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    Christopher Carril

    Managing Director and Senior Equity Research Analyst at KeyBanc Capital Markets

    Christopher Carril is a Managing Director and Senior Equity Research Analyst at KeyBanc Capital Markets specializing in US restaurants and foodservice companies. He covers a range of major publicly traded names, including Chipotle Mexican Grill, Domino’s Pizza, Restaurant Brands International (Tim Hortons, Burger King), Starbucks, Cava Group, and Sweetgreen, and his stock recommendations have generated an average return of 16.1% per rating with a 65% success rate and standout calls such as a 230.8% return on Sweetgreen. Carril began his equity research career in the mid-2000s, previously holding positions at Morgan Stanley before joining KeyBanc, and brings over eleven years of professional experience in the field. He is FINRA-registered with a clean record and holds the requisite securities licenses for his research and analyst roles.

    Christopher Carril's questions to Restaurant Brands International (QSR) leadership

    Christopher Carril's questions to Restaurant Brands International (QSR) leadership • Q1 2025

    Question

    Christopher Carril, on for Eric Gonzalez, requested an expansion on the recent performance at Popeyes and the progress of its 'Easy to Love' strategy. He specifically asked for more detail on operational improvements being made ahead of the planned step-up in advertising spend.

    Answer

    CEO Josh Kobza acknowledged the softer Q1 same-store sales, attributing it to lapping the brand's first Super Bowl ad. He outlined the 'Easy to Love' plan, which includes a national advertising step-up that began in April, accelerating remodels to achieve a modern image by 2030, and enhancing operational consistency. Key operational initiatives include rolling out 'Easy to Run' kitchens, which are now in a few hundred restaurants, and raising operating standards across the franchisee base, similar to the approach taken at Burger King.

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