Investor and Analyst call transcript.

August 06, 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 ended June 30, 2026, held on Monday, August 03, 2026 at 5:30 p.m. (IST). The same is being made available on the website of the Company viz. www.burgerking.in. 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 | Website : www.burgerking.in “Restaurant Brands Asia Limited Q1 FY27 Earnings Conference Call” August 03, 2026 MANAGEMENT: MR. RAJEEV VARMAN – WHOLE-TIME DIRECTOR AND GROUP CHIEF EXECUTIVE OFFICER MR. SUMIT ZAVERI – GROUP CHIEF FINANCIAL OFFICER AND CHIEF BUSINESS OFFICER MR. KAPIL GROVER – GROUP CHIEF MARKETING OFFICER MR. SANDEEP DEY – BRAND PRESIDENT, INDONESIA MR. GAURAV AJJAN – HEAD OF CORPORATE DEVELOPMENT AND INVESTOR RELATIONS Page 1 of 18 Restaurant Brands Asia Limited August 03, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Restaurant Brands Asia Q1 FY27 Earnings Conference Call hosted by Motilal Oswal Financial Services Limited. This conference call may contain forward-looking statements about the company, which are based on beliefs, opinions and expectations of the company as on date of this call. These statements are not guarantee of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand over the conference to management. Thank you, and over to you. Gaurav Ajjan: Thanks, Pari. Good evening, everyone. Welcome to the Conference Call to discuss results for Q1 FY27. I am Gaurav Ajjan, the Head of Corporate Development and Investor Relations. As always, joining us today are Mr. Rajeev Varman, Whole-Time Director and Group CEO; Mr. Sumit Zaveri, Group CFO and Chief Business Officer; Mr. Kapil Grover, Group Chief Marketing Officer; and Mr. Sandeep Dey, Brand President, Indonesia. We will start the call with a presentation and after which we'll open up the floor for questions and answers. With that, I'll hand over to Raj for his opening comments and a business update. Rajeev Varman: Thank you, Gaurav. Thank you, first of all, for your interest and joining your time this evening. I know it's 5:30 PM. It's probably time for you to get home. So thank you for joining the call. I will give you a very quick India overview as well as Indonesia overview. And then I'll hand it over to Sumit Zaveri, who will go through the numbers with you guys. Now we have 2 businesses, of course, in 2 different countries. And then we also have 2 brands that we operate. So I'll just give you a little perspective. Burger King India, we have 590 restaurants as of June 30. Burger King Indonesia, we have 137 restaurants there and Popeyes Indonesia, we have 25 stores. Now if you look at the revenue perspective, we have 83% of our business is really Burger King India from a revenue standpoint. 15% of our business is Burger King Indonesia and then 2% of our business is Popeyes Indonesia. So that's the makeup of the revenue of our business. Now quickly on the India Q1 highlights. Now Q1 has been a very, very, very exciting year, exciting quarter for us and some very good results that we are proud of that we thank our entire team that has worked very hard to kind of deliver those results. So the top line for us is, again, 590 stores, which is 71 year-over-year growth, plus 9 stores quarter-over-quarter growth, which gets us to 590. Page 2 of 18 Restaurant Brands Asia Limited August 03, 2026 Same-store sales growth was 12.6%. This is the highest we have done in the last 15 quarters. In fact, highest that I can remember as far as we go back several years. So congratulations to the operations and marketing team for delivering such a high SSSG number. Our ADS, average daily sales for this quarter was INR1,31,000 as well. Revenues, INR682 crores, which was 23.6% higher year-over-year same quarter. Gross margin, 70.8%, which is 3.1% over year-over-year and 0.6% quarter-over-quarter. So a very good improvement in gross margin as well. Restaurant level EBITDA, we delivered INR90 crores, which is 68.1% over year-over-year. Our company EBITDA in India was INR52.7 crores, and that is 133.6% year-over-year. So literally, I'm looking at a green page, SSSG 12.5%, 12.6%, looking at revenues up 23.6% gross margin, 70.8%, restaurant level EBITDA, INR90 crores; and company EBITDA INR52.7 crores. So thanks to the entire team for an exciting quarter. Now strategy-wise, we haven't changed anything. We will stay steadfast on the strategy that we spoke about in the last several quarters. I'll reiterate, we continue to be a QSR that leads in value leadership here in India. No different. We continued our pursuit in being that value leader with the 2-for-X strategy, as you've seen us grow from stunner and tasty meals at 99, 2-for-X. So whatever the strategy is, it will all be consistent with our value leadership in the country. So we continued that. On menu strengthening, we spent a lot of time because we had built a lot of traffic over the last several years. We call this value strategy induction or introduction of new customers into our business. And then we started about last year to start strengthening our core menu as well as our premium side to be effective in terms of our product mix, which saw us this 12.6% kind of a growth number. So we launched BK Cafe, as you know, in 2022, we continue to build those. Now approximately, actually, most of our restaurants, all if not all of them have a cafe. So Burger King Cafe continues to grow, and we have long-term strategy to make this a prominent part of our menu structure. This year and this last quarter, we also launched some co-branded desserts and shakes, which have started to grow and part of the 12.6% that you see over there. The burger portfolio, we launched, as you know, premium range Korean and now subsequently, we have launched Peri-Peri, as you saw in July. Both those promotions have been really, really good for the company and has drawn a lot of traffic through those promotions. One of the other pillars that we have been working on is digital. And as you already know that SOKs, self-ordering kiosks, BK app, 90% of our orders are digital. And this is not only a good foundation for good management within the restaurant, but also you will see that we that in the future, this database that we are collecting through our digital means will become a foundation Page 3 of 18 Restaurant Brands Asia Limited August 03, 2026 for the CRM program that we will be launching very soon. So that digital efforts continue here, and I'll speak in a minute about what that means in Indonesia as well. [Showing first 8,000 characters — download PDF for full document]