Restaurant Brands International — Feb 12, 2025 release

The increase in Adjusted Operating Income for both periods was primarily driven by net bad debt recoveries in 2024 compared to net bad debt expense in 2023, a decrease in Segment G&A, largely a result of lower compensation-related expenses, and the net impact of the non-Carrols restaurant acquisitions from franchisees. Burger King U.S. Reclaim the Flame Burger King is executing its multi-year "Reclaim the Flame" plan to accelerate sales growth and drive franchisee profitability. This plan includes investing up to $700 million through year-end 2028, comprised of advertising and digital investments ("Fuel the Flame") and high-quality remodels and relocations, restaurant technology, kitchen equipment, and building enhancements ("Royal Reset"). The Fuel the Flame investments were completed in the fourth quarter ended December 31, 2024. As of December 31, 2024, we have funded $133 million out of up to $550 million planned toward the Royal Reset investments. 4 PLK Segment Results (in US$ millions, unaudited) Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 System-wide Sales Growth 2.8  % 11.2  % 4.2  % 10.5  % System-wide Sales $ 1,543  $ 1,503  $ 6,124  $ 5,886  Comparable Sales (0.2) % 5.5  % 0.4  % 4.8  % Comparable Sales - US 0.1  % 5.8  % 0.6  % 4.8  % Net Restaurant Growth 3.7  % 4.9  % 3.7  % 4.9  % System Restaurant Count at Period End 3,520  3,394  3,520  3,394  Company Restaurant Sales $ 48  $ 24  $ 148  $ 89  Franchise and Property Revenues $ 81  $ 79  $ 325  $ 314  Advertising Revenues and Other Services $ 72  $ 79  $ 295  $ 289  Total Revenues $ 201   $ 182   $ 768   $ 692   Company Restaurant Expenses $ 42  $ 22  $ 128  $ 80  Segment F&P Expenses $ 1  $ 1  $