Restaurant Brands Asia (RBA) Q4 24/25 earnings summary

Executive summary

• Ended FY25 with 513 restaurants, adding 58 new stores in India, and achieved 11.8% revenue growth to INR 19,678 million, with SSSG of 1.1% for the year and 5.1% in Q4.

• Company-level EBITDA rose 32% year-over-year to INR 994 million, and restaurant-level EBITDA increased 21.2% to INR 2,068 million.

• Indonesia business showed early signs of recovery with improved dining traffic, but revenue declined 11.9% year-over-year and the segment remains under strategic review.

• Audited standalone and consolidated financial results for FY25 and Q4 FY25 were approved, with continued net losses but revenue growth year-over-year.

• Statutory auditors issued unmodified opinions on both standalone and consolidated results.

Financial highlights

• India FY25 revenue rose 11.8% year-over-year to INR 19,678 million; consolidated revenue reached INR 25,507.20 million, up from INR 24,370.58 million.

• Company-level EBITDA for FY25 was INR 994 million, up 32% year-over-year; consolidated EBITDA (pre-Ind AS 116) was INR 526 million, up 11.6%.

• Gross margin in India improved to 67.7%, up 0.7 percentage points year-over-year, with a consistent annual increase of 0.5%-0.7% over the last three years.

• Standalone net loss for FY25 was ₹875.78 million; consolidated net loss was ₹2,327.94 million.

• Cash and cash equivalents at year-end rose to ₹5,210.28 million standalone and ₹5,342.52 million consolidated.

Outlook and guidance

• Targeting 60-80 new restaurant openings annually in India, aiming for 800 stores by FY29.

• Gross margin targeted to reach 69%-70% by FY29, with a continued focus on incremental annual improvements.

• Indonesia business under strategic review, with further rationalization and a decision expected in the next two to three quarters.