Annual Shareholders' Meeting 2025 - Chairman's Address

NZX/ASX
23 May 2025

Restaurant Brands Annual Shareholders’ Meeting
CHAIRMAN’S ADDRESS


Thank you for joining us today.

On behalf of the Board, I’d like to acknowledge our shareholders, the Restaurant Brands team, and our
customers for their continued support - and their passion for our brands.

The past year brought both pressure and progress - and with FY25 well underway, we expect a similar
year ahead.

Across our markets, persistent inflation and elevated living costs continue to strain household budgets
and reshape spending patterns. Escalating global trade tensions are also contributing to a more
complex operating landscape.

While there were areas of improvement through FY24, it’s become increasingly clear that recovery
across our regions will be gradual and uneven.

Trading conditions remain constrained in all markets, and the near-term outlook suggests that consumer
spending will stay under pressure.

In this environment, we remain focused on protecting and improving margins through cost control and
revenue optimisation, and at the same time, retaining brand strength and customer relevance.

Despite this backdrop, we’ve continued to move forward - delivering record sales, strengthening
operational execution, expanding our network, and maintaining brand momentum.

I’ll now provide a brief overview of our 2024 result.

In FY24, total Group sales reached a new record of $1.4 billion, up 5.4% year-on-year, despite difficult
economic conditions.

New Zealand and Hawaii stood out as the strongest performers, delivering positive same-store sales
and solid topline growth.

This helped offset performance in Australia and California, where economic conditions were more
constrained.

Our margin recovery initiatives are delivering positive results.

Group Store EBITDA increased by 8.9% - or $16 million - reaching $194 million.

At the same time, Store EBITDA margins strengthened to 13.9% of sales, up from 13.5% in FY23.
This reflects the benefits of continued investment in digital channels, product innovation, and distinctive
brand marketing.

G&A as a percentage of total revenue was 4.5% - down on FY23 at 4.8% - as a result of targeted
initiatives to reduce nonessential G&A expenses.

These factors resulted in a Group NPAT of $26.5 million, representing a considerable 62.6% uplift from
last year.
RESTAURANT BRANDS NEW ZEALAND LIMITED

As I said earlier, this was supported by effective revenue optimisation, cost control measures, and
operational efficiencies.

Importantly, we’ve made these gains while maintaining value for our customers, protecting brand
loyalty, and preserving the quality of the customer experience.

Net operating cash inflows increased to $133 million - up $5 million on FY23 - driven by stronger sales
and disciplined working capital management.

Net investing cash outflows were $53 million, down $31 million from FY23, reflecting a deliberate focus
on capital efficiency, which also enabled a special dividend of $22 million to shareholders in December
2024.

At the end of FY24, Group net debt was $253 million, down slightly from $257 million in FY23, reflecting
net repayments of $27 million, partially offset by foreign exchange movements.

The Group maintained total banking facilities of $405 million, with $121 million of available undrawn
capacity.

Banking covenants remain comfortably within range and there are no forecasted breaches of any of the
Group’s banking covenants.

As at 31 December 2024, Restaurant Brands operated 521 stores across its four regions - 381
company-owned and 140 franchised stores.

The strength of our brands and franchise partnerships is reflected in the continued growth of our store
network, particularly in New Zealand, where Pizza Hut operates 141 stores, with 135 owned and
operated by independent franchisees.

27 new stores were opened across the Group network in FY24 – made up of 9 company owned stores
and 18 franchised stores. 40 stores were also refurbished.

We remain committed to our store development programme, with further new builds, refurbishments,
and portfolio optimisation planned for FY25.

Looking ahead the pace of recovery is proving slower than anticipated while inflation and volatility
persists.

Given the uncertainties in the prevailing environment, the Board will not be providing guidance at this
time.

We remain committed to our continuous disclosure obligations and any material matters will be
communicated to the market in a timely manner.

With FY25 well underway, our focus remains clear - improving margins, deploying capital carefully, and
reinforcing the strength of our brands across all markets.

We’re guided by a highly experienced leadership team, with a strong track record navigating different -
and difficult - market cycles. Their disciplined execution and customer-led decision-making continues
to deliver tangible results.

We’re continuing to invest - and deliver-- in the areas that matter most: network expansion, digital
innovation, marketing, operational excellence, and our people.

These strong foundations, anchored by our refreshed Group strategy, position us to navigate change,
drive performance, and deliver sustainable growth for our shareholders.

I’ll now hand over to our Chief Executive Officer, Arif Khan.

ENDS.