Restaurant Brands International Inc (QSR) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Restaurant Brands International third-quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Kendall Peck, RBI's Head of Investor Relations. Please go ahead.

早上好，歡迎參加 Restaurant Brands International 2025 年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給RBI投資者關係主管肯德爾·佩克。請繼續。

Thank you, operator. Good morning, everyone, and welcome to Restaurant Brands International's earnings call for the third quarter ended September 30, 2025. Joining me on the call today are Restaurant Brands International's Executive Chairman, Patrick Doyle; CEO, Josh Kobza; and CFO, Sami Siddiqui. Following remarks from Josh, Sami and Patrick, we will open the call to questions.

謝謝接線生。各位早安，歡迎參加 Restaurant Brands International 截至 2025 年 9 月 30 日的第三季財報電話會議。今天與我一起參加電話會議的有餐飲品牌國際公司執行董事長帕特里克·多伊爾、首席執行官喬什·科布扎和首席財務官薩米·西迪基。在 Josh、Sami 和 Patrick 發言之後，我們將開始接受問題。

Today's discussion may include forward-looking statements, which are subject to risks detailed in the press release issued this morning and in our SEC filings. We will also reference non-GAAP financial measures, reconciliations of which can be found in the press release and trending schedules available on our Investor Relations website.

今天的討論可能包含前瞻性陳述，這些陳述受到今天上午發布的新聞稿和我們提交給美國證券交易委員會的文件中詳細列出的風險的影響。我們也會參考非GAAP財務指標，相關調節表可在新聞稿和投資者關係網站上的趨勢表中查閱。

As a reminder, organic adjusted operating income growth excludes results from the Restaurant Holdings segment. In addition, on February 14, 2025, we acquired substantially all the remaining equity interest in Burger King China from our joint venture partners.

需要提醒的是，有機調整後的營業收入成長不包括餐飲控股部門的表現。此外，2025 年 2 月 14 日，我們從合資夥伴手中收購了漢堡王中國剩餘的絕大部分股權。

BK China has been classified as held for sale and reported as discontinued operations in our financial statements, as we are actively working to identify a new controlling shareholder. That said, BK China's KPIs continue to be included in our International segment KPIs. A breakdown of BK China's KPIs and its impact on our 2024 financial statements can be found in the trending schedules available on our website.

由於我們正在積極尋找新的控股股東，BK China 已被列為待售資產，並在我們的財務報表中作為終止經營業務進行報告。也就是說，BK 中國的關鍵績效指標仍包含在我們國際業務部門的關鍵績效指標中。BK China 的關鍵績效指標及其對我們 2024 年財務報表的影響的詳細分析，可以在我們網站上提供的趨勢表中找到。

For calendar planning purposes, our preliminary Q4 earnings call is scheduled for the morning of February 12, 2026. And now I'll turn the call over to Josh.

出於日程安排的考慮，我們暫定於 2026 年 2 月 12 日上午舉行第四季財報電話會議。現在我把電話交給喬許。

Thanks, Kendall, and good morning, everyone. Thank you for joining us. Q3 was a strong quarter for us. In a tougher consumer environment, our teams and franchisees once again delivered results that set us apart. Comparable sales were up 4%. Net restaurant growth was 2.8% and system-wide sales grew 6.9%.

謝謝肯德爾，大家早安。感謝您的參與。第三季對我們來說是一個表現強勁的季度。在競爭日益激烈的消費環境下，我們的團隊和加盟商再次取得了讓我們脫穎而出的表現。同店銷售額成長4%。餐廳淨成長率為 2.8%，系統總銷售額成長了 6.9%。

Combined with disciplined cost management across the business, this top-line performance drove 8.8% organic adjusted operating income growth and double-digit nominal EPS growth. These results demonstrate that our strategy is working, fueling continued momentum through the strength of our brands, the dedication of our teams and franchisees, and the value we're delivering to guests every day.

結合公司內部嚴格的成本管理，這項營收成長推動了8.8%的有機調整後營業收入成長和兩位數的名目每股收益成長。這些結果表明，我們的策略正在奏效，憑藉我們強大的品牌、團隊和加盟商的奉獻精神以及我們每天為顧客提供的價值，持續推動著我們的發展勢頭。

Across our largest segments, we continue to see strong execution. Tim Hortons Canada and our international business, which together represent roughly 70% of our adjusted operating income, delivered another quarter of impressive results. Both are performing at a high level and have delivered 18 consecutive quarters of positive same-store sales, underpinned by great food and beverages, strong operations, and engage franchisees.

在我們最大的幾個業務板塊中，我們持續看到強勁的執行力。Tim Hortons 加拿大和我們的國際業務合計約占我們調整後營業收入的 70%，又一個季度取得了令人矚目的業績。兩家門市的業績都達到了很高的水平，連續 18 個季度實現了同店銷售額的增長，這得益於優質的食品和飲料、強大的運營以及積極參與的加盟商。

I'm also encouraged by the continued progress at Burger King in the US. The team is making meaningful strides strengthening the brand's value proposition through delicious menu innovation, better operations, and impactful remodels. The benefits of this work are showing up in solid absolute results and sales outperformance versus the burger QSR segment.

我也對漢堡王在美國的持續進步感到鼓舞。該團隊正透過美味的菜單創新、更好的營運和有影響力的改造，在增強品牌價值主張方面取得實質進展。這項工作的成效體現在穩健的絕對業績和銷售業績上，遠超漢堡速食業的平均水準。

Even in a challenging macro backdrop, we continue to deliver great results the right way. providing best quality products, exceptional service and unmatched convenience. With that focus and with disciplined execution across our teams, we remain confident in our path to delivering at least 8% organic AOI growth in 2025.

即使在充滿挑戰的宏觀環境下，我們仍然以正確的方式取得卓越的成果，提供最優質的產品、卓越的服務和無與倫比的便利性。憑藉著這項專注精神以及我們團隊的嚴謹執行，我們仍然有信心在 2025 年實現至少 8% 的有機 AOI 成長。

Now let's turn to our results, starting with Tim Hortons, which represents roughly 44% of our operating profit and stands out as a consistent performer and contributor to RBI's growth. Tim Hortons in Canada continues to exemplify what happens when you get the fundamentals right and keep innovating. It's a business built on strong brand love, great restaurant level execution, affordable everyday value, and a steady stream of menu innovation that keeps our guests coming back.

現在讓我們來看看我們的業績，首先是 Tim Hortons，它約占我們營業利潤的 44%，並且表現穩定，對 RBI 的成長做出了貢獻。加拿大的 Tim Hortons 持續展現了打好基礎並不斷創新所帶來的成功。這是一家建立在強大的品牌喜愛度、出色的餐廳執行力、實惠的日常價值以及源源不斷的菜單創新之上的企業，這使得我們的顧客不斷光顧。

Comparable sales grew 4.2% in Q3, outperforming the broader Canadian QSR industry by roughly 3 points. We continue to build on our breakfast leadership and saw a 6.5% growth in breakfast foods, driven by our 100% Canadian freshly cracked scrambled egg platform and the launch of our loaded croissant breakfast sandwich.

第三季同店銷售額成長 4.2%，比加拿大速食業整體表現高出約 3 個百分點。我們繼續鞏固在早餐領域的領先地位，早餐食品增長了 6.5%，這主要得益於我們 100% 加拿大新鮮打碎的炒蛋產品以及我們推出的豪華羊角麵包早餐三明治。

Guests also responded enthusiastically to our fall baked goods like the spiced vanilla-filled donut and Halloween Timbits bucket. In the PM daypart, the team is thoughtfully expanding our menu. The Thanksgiving stack, a seasonal in addition to our premium hot sandwich platform performed well. And our 899 dinner deals after 5:00 PM are attracting new guests and strengthening our position in dinner meal occasions.

賓客們對我們的秋季烘焙食品也反應熱烈，例如香草夾心甜甜圈和萬聖節主題的Timbits甜甜圈桶。在下午時段，團隊正在精心擴充我們的菜單。感恩節特別產品，作為我們優質熱三明治產品系列的季節性產品，表現良好。我們下午 5 點後的 899 晚餐優惠吸引了新的顧客，鞏固了我們在晚餐消費市場的地位。

Total beverage sales grew 4%, reaching record highs in both cold and espresso-based beverages. Our improved iced lattes were a particular standout and helped to drive 10% growth in cold beverages. Our fall beverage lineup is also performing well, featuring chai lattes, the return of pumpkin spice, and new protein lattes that are resonating with health-conscious guests. We also expanded the rollout of our new espresso machines, an important investment from our franchisees that will further enhance espresso beverage consistency and quality as this category continues to grow.

飲料總銷售額成長了 4%，冷飲和濃縮咖啡類飲料的銷售額均創歷史新高。我們改良後的冰拿鐵尤其出色，幫助冷飲業務成長了 10%。我們的秋季飲品系列也表現出色，包括柴拿鐵、南瓜香料拿鐵的回歸以及深受注重健康的顧客歡迎的新型蛋白質拿鐵。我們也擴大了新義式咖啡機的推廣範圍，這是我們加盟商的重要投資，隨著義式咖啡品類的持續成長，這將進一步提高義式咖啡飲品的穩定性和品質。

Operationally, our restaurant owners and team members continue to deliver excellent guest experiences. Guest satisfaction remains at record highs, and speed of service has improved across every day part, now reaching our fastest Q3 levels since 2019. Importantly, PM execution and guest satisfaction scores keep improving, a key focus area as we work to capture share and is historically underutilized daypart.

在營運方面，我們的餐廳業主和團隊成員將繼續為顧客提供卓越的用餐體驗。顧客滿意度持續保持歷史最高水平，服務速度在各個方面都有所提高，目前已達到 2019 年第三季以來的最快水平。重要的是，PM 執行和顧客滿意度評分持續提高，這是我們努力獲取市場份額的一個重點領域，也是歷史上未充分利用的時段。

We're also advancing our digital initiatives. Kiosk installations are on track to reach about 800 restaurants by year end, and are driving higher average checks and strong adoption among younger guests. And we recently announced an exciting new loyalty partnership with Canadian Tire, one of Canada's largest and most trusted retailers launching in late 2026.

我們也在推動數位轉型計劃。到今年年底，自助點餐機的安裝預計將覆蓋約 800 家餐廳，這將提高平均消費金額，並受到年輕顧客的熱烈歡迎。我們最近宣布與加拿大輪胎公司（加拿大最大、最值得信賴的零售商之一）建立令人興奮的全新忠誠度合作夥伴關係，該合作夥伴關係將於 2026 年底推出。

This partnership brings together two of Canada's most iconic brands, allowing guests to link their rewards accounts and unlock even more benefits. It's one of several initiatives designed to expand our loyalty base and deepen guest engagement. With over 7 million active Tims reward members already spending about 50% more on average than they did before joining, we see significant potential ahead.

此次合作將加拿大兩大最具代表性的品牌匯聚一堂，讓顧客可以連結他們的獎勵帳戶，解鎖更多福利。這是旨在擴大客戶忠誠度並加深客戶互動體驗的多項措施之一。目前已有超過 700 萬活躍的 Tims 會員獎勵計劃會員，他們的平均消費額比加入前增加了約 50%，我們看到了巨大的發展潛力。

Finally, we remain on track to return to modest net restaurant growth in Canada in 2025. In August, I joined Axle and its team in Nova Scotia and Prince Edward Island, where we saw firsthand that even in some of our most established markets, there is still room to grow given the strength of demand for Tims.

