Restaurant Brands International Inc (QSR) 2025 Q4 法說會逐字稿

Good morning, and welcome to the Restaurant Brands International fourth-quarter 2025 earnings conference call. (Operator Instructions)

早上好，歡迎參加 Restaurant Brands International 2025 年第四季財報電話會議。（操作說明）

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.

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 year and quarter ended December 31, 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 12 月 31 日的年度和季度收益電話會議。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 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。我們也將參考非GAAP財務指標，相關調節表可在新聞稿和我們網站上提供的趨勢表中找到。

Please note that franchisee profitability referenced on this call is based on unaudited self-reported franchisee data. 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. Burger King China was classified as held for sale and reported as discontinued operations in our financial statements for 2025.

請注意，本次電話會議中提到的加盟商獲利能力數據是基於未經審計的加盟商自行報告的數據。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。漢堡王中國被列為待售資產，並在我們 2025 年的財務報表中作為終止經營業務進行報告。

That said, BK China 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. For calendar planning purposes, our preliminary Q1 earnings call is scheduled for the morning of May 6, 2026. And now I'll turn the call over to Josh.

也就是說，BK中國KPI仍包含在我們國際業務部門KPI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。出於日程安排的考慮，我們暫定於 2026 年 5 月 6 日上午舉行第一季財報電話會議。現在我把電話交給喬許。

Thanks, Kendall. Good morning, everyone, and thank you for joining us today. As I begin my fourth year as CEO, I want to start with a brief reflection on what worked well in 2025. When we stay focused on the basics and make the right long-term investments, results tend to follow, and this year was another example of that. Our brand delivered solid results, reinforcing the strength of our portfolio and the impact of our continued focus on delivering quality, service, and convenience to guests.

謝謝你，肯德爾。各位早安，感謝大家今天收看我們的節目。在我擔任執行長的第四個年頭，我想先簡單回顧一下2025年哪些方面做得比較好。當我們專注於基本面並進行正確的長期投資時，往往會取得成果，今年就是另一個例證。我們的品牌取得了穩健的業績，鞏固了我們產品組合的實力，也體現了我們持續專注於為顧客提供優質服務、便利體驗的成效。

This year, we also took decisive action to position us well for the next phase of growth. In China, we temporarily took control of our Burger King business, built a strong local leadership team, elevated marketing, optimize the restaurant portfolio, and strengthened operations, driving three consecutive quarters of positive same-store sales. Importantly, we attracted an engaged local partner, CPE, and established a strong foundation for long-term growth.

今年，我們也採取了果斷行動，為下一階段的成長做好了充分準備。在中國，我們暫時接管了漢堡王業務，組建了一支強大的本地領導團隊，提升了市場營銷水平，優化了餐廳組合，並加強了運營，從而實現了連續三個季度的同店銷售額增長。重要的是，我們吸引了一位積極參與的在地合作夥伴 CPE，並為長期發展奠定了堅實的基礎。

At Popeyes, we took important steps to refocus the leadership team and begin returning the brand to the level of performance we know is capable of delivering. And at Burger King in the US, we continue to invest in operations, marketing, and modern image, while also beginning our refranchising efforts two years ahead of schedule. Over the past few weeks, Tom and I spent time in the field together. Road tripping from DC to Philadelphia, visiting restaurants, sitting in on [oil] roundtables and checking in on remodeled sizzles.

在 Popeyes，我們採取了重要措施，重新調整領導團隊，並開始讓品牌恢復到我們知道它能夠達到的績效水準。在美國，漢堡王繼續投資於營運、行銷和現代形象，同時提前兩年啟動了特許經營權的重新分配工作。過去幾週，我和湯姆一起在田間地頭工作。從華盛頓特區到費城的公路旅行，參觀餐廳，參加石油圓桌會議，並考察翻新後的燒烤店。

These restaurants are a great example of getting all of the basics right. Operations are dialed in, teams are energized, and managers are focused and engaged. As a result, these stores are delivering annualized average restaurant sales of nearly $3 million, a clear tangible illustration of what strong execution looks like in practice. That same focus on the fundamentals was evident across the business in 2025.

這些餐廳是把所有基本要素都做好的絕佳範例。營運井然有序，團隊充滿活力，管理階層專注且積極投入。因此，這些門市的年均餐廳銷售額接近 300 萬美元，這清楚地表明了強有力的執行在實踐中意味著什麼。2025 年，公司各部門都明顯注重基本面。

For the full year, we delivered comparable sales growth of 2.4%, net restaurant growth of 2.9%, and system-wide sales growth of 5.3%. We translated those top-line results into organic adjusted operating income growth of 8.3% and nominal adjusted EPS growth of over 10%. It's now our third consecutive year of delivering roughly 8% organic adjusted operating income growth, a level of consistency that remains differentiated within the industry.

全年來看，我們實現了可比銷售額成長 2.4%，餐廳淨成長 2.9%，系統整體銷售額成長 5.3%。我們將這些營收成長轉化為有機調整後營業收入成長 8.3% 和名目調整後每股收益成長超過 10%。這已經是我們連續第三年實現約 8% 的有機調整後營業收入成長，這一穩定水平在業界仍然獨樹一幟。

I'm proud of how our teams and our franchisees showed up. Our three largest businesses, Tim Hortons, International, and Burger King, all outperformed their respective categories this year. Tim Hortons Canada and International have now each delivered 19 consecutive quarters of positive comparable sales, and Burger King U.S. made visible progress executing Reclaim the Flame.

我為我們團隊和加盟商的表現感到自豪。我們三大業務部門——Tim Hortons、國際業務和漢堡王——今年的業績都優於各自所屬的行業類別。Tim Hortons 加拿大和國際業務均已連續 19 個季度實現同店銷售額正增長，而 Burger King 美國公司在實施「重振雄風」計劃方面取得了顯著進展。

While 2025 represented a low point for our consolidated net restaurant growth, we believe we've turned the corner and are excited to reaccelerate growth in 2026. Stepping back, this year reinforced the resilience of our model and the progress we've made strengthening our brands. We delivered solid top-line growth and on algorithm adjusted operating income growth amid a tougher consumer backdrop, strengthen the quality and durability of our earnings, and exited the year ready to build on that momentum in 2026.

雖然 2025 年是我們綜合餐廳淨成長的低谷，但我們相信我們已經扭轉了局面，並期待在 2026 年重新加速成長。回顧過去，今年鞏固了我們模式的韌性，也證明了我們在強化品牌方面的進展。在消費環境趨嚴苛的情況下，我們實現了穩健的營收成長和演算法調整後的營業收入成長，增強了獲利的品質和持久性，並為2026年在此基礎上繼續發展做好了準備。

Lastly, I'd like to provide a quick reminder of our upcoming Investor Day on February 26. This year marks the midpoint of our long-term growth algorithm. And our Investor Day will serve as a check-in on our progress and an opportunity to address some of the biggest questions we get about the business.

最後，我想提醒大家一下，我們即將於2月26日舉辦投資者日活動。今年是我們長期成長演算法的中點。我們的投資者日將作為對我們進展的檢驗，也是一個解答我們收到的一些關於業務的最大問題的機會。

Tom will provide an update on Reclaim the Flame and I'll spend time discussing our path to 5%-plus net restaurant growth. Sami will walk through our plans to return to a 99% franchise business model and discuss capital allocation. And you'll hear from Patrick and our brand presidents with additional time for Q&A. As a result, today's call will largely focus on our quarter and year-end results, and we'll address most of our forward-looking plans at Investor Day. We look forward to seeing you there.

