Analysts/Institutional Investor Meet/Con. Call Updates

November 03, 2026 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.: Investors and Analyst Call Transcript Ref.: Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations’) Dear Sir/Ma’am, Pursuant to the SEBI Listing Regulations, please find enclosed the transcript of the conference call with the Investors and Analysts with respect to Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2026 held on Thursday, October 29, 2026 at 5:30 p.m. (IST). The same is being made available on the website of the Company viz. www.rbrandsasia.com Kindly take the same on record. Thanking You, For Restaurant Brands Asia Limited 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 : 2nd Floor, ABR Emerald, Plot No. D-8, Street No. 16, MIDC, Andheri (East), Mumbai – 400 093 CIN : L55204MH2013FLC249986 | info@burgerking.in | Tel : 022-7193 3000 | Corporate Website : www.rbrandsasia.com Restaurant Brands Asia Limited Q2 FY27 Earnings Conference Call October 29, 2026 MANAGEMENT: MR. RAJEEV VARMAN – WHOLE-TIME DIRECTOR AND GROUP CHIEF EXECUTIVE OFFICER MR. SUMIT ZAVERI – CHIEF EXECUTIVE OFFICER, INDIA BUSINESS MR. KAPIL GROVER – GROUP CHIEF MARKETING OFFICER MR. SANDEEP DEY – CHIEF EXECUTIVE OFFICER, INDONESIA BUSINESS MR. GAURAV AJJAN – HEAD OF CORPORATE DEVELOPMENT AND INVESTOR RELATIONS HOST: MR. NAVEEN TRIVEDI – MOTILAL OSWAL FINANCIAL SERVICES LTD Restaurant Brands Asia Limited October 29, 2026 Naveen Trivedi: Good evening everyone. On behalf of Motilal Oswal, I am Naveen Trivedi. I would like to welcome you all to the Restaurant Brands Asia's Q2 FY27 earnings conference call. From the management today, we have Mr. Rajeev Varman, Whole-time Director and Group CEO; Mr. Sumit Zaveri, CEO, India Business; Mr. Kapil Grover, Group CMO; Mr. Sandeep Dey, CEO, Indonesia Business; and Mr. Gaurav Ajjan, Head of Corporate Development and IR. I will now hand over the call to the management. Over to you, Gaurav. Gaurav Ajjan: Thanks, Naveen. Good evening, everyone. As we are using Zoom for the first time this quarter, I wanted to inform you of the flow of the meeting. We will start with a presentation by the management team, which you will be able to view on your screens as we move along. The presentation is also available on the stock exchanges as well as the Investors section of our website. Do note that we have a new corporate website with the address www.rbrandsasia.com The presentation will be followed by Q&A. For Q&A, please use the raise hand option, and we will announce the name and enable the microphone for that person. The speaker must also ensure that the mic is enabled at their end and then speak. After the question is over, the speaker's microphone will be disabled. In the interest of time, I request you to limit your questions to a maximum of two and re-join the question queue if required. With that, I will hand over to Raj for his opening comments. Rajeev Varman: Thank you, Gaurav, and thank you, Naveen. Folks, good evening to everyone, and thank you for your interest and passion around the Restaurant Brands Asia quarterly results. Welcome to this session. You just heard Sumit Zaveri assigned to a new role. He's been promoted to lead the business here in India. Sandeep is also on the phone, who leads the business in Indonesia. Naveen... so with Sandeep and with Sumit Zaveri leading the two tall businesses, we will now proceed with the numbers, and then let me talk to you about the strategic pillars that I usually talk to you about. First of all, just to give you a perspective, you see on your slide number... slide number... yeah, that's the one, right? Slide number 4. So, you know, the India business, which is 607 restaurants, today actually we opened our 619th restaurant. So, there's 619, but this is the quarterly 607 number. It's in 144 cities. Indonesia, we have 137 restaurants in Burger King and 25 Popeyes restaurants. Just to give you a perspective, revenue mix, which is 83% of the revenues actually come from the India business, and the balance 17% comes from Indonesia. By the end of March, this number will be more... over 90% of the business will be coming from the India business, and the rest from the Indonesia business. Consolidated numbers that you see over there, consolidated revenues were up 20% from 703 crores to 844 crores. Restaurant EBITDA, which is in INR over here, from 53 crores to 92 crores almost, 91.8. And consolidated company-level EBITDA, which was 11.3 crores last year same quarter, is at Page 2 of 20 Restaurant Brands Asia Limited October 29, 2026 43.2 crores Q2 of this quarter. So, this is up 281%. Our restaurant-level EBITDA is up 73%. Revenue is up 20%. Store counts up 75 restaurants in the consolidated scheme. Next slide, please. Just quickly to speak about the strategic pillars, we have added a new pillar to our strategic pillars, as you can see in the middle, which is called Families. I'll talk about it in a minute. But as you go through our strategy here in India, we continue to drive our value strategy. It's an integral part of who we are. This has been there from 2014 when we first entered the Indian market. And that we continue to be true to that value strategy. We continue to offer a program, which is right now 2 for 79, 2 for 99 on our app. And this continues recruiting new customers into our business. Our innovation platform, you saw the Peri-Peri rollout right after Korean Season 2, which was followed by the Season 1 that we had earlier. And each time we're doing these new innovations, we continue to see incremental sales coming in through this premium layer of ours. The Families program is what we're launching this month, this in November, and you will start to experience over the next several months the efforts around our Family program, which will now become one of our pillars as we move forward as a business. In this, you will find a kids family program that is being launched. You will also find some exciting stuff coming in very quickly, which Kapil will speak to in a few minutes, with the Avengers program. We have a whole family of products that we will be launching in the innovation or premium layer of this business. Digital, as you know, we've invested into this digital about five years ago. We continue to strengthen that, self-ordering kiosks, our app, which is now live with our CRM engine. We continue to kind of drive that. App frequency is up about 7% year-over-year in Q2. You will find a lot of the digital elements again shared by Kapil as he speaks about the business there. Profitability pillar, you've seen some headwinds. The entire industry has seen headwinds when it comes to prices and cost of groceries coming into our restaurants. But, you know, as we pedal through these headwinds, we have a slight drop in our gross margins of about 0.4%, but not a very significant amount, and most of those efforts have been through a fantastic work our supply chain is doing and the efficiencies we are getting as we are building more restaurants around those DCs which were, you know, low populated with restaurants. So as we continue to do that, we see those efficiencies, and those are the ones we're using to tackle headwinds on pricing as well. On the other end, we continue to work, Nitin Bhayana and his team continues to work on broilers, on efficiencies, on solar, installing new equipment which is energy efficient, all the way from lighting and all othe [Showing first 8,000 characters — download PDF for full document]