Key Takeaways QSR is leveraging Tim Hortons, Burger King and Popeyes to drive comparable sales growth across key markets.QSR is advancing Burger King remodels and refranchising to modernize stores and support franchise-led growth.QSR's menu innovation boosted breakfast and Whopper sales, supporting traffic across brands.Restaurant Brands International Inc. (QSR) continues to strengthen its market position by leveraging its brand value through innovative menu offerings, enhanced operational efficiency and st ...

Financial Data and Key Metrics Changes - The company aims for an annual system sales growth of 8%+, supported by approximately 3% comparable sales growth and around 5% net unit growth over time [2] - The international business has shown strong performance, with 18 consecutive quarters of positive same-store sales [16][44] Business Line Data and Key Metrics Changes - Tim Hortons in Canada has been performing exceptionally well, being the number one brand in value for money and convenience, with about 4,000 restaurants [39] - Burger King in the U.S. has maintained consistent promotions like the $5 Duos and $7 Trios, contributing to its performance despite a challenging environment [12][30] Market Data and Key Metrics Changes - The Canadian consumer environment has been stable, with some improvement in consumer confidence and a slight decrease in unemployment [6] - The U.S. lower-income consumer segment has been softer, while middle and upper tiers have shown more strength [7][8] Company Strategy and Development Direction - The company is focused on simplifying its business model, aiming to be predominantly asset-light and franchised, with significant steps taken in refranchising and partnerships [25][26] - The partnership with CPE in China is seen as a strategic move to enhance growth and operational efficiency in that market [50][53] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the competitive pressure from food at home versus food away from home, emphasizing the importance of value for money [10][11] - The company is optimistic about returning to modestly positive unit growth in 2026, with a focus on untapped potential in various international markets [67] Other Important Information - An Investor Day is scheduled for February 26, 2024, to provide further insights into the company's strategy and performance [14] - The company has seen significant growth in its international markets, particularly in France, Germany, and Australia, with ongoing expansion in India and China [44][46][48] Q&A Session Summary Question: How do you describe the health of the consumer across different groups? - Management noted a mixed environment, with lower-income consumers being softer while middle and upper tiers remain strong [6][7] Question: What is the company's strategy regarding pricing in the current environment? - The company has been prudent about pricing, focusing on value for money across its brands [11][12] Question: What are the key drivers of success for the company in the current environment? - Key drivers include value for money positioning, innovation in product offerings, and operational improvements [29][30] Question: What are the expectations for unit growth in the coming years? - The company expects to return to 5% unit growth by 2028, with modestly positive growth anticipated in 2026 [57][66]

Financial Data and Key Metrics Changes - The company aims for annual system sales growth of over 8%, supported by approximately 3% same-store sales growth and around 5% net unit growth over time [2] - The Canadian business has shown strong performance, with 18 consecutive quarters of positive same-store sales [16][41] - The U.S. consumer environment has been mixed, with lower-income consumers showing softness, while middle and upper tiers have remained stable [7] Business Line Data and Key Metrics Changes - Tim Hortons in Canada is positioned as the number one brand in value for money, with a focus on everyday value rather than heavy discounting [28] - Burger King U.S. has maintained consistent promotions like $5 Duos and $7 Trios, focusing on value and family-oriented marketing [11][30] - Popeyes has expanded significantly, with successful launches in markets like China and the U.K., achieving strong unit economics [43] Market Data and Key Metrics Changes - The international business accounts for about 30% of operating income, with significant growth in markets like France, Germany, and Australia [41] - The company has seen positive same-store sales across its international business for 18 consecutive quarters, indicating strong performance [41] - Emerging markets like India and China are viewed as having substantial growth potential, with ongoing expansion plans [45] Company Strategy and Development Direction - The company is focused on simplifying its business model, aiming for a predominantly asset-light and franchised structure [24][25] - The partnership with CPE in China is expected to enhance growth, with a significant capital injection of $350 million to support expansion [50] - The company plans to continue refranchising restaurants, with expectations to refranchise 50-100 restaurants in 2025 and increase that number in 2026 [25] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a mixed consumer environment but remains optimistic about the company's ability to navigate challenges through value positioning and operational improvements [10][28] - The company expects modestly positive net restaurant growth in China in 2026, following a year of store base cleanup [60] - There is confidence in achieving long-term unit growth targets of 5% by 2028, driven by strong performance in international markets and ongoing operational improvements [62] Other Important Information - An Investor Day is scheduled for February 26, 2026, to provide further insights into the company's strategy and performance [13] - The company emphasizes the importance of its non-U.S. businesses, which contribute significantly to overall operating income [14] Q&A Session Summary Question: How does the company view the health of the consumer across different groups? - The company notes a mixed environment, with lower-income consumers being softer, while middle and upper tiers remain stable [7] Question: What is the company's strategy to compete with food at home? - The company focuses on providing value for money and has been prudent with pricing across its brands [10][11] Question: What are the key drivers of success in the current environment? - Key drivers include value positioning, innovation in product offerings, and operational improvements [28][30] Question: What are the expectations for unit growth in the coming years? - The company expects to achieve modestly positive unit growth in 2026, with a long-term target of 5% by 2028 [62]