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Restaurant Brands International Inc. (QSR) Presents at Barclays 19th Annual Global Consumer Staples Conference Transcript

Nykredit A S purchased a new stake in Restaurant Brands International Inc. (NYSE:QSR – Free Report) (TSE:QSR) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 25,028 shares of the restaurant operator’s stock, valued at approximately $1,815,000.

Other large investors have also recently modified their holdings of the company. Geode Capital Management LLC raised its holdings in shares of Restaurant Brands International by 6.0% in the fourth quarter. Geode Capital Management LLC now owns 5,216,985 shares of the restaurant operator’s stock valued at $365,279,000 after acquiring an additional 295,935 shares in the last quarter. Fiera Capital Corp increased its position in Restaurant Brands International by 38.2% during the 4th quarter. Fiera Capital Corp now owns 6,835,522 shares of the restaurant operator’s stock valued at $466,595,000 after purchasing an additional 1,889,359 shares during the period. Hillsdale Investment Management Inc. increased its position in Restaurant Brands International by 851.5% during the 4th quarter. Hillsdale Investment Management Inc. now owns 376,147 shares of the restaurant operator’s stock valued at $25,713,000 after purchasing an additional 336,615 shares during the period. Norges Bank bought a new stake in shares of Restaurant Brands International in the 4th quarter valued at about $260,709,000. Finally, Legal & General Group Plc raised its holdings in shares of Restaurant Brands International by 5.1% in the 4th quarter. Legal & General Group Plc now owns 1,693,511 shares of the restaurant operator’s stock valued at $115,708,000 after purchasing an additional 81,533 shares in the last quarter. Hedge funds and other institutional investors own 82.29% of the company’s stock.

Restaurant Brands International Trading Up 0.1% Restaurant Brands International stock opened at $80.22 on Tuesday. The company has a debt-to-equity ratio of 2.49, a quick ratio of 0.92 and a current ratio of 1.01. The stock has a market cap of $27.98 billion, a PE ratio of 21.56, a price-to-earnings-growth ratio of 2.24 and a beta of 0.51. The stock has a 50-day moving average of $75.80 and a two-hundred day moving average of $75.12. Restaurant Brands International Inc. has a one year low of $61.33 and a one year high of $81.96.

Restaurant Brands International (NYSE:QSR – Get Free Report) (TSE:QSR) last issued its quarterly earnings results on Thursday, August 6th. The restaurant operator reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.03. The business had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.52 billion. Restaurant Brands International had a net margin of 13.12% and a return on equity of 33.43%. Restaurant Brands International’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.94 EPS. On average, research analysts anticipate that Restaurant Brands International Inc. will post 4.03 EPS for the current fiscal year. Restaurant Brands International Announces Dividend The company also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Investors of record on Friday, September 18th will be issued a dividend of $0.65 per share. The ex-dividend date of this dividend is Friday, September 18th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.2%. Restaurant Brands International’s payout ratio is 69.89%.

Analysts Set New Price Targets A number of equities analysts have recently issued reports on the stock. TD Cowen increased their price objective on shares of Restaurant Brands International from $79.00 to $80.00 and gave the company a “hold” rating in a research note on Thursday, July 9th. Morgan Stanley boosted their price objective on shares of Restaurant Brands International from $78.00 to $79.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 15th. Scotia dropped their target price on Restaurant Brands International from $83.00 to $81.00 and set a “sector perform” rating on the stock in a research report on Friday, August 7th. Piper Sandler cut their price target on Restaurant Brands International from $85.00 to $81.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Finally, Scotiabank cut their price target on Restaurant Brands International from $83.00 to $81.00 and set a “sector perform” rating on the stock in a report on Friday, August 7th. Sixteen investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $84.00.

View Our Latest Research Report on Restaurant Brands International

Restaurant Brands International Company Profile (Free Report)

Restaurant Brands International Inc (NYSE: QSR) is a global quick-service restaurant company formed through the combination of established brands. The company’s principal holdings include Burger King, Tim Hortons and Popeyes, each of which operates under its own brand identity and menu. Restaurant Brands International’s business is centered on developing and expanding these franchised restaurant systems, supporting franchisees with brand management, supply chain coordination, and marketing programs.

RBI’s restaurants offer a range of quick-service food and beverage products: Burger King is known for its flame-grilled hamburgers and sandwiches, Tim Hortons for coffee, baked goods and breakfast items, and Popeyes for Louisiana-style fried chicken and seafood.

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, /PRNewswire/ -- Restaurant Brands International Inc. (NYSE: QSR) (TSX: QSR) (TSX: QSP) ("RBI") announced today that Josh Kobza, Chief Executive Officer, and Sami Siddiqui, Chief Financial Officer, will participate in a fireside chat at Barclays 19th Annual Global Consumer Conference in Boston on September 9, 2026 at 9:00am Eastern Time.

A live audio webcast will be available on the company's investor relations website (http://rbi.com/investors) and a replay will be available for a limited time following the event.

About Restaurant Brands International Inc.

Restaurant Brands International Inc. is one of the world's largest quick service restaurant companies with nearly $49 billion in annual system-wide sales and over 33,000 restaurants in more than 120 countries and territories. RBI owns four of the world's most prominent and iconic quick service restaurant brands – TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®. These independently operated brands have been serving their respective guests, franchisees and communities for decades. Through its Restaurant Brands for Good framework, RBI is improving sustainable outcomes related to its food, the planet, and people and communities.

RBI's principal executive offices are in Miami, Florida. In North America, RBI's brands are headquartered in their home markets where they were founded decades ago: Canada for Tim Hortons and the U.S. for Burger King, Popeyes and Firehouse Subs. To learn more about RBI, please visit the company's website at www.rbi.com.

SOURCE Restaurant Brands International Inc.

Burger King continues to push the boundaries of its menu. After successfully revamping its flagship product—the Whopper—it isn’t stopping there. Today, the fast-food chain announced it will be giving its chicken nuggets an upgrade, too.

In a press release, the burger giant hinted at a new marketing direction: greater authenticity.

Burger King asked customers to taste-test its nuggets and sauces, and the verdict was a big thumbs-down, with thousands of people reporting that they tasted “rubbery,” “dry,” and “disappointing.” So the brand said it “went back to the kitchen to rethink every element” of its nuggets.

On September 1, it will debut its improved nuggets, made with all-white meat, crispier breading, and an improved marinade, with a fresh sauce lineup of sweet and sour, honey mustard, buffalo, and a limited-time savory sauce.

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Owning up to the fact its chicken nuggets weren’t cutting it is part of Burger King’s long-term strategy—which focuses on Gen Z’s craving for authenticity, a better customer experience, a tastier menu, and a strong social media game.

“We take guest feedback seriously, and when we received thousands of texts, calls, and comments telling us our nuggets needed a total overhaul, we listened,” Amy Alarcon, head chef for Burger King in the U.S. and Canada, said in a statement.

BK’s move—and its focus on authenticity—comes after McDonald’s CEO Chris Kempczinski was roasted after he posted a video of himself awkwardly eating a Big Arch burger. One viewer wrote on social media: “What’s the opposite of genuine and authentic?”

Explore TopicsBurger Kingfast foodnewswhopper

Toronto, Ontario--(Newsfile Corp. - August 26, 2026) - Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company"), a leader in acquiring and scaling emerging food brands is pleased to announce its unaudited financial results and corporate update for the fiscal quarter ended June 30th, 2026.

Q2 2026 Financial and Recent Business Highlights

SYSTEM-WIDE SALES GROWTH: Happy Belly generated record system-wide sales across its Quick Service Restaurant ("QSR") portfolio of $28.4 million in the second quarter of fiscal 2026, representing an increase of approximately 75% compared to $16.2 million in the same quarter of fiscal 2025, and an increase of approximately 47% compared to $19.3 million in the first quarter of fiscal 2026. The continued increase in system-wide sales reflects a combination of organic sales growth across the Company's existing restaurant base and the continued expansion of its restaurant network.

At June 30, 2026, the Company had 95 operating restaurants, representing an increase of approximately 53% from 62 operating restaurants in the prior-year period. The growth in both restaurant count and system-wide sales demonstrates the increasing scale of the Company's QSR portfolio as new locations continue to open and contribute to overall system performance.

REVENUE GROWTH: Total operating revenues, services, interest income and rebates were a record $8.5 million in the second quarter of fiscal 2026, representing an increase of approximately 57% compared to $5.4 million in the same quarter of fiscal 2025, and approximately 42% compared to $6.0 million in the first quarter of fiscal 2026. The year-over-year increase reflects continued growth in the Company's QSR operations, contributions from businesses acquired during the preceding twelve months, increased revenues generated from a larger restaurant network, and incremental royalties and franchise-related revenues resulting from new restaurant openings.

The sequential increase from the first quarter further reflects the continued ramp-up of recently opened restaurants and the growing contribution from the Company's expanding franchise system.

PRODUCT SALES AND FRANCHISE REVENUE: Total product sales were a record $6.4 million in the second quarter of fiscal 2026, representing an increase of approximately 39% compared to $4.6 million in the same quarter of fiscal 2025, and approximately 36% compared to $4.7 million in the first quarter of fiscal 2026.

In addition, royalties and franchise fee revenues increased to a record $1.6 million during the second quarter of fiscal 2026, representing growth of approximately 129% compared to $0.7 million in the prior-year period.

The significant increase in royalties and franchise fees reflects the continued expansion of Happy Belly's franchised restaurant base and the corresponding increase in system-wide sales upon which royalty revenues are generated. The increasing contribution from royalties and franchise fees is consistent with the Company's continued execution of its franchise-led, asset-light growth strategy.

ADJUSTED EBITDA: Adjusted EBITDA* was $0.7 million during the second quarter of fiscal 2026, compared to $0.5 million in the same quarter of fiscal 2025.

The Company maintained a strong liquidity position, with cash and cash equivalents of approximately $12.0 million as of June 30, 2026, compared to approximately $3.0 million at June 30, 2025. The large increase in cash position is reflective primarily of options and warrants exercised in the first 6 months of 2026, alongside increased operating revenues, franchise revenues, services, interest income and rebates.

The strengthened cash position provides Happy Belly with financial flexibility to continue supporting its organic growth initiatives while maintaining sufficient liquidity to support the Company's ongoing operations and working capital requirements.

Management Commentary

"In Q2 we delivered record QSR systemwide sales, announced our largest ever area development deal and ended the quarter with a record cash balance, all done while making critical investments back into our business. We are continuing our momentum into the back half of 2026 with a full slate of openings including our 1st US-based location in Lubbock, Texas, across from Texas Tech University that is only weeks away. We are just getting started," said Sean Black, Chief Executive Officer of Happy Belly Food Group.

Full details of the financial reports and operating results for the second quarter of fiscal 2026, are described in the Company's consolidated financial statements with accompanying notes and related Management's Discussion and Analysis, available on SEDAR+ at www.sedarplus.ca.

FOOTNOTES:
*Adjusted EBITDA Is a non-IFRS financial measure which does not have a standardized meaning prescribed by IFRS. Adjusted EBITDA and Adjusted EBITDA Margin are used by management as supplemental measures to review and assess operating performance and to provide a more complete understanding of factors and trends impacting the Company's business. Management believes Adjusted EBITDA are useful measures of operating performance and the Company's ability to generate cash-based earnings, as they provide a more relevant position of operating results by excluding the effects of financing and investing activities, which removes the effects of interest, depreciation and amortization expenses as well as other expenses, as described, that are not reflective of the Company's underlying business. This non-IFRS measure is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Adjusted EBITDA is defined as net comprehensive income or (loss), excluding interest, taxes, depreciation and amortization (EBITDA), adjusted for share-based compensation, gain (loss) on equity investments and sublease, expected credit loss and non-recurring expenses.

Franchising
For franchising inquiries please see www.happybellyfg.com/franchise-with-us/ or contact us at [email protected].

About Happy Belly Food Group
Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company") is a leader in acquiring and scaling emerging food brands across Canada.

Happy Belly 1

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Sean Black
Co-founder, Chief Executive Officer

Shawn Moniz
Co-founder, President

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.

Cautionary Note Regarding Forward-Looking Statements

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws. Forward-Looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur and include the future performance of Happy Belly and her subsidiaries. Forward-Looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the business plans for Happy Belly described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/311561

Source: Happy Belly Food Group Inc.

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Toronto, Ontario--(Newsfile Corp. - August 28, 2026) - Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company"), a leading consolidator of emerging restaurant brands, is pleased to announce that its Heal Wellness brand ("Heal") will celebrate the grand opening of its newest location this Saturday, August 29th, at Unit D1-4, 3956 Shelbourne Street, Saanich, British Columbia, within the University Heights development. The location is owned and operated by an experienced multi-unit, multi-brand operator and represents the first of five committed Heal Wellness locations by this franchisee for Vancouver Island. The opening marks Heal's first location on Vancouver Island and further advances the brand's disciplined, asset-light growth strategy as it continues expanding across British Columbia and Western Canada. Heal Wellness is a fast-growing quick-service restaurant ("QSR") brand specializing in fresh smoothie bowls, açaí bowls, and smoothies, built around clean ingredients and a better-for-you lifestyle.