Tom 將介紹 Reclaim the Flame 的最新進展，我將花時間討論我們實現 5% 以上餐廳淨增長的路徑。Sami 將詳細介紹我們回歸 99% 特許經營商業模式的計劃，並討論資本配置。您將聽到 Patrick 和我們品牌總裁的發言，並有額外的時間進行問答環節。因此，今天的電話會議將主要集中在我們的季度和年度業績上，而我們的大部分前瞻性計劃將在投資者日上公佈。我們期待在那裡見到你。

With that, let's turn to our segment highlights, starting with Tim Hortons, which represents roughly 42% of our operating profit. 2025 was another year that underscored the strength and durability of Tim Hortons. We started the year amid macro uncertainty and weaker consumer sentiment in Canada. Yet Tim's delivered solid performance by staying focused on executing against the basics and delivering great experiences for our guests.

接下來，讓我們來看看各業務板塊的亮點，首先是Tim Hortons，它約占我們營業利潤的42%。 2025年再次凸顯了Tim Hortons的強勁實力和持久發展潛力。今年初，加拿大宏觀經濟情勢不明朗，消費者信心疲軟。然而，蒂姆始終專注於做好基本工作，為我們的客人提供優質的體驗，因此表現出色。

That consistency carried through the fourth quarter, with comparable sales in Canada growing 2.8%, outperforming the broader Canadian QSR industry by nearly two points. Brand health continues to be a key advantage with Tim's leading in affordability, trust, and relevance with guests. That connection to the communities we serve was evident during our holiday smile cookie campaign, which raised approximately CAD13 million across Canada and the US for local charities and our Tim's Foundation camps.

這一趨勢延續到了第四季度，加拿大同店銷售額成長了 2.8%，比加拿大快餐業整體表現高出近兩個百分點。品牌健康仍然是Tim Hortons的關鍵優勢，它在價格實惠、值得信賴以及與顧客的相關性方面都處於領先地位。在我們舉辦的節日微笑餅乾活動中，我們與所服務社區的聯繫顯而易見，該活動在加拿大和美國為當地慈善機構和我們的 Tim's 基金會營地籌集了約 1300 萬加元。

During the quarter, we kept a disciplined balance between innovation and core offerings. Breakfast food sales grew 3.5%, supported by innovation like our 100% Canadian freshly cracked scrambled eggs alongside strength in our core, such as our farmer's wrap. Baked goods grew 2%, driven by seasonal offerings like the Biscoff Boston cream donut and croissant.

本季度，我們在創新和核心產品之間保持了嚴格的平衡。早餐食品銷售額成長了 3.5%，這得益於我們的創新產品，例如 100% 加拿大新鮮打碎的炒雞蛋，以及我們核心產品的優勢，例如我們的農夫捲餅。烘焙食品成長了 2%，這主要得益於季節性產品的推出，例如 Biscoff 波士頓奶油甜甜圈和羊角麵包。

In the PM [daypart], Main Foods grew modestly, supported by our holiday meal offering. PM remains an important long-term opportunity for the brand, and we continue to refine the menu, value platforms, and execution to drive growth. Q4 beverage sales grew 3.2% year over year, with strong guest response to seasonal offerings like our Biscoff and brown sugar beverages.

在下午時段，主食銷量略有增長，這得益於我們的節日餐點供應。PM 仍然是品牌的重要長期機​​遇，我們將繼續改進菜單、價值平台和執行方式，以推動成長。第四季飲料銷售額年增 3.2%，顧客對我們的 Biscoff 和紅糖飲料等季節性產品反應熱烈。

Cold beverages remained a standout, growing 8.6% despite colder-than-usual temperatures in December and reaching nearly 27% of total beverage sales in Q4, the highest fourth quarter mix on record. This growth was largely driven by our iced espresso-based beverages platform, including iced chai lattes and protein lattes. We also began rolling out our new espresso machines to support improved quality and consistency for this growing category.

冷飲依然表現出色，儘管 12 月氣溫低於往年，但仍增長了 8.6%，並在第四季度佔飲料總銷售額的近 27%，創下第四季度最高紀錄。這一增長主要得益於我們的冰鎮濃縮咖啡飲品平台，包括冰鎮印度奶茶和蛋白拿鐵。我們也開始推出新型義式咖啡機，以提高這款不斷成長的品類的品質和穩定性。

Tim's ongoing industry outperformance wouldn't be possible without Axel and his team's constant focus on delivering a great guest experience. Speed of service improved across dayparts in 2025 and guest satisfaction reached record levels, including in the PM. Digital engagement also continued to build with digital ordering and payments reaching all-time highs in Q4 and kiosks expanding to over 800 restaurants. We're excited to give guests even more reasons to engage with Tim's and accelerate loyalty adoption through the launch of our partnership with Canadian Tire later this year.

如果沒有 Axel 和他的團隊始終專注於提供優質的賓客體驗，Tim 不可能在業界持續取得優異的表現。2025 年，全天各時段的服務速度均有所提高，顧客滿意度也達到了創紀錄的水平，包括下午時段。數位互動也持續成長，第四季數位訂餐和支付達到歷史最高水平，自助點餐機擴展到 800 多家餐廳。我們很高興能透過今年稍後與加拿大輪胎公司 (Canadian Tire) 的合作，為顧客提供更多與 Tim's 互動並加速會員忠誠度提升的理由。

On development, Tim Hortons returned to net restaurant growth in Canada for the first time since 2021. As expected, growth this year was measured and targeted focused on suburban developments, capacity-constrained markets and urban densification. This represents a positive step forward for the system.

在發展方面，Tim Hortons 自 2021 年以來首次在加拿大恢復了餐廳淨成長。正如預期的那樣，今年的成長是穩步且有針對性的，重點放在郊區開發、產能受限的市場和城市高密度化。這代表著該系統向前邁出了積極的一步。

And with a strong pipeline, we're confident in our ability to accelerate development again in 2026. Meanwhile, in the US, Tim's delivered its highest level of new restaurant openings in the past decade, reflecting continued progress in both existing and new markets like Florida and Virginia.

憑藉強大的研發管線，我們有信心在 2026 年再次加速研發進程。同時，在美國，Tim's 的新餐廳開業數量達到了過去十年來的最高水平，這反映出其在現有市場和佛羅裡達州、維吉尼亞州等新市場都取得了持續進步。

Lastly, I'd like to touch on franchisee profitability in 2025. In Canada, Tim Hortons delivered solid top-line sales performance, which helped offset headwinds from tariffs and increased operating commodity costs, including coffee. While cost pressures impacted P&Ls, average four-wall EBITDA proved resilient at approximately CAD295,000. This underscores the strength of the Tim Hortons business and the durability of its franchisee economics.

最後，我想談談2025年加盟商的獲利能力。在加拿大，Tim Hortons 的銷售額表現穩健，這有助於抵消關稅和咖啡等營運商品成本上漲的不利影響。儘管成本壓力影響了損益表，但平均四牆 EBITDA 仍保持了約 295,000 加幣的韌性。這凸顯了 Tim Hortons 業務的實力及其加盟商經濟效益的持久性。

Overall, the fourth quarter capped another year of steady performance for Tim Hortons, supported by strong brand fundamentals, delicious menu innovation, and consistent execution. That foundation positions the business well as we move into 2026.

總體而言，第四季為 Tim Hortons 又一個業績穩健的年份畫上了圓滿的句號，這得益於強大的品牌基本面、美味的菜單創新和始終如一的執行力。這項基礎為公司邁入 2026 年奠定了良好的基礎。

Turning now to International, which drives about 27% of our operating profit. 2025 was a standout year for this business. Across a diverse set of markets, our teams and franchisees executed a balanced operational and marketing playbook that led to another year of double-digit system-wide sales growth. While International is often viewed as a unit growth story, it's worth filing that this segment has also delivered strong comps and double-digit system-wide sales growth for years with a mid-single-digit average royalty rate that flows efficiently to AOI.

