Core Viewpoint - Happy Belly Food Group Inc. is expanding its Heal Wellness brand with the opening of its 21st location in Grand Bend, Ontario, marking significant growth in its restaurant network [1][3]. Expansion and Growth - The new Heal Wellness location is the 12th in Ontario and part of a broader strategy that has seen Happy Belly reach a total of 54 restaurants in its franchised and corporate network [3][4]. - The company is experiencing rapid growth, with a first-mover advantage in the wellness food sector, and has 130 total units under contractual commitment, indicating strong franchise interest [4][5]. - Happy Belly is focused on accelerating growth through both organic initiatives and strategic acquisitions, with 531 contractually committed retail franchise locations across its brands [5]. Market Positioning - Grand Bend is identified as an ideal location for Heal due to its vibrant beachside community and summer tourism, which attracts health-conscious visitors seeking nutritious dining options [6]. - The limited competition for clean-eating offerings in the area positions Heal to quickly become a local favorite, leveraging the town's active lifestyle culture and strong foot traffic [6]. Product Offering - Heal Wellness specializes in quick, fresh wellness foods, including a diverse range of smoothie bowls and smoothies made with high-quality superfood ingredients [7].

Core Insights - Happy Belly Food Group's Heal Wellness brand has signed its 50th franchise agreement in Grande Prairie, Alberta, marking a significant milestone in its expansion strategy [1][3][6] - The company aims to establish Heal Wellness as the leading acai bowl and smoothie brand in Canada, focusing on both organic and inorganic growth [3][4][5] Franchise Development - The signing of the 50th franchise agreement strengthens Heal Wellness's development pipeline and supports consistent organic growth [3][4] - Happy Belly has a total of 531 contractually committed retail franchise locations across its emerging brands, indicating robust expansion plans [6] Market Opportunity - Grande Prairie is identified as a strong market for a smoothie and acai bowl restaurant due to its youthful, health-conscious population and limited competition in the health-focused fast-casual space [7] - The city has a population nearing 70,000 and is experiencing steady economic growth, making it an ideal location for wellness-oriented food concepts [7] Business Model and Strategy - Heal Wellness employs a structured business model that mitigates typical entrepreneurial risks, equipping franchisees with necessary tools for success [5] - The company plans to further expand corporate store development while leveraging momentum from its franchise network, with multiple locations already under construction [5][6]

Core Insights - Restaurant Brands International, Inc. (QSR) reported first-quarter 2025 results with earnings and revenues missing the Zacks Consensus Estimate, but both metrics increased year-over-year [1][3] - Following the results announcement, QSR's shares declined by 0.5% [1] Financial Performance - Adjusted earnings per share (EPS) were 75 cents, missing the consensus estimate of 78 cents, but grew 9.9% year-over-year [3] - Quarterly net revenues reached $2.11 billion, missing the consensus mark by 2.1%, yet increased by 21.3% year-over-year [3] - Consolidated comparable sales increased by 0.1% and net restaurant sales rose by 3.3% year-over-year, while global system-wide sales grew by 2.8% [4] Segment Performance - Tim Hortons (TH) reported revenues of $903 million, down 3.7% year-over-year, with system-wide sales flat [6] - Burger King's (BK) revenues were $356 million, up 1.8% year-over-year, but system-wide sales fell by 1.7% [7] - Popeyes Louisiana Kitchen (PLK) generated revenues of $194 million, up 9% year-over-year, with system-wide sales down by 2.4% [8] - Firehouse Subs (FHS) revenues totaled $54 million, up 7.9% year-over-year, with system-wide sales increasing by 7.3% [9] - International (INTL) segment revenues were $218 million, down 2.1% year-over-year, but up 2.3% organically [10] - Restaurant Holdings (RH) segment revenues were $432 million [11] Operating Metrics - Adjusted operating income decreased by 0.2% year-over-year to $539 million, while adjusted EBITDA increased by 2.4% to $642 million [12] - Cash and cash equivalents at the end of Q1 2025 were $899 million, down from $1.33 billion at the end of 2024 [13] Guidance and Future Outlook - The company expects adjusted net interest expense to be between $500 million and $520 million and has lowered segment G&A expectations [15] - Long-term guidance from 2024 to 2028 anticipates over 3% growth in comparable sales and at least 5% net restaurant growth [16]

