Restaurant Brands Asia (RBA) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 consolidated revenue rose 17.9% year-over-year to INR 8,226.10 million, with India contributing 83% and Indonesia 17%.

• India delivered 12.6% same-store sales growth (SSSG), the highest in 15 quarters, with 590 stores and a focus on value and premium menu strategies.

• Indonesia's Burger King business achieved positive restaurant-level EBITDA, while Popeyes Indonesia remains under strategic review.

• Company EBITDA (pre Ind AS 116) surged 265.7% year-over-year to INR 435 million.

• Change in control: New promoters acquired majority stake and control in July 2026 following a preferential issue and open offer.

Financial highlights

• India Q1 FY27 revenue grew 23.6% year-over-year to INR 6,829 million; consolidated revenue at INR 8,226.10 million, up from INR 6,977.23 million in Q1 FY26.

• Gross margin in India improved to 70.8%, up 3.1% year-over-year and 0.6% sequentially.

• Restaurant-level EBITDA in India reached INR 900 million (13.2% margin, pre Ind AS 116), up from 9.7% last year; company EBITDA at INR 435 million (pre Ind AS 116), up 265.7%.

• Indonesia's Burger King posted INR 1,397 million revenue and INR 33 million restaurant EBITDA (pre Ind AS 116); Popeyes Indonesia had INR 157 million revenue and a loss of INR 30 million.

• Consolidated PAT loss reduced to INR 330 million, impacted by exchange losses from Indonesia investments.

Outlook and guidance

• India store expansion to continue at ~80 stores annually, maintaining focus on value leadership, menu innovation, and digital-first strategies.

• Gross margin target of 72% in India over the next 2-3 years, with current performance ahead of plan.

• Indonesia to focus on operational efficiencies, value strategy rollout, and leveraging marketing support from the franchisor.

• Strategic options for Popeyes Indonesia remain open, with ongoing review and focus on minimizing losses.

• Proceeds from the preference share investment in PT Sari Burger Indonesia will be used to meet business requirements in Indonesia.