Annual Report 2025-26 of Restaurant Brands Asia Limited

July 28, 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.: Annual Report FY 2025-26 and Notice of the 13th Annual General Meeting of Restaurant Brands Asia Limited (‘the Company’) Ref.: Regulation 34 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations’) Dear Sir/ Ma’am, In reference to our earlier letters dated July 23, 2026 and July 25, 2026 and pursuant to the SEBI Listing Regulations, please find enclosed herewith the Annual Report for the financial year 2025-26 (‘Annual Report’) along with the Notice of the 13th Annual General Meeting of the Company (‘Notice of the AGM’). The Annual Report along with the Notice of the AGM, is being sent today to the shareholders whose e-mail IDs are registered with the Company/ Registrar & Share Transfer Agent (RTA), Depository Participants (DPs). The same are also available on the website of:  the Company at www.burgerking.in; and  the Registrar and Share Transfer Agent viz. MUFG Intime India Private Limited at https://instavote.linkintime.co.in. Further, in accordance with the Regulation 36(1)(b) of the SEBI Listing Regulations, a copy of the letter providing web-link and the path to access the Annual Report is being sent to all the members who have not registered their email address. We request you to take the same on your records. 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 | Website : www.burgerking.in GAINING MOMENTUM CONTENTS CREATING LONG-TERM VALUE 1-43 CORPORATE OVERVIEW 1 Gaining Momentum CEO’s Message Momentum is built on strategy and sustained Our profitability reflects the discipline behind 2 About RBA disciplined execution. execution. Better delivery economics, supply 4 CEO’s Message Scaling with chain efficiencies, a stronger product mix, energy For RBA, FY 2026 was a year of gaining momentum. optimisation and disciplined store operations are 8 Key Performance Indicators Growth was supported by stronger customer Conviction improving restaurant economics and expanding 10 India Expansion engagement, improved restaurant experience and our profit base. As these initiatives continue to gain expanding profitability. Behind these outcomes was 12 Gaining Footfalls traction, they are strengthening the quality and PG. 4 disciplined execution that strengthened the business 16 Menu Innovation sustainability of our earnings. making it more customer-centric, more efficient and 18 Digital by Default better positioned to leverage scale into sustainable A stronger balance sheet, supported by fresh 20 Brand that Connects value creation. capital infusion, provides the financial flexibility to 22 Profitable Growth This momentum is taking shape across our business. accelerate our growth agenda while maintaining disciplined capital allocation. 24 Indonesia Story As our restaurant network expands, Burger King® 26 Powering RBA 2.0 is reaching more customers across cities, formats As we build on this momentum, our focus remains and consumption occasions. A strong value clear to expand our customer base, drive profitable 30 People and Culture proposition continues to drive customer preference, growth, strengthen our financial position and create 34 Business Sustainability Gaining Footfalls while menu innovation and digital capabilities are sustainable long-term value for all stakeholders. 38 Board of Directors enhancing convenience, deepening engagement and Winning More encouraging repeat visits. Together, these efforts are 41 Management Team strengthening our market presence and creating a 43 Corporate Information Guests. Every Day. platform for sustained value creation. 44-135 PG. 12 STATUTORY REPORTS 44 Management Discussion and Analysis Report 58 Directors' Report 75 Business Responsibility and Sustainability Report Profitable Growth 114 Report on Corporate Governance Serving Growth with 136-292 Sharper Economics FINANCIAL STATEMENTS 137 Standalone Financials PG. 22 213 Consolidated Financials 293 Notice Disclaimer: Images used in the Annual Report are illustrative and strictly for representational purposes only. TM & © Burger King Company LLC. Used under License. All rights reserved. CORPORATE OVERVIEW Annual Report 2025-26 STATUTORY REPORTS FINANCIAL STATEMENTS ABOUT RBA Our Vision Humility Sense of Urgency We believe that we do not have all the Momentum matters. Action drives Be our guests' preferred QSR brand WHO WE ARE. answers. We listen with respect, learn results. We work with intent, pace, and for great food delivered through a from everyone and welcome feedback. focus – because timing can make all consistent, seamless and outstanding Humility is our strength – it keeps us the difference. A good idea delayed is WHAT WE STAND FOR. guest experience. real, relatable and rooted. an opportunity lost. We are proactive – we move fast, stay agile and get Our Core Values Hard Work things done. Talent matters. But hard work wins. Hunger Ownership Mentality RESTAURANT BRANDS We bring together deep local market understanding, bold Always. We give our best – not just menu innovation, everyday value and a digital-first restaurant We are a Company of doers with when it is easy or visible but when We lead with accountability. We don’t ASIA® IS THE EXCLUSIVE experience to create moments that are joyful, easy to access big dreams – restless, curious, and no one is watching. There’s only wait to be asked – we step forward. always aiming higher. We set bold one way to success – and that is Ownership means we care deeply and makes you come back for more. Our India business MASTER FRANCHISEE goals, and when we get there, we set through consistent, passionate and about what we do and how we do it. continues to gain momentum through a growing restaurant bolder ones. Hunger is what fuels honest effort. We take responsibility, make thoughtful OF THE BURGER footprint, stronger dine-in traffic, innovation-led engagement, our journey. decisions and hold ourselves – and BK Café® expansion and digital ordering journeys that make each other – to the highest standards. KING® BRAND IN INDIA the guest experience more seamless. AND THROUGH ITS As we scale, our focus remains clear: build brands that consumers love, operate restaurants with discipline and SUBSIDIARIES, OF BURGER create long-term value across markets. We are also applying our learnings across regions, using sharper execution, better KING® AND POPEYES® operating systems and local consumer insights to strengthen IN INDONESIA performance in both India and Indonesia. A PORTFOLIO OF TWO ICONIC BRANDS IN TWO LARGE GEOGRAPHIES India Indonesia The world’s second-largest* fast- The world’s second-largest* fast- food burger brand and the home of food burger brand and the home of the iconic Whopper®. the iconic Whopper®. 581 137 Restaurants in India Restaurants Rooted in Burger King’s® quality and An iconic U.S. fried chicken brand, value legacy, BK Café® offers coffee- reputed for its unique “Louisiana” style based beverages, shakes, hot chocolate menu comprising diverse, flavourful and snack-led daypart offerings. chicken items. 559 25 BK Cafés® Restaurants *by total number of restaurants. CORPORATE OVERVIEW Annual Report ® 2025-26 STATUTORY REPORTS FINANCIAL STATEMENTS SCALING WITH CONVICTION Dear Stakeholders, Growth expands the opportunity, but it also raises the bar on execution. In the [Showing first 8,000 characters — download PDF for full document]