最後，我們仍有望在 2025 年恢復加拿大餐飲業的溫和淨成長。八月份，我加入了 Axle 公司在新斯科細亞省和愛德華王子島的團隊。在那裡，我們親眼目睹，即使在我們一些最成熟的市場，鑑於對 Timberlake 的強勁需求，仍然有成長空間。

I'm proud of the results the team delivered in Q3 from strengthening our leadership in breakfast and beverages to unlocking growth in PM food. With a continued focus on innovation, operational excellence, and digital engagement, I'm confident in the long-term growth trajectory for Tim Hortons.

我為團隊在第三季所取得的成果感到自豪，從加強我們在早餐和飲料領域的領先地位，到釋放下午茶食品的成長潛力。憑藉對創新、卓越營運和數位化參與的持續關注，我對 Tim Hortons 的長期成長軌跡充滿信心。

Now our International business, which drives 26% of our operating profit and accelerated meaningfully this quarter. Same-store sales increased 6.5%, and net restaurant growth of 5.1% drove system-wide sales growth of more than 12%. These results reflect the strength of our global franchise network and the effectiveness of our balanced playbook across menu innovation, marketing, digital, and operations.

現在說說我們的國際業務，它貢獻了我們 26% 的營業利潤，並且在本季度實現了顯著成長。同店銷售額成長 6.5%，餐廳淨成長 5.1%，推動系統整體銷售額成長超過 12%。這些結果反映了我們全球特許經營網絡的實力，以及我們在菜單創新、行銷、數位化和營運方面均衡策略的有效性。

Our same-store sales outperformed the industry in several key markets including France, the UK, Spain, and Germany. In France, performance strengthened with the successful launch of our Baby Burger Boxes in July, a shareable snacking platform that's been a big hit with our guests.

在包括法國、英國、西班牙和德國在內的幾個主要市場，我們的同店銷售額均優於行業平均。在法國，隨著 7 月成功推出我們的迷你漢堡盒，業績得到了加強。迷你漢堡盒是可分享的零食平台，深受顧客歡迎。

In September, we expanded our chef collaboration platform to the UK with the launch of the Gordon Ramsay Wagyu Burger made with 100% British wagyu beef, which drove strong engagement and sales. This quarter, we also leveraged our global scale with a cross-market promotion of Naruto, the popular anime series, which performed well across countries like Germany, Brazil, and China.

9 月，我們透過推出採用 100% 英國和牛牛肉製成的戈登拉姆齊和牛漢堡，將我們的廚師合作平台擴展到了英國，並推動了強勁的參與度和銷售。本季度，我們也利用了我們的全球規模，對熱門動漫系列《火影忍者》進行了跨市場推廣，在德國、巴西和中國等國家都取得了良好的效果。

I visited several international markets this quarter, including the UK and China and was impressed to see the consistency of execution and enthusiasm across the system. In the UK, Burger King is now our fifth international business to surpass $1 billion in system-wide sales and continues to deliver strong top-line growth, adding more than $115 million in sales over just the last 12 months.

本季我走訪了包括英國和中國在內的幾個國際市場，並對整個體系執行力的一致性和熱情印象深刻。在英國，漢堡王現在是我們第五家系統銷售額超過 10 億美元的國際業務，並且繼續保持強勁的營收成長，僅在過去 12 個月就增加了超過 1.15 億美元的銷售額。

Meanwhile, Popeyes in the UK is set to open its 100th restaurant in November, just four years after its debut in East London. Popeyes is seeing strong traction across EMEA, where the brand now has more than 1,000 restaurants. In Turkey, the team will open 100 restaurants this year, reaching nearly 500 locations by year end. Both markets are great examples of the brand's international potential.

同時，英國的Popeyes餐廳將於11月開設其第100家分店，距離在倫敦東區首次亮相僅四年。Popeyes 在歐洲、中東和非洲地區發展勢頭強勁，目前在該地區擁有超過 1000 家餐廳。今年，該團隊將在土耳其開設 100 家餐廳，到年底將達到近 500 家門市。這兩個市場都是該品牌國際潛力的絕佳例證。

Popeyes now ranks among the world's top 10 Western QSR brands outside the US and stands out as the only one that's been growing system-wide sales by over 35%. In China, we're making significant progress at Burger King with results again exceeding our expectations. Comparable sales grew 10.5% in Q3, with momentum building throughout the quarter, and unit economics once again improved quarter over quarter.

Popeyes 目前已躋身美國以外全球十大西方快餐品牌之列，並且是唯一一家系統銷售額增長超過 35% 的品牌。在中國，漢堡王取得了顯著進展，業績再次超越預期。第三季同店銷售額成長 10.5%，整個季度成長動能持續增強，單位經濟效益也再次較上季改善。

Performance was driven by elevated marketing, including the launch of our new CRISPR chicken burger, strongest response to the Naruto campaign, and continued growth in delivery. Under the leadership of our new local team, we've also continued to strengthen operations to build a stronger foundation for long-term growth. The results we're seeing at Burger King China reinforce our conviction that is a high potential business, supported by strong brand awareness, favorable category dynamics, and improving unit economics.

業績成長得益於行銷力度的加大，包括推出我們新的 CRISPR 雞肉漢堡、火影忍者主題活動獲得最強勁的反響以及外賣業務的持續增長。在新成立的本地團隊的領導下，我們也繼續加強運營，為長期發展奠定更堅實的基礎。我們在漢堡王中國看到的業績鞏固了我們對漢堡王業務潛力巨大的信念，這得益於強大的品牌知名度、有利的品類動態以及不斷改善的單位經濟效益。

Sami, Thiago, and I spent time in Shanghai in September, meeting with several of our prospective partners, and we left encouraged by both the level of interest in the brand and the alignment around our vision for the business. We see a clear path to reigniting growth in this important market and remain confident we'll find the right partner to continue driving it forward.

9 月份，薩米、蒂亞戈和我一起在上海待了一段時間，認識了我們幾位潛在的合作夥伴。當我們離​​開時，他們既感受到了他們對我們品牌的濃厚興趣，也感受到了他們對我們業務願景的認同。我們看到了重振這一重要市場成長的明確路徑，並且仍然相信我們會找到合適的合作夥伴來繼續推動其發展。

While in Shanghai, we also spent time with the team at Popeyes China, which continues to perform well and remains on track to open around 50 restaurants this year. Looking ahead, we believe we have a clear runway to accelerate development and capture share of the growing chicken QSR segment in China. Taken together, our results highlight the strength and diversity of our international portfolio with strong execution, great local partners, and a shared commitment to the guest experience, fueling double-digit system-wide sales growth.

在上海期間，我們還與 Popeyes 中國團隊進行了交流，該團隊業績持續良好，並預計在今年開設約 50 家餐廳。展望未來，我們相信我們有清晰的發展路徑，可以加速發展並搶佔中國不斷增長的雞肉快餐市場份額。綜合來看，我們的業績突顯了我們國際產品組合的實力和多樣性，強大的執行力、優秀的本地合作夥伴以及對賓客體驗的共同承諾，推動了系統內兩位數的銷售成長。

Turning now to Burger King, which represents roughly 17% of our operating profits. In September, I joined the team in Phoenix for their convention. The energy was amazing with franchisee confidence in the plan and team near all-time highs. That confidence has been earned over the past three years, as Tom and the team, together with our franchisees, execute reclaim the plan with focus and consistency, raising the bar on food and service quality, elevating our marketing, and modernizing the restaurant experience.

現在來說說漢堡王，它約占我們營業利潤的 17%。九月份，我去了鳳凰城參加團隊的年會。加盟商對計劃和團隊的信心達到了歷史最高水平，現場氣氛非常熱烈。過去三年，湯姆和他的團隊與我們的加盟商一起，專注而持續地執行“重塑計劃”，提高了食品和服務質量的標準，提升了我們的營銷水平，並使餐廳體驗現代化，從而贏得了這份信心。

This focus continues to translate into results with our US comparable sales growing 3.2%. We've outperformed the burger QSR category for many quarters by staying true to our balanced marketing strategy. We're leaning into the Whopper, providing everyday value that guests can trust and reigniting Burger King's connection with families through innovation and fund partnerships.

這項重點持續轉化為實際成果，我們在美國同店銷售額成長了 3.2%。我們堅持均衡的行銷策略，因此連續多個季度在漢堡快餐行業中表現優異。我們正全力以赴打造皇堡，提供顧客可以信賴的日常價值，並透過創新和基金合作重新點燃漢堡王與家庭之間的連結。

Our Whopper By You platform is delivering strong results, engaging our guests through personalized takes on their favorite flame grilled burger. The Barbecue Brisket and Crispy Onion Whopper exceeded expectations, reinforcing the power of our flagship product, and the platform's extension to offer Junior is broadening our reach with women and Gen Z guests.

我們的「Whopper By You」平台取得了顯著成效，透過個人化客製化顧客最愛的火焰烤漢堡，吸引了許多顧客的注意。烤牛胸肉脆皮洋蔥皇堡超出了預期，鞏固了我們旗艦產品的實力，而平台擴展推出 Junior 版本正在擴大我們與女性和 Z 世代顧客的聯繫。

Our $5 duos and $7 trio value platforms are also performing well, and the launch of our (inaudible) campaign builds on that success, celebrating guest choice and personalization while further strengthening our (inaudible) positioning. In an environment where peers are leaning into short-term deals or headline price cuts, our disciplined value strategy continues to resonate.

我們的 5 美元雙人套餐和 7 美元三人套餐超值平台也表現出色，我們推出的（聽不清楚）活動正是在此成功的基礎上，頌揚顧客的選擇和個性化，同時進一步加強我們的（聽不清楚）定位。在同業紛紛轉向短期交易或大幅降價的環境下，我們嚴謹的價值策略仍能引起共鳴。

Looking ahead, we'll maintain this measured approach while keeping our flame-grilled burgers at the center of our story. And we'll support our efforts with innovative family promotions like our recent Monster Menu. Our marketing and menu innovation are being matched by steady improvements in operations, which are equally as important to delivering guests great everyday value.

展望未來，我們將繼續保持這種穩健的做法，同時將我們的火焰烤漢堡作為我們故事的核心。我們將透過創新的家庭促銷活動來支持我們的努力，例如我們最近推出的「怪獸菜單」。我們在行銷和菜單創新方面不斷進行改進，同時營運方面也在穩步提升，這對於為顧客提供日常的超值服務同樣至關重要。

Since launching Reclaim the Flame in 2022, Burger King consistently improved in (inaudible) operational surveys and revisit intent now ranks among the top 3 out of 12 QSR brands. These gains reflect a sharper focus on the fundamentals, quality, accuracy, friendliness, and consistency, and close collaboration with our franchisees to sustain that momentum.

自 2022 年推出「重振雄風」計畫以來，漢堡王在（聽不清）營運調查中持續改進，顧客再次光顧的意願現在在 12 個快餐品牌中排名前 3。這些成果反映出我們更加重視基本面、品質、準確性、友善性和一致性，並與加盟商密切合作，以保持這一勢頭。

We're also making good progress modernizing the system. With remodeled restaurants driving strong uplifts in the team's net of control and average restaurant sales post remodel of around $2 million. With beef costs elevated, we're mindful of the near-term impact on franchisees. While we still expect roughly 400 remodels in 2025, we're mindful of the commodity cycle and impacts on profitability as we manage future remodel schedules with our franchisees.

我們在系統現代化方面也取得了良好進展。經過改造的餐廳顯著提升了團隊的控制範圍，改造後的平均餐廳銷售額約為 200 萬美元。由於牛肉價格高企，我們注意到這對加盟商的短期影響。雖然我們仍然預計 2025 年將有大約 400 家門市進行翻新，但我們在與加盟商一起管理未來的翻新計劃時，會考慮到商品週期及其對盈利能力的影響。

At Carrol's, performance again outpaced the system, underscoring the importance of strong operations and the impact of modern image. Comparable sales at Carrol's were 4.8%, and remodels are delivering updates -- uplifts ahead of the system average, reflecting the success of our new [stable] image, which is now featured in nearly two-thirds of Carrol's remodels completed since 2023.

