Restaurant Brands Asia (RBA) Q3 25/26 earnings summary

Executive summary

• Achieved 11 consecutive quarters of positive sales and dine-in traffic growth in India, with 577 restaurants as of December and a target of nearly 600 by March 31st, driven by digital adoption and menu innovation.

• Digital orders accounted for 92% of total orders, with a 47% year-over-year increase in monthly active app users, reflecting successful digital and CRM initiatives.

• Indonesia's Burger King business showed four consecutive quarters of positive SSSG and improved store EBITDA, while Popeyes losses widened; corporate overheads reduced significantly.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved by the Board on February 3, 2026.

• Board approved revisions to the Articles of Association, granting special rights to new promoters and reclassifying promoter groups, subject to shareholder approval.

Financial highlights

• India Q3 FY26 revenue from operations rose 16.5% year-over-year to INR 5,773 million, with SSSG of 4.5% and gross margin improved to 69.9% (+2.1% YoY); restaurant EBITDA (pre-Ind AS 116) up 25.7% YoY to INR 749 million, and company EBITDA up 31.5% YoY to INR 406 million.

• Consolidated Q3 FY26 revenue grew 11.8% YoY to INR 7,147 million; consolidated company EBITDA (pre-Ind AS 116) was INR 246 million, up 85% YoY.

• Standalone net loss for the quarter was ₹70.38 million; consolidated net loss was ₹479.43 million.

• Delivery profitability improved by 2 percentage points due to reduced discounts and operational efficiencies.

• One-time Wage Code impact of INR 2.3 crore (₹22.52 million) excluded from company EBITDA and recorded as an exceptional item.

Outlook and guidance

• On track to add 60-80 new restaurants annually, with 64 net additions in the first nine months and a target of ~70% gross margin by FY29 (already achieved in Q3 FY26).

• Board approved a preferential issue of shares and warrants to new investors, subject to regulatory and shareholder approvals.

• Company continues to monitor regulatory changes, especially regarding new Labour Codes, for future financial impact.