Restaurant Brands Asia Ltd

- The company indicated a path to raise additional growth capital but did not specify exact plans for new fundraising through debt or equity. - Capital allocation focus will be primarily on India, with no new restaurant builds planned in Indonesia for the next couple of years. - In Indonesia, capital will be used strategically to drive sales, mainly through marketing investments aimed at improving profitability. - The company aims to be judicious and prudent about capital allocation, avoiding premature or excessive spending. - There is an emphasis on cost optimization and improving profitability before considering major capital injections. - No specific targets or timelines for new debt or equity fundraising were disclosed during the call.

- No new Burger King or Popeyes restaurants will be built in Indonesia in the coming year(s) as focus is on making the business profitable. - Multiple construction sites and approved locations for new restaurants in India are in progress; expansion will continue with no slowdown. - Capital allocation will prioritize marketing and strategic spending to drive sales rather than capex for new restaurants, especially in Indonesia. - Efforts ongoing to reduce corporate overhead and optimize costs, including rent renegotiations and engineering initiatives to cut utilities. - Delivery business profitability is being optimized through pricing, menu adjustments, and commission negotiations. - Overall, the company is judicious about capital allocation, investing primarily in marketing and growth-driving initiatives rather than aggressive physical expansion in certain geographies.

- Continued expansion beyond 510 restaurants with multiple new construction sites in progress and approved sites beginning construction soon (Page 21). - Positive outlook on dine-in sales and traffic growth, driven by successful marketing (e.g., chicken campaign) and menu innovations (Pages 17, 8). - Delivery sales targeted for profitability improvement rather than just volume growth, focusing on optimized menus and negotiated commissions (Pages 14, 13, 11). - Digital transformation to enhance customer engagement and increase frequency of visits, expected to support same-store sales growth (SSSG) via efficient, cost-effective marketing (Pages 19, 4). - Strategic marketing investments planned to drive sales recovery in Indonesia, while expansion on new stores there is paused until profitability improves (Pages 12, 7). - No explicit store opening targets shared yet for next year; management will share outlook after finalizing the annual operating plan (Page 19, 8).

- G&A expenses as a percentage of sales have improved from around 10-11% to about 5.5%, with further reductions expected as top-line sales grow and efficiency reviews continue. - Continued focus on cost optimization across all departments, including rent reductions, utility savings, and G&A cuts, will support profitability growth. - Digital initiatives aim to enhance customer engagement cost-effectively, supporting sustained same-store sales growth (SSSG) and average daily sales (ADS). - Dine-in traffic is improving, with positive same-store sales growth, which is expected to continue, contributing to better restaurant-level EBITDA. - India business is targeting improved ADS and company-level EBITDA margins (currently around 6% with a goal toward 10%). - Indonesia business is being rationalized with store closures and overhead cuts; achieving EBITDA breakeven is a near-term focus. - Overall, management is optimistic about profitable growth driven by operational efficiencies, pricing power, and expanding footprint.

- The management mentioned they have multiple construction sites currently in process. - There are also approved sites that will begin construction next month. - They have reached 510 restaurants as of now and are actively continuing expansion efforts. - No specific numerical target for store openings next year was shared yet; they are finalizing the annual operating plan. - Expansion plans are ongoing, with no indication of slowdown. - In Indonesia, no new stores are planned as focus is on turnaround of existing stores. - Overall, the orderbook includes ongoing construction and approved sites slated for near-term development.