Mr. Josh Kobza reports

RESTAURANT BRANDS INTERNATIONAL INC. REPORTS FIRST QUARTER 2024 RESULTS

Restaurant Brands International Inc. (RBI) has released financial results for the first quarter ended March 31, 2024.

Josh Kobza, Chief Executive Officer of RBI commented, "I am proud of the hard work our teams and franchisees are doing to deliver high-quality products, great service and a compelling value proposition for guests every day. Our results are a reflection of their efforts and the strong foundation we have built that sets us up to drive continued improvements in franchisee profitability and deliver our long-term outlook."

First Quarter 2024 Highlights:

• Consolidated comparable sales increased 4.6 per cent and net restaurants grew 3.9 per cent versus the prior year
• System-wide sales increased 8.1 per cent year-over-year
• Income from Operations of $544 million versus $447 million in the prior year
• Net Income of $328 million versus $277 million in prior year
• Diluted EPS was $0.72 versus $0.61 in prior year
• Adjusted Operating Income of $540 million increased 7.7 per cent organically versus the prior year
• Adjusted Diluted EPS of $0.73 decreased (0.9) per cent organically versus the prior year

We have five operating segments: Tim Hortons (TH), Burger King (BK), Popeyes Louisiana Kitchen (PLK), Firehouse Subs (FHS) and International (INTL).

The year-over-year increases in Total Revenues on an as reported and on an organic basis were primarily driven by increases in system-wide sales in all our segments. On an as reported basis, INTL was impacted by an unfavourable FX Impact, partially offset by a favourable FX Impact at TH.

The year-over-year increase in Income from Operations was primarily driven by increases in segment income in all of our segments, a favourable change from other operating expenses (income), net, the non-recurrence of FHS Transaction costs and a favourable change from the impact of equity method investments, partially offset by an unfavourable FX Impact and CRG Transaction costs.

The increase in Net Income was primarily driven by the year-over-year increase in Income from Operations, partially offset by an increase in income taxes and interest expense, net.

The year-over-year increases in Adjusted Operating Income on an as reported and on an organic basis were primarily driven by increases in segment income in all of our segments. On an as reported basis, INTL was impacted by an unfavourable FX Impact, partially offset by a favourable FX Impact at TH.

The year-over-year decrease in Adjusted Net Income was primarily driven by an increase in adjusted income tax expense, an increase in adjusted interest expense and unfavourable FX movements, partially offset by increases in segment income in all of our segments.

Burger King US Reclaim the Flame

In September 2022, Burger King shared the details of its "Reclaim the Flame" plan to accelerate sales growth and drive franchisee profitability. We will be investing $400 million over the life of the plan, comprised of $150 million in advertising and digital investments ("Fuel the Flame") and $250 million in high-quality remodels and relocations, restaurant technology, kitchen equipment, and building enhancements ("Royal Reset").

During the three months ended March 31, 2024, we funded $6 million toward the Fuel the Flame investments, including $5 million toward our support behind the Burger King US advertising fund, and $19 million toward our Royal Reset investments, including $9 million toward remodels. As of March 31, 2024, we have funded a total of $79 million toward the Fuel the Flame investments and $81 million toward our Royal Reset investments.

On April 30, 2024, Burger King announced plans to extend its Long-Term Royal Reset program with plans to invest an additional $300 million in remodels from 2025 through 2028. Through the initial Reclaim the Flame investment, plans to remodel 600 Carrols Restaurant Group restaurants and this extended remodel program, Burger King will be on a path to achieve its goal of 85 per cent to 90 per cent modern image by 2028.

TH Segment Results

For the first quarter of 2024, the increase in system-wide sales was primarily driven by comparable sales of 6.9 per cent, including Canada comparable sales of 7.5 per cent.

The year-over-year increases in Total Revenues on an as reported and on an organic basis were primarily driven by an increase in system-wide sales as well as an increase in supply chain sales and increases in equipment sales, partially offset by a decrease in consumer packaged goods sales as a result of increased promotional activity and trade investments. The increase in Total Revenues on an as reported basis benefited from a slight favourable FX Impact.

The year-over-year increase in Adjusted Operating Income on an as reported and on an organic basis was primarily driven by the increase in system-wide sales and advertising expenses and other services exceeding advertising revenues and other services in the prior year period as compared to being comparable in the current year period, partially offset by an increase in Segment G&A and supply chain bad debt expense associated with sales of coffee to certain international franchisees. The increase in Segment G&A was primarily driven by higher compensation-related expenses and an increase in professional fees. The increase in Adjusted Operating Income on an as reported basis also benefited from a slight favourable FX Impact.

BK Segment Results

For the first quarter of 2024, the increase in system-wide sales was driven by comparable sales of 3.8 per cent, including US comparable sales of 3.9 per cent, partially offset by net restaurant growth of (2.4) per cent.

The year-over-year increase in Total Revenues was primarily driven by an increase in sales from Company restaurants and increases in advertising fund contributions from vendors and franchisees.

