Restaurant Brands International LP (OTCPK:RSTRF)

Q1 2025 Restaurant Brands International LP Earnings Call Transcript

May 8, 2025 / 12:30 PM GMT

Release Date Price: $67.04

Transcript 10-Q8-K

Key Points

Positve

Restaurant Brands International LP (RSTRF) reported a system-wide sales growth of 2.8% and organic adjusted operating income growth of 2.6% for Q1 2025.
Tim Hortons in Canada is on track to return to positive net unit growth in 2025, with a focus on underpenetrated regions such as Western Canada.
Burger King US outperformed the broader Burger QSR category, reflecting progress in the 'Reclaim the Flame' plan.
Firehouse Subs in the US and Canada grew comparable sales by 0.6% and net restaurants by 5.9%, continuing to outperform the broader sub sandwich category.
The company is confident in delivering at least 8% organic adjusted operating income growth in 2025, supported by improved sales momentum and cost discipline.

Negative

First quarter consolidated comparable sales were relatively flat at 0.1%, indicating a slow start to the year.
Popeye's in the US and Canada saw a 4% decline in comparable sales, following a strong performance in the prior year.
Burger King China is undergoing a portfolio cleanup, which includes closing unprofitable restaurants, impacting short-term growth.
The company expects total reported 2025 net restaurant growth to be slightly down from last year, primarily due to challenges in Burger King China.
There is a $19 million headwind from the loss of royalties and fees at Burger King China, as it is treated as held for sale until a new partner is found.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

QSP_u.TO - Restaurant Brands International LP
Q1 2025 Restaurant Brands International LP Earnings Call
May 08, 2025 / 12:30PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome to the Restaurant Brands International first quarter 2025 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key forward by 0. After today's presentation, there'll be an opportunity to ask questions. To ask a question, you may press star, then 1 on your telephone keypad. You'll hear a tone to confirm that you are in the queue. To exit the question queue, you may press star, then 2.

All callers will be limited to one question. Please note this event is being recorded. I'd now like to turn the conference over to Kendall Peck, RBI's, head of investor relations. Please

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