Restaurant Brands Half Year Financial Results 2025

NZX/ASX
26 August 2025


RESTAURANT BRANDS NEW ZEALAND LIMITED RELEASES 30 JUNE 2025
INTERIM RESULTS

• Total Group store sales were $703.2 million
• Group store sales increased by 2.3% on 1H 2024
• Net Profit After Tax (NPAT) of $11.9 million
• Group Store EBITDA was $90.7 million
• Store numbers now total 522 (owned and franchised)

Restaurant Brands New Zealand Limited (RBD or the Group) today announced a new record for total Group store sales, delivering $703.2 million for the six months ended 30 June 2025, up 2.3% on the prior period.

Group store sales growth was underpinned by a strong performance in Hawaii and supported by new store openings in New Zealand.

This result was achieved despite persistent macroeconomic headwinds and shifting consumer patterns across the global Quick Service Restaurant (QSR) sector.

Group NPAT was $11.9 million, down 5.6% on the same period last year, and Group Store EBITDA was $90.7 million, down $3.9 million or 4.1%.

Margin recovery was tempered by increased labour, energy and rental costs, as well as higher aggregator charges, and a slower-than-anticipated macroeconomic improvement across several regions. These conditions have limited the impact of strategic initiatives, including cost control measures, operational efficiencies, and pricing programmes.

RBD Chairman José Parés said the first-half result reflected both the resilience of RBD’s brands and the agility of its teams.

“We have navigated an extended period of cost pressure and economic uncertainty. Prolonged inflationary pressures, cost-of-living constraints, and value-focused customer behaviour continued to shape trading across key markets during the half year, yet the Group continues to grow top-line sales, focusing on profitability and protecting our brand position in all markets.”

“Our teams have responded strongly to changing customer needs and market conditions. We continue to progress our growth strategy with a focus on margin recovery, digital capability, operational efficiency, and targeted investment into our store development pipeline. These initiatives are delivering measurable improvements, and momentum is expected to continue through 2025.”

Chief Executive Officer Arif Khan said the Group remained focused on disciplined execution in each market.

“Affordability and value-for-money are becoming increasingly central to consumer purchase decisions. Across all markets we are evolving menus, expanding digital channels, upgrading store formats, and enhancing the customer experience.”

“The positive customer response to recent menu innovations, promotional programmes and digital service enhancements has supported transaction volumes, improved store sales in Hawaii and reinforced our brand positioning across all markets.”

“Our focus remains on strengthening our brands in each market while advancing the strategic priorities that will position RBD for sustainable, profitable growth.”

As at 30 June 2025, the Group had bank debt facilities totalling $383.8 million, with bank debt of $238.1 million, placing it comfortably within all banking covenants with a Net Debt to EBITDA ratio of 1.6:1.

One new RBD-owned store was opened in 1H 2025, reaching 16 net new stores from 1H 2024. The ongoing store refurbishment programme was maintained, with the store portfolio optimised to focus on key growth areas.

As at 30 June 2025, Restaurant Brands’ store numbers totalled 522 (380 owned and 142 franchised), including 156 owned stores in New Zealand, 83 in Australia, 70 in Hawaii, and 71 in California. Of the 143 Pizza Hut stores in New Zealand, 137 are owned by independent franchisees.

Division update

New Zealand

New Zealand store sales were $309.7 million, up $0.1 million on 1H 2024, primarily driven by the opening of five new stores in 2H 2024 and one further KFC store in 1H 2025.

Same store sales were down 3.1% due to prevailing inflationary conditions in hospitality and retail that are still affecting consumer spending, particularly in Auckland and Wellington.

Store EBITDA was $46.9 million, down 4.7% on 1H 2024, due to higher aggregator costs and labour rates, partly offset by cost savings and margin improvement initiatives.

The robust Pizza Hut network in New Zealand opened two new stores by independent franchisees, to a total of 143 stores (137 franchised) as at 30 June 2025.

One new KFC store opened in 1H 2025, in addition to the five new stores in 2H 2024, for a total 156 RBD-owned stores in New Zealand.

Australia

Store sales in Australia were $A137.5 million, a slight 1.5% reduction on 1H 2024, and same store sales decreased 1.0%. Both results reflect ongoing cost of living pressures, although there were positive signs of recovery following interest rate reductions announced earlier this year as well as the successful launch of the KFC brand campaigns and an ongoing focus on product innovation and value.

Store EBITDA at $A14.9 million, down 3.2% on 1H 2024. Margin improvement initiatives continue to help offset increases in labour, electricity, and rental costs.

Hawaii

Store sales in Hawaii increased 5.3% on 1H 2024, to $US88.8 million, primarily driven by the solid performance of Taco Bell, which continued to thrive in this market, offsetting a slight dip in Pizza Hut sales.

Same store sales increased 5.5% on the back of strong marketing and promotional programmes and the successful implementation of pricing strategies. All key stores have been able to extend trading hours to serve the late-night customer market as staffing shortages continue to improve.

California

Store sales in California were down 2.1% on 1H 2024, to $US52.5 million, partly due to store closures and elevated cost of living pressures continue to impact consumer spending.

Same store sales increased by 1.9% mainly resulting from new KFC marketing campaigns and strategic pricing.

Store EBITDA decreased to $US1.7 million on 1H 2024, primarily due to the higher impact of increased minimum wage in 1H 2025 versus 1H 2024.

Summary table

$NZm 1H 2025 1H 2024 Change ($) Change (%)
Group store sales 703.2 687.2 +16.0 +2.3
Group NPAT 11.9 12.6 -0.7 -5.6
Group Store EBITDA 90.7 94.6 -3.9 -4.1
Group Store EBITDA as a % of sales 12.9 13.8
Store numbers (owned and franchised) 522 506

In closing Parés commented that, “while conditions remain challenging, we are building scale and resilience across our markets, and we remain confident in our pathway toward achieving our $2 billion store sales target and delivering long-term value for all stakeholders.”


Authorised by:

Arif Khan - CEO
Phone: (09) 525 8700

Julio Valdés - CFO
Phone: (09) 525 8700



ENDS.

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