Happy Belly 1

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"The grand opening of our newest location at University Heights is another exciting milestone for Heal as we continue building our presence across North America," said Sean Black, Chief Executive Officer of Happy Belly Food Group. "This opening is particularly meaningful because it is being led by an experienced multi-unit, multi-brand operator who has committed to opening five Heal Wellness locations, with University Heights representing the first. Experienced operators choosing to grow with us through multi-unit commitments is strong validation of the brand, our franchise model, and the opportunity ahead."

University Heights is a major mixed-use redevelopment in Saanich's Shelbourne-McKenzie area, combining new residential density with retail and commercial services along two important regional corridors. The location provides access to established neighbourhoods, growing residential density, and traffic connected to the nearby University of Victoria, creating a strong customer base of students, young professionals, families, and active consumers. As Heal's first Vancouver Island location, University Heights provides a strategic foothold for the brand within the Greater Victoria market.

Heal Wellness continues to gain momentum as consumer demand for wellness-focused QSR concepts grows across Canada. With a scalable format, strong unit economics, and an expanding network of experienced franchise partners, Heal is well positioned to deepen its presence across British Columbia and Western Canada while continuing its expansion into additional Canadian and U.S. markets. The University Heights grand opening is another milestone in that growth strategy and highlights the strength of Happy Belly's multi-unit, multi-brand franchise partner network as experienced operators continue to expand across the Company's portfolio.

Happy Belly 2

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"We are just getting started", said Sean Black.

Additional Updates:
The Company announces that it has granted 1,000,000 stock options (the "Options") to its Chief Financial Officer, Ian Thomas, in accordance with the Company's Option Plan. The Options are exercisable at $2.00 per common share (the "Shares") and are subject to performance-based vesting triggers designed to align with the performance warrants and options previously granted to the Company's Board of Directors and Chief Executive Officer on October 3, 2025, and will expire October 2nd, 2030.

These Options shall vest as follows:

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About Heal WellnessHeal Wellness was founded with a passion and mission to provide quick, fresh wellness foods that support a busy and active lifestyle. We currently offer a diverse range of smoothie bowls and smoothies. We take pride in meticulously selecting every superfood ingredient on our menu to fuel the body, including acai smoothie bowls, smoothies, and super-seed grain bowls. Our smoothie bowls are crafted with real fruit and enriched with superfoods like acai, pitaya, goji berries, chia seeds, and more.

FranchisingFor franchising inquiries please see www.happybellyfg.com/franchise-with-us/ or contact us at [email protected].

About Happy Belly Food Group
Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company") is a leader in acquiring and scaling emerging food brands across Canada.

Happy Belly Food Group

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6625/311940_d44ca252d49658ea_006full.jpg

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.

Cautionary Note Regarding Forward-Looking Statements

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws. Forward-Looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur and include the future performance of Happy Belly and her subsidiaries. Forward-Looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the business plans for Happy Belly described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/311940

Source: Happy Belly Food Group Inc.

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Restaurant Brands International (QSR +3.18%) is four years into rebuilding Burger King, and the work is finally showing up in the numbers. U.S. same-store sales grew 8.5% in the second quarter, compared to just 0.8% at McDonald's in the same period.

That was the second strong quarter in a row for Burger King -- same-store sales rose by nearly 6% in the first quarter. Average unit volumes for the Whopper are up over 20% since the burger's relaunch hit menus in February.

The fast-food restaurant is taking market share, outgrowing the quick-service burger industry by more than nine percentage points as the company's Reclaim the Flame initiative rolls on.

Image source: Getty Images.

Rebuilding from the kitchen out The Burger King playbook was borrowed from Domino's Pizza, where Patrick Doyle led a major turnaround before joining Restaurant Brands International as executive chairman in 2022.

The strategy puts operations, including the food and franchisee economics, ahead of marketing and growth.

The company has remodeled over 1,000 restaurants since 2018, and plans to continue updating more of them through 2028, building on a foundation of healthier unit economics.

With the business on firmer footing, management can now focus on driving traffic through marketing campaigns centered on the elevated Whopper.

The profit driver is decelerating While Burger King's results have been improving, Tim Hortons' performance has weighed on the overall company's results. The Canadian coffee-and-donut chain posted same-store sales growth of only 0.1%, marking its fourth straight quarter of decelerating growth.

The slowdown is a big deal because Tim Hortons is the company's anchor, generating around 40% of Restaurant Brands International's operating profit.

Meanwhile, its Popeyes Louisiana Kitchen chain continues to slide. The fried chicken chain posted a 5.2% decline in U.S. same-store sales. It has been RBI's weakest brand over the past year, but management expects Popeyes to return to growth in the second half of 2026.

The international segment remains a bright spot for Restaurant Brands International, with same-store sales up 5.5%. Burger King's 19% profit share, combined with the international side at roughly 29%, means half the business is expanding, and nearly 90% of the company is growing or stable.

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For someone who's watched the Burger King saga unfold for more than a decade, it's nice to see the turnaround taking place. Now, management needs to get old, reliable Tim Hortons moving in the right direction. With Restaurant Brands International trading at around 18 times forward earnings and paying a dividend that yields 3.3% at the current share price, patient investors may consider this a good time to pick up shares.

Bryan White has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Domino's Pizza. The Motley Fool recommends Restaurant Brands International and recommends the following options: long January 2028 $320 calls on McDonald's and short January 2028 $340 calls on McDonald's. The Motley Fool has a disclosure policy.

The burger's overhaul, overseen by a corporate chef who had already worked magic at Popeyes, is helping propel a comeback.

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SummaryRestaurant Brands International is upgraded to a buy as Burger King's turnaround drives market share gains over McDonald's.QSR's valuation has improved, with a TTM PE of 18.5 and low FCF growth requirements supporting upside potential.Burger King's 8.5% comp sales growth and successful 'Reclaim the Flame' campaign highlight effective management and turnaround execution.Risks remain with Popeye's comp sales decline and Tim Horton's stagnation, but overall brand momentum and comp sales growth underpin the bullish thesis. Manuel Milan/iStock Editorial via Getty Images

Restaurant Brands International Inc. (QSR) managed to increase its market share while McDonald's (MCD) has stagnated. I took a look at QSR back in mid-April and came away

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in QSR over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

, /PRNewswire/ -- Restaurant Brands International Inc. ("RBI" or the "Company") (NYSE: QSR) (TSX: QSR) announced today that Restaurant Brands International Limited Partnership ("RBI LP") has received an exchange notice from 3G Restaurant Brands Holdings LP ("RBH"), an affiliate of 3G Capital Partners Ltd. ("3G Capital"), to exchange 2,784,549 Class B exchangeable limited partnership units of RBI LP (the "Exchangeable Units").

RBI LP intends to satisfy this notice with the repurchase of these Exchangeable Units for cash, using available cash on hand. Once the exchange is settled, the Exchangeable Units will be cancelled, decreasing the fully diluted common shares of RBI by the same number of Exchangeable Units. On an as adjusted basis after giving effect to the exchange, RBH will hold approximately 21% of RBI's fully diluted common shares.

The exchange date is scheduled to occur on August 31, 2026, and the repurchase of Exchangeable Units for cash will be based on the 20-day volume weighted average price of the Company's common shares traded on the NYSE in US dollars, in accordance with the terms of the limited partnership agreement of RBI LP. The exchange notice is irrevocable.

About Restaurant Brands International Inc. 
Restaurant Brands International Inc. is one of the world's largest quick service restaurant companies with nearly $49 billion in annual system-wide sales and over 33,000 restaurants in more than 120 countries and territories. RBI owns four of the world's most prominent and iconic quick service restaurant brands – TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®. These independently operated brands have been serving their respective guests, franchisees and communities for decades. Through its Restaurant Brands for Good framework, RBI is improving sustainable outcomes related to its food, the planet, and people and communities.

Forward-Looking Statements
This press release includes forward-looking statements, which are often identified by the words "may," "might," "believes," "thinks," "anticipates," "plans," "expects," "intends" or similar expressions and reflect management's expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements include statements about RBI's expectations and beliefs regarding its ability to complete the cash repurchase of Exchangeable Units, and the anticipated source of funds to fund the repurchase. The factors that could cause actual results to differ materially from RBI's expectations are detailed in filings of RBI with the U.S. Securities and Exchange Commission and on SEDAR+ in Canada, such as its annual and quarterly reports and current reports on Form 8-K. RBI undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

SOURCE Restaurant Brands International Inc.

Pershing Square Capital Management, run by founder Bill Ackman, is very selective about the stocks it decides to invest in.

Compared to most hedge funds, Ackman and Pershing Square hold very few stocks -- only about a dozen, according to the latest first-quarter 13F filing.

One that he has held for almost 12 years now is Restaurant Brands International (QSR +1.33%), which owns several quick-service and fast-food restaurant chains, including Burger King, Tim Hortons, Popeyes, and Firehouse Subs.

It may seem out of place within a portfolio that includes Amazon, Microsoft, Alphabet, and Meta Platforms, but it features certain qualities that appeal to Ackman.

Bill Ackman, Pershing Square Capital Management. Image source: Getty Images.

"QSR's franchised business model is a high-quality, capital-light, growing annuity that generates high-margin brand royalty fees from its four leading brands: Tim Hortons, Burger King, Popeyes, and Firehouse Subs," Ackman wrote in the annual letter to shareholders.

$58 million in dividend income By calling it a capital-light growing annuity, Ackman means it provides steady, reliable returns with very little overhead. Most of its income comes from royalty and franchise fees, as it doesn't own most of the restaurants and their physical assets. Ackman is likely also referring to its excellent dividend, which pays out millions to him annually.

Restaurant Brands stock pays out a healthy $0.65 per share dividend, which it has raised annually for 10 straight years. The dividend is paid out at a yield of 3.49%, which is 3 times higher than the S&P 500 average dividend yield.

Ackman owned 22.6 million shares of QSR at the end of the first quarter, making it Pershing's fifth-largest holding, accounting for about 14% of the overall portfolio.

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Those 22.6 million shares, paying out a quarterly dividend of $0.65, would generate about $17.7 million in income per quarter and roughly $58.8 million in dividend income per year. So, you can see why Ackman likes the stock, particularly now in a market where returns have been choppy and volatile.

Burger King in turnaround mode Restaurant Brands released its second-quarter earnings on Aug. 6, and they were generally strong. The company topped revenue and earnings estimates, yet QSR's stock price was drifting about 2% lower.

Restaurant Brands saw systemwide sales grow 6.4% and comparable sales rise 3.8% in the quarter. Revenue increased 5% to $2.5 billion while adjusted earnings surged 14% to $1.07 per share.

The Burger King turnaround is real, as the burger chain saw an 8.6% increase in comparable store sales and a 13% jump in operating income.

That was offset by a 5.2% drop in comp sales and a 5.4% dip in operating income for Popeyes. Also, Tim Hortons, the company's most profitable property, only saw a 0.1% increase in comp sales and a 3.2% rise in operating income.

The mixed results among the chains may have given some investors pause. In addition, while the company reaffirmed its guidance for the full year, it did not raise it. That may have been a red flag considering Burger King's rapid turnaround.

Why Restaurant Brands is a buy in August I think the 2% dip makes it a good time to buy Restaurant Brands stock, mainly because of the great dividend. But the Burger King turnaround seems to be taking hold, and the company is continuing to see a surge in international markets.

Its international revenue grew 9.8% in the quarter, topping all other segments, and its international operating income rose 13.2%, matching Burger King's jump. International was the second-most profitable segment, with $194 million in adjusted operating income, behind only Tim Hortons' $287 million.

The stock is also a decent value, based on its forward earnings expectations, with a forward price-to-earnings (P/E) ratio of 13.

Wall Street analysts expect the stock to rise 15% over the next 12 months with a median price target of $85 per share. That's a pretty solid return, in addition to a great dividend.

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Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Restaurant Brands International Inc. (QSR) Q2 2026 Earnings Call August 6, 2026 8:30 AM EDT

Company Participants

Kendall Peck - Head of Investor Relations
Joshua Kobza - Chief Executive Officer
Sami Siddiqui - Chief Financial Officer
J. Doyle - Executive Chairman

Conference Call Participants

Brian Bittner - Oppenheimer & Co. Inc., Research Division
Dennis Geiger - UBS Investment Bank, Research Division
David Palmer - Evercore ISI Institutional Equities, Research Division
Danilo Gargiulo - Bernstein Institutional Services LLC, Research Division
John Ivankoe - JPMorgan Chase & Co, Research Division
Sara Senatore - BofA Securities, Research Division
Brian Mullan - Piper Sandler & Co., Research Division
Andrew Charles - TD Cowen, Research Division
Gregory Francfort - Guggenheim Securities, LLC, Research Division

Presentation

Operator

Good morning, and welcome to Restaurant Brands International's Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Kendall Peck, RBI's Vice President of Treasury and Investor Relations. Please go ahead.

Kendall Peck
Head of Investor Relations

Thank you, operator. Good morning, everyone, and welcome to Restaurant Brands International's earnings call for the quarter ended June 30, 2026. Joining me on the call today are Restaurant Brands International's Executive Chairman, Patrick Doyle; CEO, Josh Kobza; and CFO, Sami Siddiqui. Following remarks from Josh, Sami and Patrick, we will open the call to questions.

Today's discussion may include forward-looking statements, which are subject to risks detailed in the press release issued this morning and in our SEC filings. We will also reference non-GAAP financial measures, reconciliations of which can be found in the press release and trending schedules available on our website. As a reminder, organic adjusted operating income growth is on a constant currency basis and excludes results from the Restaurant Holdings segment. For calendar planning purposes, our preliminary Q3 earnings call is scheduled for the morning of October 29, 2026.

