Supplemental Financial Information

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

1011778 B.C. Unlimited Liability Company (the “Parent Issuer”) and New Red Finance Inc. (the “Co-Issuer” and together with the Parent Issuer, the “Issuers”) are parties to indentures for the Senior Notes. The indentures allow the financial reporting obligation of the Parent Issuer to be satisfied through the reporting of Partnership’s consolidated financial information, provided that the consolidated financial information of the Parent Issuer and its restricted subsidiaries is presented on a standalone basis.

The following represents the condensed consolidating financial information for the Parent Issuer and its restricted subsidiaries (“Consolidated Borrowers”) on a consolidated basis, together with eliminations, as of and for the periods indicated. The condensed consolidating financial information of Partnership is combined with the financial information of its wholly-owned subsidiaries that are also parent entities of the Parent Issuer and presented in a single column under the heading “RBILP”. The consolidating financial information may not necessarily be indicative of the financial position, results of operations or cash flows had the Issuers and Partnership operated as independent entities.

RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES

Condensed Consolidating Balance Sheets

(In millions of U.S. dollars)

As of June 30, 2026


	Consolidated Borrowers		RBILP		Eliminations		Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	1,063	$	—	$	—	$	1,063
Accounts and notes receivable, net	800		—		—		800
Inventories, net	224		—		—		224
Prepaids and other current assets	256		—		—		256

Total current assets	2,343		—		—		2,343
Property and equipment, net	2,230		—		—		2,230
Operating lease assets, net	1,964		—		—		1,964
Intangible assets, net	10,945		—		—		10,945
Goodwill	6,183		—		—		6,183
Intercompany receivable	—		296		(296)		—
Investment in subsidiaries	—		5,395		(5,395)		—
Other assets, net	1,357		—		—		1,357
Total assets	$	25,022	$	5,691	$	(5,691)	$	25,022
LIABILITIES AND EQUITY
Current liabilities:
Accounts and drafts payable	$	884	$	—	$	—	$	884
Other accrued liabilities	869		296		—		1,165
Gift card liability	183		—		—		183
Current portion of long-term debt and finance leases	82		—		—		82

Total current liabilities	2,018		296		—		2,314
Long-term debt, net of current portion	13,206		—		—		13,206
Finance leases, net of current portion	243		—		—		243
Operating lease liabilities, net of current portion	1,908		—		—		1,908
Other liabilities, net	900		—		—		900
Payables to affiliates	296		—		(296)		—
Deferred income taxes, net	1,056		—		—		1,056
Total liabilities	19,627		296		(296)		19,627
Partners’ capital:
Class A common units	—		12,604		—		12,604
Partnership exchangeable units	—		(5,658)		—		(5,658)
Common shares	2,621		—		(2,621)		—
Retained earnings	4,325		—		(4,325)		—
Accumulated other comprehensive income (loss)	(1,553)		(1,553)		1,553		(1,553)
Total Partners' capital/shareholders' equity	5,393		5,393		(5,393)		5,393
Noncontrolling interests	2		2		(2)		2
Total equity	5,395		5,395		(5,395)		5,395
Total liabilities and equity	$	25,022	$	5,691	$	(5,691)	$	25,022

RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES

Condensed Consolidating Balance Sheets

(In millions of U.S. dollars)

