Restaurant Brands Half Year Financial Results 2025

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 to 30 June 2025
Previous Reporting Period Six months to 30 June 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$743,283 2.5%
Total Revenue $743,283 2.5%
Net profit/(loss) from
continuing operations
$11,919 -5.3%
Total net profit/(loss) $11,919 -5.3%
Interim/Final Dividend
Amount per Quoted Equity
Security
Restaurant Brands does not propose to pay an interim dividend.
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
$0.56 $0.40
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 26 August 2025
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

26/08/2025

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

---

INTERIM REPORT 2025
Table of
Contents
Page
Key Results3
Group Operating Results4
Pro forma income statement10
Group Store EBITDA11
Non-GAAP financial measures12
Interim Financial Statements13
Notes to and forming part of the consolidated interim financial statements20
Independent auditor’s review report25
Corporate directory & Financial calendar27
ABOUT RESTAURANT BRANDS
Restaurant Brands New Zealand Limited (RBNZ) and its subsidiaries (together the
Group), also referred to as Restaurant Brands (RBD), 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, Saipan 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.
2Restaurant Brands

KEY RESULTS
$703.2M
Group store sales / 1H 2025
Up $16.0 million or 2.3% on 1H 2024.

$11.9M
Group Net Profit After Tax (NPAT) / 1H 2025
Down $0.7 million on 1H 2024. Total earnings per
share 9.6cps

$90.7M
Group Store EBITDA
1
/ 1H 2025
Down $3.9 million on 1H 2024, on the back of higher
input costs.
522 STORES
380 owned + 142 franchised / 1H 2025
A net increase of 16 stores from 506 stores in 1H 2024.

1
EBITDA is earnings before interest, tax, depreciation and amortisation. The Store EBITDA amounts referred to throughout this report are before General
and Administration (G&A) expenses, NZ IFRS 16 and Other Items. EBITDA is a non-GAAP financial measure and is not in accordance with NZ IFRS.
Interim Report 30 June 20253

GROUP OPERATING RESULTS
$NZm1H 20251H 2024Change ($)Change (%)
Group store sales703.2687.2+16.0+2.3
Group NPAT11.912.6-0.7-5.6
Group Store EBITDA90.794.6-3.9-4.1
Group Store EBITDA as a % of sales12.913.8
Store numbers (owned and franchised)522506
Restaurant Brands once again delivered record total Group store sales of $703.2 million for the six months ended
30 June
2025 (1H 2025) despite macroeconomic uncertainty.
Group store sales increased by 2.3% on 1H 2024 driven by strong performance in Hawaii and supported by new store
openings in New Zealand.
Group NPAT was $11.9 million, down 5.6% compared to the same period last year. The decrease reflects the slower-than-
anticipated improvement in macroeconomic conditions across key regions, which has limited the impact of strategic
initiatives including cost control measures, operational efficiencies, and pricing programmes.
Group Store EBITDA was $90.7 million, down $3.9 million or 4.1% on 1H 2024. In addition to challenging market conditions,
increased labour costs, energy, rental expenses, and higher aggregator costs affected margin recovery.
We remain focused on delivering profitable and sustainable growth, with customer centricity at the heart of our approach,
alongside operational innovation and high-performing teams. Across all markets we are evolving menus, expanding digital
channels, upgrading store formats and enhancing customer experience. This is supported by embedding new technologies,
advancing sustainability initiatives, and upgrading operational processes to lift performance across the business. We also
invest in our people through training, leadership development, and operational tools to help our teams perform at their best
every day.
4
Restaurant Brands

