Q3 2025 Restaurant Brands International Inc Earnings Call

October 30, 2025

Kendall Peck: 2025. Joining me on the call today are Restaurant Brands International's Executive Chairman, Patrick Doyle, CEO, Josh Kobza, and CFO, Sami Siddiqui. Following remarks from Josh, Sami, and Patrick, we will open the call to questions. Today's discussion may include forward-looking statements, which are subject to risks detailed in the press release issued this morning and in our SEC filings. We will also reference non-GAAP financial measures, reconciliations of which can be found in the press release and trending schedules available on our investor relations website. As a reminder, organic adjusted operating income growth excludes results from the restaurant holding segment. In addition, on 14 February 2025, we acquired substantially all the remaining equity interests in Burger King China from our joint venture partners.

Our restaurant brands International Executive Chairman Patrick Doyle.

T O, Josh Kobza, and CFO Sami Siddiqui.

Following remarks from Josh Sammy and Patrick we will open the call to questions. Today's discussion may include forward looking statements, which are subject to risks detailed in the press release issued this morning and in our SEC filings. We will also reference non-GAAP financial measures reconciliations of which can be found in the press release and trending schedules available on our investor.

Relations website.

As a reminder, organic adjusted operating income growth excludes results from the restaurant and holding segment.

In addition on February 14th 2025, we acquired substantially all the remaining equity interest in Burger King China from our joint venture partners.

China has been classified as held for sale and reported as discontinued operations in our financial statements. As we are actively working to identify a new controlling shareholder that said Dk. China's kpis continue to be included in our international segment Kpis, a breakout at BK, China's kpis and its impact on our 2020 for financials.

Kendall Peck: BK China has been classified as held for sale and reported as discontinued operations in our financial statements as we are actively working to identify a new controlling shareholder. That said, BK China's KPIs continue to be included in our international segment KPIs. A breakdown of BK China's KPIs and its impact on our 2024 financial statements can be found in the trending schedules available on our website. For calendar planning purposes, our preliminary Q4 earnings call is scheduled for the morning of 12 February 2026. Now I'll turn the call over to Josh.

Statements can be found in the trending schedules available on our website.

For calendar planning purposes, our preliminary Q4 earnings call is scheduled for the morning of February 12, 2026, and now I'll turn the call over to Josh.

Thanks, Kendall and good morning, everyone and thank you for joining us.

Josh Kobza: Thanks, Kendall, and good morning, everyone. Thank you for joining us. Q3 was a strong quarter for us. In a tougher consumer environment, our teams and franchisees once again delivered results that set us apart. Comparable sales were up 4%, net restaurant growth was 2.8%, and system-wide sales grew 6.9%. Combined with disciplined cost management across the business, this top-line performance drove 8.8% organic adjusted operating income growth and double-digit nominal EPS growth. These results demonstrate that our strategy is working, fueling continued momentum through the strength of our brands, the dedication of our teams and franchisees, and the value we're delivering to guests every day. Across our largest segments, we continue to see strong execution. Tim Hortons Canada and our international business, which together represent roughly 70% of our adjusted operating income, delivered another quarter of impressive results.

Q3 was a strong quarter for us.

Suffer consumer environment, our teams and franchisees once again delivered results that set us apart.

Comparable sales were up 4% net restaurant growth was two 8% and system wide sales grew six 9%.

Combined with disciplined cost management across the business. This top line performance drove eight 8% organic adjusted operating income growth and double digit nominal EPS growth.

These results demonstrate that our strategy is working.

Fueling continued momentum through the strength of our brands the dedication of our teams and franchisees and the value we're delivering to guests everyday.

Across our largest segments, we continue to see strong execution Tim.

Tim Hortons, Canada, and our international business, which together represent roughly 70% of our adjusted operating income delivered another quarter of impressive results.

Those are performing at a high level and have delivered 18 consecutive quarters of positive same store sales underpinned by great food and beverages strong operations and engaged franchisees.

Josh Kobza: Both are performing at a high level and have delivered 18 consecutive quarters of positive same-store sales, underpinned by great food and beverages, strong operations, and engaged franchisees. I'm also encouraged by the continued progress at Burger King in the US. The team is making meaningful strides, strengthening the brand's value proposition through delicious menu innovation, better operations, and impactful remodels. The benefits of this work are showing up in solid absolute results and sales outperformance versus the Burger QSR segment. Even in a challenging macro backdrop, we continue to deliver great results the right way, providing guests quality products, exceptional service, and unmatched convenience. With that focus and with disciplined execution across our teams, we remain confident in our path to delivering at least 8% organic AOY growth in 2025.

I'm also encouraged by the continued progress at Burger King in the U S. The.

The team is making meaningful strides strengthening the brands value proposition through delicious menu innovation better operations and impactful remodels.

The benefits of this work are showing up in solid absolute results and sales outperformance versus the Burger <unk> segment.

Even in a challenging macro backdrop, we continue to deliver great results, the right way, providing guests quality products exceptional service and unmatched convenience.

With that focus and with disciplined execution across our teams we remain confident in our path to delivering at least 8% organic NOI growth in 2025.

Now, let's turn to our results starting with Tim Hortons, which represents roughly 44% of our operating profit and stands out as a consistent performer and contributed to Rbis growth.

Josh Kobza: Now let's turn to our results, starting with Tim Hortons, which represents roughly 44% of our operating profit and stands out as a consistent performer and contributor to RBI's growth. Tim Hortons in Canada continues to exemplify what happens when you get the fundamentals right and keep innovating. It's a business built on strong brand love, great restaurant-level execution, affordable everyday value, and a steady stream of menu innovation that keeps our guests coming back. Comparable sales grew 4.2% in Q3, outperforming the broader Canadian QSR industry by roughly 3 points. We continued to build on our breakfast leadership and saw 6.5% growth in breakfast foods, driven by our 100% Canadian freshly cracked scrambled egg platform and the launch of our loaded croissant breakfast sandwich.

Tim Hortons in Canada continues to exemplify what happens when you get the fundamentals right and keep innovating.

It's a business built on strong brand love, great restaurant level execution, affordable everyday value and a steady stream of menu innovation that keeps our guests coming back.

<unk> sales grew four 2% in Q3 outperforming the broader Canadian <unk> industry by roughly three points.

We continue to build on our breakfast leadership and saw six 5% growth in breakfast foods, driven by a 100% Canadian freshly cracked scrambled egg platform and the launch of our loaded croissant breakfast sandwich.

Guests also responded enthusiastically to our fall baked goods like the spice vanilla fill donuts and Halloween timber bucket.

Josh Kobza: Guests also responded enthusiastically to our fall baked goods, like the spiced vanilla-filled donut and Halloween Timbits bucket. In the PM day part, the team is thoughtfully expanding our menu. The Thanksgiving Stack, a seasonal addition to our premium hot sandwich platform, performed well. Our $8.99 dinner deals after 5:00PM are attracting new guests and strengthening our position in dinner meal occasions. Total beverage sales grew 4%, reaching record highs in both cold and espresso-based beverages. Our improved iced lattes were a particular standout and helped to drive 10% growth in cold beverages. Our fall beverage lineup is also performing well, featuring chai lattes, the return of pumpkin spice, and new protein lattes that are resonating with health-conscious guests.

And the PM day part the team is thoughtfully expanding our menu.

The Thanksgiving stack are seasonal in addition to our premium Hot Sandwich platform performed well in our 899 dinner deals after five PM are attracting new guests and strengthening our position and dinner meal occasions.

Total beverage sales grew 4% reaching record highs in both cold and espresso based beverages.

Our improved ice losses, where a particular standout and helped to drive 10% growth in cold beverages.

Our fall beverage lineup is also performing well featuring <unk> the return of Pumpkin Spice and new protein losses that are resonating with health conscious guests.

We also expanded the rollout of our newest bresseau machines and important investment from our franchisees that will further enhance espresso beverage consistency and quality as this category continues to grow.

Josh Kobza: We also expanded the rollout of our new espresso machines, an important investment from our franchisees that will further enhance espresso beverage consistency and quality as this category continues to grow. Operationally, our restaurant owners and team members continue to deliver excellent guest experiences. Guest satisfaction remains at record highs, and speed of service has improved across every day part, now reaching our fastest Q3 levels since 2019. Importantly, PM execution and guest satisfaction scores keep improving, a key focus area as we work to capture share in this historically underutilized day part. We're also advancing our digital initiatives. Kiosk installations are on track to reach about 800 restaurants by year-end and are driving higher average checks and strong adoption among younger guests.

Operationally, our restaurant owners and team members continue to deliver excellent guest experiences.

<unk> satisfaction remains at record highs and speed of service has improved across every day part now reaching our fastest Q3 levels since 2019.

Importantly pm execution and guest satisfaction scores keep improving our key focus area as we work to capture share in this historically underutilized day part.

We're also advancing our digital initiatives kiosk installations are on track to reach about 800 restaurants by year end and are driving higher average checks and strong adoption among younger guests.

And we recently announced an exciting new loyalty partnership with Canadian tire one of Canada's largest and most trusted retailers launching in late 2026.

Josh Kobza: We recently announced an exciting new loyalty partnership with Canadian Tire, one of Canada's largest and most trusted retailers, launching in late 2026. This partnership brings together two of Canada's most iconic brands, allowing guests to link their rewards accounts and unlock even more benefits. It's one of several initiatives designed to expand our loyalty base and deepen guest engagement. With over 7 million active Tims Rewards members already spending about 50% more on average than they did before joining, we see significant potential ahead. Finally, we remain on track to return to modest net restaurant growth in Canada in 2025. In August, I joined Axel and his team in Nova Scotia and Prince Edward Island, where we saw firsthand that even in some of our most established markets, there is still room to grow given the strength of demand for Tims.

This partnership brings together two of Canada's most iconic brands, allowing guests to link their rewards accounts and unlock even more benefits.

It's one of several initiatives designed to expand our loyalty base and deepen guest engagement.

With over 7 million active Tim's reward members already spending about 50% more on average than they did before joining we see significant potential ahead.

Finally, we remain on track to return to modest net restaurant growth in Canada in 2025 and.

In August I joined Axel and his team in Nova Scotia, and Prince Edward Island, where we saw firsthand that even in some of our most established markets. There is still room to grow given the strength of demand for tims.

I'm proud of the results the team delivered in Q3 from strengthening our leadership in breakfast and beverages to unlocking growth in PM food with a continued focus on innovation operational excellence and digital engagement I am confident in our long term growth trajectory for Tim Hortons.

Josh Kobza: I'm proud of the results the team delivered in Q3, from strengthening our leadership in breakfast and beverages to unlocking growth in PM food. With a continued focus on innovation, operational excellence, and digital engagement, I'm confident in the long-term growth trajectory for Tim Hortons. Now our international business, which drives 26% of our operating profit and accelerated meaningfully this quarter. Same-store sales increased 6.5%, net restaurant growth of 5.1% drove system-wide sales growth of more than 12%. These results reflect the strength of our global franchise network and the effectiveness of our balanced playbook across menu innovation, marketing, digital, and operations. Our same-store sales outperformed the industry in several key markets, including France, the UK, Spain, and Germany.

Yeah.

Now our international business, which drives 26% of our operating profit and accelerated meaningfully this quarter.

Same store sales increased six 5% and net restaurant growth of five 1% drove system wide sales growth of more than 12%.

These results reflect the strength of our global franchise network and the effectiveness of our balanced playbook across menu innovation marketing digital and operations.

Our same store sales outperformed the industry in several key markets, including France, the UK, Spain and Germany.

In France performance strengthened with the successful launch of our baby Burger boxes in July a shareable snacking platform, that's been a big hit with our guests.

Josh Kobza: In France, performance strengthened with the successful launch of our Baby burger boxes in July, a shareable snacking platform that's been a big hit with our guests. In September, we expanded our chef collaboration platform to the UK with the launch of the Gordon Ramsay Wagyu Burger made with 100% British Wagyu beef, which drove strong engagement and sales. This quarter, we also leveraged our global scale with a cross-market promotion of Naruto, the popular anime series, which performed well across countries like Germany, Brazil, and China. I visited several international markets this quarter, including the UK and China, and was impressed to see the consistency of execution and enthusiasm across the system.

In September we expanded our chef collaboration platform to the U K with the launch of the Gordon Ramsay Wagyu Burger made with 100% British Waggy beef, which drove strong engagement and sales.

This quarter, we also leveraged our global scale with a cross market promotion of Neruda, the popular anime series, which performed well across countries like Germany, Brazil and China.

I visited several international markets this quarter, including the U K and China and was impressed to see the consistency of execution and enthusiasm across the system.

In the U K Burger King is now our fifth international business to surpass $1 billion in system wide sales and continues to deliver strong top line growth, adding more than $115 million in sales over just the last 12 months.

Josh Kobza: In the UK, Burger King is now our fifth international business to surpass $1 billion in system-wide sales and continues to deliver strong top-line growth, adding more than $115 million in sales over just the last 12 months. Meanwhile, Popeyes in the UK is set to open its 100th restaurant in November, just four years after its debut in East London. Popeyes is seeing strong traction across EMEA, where the brand now has more than 1,000 restaurants. In Turkey, the team will open 100 restaurants this year, reaching nearly 500 locations by year-end. Both markets are great examples of the brand's international potential. Popeyes now ranks among the world's top 10 Western QSR brands outside the US and stands out as the only one that's been growing system-wide sales by over 35%.

Beverages to unlocking growth in P. M food with a continued focus on innovation operational excellence and digital engagement I'm confident in our long term growth trajectory for Tim Hortons.

Meanwhile, popeye's in the UK is set to open its 100th restaurant in November just four years after its debut in East London.

Yeah.

Now our international business, which drives 26% of our operating profit and accelerated meaningfully this quarter same store sales increased six 5% and net restaurant growth of five 1% drove system wide sales growth of more than 12%.

Popeyes is seeing strong traction across EMEA, where the brand now has more than 1000 restaurants.

In Turkey. The team, we'll open 100 restaurants this year, reaching nearly 500 locations by year end.

These results reflect the strength of our global franchise network and the effectiveness of our balanced playbook across menu innovation marketing digital and operations.

Both markets are great examples of the brand's international potential popeye's now ranks among the world the world's top tenant western <unk> brands outside the U S and stands out as the only one that's been growing system wide sales by over 35%.

Our same store sales outperformed the industry in several key markets, including France, the UK, Spain and Germany.

In China, we're making significant progress at Burger King with results again exceeding our expectations copper.

In France performance strengthened with the successful launch of our baby Burger boxes in July a shareable snacking platform, that's been a big hit with our guests.

Josh Kobza: In China, we're making significant progress at Burger King, with results again exceeding our expectations. Comparable sales grew 10.5% in Q3, with momentum building throughout the quarter and unit economics once again improved quarter-over-quarter. Performance was driven by elevated marketing, including the launch of our new Crisper Chickens burger, strong guest response to the Naruto campaign, and continued growth in delivery. Under the leadership of our new local team, we've also continued to strengthen operations to build a stronger foundation for long-term growth. The results we're seeing at Burger King China reinforce our conviction that is a high-potential business supported by strong brand awareness, favorable category dynamics, and improving unit economics.

Comparable sales grew 10, 5% in Q3 with momentum building throughout the quarter and unit economics, once again improved quarter over quarter.

In September we expanded our chef collaboration platform to the UK with the launch of the Gordon Ramsay Waggy Burger made with 100% British Waggy beef, which drove strong engagement and sales.

Performance was driven by elevated marketing, including the launch of our new CRISPR chicken Burger.

Strong guest response to the Dorado campaign and continued growth in delivery.

This quarter, we also leveraged our global scale with a cross market promotion of <unk>. The popular anime series, which performed well across countries like Germany, Brazil and China.