Burger King has overtaken Wendy's as the second-largest burger chain in the U.S. by systemwide sales, retaking its crown six years after losing it to the rival chain.

The change in positions follows the two companies' diverging results over the past two years.

Wendy's has reported shrinking U.S. same-store sales for six straight quarters. Its domestic same-store sales slipped 7% in its latest quarter, the company reported on Friday.

Meanwhile, Burger King has been embarking on a turnaround and has seen its domestic same-store sales rise over the past five quarters; the Restaurant Brands International chain on Thursday reported U.S. same-store sales growth of 8.5% for its second quarter.

McDonald's holds onto its spot as the number one burger chain, with a significant lead. Although the company only reports its systemwide sales on a global basis, it held about 48% of the U.S. burger market share in 2024, according to Barclays. For comparison, at that time, Wendy's had an 11.4% share of the market, while Burger King had a 10% hold.

Wendy's initially overtook Burger King through the success of its nationwide breakfast launch. But staying number two has been a rocky road.

Both Wendy's and Burger King had to navigate the Covid-19 pandemic and the subsequent supply chain issues that led to soaring food costs. Then came the consumer pushback against rising menu prices and a pullback in restaurant spending.

In late 2022, Restaurant Brands announced a turnaround plan for Burger King's U.S. business after a year of lackluster sales. The strategy has focused on improving its food quality, investing in marketing and remodeling restaurants.

While Burger King tried to find its footing, Wendy's was dealing with a revolving door of chief executives at a time when consumers were growing even more value conscious and beef costs were soaring.

In 2024, Wendy's longtime CEO Todd Penegor retired after eight years in the role. PepsiCo executive Kirk Tanner succeeded him but left after a little more than a year to lead Hershey's. CFO Ken Cook took over as interim CEO until Wendy's tapped former Potbelly CEO Bob Wright as his permanent replacement in May.

"Our quality differentiation has eroded, our value proposition has weakened, and we have not consistently delivered the experience customers expect from Wendy's," Wright said on the company's earnings conference call on Friday. "These issues have weighed on traffic and created pressure on the restaurant economic model, which is the heartbeat of this business, and this is reflected in our latest results."

Now Wendy's is planning to embark on its own turnaround to revive sales, meaning that Burger King can't rest on its laurels.

Restaurant Brands International Inc. (NYSE:QSR) reported a second-quarter earnings beat with adjusted EPS of $1.07, surpassing analyst expectations of $0.82.

Revenue came in at $2.52 billion, beating the consensus estimate of $2.24 billion.

• Restaurant Brands shares are under pressure. Why is QSR stock retreating?

Quarter In DetailComparable sales rose 3.8% year over year, net restaurant growth of 2.9% Y/Y, and system-wide sales growth of 6.4% Y/Y.

Organic adjusted operating income increased 6.7% Y/Y, while adjusted EPS rose 12.9% Y/Y in the quarter. CEO Josh Kobza highlighted Burger King’s strong performance and continued International segment strength

RBI ended the quarter with $2.3 billion in total liquidity, including $1.1 billion in cash.

Business PerformanceTim Hortons Canada reported flat second quarter same-store sales growth of 0.1%, impacted by a weaker promotional calendar, while maintaining leadership in coffee, breakfast and baked goods. Momentum improved after the launch of Melts, with cold beverages remaining a growth driver through matcha offerings, expanded fountain equipment and products like Soda Swirls.

International segment’s comparable sales growth of 5.5%, net restaurant growth of 5.1%, and system-wide sales growth of 10.7%. Growth was broad-based across key markets, including the UK, Germany, Spain, Brazil, China, Korea, and Japan. Popeyes Brazil continued strong momentum, with comparable sales up more than 20% year to date after similar growth in 2025.

Burger King reported comparable sales growth of 8.6% and system-wide sales growth of 8.2%. U.S. same-store sales rose 8.5%, outperforming the burger QSR industry by more than nine percentage points. Growth was led by the "Reclaim the Flame" strategy, including Whopper-focused marketing, restaurant improvements, stronger operations and franchisee investments.

Burger King continues to execute its multi-year "Reclaim the Flame" strategy to accelerate sales growth and improve franchisee profitability. The plan includes up to $700 million in investments through 2028, covering restaurant remodels and relocations, technology upgrades, kitchen equipment, and building enhancements under the "Royal Reset" initiative. As of June 30, 2026, Burger King had invested $194 million of the planned $550 million Royal Reset spending.

Popeyes reported U.S. net restaurant growth of 0.3%, while same-store sales declined 5.2% and system-wide sales fell 3.3%. The brand completed the rollout of an improved tender specification and saw improved traffic and repeat purchases from value platforms.

Firehouse Subs delivered system-wide sales growth of 7.5%, net restaurant growth of 8.1%, and comparable sales growth of 0.4% in the quarter. This is aided by the successful Steak and Cheese Melt launch, the new Smoke and Honey Melts platform, and continued restaurant expansion.

Cash flow & DividendThe company generated $501 million in free cash flow during the quarter, including $62 million in capital expenditures and cash inducements.

RBI returned $435 million to shareholders through dividends and share repurchases, including $137 million of stock buybacks during the quarter.

OutlookRBI continues to target 8% organic adjusted operating income growth and expects net restaurant growth to accelerate toward its 5% unit growth target.

Foreign exchange headwinds are expected to reduce second-half 2026 AOI by approximately $10 million and impact adjusted EPS by 2-3 cents.

The company expects to accelerate Canadian expansion, targeting around 80 gross restaurant openings in 2026, compared with more than 50 openings in 2025. New locations are primarily standard drive-thru formats with payback periods of less than three years.

Management expects Popeyes to return to positive comparable sales growth in the second half of 2026.

The company remains on track to repurchase approximately $500 million of shares in 2026.

QSR Stock Price Activity: Restaurant Brands Intl shares were down 2.23% at $73.83 at the time of publication on Thursday.

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Restaurant Brands (QSR - Free Report) reported $2.52 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 4.6%. EPS of $1.07 for the same period compares to $0.94 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $2.5 billion, representing a surprise of +0.61%. The company delivered an EPS surprise of +3.88%, with the consensus EPS estimate being $1.03.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Restaurant Brands performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

System-wide Sales Growth - FHS: 7.5% compared to the 9.3% average estimate based on five analysts.Comparable Sales - INTL - Global: 5.5% versus 4.2% estimated by five analysts on average.System-wide Sales Growth - BK: 8.2% versus the five-analyst average estimate of 3.7%.System-wide Sales Growth - TH: 0.4% compared to the 2.8% average estimate based on five analysts.Revenues- TH (Tim Hortons): $1.14 billion versus $1.12 billion estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +5% change.Revenues- Franchise and property revenues: $793 million versus $802.92 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +4.3% change.Revenues- PLK (Popeyes Louisiana Kitchen): $199 million versus the five-analyst average estimate of $201.89 million. The reported number represents a year-over-year change of -5.2%.Revenues- FHS (Firehouse Subs): $62 million versus $63.4 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +5.1% change.System-wide sales- TH: $2 billion versus $2.06 billion estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +0.4% change.System-wide sales- BK: $3.19 billion versus the five-analyst average estimate of $3.07 billion. The reported number represents a year-over-year change of +8.2%.System-wide sales- PLK: $1.53 billion versus $1.54 billion estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -3.1% change.System-wide sales- FHS: $361 million versus the five-analyst average estimate of $367.25 million. The reported number represents a year-over-year change of +7.4%.View all Key Company Metrics for Restaurant Brands here>>>

Shares of Restaurant Brands have returned +0.1% over the past month versus the Zacks S&P 500 composite's +3.3% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

Restaurant Brands International's profit rose in the second quarter, driven by a standout performance at Burger King U.S. that bucked a broader trend of slowing fast-food demand across other major chains.

Consolidated System-wide Sales grow 6.4% year-over-year, including 10.7% in International
Comparable Sales accelerated to 3.8%, including 8.5% at BK US and 5.5% at International
RBI returns $435 million of capital to shareholders via dividends and share repurchases
RBI remains on track for 8% organic Adjusted Operating Income growth in 2026

, /PRNewswire/ -- Restaurant Brands International Inc. ("RBI") (NYSE: QSR) (TSX: QSR) (TSX: QSP) today reported financial results for the second quarter ended June 30, 2026. Josh Kobza, Chief Executive Officer of RBI commented, "We built on our strong start to 2026 with another quarter of over 3% global comparable sales and double-digit earnings growth, led by Burger King's standout performance and continued strength at International. These results show the benefits of our diversified portfolio and that the strategy we outlined at Investor Day is working. Burger King's performance is a great example of what's possible when you invest in the fundamentals and execute well – an approach we're applying across all of our brands."

Consolidated Operational and Financial Highlights
(in US$ millions, except per share and ratio data, unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

Operational Highlights

2026

2025

2026

2025

System-wide Sales Growth (a)

6.4 %

5.3 %

6.3 %

4.1 %

System-wide Sales (a)

$

12,702

$

11,853

$

24,213

$

22,349

Comparable Sales

3.8 %

2.4 %

3.5 %

1.3 %

Net Restaurant Growth

2.9 %

2.9 %

2.9 %

2.9 %

System Restaurant Count at Period End

33,156

32,229

33,156

32,229

GAAP Financials

Total Revenues

$

2,520

$

2,410

$

4,784

$

4,519

Income from Operations

$

716

$

483

$

1,322

$

918

  Income from Operations Growth

48.4 %

(27.2) %

44.0 %

(24.0) %

Net Income from Continuing Operations

$

665

$

264

$

1,110

$

487

Diluted Earnings per Share from Continuing Operations

$

1.45

$

0.58

$

2.42

$

1.07

Financial Highlights (b)

Adjusted Operating Income (AOI)

$

715

$

668

$

1,324

$

1,208

  Organic AOI Growth

6.7 %

5.7 %

8.5 %

4.3 %

Adjusted EBITDA

$

810

$

762

$

1,517

$

1,404

Adjusted Diluted Earnings per Share (Adj. EPS)

$

1.07

$

0.94

$

1.93

$

1.70

  Nominal Adj. EPS Growth

12.9 %

9.2 %

13.7 %

6.5 %

  Organic Adj. EPS Growth

12.3 %

10.3 %

11.8 %

10.0 %

Net Leverage

4.1x

4.6x

4.1x

4.6x

(a)

System-wide Sales Growth is calculated on a constant currency basis and therefore will not recalculate to the percentage change in System-wide Sales, which is reported on a nominal basis.

(b)

Non-GAAP metrics. Please refer to "Non-GAAP Financial Measures" for further detail.

Reporting Segments  

We have six operating and reportable segments, including four franchisor segments for our Tim Hortons, Burger King, Popeyes, and Firehouse Subs brands in the U.S. and Canada ("TH", "BK", "PLK", and "FHS", respectively) and a fifth franchisor segment for all of our brands in the rest of the world ("INTL"). Additionally, we have a sixth operating and reportable segment, Restaurant Holdings ("RH"), which includes the operations of Burger King restaurants acquired as part of our acquisition of Carrols Restaurant Group Inc. (the "Carrols Acquisition"), as well as our acquisition of Popeyes China ("PLK China") ("PLK China Acquisition") and Firehouse Subs Brazil ("FHS Brazil") restaurants.

RBI maintains the franchisor dynamics in its TH, BK, PLK, FHS, and INTL segments ("Five Franchisor Segments") to report results consistent with how the business will be managed long-term. This approach reflects RBI's intent to refranchise the vast majority of the Carrols Burger King restaurants and to find a new partner for PLK China and new investors for FHS Brazil and sunset the RH segment. RH results include Company restaurant sales and expenses, including expenses associated with royalties, rent, and advertising. These expenses are recognized, as applicable, as revenues in the respective franchisor segments (BK for the Carrols Burger King restaurants and INTL for PLK China and FHS Brazil restaurants) and eliminated upon consolidation.

Items Affecting Comparability 

Burger King China
On February 14, 2025, we acquired substantially all of the remaining equity interests in Burger King China ("BK China"). For 2025, BK China was classified as held for sale and reported as discontinued operations. As such, for 2025, results for BK China were not recognized in the INTL segment. However, BK China KPIs continued to be included in our INTL segment KPIs.

On January 30, 2026, we established a joint venture with CPE Alder Investment Limited, a fund managed by CPE ("CPE"), with respect to the operations of BK China (such joint venture, the "BK China JV"). CPE invested $350 million of primary capital into the BK China JV. Following the transaction, we deconsolidated BK China and began accounting for our remaining 17% equity interest in the BK China JV under the equity method of accounting and recognizing franchise revenue, primarily related to royalties, in our INTL segment. We refer to the acquisition of BK China and the subsequent establishment of the BK China JV collectively as the "BK China Transactions." 

2026 Convention Timing Impact on Franchise and Property Results
In 2025, PLK and INTL hosted conventions in Q2, BK and FHS hosted conventions in Q3, and TH did not host a convention. In 2026, PLK and FHS will host conventions in Q3, TH and BK will host conventions in Q4, and INTL will not host a convention. Convention-related revenues and expenses are recognized in each segment's Franchise and property revenues and Segment F&P expenses, respectively, and have an immaterial net AOI impact.