GROUP OPERATING RESULTS
We opened one new RBD-owned store in 1H 2025 (16 net new stores from 1H 2024), maintained our ongoing store
refurbishment programme, and continued to optimise the store portfolio to focus on key growth areas.
As at 30 June 2025, Restaurant Brands’ store numbers totalled 522 (380 owned and 142 franchised), including 156 owned
stores in New Zealand, 83 stores in Australia, 70 in Hawaii, and 71 in California. Of the 143 Pizza Hut stores in New Zealand,
137 are owned by independent franchisees.
NEW ZEALAND OPERATIONS
1H 20251H 2024Change ($)Change (%)
Store sales ($m)309.7309.6+0.1+0.0
Store EBITDA ($m)46.949.2-2.3-4.7
Store EBITDA as a % of sales15.115.9
Store numbers (owned and franchised)298278
New Zealand store sales were $309.7 million, up $0.1 million on 1H 2024, primarily reflecting the opening of five new stores
in 2H 2024 and one further KFC store in 1H 2025.
Same store sales were down 3.1% due to continued cost pressures affecting consumer spending. The subdued local
economy, particularly in the hospitality and retail industries, continues to impact trading conditions across New Zealand,
particularly in Auckland and Wellington.
The New Zealand KFC business continued to execute breakthrough marketing initiatives and promotional campaigns. Pizza
Hut achieved sales growth supported by strong menu strategies that include bringing back fan favourites with a modern
twist. Carls' Jr. rolled out a bold new communications strategy, an ecommerce platform, and a menu makeover. Taco Bell
maintained steady sales growth supported by marketing campaigns and menu innovations.
Store EBITDA was $46.9 million, down $2.3 million or 4.7% decrease on 1H 2024. Store EBITDA margin of 15.1% was lower
than the prior year as cost saving and margin improvement initiatives were offset by higher aggregator costs and increased
labour rates. Strategies to mitigate these impacts remain in place and are assessed regularly.
The robust Pizza Hut network in New Zealand continues to grow, with two new franchised stores opened in 1H 2025
bringing the total to 143 stores (137 franchised) as at 30 June 2025.
One new KFC store also opened in 1H 2025 adding to the five new stores in 2H 2024. This brings total RBD-owned store
numbers in New Zealand to 156.
AUSTRALIA OPERATIONS
1H 20251H 2024Change ($)Change (%)
Store sales ($Am)137.5139.6-2.1-1.5
Store EBITDA ($Am)14.915.4-0.5-3.2
Store EBITDA as a % of sales10.811.0
Store numbers (owned)8385
Store sales in Australia were $A137.5 million, a slight 1.5% reduction on 1H 2024 or A$2.1 million, reflecting ongoing
cost-of-living pressures. There were, however, early signs of recovery following interest rate reductions announced earlier
this year.
Same store sales decreased 1.0% with the first quarter more heavily impacted by cost pressures and slight improvement in
the second quarter. The successful launch of the KFC brand campaigns, coupled with ongoing focus on product innovation
and value for money has helped to mitigate the sales decline and lift consumer brand metrics within the category. We
Interim Report 30 June 2025
5

GROUP OPERATING RESULTS
continue to invest in improving the customer experience across all sales channels and upgrading assets to maintain
modernity and relevance.
Store EBITDA was $A14.9 million, down 3.2% or $A0.5 million on 1H 2024. Margin improvement initiatives continue to help
offset inflationary pressures on labour, electricity, and rental costs.
In $NZ terms, the Australian division contributed store sales of $NZ150.2 million (down 0.5%), and Store EBITDA of
$NZ16.3 million (down 2.1%).
RBD operates 83 owned stores in Australia. Two Taco Bell stores were closed during 1H 2025 as part of our network
optimisation strategy.
HAWAII OPERATIONS
1H 20251H 2024Change ($)Change (%)
Store sales ($USm)88.884.3+4.5+5.3
Store EBITDA ($USm)14.314.9-0.6-4.0
Store EBITDA as a % of sales16.117.7
Store numbers (owned)7070
Store sales in Hawaii (including Guam and Saipan) were $US88.8 million, up $US4.5 million or 5.3% on 1H 2024 driven by
Taco Bell performance, which offset a slight decline in Pizza Hut sales.
Same store sales increased 5.5% on 1H 2024, supported by strong marketing and promotional programmes that continued
to drive sales growth, alongside the successful implementation of pricing strategies. Staffing shortages have eased since 1H
2024, allowing all key stores to extend trading hours and capture the late-night customer market.
Store EBITDA was $US14.3 million, down $US0.6 million or 4.0% on 1H 2024, mainly due to $US0.6 million in insurance
proceeds relating to the Lahaina wildfires being recorded in 1H 2024. Margin recovery initiatives helped offset the impact of
inflation and high energy prices, which continue to place pressure on both our supply chain and consumer spending.
In $NZ terms, the Hawaiian division contributed $NZ152.9 million in store sales, up 10.4% on 1H 2024, and $NZ24.6 million in
Store EBITDA, up 0.2%.
RBD operates 70 owned stores in Hawaii.
CALIFORNIA OPERATIONS
1H 20251H 2024Change ($)Change (%)
Store sales ($USm)52.553.6-1.1-2.1
Store EBITDA ($USm)1.72.6-0.9-34.6
Store EBITDA as a % of sales3.24.9
Store numbers (owned)7173
Store sales in California were $US52.5 million, down $US1.1 million, or 2.1% on 1H 2024, reflecting store closures and ongoing
elevated cost-of-living pressures that continue to impact consumer spending.
Same store sales increased by 1.9% driven by KFC marketing campaigns and strategic pricing which lifted repeat business
and transaction volumes.
Store EBITDA was US$1.7 million, down $US0.9 million or 34.6% on 1H 2024, primarily due to the higher impact of increased
minimum wages in 1H 2025 versus 1H 2024, which has constrained margin recovery.
6
Restaurant Brands

