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) has reported a FY22 result showing strong revenue growth, but cost pressures starting to bite</li><li>Group revenue of ~NZ$1.3bn was in line with our expectations (+2% against consensus), and reported EBIT of NZ$87m was broadly in line with both us and consensus</li><li>We expected quick service restaurant sales to be robust despite a challenging consumer demand environment and RBD’s result appears consistent with this view so far.</li></ul>

Restaurant Brands (RBD) has reported a FY22 result showing strong revenue growth, but cost pressures starting to biteGroup revenue of ~NZ$1.3bn was in line with our expectations (+2% against consensus), and reported EBIT of NZ$87m was broadly in line with both us and consensusWe expected quick service restaurant sales to be robust despite a challenging consumer demand environment and RBD’s result appears consistent with this view so far.

Restaurant Brands (RBD): FY22 Result – Initial Impressions

Restaurant Brands NZ

Restaurant Brands (RBD): FY22 Result – Initial Impressions