Supplemental Disclosures

Please review the Trending Schedules posted on the RBI Investor Relations webpage under "Financial Information" for additional disclosures, including: 

Home Market and International KPIs by Brand and Company Restaurant Count by Segment; Segment Results with Disaggregated Franchise and Property Revenues (Royalties, Property Revenue and Franchise Fees and Other Revenue); Intersegment Revenue and Expense Eliminations;  Burger King US "Reclaim the Flame" Expenditures by Quarter; and RH Burger King Carrols Restaurant-Level EBITDA Margins. TH Segment Results

Three Months Ended June 30,

Six Months Ended June 30,

(in US$ millions, unaudited)

2026

2025

2026

2025

System-wide Sales Growth (a)

0.4 %

3.9 %

1.3 %

2.1 %

System-wide Sales (a)

$

2,003

$

1,995

$

3,741

$

3,626

Comparable Sales

0.1 %

3.4 %

0.8 %

1.8 %

  Comparable Sales - Canada

0.1 %

3.6 %

0.7 %

2.0 %

Net Restaurant Growth

1.1 %

0.3 %

1.1 %

0.3 %

System Restaurant Count at Period End

4,570

4,521

4,570

4,521

Supply chain sales

$

788

$

732

$

1,474

$

1,343

Company restaurant sales

$

11

$

12

$

20

$

22

Franchise and property revenues

$

262

$

262

$

495

$

480

Advertising revenues and other services

$

76

$

78

$

145

$

142

Total revenues

$

1,137

$

1,083

$

2,134

$

1,987

Supply chain cost of sales

$

635

$

589

$

1,199

$

1,085

Company restaurant expenses

$

9

$

10

$

18

$

19

Segment F&P expenses

$

86

$

83

$

168

$

161

Advertising expenses and other services

$

90

$

93

$

172

$

159

Segment G&A

$

34

$

34

$

68

$

71

Adjustments:

Cash distributions received from equity method investments

$

4

$

4

$

7

$

7

Adjusted Operating Income

$

287

$

278

$

516

$

499

(a) System-wide Sales Growth is calculated on a constant currency basis and therefore will not recalculate to the percentage change in System-wide Sales, which is reported on a nominal basis.

For the second quarter, the increase in Total revenues was primarily driven by higher Supply chain sales due to increases in commodity prices and CPG net sales.

The increase in Adjusted Operating Income was primarily driven by revenue growth, partially offset by higher Supply chain cost of sales primarily due to higher commodity prices.

BK Segment Results

Three Months Ended June 30,

Six Months Ended June 30,

(in US$ millions, unaudited)

2026

2025

2026

2025

System-wide Sales Growth

8.2 %

1.0 %

6.9 %

(0.3) %

System-wide Sales

$       3,193

$     2,952

$       6,046

$       5,652

Comparable Sales

8.6 %

1.3 %

7.2 %

0.0 %

  Comparable Sales - US

8.5 %

1.5 %

7.2 %

0.2 %

Net Restaurant Growth

(0.8) %

(1.2) %

(0.8) %

(1.2) %

System Restaurant Count at Period End

6,992

7,046

6,992

7,046

Company restaurant sales

$           44

$          61

$           90

$         121

Franchise and property revenues (a)

$         198

$        182

$         376

$         350

Advertising revenues and other services (b)

$         155

$        144

$         295

$         273

Total revenues

$         397

$        388

$         762

$         744

Company restaurant expenses

$           39

$          57

$           82

$          111

Segment F&P expenses

$           33

$          33

$           66

$           64

Advertising expenses and other services

$         156

$        147

$         297

$         278

Segment G&A

$           31

$          31

$           64

$           67

Adjusted Operating Income

$         137

$        121

$         252

$         224

(a)

Franchise and property revenues include intersegment revenues with RH consisting of royalties and rent of $30 million and $57 million during the three and six months ended June 30, 2026, respectively, and $27 million and $55 million during three and six months ended June 30, 2025, which are eliminated in consolidation.

(b)

Advertising revenues and other services include intersegment revenues with RH consisting of advertising contributions and tech fees of $24 million and $45 million during the three and six months ended June 30, 2026, respectively, and $22 million and $42 million during the three and six months ended June 30, 2025, which are eliminated in consolidation.

As a reminder, BK segment results are presented consistently with our franchisor model. As such, results include intersegment Franchise and property revenues and Advertising revenues and other services from the Carrols Burger King restaurants included in RH (as footnoted above).

Burger King US Reclaim the Flame
Burger King is executing its multi-year "Reclaim the Flame" plan to accelerate sales growth and drive franchisee profitability. This plan includes investing up to $700 million through year-end 2028, comprised of advertising and digital investments (which were completed in 2024) and high-quality remodels and relocations, restaurant technology, kitchen equipment, and building enhancements ("Royal Reset"). As of June 30, 2026, we have funded $194 million out of up to $550 million planned toward the Royal Reset investments.

Second Quarter 2026 Results
The increase in Total revenues was primarily driven by the increase in Comparable Sales, partially offset by the net impact of refranchisings.

The increase in Adjusted Operating Income was primarily driven by higher Franchise and property revenues.

PLK Segment Results

Three Months Ended June 30,

Six Months Ended June 30,

(in US$ millions, unaudited)

2026

2025

2026

2025

System-wide Sales Growth

(3.1) %

1.6 %

(3.5) %

(0.4) %

System-wide Sales

$     1,529

$      1,578

$      2,950

$      3,053

Comparable Sales

(5.1) %

(1.4) %

(5.8) %

(2.7) %

Comparable Sales - US

(5.2) %

(0.9) %

(5.8) %

(2.4) %

Net Restaurant Growth

0.5 %

2.5 %

0.5 %

2.5 %

System Restaurant Count at Period End

3,542

3,524

3,542

3,524

Company restaurant sales

$          46

$          46

$           90

$           93

Franchise and property revenues

$          81

$          87

$         156

$         165

Advertising revenues and other services

$          72

$          77

$         143

$         147

Total revenues

$        199

$        210

$         389

$         404

Company restaurant expenses

$          41

$          40

$           79

$           79

Segment F&P expenses

$            3

$            6

$             6

$             8

Advertising expenses and other services

$          74

$          80

$         148

$         152

Segment G&A

$          18

$          19

$           36

$           40

Adjusted Operating Income

$          63

$          66

$         119

$         126

For the second quarter, the decrease in Total revenues and Adjusted Operating Income was primarily driven by the decline in Comparable Sales.

FHS Segment Results

Three Months Ended June 30,

Six Months Ended June 30,

(in US$ millions, unaudited)

2026

2025

2026

2025

System-wide Sales Growth

7.5 %

6.3 %

7.4 %

6.8 %

System-wide Sales

$       361

$       336

$        708

$        658

Comparable Sales

0.4 %

(0.8) %

0.0 %

(0.2) %

Comparable Sales - US

0.7 %

(1.1) %

0.5 %

(0.4) %

Net Restaurant Growth

8.1 %

6.4 %

8.1 %

6.4 %

System Restaurant Count at Period End

1,482

1,371

1,482

1,371

Company restaurant sales

$          12

$          11

$          23

$          22

Franchise and property revenues

$          29

$          28

$          58

$          54

Advertising revenues and other services

$          21

$          20

$          40

$          36

Total revenues

$          62

$          59

$        121

$        113

Company restaurant expenses

$          10

$            9

$          20

$          19

Segment F&P expenses

$            2

$            2

$            4

$            3

Advertising expenses and other services

$          21

$          20

$          42

$          38

Segment G&A

$          12

$          13

$          25

$          27

Adjusted Operating Income

$          17

$          15

$          31

$          26

For the second quarter, the increase in Total revenues and Adjusted Operating Income was primarily driven by the increase in restaurant count.  

INTL Segment Results

Three Months Ended June 30,

Six Months Ended June 30,

(in US$ millions, unaudited)

2026

2025

2026

2025

System-wide Sales Growth (a)

10.7 %

9.8 %

10.9 %

9.3 %

System-wide Sales (a)

$      5,616

$      4,992

$    10,768

$      9,360

Comparable Sales

5.5 %

4.2 %

5.6 %

3.4 %

Comparable Sales - INTL - Burger King

5.4 %

4.1 %

5.4 %

3.4 %

Net Restaurant Growth

5.1 %

5.4 %

5.1 %

5.4 %

System Restaurant Count at Period End

16,570

15,767

16,570

15,767

Franchise and property revenues

$         253

$         228

$         488

$         428

Advertising revenues and other services

$           22

$           21

$           40

$           40

Total revenues

$         274

$         250

$         528

$         468

Segment F&P expenses

$             3

$             9

$          (11)

$           14

Advertising expenses and other services

$           24

$           23

$           46

$           45

Segment G&A

$           52

$           47

$         103

$           98

Adjusted Operating Income

$         194

$         172

$         390

$         310

(a) System-wide Sales Growth is calculated on a constant currency basis and therefore will not recalculate to the percentage change in System-wide Sales, which is reported on a nominal basis

For the second quarter, the increase in Total revenues was primarily driven by higher royalty revenues from Burger King and Popeyes restaurants resulting from the increase in System-wide Sales, as well as the resumption of royalty revenues from BK China. Results also reflect a favorable FX Impact of $4 million. Excluding the FX Impact, Total revenues increased by $20 million.

The increase in Adjusted Operating Income was driven by revenue growth, partially offset by an increase in Segment G&A primarily due to higher compensation-related expenses. Results also reflect a favorable FX Impact of $2 million. Excluding the FX Impact, Adjusted Operating Income increased by $20 million.

RH Segment Results

Three Months Ended June 30,

Six Months Ended June 30,

(in US$ millions, unaudited)

2026

2025

2026

2025

System-wide Sales

$         506

$         469

$         954

$         895

System-wide Sales - BK US

$         493

$         464

$         932

$         887

System-wide Sales - INTL

$           13

$             5

$           23

$             8

Comparable Sales

9.0 %

2.9 %

6.8 %

1.0 %

Comparable Sales - BK US

9.2 %

2.9 %

6.9 %

1.0 %

System Restaurant Count at Period End

1,104

1,044

1,104

1,044

System Restaurant Count at Period End - BK US

994

1,012

994

1,012

System Restaurant Count at Period End - INTL

110

32

110

32

Total revenues

$         506

$         469

$         953

$         901

Food, beverage and packaging costs

$         154

$         134

$         287

$         255

Restaurant wages and related expenses

$         154

$         152

$         300

$         297

Restaurant occupancy and other expenses (a)

$         128

$         120

$         250

$         233

Company restaurant expenses

$         435

$         406

$         836

$         785

Advertising expenses and other services (b)

$           27

$           24

$           50

$           45

Segment G&A

$           27

$           23

$           51

$           48

Adjusted Operating Income

$           17

$           16

$           16

$           23

Note: RH KPIs are shown consistently with RBI's reporting calendar, but in 2025, results from BK Carrols restaurants in the statements of operations were shown consistently with the Carrols reporting calendar which for the three and six months ended June 30, 2025 were from March 31, 2025 to June 29, 2025 and from December 30, 2024 to June 29, 2025, respectively. 

(a)

Restaurant occupancy and other expenses include intersegment royalties and property expenses of $31 million and $58 million during the three and six months ended June 30, 2026, respectively, and $27 million and $55 million for the three and six months ended June 30, 2025, which are eliminated in consolidation. 

(b)

Advertising expenses and other services include intersegment advertising expenses and tech fees of $24 million and $45 million during the three and six months ended June 30, 2026, respectively, and $22 million and $42 million for the three and six months ended June 30, 2025, which are eliminated in consolidation.

The RH segment includes results from (i) Burger King restaurants acquired as part of the Carrols Acquisition and (ii) PLK China and FHS Brazil restaurants. RBI is actively working to refranchise the Carrols Burger King restaurants, and as a result, RH segment results reflect the impact of refranchisings as well as incremental investments in the PLK China and FHS Brazil start-up businesses.

For the second quarter, the increase in Total revenues was primarily driven by an increase in BK US Comparable Sales and an increase in PLK China restaurant count, partially offset by BK US refranchisings.

Adjusted Operating Income remained relatively flat as revenue growth was offset by an increase in Company restaurant expenses. The increase in Company restaurant expenses reflects higher BK US Company restaurant expenses, primarily driven by increased sales and depreciation and amortization expense, as well as expenses related to scaling our international start-up businesses.     

Cash and Liquidity
The RBI Board of Directors has declared a dividend of $0.65 per common share and partnership exchangeable unit of RBI LP for the third quarter of 2026. The dividend will be payable on October 2, 2026 to shareholders and unitholders of record at the close of business on September 18, 2026.

On August 6, 2025, our Board of Directors approved a share repurchase program authorizing the repurchase of up to $1,000 million of our common shares from September 15, 2025 through September 30, 2027. For the three months ended June 30, 2026, we repurchased 1,821,167 of our common shares for $137 million, excluding excise taxes. Of these repurchases, 13,782 common shares had not yet settled as of June 30, 2026 and therefore were not retired at that date. As of June 30, 2026, we had $829 million remaining under the share repurchase authorization.

Subsequent Events
Subsequent to June 30, 2026 through July 31, 2026, we repurchased 463,385 of our common shares for $35 million and as of July 31, 2026 had $794 million remaining under the share repurchase authorization.

