October 28, 2024

BSE Limited National Stock Exchange of India Limited

Corporate Relations Department Listing Department
Phiroze Jeejeeboy Towers Exchange Plaza, 5th Floor, Plot no. C/1,
Dalal Street, Fort, G Block, Bandra Kurla Complex, Bandra (E)
Mumbai- 400 001 Mumbai- 400 051
Scrip Code: 543248 SYMBOL: RBA

Sub.: Investor Presentation on Unaudited Standalone and Consolidated Financial Results of

Restaurant Brands Asia Limited (‘the Company’)

Ref.: Regulation 30 [read with Schedule III - Part A] of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing
Regulations’)

Dear Sir/ Madam,

Please find enclosed herewith the Investor Presentation on the Unaudited Standalone and
Consolidated Financial Results of the Company for the quarter and half year ended on September
30, 2024.

The copy of the Investor Presentation is also being uploaded on the Company's website i.e.
www.burgerking.in.
We request you to take the aforesaid on record.

Thanking You,

For Restaurant Brands Asia Limited

(Formerly Known as Burger King India Limited)
SHWETA Digitally signed by
SHWETA SUNIL
SUNIL MAYEKAR
Date: 2024.10.28
MAYEKAR 17:33:35 +05'30'

Shweta Mayekar
Company Secretary and Compliance Officer
(Membership No.: A23786)

Encl.: As above

restaurant brands asia limited

(Formerly known as Burger King India Limited)
Registered office : Unit Nos. 1003 to 1007, 10 Floor, Mittal Commercia, Asan Pada Road, Chimatpada, Marol, Andheri (East), Mumbai – 400 059 CIN :
th

L55204MH2013FLC249986 | info@burgerking.in | Tel : 022-7193 3000 | Website : www.burgerking.in

Restaurant Brands Asia Limited
Investor Presentation
Oct 28, 2024
 Disclaimer
Certain statements made in this presentation relating to the Company’s objectives, projections, outlook,
expectations, estimates, among others may constitute ‘forward-looking statements’ within the meaning
of applicable laws and regulations. Actual results may differ from such expectations, projections etc.,
whether express or implied. These forward-looking statements are based on various assumptions,
expectations and other factors which are not limited to, risk and uncertainties regarding fluctuations in
earnings, competitive intensity, pricing environment in the market, economic conditions affecting
demand and supply, change in input costs, ability to maintain and manage key customer relationships
and supply chain sources, new or changed priorities of trade, significant changes in political stability in
India and globally, government regulations and taxation, climatic conditions, natural calamity, commodity
price fluctuations, currency rate fluctuations, litigation among others over which the Company does not
have any direct control. These factors may affect our ability to successfully implement our business
strategy. The company cannot, therefore, guarantee that the ‘forward-looking’ statements made herein
shall be realized. The Company, may alter, amend, modify or make necessary corrective changes in any
manner to any such forward looking statement contained herein or make written or oral forward-looking
statements as may be required from time to time on the basis of subsequent developments and events.

Restaurant Brands Asia Limited | 28 Oct 2024 | Q2 FY25 2

Business Strategy &
Performance Update
 India - Key Priorities

Grow Dine In Traffic Digital First Brand Profitability Focus

Strengthen Value Leadership Scale up Dine in King’s Journey Improve Delivery Profitability
Dine – in Transaction growth 279 restaurants with SOK, 91% Increase in margins through
continues to stay positive Digital Channel Sales pricing and menu mix

Build New Occasions & Build BK App as a Continue to Drive

Drive Innovation Foundation for CRM Efficiencies Across the P&L
All India roll out of BK Pizza Over 20% of Dine In Initiatives to reduce Utilities
Puff as a snacking item transactions through BK App and other fixed costs