GROUP OPERATING RESULTS
We continue to focus on retaining our existing customer base while attracting new customers into our restaurants and
online to increase profitability as market conditions improve, coupled with our ongoing cost savings initiatives.
In $NZ terms, the Californian operations contributed $NZ90.5 million in store sales, up 2.7% on 1H 2024, and $NZ2.9 million
in Store EBITDA, a decrease of 31.9%.
RBD operates 71 owned stores in California. As part of the ongoing optimisation of the portfolio to focus on key growth
areas, two stores were closed in 2H 2024.
CORPORATE & OTHER
Group General and Administration (G&A) expenses were $34.0 million, an increase of $0.9 million or 2.8% on 1H 2024. G&A
as a percentage of total revenue was 4.6%, flat on 1H 2024, and is supported by the continuation of initiatives aimed at
reducing non-essential G&A expenses across the Group.
Depreciation charges of $25.0 million for 1H 2025 were $0.5 million higher than 1H 2024. The small increase is due to the
recent new stores opened and store refurbishments, particularly in New Zealand. Depreciation of right-of-use assets is also
up $0.8 million, to $22.6 million, reflecting the signing of new leases.
Financing costs of $27.7 million were down $0.8 million on 1H 2024, primarily driven by lower levels of bank debt and
decreased interest rates charged on the Group loans.
Tax expense was $4.5 million, slightly up $0.7 million. The effective tax rate is 27.4%, an increase from 23.3% on 1H 2024
largely due to additional tax deductions in 1H 2024.
BALANCE SHEET AND CASH FLOW
Total assets of the Group were $1,406.0 million, down $85.5 million on 31 December 2024, primarily due to the revaluation
of non-current assets at a stronger NZ dollar against US dollar at 30 June 2025 versus 31 December 2024. Cash and cash
equivalents decreased by $0.9 million from 31 December 2024.
Bank debt at the end of 1H 2025 was $238.1 million compared to $284.5 million as of 31 December 2024, due to a
combination of net repayments of $30.5 million and $15.8 million of exchange rate effects. As at 30 June 2025, the Group
had bank debt facilities totalling $383.8 million ($145.7 million undrawn at 30 June 2025).
The Group remains comfortably within all banking covenants with a Net Debt to EBITDA ratio of 1.6 : 1 (1.9 : 1 in 1H 2024).
Net operating cash inflows were $61.4 million, up $0.5 million on 1H 2024. The increase is mainly driven by higher sales and
is partially offset by increased payments to suppliers generating a net cash inflow of $2.8 million higher versus 1H 2024.
Income tax payment generated a higher cash outflow by $2.9 million which was offset by lower interest paid of $0.7 million.
Net investing cash outflows were $13.3 million, $19.0 million lower than $32.3 million in 1H 2024 mainly due to reduced
spend on new store builds versus the same period last year.
Interim Report 30 June 2025
7

GROUP OPERATING RESULTS
OUTLOOK
While global economic conditions remain challenging the Board and Management note the resilience of our brands, our
markets, and our teams.
The prolonged inflationary environment and increasing cost-of-living pressures continue to impact discretionary spending
across the Quick Service Restaurant (QSR) industry and affordability and value-for-money are becoming more central to
consumer purchase decisions.
Despite these headwinds, the Group continues to progress its growth strategy with a focus on margin recovery, operational
efficiency, and targeted investment. These initiatives are delivering measurable improvements, and momentum is expected
to continue through 2025.
The positive customer response to recent menu innovations, promotional programmes, and digital service enhancements
has supported transaction volumes and improved store sales in certain markets, reinforcing our strategic direction.
While elevated labour and energy costs persist, there are early signs of improvement in the global economic outlook.
Inflation is stabilising in many markets, and central banks are signalling potential monetary policy easing in the latter half of
the year. These trends are expected to progressively improve operating conditions into 2026.
We remain focused on disciplined cost management, operational efficiency, and targeted investment in technology and
store development. As we continue to build scale and resilience across the Group, we remain confident in our pathway
toward achieving our $2 billion store sales target and delivering long-term value for all stakeholders.
The Board thanks our customers, shareholders, and the dedicated Restaurant Brands teams for their ongoing support
and commitment.
8
Restaurant Brands