2026 Financial Guidance
For 2026, RBI continues to expect:

Segment G&A (excluding RH) for 2026 between $600 million and $620 million; RH AOI of approximately $10 to $20 million; Adjusted Interest Expense, net between $500 million and $520 million; and  Consolidated capital expenditures, tenant inducements and incentives (including RH), or "Total Capex and Cash Inducements" of around $400 million. Long-Term Algorithm
RBI continues to expect the following long-term consolidated performance on average, from 2024 to 2028:

3%+ Comparable Sales; and 8%+ organic Adjusted Operating Income growth. In addition, RBI continues to expect to reach 5%+ Net Restaurant Growth towards the end of its algorithm period.

Investor Conference Call
We will host an investor conference call and webcast at 8:30 a.m. Eastern Time on Thursday, August 6, 2026, to review financial results for the second quarter ended June 30, 2026. The earnings call will be broadcast live via our investor relations website at http://rbi.com/investors and a replay will be available for a limited time following the release. The dial-in number is 1 (833) 461-5787 for U.S. callers, 1 (365) 657-4084 for Canadian callers, and 1 (585) 542-9983 for callers from other countries. For all dial-in numbers please use the following access code: 686849151.

Contacts:
Investors: [email protected]
Media: [email protected]

About Restaurant Brands International Inc.
Restaurant Brands International Inc. is one of the world's largest quick service restaurant companies with nearly $49 billion in annual system-wide sales and over 33,000 restaurants in more than 120 countries and territories. RBI owns four of the world's most prominent and iconic quick service restaurant brands – TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®. These independently operated brands have been serving their respective guests, franchisees and communities for decades. Through its Restaurant Brands for Good framework, RBI is improving sustainable outcomes related to its food, the planet, and people and communities.

RBI's principal executive offices are in Miami, Florida. In North America, RBI's brands are headquartered in their home markets where they were founded decades ago: Canada for Tim Hortons and the U.S. for Burger King, Popeyes and Firehouse Subs. To learn more about RBI, please visit the company's website at www.rbi.com.

Forward-Looking Statements
This press release and our investor conference call contain certain forward-looking statements and information, which reflect management's current beliefs and expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties.

These forward-looking statements include statements about our expectations or beliefs regarding (i) the impact of macroeconomic pressures and currency fluctuations on our and our franchisees' results of operations and business; (ii) our remodel program and refranchising efforts; (iii) future share repurchases; (iv) leverage and free cash flow, including our path to achieving investment-grade status; (v) our and our franchisees' future operational and financial performance, including our performance against our long-term algorithm; (vi) certain tax matters, including our estimates with respect to tax matters and their impact on future periods, and any costs associated with contesting tax liabilities; (vii) our future financial obligations, including capital expenditures and dividend payments; (viii) efforts to identify long-term partners for Popeyes China and investors for FHS Brazil and the subsequent sunset of the RH segment; (ix) refranchising of restaurants acquired in the Carrols Acquisition; (x) commodity prices; (xi) certain accounting matters, including the impact of changes in accounting standards and the assumptions underlying our critical accounting estimates; (xii) our growth opportunities and our ability to accelerate net restaurant growth, and (xiii) our plans and strategies for each of our brands to enhance operations and drive long-term, sustainable growth. The factors that could cause actual results to differ materially from our expectations are detailed in our filings with the Securities and Exchange Commission and applicable Canadian securities regulatory authorities, such as our annual and quarterly reports and current reports on Form 8-K, and include the following: (1) the effectiveness of our marketing, advertising and digital programs and franchisee support of these programs; (2) the effectiveness of our operational and culinary initiatives; (3) increased commodity prices; (4) significant and rapid fluctuations in interest rates and in the currency exchange markets and the effectiveness of our hedging activity; (5) changes in applicable tax laws or interpretations thereof, and our ability to accurately interpret and predict the impact of such changes or interpretations on our financial condition and results; (6) our supply chain operations; (7) our reliance on franchisees, including master franchisees and subfranchisees, to accelerate restaurant growth and execute their development commitments (including for BK China); (8) our relationship with, and the success of, our franchisees and risks related to our franchised business model; (9) our franchisees' financial stability and their ability to access and maintain the liquidity necessary to operate their businesses; (10) evolving legislation and regulations, including in the area of franchise and labor and employment law; (11) global economic or other business conditions that may affect the desire or ability of our guests to purchase our products, such as inflationary pressures, high unemployment levels, declines in median income growth, consumer confidence and consumer discretionary spending and changes in consumer perceptions of dietary health, food safety, brand identity and value; (12) our ability to refranchise restaurants acquired in the Carrols Acquisition and to identify and successfully consummate agreements with new partners for PLK China and new investors for FHS Brazil when we plan to do so, and our ability to subsequently sunset the RH segment; (13) the ability to access liquidity under our credit facilities and derivatives, including counterparty risks; (14) our indebtedness, which could adversely affect our financial condition and prevent us from fulfilling our obligations; (15) tariffs and their impact on economic conditions or our business; (16) our ownership and leasing of real estate; (17) our ability to successfully estimate the impact of certain accounting matters, including changes to factors underlying our critical accounting estimates and the price and pace of refranchisings; and (18) risks related to unforeseen events, such as natural disasters or pandemics.

RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In millions of U.S. dollars, except per share data, Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Revenues:

Supply chain sales

$          788

$          732

$        1,474

$        1,343

Company restaurant sales

617

600

1,176

1,158

Franchise and property revenues

793

760

1,515

1,423

Advertising revenues and other services

322

318

619

595

Total revenues

2,520

2,410

4,784

4,519

Operating costs and expenses:

Supply chain cost of sales

635

589

1,199

1,085

Company restaurant expenses

508

498

985

966

Franchise and property expenses

139

144

258

274

Advertising expenses and other services

369

364

710

675

General and administrative expenses

181

188

361

379

(Income) loss from equity method investments

(2)

(5)

(4)

(10)

Other operating expenses (income), net

(26)

149

(47)

232

Total operating costs and expenses

1,804

1,927

3,462

3,601

Income from operations

716

483

1,322

918

Interest expense, net

124

132

247

262

Income from continuing operations before income taxes

592

351

1,075

656

Income tax (benefit) expense from continuing operations

(73)

87

(35)

169

Net income from continuing operations

665

264

1,110

487

Net loss from discontinued operations (net of tax of $0)

—

1

—

3

Net income

665

263

1,110

484

Net income attributable to noncontrolling interests

158

74

265

136

Net income attributable to common shareholders

$          507

$          189

$          845

$             348

Earnings per common share

Basic net income per share from continuing operations

$          1.46

$          0.58

$         2.43

$            1.07

Basic net loss per share from discontinued operations

$             —

$         (0.00)

$            —

$           (0.01)

Basic net income per share

$          1.46

$          0.58

$         2.43

$            1.07

Diluted net income per share from continuing operations

$          1.45

$          0.58

$         2.42

$            1.07

Diluted net loss per share from discontinued operations

$             —

$         (0.00)

$            —

$           (0.01)

Diluted net income per share

$          1.45

$          0.57

$         2.42

$            1.06

Weighted average shares outstanding (in millions):

Basic

348

328

347

327

Diluted

460

457

459

456

RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In millions of U.S. dollars, except share data, Unaudited)

As of

June 30, 2026

December 31, 2025

ASSETS

Current assets:

Cash and cash equivalents

$              1,063

$              1,163

Accounts and notes receivable, net of allowance of $43 and $54, respectively

800

794

Inventories, net

224

205

Prepaids and other current assets

256

179

Assets held for sale - discontinued operations

—

489

Total current assets

2,343

2,830

Property and equipment, net of accumulated depreciation and amortization of $1,299 and
$1,245, respectively

2,230

2,303

Operating lease assets, net

1,964

1,961

Intangible assets, net

10,945

11,190

Goodwill

6,183

6,306

Other assets, net

1,357

1,025

Total assets

$            25,022

$            25,615

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts and drafts payable

$                 884

$                 866

Other accrued liabilities

1,165

1,271

Gift card liability

183

249

Current portion of long-term debt and finance leases

82

68

Liabilities held for sale - discontinued operations

—

437

Total current liabilities

2,314

2,891

Long-term debt, net of current portion

13,206

13,250

Finance leases, net of current portion

243

261

Operating lease liabilities, net of current portion

1,908

1,900

Other liabilities, net

900

1,034

Deferred income taxes, net

1,056

1,120

Total liabilities

19,627

20,456

Shareholders' equity:

Common shares, no par value; unlimited shares authorized at June 30, 2026 and
December 31, 2025; 349,205,651 shares issued and outstanding at June 30, 2026;
346,323,165 shares issued and outstanding at December 31, 2025

2,870

2,859

Retained earnings

2,179

1,795

Accumulated other comprehensive income (loss)

(1,199)

(1,020)

Total Restaurant Brands International Inc. shareholders' equity

3,850

3,634

Noncontrolling interests

1,545

1,525

Total shareholders' equity

5,395

5,159

Total liabilities and shareholders' equity

$            25,022

$            25,615

RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In millions of U.S. dollars, Unaudited)

Six Months Ended June 30,

2026

2025

Cash flows from operating activities:

Net income

$               1,110

$                 484

Net loss from discontinued operations

—

3

Net income from continuing operations

1,110

487

Depreciation and amortization

155

148

Amortization of deferred financing costs and debt issuance discount

12

13

(Income) loss from equity method investments

(4)

(10)

(Gain) loss on remeasurement of foreign denominated transactions

(50)

207

Net (gains) losses on derivatives

(82)

(102)

Share-based compensation and non-cash incentive compensation expense

70

81

Deferred income taxes

(215)

8

Other non-cash adjustments, net

(7)

31

Changes in current assets and liabilities, excluding acquisitions and dispositions:

Accounts and notes receivable

(24)

(72)

Inventories and prepaids and other current assets

(35)

(30)

Accounts and drafts payable

42

(6)

Other accrued liabilities and gift card liability

(184)

(155)

Tenant inducements paid to franchisees

(18)

(14)

Changes in other long-term assets and liabilities

(13)

(19)

Net cash provided by operating activities from continuing operations

757

567

Cash flows from investing activities:

Payments for additions of property and equipment

(109)

(102)

Net proceeds from disposal of assets, restaurant closures, and refranchisings

33

12

Net payments for acquisition of franchised restaurants, net of cash acquired

—

(152)

Settlement/sale of derivatives, net

28

40

Other investing activities, net

(12)

—

Net cash used for investing activities from continuing operations

(60)

(202)

Cash flows from financing activities:

Repayments of long-term debt and finance leases

(57)

(66)

Payment of common share dividends and Partnership exchangeable unit distributions

(579)

(544)

Repurchase of common shares

(170)

—

Proceeds from stock option exercises

35

20

Proceeds from derivatives

19

34

Other financing activities, net

(1)

1

Net cash used for financing activities from continuing operations

(753)

(555)

Net cash used for discontinued operations

(27)

(85)

Effect of exchange rates on cash and cash equivalents

(8)

19

(Decrease) increase in cash and cash equivalents, including cash classified as assets held
for sale - discontinued operations

(91)

(256)

Increase in cash classified as assets held for sale - discontinued operations

(9)

(52)

(Decrease) increase in cash and cash equivalents

(100)

(308)

Cash and cash equivalents at beginning of period

1,163

1,334

Cash and cash equivalents at end of period

$              1,063

$              1,026

Supplemental cash flow disclosures:

Interest paid

$                 329

$                 360

Income taxes paid, net

$                 229

$                 285

Accruals for additions of property and equipment

$                   20

$                   22

RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
Key Operating Metrics and Non-GAAP Financial Measures

Key Operating Metrics
Key performance indicators ("KPIs") are shown for RBI's Five Franchisor Segments. The KPIs for the Carrols Burger King restaurants are included in the BK segment and KPIs for the PLK China, BK China, and FHS Brazil restaurants are included in the INTL segment.

System-wide Sales Growth refers to the percentage change in sales at all franchised restaurants and company restaurants (referred to as System-wide Sales) in one period from the same period in the prior year on a constant currency basis, which means the results exclude the effect of foreign currency translation ("FX Impact"). We calculate the FX Impact by translating prior year results at current year monthly average exchange rates. System-wide Sales is reported on a nominal basis. Comparable Sales refers to the percentage change in restaurant sales in one period from the same prior year period on a constant currency basis for restaurants that have been open for an initial consecutive period, typically at least 13 months. Additionally, if a restaurant is closed for a significant portion of a month, the restaurant is excluded from the monthly Comparable Sales calculation. Unless otherwise stated, System-wide Sales Growth, System-wide Sales and Comparable Sales are presented on a system-wide basis, which means they include franchised restaurants and company restaurants. System-wide results are driven by our franchised restaurants, as over 95% of system-wide restaurants are franchised. Franchise sales represent sales at all franchised restaurants and are revenues to our franchisees. We do not record franchise sales as revenues; however, our royalty revenues and advertising fund contributions are calculated based on a percentage of franchise sales. Net Restaurant Growth refers to the net change in restaurant count (openings, net of permanent closures) over a trailing twelve month period, divided by the restaurant count at the beginning of the trailing twelve month period. In determining whether a restaurant meets our definition of a restaurant that will be included in our Net Restaurant Growth, we consider factors such as scope of operations, format and image, separate franchise agreement, and minimum sales thresholds. We refer to restaurants that do not meet our definition as "alternative formats" and we believe these are helpful to build brand awareness, test new concepts and provide convenience in certain markets. Total Capex and Cash Inducements refers to the sum of payments for additions to property and equipment, tenant inducements paid to franchisees, other cash inducements (included in changes in other long-term assets and liabilities), and increase (decrease) in accruals for additions to property and equipment. These metrics are important indicators of the overall direction of our business, including trends in sales and the effectiveness of each brand's marketing, operations and growth initiatives. Total Capex and Cash Inducements is an indicator of the capital intensity of our business.