Restaurant Brands Asia Limited | 28 Oct 2024 | Q2 FY25 4

 India Q2 FY25 – Operational and Business Highlights

464 INR 4,921 Mn INR 118K

Stores Revenue from Operations Average Daily Sales

+8 QoQ | +60 YoY +0.3% QoQ | +8.5% YoY -3.0% SSSG

as on
30 Sep, 2024 Led by Store growth Due to subdued demand

67.5% INR 521 Mn INR 244 Mn

Gross Margin Restaurant EBITDA Co EBITDA
(Pre-IND AS 116) (Pre-IND AS 116)
-0.1% QoQ |+0.7% YoY
+19.8% QoQ | +7.6% YoY +39.4% QoQ | +0.6% YoY

Driven by Sourcing Initiatives Led by Revenue growth Steady Performance

Restaurant Brands Asia Limited | 28 Oct 2024 | Q2 FY25 5

 Indonesia Q2 FY25 – Operational and Business Highlights

Burger King Popeyes Indonesia

149 25 IDR 263.3 Bn

Stores Stores Revenue from Operations
-13 YoY
+13 YoY -16% YoY
Rationalized portfolio by
closing non performing stores

IDR 16.9 Mn IDR 14.6 Mn IDR (39.0 Bn)

Average Daily Sales Average Daily Sales Co EBITDA
(Pre-IND AS 116)
-15% SSSG Q2 FY24 ADS at IDR 26.3 Mn

Due to geopolitical headwinds

Restaurant Brands Asia Limited | 28 Oct 2024 | Q2 FY25 6

Q2 FY25 Financial Performance
 India Business Summary : Q2 FY25
Revenue (INR Million)
Restaurant Count Kings Journey BK Café ADS (INR '000)
Delivery
455 456 464 SSSG% 3.5% 2.6% 1.9% 3.1% -3.0% Mix% 43% 44% 45% 42% 43%
441
404
351 352 365 4,905 4,921
334 126 119 119 4,535
118 4,454 4,391
297 105

279
144
65 79
2

Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25

Gross Profit% Rest. EBITDA (INR Million) Rest. EBITDA % Co. EBITDA (INR Million) Co. EBITDA %
Pre600
IND 543 16.0%Pre IND
521 9.0%
67.7% 67.6% AS-116 484 14.0% AS-116 302
67.5% 500 435 8.0% 300
67.6% 12.0% 243 244
7.0%
67.1% 400
12.2% 342 10.0%
250
6.0%
66.8% 10.7% 10.6% 6.8% 175 200
300 8.0%5.0%
8.9% 5.4%
66.6% 7.8% 6.0%4.0% 106 5.0% 150
200 3.0%
4.0% 100
2.0% 3.6%
100 50
2.0%1.0% 2.4%
65.6% - 0.0%0.0% -

Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25
Marketing
exp
5.0% 4.0% 5.2% 5.7% 4.0%
Restaurant Brands Asia Limited | 28 Oct 2024 | Q2 FY25 8
 India Operating Performance
Q2 Q2 Q1 H1 H1
Particulars (INR Million) % % % % %
FY25 FY24 FY25 FY25 FY24
Revenue from operations 4,921 100.0% 4,535 100.0% 4,905 100.0% 9,826 100.0% 8,756 100.0%
YoY Growth% 8.5% 23.2% 16.2% 12.2% 24.2%

Cost of materials consumed 1,599 32.5% 1,504 33.2% 1,587 32.4% 3,186 32.4% 2,919 33.3%
Gross Profit 3,322 67.5% 3,031 66.8% 3,318 67.6% 6,640 67.6% 5,837 66.7%

Employee Related Expenses 535 10.9% 457 10.1% 511 10.4% 1,045 10.6% 882 10.1%
Occupancy and Other Expenses 1,811 36.8% 1,698 37.4% 1,922 39.2% 3,733 38.0% 3,360 38.4%
Restaurant EBITDA (Post Ind AS 116) 976 19.8% 875 19.3% 885 18.0% 1,862 18.9% 1,595 18.2%
YoY Growth% 11.5% 44.1% 22.9% 16.7% 44.1%