Under the leadership of our new local team. We've also continued to strengthen operations to build a stronger foundation for long term growth.

I visited several international markets this quarter, including the U K and China and was impressed to see the consistency of execution and enthusiasm across the system.

The results were seeing at Burger King, China reinforce our conviction that as a high potential business supported by strong brand awareness favorable category dynamics and improving unit economics.

Sami Thiago and I spent time in Shanghai in September meeting with several of our prospective partners and we left encouraged by both the level of interest in the brand and the alignment around our vision for the business.

Josh Kobza: Sammy, Thiago and I spent time in Shanghai in September, meeting with several of our prospective partners, and we left encouraged by both the level of interest in the brand and the alignment around our vision for the business. We see a clear path to reigniting growth in this important market and remain confident we'll find the right partner to continue driving it forward. While in Shanghai, we also spent time with the team at Popeyes China, which continues to perform well and remains on track to open around 50 restaurants this year. Looking ahead, we believe we have a clear runway to accelerate development and capture share of the growing chicken QSR segment in China. Taken together, our results highlight the strength and diversity of our international portfolio with strong execution, great local partners, and a shared commitment to the guest experience, fueling double-digit system-wide sales growth.

We see a clear path to reigniting growth in this important market.

Meanwhile, popeye's in the UK is set to open its 100th restaurant in November just four years after its debut in East London.

We remain confident we'll find the right partner to continue driving it forward.

Popeye's is seeing strong traction across EMEA, where the brand now has more than 1000 restaurants.

While in Shanghai. We also spent time with the team at Popeyes, China, which continues to perform well and remains on track to open around 50 restaurants. This year.

In Turkey. The team, we'll open 100 restaurants this year, reaching nearly 500 locations by year end.

Looking ahead, we believe we have a clear runway to accelerate development and capture share of the growing chicken <unk> segment in China.

Both markets are great examples of the brand's international potential popeye's now ranks among the world's the world's top 10, western and <unk>, our brands outside the U S and stands out as the only one that's been growing system wide sales by over 35%.

Taken together our results highlight the strength and diversity of our international portfolio with strong execution, great local partners and a shared commitment to the guest experience fueling double digit systemwide sales growth.

In China, we're making significant progress at Burger King with results again exceeding our expectations.

Turning now to Burger, King, which represents roughly 17% of our operating profits in.

Josh Kobza: Turning now to Burger King, which represents roughly 17% of our operating profits. In September, I joined the team in Phoenix for their convention. The energy was amazing, with franchisee confidence in the plan and team near all-time highs. That confidence has been earned over the past three years as Tom and the team, together with our franchisees, execute Reclaim the Flame with focus and consistency, raising the bar on food and service quality, elevating our marketing, and modernizing the restaurant experience. This focus continues to translate into results with our US comparable sales growing 3.2%. We've outperformed the burger QSR category for many quarters by staying true to our balanced marketing strategy. We're leaning into the Whopper, providing everyday value that guests can trust, and reigniting Burger King's connection with families through innovation and fun partnerships.

Comparable sales grew 10, 5% in Q3 with momentum building throughout the quarter and unit economics, once again improved quarter over quarter.

In September I joined the team in Phoenix for their convention the energy was amazing with franchisee confidence in the plan and team near all time highs.

Performance was driven by elevated marketing, including the launch of our new CRISPR chicken Burger straw.

That confidence has been earned over the past three years as Tom and the team together with our franchisees execute reclaim the flame with focus and consistency raising the bar on food and service quality elevating our marketing and modernizing the restaurant experience.

Strong guest response to the Dorado campaign and continued growth in delivery.

Under the leadership of our new local team. We've also continued to strengthen operations to build a stronger foundation for long term growth.

This focus continues to translate into results with our U S comparable sales growing three 2%.

The results were seeing at Burger King, China reinforce our conviction that as a high potential business supported by strong brand awareness favorable category dynamics and improving unit economics.

We've outperformed the Burger <unk> category for many quarters by staying true to our balanced marketing strategy, we're leaning into the whopper, providing everyday value that guest can trust and reigniting Burger King's connection with families through innovation and fund partnerships.

CME Thiago and I spent time in Shanghai in September meeting with several of our prospective partners and we left encouraged by both the level of interest in the brand and the alignment around our vision for the business.

Our Walker Baidu platform is delivering strong results engaging our guests through personalized takes on their favorite flame grilled Burger.

Josh Kobza: Our Whopper by You platform is delivering strong results, engaging our guests through personalized takes on their favorite flame-grilled burger. The barbecue brisket and crispy onion Whoppers exceeded expectations, reinforcing the power of our flagship product, and the platform's extension to Whopper Jr. is broadening our reach with women and Gen Z guests. Our five-dollar Duos and seven-dollar Trios value platforms are also performing well, and the launch of our You Rule the Value campaign builds on that success, celebrating guest choice and personalization while further strengthening our You Rule positioning. In an environment where peers are leaning into short-term deals or headline price cuts, our disciplined value strategy continues to resonate.

We see a clear path to reigniting growth in this important market.

Remain confident we'll find the right partner to continue driving it forward.

The Bbq brisket, and crispy onion whoppers exceeded expectations reinforcing the power of our flagship product and the platform extension to offer junior is broadening our reach with women and gender guests.

While in Shanghai. We also spent time with the team at Popeye's, China, which continues to perform well and remains on track to open around 50 restaurants. This year.

Our $5 duos and seven dollar tree value platforms are also performing well and the launch of our you rules of value campaign build on that success.

Looking ahead, we believe we have a clear runway to accelerate development and capture share of the growing chicken <unk> segment in China.

Celebrating guest choice and personalization, while further strengthening our U rule positioning.

In an environment, where peers are leaning into short term deals are headline price cuts our disciplined value strategy continues to resonate.

Turning now to Burger King, which represents roughly 17% of our operating profits in September I joined the team in Phoenix for their convention. The energy was amazing with franchisee confidence in the plan and team near all time highs.

Looking ahead, we will maintain this measured approach, while keeping our flame grilled burgers at the center of our story and.

Josh Kobza: Looking ahead, we'll maintain this measured approach while keeping our flame-grilled burgers at the center of our story. We'll support our efforts with innovative family promotions like our recent Monster Menu. Our marketing and menu innovation are being matched by steady improvements in operations, which are equally as important to delivering guests great everyday value. Since launching Reclaim the Flame in 2022, Burger King consistently improved in guest-driven operational surveys. Revisit intent now ranks among the top 3 out of 12 QSR brands. These gains reflect a sharper focus on the fundamentals: quality, accuracy, friendliness, and consistency. Close collaboration with our franchisees to sustain that momentum. We're also making good progress modernizing the system, with remodeled restaurants delivering strong uplifts in the team's net of control and average restaurant sales post-remodel of around $2 million.

And we will support our efforts with innovative family promotions like our recent monster menu.

Our marketing and menu innovation are being matched by steady improvements in operations, which are equally as important to delivering guests great everyday value.

Since launching reclaim the flame in 2022, Burger King consistently improved and get driven operational surveys and revisit intent now ranks among the top three out of 12 <unk> brands.

This focus continues to translate into results with our U S comparable sales growing three 2%.

These gains reflect a sharper focus on the fundamentals quality accuracy, friendliness and consistency and close collaboration with our franchisees to sustain that momentum.

We've outperformed the Burger USR category for many quarters by staying true to our balanced marketing strategy, we're leaning into the whopper, providing everyday value that guests can trust and reigniting Burger King's connection with families through innovation and fund partnerships.

We're also making good progress modernizing the system with remodeled restaurants, delivering strong uplift in the teens net of control and average restaurant sales post remodel of around $2 million.

Our Walker Bayou platform is delivering strong results engaging our guests through personalized takes on their favorite flame grilled Burger.

With beef costs elevated we're mindful of the near term impact on franchisees.

Josh Kobza: With beef costs elevated, we're mindful of the near-term impact on franchisees. While we still expect roughly 400 remodels in 2025, we're mindful of the commodity cycle and impact on profitability as we manage future remodel schedules with our franchisees. At Carrols, performance again outpaced the system, underscoring the importance of strong operations and the impact of modern image. Comparable sales at Carrols were 4.8%, remodels are delivering uplifts ahead of the system average, reflecting the success of our new Sizzle image, which is now featured in nearly two-thirds of Carrols remodels completed since 2023. We're also advancing the refranchising of Burger King restaurants through our Crown Your Career program, as well as with experienced restaurant operators. Overall, Burger King's results show that our plan is working.

The Bbq brisket, and crispy onion whoppers exceeded expectations reinforcing the power of our flagship products and the platforms extension to offer junior is broadening our reach with women's and gender guests.

While we still expect roughly 400 remodels in 2025, we're mindful of the commodity cycle and impacts on profitability as we manage future remodel schedules with our franchisees.

Our $5 duos and seven dollar tree value platforms are also performing well and the launch of our you rules of value campaign build on that success.

At <unk> performance again outpaced the system underscoring the importance of strong operations and the impact of modern image.

Comparable sales at <unk> were four 8% and Remodels are delivering updates uplifts ahead of the system average, reflecting the success of our new civil image, which is now featured in nearly two thirds of Carol's Remodels completed since 2023.

Celebrating guest choice and personalization, while further strengthening our U rule positioning.

In an environment, where peers are leaning into short term deals or headline price cuts our disciplined value strategy continues to resonate.

We're also advancing the refranchising of Burger King restaurants through a cranial career program as well as with experienced restaurant operators.

Looking ahead, we will maintain this measured approach, while keeping our flame grilled burgers at the center of our story.

And we will support our efforts with innovative family promotions like our recent monster menu.

<unk> results show that our plan is working.

Our marketing and menu innovation are being matched by steady improvements in operations, which are equally as important to delivering guests great everyday value.

Operational improvements creative marketing and strong franchisee alignment are driving sustained out performance versus the broader <unk> category.

Josh Kobza: Operational improvements, creative marketing, and strong franchisee alignment are driving sustained outperformance versus the broader burger QSR category. Finally, turning to Popeyes and Firehouse Subs. At Popeyes, results were softer this quarter, with US comparable sales down 2% and net restaurant growth of 1.9%, resulting in system-wide sales growth of 0.9%. We're not satisfied with our performance and know there's more work to do. While our limited time offers like Dippers drove solid trial from new guests, repeat visitation fell short. While our wings revamp in August delivered improved guest satisfaction, it proved to be only modestly incremental. It's clear that we need to do a better job focusing on our core offerings, especially our bone-in chicken, tenders, and sandwich platforms, and we need to deliver consistent value for everyday guests.

Since launching reclaim the flame in 2022, Burger King consistently improved and get driven operational surveys and revisit intent now ranks among the top three out of <unk> brands.

Finally, turning to popeye's and firehouse subs at Popeye's results were softer this quarter with U S comparable sales down 2% and net restaurant growth of one 9%, resulting in system wide sales growth of 0.9%.

These gains reflect a sharper focus on the fundamentals quality accuracy, friendliness and consistency and close collaboration with our franchisees to sustain that momentum.

We're not satisfied with our performance and know there is more work to do while our limited time offers like differs drove solid trial from new guests repeat visitation fell short.

We're also making good progress modernizing the system with remodeled restaurants, delivering strong uplift in the teens net of control and average restaurant sales post remodel of around $2 million.

And while our wings revamp in August delivered improved guest satisfaction it proved to be only modestly incremental.

It's clear that we need to do a better job focusing on our core offerings, especially our bone and chicken tenders and sandwich platforms, and we need to deliver consistent value for everyday guests. We also know that price is just one piece of the value creation and.

With beef costs elevated we're mindful of the near term impact on franchisees.

While we still expect roughly 400 remodels in 2025, we're mindful of the commodity cycle and impact on profitability as we manage future remodel schedules with our franchisees.

Josh Kobza: We also know that price is just one piece of the value equation, and Jeff and his team are stepping up efforts to improve the overall experience of Popeyes by reprioritizing resources to support our franchisees, focusing investments on restaurant and equipment upgrades that have the biggest impact, and ensuring that new units are opened exclusively with our top operators. It may take some time for these operational improvements to flow through to sales, but we remain very confident that Popeyes has every right to win and take share in an increasingly competitive chicken QSR environment. Popeyes has the best chicken in QSR. It's slowly marinated, hand-battered, and fried in-house and is rooted in authentic Louisiana heritage.

And Jeff and his team are stepping up efforts efforts to improve the overall experience of popeye's by re prioritizing resources to support our franchisees focusing investments on restaurant and equipment upgrades that the biggest impact and ensuring that new units are opened exclusively with our top operators.

At <unk> performance again outpaced the system underscoring the importance of strong operations and the impact of modern image comp.

It may take some time for these operational improvements to flow through to sales, but we remain very confident that popeye's has every right to win and take share in an increasingly competitive chicken <unk> environment.

We're also advancing the refranchising of Burger King restaurants through a cranial career program as well as with experienced restaurant operators.

<unk> has the best chicken and <unk> it slowly marinated hand, battered and fried in house and is rooted in our authentic Louisiana heritage.

Overall Burger King's results showed that our plan is working.

On top of this we have a relatively modern asset base with roughly half of the pump system, having been opened in the last decade, good unit economics and strong franchisee alignment.

Josh Kobza: On top of this, we have a relatively modern asset base, with roughly half of the Popeyes system having been opened in the last decade, good unit economics, and strong franchisee alignment. Finally, Firehouse Subs delivered a solid quarter with comparable sales up 2.6% and net restaurant growth of 7.7%, which drove 10.7% system-wide sales growth. Performance reflects continued progress in expanding our footprint across North America with great engaged operators and a standout result in Canada. Mike and his team have already opened 100 net new restaurants over the past 12 months, which is 5 times the pace of growth from when we acquired the business. This strong result keeps us on track for another year of accelerating development in 2025, supported by enthusiastic franchisees, solid paybacks, and growing brand awareness.

Operational improvements creative marketing and strong franchisee alignment are driving sustained outperformance versus the broader burger to USR category.

Finally, firehouse subs delivered a solid quarter with comparable sales up two 6% and net restaurant growth of seven 7%, which drove 10, 7% systemwide sales growth performance.

Finally, turning to popeye's and firehouse subs and Popeye's results were softer this quarter with U S comparable sales down 2% and net restaurant growth of one 9%, resulting in system wide sales growth of 0.9%.

Performance reflects continued progress in expanding our footprint across North America with great engaged operators and a standout result in Canada.

We're not satisfied with our performance and know there's more work to do while our limited time offers like differs drove solid trial from new guests repeat visitation fell short.

Mike and his team have already opened 100 net new restaurants over the past 12 months, which is five times the pace of growth and when we acquired the business. The strong results keeps us on track for another year of accelerating development in 2025 supported by enthusiastic franchisees solid paybacks and growing brand awareness with that I'll hand, it over to sandy.

And while our wings revamp in August delivered improved guest satisfaction it proved to be only modestly incremental.

Josh Kobza: With that, I'll hand it over to Sammy.

Thanks, Josh and good morning, everyone I am excited about the momentum we're seeing in our business and I'm proud that we were able to accelerate both topline and bottom line results in Q3.

Sami Siddiqui: Thanks, Josh, and good morning, everyone. I'm excited about the momentum we're seeing in our business, and I'm proud that we were able to accelerate both top line and bottom line results in Q3. Our focus on balanced marketing and great guest experiences is driving that performance, and I feel confident that the groundwork we're laying today positions us well for consistent long-term growth. At the RBI level, we're complementing strong brand execution with financial discipline and thoughtful capital allocation, setting us up to deliver another year of 8%-plus organic AOI growth while continuing to invest in areas of the business that will drive sustainable returns over time. Today, I'd like to discuss our Q3 financial results, capital allocation, and guidance for the remainder of the year. Starting with our financials.

