auditors
PricewaterhouseCoopers
Solicitors
Bell Gully
Harmos Horton Lusk
Meredith Connell
Bankers
Westpac Banking Corporation
J . P. M o r g a n
Rabobank
Bank of China
Contact details
Postal Address:
P O Box 22 749
Otahuhu
Auckland 1640
New Zealand
Telephone: 64 9 525 8700
Fax: 64 9 525 8711
Email: investor@rbd.co.nz
Financial calendar
Financial year end
31 December 2023
Annual profit announcement
February 2024
Corporate directory
RESTAURANT BRANDS NEW ZEALAND LIMITEDTHE INTERIM REPORT 30 JUNE 2023

---

Restaurant Brands New Zealand Limited
Results announcement to the Market



Results for announcement to the market
Name of issuer Restaurant Brands New Zealand Limited
Reporting Period Six months ended 30 June 2023
Previous Reporting Period Six months ended 30 June 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$673,153 10.0%
Total Revenue $673,153 10.0%
Net profit/(loss) from
continuing operations
$2,183 -85.6%
Total net profit/(loss) $2,183 -85.6%
Interim/Final Dividend
Amount per Quoted Equity
Security
n/a
Imputed amount per Quoted
Equity Security
n/a
Record Date n/a
Dividend Payment Date n/a
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.03 ($0.13)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer announcement for Restaurant Brands released to the
market on 28 August 2023
Authority for this announcement
Name of person

authorised
to make this announcement
Julio Valdés
Contact person for this
announcement
Julio Valdés
Contact phone number +64 9 525 8700
Contact email address julio.valdes@rbd.co.nz
Date of release through MAP

28/08/2023

This report is based on accounts which have not been audited. The report is provided with the
accounts which accompany this announcement.