Financial Performance - The company reported system-wide sales of $10,496 million for the three months ended March 31, 2025, reflecting a 2.8% growth compared to the same period in 2024[134]. - Comparable sales increased by 0.1% for the same period, down from 4.6% in the prior year[134]. - The total revenues for the three months ended March 31, 2025, were $2,109 million, an increase of $370 million from $1,739 million in 2024[137]. - Net income decreased to $221 million for the three months ended March 31, 2025, down from $328 million in 2024, representing a decline of 32.5%[137]. - The company experienced a net loss of $2 million from discontinued operations for the three months ended March 31, 2025[137]. - The company reported a decrease in income from operations of $109 million, or 20%, compared to the prior year[163]. Acquisitions and Growth - The company completed the acquisitions of Carrols Restaurant Group and Popeyes China, contributing to the overall revenue growth[126]. - System restaurant count increased to 32,149 by the end of March 2025, up from 31,113 in the previous year, indicating a net restaurant growth of 3.3%[134]. - The company plans to refranchise the majority of the Carrols Burger King restaurants and seek new partners for PLK China and FHS Brazil[128]. - On February 14, 2025, the company acquired remaining equity interests in BK China for approximately $151 million in cash and assumed $178 million of outstanding debt[167]. - The company provided $107 million of funding to BK China during the three months ended March 31, 2025[185]. Segment Performance - System-wide sales growth for the TH segment was 0.0% in Q1 2025, down from 7.8% in Q1 2024, with total revenues decreasing to $903 million from $939 million[150]. - The BK segment experienced a system-wide sales decline of 1.7% in Q1 2025, with total revenues slightly increasing to $356 million from $350 million[152]. - The PLK segment reported a system-wide sales decline of 2.4% in Q1 2025, with total revenues at $194 million, up from $178 million[155]. - The FHS segment achieved a system-wide sales growth of 7.3% in Q1 2025, with total revenues increasing to $54 million from $50 million[157]. - The INTL segment's system-wide sales grew by 8.6% in Q1 2025, with total revenues rising to $4,368 million from $4,216 million[158]. Operating Income and Expenses - General and administrative expenses rose to $191 million in Q1 2025, compared to $173 million in Q1 2024, primarily due to the inclusion of RH Segment G&A[140]. - Adjusted Operating Income for the TH segment decreased to $220 million in Q1 2025 from $224 million in Q1 2024, primarily due to unfavorable FX impacts[151]. - The BK segment's Adjusted Operating Income fell to $103 million in Q1 2025 from $106 million in Q1 2024, impacted by a decrease in franchise and property revenues[153]. - The INTL segment's Adjusted Operating Income decreased to $138 million in Q1 2025 from $142 million in Q1 2024, primarily due to unfavorable FX impacts and the absence of prior year revenues from BK China[158]. Cash Flow and Debt - As of March 31, 2025, cash and cash equivalents stood at $899 million, with borrowing availability of $1,248 million under the Revolving Credit Facility[166]. - Cash provided by operating activities was $118 million for the three months ended March 31, 2025, down from $148 million in the same period last year[182]. - Cash used for investing activities was $184 million for the three months ended March 31, 2025, compared to $31 million during the same period in the prior year, primarily driven by the BK China Acquisition and increased capital expenditures[183]. - Cash used for financing activities was $265 million for the three months ended March 31, 2025, compared to $203 million during the same period in the prior year, mainly due to a decrease in proceeds from stock option exercises and an increase in common share dividends[184]. - As of March 31, 2025, total debt was primarily comprised of $5,981 million under Term Loan Facilities with a weighted average interest rate of 5.92%[174]. - Required debt service for the next twelve months is estimated to be approximately $360 million in interest payments and $79 million in principal payments[175]. Tax and Interest - Interest expense, net decreased to $130 million in Q1 2025 from $148 million in Q1 2024, with a weighted average interest rate on long-term debt dropping from 5.0% to 4.4%[148]. - The effective tax rate increased to 26.9% in Q1 2025 from 17.2% in Q1 2024, primarily due to unfavorable impacts from OECD Pillar II guidance[149]. Other Information - The company executed a multi-year "Reclaim the Flame" plan, investing up to $700 million through year-end 2028, with $143 million funded towards the Royal Reset investments as of March 31, 2025[168]. - The company declared a cash dividend of $0.62 per common share, to be paid on July 8, 2025[178]. - There have been no significant changes to the company's contractual obligations as disclosed in the 2024 Annual Report filed on Form 10-K[186]. - No material changes were reported in the quantitative and qualitative disclosures about market risk during the three months ended March 31, 2025[189].