接下來談談國際業務，它貢獻了我們約27%的營業利潤。 2025年是該業務表現突出的一年。在眾多不同的市場中，我們的團隊和加盟商執行了一套平衡的營運和行銷策略，從而實現了系統範圍內連續第二年兩位數的銷售成長。雖然國際業務通常被視為一個單位增長的故事，但值得一提的是，多年來，該業務板塊也實現了強勁的同店銷售增長和兩位數的系統銷售增長，平均特許權使用費率保持在個位數中段，並且有效地流向了 AOI。

For the full year, comparable sales grew 4.9%, including 6.1% in the fourth quarter, and net restaurant growth was 4.9%, driving system-wide sales growth of nearly 11%. Performance was strong across several of our largest markets, reflecting the quality of our brands and the effectiveness of our local strategies. In France, Burger King delivered another strong quarter, led by the (inaudible), where guests receive a surprise (inaudible) for EUR5 and our Stranger Things activation.

全年同店銷售額成長 4.9%，其中第四季成長 6.1%，餐廳淨成長 4.9%，推動系統整體銷售額成長近 11%。我們在幾個最大的市場都取得了強勁的業績，這反映了我們品牌的品質和我們在地化策略的有效性。在法國，漢堡王又迎來了一個強勁的季度，這主要得益於（聽不清楚），顧客只需支付 5 歐元即可獲得一份驚喜（聽不清楚）以及我們的《怪奇物語》主題活動。

In Australia, the launch of Jack'd Up sodas, which is Hungry Jack's take on dirty sodas, helped drive record beverage incidents. And in Brazil, our [King and Duplo] platform continued to resonate by delivering compelling core value. Q4 was also an important quarter for Burger King China with comparable sales growing 9.2%, driven by improvements in restaurant fundamentals, growth in delivery, and refreshed marketing.

在澳大利亞，Hungry Jack's 推出的 Jack'd Up 汽水（一種針對劣質汽水的飲料）的上市，助長了飲料事故的發生，創下了歷史新高。在巴西，我們的 [King and Duplo] 平台透過提供引人注目的核心價值繼續引起共鳴。第四季對漢堡王中國來說也是一個重要的季度，同店銷售額增長了 9.2%，這得益於餐廳基本面的改善、外賣業務的增長以及營銷策略的更新。

Most importantly, during the quarter, we announced a joint venture with CPE, an experienced Chinese investment firm with a proven track record of scaling consumer brands in China, under which CPE would take majority ownership of the business. The transaction closed on January 30, and CPG injected $350 million of primary capital to fund growth. Together, we share an ambition to roughly double Burger King China's restaurant footprint to at least 2,500 units by 2030.

最重要的是，在本季度，我們宣布與中國投資公司 CPE 成立合資企業。 CPE 是一家經驗豐富的中國投資公司，在中國擁有擴大消費品牌規模的成功經驗。根據合資協議，CPE 將持有該企業的多數股權。該交易於 1 月 30 日完成，CPG 注入了 3.5 億美元的初始資本以支持成長。我們共同的目標是到 2030 年將漢堡王在中國的餐廳數量增加近一倍，至少達到 2500 家。

I couldn't be more excited to welcome CPE to the RBI family, and I'm looking forward to sharing more about their vision for Burger King in China at our upcoming Investor Day. We also made progress at Popeyes China, opening 55 net new restaurants in 2025 as we continue to build brand awareness. With a clear path to accelerate development in 2026, we remain focused on scaling this business thoughtfully and look forward to eventually getting it into the hands of a long-term local operator.

我非常高興地歡迎 CPE 加入 RBI 大家庭，並期待在即將舉行的投資者日上與大家分享他們對漢堡王在中國的願景。我們在 Popeyes 中國也取得了進展，計劃在 2025 年淨增 55 家餐廳，繼續提升品牌知名度。2026 年，我們制定了明確的加速發展路線圖，我們將繼續專注於穩定擴大這項業務的規模，並期待最終將其交給長期的本地營運商。

Reflecting on 2025, International stands out as one of our strongest growth engines and a clear competitive advantage. We've now built five $1 billion businesses in Burger King, Spain, Germany, Australia, Brazil, and the UK along with a $2 billion business in Burger King France.

展望 2025 年，國際業務將成為我們最強勁的成長引擎之一，也是明顯的競爭優勢。我們目前已在西班牙、德國、澳洲、巴西和英國的漢堡王業務中建立了五個價值 10 億美元的業務，並在法國漢堡王業務中建立了一個價值 20 億美元的業務。

We're also seeing consistent success in markets just outside our top 10 that we don't always highlight like Burger King Japan, where we've beaten the industry for 11 straight quarters, delivering 22% same-store sales in 2025 on top of 19% same-store sales in 2024 and adding 84 net new restaurants this year; or Popeyes Turkey, which more than doubled its store count in the last 4 years, ending 2025 with nearly 500 restaurants.

我們還在一些我們未重點提及的前十大市場之外的市場取得了持續的成功，例如日本漢堡王，我們已連續 11 個季度超越行業平均水平，在 2024 年同店銷售額增長 19% 的基礎上，預計 2025 年同店銷售額將增長 22%，並且今年淨增 84 家餐廳數量翻了一番500 家餐廳。

In addition, we're scaling newer markets like Popeyes in the UK or Tim Hortons in Mexico, where we crossed $200 million and $100 million in system-wide sales, respectively, as brand awareness and market adoption continue to build. While these markets are diverse, they're winning by executing the same fundamentals, locally relevant marketing, disciplined development, and consistent operations, all managed by strong local operators. These fundamentals give me confidence that International is well positioned to deliver durable growth in 2026 and beyond.

此外，我們正在拓展英國的 Popeyes 和墨西哥的 Tim Hortons 等新興市場，在這些市場，我們的系統銷售額分別突破了 2 億美元和 1 億美元，品牌知名度和市場接受度也在不斷提高。雖然這些市場各不相同，但它們都透過執行相同的基本原則、與當地相關的行銷、嚴謹的開發和持續的營運而取得成功，所有這些都由強大的本地營運商管理。這些基本面讓我相信，International 已做好充分準備，在 2026 年及以後持續成長。

Turning now to Burger King, which represents roughly 18% of our operating profit. US comparable sales grew 1.6% for the full year, including 2.6% in the fourth quarter. We have now outperformed the burger QSR industry in 9 out of the last 12 quarters, demonstrating how Reclaim the Flame is strengthening the brand and its relative value proposition for guests. Marketing and menu innovation played an important role during the quarter.

現在來說說漢堡王，它約占我們營業利潤的 18%。美國全年同店銷售額成長1.6%，其中第四季成長2.6%。在過去的 12 個季度中，我們有 9 個季度的業績都超過了漢堡快餐行業，這表明「重燃火焰」計畫正在加強品牌及其對顧客的相對價值主張。本季度，行銷和菜單創新發揮了重要作用。

In December, we launched the SpongeBob SquarePants menu, featuring the Krabby Whopper with an iconic square yellow bun alongside with cheesy bacon tots -- bacon tots, a Star-berry Shortcake Pie, and a Frozen Pineapple Float. The activation drove strong guest engagement and broad families back into our restaurants, with kid's meals reaching their highest incidence level in the last 10 years. This is an exciting proof point as we think about the potential of our family business.

12 月，我們推出了海綿寶寶主題菜單，其中包括蟹黃堡（配有標誌性的方形黃色麵包）、起司培根薯餅、星莓酥餅派和冰凍鳳梨漂浮。這項活動大大提升了顧客參與度，並吸引了許多家庭重返我們的餐廳，兒童餐的消費量達到了近 10 年來的最高水平。這對於我們思考家族企業的潛力來說，是一個令人振奮的證明點。

Importantly, we were able to retain traffic after the promotion ended with new SpongeBob guests coming back to Burger King in January. This innovation was supported by our consistent value platform, $5 Duos and $7 Trios, which remained on the menu all year. Duos and Trios continue to perform well by offering guest choice, price certainty and consistency. In a year when there was significant noise across the industry around value, this dependable platform allowed us to focus on our marketing behind wafer-led innovation and family partnerships that attracted new guests to the brand.