在卡羅爾餐廳，業績再次超越了系統水平，凸顯了強大運營的重要性以及現代形象的影響。Carrol's 的同店銷售額增長了 4.8%，翻新改造帶來了更新——提升幅度高於系統平均水平，反映了我們新的[穩定]形象的成功，自 2023 年以來，Carrol's 完成的翻新改造中，近三分之二都採用了這種新形象。

We're also advancing the refranchising of Burger King restaurants through a (inaudible) career program as well as with experienced restaurant operators. Overall, Burger King's results show that our plan is working. Operational improvements, creative marketing, and strong franchisee alignment are driving sustained outperformance versus the broader burger QSR category.

我們也透過（聽不清楚）職業發展計畫以及與經驗豐富的餐廳經營者合作，推進漢堡王餐廳的重新特許經營。整體而言，漢堡王的表現顯示我們的計劃是有效的。營運改善、創意行銷和強大的加盟商聯盟正在推動其業績持續優於整個漢堡快餐行業。

Finally, turning to Popeyes and Firehouse Subs. At Popeyes, results were softer this quarter, with US comparable sales down 2% and net restaurant growth of 1.9%, resulting in system-wide sales growth of 0.9%. We are not satisfied with our performance and know there's more work to do. While our limited time offers like Dippers, drove solid trial from new guests, repeat visitation fell short. And while our Wings revamp in August delivered improved guest satisfaction, it proved to be only modestly incremental.

最後，我們來看看Popeyes和Firehouse Subs。Popeyes 本季業績疲軟，美國同店銷售額下降 2%，餐廳淨成長 1.9%，導致系統整體銷售額成長 0.9%。我們對自己的表現並不滿意，也知道還有更多的工作要做。雖然我們的限時優惠活動（例如 Dippers）吸引了不少新顧客前來嘗試，但回頭客數量卻不盡如人意。雖然我們在 8 月對 Wings 餐廳進行的改造提升了顧客的滿意度，但事實證明，這種提升幅度並不大。

It's clear that we need to do a better job focusing on our core offerings, especially our bone and chicken, tenders and sandwich platforms, and we need to deliver consistent value for everyday guests. We also know that price is just one piece of the value equation.

很明顯，我們需要更加專注於我們的核心產品，特別是我們的帶骨雞肉、雞柳和三明治產品，並且我們需要為日常顧客提供持續的價值。我們也知道，價格只是價值等式中的一個組成部分。

And Jeff and his team are stepping up efforts to improve the overall experience at Popeyes by reprioritizing resources to support our franchisees, focusing investments on restaurant and equipment upgrades that have the biggest impact, and ensuring that new units are opened exclusively with our top operators.

傑夫和他的團隊正在加強改善 Popeyes 的整體體驗，他們重新調整資源優先順序來支持我們的加盟商，將投資重點放在影響最大的餐廳和設備升級上，並確保新店只與我們最優秀的營運商合作開設。

It may take some time for these operational improvements to flow through to sales, but we remain very confident that Popeyes has every right to win and take share in an increasingly competitive chicken QSR environment. Popeyes has the best chicken in QSR.

這些營運方面的改進可能需要一段時間才能體現在銷售上，但我們仍然非常有信心，Popeyes 完全有理由在競爭日益激烈的雞肉快餐市場中贏得勝利並搶佔市場份額。Popeyes擁有快餐店裡最好的炸雞。

It's fully marinated, hand battered, and fried in-house and is rooted in authentic Louisiana heritage. On top of this, we have a relatively modern asset base. with roughly half of the Popeyes system having been opened in the last decade, good unit economics, and strong franchisee alignment.

它經過充分醃製、手工裹粉，並在店內炸製，其根源在於正宗的路易斯安那傳統。除此之外，我們還擁有相對現代化的資產基礎，Popeyes 系統中大約一半的門市都是在過去十年內開設的，單店經濟效益良好，加盟商關係緊密。

Finally, Firehouse Subs delivered a solid quarter with comparable sales up 2.6% and net restaurant growth of 7.7%, which drove 10.7% system-wide sales growth. Performance reflects continued progress in expanding our footprint across North America with great engaged operators and a standout result in Canada.

最後，Firehouse Subs 的季度業績表現穩健，同店銷售額增長 2.6%，餐廳淨增長 7.7%，帶動系統整體銷售額增長 10.7%。業績反映了我們在北美地區不斷擴大業務版圖的進展，這得益於我們優秀的營運商團隊，以及在加拿大的突出成績。

Mike and his team have already opened 100 net new restaurants over the past 12 months, which is 5 times the pace of growth from when we acquired the business. This strong result keeps us on track for another year of accelerating development in 2025, supported by enthusiastic franchisees, solid paybacks, and growing brand awareness.

在過去的 12 個月裡，Mike 和他的團隊已經淨增加了 100 家餐廳，這是我們收購這家企業時成長速度的 5 倍。這一強勁的成績使我們得以在2025年繼續加速發展，這得益於熱情的加盟商、穩健的回報和不斷提高的品牌知名度。

With that, I'll hand it over to Sami.

然後，我就把它交給薩米了。

Thanks, Josh, and good morning, everyone. I'm excited about the momentum we're seeing in our business, and I'm proud that we were able to accelerate both top-line and bottom-line results in Q3. Our focus on balanced marketing and great guest experiences is driving that performance. And I feel confident that the groundwork we're laying today positions us well for consistent long-term growth.

謝謝你，喬希，大家早安。我對我們業務目前的發展勢頭感到興奮，也為我們能夠在第三季加速實現營收和利潤雙雙成長而感到自豪。我們著重均衡的行銷和卓越的顧客體驗，這正是推動業績成長的關鍵因素。我相信，我們今天奠定的基礎將為我們實現持續的長期成長奠定良好的基礎。

At the RBI level, we're complementing strong brand execution with financial discipline and thoughtful capital allocation, setting us up to deliver another year of 8% plus organic AOI growth, while continuing to invest in areas of the business that will drive sustainable returns over time.

在 RBI 層面，我們透過強大的品牌執行力、財務紀律和深思熟慮的資本配置，為實現另一年 8% 以上的有機 AOI 成長奠定了基礎，同時繼續投資於能夠隨著時間的推移帶來可持續回報的業務領域。

Today, I'd like to discuss our Q3 financial results, capital allocation, and guidance for the remainder of the year. Starting with our financials. For the third quarter, system-wide sales grew 6.9%, organic AOI grew 8.8%, and nominal adjusted EPS increased 10.7%. Organic AOI grew faster than system-wide sales this quarter with operating leverage driven by disciplined cost management, including an $8 million reduction in segment G&A and an $8 million tailwind from lapping last year's Fuel to Flame ad fund contribution at BK US.

今天，我想和大家討論我們第三季的財務表現、資本配置以及今年剩餘時間的業績展望。首先來看我們的財務狀況。第三季度，系統銷售額成長 6.9%，有機 AOI 成長 8.8%，名目調整後每股盈餘成長 10.7%。本季有機 AOI 的成長速度超過了系統整體銷售額的成長速度，這得益於嚴格的成本管理帶來的營運槓桿效應，包括部門 G&A 減少 800 萬美元，以及 BK US 去年 Fuel to Flame 廣告基金貢獻帶來的 800 萬美元的順風。

These benefits were partially offset by an $8 million year-over-year AOI headwind from BK China. As a reminder, consistent with prior quarters in 2025, we are recording results from BK China in discontinued operations as we work to find a new local partner.

這些收益被 BK China 帶來的 800 萬美元年比 AOI 不利因素部分抵消。再次提醒大家，與 2025 年之前的幾個季度一樣，由於我們正在努力尋找新的本地合作夥伴，我們將 BK China 的業績計入已終止經營業務。

Adjusted EPS increased $1.03 -- increased to $1.03 per share this quarter from $0.93 last year, representing nominal growth of 10.7%. This was driven by our AOI growth as well as a $14 million year-over-year decrease in adjusted net interest expense from $142 million last year to $128 million, reflecting the benefits of our 2024 refinancing activities and cross currency swaps.

調整後每股收益成長 1.03 美元——本季每股收益從去年的 0.93 美元增至 1.03 美元，名義成長 10.7%。這主要得益於我們的 AOI 成長，以及調整後淨利息支出年減 1,400 萬美元，從去年的 1.42 億美元降至 1.28 億美元，反映了我們 2024 年再融資活動和交叉貨幣互換帶來的收益。

Our adjusted effective tax rate this quarter was 17.8%, bringing our year-to-date rate to 18.1%. For the full year in 2025, we continue to expect our adjusted effective tax rate to be in the 18% to 19% range. Now turning to cash flow and capital allocation. We generated $566 million of free cash flow, including the impact of $110 million of CapEx and cash inducements and a $35 million benefit from our swaps and hedges.

本季調整後的實際稅率為 17.8%，使年初至今的實際稅率達到 18.1%。我們預計 2025 年全年調整後的實際稅率仍將在 18% 至 19% 的範圍內。現在來談談現金流和資本配置。我們產生了 5.66 億美元的自由現金流，其中包括 1.1 億美元的資本支出和現金激勵，以及來自互換和對沖的 3,500 萬美元收益。

We also returned $282 million of capital to shareholders through our dividend and we fully repaid the approximately $100 million remaining on our Tim Hortons facility that was maturing in October, consistent with our plan to prioritize deleveraging. As a result, we ended Q3 with total liquidity of approximately $2.5 billion, including $1.2 billion of cash and a net leverage ratio of 4.4 times.

我們還透過分紅向股東返還了 2.82 億美元的資本，並全額償還了 10 月到期的 Tim Hortons 貸款中剩餘的約 1 億美元，這符合我們優先去槓桿化的計劃。因此，截至第三季末，我們的總流動資金約為 25 億美元，其中包括 12 億美元的現金，淨槓桿率為 4.4 倍。

Looking ahead, our capital allocation priorities remain unchanged. We'll continue investing in our business, maintaining an attractive dividend and reducing leverage. As I said before, one of our key priorities is to return to a more simplified business model. As part of this, we're refranchising Burger King restaurants, and we remain on track to refranchise between 50 and 100 restaurants in 2025.

展望未來，我們的資本配置優先事項保持不變。我們將繼續投資我們的業務，保持有吸引力的股息並降低槓桿。正如我之前所說，我們的首要任務之一是回歸更簡化的商業模式。作為其中的一部分，我們正在對漢堡王餐廳進行特許經營權的重新授予，並且我們仍然預計在 2025 年完成 50 至 100 家餐廳的特許經營權重新授予。

About half of these will be through our [crown] year career program, which means the actual deconsolidation of those restaurants will take place over time as candidates graduate from the program. In addition, we're actively engaged with Morgan Stanley to sell Burger King China, and we feel confident in the progress the team is making to find a new local partner. Together, these initiatives are key steps towards simplifying our structure, strengthening our franchise model, and creating a more capital-light platform for long-term free cash flow generation.

其中大約一半將透過我們的[皇冠]年度職業發展計劃實現，這意味著隨著候選人從該計劃畢業，這些餐廳的實際拆分將隨著時間的推移而逐步進行。此外，我們正在積極與摩根士丹利洽談出售漢堡王中國業務，我們對團隊在尋找新的當地合作夥伴方面取得的進展充滿信心。這些措施共同構成了簡化我們結構、加強特許經營模式以及打造更輕資本平台以實現長期自由現金流產生的關鍵步驟。

Before shifting to our 2025 financial guidance, I'd like to touch on beef costs. As Josh mentioned earlier, our Burger King US business is seeing elevated beef costs, which are creating some short-term margin pressures. Beef represents roughly a quarter of the Burger King US commodity basket and year-to-date prices are up high teens versus last year. This equates to a mid- to high-single-digit increase in the overall commodity basket for Burger King US in 2025.

