Brian Bittner

Danilo Gargiulo

David Palmer

Dennis Geiger

John Ivankoe

Sara Senatore

Andrew Charles

Gregory Francfort

Christine Cho

Lauren Silberman

Brian Harbour

John Zamparo

Jon Tower

Anisha Datt

Brian Mullan

Christopher Carril

Eric Gonzalez

- QSR reported strong Q3 2025 financial results, with comparable sales up **4%**, system-wide sales growth of **6.9%**, and organic adjusted operating income growth of **8.8%**.  **[0001618756_2216276_1]** **[0001618756_2216276_5]** **[0001618756_2216276_5]**  Adjusted EPS increased **10.7%** year-over-year to **$1.03** per share.  **[0001618756_2216276_5]** **[0001618756_2216276_5]** 
- Performance was driven by Tim Hortons Canada comparable sales growing **4.2%** and Burger King U.S. comparable sales increasing **3.2%**, though Popeyes U.S. comparable sales were down **2%**.  **[0001618756_2216276_1]** **[0001618756_2216276_3]** **[0001618756_2216276_4]** 
- The company generated **$566 million** in free cash flow, ending the quarter with **$2.5 billion** in total liquidity and a net leverage ratio of **4.4 times**.  **[0001618756_2216276_5]** **[0001618756_2216276_5]** 
- QSR reaffirmed its full-year 2025 guidance for **at least 8%** organic adjusted operating income growth and **around 3%** net restaurant growth, with the adjusted effective tax rate expected to be **18% to 19%**.  **[0001618756_2216276_1]** **[0001618756_2216276_5]** **[0001618756_2216276_5]** **[0001618756_2216276_6]**  CapEx and cash inducements guidance was updated to **around $400 million**.  **[0001618756_2216276_6]** 
- Strategic initiatives include refranchising **between 5,100** Burger King restaurants and actively pursuing the sale of Burger King China.  **[0001618756_2216276_5]** **[0001618756_2216276_5]** **[0001618756_2216276_6]** **[0001618756_2216276_8]**

QSR Reports Strong Q3 2025 Results, Reaffirms Full-Year Guidance

- Restaurant Brands International Inc. reported **Q3 2025 total revenues of $2,449 million** and **Adjusted Diluted Earnings per Share of $1.03**, reflecting **10.7% nominal growth** year-over-year.  **[1618756_0001618756-25-000297_qsr_2025930xpressrelease.htm:0]** **[1618756_0001618756-25-000297_qsr_2025930xpressrelease.htm:17]** 
- The company achieved **6.9% consolidated system-wide sales growth** and **4.0% comparable sales growth** in Q3 2025, driven by strong performance in International (12.1% system-wide sales growth) and Tim Hortons Canada (4.2% comparable sales).  **[1618756_0001618756-25-000297_qsr_2025930xpressrelease.htm:0]** 
- RBI remains on track for **8%+ organic Adjusted Operating Income growth in 2025** and reaffirmed its long-term algorithm of **3%+ comparable sales** and **8%+ organic Adjusted Operating Income growth** from 2024 to 2028.  **[1618756_0001618756-25-000297_qsr_2025930xpressrelease.htm:0]** **[1618756_0001618756-25-000297_qsr_2025930xpressrelease.htm:8]** 
- The Board of Directors declared a **Q4 2025 dividend of $0.62 per common share**, payable on January 6, 2026.  **[1618756_0001618756-25-000297_qsr_2025930xpressrelease.htm:8]**

Restaurant Brands International Inc. Reports Third Quarter 2025 Results and Reiterates Guidance

- Restaurant Brands International (RBI) reported **total revenues of $2,449 million** for the third quarter ended September 30, 2025, an increase from $2,291 million in the same period last year.  **[1618756_20251030TO08374:0]** **[1618756_20251030TO08374:9]**  **Diluted earnings per share from continuing operations rose to $0.96** in Q3 2025, up from $0.79 in Q3 2024.  **[1618756_20251030TO08374:0]** **[1618756_20251030TO08374:9]** 
- The company achieved **consolidated system-wide sales growth of 6.9%** and **comparable sales growth of 4.0%** in Q3 2025.  **[1618756_20251030TO08374:0]**  This performance was driven by **12.1% system-wide sales growth in International**, **6.4% comparable sales at BK International**, and **4.2% comparable sales at Tim Hortons Canada**.  **[1618756_20251030TO08374:0]** 
- RBI remains **on track to deliver at least 8% organic Adjusted Operating Income growth in 2025**.  **[1618756_20251030TO08374:0]** 
- The Board of Directors declared a **quarterly dividend of $0.62 per common share** for the fourth quarter of 2025, payable on January 6, 2026, to shareholders of record on December 23, 2025.  **[1618756_20251030TO08374:6]** 
- As part of the Burger King US "Reclaim the Flame" plan, **$160 million has been funded towards Royal Reset investments** as of September 30, 2025, out of an anticipated $550 million.  **[1618756_20251030TO08374:3]**

