Restaurant Brands International Inc.（QSP.US）Key Takeaways from Q2'24 Results

Investment Rating - The report provides a general investment rating for Restaurant Brands International Inc. bonds as "Ba2" for certain term loans and notes, indicating a speculative grade with potential for moderate credit risk [8]. Core Insights - Restaurant Brands International reported Adjusted EBITDA of $720 million for Q2'24, reflecting an increase of 8.3$665 million in Q2'23, with revenues reaching $2.08 billion, up 17.2$1.78 billion in Q2'23 [2][3]. - The performance of individual segments showed growth, with Tim Hortons achieving Adjusted EBITDA of $307 million (+7.7$1.03 billion (+2.3%), while Popeyes reported Adjusted EBITDA of $70 million (+7.7$194 million (+12.1%) [5][6]. - The International segment also performed well, with Adjusted EBITDA of $176 million (+2.6$232 million (+5.9%), contributing to system-wide sales of $4.52 billion, an increase of 9.2$364 million (+11.3%), Tim Hortons at $1.03 billion (+2.3$194 million (+12.1%) [3][5]. - The total revenue for Restaurant Brands International was $2.08 billion, marking a 17.2$14.14 billion, reflecting a pro-forma leverage of 5.1x, indicating a slight increase from 4.9x in Q1'24 [6].