Restaurant Brands International (QSR) Barclays 19th Annual Global Consumer Conference summary

Burger King transformation and product innovation

• Burger King has launched upgraded nuggets with improved quality and a Dragon Ball Z promotion, driving excitement and positive guest response.

• The brand is on a multi-year journey to elevate menu, marketing, and operations, with a focus on consistency and asset remodeling.

• Franchisee alignment and investment in product upgrades are key to ongoing progress, with several years of transformation still ahead.

• Consistent value offerings like $5 duos and $7 trios are maintained alongside premium innovations to balance guest needs.

• The turnaround is seen as sustainable due to foundational improvements and ongoing initiatives, with over 50% of the system remodeled and refranchising underway.

Portfolio strategy and international growth

• The company operates a diversified, multi-brand portfolio in over 100 countries, reducing concentration risk and enabling global synergies.

• International business now represents nearly half of restaurant count and system sales, with top 10 markets achieving strong paybacks and double-digit growth.

• China has rebounded after direct intervention, with double-digit comps and improved profitability, supporting future unit growth.

• Japan and Korea are highlighted as standout markets, with Japan achieving rapid expansion and strong paybacks.

• The global growth model allows brands like Popeyes to scale internationally, with ongoing focus on building brand presence and supporting local partners.

Brand-specific updates and operational focus

• Tim Hortons in Canada remains a top-performing business, with innovation in cold beverages and partnerships like Harry Potter to drive afternoon traffic.

• Half of Tim Hortons' business occurs before 11:00 A.M., highlighting opportunity for P.M. growth.

• Popeyes U.S. is expected to return to positive comps in the second half, with improvements in value perception, operational consistency, and core menu execution.

• Consistent value platforms and enhanced field support are driving better guest satisfaction and operational metrics at Popeyes.

• The company leverages best practices across brands, with leadership transitions supporting knowledge transfer and execution.