Non-GAAP Financial Measures
Below, we define non-GAAP financial measures, provide a reconciliation of each measure to the most directly comparable financial measure calculated in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), and discuss the reasons management uses this information and why we believe this information may be useful to investors. These measures do not have standardized meanings under GAAP and may differ from similarly captioned measures of other companies in our industry. We believe that these non-GAAP measures are useful to investors in assessing our operating performance and liquidity. By disclosing these non-GAAP measures, we intend to provide investors with a consistent comparison of our operating results and trends for the periods presented.

AOI represents Income from operations adjusted to exclude (i) franchise agreement and reacquired franchise right intangible asset amortization as a result of acquisition accounting, (ii) (income) loss from equity method investments, net of cash distributions received from equity method investments, (iii) other operating expenses (income), net and, (iv) expenses from non-recurring projects and non-operating activities. For the periods referenced, expenses from non-recurring projects and non-operating activities included (i) non-recurring fees and expenses, consisting primarily of professional fees, compensation-related expenses, and integration costs, incurred in connection with (a) the Carrols Acquisition, the PLK China Acquisition, and the BK China Transactions, and (b) the anticipated refranchising of restaurants held in the RH segment, primarily those acquired in the Carrols Acquisition, in connection with the planned sunset of the RH segment ("RH and BK China Transaction costs") and (ii) non-operating costs from professional advisory and consulting services associated with certain transformational corporate restructuring initiatives that rationalize our structure and optimize cash movements as well as services related to significant tax reform legislation and regulations ("Corporate restructuring and advisory fees"). Management believes that these types of expenses are either not related to our underlying profitability drivers or not likely to reoccur in the foreseeable future, and the varied timing, size, and nature of these projects may cause volatility in our results unrelated to the performance of our core business that does not reflect trends of our core operations. AOI is used by management to measure operating performance of the business, excluding these non-cash and other specifically identified items. AOI, as defined above, also represents our measure of segment income for each of our operating segments.

Adjusted EBITDA is defined as earnings (net income or loss from continuing operations) before interest expense, net, (gain) loss on early extinguishment of debt, income tax (benefit) expense from continuing operations, and depreciation and amortization excluding (i) the non-cash impact of share-based compensation and non-cash incentive compensation expense, (ii) (income) loss from equity method investments, net of cash distributions received from equity method investments, (iii) other operating expenses (income), net, and (iv) income or expense from non-recurring projects and non-operating activities (as described above) and is used by management to measure leverage.

Segment G&A is defined as general and administrative expenses excluding RH and BK China Transaction costs and Corporate restructuring and advisory fees. Segment G&A (excluding RH) is defined as Segment G&A for our Five Franchisor Segments.

Segment F&P Expenses is defined as franchise and property expenses excluding franchise agreement amortization ("FAA") and reacquired franchise rights amortization as a result of acquisition accounting.

Adjusted Net Income is defined as Net income from continuing operations excluding (i) franchise agreement and reacquired franchise right intangible asset amortization as a result of acquisition accounting, (ii) amortization of deferred financing costs and debt issuance discount, (iii) loss on early extinguishment of debt and interest expense, which represents non-cash interest expense related to amounts reclassified from accumulated comprehensive income (loss) into interest expense in connection with restructured interest rate swaps, (iv) (income) loss from equity method investments, net of cash distributions received from equity method investments, (v) other operating expenses (income), net, and (vi) income or expense from non-recurring projects and non-operating activities (as described above). 

Adjusted Interest Expense, net is defined as interest expense, net less (i) amortization of deferred financing costs and debt issuance discount and (ii) non-cash interest expense related to amounts reclassified from accumulated comprehensive income (loss) into interest expense in connection with restructured interest rate swaps.

Adjusted Diluted EPS is calculated by dividing Adjusted Net Income by the weighted average diluted shares outstanding of RBI during the reporting period. Adjusted Net Income and Adjusted Diluted EPS are used by management to evaluate the operating performance of the business, excluding certain non-cash and other specifically identified items that management believes are not relevant to management's assessment of operating performance.

Net Debt is defined as Total debt less cash and cash equivalents. Total debt is defined as long-term debt, net of current portion plus (i) Finance leases, net of current portion, (ii) Current portion of long-term debt and finance leases and (iii) Unamortized deferred financing costs and deferred issue discount. Net Debt is used by management to evaluate RBI's liquidity. We believe this measure is an important indicator of RBI's ability to service its debt obligations.

Net Leverage is defined as Net Debt divided by Adjusted EBITDA. This metric is an operating performance measure that we believe provides investors a more complete understanding of our leverage position and borrowing capacity after factoring in cash and cash equivalents that eventually could be used to repay outstanding debt.

Revenue growth, Income from Operations growth, Adjusted Operating Income growth, Net Income growth, Adjusted EBITDA growth, Adjusted Net Income growth and Adjusted Diluted EPS growth on an organic basis, are non-GAAP measures that exclude the impact of FX movements and the results of our RH segment. With respect to Adjusted Diluted EPS, growth on an organic basis also excludes the impact of incremental debt incurred as part of the Carrols transaction. Management believes that organic growth is an important metric for measuring the operating performance of our business as it helps identify underlying business trends, without distortion from the effects of FX movements and the RH segment given RBI's plans to refranchise the vast majority of the Carrols Burger King restaurants and to find a new partner for PLK China and new investors for FHS Brazil and sunset the RH segment. We calculate the impact of FX movements by translating prior year results at current year monthly average exchange rates.

Free Cash Flow ("FCF") is the total of Net cash provided by operating activities minus Payments for property and equipment. FCF is a liquidity measure used by management as one factor in determining the amount of cash that is available for working capital needs or other uses of cash and it does not represent residual cash flows available for discretionary expenditures. 

We are not currently able to reconcile our forward-looking non-GAAP measures because we cannot predict the timing and amounts of certain important components of estimated operating income and general and administrative expenses, including the impact of equity method investments and other operating expenses or income from non-recurring projects and non-operating activities, which could significantly impact GAAP results.

RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
Non-GAAP Financial Measures | Organic Growth
Three Months Ended June 30, 2026
(In millions of U.S. dollars, except per share data, Unaudited)

Three Months Ended
June 30,

Variance

RH Impact

FX Impact

Organic Growth

2026

2025

$

%

$

$

$

%

Revenue

TH

$    1,137

$    1,083

$        54

4.9 %

$       —

$       (1)

$        54

5.0 %

BK

397

388

9

2.3 %

—

—

9

2.3 %

PLK

199

210

(11)

(5.4) %

—

—

(11)

(5.4) %

FHS

62

59

3

4.7 %

—

—

3

4.7 %

INTL

274

250

25

9.8 %

—

4

20

8.1 %

RH

506

469

36

7.7 %

36

—

—

— %

Elimination of intersegment
  revenues (a)

(55)

(49)

(5)

11.0 %

(5)

—

—

— %

 Total Revenues

$    2,520

$    2,410

$      109

4.5 %

$       31

$        3

$        75

3.8 %

Income from Operations

$       716

$       483

$      233

48.4 %

$       10

$       (2)

$      225

47.0 %

Net Income from Continuing Operations

$       665

$       264

$      401

152.1 %

$         7

$       (2)

$      396

151.6 %

Adjusted Operating Income

TH

$       287

$       278

$          9

3.2 %

$       —

$       (1)

$        10

3.5 %

BK

137

121

16

13.2 %

—

—

16

13.3 %

PLK

63

66

(4)

(5.4) %

—

—

(3)

(5.3) %

FHS

17

15

2

11.4 %

—

—

2

11.4 %

INTL

194

172

23

13.2 %

—

2

20

11.7 %

RH

17

16

—

3.0 %

—

—

—

— %

Adjusted Operating Income

$       715

$       668

$        46

6.9 %

$       —

$        2

$        44

6.7 %

Adjusted EBITDA

$       810

$       762

$        48

6.3 %

$         3

$        2

$        43

5.9 %

Adjusted Net Income

$       490

$       432

$        59

13.6 %

$         1

$        1

$        56

13.0 %

Adjusted Diluted Earnings per Share

$      1.07

$      0.94

$     0.12

12.9 %

$       —

$      —

$     0.12

12.3 %

(a)

Represents elimination of intersegment revenues that consists of royalties, property and advertising and other services revenue recognized by BK and INTL from intersegment transactions with RH.

Note: Totals, variances, and percentage changes may not recalculate due to rounding.

RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
Non-GAAP Financial Measures | Organic Growth
Six Months Ended June 30, 2026
(In millions of U.S. dollars, except per share data, Unaudited)

Six Months Ended

June 30,

Variance

RH Impact

FX Impact

Organic Growth

2026

2025

$

%

$

$

$

%

Revenue

TH

$    2,134

$    1,987

$      147

7.4 %

$           —

$         36

$      111

5.5 %

BK

762

744

18

2.4 %

—

1

17

2.3 %

PLK

389

404

(15)

(3.7) %

—

—

(15)

(3.8) %

FHS

121

113

9

7.7 %

—

—

9

7.5 %

INTL

528

468

60

12.9 %

—

19

42

8.6 %

RH

953

901

52

5.8 %

52

—

—

— %

Elimination of intersegment
  revenues (a)

(103)

(97)

(6)

6.4 %

(6)

—

—

— %

Total Revenues

$    4,784

$    4,519

$      265

5.9 %

$           46

$         55

$      163

4.3 %

Income from Operations

$    1,322

$       918

$      404

44.0 %

$            —

$         10

$      394

42.6 %

Net Income from Continuing Operations

$    1,110

$       487

$      623

128.0 %

$            (4)

$           8

$      619

125.1 %

Adjusted Operating Income

TH

$       516

$       499

$        17

3.5 %

$           —

$          9

$          9

1.7 %

BK

252

224

28

12.6 %

—

—

28

12.6 %

PLK

119

126

(7)

(5.2) %

—

—

(7)

(5.4) %

FHS

31

26

5

17.8 %

—

—

5

17.6 %

INTL

390

310

80

25.8 %

—

11

69

21.5 %

RH

16

23

(7)

(31.1) %

(7)

—

—

— %

Adjusted Operating Income

$    1,324

$    1,208

$      116

9.6 %

$           (7)

$        20

$      104

8.5 %

Adjusted EBITDA

$    1,517

$    1,404

$      112

8.0 %

$            3

$        22

$        87

6.3 %

Adjusted Net Income

$       886

$       775

$       111

14.4 %

$           (5)

$        17

$        99

12.5 %

Adjusted Diluted Earnings per Share

$      1.93

$      1.70

$     0.23

13.7 %

$      (0.01)

$     0.04

$     0.20

11.8 %

(a)

Represents elimination of intersegment revenues that consists of royalties, property and advertising and other services revenue recognized by BK and INTL from intersegment transactions with RH.

Note: Totals, variances, and percentage changes may not recalculate due to rounding.

RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
Non-GAAP Financial Measures
Reconciliation of Net Leverage, Free Cash Flow, and Capex and Cash Inducements
(In millions of U.S. dollars, except ratio, Unaudited)

As of

 Net Leverage

June 30, 2026

June 30, 2025

Long-term debt, net of current portion

$                 13,206

$                 13,428

Finance leases, net of current portion

243

282

Current portion of long-term debt and finance leases

82

221

Unamortized deferred financing costs and deferred issuance discount

78

104

Total debt

13,609

14,035

Cash and cash equivalents

1,063

1,026

Net debt

12,546

13,009

LTM Net Income from continuing operations

1,824

1,205

Net Income from continuing operations Net leverage

6.9x

10.8x

LTM Adjusted EBITDA

3,083

2,840

Net Leverage

4.1x

4.6x

Free Cash Flow

Six Months Ended June 30,

Twelve Months Ended 
December 31,

Twelve Months Ended
June 30,

2026

2025

2024

2025

2024

2026

2025

Calculation:

A

B

C

D

E

A + D - B

B + E - C

Net cash provided by operating activities

$      757

$      567

$      482

$     1,714

$     1,503

$     1,904

$     1,588

Payments for additions of property and equipment

(109)

(102)

(69)

(265)

(201)

(272)

(234)

Free Cash Flow

$      648

$      465

$      413

$     1,449

$     1,302

$     1,632

$     1,354

Three Months Ended June 30,

Six Months Ended June 30,

Capex and Cash Inducements

2026

2025

2026

2025

Payments for additions of property and equipment

$          51

$          38

$         109

$         102

Tenant inducements paid to franchisees

10

8

18

14

Other cash inducements (incl. in changes in other long-term assets and liabilities)

9

19

21

28

Increase (decrease) in accruals for additions to property and equipment

(8)

3

(34)

(29)

Total Capex and Cash Inducements

$          62

$          68

$         114

$         115

RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
Non-GAAP Financial Measures| Reconciliations
(In millions of U.S. dollars, except per share data, Unaudited)

