Restaurant Brands International Limited Partnership RSTRF

Restaurant Brands International Limited Partnership is one of the world’s largest quick service restaurant companies with nearly $47 billion in annual system wide sales and over 33,000 restaurants in more than 120 countries and territories as of December 31, 2025. Over 95 percent of system wide restaurants were franchised restaurants. The remaining restaurants are company restaurants, primarily those acquired as part of the Carrols Acquisition, most of which the company plans to refranchise over the coming years. The company also operates some company restaurants as test locations for new initiatives and to develop operational talent. It owns and franchises four iconic brands. Tim Hortons offers coffee baked goods and a variety of breakfast lunch and dinner items. Burger King features flame grilled hamburgers chicken and other sandwiches. Popeyes delivers Louisiana style menu items such as fried bone in chicken chicken tenders wings and sandwiches. Firehouse Subs provides hot and hearty subs piled with quality steamed meats cheese soups and sides. The company continues to invest in new product development and restaurant remodeling to stay relevant to changing consumer preferences.

The company generates revenue primarily through franchise royalties property rents and sales at company operated restaurants. Franchisees pay ongoing royalty fees that are a percentage of their gross sales and they may also pay rent for leased or subleased properties owned by the company. Company operated restaurants contribute direct food and beverage sales from menu items sold to consumers. In addition the company manages advertising funds for each of its brands receiving contributions from franchisees that support marketing promotional activities and local store marketing. Other revenue sources include fees from initial franchise agreements renewal fees and income from the sale of equipment and supplies to franchisees.

The company operates through the following segments: Tim Hortons Burger King Popeyes Louisiana Kitchen Firehouse Subs International and Restaurant Holdings.

• Tim Hortons: Operations of our Tim Hortons brand in the United States and Canada, covering breakfast lunch dayparts and beverage offerings.
• Burger King: Operations of our Burger King brand in the United States and Canada, excluding results of Burger King restaurants acquired as part of the Carrols Acquisition, focusing on flame grilled chicken and sandwich menu.
• Popeyes Louisiana Kitchen: Operations of our Popeyes brand in the United States and Canada, including the Popeyes restaurants acquired as part of the Carrols Acquisition, featuring Louisiana style chicken tenders wings and sandwiches.
• Firehouse Subs: Operations of our Firehouse Subs brand in the United States and Canada, offering hot and hearty subs soups and salads.
• International: Operations of each of our brands outside the United States and Canada, excluding results of Popeyes China and Firehouse Subs Brazil restaurants, with a presence in Europe Asia Latin America and the Middle East.
• Restaurant Holdings: Operations of Burger King restaurants acquired as part of the Carrols Acquisition and the operations of Popeyes China and Firehouse Subs Brazil restaurants, with the aim to refranchise these assets over time.

Restaurant Brands International Limited Partnership holds a leading position among global quick service restaurant operators competing with companies such as McDonald's Corporation Yum! Brands Inc. and Wendy's Company. It consistently ranks among the top three quick service restaurant operators worldwide by system-wide sales. Its competitive advantages stem from a diversified portfolio of well known brands a predominantly franchised model that reduces capital intensity a global supply chain that supports consistent product quality and ongoing investments in digital innovation menu development and operational efficiency. The company benefits from scale in procurement advertising and real estate which allows it to negotiate favorable terms with suppliers and landlords. Additionally its focus on quality service and convenience helps drive traffic and strengthen franchisee profitability across different economic cycles.

The company serves a broad base of individual consumers who visit its restaurants for quick service meals beverages and snacks throughout the day including breakfast lunch dinner and late night occasions. It serves customers in urban suburban and rural locations across its global footprint. Its menu offerings cater to diverse tastes ranging from coffee and baked goods to flame grilled chicken sandwiches and hearty subs. In addition revenue is derived from franchisees who operate the restaurants under its brands and pay royalties rents advertising contributions and other fees. The company does not disclose specific consumer names in its public filings.