Financials Restaurant Brands International Inc.

Equities

QSR

CA76131D1033

Restaurants & Bars

Market Closed - Nyse Other stock markets 04:00:03 2025-06-20 pm EDT			5-day change	1st Jan Change
66.07 ^USD	-0.03%		-1.77%	+1.37%

Jun. 20	Restaurant Brands International Inc. - Shareholder/Analyst Call
Jun. 05	PRESS DIGEST-Canada - June 5	RE

Projected Income Statement: Restaurant Brands International Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	4,968	5,739	6,505	7,022	8,406	9,178	9,510	9,761
Change	-	15.52%	13.35%	7.95%	19.71%	9.19%	3.61%	2.64%
EBITDA ¹	1,864	2,248	2,378	2,554	2,784	2,970	3,173	3,315
Change	-	20.6%	5.78%	7.4%	9.01%	6.69%	6.83%	4.47%
EBIT ¹	1,422	1,879	1,898	2,051	2,419	2,521	2,734	2,871
Change	-	32.14%	1.01%	8.06%	17.94%	4.23%	8.43%	5.03%
Interest Paid ¹	-508	-505	-533	-582	-577	-514.9	-524.1	-551.7
Earnings before Tax (EBT) ¹	816	1,363	1,365	1,453	1,809	1,892	2,162	2,296
Change	-	67.03%	0.15%	6.45%	24.5%	4.61%	14.27%	6.2%
Net income ¹	750	1,253	1,482	1,718	1,445	1,525	1,772	1,885
Change	-	67.07%	18.28%	15.92%	-15.89%	5.53%	16.21%	6.37%
Announcement Date	2/11/21	2/15/22	2/14/23	2/13/24	2/12/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	1,048	1,337	1,358	1,260	1,438	1,495	1,546	1,451	1,639	1,726	1,689	1,590	1,775	1,837	1,820	1,739	2,080	2,291	2,296	2,109	2,332	2,367	2,373	2,216	2,443	2,468	2,466	2,311
Change	-	27.58%	1.57%	-7.22%	14.13%	3.96%	3.41%	-6.14%	12.96%	5.31%	-2.14%	-5.86%	11.64%	3.49%	-0.93%	-4.45%	19.61%	10.14%	0.22%	-8.14%	10.6%	1.48%	0.27%	-6.62%	10.24%	1.01%	-0.07%	-6.29%
EBITDA ¹	358	561	501	480	577	607	584	530	618	642	588	588	665	698	603	627	721	748	688	642	767.5	793.8	771.8	715.3	817.1	837.6	813.8	732.4
Change	-	56.7%	-10.7%	-4.19%	20.21%	5.2%	-3.79%	-9.25%	16.6%	3.88%	-8.41%	0%	13.1%	4.96%	-13.61%	3.98%	14.99%	3.74%	-8.02%	-6.69%	19.55%	3.42%	-2.77%	-7.32%	14.23%	2.51%	-2.84%	-10.01%
EBIT ¹	243	417	373	442	488	533	416	450	541	561	346	447	554	582	468	544	663	577	635	435	666.3	688.3	663.9	609.3	714.3	732.5	705.5	628.6
Change	-	71.6%	-10.55%	18.5%	10.41%	9.22%	-21.95%	8.17%	20.22%	3.7%	-38.32%	29.19%	23.94%	5.05%	-19.59%	16.24%	21.88%	-12.97%	10.05%	-31.5%	53.18%	3.3%	-3.56%	-8.22%	17.24%	2.54%	-3.68%	-10.9%
Charge d'intérêts ¹	-128	-129	-132	-124	-126	-128	-127	-127	-129	-133	-144	-149	-145	-143	-152	-148	-147	-147	-135	-130	-129.8	-128.8	-127.5	-129	-129	-129	-129	-133
Earnings before Tax (EBT) ¹	115	288	143	318	362	394	289	323	412	428	202	305	409	423	316	396	484	429	500	305	514.6	537.3	516.7	-	-	-	-	-
Change	-	150.43%	-50.35%	122.38%	13.84%	8.84%	-26.65%	11.76%	27.55%	3.88%	-52.8%	50.99%	34.1%	3.42%	-25.3%	25.32%	22.22%	-11.36%	16.55%	-39%	68.71%	4.41%	-3.83%	-	-	-	-	-
Net income ¹	164	223	139	270	391	329	262	270	346	530	336	277	351	364	726	328	399	357	361	221	427.4	447.5	425	386.7	478.5	502	478.5	430.8