As of December 31, 2025


	Consolidated Borrowers		RBILP		Eliminations		Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	1,163	$	—	$	—	$	1,163
Accounts and notes receivable, net	794		—		—		794
Inventories, net	205		—		—		205
Prepaids and other current assets	179		—		—		179
Assets held for sale - discontinued operations	489		—		—		489
Total current assets	2,830		—		—		2,830
Property and equipment, net	2,303		—		—		2,303
Operating lease assets. net	1,961		—		—		1,961
Intangible assets, net	11,190		—		—		11,190
Goodwill	6,306		—		—		6,306
Intercompany receivable	—		283		(283)		—
Investment in subsidiaries	—		5,159		(5,159)		—
Other assets, net	1,025		—		—		1,025
Total assets	$	25,615	$	5,442	$	(5,442)	$	25,615
LIABILITIES AND EQUITY
Current liabilities:
Accounts and drafts payable	$	866	$	—	$	—	$	866
Other accrued liabilities	988		283		—		1,271
Gift card liability	249		—		—		249
Current portion of long-term debt and finance leases	68		—		—		68
Liabilities held for sale - discontinued operations	437		—		—		437
Total current liabilities	2,608		283		—		2,891
Long-term debt, net of current portion	13,250		—		—		13,250
Finance leases, net of current portion	261		—		—		261
Operating lease liabilities, net of current portion	1,900		—		—		1,900
Other liabilities, net	1,034		—		—		1,034
Payables to affiliates	283		—		(283)		—
Deferred income taxes, net	1,120		—		—		1,120
Total liabilities	20,456		283		(283)		20,456
Partners’ capital:
Class A common units	—		12,006		—		12,006
Partnership exchangeable units	—		(5,515)		—		(5,515)
Common shares	2,683		—		(2,683)		—
Retained earnings	3,808		—		(3,808)		—
Accumulated other comprehensive income (loss)	(1,334)		(1,334)		1,334		(1,334)
Total Partners' capital/shareholders' equity	5,157		5,157		(5,157)		5,157
Noncontrolling interests	2		2		(2)		2
Total equity	5,159		5,159		(5,159)		5,159
Total liabilities and equity	$	25,615	$	5,442	$	(5,442)	$	25,615

RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES

Condensed Consolidating Statements of Operations

(In millions of U.S. dollars)

Three Months Ended June 30, 2026


	Consolidated Borrowers		RBILP		Eliminations		Consolidated
Revenues:
Supply chain sales	$	788	$	—	$	—	$	788
Company restaurant sales	617		—		—		617
Franchise and property revenues	793		—		—		793
Advertising revenues and other services	322		—		—		322
Total revenues	2,520		—		—		2,520
Operating costs and expenses:
Supply chain cost of sales	635		—		—		635
Company restaurant expenses	508		—		—		508
Franchise and property expenses	139		—		—		139
Advertising expenses and other services	369		—		—		369
General and administrative expenses	181		—		—		181
(Income) loss from equity method investments	(2)		—		—		(2)
Other operating expenses (income), net	(26)		—		—		(26)
Total operating costs and expenses	1,804		—		—		1,804
Income from operations	716		—		—		716
Interest expense, net	124		—		—		124

Income before income taxes	592		—		—		592
Income tax benefit	(73)		—		—		(73)
Net income	665		—		—		665


Equity in earnings of consolidated subsidiaries	—		665		(665)		—
Net income (loss)	665		665		(665)		665
Net income (loss) attributable to noncontrolling interests	—		—		—		—
Net income (loss) attributable to common unitholders	$	665	$	665	$	(665)	$	665
Comprehensive income (loss)	$	501	$	501	$	(501)	$	501

RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES

Condensed Consolidating Statements of Operations

(In millions of U.S. dollars)

Six Months Ended June 30, 2026


	Consolidated Borrowers		RBILP		Eliminations		Consolidated
Revenues:
Supply chain sales	$	1,474	$	—	$	—	$	1,474
Company restaurant sales	1,176		—		—		1,176
Franchise and property revenues	1,515		—		—		1,515
Advertising revenues and other services	619		—		—		619
Total revenues	4,784		—		—		4,784
Operating costs and expenses:
Supply chain cost of sales	1,199		—		—		1,199
Company restaurant expenses	985		—		—		985
Franchise and property expenses	258		—		—		258
Advertising expenses and other services	710		—		—		710
General and administrative expenses	361		—		—		361
(Income) loss from equity method investments	(4)		—		—		(4)
Other operating expenses (income), net	(47)		—		—		(47)
Total operating costs and expenses	3,462		—		—		3,462
Income from operations	1,322		—		—		1,322
Interest expense, net	247		—		—		247

Income before income taxes	1,075		—		—		1,075
Income tax benefit	(35)		—		—		(35)
Net income	1,110		—		—		1,110


Equity in earnings of consolidated subsidiaries	—		1,110		(1,110)		—
Net income (loss)	1,110		1,110		(1,110)		1,110
Net income (loss) attributable to noncontrolling interests	—		—		—		—
Net income (loss) attributable to common unitholders	$	1,110	$	1,110	$	(1,110)	$	1,110
Comprehensive income (loss)	$	891	$	891	$	(891)	$	891

RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES

Condensed Consolidating Statements of Operations

(In millions of U.S. dollars)