重要的是，促銷活動結束後，我們仍能留住客流量，1 月又有新的海綿寶寶顧客回到漢堡王。這項創新得益於我們始終如一的價值平台，即 5 美元的雙人套餐和 7 美元的三人套餐，這些套餐全年都在菜單上。雙人房和三人間繼續保持良好的業績，為客人提供選擇、價格確定性和一致性。在這一年裡，整個產業都在大肆宣傳價值，而這個可靠的平台讓我們能夠專注於以晶圓為主導的創新和家族合作的營銷，從而吸引新客戶加入品牌。

Looking ahead, we'll continue executing this balanced strategy. But that sales momentum only translates into the same traffic when it's supported by solid operations. Throughout the year, the team remained focused on improving execution. Tom and his team are completing their fourth annual royal roundtables, bringing together every restaurant manager in the country to sharpen operational focus across the system. We see the impact of consistent operations.

展望未來，我們將繼續執行這項平衡策略。但只有在穩健的營運支援下，這種銷售動能才能轉換為同樣的客流量。全年，團隊始終專注於提升執行力。湯姆和他的團隊正在完成他們的第四屆年度皇家圓桌會議，將全國所有餐廳經理聚集在一起，以加強整個系統的營運重點。我們看到了持續營運帶來的影響。

Speed and service quality reflected clearly in the performance of our A operators, who outperformed the system average profitability by nearly $50,000 in 2025. In addition to improving operations, we remain dedicated to modernizing the asset base, and ended 2025 at 58% modern image, up from 51% in 2024.

速度和服務品質在我們 A 級營運商的業績中得到了充分體現，他們在 2025 年的盈利能力比系統平均盈利能力高出近 5 萬美元。除了改善營運外，我們還致力於資產基礎的現代化，到 2025 年底，現代化資產佔比達到 58%，高於 2024 年的 51%。

While we previously discussed reaching 85% modern image in 2028, the current cost environment is influencing the pace of remodel activity. And as a result, it will take a bit longer to reach that level. This doesn't change our strategy or the role of remodels and Reclaim the Flame. Remodels continue to deliver compelling uplifts and the team's net of control, reinforcing our confidence in the program, and we will continue to make steady progress alongside our franchisees.

雖然我們之前討論過到 2028 年實現 85% 的現代化形象，但目前的成本環境正在影響改造活動的步伐。因此，要達到那個水平需要更長的時間。這不會改變我們的策略，也不會改變改造和重燃火焰的作用。改造持續帶來顯著的提升，增強了團隊的控制力，鞏固了我們對該計劃的信心，我們將繼續與加盟商一起穩步前進。

We also continue to modernize Carrols, completing roughly 60 remodels in 2025, including 54 sizzles. Comparable sales grew by 2.4% in Q4, slightly behind the rest of the system as Carrols Restaurants were more heavily impacted by weather, given their geographic concentration in the Northeast. Finally, franchisee profitability was about $185,000 in 2025, down from about $205,000 in 2024. This was driven primarily by beef costs, which Sami will discuss shortly.

我們也將繼續對 Carrols 進行現代化改造，預計在 2025 年完成約 60 項改造，其中包括 54 項升級改造。第四季同店銷售額成長了 2.4%，略低於系統內其他餐廳的水平，因為 Carrols 餐廳由於其地理位置集中在東北部，受天氣影響更大。最後，2025 年加盟商的獲利約為 185,000 美元，低於 2024 年的約 205,000 美元。這主要是由於牛肉價格上漲所致，薩米稍後會對此進行討論。

While 2025 was a step back, we're well ahead of where we were just a few years ago. Fundamentals continue to strengthen, and we're confident profitability will expand as beef costs normalize. Overall, I'm encouraged by the progress Tom and team made in 2025.

雖然 2025 年是一個倒退，但我們比幾年前的情況要好得多。基本面持續走強，我們相信隨著牛肉成本恢復正常，獲利能力將會擴大。總的來說，我對湯姆和他的團隊在 2025 年的進展感到鼓舞。

Burger King executed compelling marketing, offered consistent value, improved operations, and continue to make progress on modern image, helping the brand once again outperform the burger QSR industry and reinforcing my confidence in the brand's trajectory as macro pressures ease. I'm excited for you to hear from Tom directly on February 26 about how we plan to further elevate the brand moving forward.

漢堡王執行了引人注目的營銷，提供了持續的價值，改進了運營，並在現代形象方面不斷取得進步，這幫助該品牌再次超越了漢堡快餐行業，並增強了我對該品牌在宏觀壓力緩解後的發展軌蹟的信心。我很期待大家在 2 月 26 日直接聽到 Tom 向我們介紹我們未來將如何進一步提升品牌形象。

Now turning to Popeyes, where net restaurant growth of 1.6% was more than offset by comparable sales down 3.2% for the year, resulting in system-wide sales growth of negative 0.7%. As a result of softer sales this year, franchise profitability declined roughly $235,000, which remains a healthy level, but one we are focused on improving. Our performance this year reinforces a clear reality. While the chicken category remains competitive, Popeye's biggest opportunity is improving restaurant level execution and reengaging with our core guests.

現在來看 Popeyes，其餐廳淨成長 1.6%，但全年同店銷售額下降 3.2%，導致系統整體銷售額下降 0.7%。由於今年銷售額下滑，特許經營利潤下降了約 23.5 萬美元，雖然仍處於健康水平，但我們正在努力提高利潤率。我們今年的表現印證了一個顯而易見的現實。儘管雞肉市場競爭仍然激烈，但 Popeyes 最大的機會在於提升餐廳層面的執行力，並重新吸引我們的核心顧客。

We know Popeyes is capable of much more, and we're taking decisive action to put the brand back on the right path, while supporting our franchisees to deliver stronger results at the restaurant level. In November, we announced that Peter Perdue, former COO of Burger King in the US would step into the role of President of Popeyes US and Canada. Peter has a clear mandate to raise operational consistency, and he's moving quickly, resetting his leadership team and engaging with our franchisees. At its core, the Chicken business is a service business, and winning requires consistent speed, accuracy, and reliability in every restaurant every day.

我們知道 Popeyes 有能力做得更好，我們正在採取果斷措施，使品牌重回正軌，同時支持我們的加盟商在餐廳層面取得更佳業績。11 月，我們宣布美國漢堡王前營運長 Peter Perdue 將出任 Popeyes 美國和加拿大總裁。Peter 的明確使命是提高營運的一致性，他正在迅速行動，重組領導團隊並與我們的加盟商進行溝通。從本質上講，雞肉產業是服務業，要成功，每家餐廳每天都要保持穩定的速度、準確性和可靠性。

To support that, we're expanding field engagement and providing targeted support to our lowest performing restaurants. We've increased our field operations team by approximately 75%, launching in-restaurant coaching visits and are hosting our first-ever restaurant general manager experienced rallies across the US this spring.

為了支持這一目標，我們正在擴大現場參與度，並為業績最差的餐廳提供有針對性的支援。我們已將現場營運團隊增加了約 75%，啟動了餐廳內部指導訪問，並將於今年春季在美國各地舉辦我們有史以來第一次餐廳總經理體驗式集會。

Alongside operations, we're also sharpening our core product focus, prioritizing offerings that define Popeyes and resonate with both new and legacy guests, including our incredible hand battered and fried bone-in chicken tenders and sandwich. I'm excited for Peter to share more detail at our upcoming Investor Day. In the meantime, I want to reiterate my confidence in the underlying strength of the Popeyes brand.