在介紹我們 2025 年的財務預期之前​​，我想先談談牛肉成本。正如 Josh 之前提到的，我們的美國漢堡王業務面臨牛肉成本上漲的問題，這造成了一些短期利潤壓力。牛肉約佔漢堡王美國商品籃的四分之一，今年迄今的價格比去年同期上漲了十幾個百分點。這意味著到 2025 年，美國漢堡王整體商品籃的價格將出現中高個位數的成長。

We expect this to be temporary as the increase is largely tied to the cyclical nature of US herd rebuilding and we're optimistic prices will normalize over time. In fact, you've already seen cattle features come down in the last week or so, and we continue to monitor movements in that market. In the meantime, we're working closely with our franchisees to identify efficiencies and margin opportunities across the P&L.

我們預期這種情況只是暫時的，因為價格上漲主要與美國畜群重建的周期性有關，我們樂觀地認為價格會隨著時間的推移而恢復正常。事實上，過去一周左右，多頭價格已經有所下降，我們將繼續關注該市場的動態。同時，我們正與加盟商密切合作，在損益表中尋找提高效率和增加利潤的機會。

Now I'd like to discuss four updates to our 2025 guidance. First, we continue to expect Tim Hortons supply chain margins to average around 19% for the full year, with Q4 as the softest quarter in the mid-17% range, reflecting the typical seasonality of the business, and the impact of higher average cost of inventory, including within our CPG business.

現在我想討論我們對 2025 年指導方針的四項更新。首先，我們仍然預期 Tim Hortons 全年供應鏈利潤率平均約為 19%，其中第四季度利潤率最低，在 17% 左右，這反映了該業務的典型季節性，以及平均庫存成本上升的影響，包括我們消費品業務的庫存成本上升。

Second, we now expect segment G&A, excluding restaurant holdings, to come in at the low end of our guidance of $600 million to $620 million. Third, we expect 2025 CapEx and cash inducements, including capital expenditures, tenant inducements and incentives to be around $400 million, down from our prior guidance of $400 million to $450 million.

其次，我們現在預計，不包括餐飲業務在內的分部一般及行政費用將處於我們先前預期的 6 億美元至 6.2 億美元區間的低端。第三，我們預期 2025 年資本支出和現金獎勵（包括資本支出、租戶激勵和獎勵）約為 4 億美元，低於我們先前 4 億至 4.5 億美元的預期。

And fourth, within restaurant holdings, BK Carrol's restaurant level margins will continue to be impacted by the 50-basis point add-fund contribution step-up year over year and commodity inflation, primarily related to elevated beef costs. In addition, our early-stage investments at Popeyes China and Firehouse Brazil resulted in a net AOI drag of $7 million in Q3, and we will expect a similar impact in restaurant holdings in Q4. We anticipate these expenses will continue until we transition ownership to new local partners.

第四，在餐飲業務方面，BK Carrol 的餐廳層面利潤率將繼續受到每年 50 個基點的額外資金貢獻增長以及大宗商品通膨的影響，這主要與牛肉成本上漲有關。此外，我們在 Popeyes China 和 Firehouse Brazil 的早期投資導致第三季 AOI 淨下降 700 萬美元，我們預計第四季度餐飲持股也將受到類似影響。我們預計這些費用將持續到我們將所有權移交給新的本地合作夥伴為止。

Finally, we continue to expect 2025 interest expense, NRG, and organic AOI growth to remain consistent with our prior guidance. This includes adjusted net interest expense of around $520 million, net restaurant growth of around 3%, and organic AOI growth of 8%-plus.

最後，我們仍然預期 2025 年利息支出、NRG 和有機 AOI 成長將與我們先前預期的一致。這包括調整後的淨利息支出約 5.2 億美元，餐廳淨成長約 3%，以及有機 AOI 成長超過 8%。

As a reminder, organic AOI growth in the fourth quarter will see a $52 million net benefit from lapping three items: $41 million of BK fuel to flame ad fund expense and $20 million of net [bad] debt expenses in Q4 of '24, partially offset by $9 million of BK China revenues also recognized in Q4 of '24.

提醒一下，第四季有機 AOI 成長將獲得 5,200 萬美元的淨收益，這得益於以下三項支出：2024 年第四季 BK 燃料到火焰廣告基金支出 4,100 萬美元和淨（壞帳）支出 2,000 萬美元，部分被 2024 年第四季確認的 BK 中國收入 900 萬美元所抵銷。

Stepping back, I'm confident we're making good progress towards our goal of returning to a more simplified and highly franchised business. We're ahead of schedule on refranchising the Carrol's restaurants and continue to make great progress on the Burger King China sale process. And even as we execute on these strategic initiatives, we remain firmly on track to deliver another year of 8%-plus organic AOI growth in 2025.

退一步講，我相信我們在回歸更簡化、高度特許經營的商業模式這一目標上取得了良好進展。我們在Carrol's餐廳的重新特許經營方面進展順利，並且在漢堡王中國出售過程中也繼續取得巨大進展。即使在我們執行這些策略措施的同時，我們仍然堅定地朝著2025年實現8%以上的有機AOI成長的目標邁進。

And with that, I'll turn it over to Patrick.

接下來，我將把麥克風交給派崔克。

Thanks, Sami. This team is driving strong results. And importantly, they're doing it the right way. Quarter after quarter, our teams and franchisees are delivering for guests and staying focused on what matters most, creating value for guests by improving their experiences in our restaurants while maintaining discipline around our pricing. That's what sets RBI apart right now, and it's working.

謝謝你，薩米。這個團隊取得了非常優異的成績。更重要的是，他們的做法是正確的。每個季度，我們的團隊和加盟商都在為顧客提供服務，並始終專注於最重要的事情，透過改善顧客在我們餐廳的體驗來創造價值，同時保持價格方面的紀律。這就是RBI目前與眾不同的地方，而且它奏效了。

We've got five amazing businesses that are each at a different point in their journey. Tim Hortons and our International business continue to set the standard with steady high-quality growth built on strong fundamentals.

我們有五家非常優秀的企業，它們各自處於不同的發展階段。Tim Hortons 和我們的國際業務憑藉強勁的基本面，持續保持高品質成長，並持續樹立產業標竿。

At Tims, Axel and team keep raising the bar with exciting menu innovation and outstanding execution in the restaurants. You can feel that momentum from the strength that we're seeing in cold beverages to continued leadership in breakfast. The brand is connecting with guests in a way that feels fresh and relevant every day. Tim's is firing on all cylinders, and our runway for consistent growth is long.

在 Tims，Axel 和他的團隊不斷透過令人興奮的菜單創新和餐廳的出色執行來提高標準。從冷飲市場的強勁表現到早餐市場的持續領先地位，我們可以感受到這種發展勢頭。該品牌每天都以一種新鮮且貼近生活的方式與顧客建立聯繫。Tim's 目前發展勢頭良好，未來還有很長的路要走，可以持續成長。

Internationally, Thiago and team are delivering another year of great results. growing system-wide sales double digits and outperforming our peers in many of our largest markets. What I love about our international business is how consistent the playbook is, great food, engaged local operators and an unwavering focus on the guest experience. That model scales.

在國際市場上，蒂亞戈和他的團隊又取得了一年的優異成績，系統銷售額實現了兩位數的成長，並在許多最大的市場中超越了我們的同行。我喜歡我們國際業務的一點是，我們的經營策略始終如一，提供美味的食物，有積極參與的當地經營者，並且始終專注於提升顧客體驗。該模型具有可擴展性。

We've proved it with Burger King, and now we're proving it with Popeyes which is generating the best system-wide sales growth in international amongst our scaled global peers. Burger King US is showing what focus, patience, and follow-through can deliver. Franchisee confidence is near all-time highs. Operations are improving, and the brand is clearly earning its way back.

我們已經透過漢堡王證明了這一點，現在我們又透過 Popeyes 證明了這一點，Popeyes 在我們規模化的全球同行中，實現了國際市場最佳的系統銷售成長。美國漢堡王用實際行動證明了專注、耐心和堅持不懈能達到怎樣的成就。加盟商信心接近歷史最高水準。營運狀況正在改善，品牌顯然正在重回正軌。

After nearly two years of outperforming the broader QSR burger category, you can feel the turnaround taking hold. These things don't happen overnight. But you know when a brand starts to click again, and that's exactly what we're seeing at Burger King. I'm proud of our franchisees, and I'm proud of Tom and the team leading BK.

在連續近兩年跑贏整個速食漢堡品類之後，你可以感受到這種轉變正在發生。這些事情不會一蹴可幾。但你知道，當一個品牌開始再次流行起來的時候，我們就會看到這種情況，而這正是我們在漢堡王身上看到的。我為我們的加盟商感到自豪，也為湯姆和領導漢堡王的團隊感到自豪。

Popeyes on the other hand, has some work to do. We know it's not performing where it should be, and Jeff and team are leaning in by simplifying and improving operations, sharpening the value proposition and getting back to what makes Popeyes so special. It's incredible food and Louisiana heritage. As we increase the pace of operational improvements in our restaurants, Popeyes food is too good, and the brand is too strong for us to not be growing faster.

另一方面，Popeyes還有很多工作要做。我們知道它的表現沒有達到應有的水平，傑夫和他的團隊正在努力簡化和改進運營，提高價值主張，回歸Popeyes的獨特之處。這裡有令人驚豔的美食和路易斯安那州的傳統文化。隨著我們加快餐廳營運改善的步伐，Popeyes 的食物太美味了，品牌太強大了，我們不能不加快發展速度。

And Firehouse continues to build momentum with strong development and a lot of enthusiasm from franchisees who see the long runway ahead. Mike and his team are moving the brand in the right direction and starting to accelerate the pace of scaling this business.

Firehouse 持續保持強勁的發展勢頭，加盟商們也充滿熱情，看到了公司未來的長期發展前景。麥克和他的團隊正帶領品牌朝著正確的方向發展，並開始加快業務規模的擴張步伐。

What makes RBI stand out is our bias for action. When something isn't working, we move aggressively to make it right. We run this business like true owners and take a long-term view, investing in the areas that strengthen both our business and our franchisees. From investing in back to basics at Tims to supporting Reclaim the Flame at Burger King US, to stepping in to stabilize BK China. We're not afraid to do the hard work to make every one of our business is great.

RBI 的獨特之處在於我們注重行動。當出現問題時，我們會積極主動地解決。我們像真正的業主一樣經營這家企業，並著眼於長遠發展，投資於能夠增強我們自身業務和加盟商實力的領域。從投資 Tim Hortons 回歸基本面，到支持美國漢堡王「重燃火焰」計劃，再到介入穩定漢堡王中國市場。我們不怕吃苦，努力把每一項業務都做好。

There is no kicking the can here. Long-term success means creating an ever-improving guest experience, compelling franchisee economics that attract and grow great restaurant operators, and efficient use of RBI's resources to achieve that growth in order to generate consistent and compelling returns for our shareholders.

這個問題沒有迴避的餘地。長期成功意味著創造不斷改善的顧客體驗，提供有吸引力的加盟商經濟效益以吸引和發展優秀的餐廳經營者，並有效利用 RBI 的資源來實現成長，從而為我們的股東創造持續且令人信服的回報。

We also know that we need to simplify our business back to being nearly 100% franchised. So we're taking steps to get that done, refranchising our Carrol's restaurants and finding a new partner for Burger King China. We are going to be a much simpler story. We've got engaged franchisees, motivated teams and a culture that values doing things the right way for our guests, our operators, and our shareholders.