PRO FORMA INCOME STATEMENT
for the six months ended 30 June 2025
$NZ000's
30 June 2025
unauditedvs Prior %
30 June 2024
unaudited
Sales
New Zealand309,7310.0309,645
Australia150,154(0.5)150,918
Hawaii152,88210.4138,528
California90,4602.788,064
Total sales703,2272.3687,155
Other revenue40,0566.037,790
Total operating revenue743,2832.5724,945
Cost of goods sold
1
(623,596)(3.5)(602,685)
Gross profit119,687(2.1)122,260
Distribution expenses
2
(5,142)(7.9)(4,766)
Marketing expenses
3
(36,642)(1.1)(36,260)
General and administration expenses
4
(33,992)(2.8)(33,063)
Other income-n/a118
Net impairment release/(charge)253107.7(3,305)
Operating profit44,164(1.8)44,984
Financing expenses(27,746)2.9(28,587)
Net profit before taxation16,4180.116,397
Taxation expense(4,499)(18.0)(3,814)
Total profit after taxation (NPAT)11,919(5.3)12,583
1Cost of goods sold are direct costs of operating stores: food, paper, freight, labour and store overheads.
2Distribution expenses are costs of distributing product from store.
3Marketing expenses are order centre, advertising and local store marketing expenses.
4General and administration expenses (G&A) are non-store related overheads.
10Restaurant Brands

GROUP STORE EBITDA
for the six months ended 30 June 2025
Store EBITDA before G&A, NZ IFRS 16 and other items
30 June 2025
unaudited% salesvs Prior %
30 June 2024
unaudited% sales
$NZ000's
New Zealand46,85915.1(4.7)49,17015.9
Australia16,28210.8(2.1)16,63311.0
Hawaii24,59416.10.224,54617.7
California2,9223.2(31.9)4,2894.9
Total Store EBITDA before G&A, NZ IFRS 16 and other items90,65712.9(4.2)94,63813.8
Ratios
Net tangible assets per security (net tangible assets divided by
number of shares) in cents56.140.0
Interim Report 30 June 202511

NON-GAAP FINANCIAL MEASURES
for the six months ended 30 June 2025
The Group results are prepared in accordance with New Zealand Generally Accepted Accounting Practice (“NZ GAAP”)
and comply with International Financial Reporting Standards Accounting Standards ("IFRS Accounting Standards") and
New Zealand International Financial Reporting Standards (“NZ IFRS”). These financial statements include a non-NZ GAAP
financial measure that is not prepared in accordance with NZ IFRS. The non-NZ GAAP financial measure used in this
presentation is as follows:
Store EBITDA before General and Administration (G&A) expenses, NZ IFRS 16 and other items. The Group calculates
Earnings Before Interest, Tax, Depreciation and Amortisation (“EBITDA”) before G&A, NZ IFRS 16 and other items by taking
net profit before taxation and adding back (or deducting) financing expenses, other items, depreciation, amortisation, NZ
IFRS 16 and G&A. The Group also refers to this measure as Store EBITDA. This measure provides the results of the Group’s
core operating business and excludes those costs not directly attributable to stores.
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 (KFC and Taco Bell). The term G&A represents non-store related overheads.
The Group believes that this non-NZ GAAP measure provides useful information to readers to assist in the understanding of
the financial performance and position of the Group, but it should not be viewed in isolation, nor considered as a substitute
for measures reported in accordance with IFRS and NZ IFRS. This non-NZ GAAP measure as reported by the Group may not
be comparable to similarly titled amounts reported by other companies.
The following is a reconciliation between this non-GAAP measure and net profit after taxation:
$NZ000's
30 June 2025
unaudited
30 June 2024
unaudited
Store EBITDA before G&A, NZ IFRS 16 and other items90,65794,638
Depreciation(25,009)(24,494)
Net loss on sale of property, plant and equipment (included in depreciation)(269)(363)
Lease depreciation(22,550)(21,723)
Lease costs35,25533,818
Amortisation (included in cost of sales)(4,861)(4,855)
G&A expenses(29,486)(28,850)
Gain on lease termination174-
Other income-118
Net impairment release/(charge)253(3,305)
Operating profit44,16444,984
Financing expenses(27,746)(28,587)
Net profit before taxation16,41816,397
Taxation expense(4,499)(3,814)
Net profit after taxation11,91912,583
12Restaurant Brands