Sales and Cost of Sales in the current year quarter were impacted by the acquisition of 89 Company restaurants in the fourth quarter of 2023 and 38 additional Company restaurants on January 16, 2024. As of March 31, 2024, BK owned and operated 175 Company restaurants.

The year-over-year increase in Adjusted Operating Income was primarily driven by the increase in system-wide sales, impact of Company restaurant acquisitions, bad debt recoveries in the current year period compared to bad debt expense in the prior year period, and advertising expenses and other services exceeding advertising revenues and other services in the current period to a lesser extent than in the prior year period, partially offset by a slight increase in Segment G&A.

PLK Segment Results

For the first quarter of 2024, the increase in system-wide sales was driven by comparable sales of 5.7 per cent, including US comparable sales of 6.2 per cent, and net restaurant growth of 4.7 per cent.

The year-over-year increases in Total Revenues and Adjusted Operating Income were primarily driven by the increase in system-wide sales and, to a lesser extent, an increase in Company restaurant sales and profitability.

FHS Segment Results

For the first quarter of 2024, the increase in system-wide sales was driven by net restaurant growth of 3.6 per cent and relatively flat comparable sales of 0.3 per cent.

The year-over-year increase in Total Revenues was primarily driven by an increase in Advertising Revenues and Other Services reflecting the modification of FHS' Advertising fund arrangements to be more consistent with those of our other brands.

The year-over-year increase in Adjusted Operating Income was primarily driven by the increase in system-wide sales, partially offset by modest increases in Cost of Sales and Segment G&A.

INTL Segment Results

For the first quarter of 2024, the increase in system-wide sales was driven by net restaurant growth of 8.4 per cent, and comparable sales of 4.2 per cent.

The year-over-year increase in Total Revenues on an as reported and on an organic basis was primarily driven by increases in royalties and higher advertising fund contributions by franchisees and vendors in the limited markets where we manage the advertising funds. The increase in Total Revenues on an as reported basis was partially offset by an unfavourable FX Impact.

The year-over-year increases in Adjusted Operating Income on an as reported and on an organic basis were primarily driven by the increases in system-wide sales, partially offset by higher Segment G&A driven by higher compensation-related expenses and higher Franchise and Property Expenses primarily related to Tim Hortons due to an increase in bad debt expenses. The year-over-year increase in Adjusted Operating Income on an as reported basis was partially offset by an unfavourable FX impact.

Cash and Liquidity

As of March 31, 2024, Total debt was $13.4 billion, Net debt (Total debt less Cash and cash equivalents of $1.0 billion) was $12.3 billion, Net Income Net Leverage was 7.0x and Adjusted EBITDA Net Leverage was 4.8x.

The RBI Board of Directors has declared a dividend of $0.58 per common share and partnership exchangeable unit of Restaurant Brands International Limited Partnership for the second quarter of 2024. The dividend will be payable on July 5, 2024 to shareholders and unitholders of record at the close of business on June 21, 2024.

On January 16, 2024, we announced that we have reached an agreement to acquire Carrols Restaurant Group, Inc. ("Carrols") in an all cash transaction for an aggregate total enterprise value of approximately $1.0 billion. The transaction is expected to be completed in the second quarter of 2024, subject to Carrols shareholder approval and other customary closing conditions. The transaction is expected to be financed with cash on hand and an additional $750 million of Term Loan B loans which have been secured on the same terms as the existing Term Loan B under our Credit Agreement.

2024 Guidance (Excluding Carrols)

RBI continues to expect consolidated capital expenditures, tenant inducements and incentives (including BK Royal Reset remodel incentives) of approximately $300 million and adjusted interest expense, net, between $555 million and $565 million.

RBI now expects Segment G&A for 2024 between $665 million and $685 million, including share-based compensation and non-cash incentive compensation expense between $180 million and $190 million.

Long-Term Guidance

RBI hosted an investor event on February 15, 2024 and announced the following long-term consolidated performance that the Company continues to expect to achieve, on average, from 2024 to 2028:

3 per cent+ Comparable Sales;

5 per cent+ Net Restaurant Growth;

8 per cent+ System-wide Sales growth; and

Adjusted Operating Income growth at least as fast as system-wide sales growth.

Investor Conference Call

We will host an investor conference call and webcast at 10:00 a.m. Eastern Time on Tuesday, April 30, 2024, to review financial results for the first quarter ended March 31, 2024. The earnings call will be broadcast live via our investor relations website at http://rbi.com/investors and a replay will be available for 30 days following the release. The dial-in number is 1 (833)-470-1428 for U.S. callers, 1 (833)-950-0062 for Canadian callers, and 1 (929)-526-1599 for callers from other countries. For all dial-in numbers please use the following access code: 967699.

About Restaurant Brands International Inc.

Restaurant Brands International Inc. is one of the world's largest quick service restaurant companies with over $40 billion in annual system-wide sales and over 30,000 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(TM), BURGER KING(TM), POPEYES(TM), and FIREHOUSE SUBS(TM). 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. To learn more about RBI, please visit the company's website at www.rbi.com .

We seek Safe Harbor.