除了營運之外，我們也在加強核心產品方面的專注，優先推出能夠定義 Popeyes 品牌並引起新舊顧客共鳴的產品，包括我們美味的手工裹粉炸帶骨雞柳和三明治。我很期待 Peter 在即將舉行的投資者日上分享更多細節。同時，我想重申我對Popeyes品牌內在實力的信心。

We have a great group of engaged franchisees, a relatively modern asset base, solid unit economics, and some of the best chicken in the industry. With disciplined execution and sustained focus, I'm very confident Popeyes will return to the level of performance it's capable of delivering.

我們擁有一批積極投入的加盟商、相對現代化的資產基礎、穩健的單位經濟效益，以及業界最好的雞肉產品。只要執行得當，並保持專注，我非常有信心，Popeyes 將會重回其應有的水平。

Finally, Firehouse Subs had a solid year with comparable sales up 1.1%, including 2.1% in the fourth quarter and net restaurant growth of 7.7%, driving 8.6% system-wide sales growth. As a result of this growth, franchisee profitability grew to over $100,000. Importantly, Mike and the team opened 104 net new restaurants across the US and Canada and accelerated net restaurant growth from approximately 6% in 2024 to 8% in 2025, led by Canada. In fact, Firehouse was one of the fastest-growing QSRs in Canada in 2025. I'm excited about the growing momentum of this brand, and I'm looking forward to even more success in 2026.

最後，Firehouse Subs 度過了穩健的一年，同店銷售額成長 1.1%，其中第四季成長 2.1%，餐廳淨成長 7.7%，帶動系統整體銷售額成長 8.6%。由於這一增長，加盟商的盈利增長到超過 10 萬美元。重要的是，Mike 和他的團隊在美國和加拿大淨增了 104 家餐廳，並將餐廳淨增長率從 2024 年的約 6% 加速到 2025 年的 8%，其中加拿大市場表現尤為突出。事實上，Firehouse 是 2025 年加拿大成長最快的快餐連鎖店之一。我對這個品牌日益增長的發展勢頭感到興奮，並期待在 2026 年取得更大的成功。

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. 2025 was a year of execution-driven performance, which translated into solid top-line results, 8% organic AOI growth, and double-digit adjusted EPS growth, with performance improving as we went through the year.

謝謝Josh，大家早安。 2025年是執行力驅動績效的一年，這轉化為穩健的營收成長、8%的有機年度營業收入成長以及兩位數的調整後每股收益成長，並且隨著時間的推移，業績持續提升。

We also took important steps to simplify the business and strengthen our foundation for future growth. announcing a new partner for Burger King China, beginning refranchising at Burger King U.S. ahead of schedule, and maintaining disciplined investment behind the initiatives that matter most for long-term value creation.

我們也採取了重要措施來簡化業務，並加強未來成長的基礎。這些措施包括：宣布漢堡王中國的新合作夥伴；提前啟動漢堡王美國特許經營權的重新授予；以及對那些對長期價值創造至關重要的舉措保持嚴格的投資。

As we exit 2025, the fundamentals of our business are stronger. Our portfolio is more focused, and we have improved visibility into earnings and cash flow growth, all of which give me confidence in our ability to build on this momentum in 2026. Today, I'll focus on our full-year 2025 financial results, and I'll touch on a few modeling related items for 2026. As Josh mentioned, the bulk of our forward-looking commentary will be reserved for our Investor Day on February 26.

2025 年即將結束，我們業務的基本面更加穩固。我們的投資組合更加集中，我們對收益和現金流成長的可見性也得到了提高，所有這些都讓我對我們在 2026 年繼續保持這一勢頭充滿信心。今天，我將重點介紹我們 2025 年全年的財務業績，並簡要介紹一些與 2026 年建模相關的事項。正如 Josh 所提到的，我們的大部分前瞻性評論將留到 2 月 26 日的投資者日發布。

Now on to our results, beginning with our financials. For the full year, we delivered comparable sales growth of 2.4%, net restaurant growth of 2.9%, and system-wide sales growth of 5.3%. We translated that to organic AOI growth of 8.3% and nominal adjusted EPS growth of 10.7%. Compared to our long-term algorithm, comparable sales came in modestly below target, though we continue to outperform the industry.

接下來公佈我們的業績，首先是財務數據。全年來看，我們實現了可比銷售額成長 2.4%，餐廳淨成長 2.9%，系統整體銷售額成長 5.3%。我們將其轉換為有機 AOI 成長 8.3% 和名目調整後 EPS 成長 10.7%。與我們的長期演算法相比，可比銷售額略低於目標，但我們仍然優於行業平均值。

Meanwhile, net restaurant growth of 2.9% was roughly in line with our full-year guidance. Importantly, we believe 2025 represents a low point for NRG. And from here, we expect to ramp back towards 5% unit growth by the end of our algorithm period. In 2026, we expect to see modestly positive NRG from Burger King China following our portfolio cleanup and the transition of the business to our new local partner, CPE.

同時，餐廳淨成長率為 2.9%，與我們的全年預期基本一致。重要的是，我們認為 2025 年是 NRG 的低谷。從目前的情況來看，我們預期到演算法週期結束時，單位成長率將恢復到 5%。2026 年，隨著我們清理投資組合並將業務過渡到我們新的本地合作夥伴 CPE，我們預計 Burger King 中國將帶來適度的正收益。

For reference, returning Burger King China to neutral NRG would imply a positive impact of 70 basis points on our consolidated 2025 unit growth. We look forward to providing more color on our future development outlook during our Investor Day.

作為參考，將漢堡王中國業務的 NRG 評級恢復至中性將對我們 2025 年的綜合單位成長產生 70 個基點的正面影響。我們期待在投資者日上詳細介紹我們未來的發展前景。

We continue to translate system-wide sales growth into even stronger earnings growth, delivering our third consecutive year of roughly 8% organic AOI growth. There were some specific puts and takes in 2025 that I'll walk you through now, all of which we've discussed on our prior calls. First, we lapped over the roughly $60 million BK Fuel the Flame ad fund contribution. In 2025, those expenses moved over to the P&Ls of our franchisees and our company restaurants, which was a tailwind to our organic AOI growth.

我們繼續將系統範圍內的銷售成長轉化為更強勁的獲利成長，連續第三年實現了約 8% 的有機 AOI 成長。2025 年有一些具體的買入和賣出機會，我現在就帶你了解一下，所有這些我們之前都討論過。首先，我們略過了 BK Fuel the Flame 廣告基金約 6,000 萬美元的捐款。2025 年，這些費用轉移到了我們加盟商和公司餐廳的損益表中，這對我們的有機 AOI 成長起到了推動作用。

Second, moving the other direction. We did not recognize revenue from Burger King China in 2025 as we recorded results from the business in discontinued operations. As a result, the International segment saw a $37 million revenue headwind in 2025. Of course, we expect these results to phase back into our P&L prospectively, which I'll touch on shortly.

其次，朝另一個方向移動。2025 年，我們沒有確認來自漢堡王中國的收入，因為我們將該業務的業績計入了終止經營業務。因此，國際業務部門在 2025 年面臨 3,700 萬美元的營收下滑。當然，我們預期這些結果將逐步反映在我們的損益表中，我稍後會詳細說明。

Third, segment G&A stepped down by $38 million year over year in 2025. This reduction was primarily driven by lower stock-based compensation and headcount efficiencies identified during the first half of the year, in addition to continued cost discipline. We believe our business is at a healthy level of G&A, which will grow modestly with inflation over time. And last, net bad debt expense totaled $21 million, modestly lower than $24 million in 2024. Together, these factors enabled us to translate 5.3% system-wide sales growth to organic AOI growth of 8.3%.

