Restaurant Brands International: Into the 2Q26 Print

Research evidence excerpt

Restaurant Brands International: Into the 2Q26 Print

Deutsche Bank

Research

Rating Company Date

Buy Restaurant Brands 9 July 2026

Forecast Change

North America International

United States

Reuters Bloomberg Exchange Ticker Price at 7 Jul 2026 (USD) 73.94

QSR.N QSR US NYS QSR

Price Target 85.00

Consumer

52-week range 81.67 - 61.86

Restaurants

Into the 2Q26 Print

Valuation & Risks

Lauren Silberman, CFA

QSR 2Q26 Earnings Preview Research Analyst

QSR reports 2Q26 earnings on 8/6 BMO. +1-212-250-1285

QSR's 2Q print has some mixed dynamics, with expectations for Burger King SSS

Anish Chejerla

to solidly beat and continued International strength, though we see risk to Tim Research Associate

Hortons SSS given a pressured Canadian macro backdrop. We expect QSR to +1-212-250-9293

reiterate its 2026 guide for ~8% organic AOI growth and accelerating unit growth.

Skyler Limber

Investor sentiment on QSR has become more cautious (a shift from the positive

Research Associate

sentiment into 1Q) primarily driven by softer Tim Hortons SSS and decelerating

+1-212-250-9185

Burger King SSS (from highs). That said, we expect sentiment (and valuation) to

improve over time as Burger King gets more credit for its improved underlying

Key changes

business, Tim Hortons SSS reaccelerate as the macro improves, and QSR executes

TP 86.00 to 85.00 ↓ -1.2%

against its long-term outlook, accelerates unit growth and returns to a more

EPS (USD) 4.07 to 4.02 ↓ -1.2%

simplified, less capital-intensive business model.

Revenue (USDm) 9,880 to 9,788 ↓ -0.9%

n Burger King SSS: We are increasing our Burger King 2Q SSS to 7.5% (from Source: Deutsche Bank

6%) as we believe the brand demonstrated strong momentum during the

quarter reflecting execution against marketing, innovation and operations,