And Jeff and his team are stepping up efforts efforts to improve the overall experience at popeye's by re prioritizing resources to support our franchisees focusing investments on restaurant and equipment upgrades that the biggest impact and ensuring that new units are opened exclusively with our top operators.

Our focus on balanced marketing and great guest experiences is driving that performance and I feel confident that the groundwork ruling today positions us well for consistent long term growth.

At the RBI level, we're complementing strong brand execution with financial discipline, and thoughtful capital allocation setting us up to deliver another year of 8% plus organic NOI growth, while continuing to invest in areas of the business that will drive sustainable returns over time.

<unk> has the best chicken and <unk> it slowly marinated hand, battered and fried in house and is rooted in <unk>, Louisiana Heritage.

On top of this we have a relatively modern asset base with roughly half of the pump system, having been opened in the last decade, good unit economics and strong franchisee alignment.

Today I'd like to discuss our Q3 financial results capital allocation and guidance for the remainder of the year.

Finally, firehouse subs delivered a solid quarter with comparable sales up two 6% and net restaurant growth of seven 7%, which drove 10, 7% system wide sales growth.

Starting with our financials.

For the third quarter system wide sales grew six 9% organic AOE grew eight 8% and nominal adjusted EPS increased 10, 7%.

Sami Siddiqui: For Q3, system-wide sales grew 6.9%, organic AOI grew 8.8%, nominal adjusted EPS increased 10.7%. Organic AOI grew faster than system-wide sales this quarter, with operating leverage driven by disciplined cost management, including an $8 million reduction in segment G&A and an $8 million tailwind from lapping last year's Fuel the Flame ad fund contribution at BKUS. These benefits were partially offset by an $8 million year-over-year AOI headwind from BK China. As a reminder, consistent with prior quarters in 2025, we are recording results from BK China in discontinued operations as we work to find a new local partner. Adjusted EPS increased to $1.03 per share this quarter from $0.93 last year, representing nominal growth of 10.7%.

Performance reflects continued progress in expanding our footprint across North America with great engaged operators and a standout result in Canada.

Organic NOI grew faster than system wide sales this quarter with operating leverage driven by disciplined cost management, including an $8 million reduction in segment G&A and an 8 million tailwind from lapping last year's fueled a flame AD fund contribution at BK U S.

Mike and his team have already opened 100 net new restaurants over the past 12 months, which is five times the pace of growth and when we acquired the business. This strong result keeps us on track for another year of accelerating development in 2025 supported by enthusiastic franchisees solid paybacks and growing brand awareness with that I'll hand, it over to sandy.

These benefits were partially offset by an $8 million year over year, <unk> Oi headwind from BK, China as a reminder, consistent with prior quarters. In 2025, we are recording results from BK, China in discontinued operations as we work to find a new local partner.

Thanks, Josh and good morning, everyone I am excited about the momentum we're seeing in our business and I am proud that we were able to accelerate both topline and bottom line results in Q3.

Adjusted EPS increased $1 three increased to $1 <unk> per share this quarter from 93 last year, representing a nominal growth of 10, 7%.

Our focus on balanced marketing and great guest experiences is driving that performance and I feel confident that the groundwork ruling today positions us well for consistent long term growth.

This was driven by our OE growth as well as a $14 million year over year decrease in adjusted net interest expense from $142 million last year to $128 million, reflecting.

Sami Siddiqui: This was driven by our AOI growth, as well as a $14 million year-over-year decrease in adjusted net interest expense from $142 million last year to $128 million, reflecting the benefits of our 2024 refinancing activities and cross-currency swaps. Our adjusted effective tax rate this quarter was 17.8%, bringing our year-to-date rate to 18.1%. For the full year in 2025, we continue to expect our adjusted effective tax rate to be in the 18% to 19% range. Now turning to cash flow and capital allocation. We generated $566 million of free cash flow, including the impact of $110 million of CapEx and cash inducements, and a $35 million benefit from our swaps and hedges.

The benefits of our 2020 for refinancing activities and cross currency swaps.

Our adjusted effective tax rate this quarter was 17, 8%, bringing our year to date rate to 18, 1%.

Today I'd like to discuss our Q3 financial results.

For the full year in 2025, we continue to expect our adjusted effective tax rate to be in the 18% to 19% range.

Spittle allocation and guidance for the remainder of the year.

Starting with our financials for.

For the third quarter system wide sales grew six 9% organic NOI grew eight 8% and nominal adjusted EPS increased 10, 7%.

Now turning to cash flow and capital allocation.

We generated $566 million of free cash flow, including the impact of $110 million of Capex and cash inducements and at $35 million benefit from our swaps and hedges.

Organic NOI grew faster than system wide sales this quarter with operating leverage driven by disciplined cost management, including an $8 million reduction in segment, G&A and an $8 million tailwind from lapping last year's fueled a flame AD fund contribution at BK U S.

We also returned $282 million of capital to shareholders through our dividend and we fully repaid the approximately $100 million remaining on our Tim Hortons facility that was maturing in October consistent with our plan to prioritize deleveraging.

Sami Siddiqui: We also returned $282 million of capital to shareholders through our dividend. We fully repaid the approximately $100 million remaining on our Tim Hortons facility that was maturing in October, consistent with our plan to prioritize deleveraging. As a result, we ended Q3 with total liquidity of approximately $2.5 billion, including $1.2 billion of cash and a net leverage ratio of 4.4 times. Looking ahead, our capital allocation priorities remain unchanged. We'll continue investing in our business, maintaining an attractive dividend and reducing leverage. As I've said before, one of our key priorities is to return to a more simplified business model. As part of this, we're refranchising Burger King restaurants. We remain on track to refranchise between 50 and 100 restaurants in 2025.

These benefits were partially offset by an $8 million year over year OE headwind from BK, China as a reminder, consistent with prior quarters. In 2025, we are recording results from BK, China in discontinued operations as we work to find a new local partner.

As a result, we ended Q3 with total liquidity of approximately $2 5 billion.

Including $1 2 billion of cash and a net leverage ratio of four four times.

Adjusted EPS increased $1 three increased to $1 <unk> per share this quarter from 93 last year, representing nominal growth of 10, 7%.

Looking ahead, our capital allocation priorities remain unchanged, we will continue investing in our business, maintaining an attractive dividend and reducing leverage.

This was driven by our OE growth as well as a $14 million year over year decrease in adjusted net interest expense from $142 million last year to $128 million.

As I've said before one of our key priorities is to return to a more simplified business model as part of this we're refranchising Burger King restaurants, and we remain on track to re franchise between 50 and 100 restaurants in 2025.

Reflecting the benefits of our 2020 for refinancing activities and cross currency swaps.

Half of these will be through our Crowne your career program, which means the actual deconsolidation of those restaurants will take place over time as Kansas graduate from the program.

Our adjusted effective tax rate this quarter was 17, 8%, bringing our year to date rate to 18, 1%.

Sami Siddiqui: About half of these will be through our Crown Your Career program, which means the actual deconsolidation of those restaurants will take place over time as candidates graduate from the program. In addition, we're actively engaged with Morgan Stanley to sell Burger King China, and we feel confident in the progress the team is making to find a new local partner. Together, these initiatives are key steps towards simplifying our structure, strengthening our franchise model, and creating a more capital-light platform for long-term free cash flow generation. Before shifting to our 2025 financial guidance, I'd like to touch on beef costs. As Josh mentioned earlier, our Burger King US business is seeing elevated beef costs, which are creating some short-term margin pressures. Beef represents roughly a quarter of the Burger King US commodity basket, and year-to-date prices are up high teens versus last year.

In addition, we're actively engaged with Morgan Stanley to sell Burger King, China, and we feel confident in the progress the team is making to find a new local partner.

For the full year in 2025, we continue to expect our adjusted effective tax rate to be in the 18% to 19% range.

Now turning to cash flow and capital allocation.

Together these initiatives are key steps towards simplifying our structure strengthening our franchise model and creating a more capital light platform for long term free cash flow generation.

We generated $566 million of free cash flow, including the impact of $110 million of Capex and cash inducements and at $35 million benefit from our swaps and hedges. We also returned $282 million of capital to shareholders through our dividend and we fully repaid the approximately <unk>.

Before shifting to our 2025 financial guidance I'd like to touch on beef costs.

As Josh mentioned earlier, our Burger King U S business is seeing elevated beef costs, which are creating some short term margin pressures beef represents roughly a quarter of the Burger King U S commodity basket and year to date prices are up high teens versus last year.

<unk> million dollars remaining on our Tim Hortons facility that was maturing in October consistent with our plan to prioritize deleveraging.

As a result, we ended Q3 with total liquidity of approximately $2 5 billion.

This equates to a mid to high single digit increase in the overall commodity basket for Burger King U S. In 2025, we expect this to be temporary as the increase is largely tied to the cyclical nature of U S herd rebuilding and we're optimistic prices will normalize over time in fact, you've already seen cattle futures come down in the last week or so and we can.

Sami Siddiqui: This equates to a mid to high single-digit increase in the overall commodity basket for Burger King US in 2025. We expect this to be temporary as the increase is largely tied to the cyclical nature of US herd rebuilding, and we're optimistic prices will normalize over time. In fact, you've already seen cattle futures come down in the last week or so, and we continue to monitor movements in that market. In the meantime, we're working closely with our franchisees to identify efficiencies and margin opportunities across the P&L. Now I'd like to discuss 4 updates to our 2025 guidance.

Including $1 2 billion of cash and a net leverage ratio of four four times.

Looking ahead, our capital allocation priorities remain unchanged, we will continue investing in our business, maintaining an attractive dividend and reducing leverage.

Continue to monitor movements in that market.

In the meantime, we are working closely with our franchisees to identify efficiencies and margin opportunities across the P&L.

Yeah.

Now I'd like to discuss four updates to our 2025 guidance.

First we continue to expect Tim Hortons supply chain margins to average around 19% for the full year with Q4 is the softest quarter in the mid 17% range, reflecting the typical seasonality of the business and the impact of higher average cost of inventory, including within our CPG business.

Half of these will be through our crown year career program, which means the actual deconsolidation of those restaurants will take place over time as Kansas graduate from the program.

Sami Siddiqui: First, we continue to expect Tim Hortons supply chain margins to average around 19% for the full year, with Q4 as the softest quarter in the mid 17% range, reflecting the typical seasonality of the business and the impact of higher average cost of inventory, including within our CPG business. Second, we now expect segment G&A, excluding restaurant holdings, to come in at the low end of our guidance of $600 to $620 million. Third, we expect 2025 CapEx and cash inducements, including capital expenditures, tenant inducements, and incentives to be around $400 million, down from our prior guidance of $400 to $450 million.

In addition, we're actively engaged with Morgan Stanley to sell Burger King, China, and we feel confident in the progress the team is making to find a new local partner.

Second we now expect segment G&A, excluding restaurant holdings to come in at the low end of our guidance of $600 million to $620 million.

Together these initiatives are key steps towards simplifying our structure strengthening our franchise model and creating a more capital light platform for long term free cash flow generation.

Third, we expect 2025, capex and cash inducements, including capital expenditures tenant inducements and incentives to be around $400 million.

Before shifting to our 2025 financial guidance I'd like to touch on beef costs.

Down from our prior guidance of $400 million to $450 million.

And fourth within restaurant Holdings Dk Carol's restaurant level margins will continue to be impacted by the 50 basis point AD fund contribution step up year over year and commodity inflation, primarily related to elevated beef costs.

Sami Siddiqui: Fourth, within restaurant holdings, BK Carrol's restaurant level margins will continue to be impacted by the 50 basis point ad fund contribution step-up year-over-year and commodity inflation, primarily related to elevated beef costs. In addition, our early-stage investments at Popeyes China and Firehouse Brazil resulted in a net AOI drag of $7 million in Q3, and we will expect a similar impact in restaurant holdings in Q4. We anticipate these expenses will continue until we transition ownership to new local partners. Finally, we continue to expect 2025 interest expense, NRG, and organic AOI growth to remain consistent with our prior guidance. This includes adjusted net interest expense of around $520 million, net restaurant growth of around 3%, and organic AOI growth of 8%+.

This equates to a mid to high single digit increase in the overall commodity basket for Burger King U S. In 2025, we expect this to be temporary as the increase is largely tied to the cyclical nature of U S herd rebuilding and we're optimistic prices will normalize over time in fact, you've already seen cow futures come down in the last week or so and we can.

In addition, our early stage investments at Popeye's, China, and firehouse, Brazil resulted in a net drag of $7 million in Q3, and we will expect a similar impact in restaurant holdings in Q4.

<unk> to monitor movements in that market.

We anticipate these expenses will continue until we transition ownership to new local partners.

In the meantime, we are working closely with our franchisees to identify efficiencies and margin opportunities across the P&L.

Finally, we continue to expect 2025 interest expense NRG and organic AOI growth to remain consistent with our prior guidance. This includes adjusted net interest expense of around $520 million.

Okay.

Now I'd like to discuss four updates to our 2025 guidance.

Net restaurant growth of around 3% and organic growth of 8% plus.

As a reminder, organic NOI growth in the fourth quarter, we'll see a $52 million net benefit from lap from lapping three items $41 million of BK fueled the flame AD fund expense and $20 million of net bad debt expenses in Q4 of 24, partially offset by $9 million of BK, China revenue.

Sami Siddiqui: As a reminder, organic AOI growth in the Q4 will see a $52 million net benefit from lapping three items. $41 million of BK Fuel the Flame ad fund expense and $20 million of net bad debt expenses in Q4 of 2024, partially offset by $9 million of BK China revenues, also recognized in Q4 of 2024. Stepping back, I'm confident we're making good progress towards our goal of returning to a more simplified and highly franchised business. We're ahead of schedule on refranchising the Carrols restaurants and continue to make great progress on the Burger King China sale process. Even as we execute on these strategic initiatives, we remain firmly on track to deliver another year of 8%-plus organic AOI growth in 2025. With that, I'll turn it over to Patrick.

Second we now expect segment G&A, excluding restaurant holdings to come in at the low end of our guidance of $600 million to $620 million.

Third, we expect 2025, capex and cash inducements, including capital expenditures tenant inducements and incentives to be around $400 million.

<unk> also recognized in Q4 of 'twenty four.

Stepping back I'm confident we're making good progress towards our goal of returning to a more simplified and highly franchise business. We're ahead of schedule on Refranchising, the <unk> restaurants, and continue to make great progress on the Burger King China sale process and even as we execute on these strategic initiatives we remain firmly.

Down from our prior guidance of $400 million to $450 million.

And fourth within restaurant Holdings, BK Carol's restaurant level margins will continue to be impacted by the 50 basis point AD fund contribution step up year over year and commodity inflation, primarily related to elevated beef costs.

On track to deliver another year of 8% plus organic NOI growth in 2025.

In addition, our early stage investments at pop ice, China, and firehouse, Brazil resulted in a net drag of $7 million in Q3, and we will expect a similar impact in restaurant holdings. In Q4, we anticipate these expenses will continue until we transition ownership to new local partners.

And with that I'll turn it over to Patrick.

Thanks Sami this team is driving strong results and importantly, they're doing it the right way.

Patrick Doyle: Thanks, Sammy. This team is driving strong results, importantly, they're doing it the right way. Quarter after quarter, our teams and franchisees are delivering for guests and staying focused on what matters most, creating value for guests by improving their experiences in our restaurants while maintaining discipline around our pricing. That's what sets RBI apart right now, it's working. We've got five amazing businesses that are each at a different point in their journey. Tim Hortons and our international business continue to set the standard with steady, high-quality growth built on strong fundamentals. At Tims, Axel and team keep raising the bar with exciting menu innovation and outstanding execution in the restaurants. You can feel that momentum from the strength we're seeing in cold beverages to continued leadership in breakfast. The brand is connecting with guests in a way that feels fresh and relevant every day.

