TORONTO, Canada – Restaurant Brands International Inc. Chief Executive Officer, Josh Kobza, and Executive Chairman, Patrick Doyle, shared their confidence in the long-term global growth outlook for Tim Hortons, Burger King, Popeyes and Firehouse Subs. Mr. Kobza provided guidance for investors that the company expects to achieve a minimum of 40,000 restaurants, $60B in system-wide sales and $3.2B in Adjusted Operating Income by 2028 by delivering average annual results over the next five years of 3% plus comparable sales, 5% plus net restaurant growth and 8% plus system-wide sales growth translating to at least 8% Adjusted Operating Income growth.
“We’re proud of the work our franchisees and their teams are doing to deliver quality food, excellent service and convenience to guests,” said Josh Kobza, CEO of Restaurant Brands International. “Our four iconic brands have strong restaurant fundamentals and clear runways for growth. Our long-term investment horizon should result in compelling business performance and drive at least low double digit annual total shareholder returns over the next 5 years.”
“When you add up the sum of the parts of our company, we have a pretty remarkable combination of growth drivers,” said Patrick Doyle, Executive Chairman. “The outlook we are sharing for growth is really the lowest average performance that we expect over the next five-years, with real upside potential from there.”
Mr. Kobza summarized the strong fundamentals and growth drivers for each of the Company’s five business segments and provided an update on the Company’s capital allocation priorities.
Tim Hortons
Tim Hortons has a strong foundation, particularly in Canada, with market share of 70%+ in hot brewed coffee, 65%+ in baked goods and 60%+ in breakfast sandwiches and wraps in 2023. Tim Hortons restaurants have a history of strong operations, driven by dedicated restaurant owners who operate roughly 4 restaurants on average.
Looking ahead to 2028, Tim Hortons will focus on growing the PM daypart beyond its 9% market share for 2023 through wraps, bowls, savory pastries, snacking and new product innovation.
Tim Hortons is also planning significant growth in cold beverages from its 25% market share for 2023, driven initially by cold brew, real fruit quenchers, specialty beverages and innovation around its iconic Iced Capp.
Attracting more guests to use the brand’s #1 food and beverage app in Canada will contribute meaningfully to growth, given digital guests spent 5 times more than non-digital guests on average in 2023.
Tim Hortons US business is expected to be the largest contributor of net restaurant growth in its home markets, with an aspiration to reach 1,000 restaurants by 2028.