Financial Data and Key Metrics Changes - Q1 consolidated comparable sales increased by 0.1% or just over 1% excluding Leap Day impact, with net restaurant growth at 3.3% translating to system-wide sales growth of 2.8% and organic adjusted operating income growth of 2.6% [8][28][35] - Adjusted EPS rose to $0.75 per share from $0.73, representing nominal growth of 3.3% and organic growth of 9.9% excluding Restaurant Holdings and foreign exchange impact [37] Business Line Data and Key Metrics Changes - Tim Hortons Canada experienced flat comparable sales of 0.1% or approximately 1.2% after adjusting for Leap Day, with operational improvements and marketing initiatives expected to drive future growth [10][11] - International segment delivered 2.6% comparable sales growth or roughly 3.7% excluding Leap Day, with system-wide sales growth of 8.6% driven by strong performance in markets like the UK, Germany, Brazil, Japan, and Australia [14][68] - Burger King U.S. saw a 1.1% decrease in comparable sales, but continued to outperform the broader QSR category due to effective marketing and operational improvements [18][19] Market Data and Key Metrics Changes - In the UK, Burger King gained market share through delivery growth and value platforms, while Germany saw sales momentum from operational improvements and product innovation [14][15] - Burger King India crossed the 500 restaurant milestone, indicating strong growth potential in the market [16] Company Strategy and Development Direction - The company is focused on improving operational excellence, enhancing guest experience, and modernizing restaurant images, with a target of reaching over 85% modern image by the end of 2028 [20][21] - The strategy includes refranchising Carrols restaurants to more engaged operators and enhancing the operational consistency across brands [45][46] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a complex macro environment but expressed confidence in the company's ability to navigate challenges and deliver at least 8% organic adjusted operating income growth in 2025 [9][28] - There is optimism regarding improved sales momentum in April and a strong marketing calendar for the remainder of the year [10][11] Other Important Information - The company expects total reported 2025 net restaurant growth to be slightly down from last year, primarily due to the transition at Burger King China [30] - Free cash flow generated in Q1 was $89 million, impacted by cash tax payments and working capital seasonality [38] Q&A Session Summary Question: Impact of Canadian macro environment on Tim Hortons - Management noted a dip in consumer confidence but observed improvements in Q2, with confidence in Tim Hortons' performance due to ongoing marketing initiatives and product launches [53][56] Question: Trends in international markets and consumer outlook - Management reported positive same-store sales growth in international markets, with strong performance in Germany and the UK, while acknowledging softer performance in China [60][68] Question: Performance of Burger King U.S. and outlook - Management attributed Burger King's relative outperformance to improved operations and ongoing remodels, with plans for further enhancements and promotions in the coming months [73][80] Question: Capital intensity and remodel expectations - Management expects to complete about 400 remodels in 2025, with an acceleration in 2026, aiming for 85% modern image by 2028 [88][90] Question: Cost savings and organizational efficiency - Management is evaluating opportunities for efficiency in operations, particularly in integrating recent acquisitions and optimizing resources [96]