Interim Financial
Statements
ContentsPage
Consolidated statement of comprehensive income14
Consolidated statement of changes in equity15
Consolidated statement of financial position17
Consolidated statement of cash flows18
Notes to and forming part of the consolidated interim financial statements20
Independent auditor’s review report25
Interim Report 30 June 202513

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 June 2025
$NZ000'sNote
30 June 2025
unaudited
30 June 2024
unaudited
Store sales revenue703,227687,155
Other revenue40,05637,790
Total operating revenue743,283724,945
Cost of goods sold(623,596)(602,685)
Gross profit119,687122,260
Distribution expenses(5,142)(4,766)
Marketing expenses(36,642)(36,260)
General and administration expenses(33,992)(33,063)
Other income-118
Net impairment release/(charge)253(3,305)
Operating profit44,16444,984
Financing expenses(27,746)(28,587)
Profit before taxation16,41816,397
Taxation expense(4,499)(3,814)
Profit after taxation attributable to shareholders11,91912,583
Other comprehensive (loss)/income:
Exchange differences on translating foreign operations(14,212)6,970
Other comprehensive (loss)/income(14,212)6,970
Total comprehensive (loss)/income attributable to shareholders(2,293)19,553
Basic and diluted earnings per share (cents)49.5510.09
For and on behalf of the Board:
José Parés
Chairman
26 August 2025
Emilio Fullaondo
Director
26 August 2025
14Restaurant Brands

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2025
$NZ000'sShare capital
Foreign currency
translation reserveRetained earningsTotal
For the period ended 31 December 2024
Balance at the beginning of the period154,5659,890125,986290,441
Comprehensive income
Profit after taxation attributable to shareholders--12,58312,583
Other comprehensive income
Movement in foreign currency translation reserve-6,970-6,970
Total other comprehensive income-6,970-6,970
Total comprehensive income-6,97012,58319,553
Unaudited balance as at 30 June 2024154,56516,860138,569309,994
Comprehensive income
Profit after taxation attributable to shareholders--13,94513,945
Other comprehensive income
Movement in foreign currency translation reserve-12,929-12,929
Total other comprehensive income-12,929-12,929
Total comprehensive income-12,92913,94526,874
Transactions with owners
Net dividends distributed--(22,457)(22,457)
Total transactions with owners--(22,457)(22,457)
Audited balance as at 31 December 2024154,56529,789130,057314,411
Interim Report 30 June 202515

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
for the six months ended 30 June 2025
$NZ000'sShare capital
Foreign currency
translation
reserveRetained earningsTotal
For the six months ended 30 June 2025
Balance at the beginning of the period154,56529,789130,057314,411
Comprehensive income
Profit after taxation attributable to shareholders--11,91911,919
Other comprehensive loss
Movement in foreign currency translation reserve-(14,212)-(14,212)
Total other comprehensive loss-(14,212)-(14,212)
Total comprehensive (loss)/income-(14,212)11,919(2,293)
Unaudited balance as at 30 June 2025154,56515,577141,976312,118
16Restaurant Brands

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 June 2025
$NZ000'sNote
30 June 2025
unaudited
31 December 2024
audited
Non-current assets
Property, plant and equipment5331,172358,286
Land held for development89,8118,461
Right of use assets6575,549608,015
Sub-lease receivable2,8962,971
Intangible assets342,856368,883
Deferred tax assets64,41663,377
Total non-current assets1,326,7001,409,993
Current assets
Inventories18,15419,022
Trade and other receivables25,20226,404
Income tax receivable6,0555,246
Cash and cash equivalents29,91230,834
Total current assets79,32381,506
Total assets1,406,0231,491,499
Equity attributable to shareholders
Share capital154,565154,565
Reserves15,57729,789
Retained earnings141,976130,057
Total equity attributable to shareholders312,118314,411
Non-current liabilities
Provisions6,1376,027
Deferred income50188
Loans237,897284,120
Lease liabilities677,770708,646
Total non-current liabilities921,854998,981
Current liabilities
Income tax payable4,5675,895
Trade and other payables130,466134,938
Provisions1,9251,871
Lease liabilities33,64234,509
Deferred income1,451894
Total current liabilities172,051178,107
Total liabilities1,093,9051,177,088
Total equity and liabilities1,406,0231,491,499
Interim Report 30 June 202517

CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months ended 30 June 2025
$NZ000's
30 June 2025
unaudited
30 June 2024
unaudited
Cash flows from operating activities
Cash was provided by / (applied to):
Receipts from customers743,620725,728
Payments to suppliers and employees(645,071)(629,927)
Interest paid(9,159)(10,127)
Interest paid on leases(18,326)(18,030)
Payment of income tax(9,692)(6,814)
Net cash from operating activities61,37260,830
Cash flows from investing activities
Cash was provided by / (applied to):
Payment for intangible assets(363)(452)
Purchase of property, plant and equipment(17,621)(31,992)
Proceeds from disposal of property, plant and equipment4,635117
Net cash used in investing activities(13,349)(32,327)
Cash flows from financing activities
Cash was provided by / (applied to):
Proceeds from loans130,271104,436
Repayment of loans(160,796)(127,413)
Payments for lease principal(16,929)(15,790)
Net cash used in financing activities(47,454)(38,767)
Net increase/(decrease) in cash and cash equivalents569(10,264)
Cash and cash equivalents at beginning of the period30,83431,584
Foreign exchange movements(1,491)658
Cash and cash equivalents at the end of the period29,91221,978
Cash and cash equivalents comprise:
Cash on hand704708
Cash at bank29,20821,270
29,91221,978
18Restaurant Brands

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
for the six months ended 30 June 2025
Reconciliation of profit after taxation with net cash from operating activities:
$NZ000'sNote
30 June 2025
unaudited
30 June 2024
unaudited
Total profit after taxation attributable to shareholders11,91912,583
Add items classified as investing activities:
Loss on disposal of property, plant and equipment269245
269245
Add / (less) non-cash items:
Depreciation47,55946,217
Lease termination(174)-
Increase in provisions179210
Amortisation of intangible assets4,8614,855
Impairment of property, plant and equipment(249)2,668
Impairment of intangible assets(4)637
Net (increase) in deferred tax asset(2,579)(7,253)
49,59347,334
Add / (less) movement in working capital:
Decrease in inventories6391,746
Decrease in trade and other receivables601226
Increase/(decrease) in trade creditors and other payables965(5,556)
(Increase)/decrease in net income tax receivable(2,614)4,252
(409)668
Net cash from operating activities61,37260,830
Reconciliation of movement in term loans
Opening balance284,120288,962
Net cash flow movement(30,525)(22,977)
Decrease in prepaid facility costs9062
Foreign exchange movement(15,788)7,952
Closing balance237,897273,999
Interim Report 30 June 202519

Notes to and forming part
of the consolidated interim
financial statements
for the six months ended 30 June 2025
NotePage
1. General information21
2. Segmental reporting21
3. Profit before taxation23
4. Earnings per share23
5. Property, plant and equipment24
6. Right of use assets24
7. Related party transactions24
8. Land held for development24
9. Capital commitments24
10. Contingent liabilities24
11. Subsequent events24
20Restaurant Brands