Three Months Ended June 30, 2025


	Consolidated Borrowers		RBILP		Eliminations		Consolidated
Revenues:
Supply chain sales	$	732	$	—	$	—	$	732
Company restaurant sales	600		—		—		600
Franchise and property revenues	760		—		—		760
Advertising revenues and other services	318		—		—		318
Total revenues	2,410		—		—		2,410
Operating costs and expenses:
Supply chain cost of sales	589		—		—		589
Company restaurant expenses	498		—		—		498
Franchise and property expenses	144		—		—		144
Advertising expenses and other services	364		—		—		364
General and administrative expenses	188		—		—		188
(Income) loss from equity method investments	(5)		—		—		(5)
Other operating expenses (income), net	149		—		—		149
Total operating costs and expenses	1,927		—		—		1,927
Income from operations	483		—		—		483
Interest expense, net	132		—		—		132

Income from continuing operations before income taxes	351		—		—		351
Income tax expense from continuing operations	87		—		—		87
Net income from continuing operations	264		—		—		264
Net loss from discontinued operations	1		—		—		1
Net income	263		—		—		263
Equity in earnings of consolidated subsidiaries	—		263		(263)		—
Net income (loss)	263		263		(263)		263
Net income (loss) attributable to noncontrolling interests	—		—		—		—
Net income (loss) attributable to common unitholders	$	263	$	263	$	(263)	$	263
Comprehensive income (loss)	$	512	$	512	$	(512)	$	512

RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES

Condensed Consolidating Statements of Operations

(In millions of U.S. dollars)

Six Months Ended June 30, 2025


	Consolidated Borrowers		RBILP		Eliminations		Consolidated
Revenues:
Supply chain sales	$	1,343	$	—	$	—	$	1,343
Company restaurant sales	1,158		—		—		1,158
Franchise and property revenues	1,423		—		—		1,423
Advertising revenues and other services	595		—		—		595
Total revenues	4,519		—		—		4,519
Operating costs and expenses:
Supply chain cost of sales	1,085		—		—		1,085
Company restaurant expenses	966		—		—		966
Franchise and property expenses	274		—		—		274
Advertising expenses and other services	675		—		—		675
General and administrative expenses	379		—		—		379
(Income) loss from equity method investments	(10)		—		—		(10)
Other operating expenses (income), net	232		—		—		232
Total operating costs and expenses	3,601		—		—		3,601
Income from operations	918		—		—		918
Interest expense, net	262		—		—		262

Income from continuing operations before income taxes	656		—		—		656
Income tax expense from continuing operations	169		—		—		169
Net income from continuing operations	487		—		—		487
Net loss from discontinued operations	3		—		—		3
Net income	484		—		—		484
Equity in earnings of consolidated subsidiaries	—		484		(484)		—
Net income (loss)	484		484		(484)		484
Net income (loss) attributable to noncontrolling interests	—		—		—		—
Net income (loss) attributable to common unitholders	$	484	$	484	$	(484)	$	484
Comprehensive income (loss)	$	708	$	708	$	(708)	$	708

RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES

Condensed Consolidating Statements of Cash Flows

(In millions of U.S. dollars)

Six Months Ended June 30, 2026


	Consolidated Borrowers		RBILP		Eliminations		Consolidated
Cash flows from operating activities:
Net income	$	1,110	$	1,110	$	(1,110)	$	1,110
Equity in (earnings) loss of consolidated subsidiaries	—		(1,110)		1,110		—
Net loss from discontinued operations	—		—		—		—
Net income from continuing operations	1,110		—		—		1,110

Depreciation and amortization	155		—		—		155

Amortization of deferred financing costs and debt issuance discount	12		—		—		12
(Income) loss from equity method investments	(4)		—		—		(4)
(Gain) loss on remeasurement of foreign denominated transactions	(50)		—		—		(50)
Net (gains) losses on derivatives	(82)		—		—		(82)
Share-based compensation and non-cash incentive compensation expense	70		—		—		70
Deferred income taxes	(215)		—		—		(215)
Other non-cash adjustments, net	(7)		—		—		(7)
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Accounts and notes receivable	(24)		—		—		(24)
Inventories and prepaids and other current assets	(35)		—		—		(35)
Accounts and drafts payable	42		—		—		42
Other accrued liabilities and gift card liability	(184)		—		—		(184)
Tenant inducements paid to franchisees	(18)		—		—		(18)
Changes in other long-term assets and liabilities	(13)		—		—		(13)
Net cash provided by operating activities from continuing operations	757		—		—		757
Cash flows from investing activities:
Payments for additions of property and equipment	(109)		—		—		(109)
Net proceeds from disposal of assets, restaurant closures, and refranchisings	33		—		—		33

