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### RESTAURANT BRANDS ASIA Q2 FY27 CONCALL: TARGETS 80–100 ANNUAL STORE OPENINGS IN INDIA, 15% RESTAURANT EBITDA MARGIN & INDONESIA TURNAROUND • India Store Expansion: Management sees potential to increase annual Burger King India store openings to 80–100 from the earlier 50–70, supported by improving profitability and lower store development costs. • India Restaurant EBITDA Margin: Management aims to improve restaurant EBITDA margins from approximately 13% toward 15%, driven by higher sales volumes, operating leverage and cost efficiencies. No specific timeline committed. • India Same-Store Sales Growth: Q2 SSSG stood at 14%, marking the second consecutive quarter of strong double-digit growth. Management reported an encouraging start to Q3 but did not provide numerical growth guidance. • India Store Network: Burger King India had 607 stores at Q2-end across 144 cities, increasing to 619 stores by the concall date. Management highlighted a strong expansion pipeline for upcoming quarters. • India Gross Margin Outlook: Management expects improvements from the current 70.4–70.5% range through distribution efficiencies, economies of scale, supply-chain optimization and reduced food procurement costs. • India Company EBITDA: Q2 company-level EBITDA reached ₹55 Cr with a 7.8% margin. Management expects higher restaurant sales and operating leverage to support further profitability improvement. • Traffic-Led Growth: Management intends to prioritize customer footfall growth over higher average spending. Burger King India has recorded 14 consecutive quarters of positive dine-in traffic growth. • New Growth Initiatives: Family and kids-focused offerings will become a new strategic growth pillar, alongside value meals, premium product innovation and digital initiatives. • Cost Efficiency: Investments in solar, energy-efficient equipment, kitchen upgrades and distribution optimization are expected to support profitability improvements over the coming quarters. • Indonesia Turnaround: Burger King Indonesia's Super Hemat campaign is generating approximately 35–40 additional daily transactions per restaurant, supporting management's confidence in a recovery. • Indonesia Daily Sales Target: Management targets an improvement of approximately IDR 5 million in average daily sales per restaurant, from IDR 19–20 million toward IDR 25 million. • Indonesia EBITDA Margin Aspiration: Management aims to restore restaurant-level EBITDA margins toward the historical 15% level, supported by higher sales volumes, marketing and asset upgrades. • Indonesia Capital Infusion: Approximately ₹130 Cr has been earmarked for Indonesia, primarily for working capital support, losses and restaurant upgrades. Funds will be deployed in tranches linked to business requirements and milestones. • Indonesia Store Expansion: No immediate plans to add new Burger King stores in Indonesia during FY27 or FY28. Priority remains improving existing restaurant performance before restarting expansion. • Popeyes Indonesia: Management acknowledged continued weak sales and profitability. Discussions are underway with brand owners to determine an appropriate solution. • Cash Position: Liquidity stands at approximately ₹1,000 Cr, with another ₹450 Cr potentially available through warrants. Management has not finalized a broader capital allocation strategy. • India Expansion Funding: Management expects operating EBITDA to support planned restaurant expansion, without needing to deploy the newly raised capital under the current growth plan. • Digital Expansion: Indonesia's self-ordering kiosk rollout is expected to be completed by March 2027, alongside improvements in CRM, app engagement and digital ordering. • Key Risks: Food-cost inflation, execution of faster store expansion, sustained India traffic growth, weak Popeyes performance and the pace of Indonesia's recovery remain important challenges.

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