Net income from continuing operations to Income from Operations to Adjusted Operating Income to Adjusted EBITDA

Three Months Ended
June 30,

Six Months Ended June 30,

Twelve Months Ended
December 31,

Twelve Months Ended
June 30,

2026

2025

2026

2025

2024

2025

2024

2026

2025

A

B

C

D

E

A + D - B

B + E - C

Net income from continuing operations

$       665

$      264

$   1,110

$      487

$      727

$           1,201

$        1,445

$    1,824

$    1,205

Income tax (benefit) expense from continuing operations(3)

(73)

87

(35)

169

153

483

364

279

380

Loss on early extinguishment of debt

—

—

—

—

32

2

33

2

1

Interest expense, net

124

132

247

262

295

516

577

501

544

Income from operations

716

483

1,322

918

1,207

2,202

2,419

2,606

2,130

Franchise agreement and reacquired franchise rights amortization (FAA)

16

17

32

33

19

65

53

64

67

RH and BK China Transaction costs

3

16

9

22

13

37

22

24

31

Corporate restructuring and advisory fees

2

5

4

6

8

14

20

12

18

Impact of equity method investments(2)

3

(1)

4

(3)

(64)

5

(53)

12

8

Other operating expenses (income), net

(26)

149

(47)

232

(11)

261

(59)

(18)

184

Adjusted Operating Income

715

668

$   1,324

$   1,208

$   1,172

$        2,584

$       2,402

$ 2,700

$  2,438

Depreciation and amortization, excluding FAA

61

61

123

116

89

236

210

243

237

Share-based compensation and non-cash incentive compensation expense(1)

35

33

70

81

87

151

172

139

166

Adjusted EBITDA

810

762

$   1,517

$   1,404

$   1,348

$        2,970

$       2,784

$ 3,083

$  2,840

Net income from continuing operations to Adjusted Net Income and Adjusted Diluted EPS

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net income from continuing operations

$            665

$            264

$          1,110

$            487

Income tax (benefit) expense from continuing operations(3)

(73)

87

(35)

169

Income from continuing operations before income taxes

592

351

1,075

656

Adjustments:

Franchise agreement and reacquired franchise rights amortization

16

17

32

33

Amortization of deferred financing costs and debt issuance discount

6

7

12

13

Interest expense and loss on extinguished debt(4)

(7)

(6)

(14)

(10)

RH and BK China Transaction costs

3

16

9

22

Corporate restructuring and advisory fees

2

5

4

6

Impact of equity method investments(2)

3

(1)

4

(3)

Other operating expenses (income), net

(26)

149

(47)

232

Total adjustments

(3)

187

—

293

Adjusted income before income taxes

589

538

1,075

949

Adjusted income tax expense(3)(5)

99

106

189

174

Adjusted net income

$            490

$            432

$            886

$            775

Adjusted diluted earnings per share

$           1.07

$           0.94

$           1.93

$           1.70

Weighted average diluted shares outstanding (in millions)

460

457

459

456

Note: Totals may not recalculate due to rounding.

RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
Non-GAAP Financial Measures
Footnotes to Reconciliation Tables

(1)

Represents share-based compensation expense associated with equity awards for the periods indicated; also includes the portion of annual non-cash incentive compensation expense that eligible employees elected to receive or are expected to elect to receive as common equity in lieu of their 2026 and 2025 cash bonus, respectively.

(2)

Represents (i) (income) loss from equity method investments and (ii) cash distributions received from our equity method investments. Cash distributions received from our equity method investments are included in Adjusted Operating Income which is our measure of segment income.

(3)

The change in our effective tax rate was primarily due to discrete tax benefits resulting from the movements in net deferred taxes in connection with intra-group reorganizations, partially offset by the impact of the administrative guidance issued by the Organization of Economic Cooperation and Development ("OECD") in 2025. The reorganization has a favorable impact to the full year effective tax rate but does not impact the adjusted effective tax rate.

(4)

Represents loss on early extinguishment of debt and interest expense. Interest expense included in this amount represents non-cash interest expense related to amounts reclassified from accumulated comprehensive income (loss) into interest expense in connection with restructured interest rate swaps.

(5)

Adjusted income tax expense includes the tax impact of the non-GAAP adjustments and is calculated using our statutory tax rate in the jurisdiction in which the costs were incurred.

SOURCE Restaurant Brands International Inc.

Wall Street analysts forecast that Restaurant Brands (QSR - Free Report) will report quarterly earnings of $1.03 per share in its upcoming release, pointing to a year-over-year increase of 9.6%. It is anticipated that revenues will amount to $2.5 billion, exhibiting an increase of 3.9% compared to the year-ago quarter.

The consensus EPS estimate for the quarter has undergone a downward revision of 0.2% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.

Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock.

While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights.

With that in mind, let's delve into the average projections of some Restaurant Brands metrics that are commonly tracked and projected by analysts on Wall Street.

The consensus estimate for 'Revenues- TH (Tim Hortons)' stands at $1.12 billion. The estimate suggests a change of +3.8% year over year.

Analysts predict that the 'Revenues- Advertising revenues and other services' will reach $330.61 million. The estimate indicates a year-over-year change of +4%.

Analysts expect 'Revenues- PLK (Popeyes Louisiana Kitchen)' to come in at $201.89 million. The estimate points to a change of -3.9% from the year-ago quarter.

The combined assessment of analysts suggests that 'Revenues- FHS (Firehouse Subs)' will likely reach $63.40 million. The estimate suggests a change of +7.5% year over year.

Analysts forecast 'Comparable Sales - INTL - Global' to reach 4.2%. Compared to the current estimate, the company reported 4.2% in the same quarter of the previous year.

According to the collective judgment of analysts, 'System Restaurant Count at Period End - INTL - Global' should come in at 16,560 . The estimate compares to the year-ago value of 15,767 .

The consensus among analysts is that 'System Restaurant Count at Period End - FHS - Global' will reach 1,483 . The estimate compares to the year-ago value of 1,371 .

The average prediction of analysts places 'System Restaurant Count at Period End - Consolidated - Global' at 33,187 . Compared to the current estimate, the company reported 32,229 in the same quarter of the previous year.

Analysts' assessment points toward 'Comparable Sales - TH - Global' reaching 1.5%. The estimate compares to the year-ago value of 3.4%.

The collective assessment of analysts points to an estimated 'System Restaurant Count at Period End - TH - Global' of 4,575 . The estimate compares to the year-ago value of 4,521 .

It is projected by analysts that the 'System Restaurant Count at Period End - BK - Global' will reach 6,997 . Compared to the present estimate, the company reported 7,046 in the same quarter last year.

Based on the collective assessment of analysts, 'System Restaurant Count at Period End - PLK - Global' should arrive at 3,571 . Compared to the current estimate, the company reported 3,524 in the same quarter of the previous year.

View all Key Company Metrics for Restaurant Brands here>>>

Shares of Restaurant Brands have experienced a change of -0.1% in the past month compared to the +3.5% move of the Zacks S&P 500 composite. With a Zacks Rank #4 (Sell), QSR is expected to underperform the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Toronto, Ontario--(Newsfile Corp. - August 5, 2026) - Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company"), a leading consolidator of emerging restaurant brands, is pleased to announce that its Heal Wellness ("Heal") quick-service restaurant ("QSR") brand has signed a franchise agreement and secured a real-estate location for a multi-unit franchisee to open their next location in Stratford, Ontario. The location represents another step in Heal's continued expansion across Ontario. Heal Wellness is a fast-growing QSR brand specializing in fresh smoothie bowls, açaí bowls, smoothies, and other better-for-you menu offerings built around clean ingredients and an active lifestyle.

Happy Belly 1

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The newly secured Stratford location will introduce Heal Wellness to another growing Ontario market. The site is positioned to serve Stratford residents, visitors, professionals, families, students, and active, health-conscious consumers seeking convenient better-for-you dining options. The location will offer Heal's full menu of smoothie bowls, açaí bowls, smoothies, and other health-focused offerings. Additional details regarding construction and the anticipated opening timeline will be announced as development progresses.

"Securing real estate in Stratford marks another important milestone in Heal's continued expansion across Ontario," said Sean Black, Chief Executive Officer of Happy Belly Food Group. "This location is being developed with an experienced multi-unit franchisee who continues to invest alongside us as we grow the brand. Stratford is an attractive market for Heal's functional, convenient, and grab-and-go offering, and we believe the community provides a strong platform for the brand's long-term success. This signing further demonstrates the scalability of Heal across a broad range of community-focused markets throughout Canada."

"Heal Wellness continues to expand rapidly across Canada and into the United States, solidifying its position as a leading açaí and smoothie bowl brand," said Sean Black. "With 47 locations open and more than 161 in development, Heal remains a key driver of growth within Happy Belly's broader portfolio of emerging brands in various stages of development, construction, and operation. We continue to build a predictable and disciplined growth engine designed to create long-term shareholder value."

"We are just getting started," said Sean Black.

About Heal WellnessHeal Wellness was founded with a passion and mission to provide quick, fresh wellness foods that support a busy and active lifestyle. We currently offer a diverse range of smoothie bowls and smoothies. We take pride in meticulously selecting every superfood ingredient on our menu to fuel the body, including acai smoothie bowls, smoothies, and super-seed grain bowls. Our smoothie bowls are crafted with real fruit and enriched with superfoods like acai, pitaya, goji berries, chia seeds, and more.

FranchisingFor franchising inquiries please see www.happybellyfg.com/franchise-with-us/ or contact us at [email protected].

About Happy Belly Food Group
Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company") is a leader in acquiring and scaling emerging food brands across Canada.

Happy Belly Food Group Inc.

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Sean Black
Co-founder, Chief Executive Officer

Shawn Moniz
Co-founder, President

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.

Cautionary Note Regarding Forward-Looking Statements

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws. Forward-Looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur and include the future performance of Happy Belly and her subsidiaries. Forward-Looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the business plans for Happy Belly described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/308099

Source: Happy Belly Food Group Inc.

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Toronto, Ontario--(Newsfile Corp. - July 31, 2026) -  Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company"), a leading consolidator of emerging restaurant brands, is pleased to announce the grand opening of its newest Heal Wellness ("Heal") location, located at Unit 256 - 388 Country Hills Blvd, Calgary, this Saturday, August 1st, 2026. This location will be operated by a Happy Belly multi-unit multi-branded franchisee. The opening further expands Heal's presence in Alberta and strengthens the brand's growing footprint across Western Canada. Heal Wellness is a fast-growing quick-service restaurant ("QSR") brand specializing in fresh smoothie bowls, açaí bowls, smoothies, and other better-for-you menu offerings built around clean ingredients and an active lifestyle.

Located in Country Hills, our newest Heal Wellness location is positioned within one of north Calgary's established residential and commercial corridors. The surrounding area brings together a strong local residential base, growing neighbourhoods, schools, recreation facilities, retail destinations, restaurants, professional services, and convenient access to major transportation routes. The location is well positioned to serve families, professionals, commuters, students, and active, health-conscious consumers from Country Hills and the surrounding north Calgary communities. The area's combination of established neighbourhoods, continued residential growth, and demand for convenient better-for-you dining options creates an ideal environment for Heal's smoothie bowls, açaí bowls, smoothies, and other health-focused menu offerings.

"Opening our newest Heal location in Country Hills marks another important milestone in the brand's continued expansion across Alberta and Western Canada," said Sean Black, Chief Executive Officer of Happy Belly Food Group. "Country Hills provides an excellent platform for Heal, with its established residential base, growing surrounding communities, strong retail activity, and convenient connectivity across north Calgary. The market's combination of families, professionals, commuters, schools, recreation facilities, and complementary businesses aligns well with Heal's functional, convenient, and grab-and-go offering. We believe these fundamentals support strong long-term potential for this location and further demonstrate the scalability of Heal across suburban and community-focused markets throughout Canada."

"Heal Wellness continues to expand rapidly across Canada and into the United States, solidifying its position as a leading açaí and smoothie bowl brand," said Sean Black. "With 47 locations open after this grand opening, and more than 161 in development, Heal remains a key driver of growth within Happy Belly's broader portfolio of 686 contractually committed retail franchise locations across multiple emerging brands in various stages of development, construction, and operation. We continue to build a predictable and disciplined growth engine designed to create long-term shareholder value."

"We are just getting started," said Sean Black.

About Heal WellnessHeal Wellness was founded with a passion and mission to provide quick, fresh wellness foods that support a busy and active lifestyle. We currently offer a diverse range of smoothie bowls and smoothies. We take pride in meticulously selecting every superfood ingredient on our menu to fuel the body, including acai smoothie bowls, smoothies, and super-seed grain bowls. Our smoothie bowls are crafted with real fruit and enriched with superfoods like acai, pitaya, goji berries, chia seeds, and more.

FranchisingFor franchising inquiries please see www.happybellyfg.com/franchise-with-us/ or contact us at [email protected].

About Happy Belly Food GroupHappy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company") is a leader in acquiring and scaling emerging food brands across Canada.

Sean Black
Co-founder, Chief Executive Officer

Shawn Moniz
Co-founder, President

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.

Cautionary Note Regarding Forward-Looking Statements

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws. Forward-Looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur and include the future performance of Happy Belly and her subsidiaries. Forward-Looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the business plans for Happy Belly described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/307444

Source: Happy Belly Food Group Inc.