第三，2025 年該部門的 G&A 費用年減 3,800 萬美元。這項減少主要是由於上半年確定的股票選擇權激勵措施和人員精簡效率的降低，以及持續的成本控制。我們認為，我們公司的管理費用處於健康的水平，隨著時間的推移，管理費用將隨著通貨膨脹而小幅增長。最後，淨壞帳支出總計 2,100 萬美元，略低於 2024 年的 2,400 萬美元。這些因素共同促成了 5.3% 的系統銷售成長轉化為 8.3% 的有機 AOI 成長。

Now turning to EPS. For the full year, adjusted EPS grew 10.7% to $3.69 per share. EPS growth was driven by our AOI growth as well as a $43 million year-over-year decrease in adjusted net interest expense, reflecting the benefits of our 2024 refinancing activities and our cross-currency swaps. Our adjusted effective tax rate was 18.6%, in line with our guidance and our expectations for 2026.

現在來看每股收益。全年調整後每股收益成長 10.7% 至 3.69 美元。每股盈餘成長主要得益於我們的 AOI 成長，以及調整後淨利息支出年減 4,300 萬美元，這反映了我們 2024 年再融資活動和交叉貨幣互換帶來的收益。我們調整後的實際稅率為 18.6%，與我們的指導方針和對 2026 年的預期相符。

Now turning to cash flow and capital allocation. We generated nearly $1.6 billion of free cash flow this year, including the impact of $365 million of CapEx and cash inducement and $138 million cash benefit from our swaps and hedges. We also returned $1.1 billion of capital to shareholders this year through our dividend. For 2026, we are increasing our dividend target by roughly 5% to $2.60 per share, marking the 14th consecutive year of dividend growth.

現在來談談現金流和資本配置。今年我們產生了近 16 億美元的自由現金流，其中包括 3.65 億美元的資本支出和現金激勵，以及來自互換和對沖的 1.38 億美元現金收益。今年我們也透過分紅向股東返還了11億美元的資本。2026 年，我們將股息目標提高約 5%，達到每股 2.60 美元，這將是連續第 14 年實現股息成長。

We ended the year with total liquidity of approximately $2.4 billion, including $1.2 billion of cash and a net leverage ratio of 4.2 times, successfully meeting our low 4 times net leverage target for 2025. In line with our priority to return to a more simplified business model, we plan to refranchise 50 to 100 Burger King restaurants in 2025, and I'm pleased to say we slightly exceeded that guidance.

年底時，我們的總流動資金約為 24 億美元，其中包括 12 億美元的現金，淨槓桿率為 4.2 倍，成功實現了 2025 年淨槓桿率降至 4 倍的目標。為了優先回歸更簡化的商業模式，我們計劃在 2025 年將 50 至 100 家漢堡王餐廳重新特許經營，我很高興地說，我們略微超過了這一預期。

Now before shifting to 2026 financial guidance, I'd like to touch on two additional modeling items, Burger King China and beef costs. As a reminder, throughout 2025, Burger King China was classified as held for sale, and its results were reported under discontinued operations and excluded from our International segment P&L. Following the close of our joint venture transaction with CPE, royalties from Burger King China are once again being recognized in our International segment P&L.

在轉向 2026 年財務預測之前，我想再談談另外兩個建模項目：漢堡王在中國的業務和牛肉成本。再次提醒，2025 年全年，漢堡王中國業務被歸類為待售業務，其業績在終止經營業務下報告，並且不計入我們的國際業務損益表。在我們與 CPE 完成合資交易後，來自漢堡王中國的特許權使用費再次計入我們的國際業務損益表。

For reference, in 2024, we recognized $32 million in royalty revenues from Burger King China at a full royalty rate. In 2026, the royalty rate will begin a couple of points below our standard 5% rate for traditional Burger King international locations and will ramp to 5% over time.

作為參考，2024 年，我們確認了來自漢堡王中國的 3,200 萬美元特許權使用費收入，以全額特許權使用費率計算。2026 年，特許經營費率將從比我們傳統的漢堡王國際門市 5% 的標準費率低幾個百分點開始，並隨著時間的推移逐步提高到 5%。

Next, I'd like to discuss beef costs. Burger King US approximately 7% commodity inflation in 2025, largely due to beef, which increased over 20% for the full year. This drove the year-over-year decrease in average four-wall profitability, which would have been roughly flat year over year if beef prices stayed around where they were in 2024. As previously discussed, we believe these pressures are cyclical as the increase is largely tied to US herd rebuilding coupled with tariff impacts and upstream labor shortages.

接下來，我想談談牛肉價格。漢堡王預計，到 2025 年，美國大宗商品通膨率將達到約 7%，主要是由於牛肉價格上漲，全年漲幅超過 20%。這導致四壁肉雞的平均盈利能力同比下降，如果牛肉價格在 2024 年保持在目前的水平，那麼四壁肉雞的平均盈利能力將大致持平。如同先前討論過的，我們認為這些壓力是週期性的，因為成長主要與美國畜群重建以及關稅影響和上游勞動力短缺有關。

Importantly, the key to reaccelerating franchisee profitability growth will come from driving strong top-line results, and we continue to work closely with our franchisees to drive improvements in areas that are under our control. Now finally, I'd like to discuss our 2026 financial guidance.

重要的是，重新加速加盟商獲利成長的關鍵在於推動強勁的營收成長，我們將繼續與加盟商緊密合作，推動在我們可控範圍內的領域取得進步。最後，我想談談我們2026年的財務預期。

Most importantly, in 2026, we're committed to delivering a fourth consecutive year of on-algorithm 8% AOI growth. This is supported by a strong top line and continued flow-through to earnings. A couple of points to note. First, we expect segment G&A, excluding restaurant holdings, of about $600 million to $620 million, representing modest inflation relative to $594 million in 2025.

最重要的是，我們承諾在 2026 年連續第四年實現演算法驅動的 AOI 成長 8%。強勁的營收成長和持續的獲利成長支撐了這一業績。有幾點要注意。首先，我們預期不包括餐飲業務在內的分部一般及行政費用約為 6 億美元至 6.2 億美元，與 2025 年的 5.94 億美元相比，通膨幅度不大。

Second, we expect net adjusted interest expense to stay approximately flat year over year in the $500 million to $520 million range based on a mid-3% SOFR rate, which flows through to approximately 15% of our debt. Third, we expect 2026 CapEx and cash inducements, including capital expenditures, tenant inducement, and incentives to be around $400 million compared to $365 million in 2025. This increase is primarily driven by higher CapEx associated with Tim Hortons development and renovations as well as acceleration in Carrols remodels.

其次，我們預計，根據 3% 的 SOFR 利率（約占我們債務的 15%）計算，淨調整利息支出將與去年同期基本持平，介於 5 億美元至 5.2 億美元之間。第三，我們預期 2026 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，而 2025 年為 3.65 億美元。這一增長主要是由於 Tim Hortons 開發和翻新相關的資本支出增加，以及 Carrols 改造工程加速推進所致。

Fourth, we expect Tim Hortons supply chain margins to be roughly in line with 2025 levels. From a seasonal perspective, we expect Q1 margins to be the softest of the year more or less in line with Q4 of 2025. And last, there are a couple of things to keep in mind for restaurant holdings, which, as a reminder, is not included and not included in our AOI algorithm guidance.