我們也知道，我們需要簡化業務，使其幾乎完全恢復到特許經營模式。所以我們正在採取措施來實現這一目標，包括重新特許經營我們的 Carrol's 餐廳，並為漢堡王中國尋找新的合作夥伴。我們的故事會簡單得多。我們擁有積極投入的加盟商、充滿幹勁的團隊，以及重視以正確的方式為顧客、營運商和股東做事的企業文化。

That combination of long-term investment, operational discipline, and accountability gives me a lot of confidence in where we're headed. I'll close by saying thank you to everyone across our system. These results don't happen without incredible teamwork and passion from our restaurant operators, managers, crew members and corporate teams around the world. You're building something that lasts and it's a lot of fun to be a part of it.

長期投資、營運紀律和問責制的結合，讓我對我們的發展方向充滿信心。最後，我要感謝我們系統內的每一位成員。如果沒有我們遍布全球的餐廳經營者、經理、員工和公司團隊的出色團隊合作和熱情，這些成果是不可能實現的。你正在打造一個歷久不衰的事物，參與其中樂趣無窮。

And with that, I'll turn it over to the operator to take questions.

接下來，我將把麥克風交給接線員，由他來回答問題。

(Operator Instructions) Dennis Geiger, UBS.

（操作說明）丹尼斯·蓋格，瑞銀集團。

Congrats on the solid results. I wanted to ask a little bit more on Burger King US given the continued industry outperformance, the continued execution against plan despite the difficult environment. I think, Patrick, you and Josh both spoke to like feeling the turn.

恭喜取得如此優異的成績。鑑於漢堡王美國公司持續超越行業平均水平，儘管環境艱難，但仍能繼續按計劃執行，我想就此多了解一些情況。派崔克，我覺得你和喬許都像是感覺到了轉變。

But could you speak a little more to that turnaround trajectory that the brand is on and maybe if it's possible to draw some parallels to the Tims turn in previous years. And I know you guys spoke to the ops, the marketing, the franchisee, the alignment, but just maybe highlighting some of the biggest opportunities still from here to get to where you want the brand to be.

但您能否更詳細地談談該品牌目前的轉型軌跡，以及是否有可能將其與前幾年 Timberlake 的轉型進行一些類比？我知道你們已經和營運、行銷、加盟商、協調部門談過了，但或許可以重點強調一下，從現在到你們想要打造的品牌，還有哪些最大的機會需要把握。

Thank you for the question. I'll start, and Patrick feel free to add on. I think we're really pleased with the work that Tom and the team have done now over a number of years. When we set out on this plan, we sort of -- we listen to our guests and our franchisees and understood what they wanted from the brand.

謝謝你的提問。我先開始，派崔克可以補充。我認為我們對湯姆和他的團隊多年來所做的工作非常滿意。當我們著手製定這個計劃時，我們傾聽了顧客和加盟商的意見，並了解了他們對品牌的期望。

And I think they wanted things like more modern assets. We're working on that. They wanted more consistent operations. We've made tremendous progress on that over the last few years. Our franchisees wanted to see a better focus on profitability. We brought that and saw a lot of progress.

我認為他們想要的是更現代化的設備之類的東西。我們正在努力解決這個問題。他們希望營運更加穩定。過去幾年，我們在這方面取得了巨大的進步。我們的加盟商希望公司更重視獲利能力。我們引進了這些，並且取得了巨大進展。

And we wanted to see the outcome of all of that being outperformance versus the segment, which we've been lagging behind in the prior periods. And we've now seen that pretty consistently over the last couple of years. So I think that combination of sort of listening to guests, understanding what they wanted from the brand, and making sure that we were really well coordinated and working together with our franchisees, I think is what's driven progress.

我們希望看到所有這些努力的最終結果是，我們的業績能夠超越之前一直落後於該細分市場的行業平均值。而且在過去幾年裡，我們已經相當頻繁地看到了這種情況。所以我認為，傾聽顧客的意見，了解他們對品牌的期望，並確保我們與加盟主之間協調一致、通力合作，正是推動進步的因素。

As I look forward over the rest of this year, we're going to stick to the same things that we talked about at the beginning of the year. I think I laid out a couple of different focus areas. We said that we wanted to focus on the Whopper in flame grilling. We want to bring families back in the restaurants, and we wanted to have consistency in our value offerings through the year.

展望今年剩餘的時間，我們將繼續堅持年初討論過的那些事情。我覺得我已經列出了幾個不同的重點領域。我們說過，我們想專注於用明火燒烤的方式製作皇堡。我們希望吸引家庭顧客重返餐廳，並且希望全年都能提供物超所值的服務。

And throughout all the macro ups and downs of various quarters, we stuck with that plan. And I think that really has paid off. And I think you kind of see that in the results and especially in the Q3 results. And the things that we talked about doing will be basically what you see from us in Q4. As I look forward from there into next year, I think that gives us a great foundation to build off of.

儘管經歷了各個季度的宏觀經濟波動，我們始終堅持這項計畫。我認為這確實取得了成效。我認為這一點在結果中有所體現，尤其是在第三季的結果中。我們之前討論過要做的事情，基本上就是你們在第四季會看到的成果。展望明年，我認為這為我們未來的發展奠定了良好的基礎。

And Tom and Joel and the team shared some of that plan with our franchisees recently at our convention. I think there was tremendous excitement and enthusiasm from those plans. And I think kind of what we've done gives us the base to then further elevate the brand and to keep focusing and elevating the focus on flame grilling the Whopper, I think we'll take it kind of into its next chapter next year.

最近，湯姆、喬爾和他們的團隊在我們的大會上與加盟商分享了其中的一些計劃。我認為這些計劃當時引起了極大的興奮和熱情。我認為我們所做的一切為我們進一步提升品牌奠定了基礎，讓我們能夠繼續專注於用火焰烤製堡壘，我認為明年我們將把它帶入下一個篇章。

We'll have more to share probably in the next few months or on our Q4 call to give you a little bit more specifics around that, but that's basically the plan going forward. Patrick, anything you want to add to that?

我們可能會在接下來的幾個月或在第四季度電話會議上分享更多信息，以便向您提供更多細節，但這基本上就是我們未來的計劃。派崔克，你還有什麼要補充的嗎？

Yeah, Dennis, I think that the parallel though is exactly right. I mean what we did at Tims in Canada is exactly the same thing we're doing at Burger King. The needs may have been different. The restaurants at Burger King, we're in more need of updating and remodeling than they were at Tims. The food was great and is great at Burger King, but we're going to continue to do work on that.

是的，丹尼斯，我認為這個類比完全正確。我的意思是，我們在加拿大 Tims 所做的，和我們在漢堡王所做的一模一樣。需求可能有所不同。漢堡王餐廳比 Tim Hortons 餐廳更需要翻新和改造。漢堡王的食物很棒，一直都很棒，但我們會繼續努力改進。

One of the interesting things is as you know, in Canada, you have contractually more control around pricing. And so our pricing in Canada was very consistent. We were very careful about making sure we were delivering value across the menu.

有趣的是，如你所知，在加拿大，你可以透過合約對價格擁有更大的控制權。因此，我們在加拿大的定價非常穩定。我們非常注重確保菜單上的每一道菜都物有所值。

And I think Burger King and our franchisees have done a very nice job of making sure that we're not getting ahead of ourselves on pricing, and that's created consistent value. But the improvement in value that you're seeing for consumers at Burger King is not because we are doing deep discounting or anything like that, it's because we're improving the consistency of execution, the attractiveness of the restaurants that they're going to the service levels, the food quality. All of those things are what are improving the value for consumers.

我認為漢堡王和我們的加盟商在確保我們不會過度定價方面做得非常好，這創造了持續的價值。但消費者在漢堡王看到的價值提升，並不是因為我們進行了大幅折扣或其他類似的事情，而是因為我們提高了執行的一致性、餐廳的吸引力、服務水準和食品品質。所有這些因素都在提升消費者的價值。

And we aspire to the 18 straight quarters of positive comps that we've gotten at Tims now, and by the way, 18 straight quarters of growth in our International business, which is from doing the exact same thing, terrific execution in the stores, on average, great compelling franchisee economics, which allow them to reinvest into the stores, keep them looking great and that delivers very consistent results.

我們希望能夠像 Tim Hortons 一樣，連續 18 個季度實現正成長。順便說一句，我們的國際業務也連續 18 個季度實現了增長，這得益於我們採取了完全相同的策略：門店執行力出色，平均而言，加盟商的經濟效益非常可觀，這使他們能夠將資金再投資於門店，保持門店的良好形象，從而帶來非常穩定的業績。

And so it's still -- we've got a lot of innings to work through on Burger King, but we're very comfortable that we're seeing the results starting to play through.

所以，我們仍然需要努力解決與漢堡王的合作問題，但我們非常有信心，我們已經開始看到成效了。

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

Thanks for those comments on Burger King. Just as a follow up, and you were talking about beef costs and the impact that that's having on cash flow, no doubt, you also talked about the fact that you're having some pretty good sales momentum. And so I would imagine that there is optimism in the system, but you're dealing with a cash flow hit from some of the stuff on the inflation side.

感謝您對漢堡王的評論。作為後續問題，您剛才談到了牛肉成本及其對現金流的影響，毫無疑問，您也提到了您目前銷售勢頭良好。因此，我認為市場對經濟體系抱持樂觀態度，但同時也面臨通膨帶來的現金流衝擊。

Is there any impact from that even if temporary in terms of the plan to get the restaurant count reverse reimaging invested on pace, refranchising of Carrol's, ad fund contribution. Is there any impact from that even if it's temporary.

即使是暫時的，對於餐廳數量反向重塑投資進度、Carrol's 的重新特許經營、廣告基金貢獻等計劃，是否會產生任何影響？即使是暫時的，也會有任何影響嗎？

And then separately, on Burger King US, there's always this concern that a major competitor is going to hurt the brand with their recovery, and we're now a week -- a year away from a food safety incident and a major burner player that rocked their results. Do you see that as something that will -- as we begin to lap that, that will impact Burger King indirectly through the rest of this quarter? Any comments on that would be helpful.

此外，就美國漢堡王而言，人們一直擔心主要競爭對手的復甦會損害該品牌，而現在距離食品安全事件和重創其業績的重大競爭對手只有一周到一年的時間了。你認為隨著我們開始逐步減少接觸時間，這會對漢堡王在本季剩餘時間內的業績產生間接影響嗎？任何意見都將不勝感激。

Dave, it's Sami. I'll take the first part of your question, and then I'll pass it over to Josh to comment on the second part. With respect to Burger King US, we are pleased with the sales progress, particularly in Q3 and really the pretty consistent outperformance to industry. With respect to beef costs, in particular, those have been a clear headwind. I mean, beef costs this year have been at all-time highs.

戴夫，我是薩米。我先回答你問題的第一部分，然後把第二部分交給 Josh 來解答。關於美國漢堡王，我們對銷售進度感到滿意，尤其是在第三季度，而且其業績一直相當穩定地優於行業平均水平。尤其就牛肉成本而言，這無疑是一個明顯的阻力。我的意思是，今年的牛肉價格已經達到了歷史最高點。

And as we think about that and we think about sort of the dynamics there, being up high-teens percentages year over year being about 25% of the commodity basket that does impact us. I think it is impacted by sort of two dynamics. One is sort of this herd rebuilding cycle in the US, but it's also impacted by some of the trade agreement dynamics for markets where beef is sourced from.