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Toronto, Ontario--(Newsfile Corp. - July 29, 2026) - Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company"), a leading consolidator of emerging restaurant brands, is pleased to announce the grand opening of its newest Heal Wellness ("Heal") location, located at 152 Guelph Street in Georgetown, Ontario, this Saturday, August 1st, 2026. This location is being opened by the franchise group led by Alex Rechichi and Bedford Park Capital, which entered into Heal's largest Multi-Unit Franchise Agreement to date for 45 locations across Ontario, Manitoba, and Saskatchewan. Heal Wellness is a fast-growing quick-service restaurant ("QSR") brand specializing in fresh smoothie bowls, açaí bowls, smoothies, and other better-for-you menu offerings built around clean ingredients and an active lifestyle.

Happy Belly 1

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6625/307074_de7dd3bf14b54856_002full.jpg

Located in Georgetown, within the Town of Halton Hills, our newest Heal Wellness location is positioned in one of the western GTA's most established and rapidly growing communities. Georgetown combines a strong local residential base with a vibrant historic downtown, expanding neighbourhoods, schools, recreation facilities, retail amenities, and convenient regional connections. The community attracts families, professionals, commuters, students, and active, health-conscious consumers from across Halton Hills and the surrounding western GTA. Georgetown's continued population growth, community-oriented character, and demand for convenient better-for-you dining options create an ideal environment for Heal's smoothie bowls, açaí bowls, smoothies, and other health-focused menu offerings.

"Opening our newest Heal location in Georgetown marks another important milestone in the brand's Ontario expansion and in the rollout of our 45-location Multi-Unit Franchise Agreement with the group led by Alex Rechichi and Bedford Park Capital," said Sean Black, Chief Executive Officer of Happy Belly Food Group. "Georgetown provides an exceptional platform for Heal, with its growing, family-oriented customer base and strong connections to communities across Halton Hills and the western GTA. The market's combination of established neighbourhoods, new residential development, local businesses, schools, recreation facilities, and regional connectivity aligns well with Heal's functional, convenient, and grab-and-go offering. We believe these fundamentals support strong long-term potential for this location and further demonstrate the scalability of Heal across suburban and community-focused markets throughout the GTA."

Happy Belly 2

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6625/307074_de7dd3bf14b54856_003full.jpg

"Heal Wellness continues to expand rapidly across Canada and into the United States, solidifying its position as a leading açaí and smoothie bowl brand," said Sean Black. "With 46 locations open after this grand opening, and more than 162 in development, Heal remains a key driver of growth within Happy Belly's broader portfolio of 686 contractually committed retail franchise locations across multiple emerging brands in various stages of development, construction, and operation. We continue to build a predictable and disciplined growth engine designed to create long-term shareholder value."

"We are just getting started," said Sean Black.

About Heal Wellness
Heal Wellness was founded with a passion and mission to provide quick, fresh wellness foods that support a busy and active lifestyle. We currently offer a diverse range of smoothie bowls and smoothies. We take pride in meticulously selecting every superfood ingredient on our menu to fuel the body, including acai smoothie bowls, smoothies, and super-seed grain bowls. Our smoothie bowls are crafted with real fruit and enriched with superfoods like acai, pitaya, goji berries, chia seeds, and more.

Franchising
For franchising inquiries please see www.happybellyfg.com/franchise-with-us/ or contact us at [email protected].

About Happy Belly Food Group
Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company") is a leader in acquiring and scaling emerging food brands across Canada.

Happy Belly 3

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6625/307074_de7dd3bf14b54856_004full.jpg

Sean Black
Co-founder, Chief Executive Officer

Shawn Moniz
Co-founder, President

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.

Cautionary Note Regarding Forward-Looking Statements

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws. Forward-Looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur and include the future performance of Happy Belly and her subsidiaries. Forward-Looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the business plans for Happy Belly described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/307074

Source: Happy Belly Food Group Inc.

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

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They’re offering a meal culpa.

Burger King is appealing to picky eaters by pledging to remake any Whoppers that are unsatisfactory, and other perks, as part of a new campaign to prioritize customer feedback.

In February, the burger chain invited customers to share their honest opinion via Listening Initiative that shared the phone number of Tom Curtis, the President of Burger King US and Canada, according to a recent release.

This initiative saw the BK boss’s inbox inundated with thousands of calls and texts, prompting him to put his money where their mouths were.

Under the new initiative, customers can have their Whoppers remade if they’re deemed unsatisfactory. Tamara Beckwith/NY Post To further ensure the customer has it their way, Burger King is also rolling out a Whopper Guarantee. Refrina – stock.adobe.com “When we asked guests where we could do better, they gave us a lot of honest feedback, and now it’s our responsibility to act on it,” Curtis declared.

By popular demand, the burger big-wig appointed a revamped restaurant manager called a “Your Way Champion.”

Along with overseeing operations, the patty purveyor’s pit boss ensures orders adhere to and are prepped to customer specifications, and, when necessary, “make things right.”

To further ensure the customer has it their way, Burger King is also rolling out a Whopper Guarantee.

If the chain’s marquee item doesn’t meet guests expectations, the brand will not only remake the nosh on the spot, but offer their next Whopper free of charge.

Both the Whopper Guarantee and the Your Way Champion initiatives were highlighted in a 60-second ad titled “We’re Here to Help.”

“We’re not going to get everything right every single time, but we’re committed to listening intently and improving every day,” pledged Curtis. “When guests choose us, they expect high-quality food, orders made the way they asked, and a team that’s there when they need us.”

These initiatives are part of Burger King’s new “There’s A New King And It’s You” campaign — debuted in March with an ad spot during the Oscars — which prioritized their customers over their seemingly creepy crowned mascot.

This candid and guest-centric new direction has been credited for helping change the fast food giant’s fortunes, Marketing Dive reported.

In Q1, Burger King U.S. in Q1 saw a 5.8% in comparable sales, reversing a 1.1% dip during the same period in 2025,

This comes as multination fast food titans are increasingly under fire for allegedly prioritizing profits over quality and even dialing back portion size while prices go to Pluto.

In fact, due to this shrinkflation spike and other factors, regional burger chains are increasingly eating their larger counterparts’ lunch.

Industry data shows that cult favorites like Whataburger, and Culver’s are driving growth in the hamburger category compared to competitors like McDonald’s and Wendy’s.

In 2025, California-based In-N-Out’s domestic sales grew by around 10%.

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Toronto, Ontario--(Newsfile Corp. - July 13, 2026) - Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company"), a leading consolidator of emerging restaurant brands, is pleased to announce that further to its news release on June 15th announcing the signing of the largest Multi-Unit Franchise Agreement to date for 45 Locations Led by Alex Rechichi and Bedford Park Capital for Heal Wellness, the franchise group has now secured a real-estate location in Toronto's Leaside neighborhood, at the prominent intersection of Eglinton Avenue East and Laird Drive, as they accelerate their openings through the remainder of 2026 and 2027. Heal Wellness ("Heal") is a fast-growing quick-service restaurant ("QSR") brand specializing in fresh smoothie bowls, açaí bowls, and smoothies, built around clean ingredients and a better-for-you lifestyle.

Happy Belly 1

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6625/304902_53e7956d943459f9_002full.jpg

Toronto's Leaside neighborhood is one of the city's most established and sought-after urban communities, anchored by a dense residential population, strong household incomes, and a dynamic mix of families, professionals, and students. Situated at the prominent intersection of Eglinton Avenue East and Laird Drive, the location benefits from exceptional visibility, high daily traffic, major national retailers, office employment, and continued investment through the Eglinton Crosstown LRT. Together, these attributes create an ideal environment for Heal's fresh smoothie bowls, açaí bowls, and clean-ingredient smoothies, serving consumers seeking convenient, health-forward meal options throughout the day.

"Securing a real estate location in Toronto's Leaside neighborhood for one of our multi-unit franchisees is an important step in Heal's disciplined, asset-light expansion strategy," said Sean Black, Chief Executive Officer of Happy Belly Food Group. "Our strategy is to partner with experienced franchisees and secure premier locations that can deliver sustainable, long-term growth. Leaside checks every box, from its strong demographics and established retail ecosystem to its exceptional accessibility and growing transit connectivity. This is exactly the type of market where Heal's premium wellness-focused offering can become part of customers' daily routines, and we're excited to continue building our presence across the Greater Toronto Area."

Happy Belly 2

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6625/304902_53e7956d943459f9_003full.jpg

"Heal Wellness continues to expand rapidly across Canada and into the United States, solidifying its position as a leading acai and smoothie bowl brand," said Sean Black. "With 44 locations now open and more than 164 in development, Heal remains a key driver of growth within Happy Belly's broader portfolio of 686 contractually committed retail franchise locations across multiple emerging brands in various stages of development, construction, and operation. We continue to build a predictable and disciplined growth engine designed to create long-term shareholder value."

"We are just getting started", said Sean Black.

About Heal Wellness
Heal Wellness was founded with a passion and mission to provide quick, fresh wellness foods that support a busy and active lifestyle. We currently offer a diverse range of smoothie bowls and smoothies. We take pride in meticulously selecting every superfood ingredient on our menu to fuel the body, including acai smoothie bowls, smoothies, and super-seed grain bowls. Our smoothie bowls are crafted with real fruit and enriched with superfoods like acai, pitaya, goji berries, chia seeds, and more.

Franchising
For franchising inquiries please see www.happybellyfg.com/franchise-with-us/ or contact us at [email protected].

About Happy Belly Food Group
Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company") is a leader in acquiring and scaling emerging food brands across Canada.

Happy Belly 3

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6625/304902_53e7956d943459f9_004full.jpg

Sean Black
Co-founder, Chief Executive Officer

Shawn Moniz
Co-founder, President

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.

Cautionary Note Regarding Forward-Looking Statements

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws. Forward-Looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur and include the future performance of Happy Belly and her subsidiaries. Forward-Looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the business plans for Happy Belly described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/304902

Source: Happy Belly Food Group Inc.

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

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Toronto, Ontario--(Newsfile Corp. - July 8, 2026) - Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company"), a leading consolidator of emerging restaurant brands, is pleased to announce that further to its news release on June 15th announcing the signing of the largest Multi-Unit Franchise Agreement to date for 45 Locations Led by Alex Rechichi and Bedford Park Capital for Heal Wellness, the franchise group has now secured a real-estate location in North Oakville, Ontario, as they accelerate their openings through the remainder of 2026 and 2027. Heal Wellness ("Heal") is a fast-growing quick-service restaurant ("QSR") brand specializing in fresh smoothie bowls, açaí bowls, and smoothies, built around clean ingredients and a better-for-you lifestyle.

North Oakville, Ontario, is a rapidly growing suburban market within the Greater Toronto Area, supported by strong residential development, expanding retail corridors, commuter traffic, and a growing base of families, professionals, students, and active lifestyle consumers. The community's continued growth, access to major transportation routes, proximity to established shopping and service nodes, and focus on connected neighborhoods, parks, trails, and community amenities create a compelling environment for Heal's convenient, better-for-you meals. With its mix of daily residents, commuters, young families, and health-conscious consumers, North Oakville offers a strong market for fresh smoothie bowls, açaí bowls, and clean-ingredient smoothies as part of an active, on-the-go lifestyle.

"Securing a real estate location in North Oakville for one of our multi-unit franchisees further advances Heal's disciplined, asset-light growth strategy as the brand continues to expand across Ontario's high-growth urban and suburban markets," said Sean Black, Chief Executive Officer of Happy Belly Food Group. "This location reflects our continued focus on expanding Heal into strong, community-oriented markets with favorable demographic, lifestyle, and traffic fundamentals. North Oakville benefits from significant residential growth, strong retail fundamentals, and a well-balanced mix of families, professionals, commuters, and active lifestyle consumers seeking convenient, health-forward food options. These characteristics align well with Heal's functional, grab-and-go offering and support sustainable, long-term unit performance."

"Heal Wellness continues to expand rapidly across Canada and into the United States, solidifying its position as a leading acai and smoothie bowl brand," said Sean Black. "With 43 locations now open and more than 165 in development, Heal remains a key driver of growth within Happy Belly's broader portfolio of 686 contractually committed retail franchise locations across multiple emerging brands in various stages of development, construction, and operation. We continue to build a predictable and disciplined growth engine designed to create long-term shareholder value."

"We are just getting started", said Sean Black.

About Heal WellnessHeal Wellness was founded with a passion and mission to provide quick, fresh wellness foods that support a busy and active lifestyle. We currently offer a diverse range of smoothie bowls and smoothies. We take pride in meticulously selecting every superfood ingredient on our menu to fuel the body, including acai smoothie bowls, smoothies, and super-seed grain bowls. Our smoothie bowls are crafted with real fruit and enriched with superfoods like acai, pitaya, goji berries, chia seeds, and more.

FranchisingFor franchising inquiries please see www.happybellyfg.com/franchise-with-us/ or contact us at [email protected].

About Happy Belly Food Group
Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company") is a leader in acquiring and scaling emerging food brands across Canada.

Sean Black
Co-founder, Chief Executive Officer

Shawn Moniz
Co-founder, President

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.

Cautionary Note Regarding Forward-Looking Statements

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws. Forward-Looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur and include the future performance of Happy Belly and her subsidiaries. Forward-Looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the business plans for Happy Belly described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/304366

Source: Happy Belly Food Group Inc.

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

Contact Us