Settlement/sale of derivatives, net	28		—		—		28
Other investing activities, net	(12)		—		—		(12)
Net cash used for investing activities from continuing operations	(60)		—		—		(60)
Cash flows from financing activities:

Repayments of long-term debt and finance leases	(57)		—		—		(57)

Distributions on Class A common units and Partnership exchangeable units	—		(579)		—		(579)
Distribution to RBI for repurchase of RBI common shares	—		(170)		—		(170)
Capital contribution from RBI	35		—		—		35
Distributions from subsidiaries	(749)		749		—		—
Proceeds from derivatives	19		—		—		19
Other financing activities, net	(1)		—		—		(1)
Net cash used for financing activities from continuing operations	(753)		—		—		(753)
Net cash used for discontinued operations	(27)		—		—		(27)
Effect of exchange rates on cash and cash equivalents	(8)		—		—		(8)
Decrease in cash and cash equivalents, including cash classified as assets held for sale - discontinued operations	(91)		—		—		(91)
Increase in cash classified as assets held for sale - discontinued operations	(9)		—		—		(9)
Decrease in cash and cash equivalents	(100)		—		—		(100)
Cash and cash equivalents at beginning of period	1,163		—		—		1,163
Cash and cash equivalents at end of period	$	1,063	$	—	$	—	$	1,063

RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES

Condensed Consolidating Statements of Cash Flows

(In millions of U.S. dollars)

Six Months Ended June 30, 2025


	Consolidated Borrowers		RBILP		Eliminations		Consolidated
Cash flows from operating activities:
Net income	$	484	$	484	$	(484)	$	484
Equity in (earnings) loss of consolidated subsidiaries	—		(484)		484		—
Net loss from discontinued operations	3		—		—		3
Net income from continuing operations	487		—		—		487
Depreciation and amortization	148		—		—		148

Amortization of deferred financing costs and debt issuance discount	13		—		—		13
(Income) loss from equity method investments	(10)		—		—		(10)
(Gain) loss on remeasurement of foreign denominated transactions	207		—		—		207
Net (gains) losses on derivatives	(102)		—		—		(102)
Share-based compensation and non-cash incentive compensation expense	81		—		—		81
Deferred income taxes	8		—		—		8
Other non-cash adjustments, net	31		—		—		31
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Accounts and notes receivable	(72)		—		—		(72)
Inventories and prepaids and other current assets	(30)		—		—		(30)
Accounts and drafts payable	(6)		—		—		(6)
Other accrued liabilities and gift card liability	(155)		—		—		(155)
Tenant inducements paid to franchisees	(14)		—		—		(14)
Changes in other long-term assets and liabilities	(19)		—		—		(19)
Net cash provided by operating activities from continuing operations	567		—		—		567
Cash flows from investing activities:
Payments for additions of property and equipment	(102)		—		—		(102)
Net proceeds from disposal of assets, restaurant closures, and refranchisings	12		—		—		12
Net payments for acquisition of franchised restaurants, net of cash acquired	(152)		—		—		(152)
Settlement/sale of derivatives, net	40		—		—		40

Net cash used for investing activities from continuing operations	(202)		—		—		(202)
Cash flows from financing activities:

Repayments of long-term debt and finance leases	(66)		—		—		(66)

Distributions on Class A common units and Partnership exchangeable units	—		(544)		—		(544)

Capital contribution from RBI	20		—		—		20
Distributions from subsidiaries	(544)		544		—		—
Proceeds from derivatives	34		—		—		34
Other financing activities, net	1		—		—		1
Net cash used for financing activities from continuing operations	(555)		—		—		(555)
Net cash used for discontinued operations	(85)		—		—		(85)
Effect of exchange rates on cash and cash equivalents	19		—		—		19
Decrease in cash and cash equivalents, including cash classified as assets held for sale - discontinued operations	(256)		—		—		(256)
Increase in cash classified as assets held for sale - discontinued operations	(52)		—		—		(52)
Decrease in cash and cash equivalents	(308)		—		—		(308)
Cash and cash equivalents at beginning of period	1,334		—		—		1,334
Cash and cash equivalents at end of period	$	1,026	$	—	$	—	$	1,026