Corporate General & Administration expenses 277 5.6% 241 5.3% 260 5.3% 537 5.5% 476 5.4%
Reported Company EBITDA* 699 14.2% 635 14.0% 625 12.7% 1,324 13.5% 1,119 12.8%
YoY Growth% 10.2% 50.9% 29.0% 18.4% 48.6%

Restaurant EBITDA (Pre Ind AS 116) 521 10.6% 484 10.7% 435 8.9% 956 9.7% 821 9.4%
YoY Growth% 7.6% 59.7% 29.0% 16.5% 62.0%
Company EBITDA (Pre Ind AS 116)* 244 5.0% 243 5.4% 175 3.6% 420 4.3% 345 3.9%
YoY Growth% 0.6% 109.6% 71.8% 21.8% 125.1%

*excludes MTM loss on financial instruments

Restaurant Brands Asia Limited | 28 Oct 2024 | Q2 FY25 9
 Indonesia Operating Performance
Q2 Q2 Q1 H1 H1
Particulars (INR Million) % % % % %
FY25 FY24 FY25 FY25 FY24
Revenue from operations 1,403 100.0% 1,714 100.0% 1,562 100.0% 2,965 100.0% 3,601 100.0%
YoY Growth% -18.1% 9.4% -17.2% -17.7% 16.5%

Cost of materials consumed 620 44.2% 732 42.7% 709 45.4% 1,329 44.8% 1,513 42.0%
Gross Profit 783 55.8% 982 57.3% 853 54.6% 1,636 55.2% 2,088 58.0%

Employee Related Expenses 239 17.0% 267 15.6% 243 15.6% 482 16.2% 565 15.7%
Occupancy and Other Expenses* 492 35.1% 606 35.4% 463 29.7% 955 32.2% 1,290 35.8%
Restaurant EBITDA (Post Ind AS 116)* 52 3.7% 109 6.3% 147 9.4% 199 6.7% 233 6.5%

Corporate General & Administration expenses 139 9.9% 132 7.7% 114 7.3% 253 8.5% 258 7.2%
Reported Company EBITDA* -87 -6.2% -23 -1.3% 33 2.1% -54 -1.8% -25 -0.7%

Restaurant EBITDA (Pre Ind AS 116)* -67 -4.8% -17 -1.0% 25 1.6% -42 -1.4% -13 -0.4%
Company EBITDA (Pre Ind AS 116)* -206 -14.7% -149 -8.7% -89 -5.7% -295 -9.9% -274 -7.6%
Exchange Rate(INR to IDR) 188 184 194 191 183

*excludes loss on termination of lease & cross charge

Restaurant Brands Asia Limited | 28 Oct 2024 | Q2 FY25 10

 Consolidated Operating Performance
Q2 Q2 Q1 H1 H1
Particulars (INR Million) % % % % %
FY25 FY24 FY25 FY25 FY24
Revenue from operations 6,324 100.0% 6,249 100.0% 6,467 100.0% 12,791 100.0% 12,357 100.0%
YoY Growth% 1.2% 19.1% 5.9% 3.5% 21.9%

Cost of materials consumed 2,220 35.1% 2,236 35.8% 2,296 35.5% 4,516 35.3% 4,433 35.9%
Gross Profit 4,104 64.9% 4,013 64.2% 4,171 64.5% 8,276 64.7% 7,924 64.1%

Employee Related Expenses 773 12.2% 724 11.6% 753 11.7% 1,527 11.9% 1,447 11.7%
Occupancy and Other Expenses* 2,303 36.4% 2,304 36.9% 2,386 36.9% 4,689 36.7% 4,649 37.6%
Restaurant EBITDA (Post Ind AS 116)* 1,028 16.3% 985 15.8% 1,032 16.0% 2,060 16.1% 1,828 14.8%
YoY Growth% 4.5% 61.8% 22.2% 12.7% 52.6%

