1) Strategy & Leadership - CEO Josh Kobza emphasized the importance of focusing on fundamentals and long-term investments, which led to solid results in 2025. - Significant actions included taking control of Burger King China, optimizing operations, and enhancing marketing efforts, resulting in three consecutive quarters of positive same-store sales. - Leadership changes at Popeyes aim to improve performance, with a new president focused on operational consistency. - The company is excited about its upcoming Investor Day on February 26, 2026, to discuss growth strategies and performance metrics.

2) Financial & Segment Results - For 2025, Restaurant Brands International reported: - Comparable sales growth: 2.4% - Net restaurant growth: 2.9% - System-wide sales growth: 5.3% - Organic adjusted operating income growth: 8.3% - Adjusted EPS growth: 10.7% - Tim Hortons, International, and Burger King outperformed their respective categories, with Tim Hortons achieving 19 consecutive quarters of positive comparable sales. - International segment saw a standout year with 4.9% comparable sales growth and nearly 11% system-wide sales growth.

3) Problems / Headwinds - Burger King faced challenges with over 20% inflation in beef costs, impacting franchisee profitability, which decreased to approximately $185,000 in 2025. - Popeyes experienced a decline in comparable sales of 3.2% and a decrease in franchise profitability to around $235,000, prompting leadership changes to enhance operational consistency. - The company noted that the consumer backdrop remains tough, with macroeconomic pressures affecting overall performance.

4) Operational or Product Plans - Tim Hortons is focusing on expanding its PM offerings and enhancing speed of service, especially in the afternoon, while continuing to grow its loyalty program, which now accounts for 33% of sales. - Burger King plans to continue its "Reclaim the Flame" initiative, focusing on marketing and operational improvements to drive traffic and sales. - The International segment is set to capitalize on strong market positions, with plans to double Burger King China's footprint to at least 2,500 units by 2030.

5) Guidance & Outlook / Investor Angle - The company aims for a fourth consecutive year of 8% organic adjusted operating income growth in 2026, supported by a strong top line and improved franchisee profitability. - Expected challenges include navigating ongoing commodity inflation and the transition of Burger King China back into the P&L. - The company is optimistic about returning to a 5% net restaurant growth rate by the end of the algorithm period.

Bottom line: Restaurant Brands International demonstrated resilience in 2025, with solid financial performance and strategic initiatives positioning the company for growth in 2026. However, challenges in commodity costs and operational consistency at Popeyes highlight areas needing attention. The outlook remains positive, with a focus on enhancing franchisee profitability and expanding market presence.