Restaurant Brands Half Year Results Presentation

HALF YEAR RESULTS TO
30 JUNE 2024 (1H 24)
Arif Khan | CEO
Julio Valdés | CFO
3 September 2024

Presentation Outline
1H 24 Financial Performance
1H 24 Regional Performance
FY24 Outlook
Questions
1H 24 Overview1
2
3
4
5

1H 24 Overview

4
•Strategic initiatives continue to drive record sales for the Group. Strong performance in
Hawaii and New Zealand is offsetting impacted sales in California and Australia, which
continue to experience adverse consumer pressures.
•EBITDA improves on strong sales and cost control initiatives. While ingredient costs are
beginning to stabilise, labour, fuel, utility and occupancy costs remain elevated.
•Group NPAT increases on flow through of EBITDA increase.
Key Points
1H 24 vs. 1H 23
1H 22
1H 23
1H 24
• Group Sales
+7%
$584.9m
$640.2m
$687.2m
• Store EBITDA
+21%
$85.4m
$78.3m
$94.6m
• NPAT
+473%
$15.3m
$2.2m
$12.6m

1H 24 in review
5
•Record sales largely driven by product and menu innovation, digital
channels, strategic pricing, and enhanced marketing. New store openings
and full trading hours also contributed.
•Strategic initiatives for margin improvement implemented in 2H 2023 are
providing gradual margin recovery across the Group.
•While inflationary pressures and staff shortages have eased, consumer
spending remains under pressure across all regions, in particular in Australia
and California.
•Continued delivery of value for money remains key to maintaining customer
loyalty and supporting brand health.
•Balance sheet remains healthy with Net debt:EBITDA reducing to 1.9x.

1H 24 Financial
Performance

7
* - Pre G&A, NZ IFRS 16 and Other (Income)/Expenses
Group NPAT increases on sales and
margin improvement initiatives
$NZm
1H 23
1H 24
Change B/(W)
Group Store EBITDA *
78
95
17
G&A Expenses
29
29
0
49
66
17
Other Expenses
2
3
(1)
Depreciation & Amortisation
28
30
(2)
Operating Profit Pre NZ IFRS 16
19
33
14
NZ IFRS 16 Adjustment
11
12
1
Operating Profit
30
45
15
Financing Expenses
27
28
(1)
Net Profit Before Tax
3
17
14
Taxation
1
4
(3)
Net Profit After Tax
2
13
11

8
Sales growth continues, with gradual
margin recovery at Group level
252
272
310
133
152
151
115
127
139
84
89
88
585
640
687
1H 22 (6 months)
1H 23 (6 months)
1H 24 (6 months)
Sales
$NZm
New Zealand
Australia
Hawaii
California
42
32
49
14
17
17
21
20
25
9
9
4
85
78
95
1H 22 (6 months) 1H 23 (6 months) 1H 24 (6 months)
Store EBITDA
$NZm
New ZealandAustraliaHawaiiCalifornia

9
Other Income and Expenses -
Impairments
$NZm (Pre-tax)
1H 23
1H 24
Other Income
-
(0.1)
Net Impairments
1.8
3.3
Net Other (Income)/Expense
1.8
3.2

10
Operating cash flows increase. Store
builds and refurbishments continue
$NZm1H 231H 24
Operating Cash Flows (adjusted) *35 45
Investing Cash Flows(33)(32)
Free Cash Flow2 13
*Adjusted for payments of lease interest classified as operating activities under NZ IFRS 16 of $17.6m in 1H 23 and $18.0m in 1H 24,
and payments of lease costs excluded from operating activities under NZ IFRS 16 of $31.8m in 1H 23 and $33.8m in 1H 24.

11
* EBITDA for rolling 12 months, excluding right of use asset lease costs (pre-NZ IFRS 16)
Net borrowings reduce on 1H 23 with
improved trading performance and
healthy working capital
$NZm1H 231H 24
Net Debt275 252
Net Debt:EBITDA*2.4:11.9:1
Gearing (ND:ND+E) 49%45%

1H 24 Regional
Performance

13
Image result for new zealand map black and white simple
New Zealand Operations

14
NZ sales up against prior year with steady
transactions. Margins improving.
252
272
310
1.4%
6.0%
10.0%
1H 22 (6 months)
1H 23 (6 months)
1H 24 (6 months)
NZ Sales
Total Sales $m
Same Store Sales %
42
32
49
16.6%
11.8%
15.9%
1H 22 (6 months)
1H 23 (6 months)
1H 24 (6 months)
NZ Store EBITDA
Store EBITDA $m
Store EBITDA % of Sales

15
Australian Operations

16
Inflationary pressures on consumer spending
continues to impact performance. Margins flat
on 1H23.
123
140
140
3.4%
9.7%
-3.8%
1H 22 (6 months)1H 23 (6 months)1H 24 (6 months)
Australia Sales
Total S ales $AmSame Store Sales %
13
16
15
10.6%
11.1%
11.0%
1H 22 (6 months)1H 23 (6 months)1H 24 (6 months)
Australia Store EBITDA
Store EBITDA $AmStore EBITDA % of Sales

17
Hawaiian Operations

18
Hawaii sales growth driven by strong
promotions and increased trading hours.
Margins improving.
76
79
84
2.9%
2.6%
4.7%
1H 22 (6 months)
1H 23 (6 months)
1H 24 (6 months)
Hawaii Sales
Total Sales $USm
Same Store Sales %
14
13
15
18.0%
15.9%
17.7%
1H 22 (6 months)
1H 23 (6 months)
1H 24 (6 months)
Hawaii Store EBITDA
Store EBITDA $USm
Store EBITDA % of Sales

19
Californian Operations

20
California sales growth impacted by elevated
cost of living pressures. Margins lower on
large minimum wage increase.
56
55
54
-
3.0%
-
3.7%
-
5.8%
1H 22 (6 months)
1H 23 (6 months)
1H 24 (6 months)
California Sales
Total Sales $USm
Same Store Sales %
6
6
3
10.4%
10.1%
4.9%
1H 22 (6 months)
1H 23 (6 months)
1H 24 (6 months)
California Store EBITDA
Store EBITDA $USm
Store EBITDA % of Sales

FY24 Outlook

22
Forward Outlook
•There are indications of inflationary headwinds lessening, but near-term
costs such as labour, fuel, electricity, and interest rates remain elevated.
•Cost-of-living pressures continue for consumers across all markets. Value
for money is critical and we are innovating to meet changing market needs.
•Margin recovery initiatives implemented in 2H 2023 will continue to deliver
steady improvements over the next 18 months.
FY24 Outlook

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 ASX listing 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 unaudited consolidated financial statements for the 6 months
ended 30 June and NZX and ASX market releases.
•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. However, they should not be used in substitution for, or isolation of, RBD’s
audited consolidated financial statements. We monitor EBITDA as a key performance indicator, and we
believe it assists investors in assessing the performance of the core operations of our business.
•Has been prepared with due care and attention. However, RBD and its directors and employees accept
no liability for any errors or omissions.
24
Questions