Order after quarter, our teams and franchisees are delivering for guests and staying focused on what matters, most creating value for guests by improving their experiences in our restaurants, while maintaining discipline around our pricing that's what sets RBI apart right now and it's working.

Finally, we continue to expect 2025 interest expense NRG and organic AOI growth to remain consistent with our prior guidance. This includes adjusted net interest expense of around $520 million net restaurant growth of around 3% and organic.

We've got five amazing businesses that are each at a different point in their journey.

Tim Hortons in our international business continued to set the standard with steady high quality growth built on strong fundamentals at tims excellent team keep raising the bar with exciting menu innovation and outstanding execution in the restaurants, you can feel that momentum from the strength.

Growth of 8% plus.

As a reminder, organic NOI growth in the fourth quarter, we'll see a $52 million net benefit from from lapping three items $41 million of BK fueled the flame AD fund expense and $20 million of net bad debt expenses in Q4 of 'twenty, four partially offset by $9 million of BK China.

We are seeing in cold beverages to continued leadership in breakfast. The brand is connecting with guests in a way that feels fresh and relevant every day.

Revenues also recognized in Q4 of 'twenty four.

<unk> is firing on all cylinders in our runway for consistent growth is long.

Patrick Doyle: Tims is firing on all cylinders. Our runway for consistent growth is long. Internationally, Thiago and team are delivering another year of great results, growing system-wide sales double digits and outperforming our peers in many of our largest markets. What I love about our international business is how consistent the playbook is. Great food, engaged local operators, and an unwavering focus on the guest experience. That model scales. We've proved it with Burger King. Now we're proving it with Popeyes, which is generating the best system-wide sales growth in international amongst our scaled global peers. Burger King US is showing what focus, patience, and follow-through can deliver. Franchisee confidence is near all-time highs, operations are improving, and the brand is clearly earning its way back. After nearly two years of outperforming the broader QSR burger category, you can feel the turnaround taking hold.

Internationally Tiago and team are delivering another year of great results growing system wide sales double digits and outperforming our peers in many of our largest markets.

What I love about our international business is how consistent the playbook is great food engaged local operators and an unwavering focus on the guest experience that model scales.

Firmly on track to deliver another year of 8% plus organic NOI growth in 2025.

And with that I'll turn it over to Patrick.

Thanks Sami this team is driving strong results and importantly, they're doing it the right way.

We've proved it with Burger King and now we're proving it with popeye's, which is generating the best system wide sales growth in the international amongst our scaled global peers.

Quarter after quarter, our teams and franchisees are delivering for guests and staying focused on what matters, most creating value for guests by improving their experiences in our restaurants, while maintaining discipline around our pricing that's what sets RBI apart right now and it's working.

Burger King U S is showing what focus patience and follow through can deliver franchisee confidence is near all time highs operations are improving and the brand is clearly, earning its way back.

We've got five amazing businesses that are each at a different point in their journey at.

After nearly two years of outperforming the broader <unk> Burger category, you can feel the turnaround taking hold.

These things don't happen overnight, but you know when a brand starts to click again and that's exactly what we're seeing at Burger King I'm proud of our franchisees and I am proud of Tom and the team leading BK.

Patrick Doyle: These things don't happen overnight, but you know when a brand starts to click again, and that's exactly what we're seeing at Burger King. I'm proud of our franchisees, and I'm proud of Tom and the team leading BK. Popeyes, on the other hand, has some work to do. We know it's not performing where it should be, and Jeff and team are leaning in by simplifying and improving operations, sharpening the value proposition, and getting back to what makes Popeyes so special, its incredible food and Louisiana heritage. As we increase the pace of operational improvements in our restaurants, Popeyes food is too good and the brand is too strong for us to not be growing faster. Firehouse continues to build momentum with strong development and a lot of enthusiasm from franchisees who see the long runway ahead.

Popeye's on the other hand has some work to do we know it's not performing where it should be and Jeff and team are leaning in by simplifying and improving operations sharpening the value proposition and getting back to what makes pop is so special it's incredible food in Louisiana Heritage.

We are seeing in cold beverages to continued leadership in breakfast. The brand is connecting with guests in a way that feels fresh and relevant every day.

<unk> is firing on all cylinders in our runway for consistent growth is long.

Internationally, Thiago and team are delivering another year of great results growing system wide sales double digits and outperforming our peers in many of our largest markets.

As we increase the pace of operational improvements at our restaurants Popeye's food is too good and the brand is too strong for us to not be growing faster than.

What I love about our international business is how consistent the playbook is great food engaged local operators and an unwavering focus on the guest experience that model scales with.

And firehouse continues to build momentum with strong development and a lot of enthusiasm from franchisees, who see the long runway ahead.

Mike and his team are moving the brand in the right direction and starting to accelerate the pace of scaling this business.

Patrick Doyle: Mike and his team are moving the brand in the right direction and starting to accelerate the pace of scaling this business. What makes RBI stand out is our bias for action. When something isn't working, we move aggressively to make it right. We run this business like true owners and take a long-term view, investing in the areas that strengthen both our business and our franchisees. From investing in back to basics at Tims, to supporting Reclaim the Flame at Burger King US, to stepping in to stabilize BK China, we're not afraid to do the hard work to make every one of our businesses great. There is no kicking the can here.

We've proved it with Burger King and now we're proving it with popeye's, which is generating the best system wide sales growth in the international amongst our scaled global peers.

What makes RBI stand out is our bias for action.

When something isn't working we move aggressively to make it right. We run this business like true owners and take a long term view investing in the areas of strength in both our business and our franchisees.

Burger King U S is showing what focus patience and follow through can deliver franchisee confidence is near all time highs operations are improving and the brand is clearly, earning its way back.

From investing in back to basics at Tims to supporting reclaimed the flame at Burger King U S. The <unk>.

After nearly two years of outperforming the broader <unk> Burger category, you can feel the turnaround taking hold these.

Stepping into stabilized BK, China, we're not afraid to do the hard work to make every one of our businesses great. There is no kicking the can here long term success means creating an ever improving guest experience compelling franchisee economics that attract and <unk>.

These things don't happen overnight, but you know when a brand starts to click again and that's exactly what we're seeing at Burger King.

I am proud of our franchisees and I am proud of Tom and the team leading BK.

Patrick Doyle: Long-term success means creating an ever-improving guest experience, compelling franchisee economics that attract and grow great restaurant operators, and efficient use of RBI's resources to achieve that growth in order to generate consistent and compelling returns for our shareholders. We also know that we need to simplify our business back to being nearly 100% franchised, so we're taking steps to get that done, refranchising our Carrols restaurants, and finding a new partner for Burger King China. We are going to be a much simpler story. We've got engaged franchisees, motivated teams, and a culture that values doing things the right way for our guests, our operators, and our shareholders. That combination of long-term investment, operational discipline, and accountability gives me a lot of confidence in where we're headed. I'll close by saying thank you to everyone across our system.

<unk> great restaurant operators.

An efficient use of Rbis resources to achieve that growth in order to generate consistent and compelling returns for our shareholders. We also know that we need to simplify our business back to be nearly 100% franchised. So we're taking steps to get that done refranchising, our carol's restaurants in finding a new.

As we increase the pace of operational improvements in our restaurants popeye's food is too good and the brand is too strong for us to not be growing faster and.

New partner for Burger King, China, we are going to be a much simpler story, we've got engaged franchisees motivated teams and a culture that values doing things the right way for our guests our operators and our shareholders.

And firehouse continues to build momentum with strong development and a lot of enthusiasm from franchisees, who see the long runway ahead.

Mike and his team are moving the brand in the right direction and starting to accelerate the pace of scaling this business.

Combination of long term investment operational discipline and accountability gives me a lot of confidence in where we're headed.

What makes RBI stand out is our bias for action.

I'll close by saying, thank you to everyone across our system.

These results don't happen without incredible teamwork and passion from our restaurant operators managers crew members and corporate teams around the world.

Patrick Doyle: These results don't happen without incredible teamwork and passion from our restaurant operators, managers, crew members, and corporate teams around the world. You're building something that lasts, and it's a lot of fun to be a part of it. With that, I'll turn it over to the operator to take questions.

You are building something that last and it's a lot of fun to be a part of it.

From investing in back to basics at Tims to supporting reclaim the flame at Burger King U S. The stepping in to stabilize BK, China, we're not afraid to do the hard work to make every one of our businesses great. There is no kicking the can here long term success means Creek.

And with that I'll turn it over to the operator to take questions.

Thank you.

<unk> to ask a question. Please press star followed by one on your telephone keypad now.

Operator: Thank you. If you wish to ask a question, please press star followed by 1 on your telephone keypad now. If you feel your question has already been answered or you would like to remove it for any reason, please press star followed by 2. When preparing to ask your question, please ensure your device is unmuted locally. Please be reminded that all callers will be limited to 1 question. Our first question comes from Dennis Geiger from UBS. Your line is now open. Please go ahead.

If you sell your question has already been answered or you would like to remove it for any reason please press star followed by <unk>.

<unk>, an ever improving guest experience compelling franchisee economics that attract and grow great restaurant operators.

When comparing to ask a question. Please ensure your device is unlimited lately and please be reminded that all callers will be limited to one question.

An efficient use of Rbis resources to achieve that growth in order to generate consistent and compelling returns for our shareholders.

Our first question comes from Dennis Geiger from UBS. Your line is now open. Please go ahead.

Great. Thanks, guys. Congrats on the solid results I wanted to ask a little bit more on Burger King U S. Given the continued industry outperformance and continued execution against plan despite the difficult environment.

We also know that we need to simplify our business back to being nearly 100% franchised. So we're taking steps to get that done refranchising, our carol's restaurants in finding a new partner for Burger King China, we are going to be a much simpler story, we've got engaged franchisees motivated teams that have come.

Dennis Geiger: Great. Thanks, guys. Congrats on the solid results. I wanted to ask a little bit more on Burger King US, given the continued industry outperformance, the continued execution against plans despite the difficult environment. I think, Patrick, you and Josh both spoke to, like feeling the turn. Could you speak a little more to that turnaround trajectory that the brand is on and maybe if it's possible to draw some parallels to the Tim's turn in previous years? I know you guys spoke to the ops, the marketing, the franchisee alignment, but just maybe highlighting some of the biggest opportunities still from here to get to where you want the brand to be. Thank you.

Patrick you on Josh spoke spoke to like feeling that the turn.

But could you speak a little more to that turnaround trajectory of the brand is on maybe if it's possible to draw some parallels to the tims turn in in previous years and I know you guys spoke to the ops the marketing the franchisee alignment, but just maybe highlighting some of the biggest opportunities still from here to get to where you want the brand to be.

Sure that values doing things the right way for our guests our operators and our shareholders that combination of long term investment operational discipline and accountability gives me a lot of confidence in where we're headed.

Close by saying, thank you to everyone across our system. These results don't happen without incredible teamwork and passion from our restaurant operators managers crew members and corporate teams around the world you.

Thank you.

Yes, good morning, Dennis and thank you for the question I'll start and Patrick feel free to add on.

Patrick Doyle: Yeah. Good morning, Dennis, and thank you for the question. I'll start, and Patrick, feel free to add on. You know, I think we're really pleased with the work that Tom and the team have done now over a number of years. You know, when we set out on this plan, we listened to our guests and our franchisees and understood what they wanted from the brand. I think, you know, they wanted things like more modern assets. We're working on that. They wanted more consistent operations. We've made tremendous progress on that over the last few years.

Josh Kobza: Yeah. Good morning, Dennis, and thank you for the question. I'll start, and Patrick, feel free to add on. You know, I think we're really pleased with the work that Tom and the team have done now over a number of years. You know, when we set out on this plan, we listened to our guests and our franchisees and understood what they wanted from the brand. I think, you know, they wanted things like more modern assets. We're working on that. They wanted more consistent operations. We've made tremendous progress on that over the last few years.

We're really pleased with the work that Tom and the team have done now over a number of years when we set out on this plan.

You are building something that lasts and it's a lot of fun to be a part of it.

And with that I'll turn it over to the operator to take questions.

We listen to our guests and our franchisees and understood what they wanted from the brand and I think they wanted things like more modern assets. We're working on that they wanted more consistent operations, we've made tremendous progress.

Thank you.

<unk> to ask a question. Please press star followed by one on your telephone keypad now.

If you sell your question has already been answered or you would like to make it for any reason please press star followed by <unk>.

On that over the last few years, our franchisees wanted to see a better focus on profitability and we brought that and saw a lot of progress and we wanted to see the outcome of all of that being outperformance versus the segment.

Josh Kobza: Our franchisees wanted to see a better focus on profitability. We brought that and saw a lot of progress. We wanted to see the outcome of all that being outperformance versus the segment, which we've been lagging behind in the prior periods. We've now seen that pretty consistently over the last couple of years. I think, you know, that combination of sort of listening to guests, understanding what they wanted from the brand, and making sure that we were really well coordinated and working together with our franchisees, I think is what's driven progress. You know, as I look forward over the rest of this year, we're gonna stick to the same things that we talked about at the beginning of the year. I think I laid out a couple of different focus areas.

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We've been lagging behind in the prior periods and we've now seen that pretty consistently over the last couple of years. So I think that combination of sort of listening to guests understanding what they wanted from the brand and making sure that we were really well coordinated and working together with our franchisees I think is what's driven progress as I look forward.

Our first question comes from Dennis Geiger from UBS. Your line is now open. Please go ahead.

Great. Thanks, guys. Congrats on the solid results I wanted to ask a little bit more on Burger King U S. Given the continued industry outperformance the continued execution against plan despite the difficult environment.

Over the rest of this year, we're going to stick to the same things that we talked about at the beginning of the year I think I laid out a couple of different focus areas. We said that we wanted to focus on on the whopper in flame grilling, we wanted to bring families back in the restaurants, and we wanted to have consistency in our value offerings through the year and throughout all of the macro ups and downs.

Think Patrick UN Josh spoke spoke to like feeling that the turn.

But could you speak a little more to that turnaround trajectory of the brand is on maybe if it's possible to draw some parallels to the tims turn in in previous years, and then I know you guys spoke to the ops the marketing the franchisee alignment, but just maybe highlighting some of the biggest opportunities still from here to get to where you want the brand to be.

Josh Kobza: We said that we wanted to focus on the Whopper and flame grilling. We wanted to bring families back into the restaurants, and we wanted to have consistency in our value offerings through the year. Throughout all the macro ups and downs of various quarters, we stuck with that plan, and I think that really has paid off. I think you kind of see that in the results, and especially in the Q3 results. You know, the things that we talked about doing will be basically what you see from us in Q4. As I look forward from there into next year, I think that gives us a great foundation to build off of. Tom and Joel and the team shared some of that plan with our franchisees recently at our convention.

Various quarters, we stuck with that plan and I think that really has paid off.

I think you kind of see that in the results and especially in the Q3 results and the things that we talked about doing will be basically what youll see from us in Q4.

Thank you.

Yes, good morning, Dennis and thank you for the question I'll start and Patrick feel free to add on.

As I look forward from from there into next year.

We're really pleased with the work that Tom and the team have done now over a number of years when we set out on this plan, we we sort of we listen to our guests and our franchisees and understood. What they wanted from the brand and I think they wanted things like more modern assets. We're working on that they wanted more consistent operations, we've made tremendous progress.

That gives us a great foundation to build off of and Tom.

Tom and Joel and the team shared some of that plan with our franchisees recently at our convention I think there is tremendous excitement and enthusiasm from those plants and I think kind of what we've done gives us the base to then further elevate the brand.

