Restaurant Brands International Inc

Solid consolidated momentum in Q2; strong early evidence of the 2028 plan - Reported 3.8% same-store sales and 2.9% net restaurant growth (driving 6.4% system-wide sales growth). - Generated 6.7% organic adjusted operating income growth and 12.9% adjusted EPS growth (EPS $1.07 vs $0.94 YoY). - Returned $435M of capital to shareholders in the quarter (dividend + buybacks), consistent with an improving earnings-and-capital cycle.

Burger King U.S. was the standout; management points to a “runway” still ahead - U.S. same-store sales: 8.5%, beating the burger QSR industry by over 9 points; system-wide sales growth: 8.2%. - Franchise-aligned “elevation” initiatives driving guest behavior: Whopper/brand elevation plus service elevation (e.g., “-your Way Champion” and Whopper Guarantee). - Kids meal momentum noted (kids meal AUVs above $28/day, ~+50% since 2022)—suggests promotions aligned to core execution. - Opportunity/risk framing: executives say they’re still “early”—tailwinds remain from finishing restaurant modern image, further menu elevation, and continuing operational improvements (not just another promo).

Tim Hortons Canada: Q2 comps soft at the headline level, but “improvement through the quarter” and a strong back-half pipeline - Canada same-store sales: +0.1%; growth limited by calendar effects and inability to lap major prior-platform launches. - Positive inflection signals: items like melts (introduced late May) and continued cold beverage growth helped as the quarter progressed. - Key back-half drivers highlighted: - Marketing cadence starting soon: Harry Potter “Back to Hogg Worth” campaign (25 years of the first film). - More breakfast innovation + holiday partnership later in the year. - Beverage expansion: new fountain rollout enabling cold beverage innovation (e.g., Soda Swirls). - Loyalty partnership with Canadian Tire to link Triangle Rewards and Tims Rewards. - Growth execution: targeting ~80 gross openings in 2026 in Canada (vs over 50 in 2025), mainly standard drive-thrus with paybacks under 3 years. - Surprise/concern for investors: despite long streak strength (21 consecutive positive quarters), management didn’t guide to an easy re-acceleration in Q2—expects the back-half calendar to matter more.