當我們思考這個問題，並思考其中的動態時，就會發現，與去年相比，商品籃子中約有 25% 的商品價格上漲了十幾個百分點，這確實對我們產生了影響。我認為這受到兩種因素的影響。一方面是美國目前的牛群重建週期，另一方面也受到牛肉來源市場的一些貿易協定動態的影響。

I think we view these kind of impacts as temporary and our franchisees view it that way as well, although they are a significant impact. We've actually been monitoring the market. And even if you look at the last week, as there's been optimism around some trade deals, whether it's been with Argentina, whether it's been with Mexico, whether it's been with Brazil, we're sensing our optimism that there could be some relief on beef costs.

我認為我們認為這類影響是暫時的，我們的加盟商也這麼認為，儘管它們確實造成了重大影響。我們一直在關注市場動態。即使回顧過去一周，由於一些貿易協議的達成令人樂觀，無論是與阿根廷、墨西哥還是巴西的協議，我們都感到樂觀，認為牛肉價格可能會有所緩解。

And with respect to the impact on the plans, I don't think that changes our plans. We're still on track to do around 400 remodels this year. On the margin, that may shift things from one year to the next, but franchisees are confident they view kind of this as a temporary sort of headwind and that it will reverse, and we're going to continue to out-execute the competition.

至於對計劃的影響，我認為這不會改變我們的計劃。我們今年仍有望完成約 400 項改造工程。從表面上看，這可能會使情況在一年到下一年有所變化，但加盟商們相信，他們認為這只是暫時的逆風，這種情況將會逆轉，我們將繼續在執行上超越競爭對手。

Dave, just on the strategy and type of impact of competitors, I don't think anything that the competitors are going to -- are doing is impacting Tom and the team's plan. I think that's one of the strengths of what we've done all year long is we haven't deviated from the plan. We've kept consistent even as you've had some macro ups and downs and you've had some shifts in focus from different competitors.

戴夫，就競爭對手的策略和影響類型而言，我認為競爭對手正在做的任何事情都不會影響湯姆和團隊的計劃。我認為我們全年工作的優點之一就是我們沒有偏離計畫。即使經歷了宏觀經濟的起伏波動，以及不同競爭對手的關注點有所轉移，我們也始終保持一致。

I think sticking to our playbook, focusing on our strength and being consistent, things like value, one of the best things that we can do is making sure that we have consistent value propositions. Guests who are focused on their budgets, they want to know when they go to Burger King or anywhere else. They want to know what they're going to get. And we've stuck with our $5 duos and $7 trios and make sure that they know when they come to Burger King, that's what's going to be available over a long period of time.

我認為堅持我們的策略，專注於我們的優勢並保持一致性，例如價值，我們能做的最好的事情之一就是確保我們擁有一致的價值主張。注重預算的顧客，無論去漢堡王或其他地方，都想知道自己何時需要消費。他們想知道自己會得到什麼。我們堅持推出 5 美元的雙人套餐和 7 美元的三人套餐，並確保顧客知道，當他們來到漢堡王時，這些套餐將在很長一段時間內持續供應。

We give guests options. We let them have it their way a little bit and pick what they want to have as a part of that -- those bundles, but we're trying to have a bit more consistency in some of those constructs. And I think that seems like it's been working well for the business.

我們為客人提供多種選擇。我們讓他們稍微按自己的想法來，選擇他們想要包含的內容——那些組合包，但我們正在努力使其中一些結構更加一致。我認為這對公司來說似乎效果不錯。

Danilo Gargiulo, AB Bernstein.

達尼洛·加吉烏洛 (Danilo Gargiulo)，AB 伯恩斯坦。

I was wondering if you can comment on your satisfaction about the launch of the protein latte in Canada, specifically whether you think you've got the right level of advertising behind or if you think it was overshadowed by some incremental menu offering over there. And given that you don't have major competitors that are necessarily focusing -- overly focusing on the protein platforms over there. What do you think the comp uplift could be as you're expanding the platform and potentially think through innovation for the coming quarters and years?

我想請您談談您對蛋白質拿鐵在加拿大上市的滿意度，特別是您是否認為廣告投入是否到位，或者您是否認為它被當地一些新增的菜單產品所掩蓋。而且鑑於你沒有主要的競爭對手特別關注——或者說過度關注——蛋白質平台。您認為隨著平台的擴展以及對未來幾季和幾年創新策略的思考，薪資提升幅度會有多大？

I would frame the protein lattes as one part of our broader push to innovate in cold beverages. And I think Axel and Hope and the team here have done a fantastic job on that. I think we've been talking about it for at least three years now that our strategy was going to be cold bev and PM food. And I think we've made consistent progress there, bring exciting new innovations to market.

我會將蛋白質拿鐵視為我們在冷飲領域進行創新這項更廣泛努力的一部分。我認為 Axel、Hope 和他們的團隊在這方面做得非常出色。我認為我們至少三年來一直在討論，我們的策略是提供冷飲和下午茶點。我認為我們在這方面取得了持續的進步，並將令人興奮的新創新推向市場。

Within the cold beverage push, we've been focused on ice lattes a lot, and that overall platform has been a huge success for us. We saw growth well into the double digits of ice latte in this quarter. So I think that's going great. Protein lots are just -- they're one more iteration of that idea. I think it's been working pretty well so far.

在冷飲推廣方面，我們一直非常關注冰拿鐵，而這個整體平台對我們來說取得了巨大的成功。本季冰拿鐵的銷量實現了兩位數的成長。所以我覺得一切進展順利。蛋白質塊只不過是──這個概念的另一個迭代。我認為目前為止效果還不錯。

We've seen high incrementality of that new product. So I think it's great, but I think we'll have to see where it goes in the future. We'll probably bring some new innovations around it. We're happy with it so far. But I think we've got to give it time and see what new things we bring over the next couple of quarters there.

我們已經看到這款新產品帶來了很高的增量效益。所以我認為這很棒，但未來發展如何，我們還要拭目以待。我們可能會圍繞它推出一些新的創新。目前為止我們都很滿意。但我認為我們需要給它一些時間，看看接下來的幾季我們能帶來哪些新東西。

Brian Bittner, Oppenheimer.

Brian Bittner，奧本海默。

Congrats on the impressive results. Sticking with Tims, obviously, the results continue to be solid, hitting on all cylinders as Patrick highlighted. Can you talk about the share trends for the brand in Canada? Are you seeing those share trends accelerate?

祝賀你們取得如此優異的成績。顯然，繼續看好 Tims，結果依然穩健，正如 Patrick 所強調的那樣，各個方面都表現出色。您能談談該品牌在加拿大的市佔率趨勢嗎？您是否注意到這些市場佔有率成長趨勢正在加速？

And just secondly, can you paint a picture of what type of macro environment you're operating in in Canada. Everyone is obviously talking about a much softer and softening environment in the United States. So curious what you guys are seeing in the Canadian macro maybe relative to the US macro?

其次，您能否描述一下您在加拿大所處的宏觀環境類型？顯然，大家都在談論美國日益寬鬆的環境。很好奇你們如何看待加拿大宏觀經濟，以及它與美國宏觀經濟的對比？

Brian, what I would point to in terms of share trends is one of the comments I made in our prepared remarks we're outperforming by a pretty consistent margin, and we have over the last couple of quarters. I think I mentioned a little bit ago. Our same-store sales are about 3 points higher than the other large QSRs. So I think we're taking share on a pretty consistent basis by a healthy margin, and that's a result of all of the great work that the team is doing up here and the strength of the brand.

布萊恩，就股價走勢而言，我想指出的一點是，正如我在事先準備好的發言稿中提到的，我們的股價表現一直相當穩定地優於競爭對手，而且在過去的幾個季度裡都是如此。我想我剛才提到過了。我們的同店銷售額比其他大型速食店高出約 3 個百分點。所以我認為我們正以相當穩定的優勢不斷擴大市場份額，這得益於團隊在這裡所做的出色工作以及品牌的強大實力。

In terms of the macro here in Canada, there are some softer stats on things like unemployment or consumer confidence, but I wouldn't say it's been changing so much sequentially. I think that's sort of been the case for a few quarters now. And I think the results this quarter with over a 4% comp show you our ability to deliver even in some of those tougher macro environments, and I think that comes down to doing the fundamentals right and having a great everyday value proposition.

就加拿大宏觀經濟而言，失業率或消費者信心等一些數據較為軟性，但我認為這些數據並沒有太大的變化。我認為這種情況已經持續好幾個季度了。我認為本季業績成長超過 4%，顯示即使在一些較為艱難的宏觀環境下，我們依然能夠取得佳績。我認為這歸功於我們始終堅持做好基本面，並擁有極具價值的日常表現。

If you look at -- I think Patrick sort of mentioned it a little bit earlier, we were really disciplined about price over the last few years. Tims has always been known for delivering great everyday value with compelling price points, and we kept disciplined in that. People know they can come to Tims for a really good quality product at a very fair price. And that's the kind of thing that I think allows you to perform well even in some of the tougher macroeconomic environments, which I think we observed over the past quarter or two.

如果你看一下——我想帕特里克之前也稍微提到過——過去幾年我們在價格方面一直非常自律。Timberlake 一直以極具吸引力的價格提供物超所值的日常商品而聞名，我們也一直堅持這一點。人們知道，在 Tims 可以買到品質非常好、價格也很公道的產品。我認為正是這種能力，即使在一些較為艱難的宏觀經濟環境下，也能讓你表現出色，而我認為我們在過去一兩個季度就觀察到了這種情況。

Gregory Francfort, Guggenheim Securities.

格雷戈里·弗蘭福特，古根漢證券。

My question is actually on the International business. I mean, pretty impressive comp from Burger King and also, I guess, across the brands. Some of the major markets there that are driving that, are you guys seeing your share gains accelerate or do you see kind of uplift in the macro in those markets that may be you have the biggest overlap. And I'm just curious what you're seeing on the ground and how much of it was share gains versus the overall market for QSR improving.

我的問題其實與國際業務有關。我的意思是，漢堡王的業績表現相當出色，而且我認為，各個品牌之間的業績也都相當出色。推動這一趨勢的一些主要市場，你們的市佔率成長是否加速？或者你們是否看到這些市場（可能是你們業務重疊最大的市場）的宏觀經濟出現某種改善？我只是好奇你們在實際操作中看到了什麼，以及其中有多少是市場份額的成長，又有多少是速食業整體市場的改善。

Greg, it's Josh. Thanks for the question. I think we've seen pretty broad-based improvement across the International business, especially in our European markets and some of our Asia markets. There are some places where I think the macro has gotten a little bit easier, but there are an awful lot of cases of improvements in relative share. I'll give you just a couple of examples.

格雷格，我是喬許。謝謝你的提問。我認為我們在國際業務方面已經看到了相當廣泛的改善，尤其是在我們的歐洲市場和一些亞洲市場。在某些方面，我認為宏觀經濟情勢有所好轉，但在許多方面，相對份額都有所提高。我舉幾個例子。

There are quite a number underpinning the overall results. I'd say probably the biggest one is in France. That's our largest market within the International segment. And we had a -- we had been seeing a bit of softer comps prior to Q3. And [Alex] and the team there at Burger King in France did a fantastic job with some really great new product launches.

有很多因素支撐著整體結果。我認為最大的可能在法國。那是我們在國際業務領域中最大的市場。而且，我們在第三季之前就看到一些同比數據有所疲軟。[亞歷克斯] 和他在法國漢堡王的團隊在推出一些非常棒的新產品方面做得非常出色。

The baby burgers that I mentioned was a huge success and we really shifted the trend in terms of relative market share there in Q3. So that was a big win and definitely a departure from trend. We've also seen improvement in some other markets. China is, for sure, one of those, where it has been a tough market for us over the last couple of years. And I would say the thesis that we went into China with this year has played out even better than we expected.