Change	-	35.98%	-37.67%	94.24%	44.81%	-15.86%	-20.36%	3.05%	28.15%	53.18%	-36.6%	-17.56%	26.71%	3.7%	99.45%	-54.82%	21.65%	-10.53%	1.12%	-38.78%	93.4%	4.71%	-5.03%	-9.02%	23.73%	4.92%	-4.68%	-9.97%
Announcement Date	8/6/20	10/27/20	2/11/21	4/30/21	7/30/21	10/25/21	2/15/22	5/3/22	8/4/22	11/3/22	2/14/23	5/2/23	8/8/23	11/3/23	2/13/24	4/30/24	8/8/24	11/5/24	2/12/25	5/8/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Restaurant Brands International Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	11,263	12,396	12,210	12,250	12,746	12,423	12,326	12,523
Change	-	10.06%	-1.5%	0.33%	4.05%	-2.53%	-0.78%	1.6%
Announcement Date	2/11/21	2/15/22	2/14/23	2/13/24	2/12/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Restaurant Brands International Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	117	106	100	120	201	349	336.6	323.5
Change	-	-9.4%	-5.66%	20%	67.5%	73.63%	-3.55%	-3.91%
Free Cash Flow (FCF) ¹	804	1,620	1,390	1,370	1,302	1,390	1,705	2,038
Change	-	101.49%	-14.2%	-1.44%	-4.96%	6.75%	22.66%	19.51%
Announcement Date	2/11/21	2/15/22	2/14/23	2/13/24	2/12/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Restaurant Brands International Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	37.52%	39.17%	36.56%	36.37%	33.12%	32.36%	33.37%	33.96%
EBIT Margin (%)	28.62%	32.74%	29.18%	29.21%	28.78%	27.47%	28.75%	29.42%
EBT Margin (%)	16.43%	23.75%	20.98%	20.69%	21.52%	20.62%	22.74%	23.53%
Net margin (%)	15.1%	21.83%	22.78%	24.47%	17.19%	16.61%	18.63%	19.31%
FCF margin (%)	16.18%	28.23%	21.37%	19.51%	15.49%	15.14%	17.93%	20.87%
FCF / Net Income (%)	107.2%	129.29%	93.79%	79.74%	90.1%	91.15%	96.21%	108.09%
Profitability
ROA	4.2%	5.68%	6.44%	6.42%	6.02%	8.42%	8.99%	11.32%
ROE	40.71%	59.4%	62.58%	55.17%	48.36%	51.12%	49.45%	54.34%
Financial Health
Leverage (Debt/EBITDA)	6.04x	5.51x	5.13x	4.8x	4.58x	4.18x	3.88x	3.78x
Debt / Free cash flow	14.01x	7.65x	8.78x	8.94x	9.79x	8.94x	7.23x	6.15x
Capital Intensity
CAPEX / Current Assets (%)	2.36%	1.85%	1.54%	1.71%	2.39%	3.8%	3.54%	3.31%
CAPEX / EBITDA (%)	6.28%	4.72%	4.21%	4.7%	7.22%	11.75%	10.61%	9.76%
CAPEX / FCF (%)	14.55%	6.54%	7.19%	8.76%	15.44%	25.11%	19.74%	15.88%
Items per share
Cash flow per share ¹	1.968	3.72	3.275	3.268	3.311	4.643	5.649	7.242
Change	-	89.02%	-11.97%	-0.22%	1.32%	40.25%	21.67%	28.19%
Dividend per Share ¹	2.08	2.12	2.16	2.2	2.32	2.486	2.642	2.936
Change	-	1.92%	1.89%	1.85%	5.45%	7.16%	6.28%	11.11%
Book Value Per Share ¹	4.63	4.821	5.492	6.285	4.786	11.12	12.1	12.82
Change	-	4.12%	13.92%	14.43%	-23.85%	132.25%	8.84%	5.98%
EPS ¹	1.6	2.69	3.25	3.76	3.18	3.337	3.896	4.368
Change	-	68.12%	20.82%	15.69%	-15.43%	4.94%	16.73%	12.13%
Nbr of stocks (in thousands)	303,903	315,072	305,905	312,029	323,708	327,643	327,643	327,643
Announcement Date	2/11/21	2/15/22	2/14/23	2/13/24	2/12/25	-	-	-