Restaurant Brands International – Full Year – Fourth Quarter 2021 Results

Global fourth quarter system-wide sales grow 14% year-over-year

Fourth-quarter comparable sales improve sequentially across all brands, including Tim Hortons Canada and Burger King U.S.

Global digital sales grew over 65% year-over-year to $10 billion in 2021, representing nearly 30% of system-wide sales

Restaurant growth returns to over 1,200 units with Tim Hortons and Popeyes gaining traction internationally

RBI returns $1.5 billion of capital to shareholders in 2021, acquires Firehouse Subs, and increases target dividend for 2022

TORONTO (StLouisRestaurantReview) Restaurant Brands International Inc. (“RBI”) (TSX: QSR) (NYSE: QSR) (TSX: QSP) today reported financial results for the full year and fourth quarter ended December 31, 2021.

José Cil, Chief Executive Officer of RBI commented, “I’m proud of the strong performance our brands delivered as we closed out 2021.  During the quarter, we saw sequential improvements in each brand and around the world, including notable growth at Tim Hortons Canada and Burger King U.S.

Cil continued, “Two areas of particular strength across our business have been in digital sales and restaurant growth.  Our digital investments have been embraced by our guests, with global digital sales reaching $10 billion in 2021, up from $6 billion in 2020, and now represents about 30% of our global system-wide sales.  In addition, our strong global network of franchisees and our development team opened over 1,200 net new restaurants, representing the highest levels of restaurant growth at Tim Hortons and Popeyes in recent history.

“Our growth throughout 2021 resulted in strong free cash flow generation, allowing us to make important investments in our business while returning over $1.5 billion of capital to shareholders and acquiring a new restaurant brand in Firehouse Subs.  I am excited for what lies ahead for our family of four iconic brands and am confident in the strength of our team, our franchisees, and our strategies to drive long-term growth and value creation,” concluded Cil.

Restaurant Brands International 2021 Highlights:

• System-wide Sales Growth of 13.8%
• Net Restaurant Growth of 4.5%
• Diluted EPS of $2.69 versus $1.60 in the prior year
• Adjusted Diluted EPS of $2.82 versus $2.03 in the prior year
• Net Income Attributable to Common Shareholders and Noncontrolling Interests of $1,249 million versus $748 million in the prior year
• Adjusted EBITDA of $2,248 million increased 17.1% organically versus the prior year
• Net Cash Provided by Operating Activities of $1,726 million and Free Cash Flow of $1,620 million
• Returned $1,525 million of capital to shareholders through Dividends and open market Share Repurchases
• Acquired Firehouse Subs on December 15, 2021

Restaurant Brands International Dividend Update:

• RBI announced that its board of directors declared a dividend of $0.54 per common share and partnership exchangeable unit of Restaurant Brands International Limited Partnership (“RBI LP”) for Q1 of 2022
• In connection with the declared dividend, RBI also announced that it is targeting a total of $2.16 in dividends per common share and partnership exchangeable unit of RBI LP for 2022

NOTE: This is NOT the complete release.  Visit Restaurant Brands International’s website for complete details.