New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Restaurant Brands' (RBD) 3Q22 trading update continued to show robust sales performance helped by positive currency benefits.</li><li>Same store sales (SSS) growth remains positive in all regions except California, which continues to cycle US Government stimulus payments in the prior period.</li><li>We raise our FY22 revenue forecasts to reflect stronger than expected year-to-date sales growth, but higher input costs are the key risk — particularly in the North American markets where RBD does not control the supply chain.</li></ul>

Restaurant Brands' (RBD) 3Q22 trading update continued to show robust sales performance helped by positive currency benefits.Same store sales (SSS) growth remains positive in all regions except California, which continues to cycle US Government stimulus payments in the prior period.We raise our FY22 revenue forecasts to reflect stronger than expected year-to-date sales growth, but higher input costs are the key risk — particularly in the North American markets where RBD does not control the supply chain.

Restaurant Brands NZ: 3Q22 — Sales Takeaway