Corporate General & Administration expenses 416 6.6% 372 6.0% 374 5.8% 790 6.2% 733 5.9%
Reported Company EBITDA* 612 9.7% 612 9.8% 658 10.2% 1,270 9.9% 1,095 8.9%
YoY Growth% 0.1% 143.6% 36.2% 16.0% 101.3%

Restaurant EBITDA (Pre Ind AS 116)* 454 7.2% 466 7.5% 460 7.1% 914 7.1% 809 6.5%
YoY Growth% -2.7% 132.3% 34.8% 13.1% 101.7%
Company EBITDA (Pre Ind AS 116)* 38 0.6% 94 1.5% 87 1.3% 124 1.0% 75 0.6%
YoY Growth% -59.6% Loss to Profit Loss to Profit 65.9% Loss to Profit

*excludes loss on termination of lease and MTM loss on financial instruments

Restaurant Brands Asia Limited | 28 Oct 2024 | Q2 FY25 11
Marketing Initiatives - India
 Continued to drive Dine-in Traffic growth - Added Pizza Puff to 2 For X Platform

• Continue Strengthening Value Leadership by extending the 2 for

Platform to drive Incremental traffic
• 2 BK Veg Pizza Puff @ 59 to build trials
• 2 Crispy Veg Burgers @ 79
• 2 Crispy Chicken Burgers @ 99

• Strategy to grow loyal customer base

• Crazy App Deals - leading with attractive meal offers
• Thematic “Meals for 2” for higher group sizes

Restaurant Brands Asia Limited | 28 Oct 2024 | Q2 FY25 13

 BK Café to Drive Increased Guest occasions

• 365 Café restaurants in India (79% of the

store portfolio)

• Build awareness and grow BK Café by

menu expansion, product trials & social
media engagement

• BK Café to help build new occasions

• Café ADS of INR 14K in Q2 FY25

Restaurant Brands Asia Limited | 28 Oct 2024 | Q2 FY25 14

 Portfolio Expansion : Added Pizza Puff to strengthen the snacking menu

• Strengthened Snacking Menu

• National launch to drive trials on BK Veg Pizza

Puff at an attractive price

Restaurant Brands Asia Limited | 28 Oct 2024 | Q2 FY25 15

 Digital Transformation : 100% King’s Journey execution by March 25

Self Ordering Kiosk (SOK) Table Ordering Table Service

279 stores All stores excluding Food court All stores excluding Food court

91% orders* for Dine-in through SOK’s and BK App

Restaurant Brands Asia Limited | 28 Oct 2024 | Q2 FY25 * In stores with SOK’s 16
 BK App : Creating known Diner base via App Offers
App Dine-in Offers
App Install growth

• Cumulative install base at 11.85 Mn

• YoY - 33% growth in app install
• Organic growth through in-store push

App Dine-in Order

• Driven via app exclusive dine-in deals

• YoY - 2.3X growth in users
• More than 20% of dine in transactions through BK
App

Restaurant Brands Asia Limited | 28 Oct 2024 | Q2 FY25 17

 Building Brand Love with engaging content
VFM Moment Indian
Focus Marketing Festivals

Restaurant Brands Asia Limited | 28 Oct 2024 | Q2 FY25 18

Business Update - Indonesia
 Q2 FY25 Burger King Indonesia
Average Daily Sales (All Channel) In IDR mio
Q2 YoY -11% growth led by Dine-in. ADS 16.9M vs 19.1M LY.
Geopolitical headwinds
Geopolitical New FY Geopolitical
Headwinds Headwinds continue to impact sales
22.6

20.5 22.1 20.3

Rolled out marketing
19.9
19.4 19.1 19.3
18.4 18.5
campaign with launch of
18.1 18.1
17.1
18.4
17.3 17.7
18.4
BK Spicy Chicken
17.6 17.4
16.9 17.0 16.8 16.9 16.8 16.5
15.9
15.1 14.7
Q1 Q2 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 24 FY 24 23 23 23 24 24 24 24 24 24 24 24 24