Restaurant Brands International Reports Strong Third Quarter 2025 Results

- Popeyes, a brand under Restaurant Brands International (RBI), has announced plans to open **over 300 new restaurants** across Mexico in the next decade.  **[1618756_fb9226ae754f4794b774a08de1a468f9]** 
- This significant expansion will target the Northwest, West, Central, and Southeast regions, leveraging new development agreements with regional franchisees.  **[1618756_fb9226ae754f4794b774a08de1a468f9]** 
- Mexico is identified as a **key growth market** for Popeyes, which remains a central element of RBI's growth strategy despite the parent company's financial challenges.  **[1618756_fb9226ae754f4794b774a08de1a468f9]**

Restaurant Brands International's Popeyes Announces Major Mexico Expansion

- Popeyes, a brand of Restaurant Brands International (RBI), announced new development agreements to open **over 300 new restaurants** in Mexico over the next **10 years**.  **[1618756_20251002TO88447:0]** 
- This expansion will cover the Northwest, West, Central, and Southeast regions of Mexico and is projected to create **thousands of new local jobs**.  **[1618756_20251002TO88447:0]** 
- The initiative builds on Popeyes' recent international growth, which includes openings in Costa Rica, Italy, and the Balkans, extending its presence to **more than 45 countries** globally.  **[1618756_20251002TO88447:0]**

Popeyes announces significant expansion in Mexico

- Restaurant Brands International (RBI) has announced the renewal of its normal course issuer bid (NCIB).  **[1618756_20250912TO71528:0]** 
- This NCIB is part of a board-approved share repurchase authorization that allows RBI to purchase up to **U.S.$1,000 million** of its common shares through **September 30, 2027**.  **[1618756_20250912TO71528:0]** 
- Under the renewed NCIB, RBI may purchase up to **32,326,078 common shares**, representing **10%** of its public float as of September 2, 2025, during the period from **September 16, 2025, to September 15, 2026**.  **[1618756_20250912TO71528:0]** 
- Despite the repurchase authorization, RBI remains committed to prioritizing **debt reduction** in the near term.  **[1618756_20250912TO71528:0]** 
- RBI has not repurchased any common shares for cancellation under its previous NCIB, which commenced on September 16, 2024, and expires on September 15, 2025.  **[1618756_20250912TO71528:0]**

Restaurant Brands International Renews Share Buyback Program

- Alignment Credit acted as the sole lead arranger and administrative agent for a **senior secured credit facility** to **REGO Restaurant Holdings IV, LLC**.  **[1618756_67bca46545c1452a8076a763f7aa33d2_0]** 
- The financing will be used to **refinance previous debt facilities** and provide **capital for growth** for REGO.  **[1618756_67bca46545c1452a8076a763f7aa33d2_0]** 
- REGO is a restaurant platform that is the franchisor of **Quiznos** and **Taco Del Mar**, and also owns and operates four select restaurants in the Denver International Airport.  **[1618756_67bca46545c1452a8076a763f7aa33d2_0]** 
- The loan aims to accelerate the growth of REGO's franchisor brands, focusing on **Quiznos' national and international expansion**, and to elevate its airport operations.  **[1618756_67bca46545c1452a8076a763f7aa33d2_0]**

REGO Restaurant Group Secures Senior Secured Term Loan

- TH International Limited (Tims China) reported **total revenues of RMB349.0 million**, a **4.9% decrease** year-over-year, while **system sales increased 1.4%** year-over-year to **RMB409.5 million** for the second quarter of 2025.  **[1618756_a615b704215144cfb2ff8225221658a7_0]** 
- The company achieved positive **adjusted corporate EBITDA of RMB2.2 million** and reduced its **adjusted net loss by 16.2%** year-over-year to **RMB39.7 million**.  **[1618756_a615b704215144cfb2ff8225221658a7_0]** **[1618756_a615b704215144cfb2ff8225221658a7_1]** **[1618756_a615b704215144cfb2ff8225221658a7_5]** 
- Tims China experienced **net new store closures of nine** during the quarter, primarily non-made-to-order stores, while growing its **franchised stores to 499** and increasing **registered loyalty club members by 22.4%** year-over-year to **26.2 million** as of June 30, 2025.  **[1618756_a615b704215144cfb2ff8225221658a7_0]** **[1618756_a615b704215144cfb2ff8225221658a7_2]**

Restaurant Brands International (QSR)