第四，我們預計 Tim Hortons 的供應鏈利潤率將與 2025 年的水準大致相當。從季節性角度來看，我們預計第一季的利潤率將是全年最低的，與 2025 年第四季的情況大致相同。最後，關於餐廳持股，有幾點需要注意，需要提醒的是，餐廳持股不包含在我們的 AOI 演算法指南中。

BK Carrols Restaurant level margins will continue to be impacted by commodity inflation, primarily related to elevated beef costs. For 2025, BK Carrols full-year restaurant level margin was 11.1%, and we expect similar full year margins in 2026.

BK Carrols 餐廳的利潤率將繼續受到大宗商品通膨的影響，主要與牛肉成本上漲有關。2025 年，BK Carrols 的全年餐廳利潤率為 11.1%，我們預計 2026 年全年利潤率將與之相近。

For 2021, we expect total RH AOI of roughly $10 million to $20 million with favorability in beef cost bringing us towards the higher end of that range. The expected year-over-year decline in RH AOI reflects the impact of Carrols Restaurant refranchising and incremental investments in our international start-up businesses, Popeyes China and Firehouse Brazil, that we expect to continue until we transition ownership to new local partners.

2021 年，我們預計 RH 總投資額約為 1,000 萬至 2,000 萬美元，牛肉價格的有利因素將使我們接近該範圍的上限。RH AOI 預計將同比下降，反映了 Carrols Restaurant 重新特許經營以及對我們國際新創公司 Popeyes China 和 Firehouse Brazil 的增量投資的影響，我們預計這種情況將持續到我們將所有權移交給新的當地合作夥伴為止。

To wrap up, stepping back 2025 demonstrated the strength and resilience of our business model and the benefits of the strategic investments we've been making over the past several years. We spent much of the year talking about how our business was at peak complexity. And I'm pleased to say that we are entering 2026 with a simpler, more focused portfolio and improved visibility into future earnings. That positions us well as we move into the next phase of growth and work to deliver another year of 8% organic AOI growth in 2026.

總而言之，將目標設定在 2025 年，證明了我們商業模式的實力和韌性，以及我們在過去幾年中進行的策略性投資所帶來的益處。我們花了大半年的時間討論我們業務的複雜性達到了頂峰。我很高興地宣布，當我們進入 2026 年時，投資組合更加精簡、重點突出，未來收益也更加清晰可見。這為我們進入下一個成長階段奠定了良好的基礎，我們將努力在 2026 年實現 8% 的有機 AOI 成長。

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. 2025 was my third full year at RBI. And I'd like take step back and talk about what this year taught us about the health of our business and the progress we've made strengthening it. 2025 was a demanding year for restaurant operators. The consumer was under pressure, costs were elevated, and macro and geopolitical uncertainty weighed on confidence across many of our markets.

謝謝你，薩米。 2025年是我在RBI的第三個完整年份。我想回顧一下，談談今年我們從自身業務健康狀況以及在強化業務方面取得的進展中學到了什麼。 2025年對餐飲業者來說是充滿挑戰的一年。消費者面臨壓力，成本高企，宏觀和地緣政治的不確定性也打擊了我們許多市場的信心。

Taken together, it was the kind of environment served as a pretty good test of the fundamentals of a restaurant business. In that context, our performance demonstrated that the underlying fundamentals of our portfolio are not only resilient, but improving with our brands continuing to strengthen their competitive positions despite a challenging backdrop. Of course, the most important metric we look at is franchisee profitability.

綜合來看，這種環境能夠很好地檢驗一家餐廳的基本營運狀況。在此背景下，我們的業績表明，儘管面臨充滿挑戰的環境，但我們的投資組合的基本面不僅具有韌性，而且還在不斷改善，我們的品牌也在不斷加強其競爭地位。當然，我們最關注的指標是加盟商的獲利能力。

While profitability was pressured in parts of the system in 2025, a closer look tells an important story about the strength of our portfolio. At Tim Hortons, despite elevated coffee costs and tariff-related headwinds that weighed on consumer confidence in the first half of the year, average four-wall EBITDA held at around CAD295,000.

儘管 2025 年該系統部分領域的獲利能力面臨壓力，但仔細觀察就會發現，我們的投資組合實力雄厚。儘管今年上半年咖啡成本上漲，關稅相關的不利因素打擊了消費者的信心，但 Tim Hortons 的平均四面牆 EBITDA 仍保持在 295,000 加幣左右。

While we're always striving to drive growth in franchisee profitability, we believe this is a healthy outcome given the context and reflects the consistency of Tim Hortons business, strength of its restaurant owners, and benefits from its continued outperformance versus the broader QSR industry over the course of the year.

雖然我們一直在努力提高加盟商的盈利能力，但我們認為，考慮到當前形勢，這是一個健康的結果，反映了 Tim Hortons 業務的穩定性、餐廳所有者的實力，以及該公司在過去一年中持續優於整個快餐行業的業績所帶來的益處。

And while we don't report franchisee profitability at International, given its scale and structure, it's fair to say that with mid-single-digit comparable sales growth and net restaurant growth of 7%, excluding BK China, our International franchisees are doing quite well overall and continue to see attractive economics.

雖然我們不公佈國際加盟商的盈利情況，但考慮到其規模和結構，可以公平地說，除漢堡王中國外，我們的國際加盟商的同店銷售額增長了中等個位數，餐廳淨增長率為 7%，總體而言表現相當不錯，並繼續獲得可觀的經濟效益。

At Burger King, we faced a meaningful headwind this year from over 20% inflation in beef, our largest commodity, which caused franchisee profitability to step back year over year. But what's important to me is what didn't happen. Even in an environment with a lot of value noise, we didn't need to rely on deep discounting to drive top-line results.

今年，漢堡王面臨著牛肉價格上漲超過 20% 的重大不利因素，牛肉是我們最大的商品，這導致加盟商的獲利能力逐年下降。但對我來說，重要的是那些沒有發生的事。即使在充斥著大量價值噪音的環境中，我們也不需要依靠大幅折扣來推動營收成長。

The core business continued to improve and the systems showed far more resilience than it would have four years ago before Tom and the team launched Reclaim the Flame. The investments we and our franchisees have made in operations, marketing, and modern image have fundamentally strengthened the system, and that showed up clearly this year. There's absolutely still work to do. But relative to much of the burger QSR category, I think it's fair to say that our franchisees are feeling pretty good about where they stand and our ability to grow from here. We've also been disciplined about growth in capital.

核心業務持續改進，系統展現的韌性遠勝於四年前湯姆和他的團隊發起「重奪火焰」計畫之前。我們和我們的加盟商在營運、行銷和現代形象方面的投資從根本上加強了系統，這一點在今年得到了充分體現。當然，還有很多工作要做。但相對於大多數漢堡快餐店而言，我認為可以公平地說，我們的加盟商對目前的狀況以及我們未來的發展能力感到非常滿意。我們在資本成長方面也一直保持著嚴格的紀律。

In a year like this, the wrong response is to push development or investment faster than the economic support. Instead, we've prioritized protecting franchisee balance sheets, pacing remodels thoughtfully and placing restaurants in the hands of operators who can execute at a high level. Simplifying the business and moving toward a more purely franchised model are part of that same mindset.

在這樣的年份，錯誤的因應措施是加快發展或投資步伐，使其超過經濟支持。相反，我們優先考慮保護加盟商的資產負債表，謹慎地安排翻新進度，並將餐廳交給能夠高水準執行的經營者。簡化業務流程並轉向更純粹的特許經營模式也是這種思維方式的一部分。

At Popeyes, we also saw a step back in unit economics year over year, and this is a different situation. We've been very upfront that sales are not where they should be, and you saw us make leadership changes in 2025 and earlier this year as a result. I'm confident that the steps we're taking, particularly the renewed focus on operations, consistency, and brand standards will translate into better performance over time.