NOTES TO AND FORMING PART OF THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
for the six months ended 30 June 2025
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 interim financial statements for the six months ended 30 June 2025 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 for the year ended 31 December 2024 which were prepared in
accordance with International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards) and New
Zealand Equivalents to International Financial Reporting Standards (NZ IFRS). The accounting policies have been applied on
a basis consistent with those used and described in the audited financial statements for the year ended 31 December 2024.
The unaudited interim financial statements have been prepared in accordance with New Zealand Generally Accepted
Accounting Practice (“NZ GAAP”).
New standards and amendments
There are no NZ IFRS, NZ IFRIC interpretations or other applicable IFRS Accounting Standards that are effective for
the first time for the financial year beginning on or after 1 January 2025 that had a material impact on these interim
financial statements.
2.
 SEGMENTAL REPORTING
The Group is organised into five operating segments, depicting the four geographically distinct operating divisions: New
Zealand, Australia, Hawaii and California, and the corporate support function located in New Zealand. Operating segments
are reported in a manner consistent with the internal reporting provided to the chief operating decision makers. The chief
operating decision makers, responsible for allocating resources and assessing performance of the operating segments,
have been identified as the Chief Executive Officer (CEO) and Chief Financial Officer (CFO). The chief operating decision
makers consider the performance of the business from a geographic perspective, while the performance of the corporate
support function is assessed separately.
The Group evaluates performance and allocates resources to its operating segments on the basis of segment assets,
segment revenues, Store EBITDA before general and administration expenses, NZ IFRS 16 and operating profit before
other items (a non-GAAP measure). Operating profit refers to earnings before interest and taxation. Revenue is from
external customers.
The Group believes that the non-GAAP measure provides useful information to readers to assist in the understanding of the
financial performance and position of the Group but it 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 Accounting
Standards (NZ IFRS). The non-GAAP measure presented does not have a standardised meaning prescribed by GAAP and
therefore may not be comparable to similar financial information presented by other entities.
Segment assets include items directly attributable to the segment. Segment capital expenditure is the total cost incurred
during the period to acquire property, plant and equipment and intangible assets other than goodwill. The Group has not
Interim Report 30 June 2025
21

NOTES TO AND FORMING PART OF THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
for the six months ended 30 June 2025
disclosed segment liabilities as the chief operating decision makers evaluate performance and allocate resources purely on
the basis of aggregated Group liabilities.
30 June 2025
$NZ000'sNew ZealandAustraliaHawaiiCalifornia
Corporate
support function
Consolidated half
year unaudited
Business segment
Store sales revenue309,731150,154152,88290,460-703,227
Other revenue39,97581---40,056
Total operating revenue349,706150,235152,88290,460-743,283
Store EBITDA before G&A
expenses, NZ IFRS 16 and
other items46,85916,28224,5942,922-90,657
G&A expenses(6,422)(7,307)(6,688)(6,164)(2,905)(29,486)
40,4378,97517,906(3,242)(2,905)61,171
Net impairment release-253---253
Depreciation(11,563)(6,902)(4,411)(2,396)(6)(25,278)
Amortisation(459)(597)(747)(2,982)(76)(4,861)
Adjustments for NZ IFRS 165,5653,8871,6261,801-12,879
Operating profit33,9805,61614,374(6,819)(2,987)44,164
Current assets39,6078,83523,8267,055-79,323
Non-current assets
excluding deferred tax366,131342,735284,474268,944-1,262,284
Total assets excluding
deferred tax405,738351,570308,300275,999-1,341,607
22Restaurant Brands

NOTES TO AND FORMING PART OF THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
for the six months ended 30 June 2025
30 June 2024
$NZ000'sNew ZealandAustraliaHawaiiCalifornia
Corporate
support function
Consolidated half
year unaudited
Business segment
Store sales revenue309,645150,918138,52888,064-687,155
Other revenue36,756-1,0286-37,790
Total operating revenue346,401150,918139,55688,070-724,945
Store EBITDA before G&A
expenses, NZ IFRS 16 and
other items49,17016,63324,5464,289-94,638
G&A expenses(8,789)(7,164)(6,235)(5,795)(867)(28,850)
40,3819,46918,311(1,506)(867)65,788
Other income---118-118
Impairment charges(306)(1,466)-(1,533)-(3,305)
Depreciation(11,238)(6,901)(4,380)(2,330)(8)(24,857)
Amortisation(525)(588)(764)(2,901)(77)(4,855)
Adjustments for NZ IFRS 165,3423,3911,5261,836-12,095
Operating profit33,6543,90514,693(6,316)(952)44,984
Current assets36,20012,91511,8799,079-70,073
Non-current assets
excluding deferred tax357,417368,264294,867289,440-1,309,988
Total assets excluding
deferred tax393,617381,179306,746298,519-1,380,061
3. PROFIT BEFORE TAXATION
$NZ000's
30 June 2025
unaudited
30 June 2024
unaudited
The profit before taxation is calculated after charging / (crediting) the following items:
Royalties paid41,55640,530
Lease expenses4,9054,799
Other income-(118)
Impairment (release)/charge(253)3,305
Lease expenses
This relates to short term and variable lease costs included in the consolidated statement of comprehensive income not
included in NZ IFRS 16 costs.
4.
 EARNINGS PER SHARE
30 June 2025
unaudited
30 June 2024
unaudited
Basic and diluted earnings per share
Profit after taxation attributable to the shareholders ($NZ000's)11,91912,583
Weighted average number of shares on issue (000's)124,759124,759
Basic and diluted earnings per share (cents)9.5510.09
Shares on issue
As at 30 June 2025, the total number of ordinary shares on issue was 124,758,523 (June 2024: 124,758,523).
Interim Report 30 June 2025
23