Josh Kobza: I think there was tremendous excitement and enthusiasm from those plans. I think kind of what we've done, gives us the base to then further elevate the brand, and to keep focusing and elevating the focus on flame grilling the Whopper. I think we'll take it kind of into its next chapter next year. We'll have more to share probably in the next few months or on our Q4 call to give you a little bit more specifics around that. That's basically the plan going forward. Patrick, anything you want to add there?

And kind of end to keep focusing in elevating the focus on flame grilling. The whopper I think we'll take it kind of into its next chapter next year.

On that over the last few years, our franchisees wanted to see a better focus on profitability and we brought that in saw.

Lot of progress and we wanted to see the outcome of all of that being outperformance versus the segment.

It will have more to share probably in the next few months or on our Q4 call to give you a little bit more specifics around that but that's basically the plan going forward Patrick anything you want to add Dennis I think that the parallel although is exactly right I mean, what we did at tims in Canada.

Patrick Doyle: Yeah. Dennis, I think that the parallel, though, is exactly right. I mean, what we did at Tims in Canada, is exactly the same thing we're doing at Burger King. The needs may have been different. You know, the restaurants at Burger King were in more need of updating and remodeling than they were at Tims. The food was great and is great at Burger King, but we're gonna continue to do work on that. One of the interesting things is, as you know, in Canada, you have contractually more control around pricing. Our pricing in Canada was very consistent. We were very careful about making sure we were delivering value across the menu.

Is exactly the same thing we're doing at Burger King the needs may have been different.

The restaurants.

At Burger King we are in more need of updating and remodeling than they were at tims.

Over the rest of this year, we're going to stick to the same things that we talked about at the beginning of the year I think I laid out a couple of different focus areas. We said that we wanted to focus on the whopper in flame grilling, we wanted to bring families back in the restaurants, and we wanted to have consistency in our value offerings through the year and throughout all of the macro ups and downs.

The food was great and is great at Burger King, but we're going to continue to do work on that one of the interesting things is as you know in Canada, you have contractually more control around pricing and so our.

Various quarters, we stuck with that plan and I think that really has paid off.

Our pricing in Canada was very consistent we were very careful about making sure we were delivering value across the menu and I think Burger King and our franchisees have done a very nice job of making sure that we're not getting ahead of ourselves.

I think you kind of see that in the results and especially in the Q3 results and the things that we talked about doing will be basically what youll see from us in Q4.

As I look forward from from there into next year.

Patrick Doyle: I think Burger King and our franchisees have done a very nice job of making sure that we're not getting ahead of ourselves on pricing, and that's created consistent value. The improvement in value that you're seeing for consumers at Burger King is not because we are doing deep discounting or anything like that. It's because we're improving the consistency of execution, the attractiveness of the restaurants that they're going to, the service levels, the food quality, all of those things are what are improving the value for consumers. You know, we aspire to the 18 straight quarters of positive comps that we've gotten at Tims now. By the way, 18 straight quarters of growth in our international business, which is from doing the exact same thing.

That gives us a great foundation to build off of.

Tom and Joel and the team shared some of that plan with our franchisees recently at our convention I think there is tremendous excitement and enthusiasm from those plans and I think kind of what we've done.

On pricing and that's created consistent value, but the improvement in value that youre seeing for consumers that Burger King is not because we are doing deep discounting or anything like that it's because we're improving the consistency of execution.

Gives us the base to then further elevate the brand.

And kind of into keep focusing in elevating the focus on flame grilling. The whopper I think we'll take it kind of into its next chapter next year.

The attractiveness of the restaurants that theyre going to the service levels. The food quality all of those things are what are improving the value for consumers and we.

We will have more to share probably in the next few months or on our Q4 call to give you a little bit more specifics around that but that's basically the plan going forward Patrick anything you want to add Dennis I think the parallel although is exactly right I mean, what we did at tims in Canada.

Prior to the 18th straight quarters of positive comps.

But we've gotten that tim's now and by the way 18 straight quarters of growth.

Is exactly the same thing we're doing at Burger King the needs may have been different.

In our international business, which is from doing the exact same thing terrific execution in the stores on average great compelling franchisee economics, which allow them to reinvest into the stores keep them looking great.

The restaurants.

At Burger King we are in more need of updating and remodeling than they were at tims.

Patrick Doyle: Terrific execution in the stores on average, great compelling franchisee economics, which allow them to reinvest into the stores, keep them looking great. That delivers very consistent results. You know, it's still, we've got a lot of innings to work through on Burger King, but we're very comfortable that we're seeing the results starting to play through.

And that delivers very consistent results and so.

It's still we've got a lot of innings to work through on Burger King, but we're very comfortable that we are seeing the results starting to play through.

Careful about making sure we were delivering value across the menu and I think Burger King and our franchisees have done a very nice job of making sure that we're not getting ahead of ourselves.

Thank you.

Next question comes from David Palmer from Evercore ISI. Your line is now open. Please go ahead.

Operator: Thank you. Our next question comes from David Palmer from Evercore ISI. Your line is now open. Please go ahead.

Yeah.

On pricing and that's created consistent value but.

Thanks, Good morning, and thanks for those comments on Burger King.

David Palmer: Thanks. Good morning, and thanks for those comments on Burger King. Just as a follow-up, and you were talking about beef costs and the impact that that's having on cash flow, no doubt. You also talked about the fact that you're having some pretty good sales momentum. So I would imagine that there's optimism in the system, but you're dealing with a cash flow hit from some of the stuff on the inflation side. Is there any impact from that, even if temporary, in terms of the plan to, you know, get the restaurant count reversed, reimaging invested, on pace, refranchising of Carrols, ad fund contribution? Is there any impact from that, even if it's temporary?

The improvement in value that youre seeing for consumers that Burger King is not because we are doing deep discounting or anything like that it's because we're improving the consistency of execution.

As a follow up you were talking about beef costs and the impact that that's having on cash flow no doubt.

You also talked about the fact that you are having some pretty good sales momentum and so I would imagine that.

The attractiveness of the restaurants that theyre going to the service levels. The food quality all of those things are what are improving the value for consumers and we aspire to the 18th straight quarters of positive comps.

There is.

Optimism in the system, but youre dealing with the cash flow hit from some of the stuff on the inflation side is there any impact from that.

Even if temporary in terms of the plan too.

Get the restaurant count reverse re imaging invested on pace Refranchising of Carol's AD fund contribution is there any impact from that even if it's temporary and then separately on Burger King U S. Theres always this concern that our major competitor is going to hurt the brand with their recover.

But we've got net tims now and by the way 18 straight quarters of growth.

David Palmer: Separately, on Burger King US, you know, there's always this concern that a major competitor is gonna hurt the brand with their recovery, and we're now a week in and a year away from a food safety incident and a major burger player that rocked their results. Do you see that as something that will, you know, as we begin to lap that will impact Burger King indirectly through the rest of this quarter or any comments on that would be helpful? Thank you.

We're now a week a year away from a food safety incidents and a major Burger player that rock their results do you see that as something that will as we begin to lap that that will impact Burger king indirectly.

And that delivers very consistent results and so.

It's still we've got a lot of innings to work through on Burger King, but we're very comfortable that we're seeing the results starting to play through.

Through the rest of this quarter or any comments on that would be helpful and thank you.

Hey, good morning, David Sami I'll take the first part of your question then I'll pass it over to Josh to comment on the second part.

Josh Kobza: Hey, good morning, David. It's Sammy. I'll take the first part of your question, then I'll pass it over to Josh to comment on the second part. Look, with respect to Burger King US, we are pleased with the sales progress, particularly in Q3, and really the pretty consistent outperformance to industry. With respect to beef costs in particular, those have been a clear headwind. I mean, beef costs this year have been at all-time highs. As we think about that, you know, and we think about sort of the dynamics there, being up high teens percentages year-over-year, being about 25% of the commodity basket, that does impact us. I think it is impacted by sort of two dynamics. One is sort of this herd rebuilding cycle in the US.

Sami Siddiqui: Hey, good morning, David. It's Sammy. I'll take the first part of your question, then I'll pass it over to Josh to comment on the second part. Look, with respect to Burger King US, we are pleased with the sales progress, particularly in Q3, and really the pretty consistent outperformance to industry. With respect to beef costs in particular, those have been a clear headwind. I mean, beef costs this year have been at all-time highs. As we think about that, you know, and we think about sort of the dynamics there, being up high teens percentages year-over-year, being about 25% of the commodity basket, that does impact us. I think it is impacted by sort of two dynamics. One is sort of this herd rebuilding cycle in the US.

Thank you.

With respect to Burger King U S. We are pleased with the sales progress, particularly in Q3 and really the pretty consistent outperformance to industry with respect to beef costs in particular those have been a clear headwind I mean beef costs. This year have been at all time highs and as we think about that.

Next question comes from David Palmer from Evercore ISI. Your line is now open. Please go ahead.

Yeah.

Thanks.

Good morning, and thanks for those comments on Burger King and just as a follow up and you were talking about beef costs and the impact that that's having on cash flow no doubt.

And we think about sort of the dynamics, there being up high teens percentages year over year being about 25% of the commodity basket that does impact us I think it is impacted by two dynamics. One is sort of this herd rebuilding cycle in the U S. But it's also impacted by some of the trade agreement dynamics for for markets where beef.

You also talked about the fact that you are having some pretty good sales momentum and so I would imagine that there is.

Optimism in the system, but youre dealing with the cash flow hit from some of the stuff on the inflation side is there any impact from that.

Sami Siddiqui: It's also impacted by some of the trade agreement dynamics for markets where beef is sourced from. I think we view these kind of impacts as temporary, and our franchisees view it that way as well. Although they are a significant impact, we've actually been monitoring the markets, and even if you look at the last week as there's been optimism around some trade deals, whether it's been with Argentina, whether it's been with Mexico, whether it's been with Brazil, we're sensing more optimism that there could be some relief on beef costs. With respect to the impact on the plans, I don't think that changes our plans. We're still on track to do around 400 remodels this year. On the margin, that may shift things from one year to the next. Franchisees are confident.

Even if temporary in terms of the plan too.

Is sourced from I think we view these kind of impacts is temporary and our franchisees view it that way as well, although they are a significant impact.

<unk>.

The restaurant count reversed re imaging invested on pace Refranchising of Carol's AD fund contribution is there any impact from that even if it's temporary and then separately on Burger King U S. Theres always this concern that our major competitor is going to hurt the brand with their recovery.

We've actually been monitoring the market and is even if you look at the last week as the as there's been optimism around some trade deals.

Whether it's been with Argentina, whether it's been with Mexico, whether it's been with Brazil.

We are sensing more optimism that there could be some relief on beef costs and with respect to the impact on the plans I don't think that changes our plans. We're still on track to do around 400 Remodels. This year on the margin that may shift things from one year to the next but franchisees are confident they view this as a temporary sort of headwind and that it will reverse.

How are we a year away from a food safety incidents and a major Burger player that rock their results do you see that as something that will as we begin to lap that that will impact Burger king indirectly.

The rest of this quarter or any comments on that would be helpful and thank you.

Sami Siddiqui: They view kind of this as a temporary sort of headwind, and that it'll reverse, and, we're gonna continue to out execute the competition.

Hey, good morning, David Sami I'll take the first part of your question then I'll pass it over to Josh to comment on the second part.

We're going to continue to out execute the competition.

Thanks, David.

Dave just on the strategy and kind of impact of competitors.

Josh Kobza: Thanks, Amin. Dave, just on the strategy and kind of impact of competitors. You know, I don't think anything that the competitors are doing is impacting Tom and the team's plan. I think that's one of the strengths of what we've done all year long, is we haven't deviated from the plan. We've kept consistent. Even as you've had some macro ups and downs, you've had some shifts in focus from different competitors. I think sticking to our playbook, focusing on our strengths and being consistent, you know. In things like value, one of the best things that we can do is making sure that we have consistent value propositions. You know, guests who are focused on their budgets, they wanna know when they go to Burger King or anywhere else, they wanna know what they're gonna get.

I don't think anything that the competitors are doing as impacting Tom and team as plan I think that's one of the strengths of what we've done all year long as we haven't deviated from the plan we've kept consistent even as <unk> had some macro ups and downs you've had some some shifts in focus from different competitors I think sticking to our playbook.

Think about sort of the dynamics, there being up high teens percentages year over year being about 25% of commodity basket that does impact us I think it is impacted by sort of two dynamics. One is sort of this herd rebuilding cycle in the U S. But it's also impacted by some of the trade agreement dynamics for for markets where beef.

Focusing on our strengths and being consistent in things like value one of the best things that we can do is making sure that we have consistent value propositions.

Who are focused on on their budgets they want to know when they go to Burger king or anywhere else. They want to know what theyre going to get and we've stuck with our $5 duos and $7 trio's.

Is sourced from I think we view these kind of impacts is temporary and our franchisees view it that way as well.

Josh Kobza: You know, we've stuck with our five-dollar Duos and seven-dollar Trios, and made sure that they know when they come to Burger King, that's what's gonna be available over a long period of time. We give guests options. We let them have it their way a little bit and pick what they wanna have as a part of that, those bundles. We're trying to have a bit more consistency in some of those constructs, and I think that seems like it's been working well for the business.

And made sure that they know when they come to Burger King that's what's going to be available over a long period of time, we give guests options. We let them have at their way a little bit and pick what they want to have it as a part of that.

Although they are a significant impact.

Actually been monitoring the market and even if you look at the last week.

Those bundles, but we are trying to have a bit more consistency in some of those constructs and I think that that seems like it's been working well for the business.

There's been optimism around some trade deals whether it's been with Argentina, whether it's been with Mexico, whether it's been with Brazil.

We are sensing more optimism that there could be some relief on beef cost and with respect to the impact on the plans I don't think that changes our plans. We're still on track to do around 400 Remodels. This year on the margin that may shift things from one year to the next but franchisees are confident they view this as a temporary sort of headwind and that it will reverse.

Thank you.

Our next question comes from Daniela got July from AB Bernstein. Your line is now open. Please go ahead.

Operator: Thank you. Our next question comes from Danilo Gargiulo from AB Bernstein. Your line is now open. Please go ahead.

Thank you.

I was wondering if you can comment on your satisfaction about the launch of the proteins locked it in in <unk>.

[Analyst] (Oppenheimer): Thank you. Josh, I was wondering if you can comment on your satisfaction about the launch of the protein latte in Canada, specifically whether you think you got the right level of advertising behind, or if you think it was overshadowed by, you know, some incremental menu offering over there. Given that you don't have major competitors that are necessarily overly focusing on the protein platforms over there, what do you think the comp uplift will it be as you're expanding the platform and potentially think through innovation for the coming quarters and years? Thank you.

Danilo Gargiulo: Thank you. Josh, I was wondering if you can comment on your satisfaction about the launch of the protein latte in Canada, specifically whether you think you got the right level of advertising behind, or if you think it was overshadowed by, you know, some incremental menu offering over there. Given that you don't have major competitors that are necessarily overly focusing on the protein platforms over there, what do you think the comp uplift will it be as you're expanding the platform and potentially think through innovation for the coming quarters and years? Thank you.

We're going to continue to out execute the competition.

Canada, specifically, whether you think you've got the right level.

Thanks Amy.

Dave just on the strategy and kind of impact of competitors.

Advertising behind or do you think it was overshadowed by.

I don't think anything that the competitors are doing as impacting Tom and the team is plan I think that's one of the strengths of what we've done all year long as we haven't deviated from the plan we've kept consistent even as <unk> had some macro ups and downs you've had some some shifts in focus from different competitors I think sticking to our playbook for.

Some incremental menu offering over there and given that you don't have.

There are competitors that are necessarily sourcing overly focusing on the protein platforms over there what do you think the comp uplift could it be through expanding the platform and potentially be thinking through innovation for the coming quarters and years. Thank you.