Average Daily Sales (Dine in) In IDR mio Average Daily Sales (Delivery) In IDR mio
Q2 YoY -22%. ADS 10.6M vs 13.6M LY Q2 YoY +16%. ADS 6.3M vs 5.4M LY

Geopolitical New FY Geopolitical Geopolitical New FY Geopolitical

Headwinds Headwinds Headwinds Headwinds

16.0
15.0 14.8
13.7 14.1
13.6 13.4 13.4 7.8
12.4 14.3 7.5 7.4 7.5 7.4
12.7 7.0
11.8 11.7 6.6 6.8
11.1 6.2
12.0 12.1 10.6 5.8 5.8 5.7 5.8
11.4 6.6
11.1 11.0 11.0 5.7
10.7 10.6 10.6 10.7 5.9
10.3 5.6 5.5 5.5 5.7 5.5
5.3 5.2 5.1
9.4 9.3 4.9 4.9 4.4
4.8
Q1 Q2 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Q1 Q2 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 24 FY 24 23 23 23 24 24 24 24 24 24 24 24 24 FY 24 FY 24 23 23 23 24 24 24 24 24 24 24 24 24

Previous Year Current Year

Restaurant Brands Asia Limited | 28 Oct 2024 | Q2 FY25 20
 FY25 Marketing Priorities - Burger King
TV Campaign Digital Campaign OOH FSDT
Mall Branding
Oct-Nov Oct-Dec & Commuter Line

TV 1272 GRPS, 968 Spots, 40% PT YT, TikTok, Programmatic, Meta All FSDT, Inline 92 stores All Mall locations
Jabo Commuter Line 5 routes 55 stores

Consumer
In-store POP Delivery BK App & Kupon
Engagement

DMB, Posters, Banner & Promos: App Comms, Kupons Product sampling & Reviews
T Banners (FSDT), Kiosk King Savers, Blitz, Add-on Crew incentive

Burger King’s New Spicy Chicken: Addictively Spicy to the Last Bite
Strategic Marketing Investment: 360 Integrated Media Plan
Restaurant Brands Asia Limited | 28 Oct 2024 | Q2 FY25 21
 Popeyes Indonesia: Build Awareness, Trial and Digital-First Experience
Strengthen Digital-First
Build Brand & Product Awareness Build Traffic Driver Value Proposition
Guest Experience

• Educate & Discover: In-stores Video Wall & Digital • Menu Pricing Strategy: Core menu pricing parity vs • CRM: 90% known diner sales via Kiosk,
Ad Boards competition, Differentiated products at 5-10% 100% stores with Kiosk
Premium, Affordable sides - implemented
• Grilled complete range: Bone in Chicken, Chicken • App: launched in June, scaling downloads &
• Drive Trial & Repeat Frequency: Entry Price Value -
Sandwich and Wings app driven transactions
App & Coupons
• Guest experience: 100% Table Service
• Menu completion: Launch Spicy Chicken, only QSR • Drive Repeat Frequency: Build occasion relevance
to offer fried and grilled chicken formats - Q3 FY25 - Larger groups, variety and indulgence menu

Restaurant Brands Asia Limited | 28 Oct 2024 | Q2 FY25 22

Outlook
 The Way Forward

Detail FY 24 Q2 FY25 Outlook

Restaurant Count – India 455 Restaurants 464 Restaurants • 510 Restaurants by FY25

Gross Profit – India 67.0% 67.5% • ~ 69% by FY27

Restaurant
Cash Loss of INR
Profitability - Indonesia EBITDA • Cash Breakeven at a country level
184 Mn
Breakeven

Restaurant Brands Asia Limited | 28 Oct 2024 | Q2 FY25 24

Thank You

Restaurant Brands Asia Limited

CIN: L55204MH2013FLC249986

For further information, please contact:

Mr. Gaurav S. Ajjan, CFA

Head of Strategy and Investor Relations
gaurav.ajjan@rbrandsasia.com