NOTES TO AND FORMING PART OF THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
for the six months ended 30 June 2025
5. PROPERTY, PLANT AND EQUIPMENT
Additions and disposals
During the six months ended 30 June 2025, the Group acquired assets with a total cost of $14.8 million
(six months ended 30 June 2024: $30.5 million) and disposed of assets with a total cost of $7.6 million (six months ended
30 June 2024: $0.4 million).
6. RIGHT OF USE ASSETS
Additions and modifications
During the six months ended 30 June 2025, the Group had lease additions and modifications of $15.2 million (six months
ended 30 June 2024: $14.4 million).
7.
 RELATED PARTY TRANSACTIONS
Transactions with key management or entities related to them
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 (June 2024: nil).
8.
 LAND HELD FOR DEVELOPMENT
As at 30 June 2025 there was $9.8 million relating to land that has been purchased for use in developing new stores in the
future (December 2024: $8.5 million).
9.
 CAPITAL COMMITMENTS
As at 30 June 2025 the Group has capital commitments totalling $25.0 million (December 2024: $11.0 million) which are not
provided for in these interim financial statements.
10.
 CONTINGENT LIABILITIES
In December 2023, Gordon Legal and Shine Lawyers filed two class actions in the Federal Court of Australia on behalf of
certain KFC employees naming the franchisor, QSR Pty Limited (the Group’s Australian operating subsidiary) and 88 other
franchisees as respondents. The two class actions were subsequently combined into a single proceeding. It is expected
that mediation proceedings will commence in relation to the claim in late 2025 with an initial trial process to follow in the
event that the parties fail to reach an agreement to resolve the matter during mediation. As at reporting date, there was
no material impact to the consolidated financial statements, however the Group will continue to assess the claim and will
update the market in the event that the claim is expected to have a material impact on the Group.
11.
 SUBSEQUENT EVENTS
There were no subsequent events that would have a material effect on these consolidated interim financial statements.
24
Restaurant Brands

PwC New Zealand, PwC Tower, 15 Customs Street West
Private Bag 92162, Auckland 1142, New Zealand

+64 355 8000
pwc.co.nz
Independent auditor’s review report
To the shareholders of Restaurant Brands New Zealand Limited
Report on the consolidated interim financial statements
Our conclusion
We have reviewed the consolidated interim financial statements (financial statements) of Restaurant Brands New
Zealand Limited (the Company) and its subsidiaries (the Group) on pages 14 to 24, which comprise the
consolidated statement of financial position as at 30 June 2025, 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 notes, comprising material accounting policy information and other
explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying financial
statements of the Group do not present fairly, in all material respects, the financial position of the Group as at 30
June 2025, 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.
In our capacity as auditor and assurance practitioner, our firm provides other assurance services and agreed-upon
procedures. Our firm also provides a whistleblower line. The firm has no other relationship with, or interests in, the
Group.
Responsibilities of the Directors for the financial statements
The Directors of the Company are responsible on behalf of the Company for the preparation and fair presentation of
these 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 financial statements that are free from
material misstatement, whether due to fraud or error.

PwC
Auditor’s responsibilities for the review of the financial statements
Our responsibility is to express a conclusion on the 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
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 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 and International Standards on Auditing (New Zealand) 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 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 Company
and the Company’s 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:
PricewaterhouseCoopers Auckland
26 August 2025

CORPORATE DIRECTORY & FINANCIAL CALENDAR
CORPORATE DIRECTORY
Directors
José Parés (Chairman)
Emilio Fullaondo
Carlos Fernández
Luis Miguel Álvarez
Stephen Ward
Huei Min (Lyn) Lim
Maria Elena (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. Morgan
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 2025
Annual profit announcement
February 2026
Interim Report 30 June 2025
27