<unk> on our strengths and being consistent in things like value one of the best things that we can do is making sure that we have consistent value propositions guests who are focused on on their budgets. They want to know when they go to Burger king or anywhere else. They want to know what theyre going to get and we've stuck with our $5 duos and $7 trio's.

Im wanting to know thanks.

Josh Kobza: Good morning, Danilo. Thanks. You know, I would frame the protein lattes as one part of our broader push to innovate in cold beverages. I think Axel and Hope and the team here have done a fantastic job on that. You know, I think we've been talking about it, you know, for at least 3 years now, that our strategy was going to be cold bev and PM food. I think we've made consistent progress there, bringing exciting new innovations to market. Within that cold beverage push, we've been focused on iced lattes a lot, and that overall platform has been a huge success for us. We saw growth well into the double digits of iced lattes in this quarter, so I think that's going great.

I would frame the protein launches is.

One part of our broader push to innovate and cold beverages, and I think Axel and hoping the team here have done a fantastic job on that and I think we've been talking about it for at least three years now that our strategy was going to be cold Bev and PM food and I think we've made consistent progress there bring exciting new innovations to market within.

That cold beverage Bush.

We've been focused on ice lots as a lot in that overall platform.

Those bundles, but we're trying to have a bit more consistency in some of those constructs and I think that seems like it's been working well for the business.

It's been a huge success for us.

We saw growth well into the double digits.

<unk> and <unk>.

This quarter, so I think thats going great protein lot days are just there one more iteration of that idea.

Thank you.

Our next question comes from Chile.

Josh Kobza: Protein lattes are just, they're one more iteration of that idea. You know, I think it's been working pretty well so far. We've seen high incrementality of that new product, so I think it's great. I think we'll have to see where it goes in the future. We'll probably bring some new innovations around it. We're happy with it so far, but I think we've got to give it time and see what new things we bring over the next couple quarters there.

July from AB Bernstein. Your line is now open. Please go ahead.

And I think that's been working pretty well so far we've seen high incremental <unk> of.

That new product, so I think it's great.

Thank you.

So I was wondering if you can comment on your satisfaction about the launch of the proteins locked it in.

But I think we'll have to see where it goes in the future we will probably bring some new innovations around it we're happy with it so far.

And in Canada, specifically, whether you think you've got the right level of advertising behind or do you think it was overshadowed by.

But I think we've got to give it time and see what what new things you bring over the next couple of quarters there.

Some incremental menu offering over there and given that you don't have.

Thank you next.

Next question comes from Brian Bittner from Oppenheimer. Your line is now open. Please go ahead.

Operator: Thank you. Our next question comes from Brian Bittner from Oppenheimer. Your line is now open. Please go ahead.

Major competitors that are necessarily sourcing overly focusing on the protein platforms over there what do you think the comp uplift could it be as you're expanding the platform and potentially be thinking through innovation for the coming quarters and years. Thank you.

Okay.

Thank you and congrats on the impressive results sticking with Tim obviously, the results continue to be solid and hitting on all cylinders as Patrick highlighted can you talk about the share trends for the brand in Canada are you seeing those share trends accelerate and just secondly can you paint a pig.

[Analyst] (Oppenheimer): Thank you, and congrats on the impressive results. Sticking with Tim's, you know, obviously the results continue to be solid, hitting on all cylinders as Patrick highlighted. Can you talk about the share trends for the brand in Canada? Are you seeing those share trends accelerate? Just secondly, can you paint a picture of what type of macro environment you're operating in in Canada? Everyone's obviously talking about a much softer and softening environment in the United States. Curious what you guys are seeing in the Canadian macro, maybe relative to the US macro. Thank you.

Brian Bittner Bittner: Thank you, and congrats on the impressive results. Sticking with Tim's, you know, obviously the results continue to be solid, hitting on all cylinders as Patrick highlighted. Can you talk about the share trends for the brand in Canada? Are you seeing those share trends accelerate? Just secondly, can you paint a picture of what type of macro environment you're operating in in Canada? Everyone's obviously talking about a much softer and softening environment in the United States. Curious what you guys are seeing in the Canadian macro, maybe relative to the US macro. Thank you.

I'm wondering to know thanks.

I would frame the protein launches.

One part of our broader push to innovate.

Cold beverages, and I think Axel and hoping the team here have done a fantastic job on that I think we've been talking about it for at least three years now that our strategy was going to be called <unk> and PM food and I think we've made consistent progress there bring exciting new innovations to market within that cold beverage Bush.

Sure of what type of macro environment, you're operating in in Canada, everyone's obviously talking about a much softer and softening environment in the United States. So curious what you guys are seeing in the Canadian macro maybe relative to the U S macro thank you.

And focus on the ice law days a lot in that overall platform.

Hey, Brian.

What I would point to in terms of share trends is one of the comments I made in our prepared remarks.

Josh Kobza: Hey, Brian. You know, what I would point to in terms of share trends is one of the comments I made in our prepared remarks. You know, we're outperforming by a pretty consistent margin, and we have over the last couple of quarters. I think I mentioned a little bit ago, our same store sales are about three points higher than the other large QSR. I think we're taking share on a pretty consistent basis by a healthy margin. That's a result of all of the great work that the team is doing up here and the strength of the brand.

It's been a huge success for us.

We saw growth well into the double digits.

We're outperforming by a pretty consistent margin and we have over the last couple of quarters I think I mentioned.

<unk>.

This quarter, so I think thats going great protein lot days are just there one more iteration of that idea.

Little bit ago, our same store sales or about three points higher.

I think it's been working pretty well so far we've seen high incremental <unk> of that new products. So I think it's great.

Then the other large <unk>. So I think we're taking share on a pretty consistent basis by a by a healthy margin and as a result of all of the great work that the team is doing up here and the strength of the brand in terms of the macro here in Canada.

But I think we'll have to see where it goes in the future we will probably bring some new innovations around it we're happy with it so far.

Josh Kobza: In terms of the macro, here in Canada, you know, there are some softer stats on things like unemployment or consumer confidence, but I wouldn't say it's been changing so much sequentially. I think that's sort of been the case for a few quarters now. I, you know, I think the results this quarter with over a 4% comp show you our ability to deliver even in some of those tougher macro environments. You know, I think that comes down to doing the fundamentals right and having a great everyday value proposition. If you look at, you know, I think Patrick sort of mentioned it a little bit earlier. We were really disciplined about price over the last few years.

But I think we've got to give it time and see what what new things you bring over the next couple of quarters there.

There are some some softer stats on things like unemployment and consumer confidence, but I wouldn't say, it's been changing so much sequentially I think that's sort of been the case for a few quarters now and I think the results this quarter with over a 4% comp show you our ability to deliver even in some of those tougher macro environment.

Thank you. Our next question comes from Brian Bittner from Oppenheimer. Your line is now open. Please go ahead.

Thank you and congrats on the impressive results sticking with Tims, obviously the results continue to be solid and hitting on all cylinders as Patrick highlighted can you talk about the share trends for the brand in Canada are you seeing those share trends accelerate.

And I think that comes down to doing the fundamentals right and having a great everyday value proposition. If you look at I think Patrick sort of mentioned it a little bit earlier, we were really disciplined about price over the last few years Tims has always been known for delivering great everyday value with compelling price points, and we kept disciplined and that people.

Josh Kobza: Tim's has always been known for delivering great everyday value with compelling price points, and we kept disciplined in that. People know they can come to Tim's, for a really good quality product at a very fair price. That's the kind of thing that I think allows you to perform well, even in some of the tougher macroeconomic environments, which I think we observed over the past quarter or two.

And just secondly can you paint a picture of what type of macro environment, you're operating in in Canada, everyone's obviously talking about a much softer and softening environment in the United States. So curious what you guys are seeing in them and the Canadian macro maybe relative to the U S macro thank you.

No they can come to terms.

For really good quality product at a very fair price and that's the kind of thing that I think allows you to perform well even in some of the tougher macroeconomic environment, which I think we observe tofu.

Over the past quarter or two.

Hey, Brian.

Thank you.

What I would point to in terms of share trends is one of the comments I made in our prepared remarks, we're outperforming by a pretty consistent margin and we have over the last couple of quarters, I think I mentioned, a little bit ago, our same store sales or about three points higher.

Our next question comes from Gregory Frankfurt from Guggenheim Securities. Your line is now open. Please go ahead.

Operator: Thank you. Our next question comes from Gregory Francfort from Guggenheim Securities. Your line is now open. Please go ahead.

Hey, Thanks for the question My question is actually on the international business.

Gregory Francfort: Hey, thanks for the question. My question is actually on the international business. I mean, pretty impressive comp from Burger King and also Globe, I guess, across the brands. Some of the major markets there that are driving that, are you guys seeing your share gains accelerate or you see kind of an uplift in the macro in those markets that maybe you have the biggest overlap? I'm just curious what you're seeing on the ground and how much it was share gains versus the overall market of QSR improving. Thanks.

Pretty impressive comp from Burger King and also global I guess across the brands.

Some of the major markets. There that are driving that are you guys seeing your share gains accelerate or you see kind of an uplift in the macro in those in those markets that maybe.

In terms of the macro here in Canada.

There are some some softer stats on things like unemployment consumer confidence, but I wouldn't say, it's been changing so much sequentially.

You have the biggest overlap and I'm just curious what youre seeing on the ground and how much of it was share gains versus the overall market of <unk> perfect. Thanks.

That's sort of been the case for a few quarters now and I think the results this quarter with over a 4% comp show you our ability to deliver even in some of those tougher macro environments and I think that comes down to doing the fundamentals right and having a great everyday value proposition. If you look at I think Patrick sort of mentioned it a little bit earlier.

Okay.

Hey, Greg it's Josh Thanks for the question.

Josh Kobza: Hey, Greg, it's Josh. Thanks for the question. You know, I think we've seen pretty broad-based improvement across the international business, especially in our European markets and some of our Asia markets. There are some places where I think the macro has gotten a little bit easier, but there are an awful lot of cases of improvements in relative share. I'll give you just a couple of examples. There are quite a number underpinning the overall results. You know, I'd say probably the biggest one is in France. You know, that's our largest market within the international segment. We had been seeing a bit of softer comps prior to Q3.

I think we've seen pretty broad based improvement across the international business, especially in our European markets and some of our Asia markets. There are some places where I think the macro has gotten a little bit easier, but there are an awful lot of cases of improvements in relative share I'll give you just a couple of examples there.

We were really disciplined about price over the last few years at Tims has always been known for delivering great everyday value with compelling price points, and we kept disciplined and that people know they can come to terms.

Quite a number of underpinning the overall results.

I'd say, probably the biggest one is in France.

Larger market.

For really good quality product at a very fair price and Thats. The kind of thing that I think allows you to perform well even in some of the tougher macroeconomic environment, which I think we observed over the past quarter or two.

Within the international segment.

And we had a we had been seeing a bit of a softer comps.

To Q3, and Alex Shimon and the team there at Burger King in France did a fantastic job with some really great new product launches the baby burgers that I mentioned was a huge success.

Josh Kobza: Alexandre Simon and the team there at Burger King in France did a fantastic job with some really great new product launches. The Baby Burgers that I mentioned was a huge success, and we really shifted the trend in terms of relative market share there in Q3. That was a big win and definitely a departure from trend. We've also seen improvement in some other markets. You know, China's for sure one of those where it had been a tough market for us over the last couple of years. I would say the thesis that we went into China with this year has played out even better than we expected. We made some changes to the teams, you know, put in place some really talented and experienced local leaders.

Thank you.

And we really shifted the trend in terms of relative market share. There in Q3, so that was a big win and it definitely a departure from trend.

Our next question comes from Gregory Frankfurt from Guggenheim Securities. Your line is now open. Please go ahead.

Hey, Thanks for the question My question is actually on the international business.

We've also seen improvement in some other markets.

Chinas for sure one of those where it had been a tough market for us over the last couple of years.

Pretty impressive comp from Burger King and also global I guess across the brands.

And I would say that the thesis that we went into China with this year has played out even better than we expected. We made some changes to the teams put in place some some really talented and experienced local leaders.

Some of the major markets. There that are driving that are you guys seeing your share gains accelerate or <unk>.

You see kind of an uplift in the macro in those in those markets that maybe.

You have the biggest overlap and I'm just curious what youre seeing on the ground and how much of it was share gains versus the overall market of <unk>. Thanks.

<unk> improved some of the marketing launch some new products brought back some media focus and have really turned the corner in a meaningful way on the same store sales I mentioned, we were plus 10 in the quarter, which is a terrific result, and shows you the kind of the potential of the brand. There. So that I think that was a big shift in relative market performance and then we had.

Josh Kobza: We improved some of the marketing, launched some new products, brought back some media focus, and have really turned the corner in a meaningful way on the same-store sales. I mentioned we were +10% in the quarter, which is a terrific result and shows you the kind of potential of the brand there. I think that was a big shift in relative market performance. Then, you know, we had another one that's top of mind for me is Japan. I've talked about it for a while. It's been doing really well. The comps there have been great. The restaurant growth is terrific because the paybacks are good. You know, I think we have a huge opportunity in Japan.

Okay.

Hey, Greg it's Josh Thanks for the question.

Another one that's top of mind for me is Japan, I've talked about it for a while it's been doing really well.

The comps there have been great. The restaurant growth is terrific because the paybacks are good.

<unk>.

Quite a number of underpinning the overall results.

I think we're we have a huge opportunity in Japan. It has always been one of our biggest opportunities in the world and the team. There is really doing a great job going after that and growing our market share in the market. So not exhaustive, but gives you a few examples of some of the places where on top of some macro that maybe is a little bit better I think we are.

I'd say, probably the biggest one is in France.

Josh Kobza: It's always been one of our biggest opportunities in the world. The team there is really doing a great job going after that and growing our market share in the market. Not exhaustive, but it gives you a few examples of some of the places where, you know, on top of some macro that maybe is a little bit better. I think we're doing a better job in each of those markets too.

Our largest market.

Within the international segment.

And we had a bit we had been seeing a bit of a softer comps.

Higher to Q3, and Alex Shimon and the team there at Burger King in France did a fantastic job with some really great new product launches the baby burgers that I mentioned was a huge success.

Doing a better job in each of those markets too.

And we really shifted the trend in terms of relative market share. There in Q3, so that was a big win and it definitely departure from trend.

Thank you our next.

Next question comes from John <unk> from Jpmorgan. Your line is now open. Please go ahead.

Operator: Thank you. Our next question comes from John Ivankoe from JPMorgan. Your line is now open. Please go ahead.

Hi, Thank you two parter, if I may firstly, Josh in your prepared remarks, you mentioned the 400 <unk>.

We've also seen improvement in some other markets.

John Ivankoe: Hi. Thank you. A two-parter, if I may. You know, firstly, Josh, in your prepared remarks, you mentioned the, you know, the 400 Reclaim the Flame remodels in 2025 and then mentioned beef prices. It did seem like, you know, that you may have been talking down, you know, the number of Reclaim the Flames expected in 2026. You know, tell me if I kind of caught that inflection or not, and if it's appropriate, how many remodels we should expect in 2026 just to kind of, you know, level set, you know, everyone. Secondly, you know, also in prepared remarks, you know, I heard that it would take a while to deconsolidate the units that were part of Reclaim the Flame. I just wanna understand what that means.

China is for sure one of those where it had been a tough market for us over the last couple of years.

Reclaim the flame Remodels in 'twenty, five and then mentioned beef prices and it did seem like.

And I would say that the thesis that we went into China with this year has played out even better than we expected.

That you may have been talking down.

Made some changes to the teams put in place some some really talented and experienced local leaders.

The number of reclaimed the flames expected in 2006, So tell me, if I kind of caught that inflection or not and if it's appropriate how many remodels. We should expect in 2006 just to kind of.

We improved some of the marketing launch some new products brought back some media focus and have really turned the corner in a meaningful way on the same store sales I mentioned, we were plus 10 in the quarter, which is a terrific result.