Financial Data and Key Metrics Changes - In Q1 2025, consolidated comparable sales increased by 0.1% or just over 1% excluding Leap Day, with net restaurant growth at 3.3% [6][7] - System-wide sales growth was reported at 2.8%, while organic adjusted operating income growth was 2.6% [6][32] - Adjusted EPS rose to $0.75 per share from $0.73, reflecting nominal growth of 3.3% and organic growth of 9.9% [34] Business Line Data and Key Metrics Changes - Tim Hortons Canada experienced flat comparable sales of 0.1% or approximately 1.2% after adjusting for Leap Day [8] - Burger King U.S. saw a 1.1% decrease in comparable sales, but continued to outperform the broader QSR category [17] - Popeyes in the U.S. and Canada reported a 4% decline in comparable sales, following a 5.7% increase in the prior year [21] Market Data and Key Metrics Changes - International segment comparable sales grew by 2.6% or roughly 3.7% excluding Leap Day, with system-wide sales growth of 8.6% [12] - Strong growth was noted in key markets such as the UK, Germany, Brazil, Japan, and Australia [12][13] - Burger King India crossed the 500 restaurant milestone, indicating significant growth potential [14] Company Strategy and Development Direction - The company aims to deliver at least 8% organic adjusted operating income growth in 2025, focusing on improving the value proposition for guests [7] - A strategic shift towards refranchising Carrols and enhancing operational excellence across brands is underway [40] - The company is actively working to secure a new local partner for Burger King China, with plans for a portfolio cleanup to reposition the business for long-term success [16][28] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging macro environment but expressed confidence in the underlying strength of the brands and operational plans [6][7] - There is optimism regarding improved sales momentum in April and a stronger start to Q2 [7][32] - The company expects to maintain targets for 3% plus comparable sales and 8% plus organic AOI growth on average through 2028 [27] Other Important Information - The company generated $89 million in free cash flow in Q1, impacted by $77 million in cash tax payments [35] - Capital expenditures are expected to be in the $400 million to $450 million range for 2025 and 2026, up from over $330 million in 2024 [37] - The company is focusing on operational efficiency and has revised segment G&A guidance to $600 million to $620 million for 2025 [39] Q&A Session Summary Question: Impact of Canadian macro environment on Tim Hortons - Management noted a slight dip in consumer confidence but observed improvements in Q2, with confidence in Tim Hortons' performance due to strong marketing initiatives [47][50] Question: Trends in international markets - Management expressed satisfaction with international performance, highlighting positive same-store sales and strong brand positioning in key markets [52][56] Question: Performance of Burger King U.S. - Management attributed Burger King's relative outperformance to improved operations and ongoing remodels, with plans for continued enhancements throughout the year [65][68]

Core Viewpoint - Restaurant Brands (QSR) reported quarterly earnings of $0.75 per share, missing the Zacks Consensus Estimate of $0.78 per share, but showing an increase from $0.73 per share a year ago [1][2] Financial Performance - The company posted revenues of $2.11 billion for the quarter ended March 2025, missing the Zacks Consensus Estimate by 2.13%, compared to $1.74 billion in the same quarter last year [3] - The earnings surprise for the quarter was -3.85%, while the previous quarter saw a positive surprise of 2.53% with earnings of $0.81 per share against an expectation of $0.79 [2] Stock Performance - Restaurant Brands shares have increased approximately 4.2% since the beginning of the year, contrasting with a -4.3% decline in the S&P 500 [4] - The current Zacks Rank for the stock is 3 (Hold), indicating expected performance in line with the market in the near future [7] Future Outlook - The consensus EPS estimate for the upcoming quarter is $0.96 on revenues of $2.35 billion, and for the current fiscal year, it is $3.67 on revenues of $9.25 billion [8] - The outlook for the industry, specifically the Retail - Restaurants sector, is currently in the bottom 22% of over 250 Zacks industries, which may impact stock performance [9]