我之前提到的迷你漢堡取得了巨大的成功，我們在第三季確實改變了相對市場份額的趨勢。所以這是一場巨大的勝利，也絕對是對傳統趨勢的顛覆。我們也看到其他一些市場有所改善。中國無疑是其中之一，在過去幾年裡，中國市場對我們來說一直很艱難。而且我認為，我們今年進入中國市場的策略，效果甚至比我們預期的還要好。

We made some changes to the teams, put in place some really talented and experienced local leaders, we improved some of the marketing, launched some new products, brought back some media focus and have really turned the corner in a meaningful way on the same-store sales.

我們對團隊進行了一些調整，引入了一些非常有才華和經驗豐富的本地領導者，改進了一些行銷策略，推出了一些新產品，重新重視了媒體宣傳，並在同店銷售額方面實現了真正的顯著增長。

I mentioned we were plus 10% in the quarter, which is a terrific result and shows you the kind of the potential of the brand there. So that -- I think that was a big shift in relative market performance. And then we had another one that's top of mind for me is Japan. I've talked about it for a while. It's been doing really well.

我之前提到過，我們本季成長了 10%，這是一個非常棒的成績，也展現了該品牌在該地區的巨大潛力。所以——我認為這是相對市場表現的重大轉變。然後，我首先想到的另一個國家是日本。我之前就討論過這個問題。它表現得非常好。

But the comps there have been great. The restaurant growth is terrific because the paybacks are good. So I think we're -- we have a huge opportunity in Japan. It's always been one of our biggest opportunities in the world. And the team there is really doing a great job going after that and growing our market share in the market.

但那裡的比賽都很精彩。餐飲業發展迅猛，因為回報豐厚。所以我認為我們在日本擁有巨大的機會。這始終是我們在這個世界上面臨的最大機會之一。團隊在這方面做得非常出色，正在努力擴大我們的市場份額。

So not exhaustive, but gives you a few examples of some of the places where on top of some macro that maybe is a little bit better, I think we're doing a better job in each of those markets, too.

所以雖然不全面，但可以舉幾個例子說明，在一些宏觀環境可能略有改善的情況下，我認為我們在每個市場也做得更好。

John Ivankoe, JPMorgan.

John Ivankoe，摩根大通。

Two-parter, if I may. Firstly, Josh, in your prepared remarks, you mentioned the [400] reclaim to flame remodels in '25 and then mentioned beef prices. And it did seem like that you may have been talking down the number of Reclaim the Flames expected in '26. So tell me if I kind of caught that inflection or not? And if it's appropriate, how many remodels we should expect in '26 just to kind of level set everyone?

如果可以的話，我想把它分成兩個部分。首先，Josh，在你準備好的發言中，你提到了 25 年的 [400] 回收利用火焰改造，然後提到了牛肉價格。而且，你似乎一直在貶低 2026 年 Reclaim the Flames 的預期人數。所以，告訴我，我有沒有捕捉到那種語氣？如果合適的話，為了讓大家的水平保持一致，我們應該預期在 2026 年進行多少次改造？

And then secondly, also in prepared remarks, I heard that it would take a while to deconsolidate the units that were part of Reclaim the Flame, I just want to understand what that means. So it will be a refranchising transaction that the store fully remains on balance sheet. So I just want to understand that. And how long of a transition period are we talking about until those units can be fully refranchised from a practical perspective as part of your [career].

其次，在事先準備好的發言稿中，我聽說要解散「奪回火焰」行動中的各個單位需要一段時間，我只是想了解這意味著什麼。因此，這將是一筆特許經營權轉讓交易，該商店將完全保留在資產負債表上。所以我想弄明白這一點。那麼，從實際角度來看，這些單位要完全重新特許經營，需要多長時間的過渡期呢？[職業]。

John, I'll take the first part on the remodels, and then I'll let Sami talk about some of the Croner refranchising. So in terms of the remodels, as we said, we expect to do about [400] this year. We're really pleased with the uplift, and I think there are even better uplifts in some of our company stores and the sizzles that Carrols are doing. I think the intention of the comment is just to be mindful of the fact that beef prices have been elevated and that does have some impact on our franchisees' profitability.

約翰，我先講講改造的部分，然後讓薩米講講克羅納的特許經營權再轉讓事宜。所以就改造而言，正如我們所說，我們預計今年將完成約 [400] 項改造。我們對此次提升非常滿意，我認為我們公司的一些門市以及 Carrols 正在進行的促銷活動會有更好的提升。我認為這則評論的本意是想提醒大家，牛肉價格上漲確實會對我們加盟商的獲利能力產生一定影響。

It's not going to change our long-term plan. Our vision and plan continues to be very much the same that we want to get to around 85% of the system on modern image. We're obviously just keeping an eye on those beef prices and any impacts that, that can have on our franchisees' profitability. The good news, as Sami mentioned, is that we've already started to see those beef prices come down, which will be helpful to franchise profitability and provides more cash flow for our franchisees to fund those remodels.

這不會改變我們的長期計劃。我們的願景和計劃仍然與之前非常相似，我們希望使系統中大約 85% 的系統採用現代圖像。我們當然會密切關注牛肉價格及其可能對我們加盟商盈利能力產生的任何影響。正如薩米所提到的，好消息是我們已經開始看到牛肉價格下降，這將有助於提高加盟店的盈利能力，並為我們的加盟商提供更多現金流來資助這些改造項目。

And I think in terms of 2026 remodel numbers, I don't think we're ready to put a number out there quite yet, something we'll probably look at doing once we get into the beginning of the year, maybe the Q4 earnings call.

至於 2026 年的改造數量，我認為我們現在還不方便公佈具體數字，我們可能會在年初，或許在第四季財報電話會議上再做決定。

And just quickly on your deconsolidation of refranchised restaurants (inaudible) your career. I think a couple of things, and we've talked about this in the past. When we think about refranchising the Carrol's restaurants, there's sort of three categories of folks we're refranchising to. Number one is existing operators who have capacity for more or strong operators in our system. Number two is kind of traditional refranchisings to new operators, new franchisees who are entering our system.

還有，關於你對重新特許經營餐廳的解散（聽不清楚）你的職業生涯，就簡單說一下。我認為有幾點，我們以前也討論過。當我們考慮重新特許經營 Carrol's 餐廳時，我們大致將特許經營對象分為三類。第一類是現有營運商，他們有能力在我們的系統中容納更多或更強大的營運商。第二點是比較傳統的特許經營權轉讓，即向新業者、新加盟商授予特許經營權，以吸引他們加入我們的系統。

And then the third bucket is this crown your career bucket, which are typically smaller restaurant managers above restaurant leaders, folks who may have a little bit less capital but are focused on running very small portfolios of restaurants, call it, anywhere from 1 to 5 or 10 restaurants and really growing with the brand.

第三類是「職業生涯巔峰」類，這類人通常是規模較小的餐廳經理，級別高於餐廳領導者，他們的資金可能較少，但專注於管理規模很小的餐廳組合，例如 1 到 5 或 10 家餐廳，並與品牌共同成長。

And those crown your career restaurants and as part of that program, what we do is someone enters the program and they stay in the program from anywhere from one to three years as we monitor kind of their progress, how our sales, how are operations performing, and then they graduate from the program. And we don't have set graduation dates. It's really around how quickly are the restaurants turning around and how ready is the operator to be a full-fledged franchisee.

這些餐廳將成為您職業生涯的巔峰之作。作為該計劃的一部分，我們會安排人員加入該計劃，並在該計劃中待上一到三年，期間我們會監控他們的進度、銷售情況、營運表現等，然後他們就會從該計劃中畢業。我們沒有固定的畢業日期。關鍵在於餐廳的周轉速度有多快，以及經營者是否已經做好了成為正式加盟商的準備。

And so those may vary over time. The good news is, as you think about it, we're already ahead of schedule in our refranchising. We want to do between 50 and 100 refranchisings this year. Of those, about half will be in the crown your career program. And then those folks will graduate over the next one to three years. And those restaurants will come off our books in that appropriate time.

因此，這些因素可能會隨著時間而改變。好消息是，仔細想想，我們的特許經營權重新分配工作已經提前完成了。我們今年計劃進行 50 到 100 項特許經營權轉讓。其中約一半將進入皇冠職業發展計劃。然後這些人將在未來一到三年內畢業。這些餐廳將在適當的時候從我們的帳目中移除。

So we're really pleased. We also think the crown your career program is an excellent pathway to ownership for small operators, and that's ultimately what powers the Burger King brand.

所以我們真的很高興。我們也認為，「皇冠職業發展計畫」是小型經營者獲得所有權的絕佳途徑，而這最終也是漢堡王品牌發展的動力。

Christine Cho, Goldman Sachs.

Christine Cho，高盛集團。

Great to hear that you're on track with your Burger King remodels this year. And I think you mentioned the mid-teens average sales lift for these stores (inaudible) and higher performance for the (inaudible). I was wondering if you had any insight you can share on the year two and three sales trajectory post the remodel.

很高興聽到你們今年的漢堡王餐廳翻新工程進展順利。我想你提到這些門市的平均銷售額成長了十幾個百分點（聽不清楚），而且業績也更好了。（聽不清楚）我想知道您是否對改造後第二年和第三年的銷售軌跡有任何見解可以分享。

Do these stores continue to outperform? Or do they eventually kind of return to a similar comp trajectory with the broader [fleet], and additionally, how should we think about kind of the impact on Burger King's comp and returns over the next few years as the mix of digital image continues to increase within the portfolio?

這些門市的業績是否繼續優於同業？或者，它們最終會像更廣泛的[車隊]一樣回到類似的競爭軌跡？此外，隨著數位影像在產品組合中的佔比不斷增加，我們應該如何看待未來幾年漢堡王的競爭和回報會受到怎樣的影響？

Christine, like Josh mentioned, we're really pleased with the remodel uplift that we're seeing in the teens and particularly with the Carrol's remodels, where we're seeing with the sizzle images even better than that. I think as we look into kind of year two uplifts, it's about 100 basis point continued uplift from the remodels. That sort of evolves over time as new restaurants kind of enter our data set.

克里斯汀，就像喬許提到的那樣，我們對十幾代人的改造提升感到非常滿意，尤其是卡羅爾家的改造，從宣傳圖片來看，效果甚至比圖片還要好。我認為，當我們展望第二年的成長時，改造工程帶來的持續成長約為 100 個基點。隨著新餐廳不斷進入我們的資料集，這種情況也會隨之改變。

But we've kind of been consistent around this 100-basis point uplift. And you can kind of flow that through the comp impact. We expect to end this year around high 50 percentages in terms of the percentage of the portfolio that's modern image and continue to kind of be on track for around 85% modern image by the end of 2028.

但我們一直保持著100個基點左右的增幅。你可以透過比較影響來體現這一點。我們預計今年底現代形象的投資組合佔比將達到 50% 以上，並預計在 2028 年底前達到 85% 左右的現代形象佔比。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

I know we'll get an update on the 4Q call for 2025 store level cash flows by brand, but it's no secret that US industry cash flows are hurting this year, just given elevated beef prices and consumers seeking value. You have a target for $230,000 of BK store level cash flow in 2026. In order to sustain 50 basis points of marketing spend incurred by the franchisees, I'm just curious your confidence to reach this as well as key priorities to reach this beyond sales growth?

我知道我們會在 2025 年第四季電話會議上獲得各品牌門市現金流的最新數據，但眾所周知，由於牛肉價格高企和消費者追求性價比，今年美國產業的現金流受到了影響。你們的目標是到 2026 年實現 BK 門市層級 23 萬美元的現金流。為了維持加盟商50個基點的行銷支出，我很好奇您是否有信心實現這一目標，以及除了銷售成長之外，實現這一目標的關鍵優先事項是什麼？

I would say on the ad fund, there are two ways that we can extend the higher ad spend, both by -- one by hitting the franchise profitability target or through a franchisee vote. So there are kind of two pathways to that. I think, obviously, there has been some headwinds from beef costs in 2025.