Level set everyone and then secondly.

Also in prepared remarks.

It shows you the kind of the potential of the brand there. So that I think that was a big shift in relative market performance and then we had another one that's top of mind for me is Japan I've talked about it for a while it's been doing really well.

I heard that it would take a while the deconsolidation the units that were part of reclaim the flame.

I just want to understand what that means so it will be a refranchising transaction that the store fully remains on balance sheet. So I just want to understand that and how long of a transition period are we talking about until those units can be fully re franchise from a practical perspective as part of.

John Ivankoe: It will be a refranchising transaction that the store fully remains on balance sheet. I just want to understand that and, you know, how long of a transition period are we talking about until those units can be fully refranchised from a practical perspective as part of Crown Your Career? Thank you.

But the comps there have been great. The restaurant growth is terrific because the paybacks are good.

So I think we're we have a huge opportunity in Japan. It has always been one of our biggest opportunities in the world and the team there is really doing a great job going after that.

On your career thank you.

Good morning, John I will take the first part on the Remodels and then I'll, let I'll, let tammy.

And growing our market share in the market so.

Josh Kobza: Morning, John. I'll take the first part on the remodels, and then I'll let Sammy talk about some of the Crown Your Career refranchisings. In terms of the remodels, as we said, we expect to do about 400 this year. We're really pleased with the uplifts, and I think there are even better uplifts in some of our company stores and the Sizzles that Carrols are doing. You know, I think the intention of the comment is just to be mindful of the fact that beef prices have been elevated, and that does have some impact on our franchisees' profitability. It's not going to change our long-term plan.

Can you talk about some of the Crowne your career Refranchising.

Exhaustive, but it gives you a few examples of some of the places where on top of some macro that maybe is a little bit better I think we're doing a better job in each of those markets too.

So in terms of the Remodels as we said we expect to do about 400. This year, we're really pleased with the uplift and I think there are even better uplifts.

And some of our company stores and this sizzles that carriers are doing.

Thank you.

Our next question comes from John <unk> from Jpmorgan. Your line is now open. Please go ahead.

The intention of the comments just to be mindful of the fact that beef prices have been elevated.

And that does have some impact on our franchisees' profitability, it's not going to change our long term plan our vision and plan continues to be very much. The same that we want to get to around 85% of the.

Hi, Thank you two parter, if I may firstly, Josh in your prepared remarks, you mentioned that the 400 <unk>.

Josh Kobza: Our vision and plan continues to be very much the same, that we wanna get to around 85% of the system on modern image. We're obviously just keeping an eye on those beef prices and any impacts that that can have on our franchisees' profitability. The good news, as Sammy mentioned, is that we've already started to see those beef prices come down, which will be helpful to franchise profitability and provides more cash flow for our franchisees to fund those remodels. I think in terms of 2026 remodel numbers, I don't think we're ready to put a number out there quite yet. Something we'll probably look at doing once we get into the beginning of the year, maybe the Q4 earnings call.

Claim the flame Remodels in 'twenty, five and then mentioned beef prices and it did seem like.

System on a modern image.

She is just keeping an eye on those beef prices and any impacts that that can have on our franchisees' profitability. The good news is as Sami mentioned is that we've already started to see those beef prices come down which will be helpful to franchise profitability and provides more cash flow for our franchisees to fund those remodels.

That you may have been talking down.

The number of reclaim the flames expected in 2006, So tell me, if I kind of caught that inflection or not and if it's appropriate how many remodels. We should expect in 2006 just to kind of.

Level set everyone and then secondly.

And I think in terms of 2026 remodel numbers I don't think we are ready to put a number out there quite yet something we'll probably look at doing once we get into the beginning of the year, maybe the Q4 earnings call.

Also in prepared remarks.

No.

I heard that it would take a while the deconsolidation the units that were part of reclaim the flame.

Hey, good morning, John and just quickly on your deconsolidation every franchise restaurants via Crown. Your career I think a couple of things and we've talked about this in the past when we think about refranchising.

Just want to understand what that means so it will be a refranchising transaction that the store fully remains on balance sheet. So I just want to understand that and how long of a transition period are we talking about until those units can be fully re franchise from a practical perspective as part of your career. Thank you.

Sami Siddiqui: Morning, John. Just quickly on your deconsolidation of refranchised restaurants via Crown Your Career. I think a couple things, we've talked about this in the past. When we think about refranchising, the Carrols restaurants, there's sort of three categories of folks we're refranchising to. Number one is existing operators who have capacity for more and are strong A operators in our system. Number two is kind of traditional refranchisings to new operators, new franchisees who are entering our system.

<unk> restaurants, they are sort of three categories of folks we're refranchising to number one is existing operators, who have capacity for more than our strong operators in our system number two is kind of traditional refranchising to new operators, new franchisees, who are entering our system and then the third bucket is crowded.

Good morning, John I will take the first part on the Remodels and then I'll, let I'll, let Tammy you talk about some of the Crowne your career Refranchising.

So in terms of the Remodels as we said we expect to do about 400. This year, we're really pleased with the uplift and I think there are even better uplift.

Career bucket, which are typically smaller restaurant managers above restaurant leaders folks who may have a little bit less capital, but are focused on running very small portfolios of restaurants call. It anywhere from one to five or 10 restaurants, and really growing with the brand in those crown your career restaurant.

Sami Siddiqui: The third bucket is this Crown Your Career bucket, which are typically smaller, restaurant managers above restaurant leaders, folks who may have a little bit less capital, but are focused on running very small portfolios of restaurants, call it, you know, anywhere from 1 to 5 or 10 restaurants, and really growing with the brand. Those Crown Your Career restaurants, and as part of that program, what we do is someone enters the program, and they stay in the program from anywhere from 1 to 3 years as we monitor kind of their progress. You know, how are sales, how are operations performing? They graduate from the program. We don't have set graduation dates.

And some of our company stores and the Sizzles that carriers are doing.

Touching on the comments just to be mindful of the fact that beef prices have been elevated.

That does have some impact on our franchisees' profitability, it's not going to change our long term plan our vision and plan continues to be very much. The same that we want to get to around 85% of the.

And as part of that program, what we do is someone enters the program and <unk>.

And they stay in the program from anywhere from one to three years as we monitor their progress how are sales hour operations performing and then they graduate from the program and we don't have set graduation dates it's really around how quickly are the restaurants, turning around and how ready is different is the operator to be a full fledged Fran.

System on a modern image.

Obviously, you're just keeping an eye on this beef prices and any impacts that that can have on our franchisees' profitability. The good news is as Sami mentioned is that we've already started to see those beef prices come down which will be helpful to the franchise profitability and provides more cash flow for our franchisees to to fund those remodels.

Sami Siddiqui: It's really around, you know, how quickly are the restaurants turning around and how ready is the operator to be a full-fledged franchisee. Those may vary over time. The good news is, you know, as you think about it, we're already ahead of schedule in our refranchisings. We wanna do between 50 and 100 refranchisings this year. Of those, about half will be in the Crown Your Career program, and then those folks will graduate over the next 1 to 3 years. Those restaurants will come off our books in that appropriate time. We're really pleased. We also think the Crown Your Career program is an excellent pathway to ownership for small operators, and that's ultimately what powers the Burger King brand.

And so those may vary over time. The good news is as you know as you think about it we're already we're already ahead of schedule on our Refranchising. We wanted to do between 50 and 100 Refranchising. This year of those about half will be in the crown year career program and then those folks will graduate over the next one to three years.

And I think in terms of 2026 remodel numbers I don't think we're ready to put a number out there quite yet something we'll probably look at doing once we get into the beginning of the year, maybe the Q4 earnings call.

<unk> and <unk>.

Those restaurants will come off our books and that appropriate time. So we're really pleased we also think the crown year career program is an excellent pathway to ownership for small operators and Thats ultimately what powers the Burger King brand.

<unk> restaurants, there's sort of three categories of folks we're refranchising to number one is existing operators, who have capacity for more than our strong operators in our system number two is kind of traditional refranchising to new operators, new franchisees, who are entering our system and then the third bucket is crowded.

Thank you. Our next question comes from Kristine at Chase from Goldman Sachs. Your line is now open. Please go ahead.

Operator: Thank you. Our next question comes from Christine Cho from Goldman Sachs. Your line is now open. Please go ahead.

Great to hear that Youre on track with that.

Christine Cho: Great. Thank you. Great to hear that you're on track with your Burger King remodel this year. I think you mentioned the mid-teens average sales lift for these stores and with even higher performance for the Sizzle images. I was wondering if you had any insights you can share on the year two and three sales trajectory post the remodel. Do these stores continue to outperform, or do they eventually kind of return to a similar comp trajectory with the broader fleet? Additionally, how should we think about kind of the impact on Burger King's comps as it turns over the next few years as the mix of Sizzle image continues to increase within the portfolio? Thank you.

And I think you mentioned average sale.

Right.

And high performance.

Uh huh.

Was wondering if you had any insight.

Sure.

<unk> trajectory.

And as part of that program, what we do is someone enters the program.

JV stores continued to outperform our da Vinci returned to similar comp trajectory.

<unk>.

And they stay in the program from anywhere from one to three years as we monitor their progress how are sales how operations performing and then they graduate from the program and we don't have set graduation dates it's really around how quickly are the restaurants, turning around and how ready is different is the operator to be a full fledged France.

Product.

And Additionally, how should we think about kind of the impact on Burger King comps.

Yes that makes sense.

Continues to increase.

Hey.

Hey, good morning Christine.

Josh mentioned, we're really pleased with the remodel uplift that we're seeing in the teens.

Sami Siddiqui: Hey, morning, Christine. like Josh mentioned, we're really pleased with the remodel uplifts that we're seeing in the teens, and particularly with the Carrols remodels, where we're seeing with the Sizzle images, even better than that. I think as we look into kinda year two uplifts, it's about 100 basis point continued uplift from the remodels. That sort of evolves over time as new restaurants kinda enter our dataset, but we've kind of been consistent around this 100 basis point uplift, and you can kind of flow that through the comp impact.

And so those may vary over time.

And particularly with the <unk> Remodels, where we're we're seeing with the sizzle images, even even better than that I think as we look into kind of year two uplifts it's above.

Good news is as you think about it we're already we're already ahead of schedule on our Refranchising. We wanted to do between 50 and 100 Refranchising. This year of those about half will be in the crown year career program and then those folks will graduate over the next one to three years and and those restaurants will come off our books.

A 100 basis points continued uplift from the remodels that sort of evolves over time as new restaurants kind of enter our dataset, but we've kind of been consistent around that 100 basis point uplift and you can kind of flow that through the comp impact we expect to end this year around high 50 percentages.

And that appropriate time. So we're really pleased we also think the crown year career program is an excellent pathway to ownership for small operators and Thats ultimately what powers the Burger King brand.

Sami Siddiqui: You know, we expect to end this year around high 50%, in terms of the percentage of the portfolio that's modern image and continue to kinda be on track for around 85% modern image by the end of 2028.

In terms of the percentage of the portfolio, that's modern image and and continue to kind of be on track for around 85% modern image by by the end of 2028.

Thank you. Our next question comes from Kristine at Chase from Goldman Sachs. Your line is now open. Please go ahead.

Okay.

Great. Thank you.

Great to hear that Youre on chocolate.

Thank you our next.

Next question comes from Andrew Charles from TD Collyn.

Operator: Thank you. Our next question comes from Andrew Charles from TD Cowen. Your line is now open. Please go ahead.

And I think you mentioned.

Average sale.

Line is now open. Please go ahead.

Right.

And higher performance.

Okay, great. Thank you I know, we'll get an update on the <unk> call for 2025 store level cash flows by brand, but it's no secret that U S industry cash flows are hurting this year, just given elevated beef prices and consumers seeking value.

I was wondering if you had any insight you can share on that.

Andrew Charles: Okay, great. Thank you. I know we'll get an update on the fourth-year call for 2025 store level cash flows by brand, but it's no secret that US industry cash flows are hurting this year, just given elevated beef prices and consumers seeking value. Do you have a target for $230,000 of BK store level cash flow in 2026 in order to sustain 50 basis points of marketing spend incurred by the franchisees? I'm just curious your confidence to reach this as well as key priorities to reach this beyond sales growth.

<unk> launch trajectory.

Do these stores continue to outperform our DNA eventually return to a similar trajectory.

A target for $230000 of decay store level cash flow in 2026 in order to sustain 50 basis points of marketing spend incurred by the franchisees and I'm just curious your confidence to reach this as well as key priorities to reach this beyond sales growth.

Got it.

And Additionally, how should we think about kind of the impact on Burger King comps.

A few years if that makes sense.

<unk> continues to increase.

Thank you.

Hey, good morning Christine.

Yeah.

Josh mentioned, we're really pleased with the remodel uplift that we're seeing in the teens.

Yes, Thanks, Andrew.

I would say on the AD fund there are two ways that we can extend the.

Josh Kobza: Yeah. Thanks, Andrew. You know, I would say on the ad fund, there are two ways that we can extend the higher ad spend, both by one, by hitting the franchise profitability target or through a franchisee vote. There are kind of two pathways to that. I think obviously there has been some headwinds from beef costs in 2025, so we're cognizant of that. You know, like I said, thankfully those beef costs have started to come down. I think it's too early to say kind of exactly where we'll land next year, but we're certainly keeping an eye on it. You know, I think the other piece of that is just our relationships with the franchisees are really great.

And particularly with the <unk> Remodels, where we're seeing with the sizzle images.

The higher AD spend both by one by hitting the the franchise profitability target or through a franchisee vote.

Even even better than that I think as we look into kind of year two uplifts it's above.

Out of 100 basis point continued uplift from the Remodels that sort of evolves over time as new restaurants kind of enter our dataset, but we've kind of been consistent around this 100 basis point uplift and you can kind of flow that through the comp impact we expect to end this year around high 50 percentages.

So there are kind of two pathways to that I think obviously there has been some headwinds from beef costs in.

In 2025, so we're cognizant of that.

And you know like I said those beef costs have started to come down. So I think it's too early to say exactly where we'll land next year, but we're certainly keeping an eye on it I think the other piece of that is just.

In terms of the percentage of the portfolio, that's modern image and and continue to kind of be on track for around 85% modern image by the end of 2028.

Our relationships with the franchisees are really great I think we all have a lot of conviction that we did the right thing and increasing the AD fund rate and I think if you look at the same store sales performance over the last couple of years.

Josh Kobza: I think we all have a lot of conviction that we did the right thing, in increasing the ad fund rate. I think if you look at the same store sales performance over the last couple of years, it's very clear that on top of the other important changes we've made in BK, the increased advertising spend and the quality of the advertising are having an excellent ROI for everybody in the system. I think everybody gets that, and I think because of that, we should be able to find a good path to extend it over time.

Thank you our next.

It's very clear that on top of the other important changes we've made in VK the advertising spend the increased advertising spend and the quality of the advertising are having an excellent ROI for everybody in the system. So I think everybody gets that and I think.

Our next question comes from Andrew Charles from TD Collyn.

Line is now open. Please go ahead.

Cause of that I think we are.

We should be able to find a good path to extend it over time.

Yeah.

A target for $230000 of BK store level cash flow in 2026 in order to sustain 50 basis points of marketing spend incurred by the franchisees and I'm just curious your confidence to reach this as well as key priorities Teresa beyond sales growth.

Thank you. Our next question comes from Sara Senatore from Bank of America. Your line is now open. Please go ahead.

Operator: Thank you. Our next question comes from Sara Senatore from Bank of America. Your line is now open. Please go ahead.

Okay. Thank you.

I just wanted to ask a couple of questions on Canada I apologies.