Core Insights - Restaurant Brands International reported quarterly earnings and revenue that fell short of analysts' expectations, with same-store sales for Popeyes, Burger King, and Tim Hortons declining [1] - The company's shares dropped over 2% in premarket trading following the earnings report [1] Financial Performance - The first-quarter net income attributable to shareholders was $159 million, or 49 cents per share, a decrease from $230 million, or 72 cents per share, in the same quarter last year [1] - Excluding items, the adjusted earnings per share were 75 cents, compared to the expected 78 cents [2][3] - Net sales increased by 21% to $2.11 billion, but this was below the expected $2.13 billion [2][3]

EXHIBIT 99 Restaurant Brands International Inc. Reports First Quarter 2025 Results Consolidated system-wide sales grow 2.8% year-over-year, including 8.6% in International Global comparable sales of 0.1%, or over 1% adjusting for Leap Day RBI remains on track for 8%+ organic Adjusted Operating Income growth in 2025 (a) Miami, May 8, 2025 - Restaurant Brands International Inc. ("RBI") (TSX: QSR) (NYSE: QSR) (TSX: QSP) today reported financial results for the first quarter ended March 31, 2025. Josh Kobza, Ch ...

Core Insights - Restaurant Brands International Inc. (RBI) reported a consolidated system-wide sales growth of 2.8% year-over-year, with international sales growing by 8.6% [1][2] - Global comparable sales were flat at 0.1%, but adjusted for Leap Day, they increased by over 1% [1] - The company is on track to achieve at least 8% organic adjusted operating income growth in 2025 [1] Financial Highlights - Total revenues for the first quarter of 2025 reached $2,109 million, up from $1,739 million in the same period of 2024 [2] - Income from operations decreased by 20% to $435 million compared to $544 million in the previous year [2] - Net income from continuing operations was $223 million, down from $328 million [2] - Diluted earnings per share from continuing operations fell to $0.49 from $0.72 [2] Operational Highlights - System-wide sales for the first quarter of 2025 were $10,496 million, slightly down from $10,512 million in 2024 [2] - Net restaurant growth was 3.3%, with a total system restaurant count of 32,149 at the end of the period [2] - Comparable sales growth was 0.1%, a significant decrease from 4.6% in the previous year [2] Segment Performance - The Tim Hortons segment reported a system-wide sales growth of 0.0% and comparable sales of -0.1% [11] - The Burger King segment experienced a system-wide sales decline of 1.7% and comparable sales decrease of 1.3% [13] - The Popeyes segment saw a system-wide sales decline of 2.4% and comparable sales decrease of 4.0% [20] - The Firehouse Subs segment achieved a system-wide sales growth of 7.3% [21] - The International segment reported a system-wide sales growth of 8.6% [23] Strategic Initiatives - RBI is executing a multi-year "Reclaim the Flame" plan for Burger King, which includes investments of up to $700 million through 2028 [17] - The company completed acquisitions of Carrols Restaurant Group and Popeyes China, establishing a new operating segment called Restaurant Holdings [4][5] - RBI plans to maintain franchisor dynamics across its segments while refranchising the majority of the Carrols Burger King restaurants [6] Guidance and Long-Term Outlook - For 2025, RBI expects segment general and administrative expenses (excluding Restaurant Holdings) to be between $600 million and $620 million [28] - The company anticipates achieving 5%+ net restaurant growth towards the end of its long-term algorithm period from 2024 to 2028 [29] - RBI continues to expect organic adjusted operating income growth of 8%+ and comparable sales growth of 3%+ [36]