關於廣告基金，我認為我們可以透過兩種方式增加廣告支出，一種是透過達到特許經營獲利目標，另一種是透過特許經營者投票。所以，要實現這個目標有兩種途徑。我認為，很顯然，2025 年牛肉價格上漲帶來了一些不利因素。

So we're cognizant of that. And like I said, thankfully, those beef costs have started to come down. So I think it's too early to say kind of exactly where we'll land next year, but we're certainly keeping an eye on it. I think the other piece of that is just the -- our relationships with the franchisees are really great. I think we all have a lot of conviction that we did the right thing in increasing the ad fund rate.

所以我們很清楚這一點。正如我所說，值得慶幸的是，牛肉價格已經開始下降了。所以我覺得現在說我們明年會走到哪一步還為時過早，但我們肯定會密切注意。我認為另一個原因是──我們與加盟商的關係非常好。我認為我們都堅信，提高廣告基金稅率是正確的決定。

I think if you look at the same-store sales performance over the last couple of years, it's very clear that on top of the other important changes we made in BK, the advertising spend -- the increased advertising spend and the quality of the advertising are having an excellent ROI for everybody in the system. So I think everybody gets that. And I think because of that, I think we should be able to find a good path to extend it over time.

我認為，如果你看看過去幾年的同店銷售業績，就會很清楚地看到，除了我們在漢堡王做出的其他重要改變之外，廣告支出——增加的廣告支出和廣告質量——為系統中的每個人帶來了極佳的投資回報率。所以我覺得大家都明白這一點。正因如此，我認為我們應該能夠找到一條隨著時間的推移而擴展它的好方法。

Sarah Senatore, Bank of America.

莎拉參議員，美國銀行。

I just wanted to ask a couple of questions on Tims, and I apologize if I missed anything, but I wanted to first ask about the top-line drivers. You mentioned loyalty members increase in spend by about 50% versus prior to joining, can you give me a sense of how -- what percentage of your total -- like unique customers, the 7 million loyalty members might account for, I'm just trying to think about as you -- the opportunity to grow that loyalty base as a top-line driver because it's a pretty big increase.

我只想問幾個關於Tims的問題，如果我遺漏了什麼，請見諒，但我首先想問的是頂級驅動程式的問題。您提到忠誠會員的消費額比加入前增加了約 50%，您能否告訴我這 700 萬忠誠會員在您的總客戶（例如獨立客戶）中所佔的百分比是多少？我只是想和您一起思考，如何將這個忠誠會員群體發展成為營收成長的主要驅動力，因為這確實是一個相當大的成長。

And then maybe the second point about top line is just you mentioned total beverage sales grew 4%. Obviously, if coal is growing 10%, the implication is maybe brewed coffee decline. Are there any margin implications for franchisees just in terms of that product mix shifting?

關於營收的第二點，如你所提到的，飲料總銷售額成長了 4%。顯然，如果煤炭銷量成長 10%，那麼沖泡咖啡的銷量可能會下降。產品組合的改變是否會對加盟商的利潤率產生影響？

So Sarah, just first on your first question in terms of loyalty members as a percentage of unique customers, we'll have to come back to that, we just don't have it in front of us right now. In terms of the beverage mix, we have seen a shift.

莎拉，首先關於你的第一個問題，即忠誠會員佔獨立客戶的百分比，我們稍後再討論這個問題，我們現在手頭上還沒有相關數據。在飲料組合方面，我們已經看到了變化。

I think the shift from hot to cold beverage is something that you've seen across the industry, both in the US and in Canada. And it's one of the reasons why it was a big part of our innovation focus over the last few years to make sure as the customer preference shifts towards cold beverage, we've got all of the products that they want, and we're leading that shift in Canada.

我認為從熱飲轉向冷飲是整個產業，無論是在美國還是加拿大，都普遍存在的現象。這也是為什麼在過去幾年裡，我們把創新作為重點之一，以確保隨著顧客偏好轉向冷飲，我們擁有他們想要的所有產品，並且我們在加拿大引領著這種轉變。

So you're naturally seeing if beverages are growing 4%, you're seeing higher growth in your cold bevs and you're seeing lower growth in your (inaudible). That's something we anticipated. And that's why the kind of the innovation priorities are what they are. In terms of margins, they're both good margin products, both very healthy businesses for our franchisees. So no big impact that comes out of that shift, I would say, in terms of the percentage margins.

所以，你自然會看到，如果飲料銷售額成長了 4%，那麼冷飲的銷售額成長更高，而其他飲品的銷售額成長則較低。（聽不清楚）這是我們預料之中的。正因如此，創新優先事項才會如此。從利潤率來看，它們都是利潤率很高的產品，對我們的加盟商來說，都是非常健康的業務。所以，就百分比利潤率而言，我認為這種轉變不會產生太大影響。

And Sarah, it's Patrick. The one thing I'd add is the cold bev can be a little bit more complicated. And one of the things that I'm proudest of with our franchisees in Canada is our speed of service is better than it has ever been in Canada. They're doing just a terrific job of managing that as you continue to see the shift from hot bev to cold bev.

莎拉，我是派崔克。我還要補充一點，冷飲的製作可能會稍微複雜一些。我最引以為傲的一點是，我們在加拿大的加盟商的服務速度比以往任何時候都要快。隨著熱飲逐漸被冷飲取代，他們在管理這方面做得非常好。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

I guess just on the Popeyes side. I appreciate there's sort of some of the opportunities you laid out there. But any -- is there anything from your perspective with like customer exposure, sort of like competitive dynamics that's also affecting that business right now? Or what do you see as sort of the real hurdles to seeing improvement there?

我猜我指的是大力水手炸雞那邊。我很欣賞您提出的這些機會。但是，從您的角度來看，客戶接觸度、競爭動態等方面，目前有哪些因素正在影響該業務？或者說，您認為阻礙這方面改進的真正障礙是什麼？

Yeah, Brian, I think there's a lot of controllable stuff. I think it's been the case that we know we've got the best products in the industry, but we've got some inconsistency in our operations. And we're making some progress there, but I think we need to make more sustained progress. And I think that's what's going to allow us to improve the sales trajectory. So I'd say that's the biggest focus from my perspective.

是的，布萊恩，我認為有很多事情是可以控制的。我認為一直以來的情況是，我們知道我們擁有業內最好的產品，但我們的營運卻存在一些不一致之處。我們在這方面取得了一些進展，但我認為我們需要取得更持續的進展。我認為這將使我們能夠改善銷售軌跡。所以我覺得，從我的角度來看，這是最重要的焦點。

I think secondarily, as I mentioned, I think we can shift some of our marketing and innovation focus from a little bit more LTO focused. You've seen things like dippers and pickles, which gain a lot of customer interest, but sometimes don't drive the sustained sales growth that we'd like to see. So you're probably going to see us shift back a bit of that focus to some of our more core platforms.

其次，正如我之前提到的，我認為我們可以將一些行銷和創新重點從更注重限時特賣（LTO）轉向更注重限時特賣（LTO）。您可能會看過一些沾醬和醃菜之類的產品，它們能引起顧客的極大興趣，但有時卻無法帶來我們希望看到的持續銷售成長。所以你可能會看到我們將一些精力重新轉移到我們的一些核心平台。

So those are the places that I'm focused on. I think that's what's going to drive the turnaround. I don't see something in kind of a customer-based SKU or anything like that that's probably responsible for sales. If you go back over the last few years, we grew our same-store sales tremendously when we focused on the core and got things right.

所以，這些就是我關注的重點地區。我認為這將是扭轉局面的關鍵因素。我沒有看到任何類似基於客戶的 SKU 之類的東西，而這些東西可能對銷售起著決定性作用。回顧過去幾年，當我們專注於核心業務並把事情做好時，我們的同店銷售額就實現了巨大的成長。

So I think this brand is amazing. It's in exactly the right segment. It has every right to win. We've got relatively new assets. I think like half of the stores were built in the last 10 years. It gets tremendous reaction when we do new things. It gets a lot of engagement online.

所以我覺得這個品牌很棒。它正好位於正確的版塊。它完全有理由獲勝。我們擁有一些相對較新的資產。我認為其中大約一半的店鋪都是在過去十年中建造的。當我們做新事時，會引起巨大的迴響。它在網上獲得了很高的互動量。

So I think we've got every right to win. We've got a couple of things we need to work on, and we're very much focused on those.

所以我認為我們完全有理由贏。我們有幾件事需要處理，我們目前正全力以赴地處理這些事情。

Jeff Bernstein, Barclays.

傑夫·伯恩斯坦，巴克萊銀行。

This is (inaudible) on for Jeff. I had a broader question on the quick service category in the US. Can you comment on whether you're seeing the lower-income consumer trade back into fast food with greater frequency now that there's emphasis on value across the board? And also, are you seeing signs of middle and upper-income consumers finally trading down from some of those higher priced options as maybe there's more caution around discretionary spending.

這是（聽不清楚）給傑夫的。我有一個關於美國快餐服務行業的更廣泛的問題。您能否談談，隨著各行各業都更加重視性價比，您是否觀察到低收入消費者更頻繁地重新光顧快餐店？此外，您是否看到中高收入消費者最終開始從一些價格較高的產品轉向價格較低的產品，因為他們在可自由支配的支出方面可能更加謹慎了？

(inaudible), what I would say in terms of the income cohorts is we haven't seen a big departure over the course of the year. I think we mentioned over the last couple of quarters that we did see a bit softer relative performance of the lower and middle income consumers. That hasn't changed too much, so nothing too new there. I think we've been operating in that environment pretty much all the year. And what's worked for us is that we've been staying focused, executing well and delivering consistency and consistency in value among other things.

（聽不清楚）就收入群體而言，我想說的是，在過去一年中，我們沒有看到太大的變化。我認為我們在過去幾個季度中提到過，我們確實看到中低收入消費者的相對錶現略顯疲軟。情況並沒有太大變化，所以沒什麼新鮮事。我認為我們幾乎一整年都處於這種環境下。而我們成功的原因在於，我們始終保持專注，有效率地執行，並持續提供有價值的產品和服務。

And you saw that play out in our results in Q3. The one thing I would call out is that October has started out a bit choppier in the US, though nothing that would cause us to change any of our plans at this point. And I would just keep in mind, we do run a large global and diversified business where 70% of our AOI is generated outside the US.

而這一點也反映在我們第三季的業績上。我唯一想指出的是，10 月美國的局勢開局有些動盪，不過目前來看，這不會影響我們的任何計劃。我還要提醒大家，我們經營著一家規模龐大、業務多元化的全球性企業，其中 70% 的營業收入來自美國以外地區。

So we feel good about the overall trends globally and ability to deliver our 8% AOI growth. But I do want to call out the US trend in October, which I imagine a lot of you guys have already seen.

因此，我們對全球整體趨勢以及實現 8% AOI 成長目標的能力感到樂觀。但我確實想提一下美國十月的趨勢，我想你們很多人可能已經注意到了。

We currently have no further questions. So I will hand back to Josh for closing remarks.

我們目前沒有其他問題。那麼，我將把發言權交還給喬希，讓他做總結發言。

Great. Thank you, everybody, for the time today. We appreciate very much the hard work by all of our teams and franchisees around the world in helping us to produce a good quarter here. We look forward to updating everyone on our progress on our Q4 call and wish you a great day.

偉大的。謝謝大家今天抽出時間。我們非常感謝全球所有團隊和加盟商的辛勤付出，幫助我們取得了本季的好業績。我們期待在第四季財報電話會議上向大家報告我們的進度，祝您今天過得愉快。

This concludes today's call. Thank you for joining us. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。