Sara Senatore: Great. Thank you. I just wanted to ask a couple questions on Tims, and I apologize if I miss anything. I wanted to first ask about from the top line drivers. You know, you mentioned loyalty members increase in spend by about 50% versus prior to joining. Do you, can you give me a sense of how what percentage of your total, like unique customers, the 7 million loyalty members might account for? I'm just trying to think about, you know, as you the opportunity to grow that loyalty base as a top line driver because it's a pretty big increase.

Yeah.

Apologize.

Yes, Thanks, Andrew.

If I may.

Is anything but I wanted to just first ask about the <unk>.

I would say on the AD fund.

There are two ways that we can extend the.

Line driver you mentioned loyalty members increasing.

The higher AD spend both by one by hitting the franchise profitability target or through a franchisee vote.

All of that 50% versus prior to joining <unk>.

Can you give a little sense of how.

What percentage of your total unique customers and a 7 million loyalty members now account for I'm, just trying to think about.

So there are kind of two pathways to that I think obviously there has been some headwinds from beef costs.

In 2025, so we're cognizant of that.

The opportunity to grow that royalty base.

And like I said, those beef costs have started to come down. So I think it's too early to say exactly where we'll land next year, but we're certainly keeping an eye on it I think the other piece of that is just our relationships with the franchisees are really great.

Our pipelines are.

A pretty big increase.

And then maybe the second point of that top line is just.

Riddhi Patel: Maybe the second point about top line is just, you know, you mentioned total beverage sales grew 4%, you know, obviously if cold is growing 10, the implication is maybe brewed coffee declined. Are there any margin implications for franchisees just in terms of that product mix shifting? Thank you.

Sara Senatore: Maybe the second point about top line is just, you know, you mentioned total beverage sales grew 4%, you know, obviously if cold is growing 10, the implication is maybe brewed coffee declined. Are there any margin implications for franchisees just in terms of that product mix shifting? Thank you.

You mentioned total beverage sales grew 4%.

Yeah.

Coldest growing palm implication if any for coffee.

We all have a lot of conviction that we did the right thing.

Client or are there any margin implications for franchisees just in terms of that product mix something thank you.

And increasing the AD fund rate I think if you look at the same store sales performance over the last couple of years.

Yeah.

So Sara just first on your on your first question in terms of loyalty members as a percentage of any customers love to come back to it now we just don't have in front of us right now.

Josh Kobza: Sara, just first on your, on your first question in terms of loyalty members as a percentage of unique customers, love to come back to that one, we just don't have it in front of us right now. In terms of the beverage mix, you know, we have seen a shift. I think the shift from hot to cold beverage is something that you've seen across the industry, both in the US and in Canada. It's one of the reasons why it was a big part of our innovation focus over the last few years to make sure as the customer preference shifts towards cold beverage, we've got all of the products that they want, and we're leading that shift in Canada.

In terms of the beverage mix.

We have seen a shift I think the shift from hot to cold beverage is something that you've seen across the industry. Both in the U S and in Canada, and it's one of the reasons why it was a big part of our innovation focus over the last few years to make sure as the customer preference shifts towards cold beverage. We've got all of the products that they want and we're leading that shift.

Cause of that I think.

We should be able to find a good path to extend it over time.

Thank you.

Our next question comes from Sara Senatore from Bank of America. Your line is now open. Please go ahead.

Okay. Thank you.

In Canada, so you're naturally seeing.

I just wanted to ask a couple of questions on partners and I apologize.

If beverages are growing 4% youre seeing higher growth in your coal beds, and youre seeing lower growth and Youre hotbeds, that's something we anticipated and that's why the kind of the innovation priorities are what they are in terms of margins. They are both good margin products, both very healthy businesses.

Josh Kobza: You're naturally seeing, if beverages are growing 4%, you're seeing higher growth in your cold bev and you're seeing lower growth in your hot bev. That's something we anticipated. That's why the kind of the innovation priorities are what they are. In terms of margins, they're both good margin products. Both very healthy businesses, for our franchisees. No big impact that comes out of that shift, I would say in terms of the percentage margins.

I am sorry, if I Miss anything, but I wanted to just first ask about the.

Top line driver you mentioned loyalty members increasing.

About 50% versus prior to joining <unk>.

Can you give a little sense of how.

What percentage of your total unique customers that 7 million loyalty members now account for I am just trying to think about.

For our franchisees so no big impact that comes out of that shift I would say in terms of the percentage margins.

Patrick the one thing I'd add is the cold beverage can be a little bit more complicated than one of the things that I'm proudest of.

The opportunity to grow that royalty base.

Patrick Doyle: Sarah, it's Patrick. The one thing I'd add is, you know, the cold bevs can be a little bit more complicated, and one of the things that I'm proudest of, with our franchisees in Canada is our speed of service is better than it has ever been in Canada. They're doing just a terrific job of managing that as you continue to see the shift from hot bev to cold bev.

Topline Jarvis.

A pretty big increase.

And then maybe the second point of that top line.

With our franchisees in Canada is our speed of service is better than it has ever been in Canada, Theyre doing just a terrific job.

You mentioned total beverage sales grew 4%.

Yeah.

Coldest growing palm implication is mainly brewed coffee.

Of managing that as you continue to see the shift.

Are there any margin implications for franchisees just in terms of that product mix something thank you.

From a hotbed of the holdup.

Thank you.

Next question comes from Brian <unk> from Morgan Stanley. Your line is now open. Please go ahead.

Operator: Thank you. Our next question comes from Brian Harbour from Morgan Stanley. Your line is now open. Please go ahead.

So Sara just first on your on your first question in terms of loyalty members as a percentage of any customers love to come back to you on that we just don't have in front of us right now.

Yes, thanks, good morning, guys.

Brian Harbour: Yeah, thanks. Good morning, guys. I guess just on the Popeyes side, you know, I appreciate there's sort of, you know, some of the opportunities you laid out there. Is there anything from your perspective with like customer exposure, sort of like competitive dynamics that's also affecting that business right now? What do you see as sort of the, you know, the real hurdles to seeing improvement there?

<unk>.

In terms of the beverage mix.

I guess just on the Popeye side.

I appreciate there's sort of some of the opportunities you laid out there but is there anything from your perspective.

Customer exposure.

Positive dynamics.

Also affecting that business right now or what do you see as sort of.

We've got all of the products that they want and we're leading that shift.

The real hurdles to seeing improvement there.

Candidates you're naturally seeing.

Brian.

If beverages are growing 4% youre seeing higher growth in your <unk> and you are seeing lower growth and your heart, that's something we anticipated and Thats why the kind of the innovation priorities are what they are in terms of margins. They are both good margin products, both very healthy businesses.

Josh Kobza: Yeah, Brian, you know, I think there's a lot of controllable stuff. I think it's been the case that we know we've got the best products in the industry, but we've got some inconsistency in our operations, and we're making some progress there, but I think we need to make more sustained progress. I think that's what's gonna allow us to improve the sales trajectory. I'd say that's the biggest focus from my perspective. I think, you know, secondarily, as I mentioned, I think we can shift some of our marketing and innovation focus from a little bit more LTO focus. You've seen things like dippers and pickles, which gain a lot of customer interest, but sometimes don't drive the sustained sales growth that we'd like to see.

There's a lot of controllable stuff.

It's been the case.

We know we've got the best products in the industry, but we've got some inconsistency in our operations and we're making some progress there, but I think we need to make more sustained progress.

And I think that's what's going to allow us to improve the sales trajectory. So I'd say, that's the biggest focus from my perspective I think.

For our franchisees so no big impact that comes out of that shift I would say in terms of the percentage margins.

Secondarily as I mentioned I think we can shift some of our marketing and innovation focus from a little bit more <unk> focused do you see them, saying things like differs in pickles, which gain a lot of customer interest.

Patrick the one thing I'd add is the cold beverage can be a little bit more complicated than one of the things that I'm proudest of.

With our franchisees in Canada is our speed of service is better than it has ever been in Canada, Theyre doing just a terrific job.

But sometimes don't drive the sustained sales growth that we'd like to see so you are probably going to see a shift back a bit of that focus to some of our more core platforms.

Of managing that as you continue to see the shift.

Josh Kobza: You're probably gonna see us shift back a bit of that focus to some of our more core platforms. Those are the places that I'm focused on. I think that's what's gonna drive the turnaround. I don't see something in kind of the, you know, a customer-based SKU or anything like that's, you know, probably responsible for the sales. If you go back over the last few years, you know, we grew our same store sales tremendously when we focused on the core and got things right. I think this brand is amazing. It's in exactly the right segment. It has every right to win. We've got relatively new assets. I think like half of the stores were built in the last 10 years. It gets tremendous reaction when we do new things.

So those are the places that I'm focused on I think that's what's going to drive the turnaround I don't see something in the customer base SKU or anything like that that's.

From a hotbed of Nicole Bev.

Thank you. Our next question comes from Brian <unk> from Morgan Stanley. Your line is now open. Please go ahead.

That's probably responsible for the sales if you go back over the last few years. We grew our same store sales tremendously when we focus on the core and got things right. So I think this brand is amazing it's in exactly the right segment. It has every right to win we've got relatively new assets I think like half of the stores were built in the last 10 years it gets tremendous.

Yeah. Thanks, good morning, guys.

<unk>.

I guess just on the Popeye side.

I appreciate there's sort of some of the opportunities you laid out there but.

Is there anything from your perspective with like customer exposure sort of like competitive dynamics.

Indus reactions, when we do new things that gets a lot of engagement online so.

Also affecting that business right now or what do you see as sort of the.

Josh Kobza: It gets a lot of engagement online. I think we've got every right to win. We've got a couple of things we need to work on, and we're very much focused on those.

So I think we've got every right to win and we've got a couple of things we need to work on and we're very much focused on those.

The real hurdles to seeing improvement there.

Yeah.

Thank you our next.

Yes, Brian.

I think theres a lot of controllable stuff I think it's been the case.

Next question comes from Jeff Bernstein from Barclays. Your line is now open. Please go ahead.

Operator: Thank you. Our next question comes from Jeffrey Bernstein from Barclays. Your line is now open. Please go ahead.

That we know we've got the best products in the industry, but we've got some inconsistency in our operations and we're making some progress there, but I think we need to make more sustained progress.

Great. Thanks. Good morning, this is product on for Jeff.

Riddhi Patel: Great. Thanks. Good morning. This is Riddhi Patel for Jeff. I had a broader question on the quick service category in the US. Can you comment on whether you're seeing the lower income consumer trade back into fast food with greater frequency now that there's emphasis on value across the board? Also, are you seeing signs of middle and upper income consumers finally trading down from some of those higher priced options, as maybe there's more caution around discretionary spending? Thanks.

I had a broader question on the quick service category in the U S. Can you comment on whether youre seeing the lower income consumer trade back into fast food with greater frequency now that there's emphasis on value across the board and also are you seeing signs of middle and upper income consumer.

And I think that's what's going to allow us to improve the sales trajectory. So I'd say, that's the biggest focus from my perspective, I think secondarily as I mentioned I think we can shift some of our marketing and innovation focus from a little bit more <unk> focused and you see them, saying things like differs in pickles, which gain a lot of customer.

Finally trading down from some of those higher priced options.

<unk>.

But sometimes don't drive the sustained sales growth that we'd like to see so you are probably going to see a shift back a bit of that focus to some of our more core platforms.

Maybe there is more caution around discretionary spending.

Hey, Roddick.

So those are the places that I am focused on I think that's what's going to drive the turnaround I don't see something in kind of the customer base SKU or anything like that that's.

I'd say in terms of the income cohorts as we haven't seen a big departure over the course of the year I think we mentioned over the last couple of quarters that we did see a bit of softer relative performance of the lower and middle income consumers that hasnt changed too much so nothing too new there.

Josh Kobza: Hey, Riddhi. You know, what I would say in terms of the income cohorts is we haven't seen a big departure over the course of the year. You know, I think we mentioned over the last couple of quarters that we did see a bit softer relative performance of the lower and middle income consumers. That hasn't changed too much, so nothing too new there. You know, I think we've been operating in that environment pretty much all the year. What's worked for us is that we've been staying focused, executing well and delivering consistency and value, among other things. You saw that play out in our results in Q3. You know, the one thing I would call out is that October has started out a bit choppier in the US.

That's probably responsible for sales if you go back over the last few years. We grew our same store sales tremendously when we focus on the core and got things right. So I think this brand is amazing it's in exactly the right segment. It has every right to win we've got relatively new assets I think like half of the stores were built in the last 10 years.

I think we've been operating in that environment pretty much all of the year and whats worked for US is that we've been staying focused executing well and delivering consistency consistency.

Consistency and value among other things.

It's tremendous reaction when we do new things that gets a lot of engagement online so.

And you saw that play out in our results in Q3.

One thing I would call out is that October has started out a bit choppy here in the U S.

So I think we've got every right to win and we've got a couple of things we need to work on and we're very much focused on those.

The thing that would cause us to change any of our plans at this point and I would just keep in mind, we do run a large global and diversified business, where 70% of our OE is generated outside the U S. So we feel good about the overall trends globally, and our ability to deliver our 8% NOI growth.

Josh Kobza: Though nothing that would cause us to change any of our plans at this point, and I would just keep in mind, you know, we do run a large global and diversified business, where 70% of our AOI is generated outside the US. We feel good about the overall trends, globally and our ability to deliver our 8% AOI growth. Do wanna call out the US trend in October, which I imagine a lot of you guys have already seen.

Thank you our next.

Next question comes from Jeff Bernstein from Barclays. Your line is now open. Please go ahead.

Great. Thanks. Good morning, this is product on for Jeff.

But do you want to call it the U S trended in October, which I imagine a lot of you guys have already seen.

I had a broader question on the quick service category in the U S. Can you comment on whether you're seeing the lower income consumer trade back into fast food with greater frequency now that there's emphasis on value across the board and also are you seeing signs of middle and upper income consumer.

Thank you.

We currently have no further questions. So I'll hand back to Josh for closing remarks.

Operator: Thank you. We currently have no further questions, so I will hand back to Josh for closing remarks.

Great. Thank you everybody for the time today, we appreciate very much the hard work by all of our teams and franchisees around the world and helping us to produce a good quarter here, we look forward to updating everyone on our progress on our Q4 call and wish you a great day.

Josh Kobza: Great. Thank you everybody for the time today. We appreciate very much the hard work by all of our teams and franchisees around the world in helping us to produce a good quarter here. We look forward to updating everyone on our progress on our Q4 call and wish you a great day.

Finally trading down from some of those higher priced options.

Maybe there is more caution around discretionary spending.

Okay.

Hey, Roddick.

This concludes today's call. Thank you for joining US you may now disconnect your lines.

I'd say in terms of the income cohorts as we haven't seen a big departure over the course of the year I think we mentioned over the last couple of quarters that we did see a bit softer relative performance of the lower and middle income consumers that hasnt changed too much so nothing too new there.

David Palmer: This concludes today's call. Thank you for joining us. You may now disconnect your lines.

Operator: This concludes today's call. Thank you for joining us. You may now disconnect your lines.

I think we've been operating in that environment pretty much all of the year and whats worked for US is that we've been staying focused executing well and delivering consistency consistency.

Consistency and value among other things.

And you saw that play out in our results in Q3.

One thing I would call out is that October has started out a bit choppy here in the U S.

Nothing that would cause us to change any of our plans at this point and I would just keep in mind, we do run a large global and diversified business, where 70% of our OE is generated outside the U S. So we feel good about the overall trends globally, and our ability to deliver our 8% NOI growth.

But do you want to call it the U S trended in October, which I imagine a lot of you guys have already seen.

Thank you.

We currently have no further questions. So I'll hand back to Josh for closing remarks.

Yeah.

This concludes today's call. Thank you for joining US you may now disconnect your lines.

[music].

Yeah.

Okay.

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