在 Popeyes，我們也看到單位經濟效益逐年下降，而現在的情況則有所不同。我們一直坦誠地表示，銷售額沒有達到應有的水平，因此你們也看到了，我們在 2025 年和今年早些時候進行了領導層變動。我相信，我們正在採取的措施，特別是重新重視營運、一致性和品牌標準，隨著時間的推移，將會轉化為更好的績效。

Average profitability of roughly $235,000 is not where the system can or should be, but Popeyes has a strong franchisee base and there is real engagement and momentum around the changes Peter and the team are leading. And lastly, at Firehouse, we saw average profitability grow to about $100,000, reflecting the steady progress Mike and the team are making despite some lingering category headwinds.

平均盈利約為 235,000 美元，這並非該系統能夠或應該達到的水平，但 Popeyes 擁有強大的加盟商基礎，而且 Peter 和他的團隊正在領導的變革也得到了真正的參與和推動。最後，在 Firehouse，我們看到平均盈利增長到約 10 萬美元，這反映出 Mike 和他的團隊儘管面臨一些持續的行業不利因素，但仍然取得了穩步進展。

Given Firehouse's lower-cost in-line build model, that level of profitability supports attractive paybacks on new openings and positions the brand well to continue accelerating unit growth. I mentioned earlier that a year like this can serve as a real test of a restaurant business, and when I look at how we performed, I think our overall grade is pretty strong.

鑑於 Firehouse 採用成本較低的流水線生產模式，這種獲利能力能夠為新店開幕帶來可觀的回報，並使該品牌能夠繼續加速門市成長。我之前提到過，像今年這樣的一年是對餐飲業的真正考驗，而從我們的表現來看，我認為我們的整體成績相當不錯。

We outperformed the industry across our three largest businesses, included by 2 points at Tim's Canada and 3 points at Burger King U.S. Tim Hortons Canada and International each extended their multiyear streaks of positive quarterly comparable sales. And our teams delivered over 8% organic adjusted operating income growth and double-digit EPS growth for shareholders. That marks the third year in a row of roughly 8% organic adjusted operating income growth.

我們在三大主要業務領域均超越了行業平均水平，其中 Tim Hortons Canada 領先 2 個百分點，Burger King U.S. 領先 3 個百分點。 Tim Hortons Canada 和國際業務都延續了多年來季度同店銷售額持續成長的記錄。我們的團隊實現了超過 8% 的有機調整後營業收入成長和兩位數的每股盈餘成長，為股東創造了價值。這標誌著公司連續第三年實現了約 8% 的有機調整後營業收入成長。

That is the type of consistency we want to continue to deliver moving forward. This combination of industry outperformance, margin discipline, and earnings growth doesn't happen by accident. It reflects improving fundamentals, strong execution, and real partnership across the system. I'm proud of what our teams and franchisees delivered this year, and I feel good about the progress we've made strengthening this business for the long term.

這就是我們希望在未來繼續保持的穩定。產業業績優異、利潤率控制得當、獲利成長三者兼備，絕非偶然。這反映了基本面的改善、執行力的增強以及整個系統內真正的合作。我為我們的團隊和加盟商今年的成就感到自豪，也對我們為長期發展壯大這項業務所取得的進展感到滿意。

With that, I'll turn it over to the operator for questions.

接下來，我將把電話交給接線員，回答大家的問題。

(Operator Instructions) Danilo Gargiulo, Bernstein.

（操作說明）Danilo Gargiulo，Bernstein。

Well, it's very encouraging to see solid sales momentum in US and Canada in the quarter despite the tough backdrop we are describing. I'm wondering if you can maybe talk about how you're thinking about the comparable sales evolution and trajectory in 2026, which (inaudible) point may provide upside gains for Tim Hortons and Burger King.

儘管我們所描述的背景十分嚴峻，但本季美國和加拿大市場的銷售勢頭依然強勁，這令人非常鼓舞。我想知道您是否可以談談您對 2026 年可比銷售額發展趨勢的看法，以及哪一點可能會為 Tim Hortons 和 Burger King 帶來成長潛力。

And specifically to Tim Hortons, you seem to have a (inaudible) result with the beverages with the PM food growing a little bit more modestly. So what's the next evolution to drive greater PM expansion.

具體來說，就 Tim Hortons 而言，飲料似乎取得了（聽不清楚）好的結果，而下午的食物增長則相對溫和一些。那麼，推動PM進一步擴張的下一步發展方向是什麼？

Danilo, thanks for the question. I think in terms of the same-store sales, I agree it was a very good year, and I think a positive Q4. And I think that sets us up well as we step into 2026. I think importantly, because the reason that we were achieving those same-store sales is we're delivering on the fundamentals across all of the businesses. So I think that's a great setup.

達尼洛，謝謝你的提問。我認為就同店銷售額而言，我同意今年業績非常好，而且我認為第四季業績也不錯。我認為這為我們邁入 2026 年奠定了良好的基礎。我認為這一點很重要，因為我們之所以能夠實現同店銷售額的成長，是因為我們在所有業務方面都做到了基本面的控制。所以我認為這是一個很好的方案。

And I think our expectation is for a similar consumer environment in 2026 to 2025, and we'll keep focusing on building on those basis. The one thing I would call out so far in 2026, that sure anybody in Toronto or New York is aware of is that it's been a bit of a tough weather environment so far in 2026. So I think that's an important to flag. That should normalize as we get out of the next couple of months, and we look forward to building back another great year.

我認為我們預計 2025 年到 2026 年的消費環境將與現在類似，我們將繼續以此為基礎發展。2026 年至今，我想指出的一件事，也是多倫多或紐約的任何人都知道的，就是 2026 年至今的天氣環境相當惡劣。所以我認為這一點需要特別指出。在接下來的幾個月裡，情況應該會逐漸恢復正常，我們期待又一個輝煌的年份到來。

In terms of the Tim same-store sales, I think you characterized well. I think we made a ton of progress across cold beverages. It was a big highlight throughout the year. And as I mentioned in the prepared remarks, even in Q4, which is not traditionally the strongest time of the year for cold beverages. We had our highest incidence ever, which tells you we're really building a better portfolio of offerings, and we're building new habits with our guests.

就 Tim 的同店銷售額而言，我認為你描述得很到位。我認為我們在冷飲領域取得了巨大進步。這是全年的一大亮點。正如我在準備好的演講稿中提到的，即使在第四季度，這通常不是冷飲銷售最旺的時期。我們出現了有史以來最高的事故發生率，這說明我們確實在建立更好的產品組合，並且正在與顧客一起培養新的習慣。

So that's something we're very mindful of. And I think you'll see us bring even more exciting innovation. I think you'll see that cold bed mix keep taking higher as we move through the year. In terms of PM Foods, I do think we've made good progress there. We've expanded the portfolio and introduced some really great offerings, and we're going to build on that in 2026. We've got a whole calendar planned up of initiatives that build upon what we did in 2025.

所以這是我們非常重視的事情。我相信你們將會看到我們帶來更多令人興奮的創新。我認為你會發現，隨著時間的推移，冷床混合物的價格會越來越高。就 PM Foods 而言，我認為我們已經取得了不錯的進展。我們擴大了產品組合，推出了一些非常棒的產品，我們將在 2026 年在此基礎上繼續發展。我們已經制定了一整套計劃，旨在鞏固我們在 2025 年所取得的成就。

But I think brings some exciting additional innovations that will help us to build that habit with PM Food. I think we've always viewed our efforts to move into the PM as a long-term initiative, something that will take a lot of years. That's a big new front to open up for a concept that historically was really focused in the morning and that kind of 6 AM to 10 AM windows. So that kind of shift, it will take a number of years to build those habits to build those product portfolios.

但我認為它帶來了一些令人興奮的創新，這將有助於我們透過 PM Food 養成這種習慣。我認為我們一直把爭取進入首相職位視為長期計劃，這需要很多年的時間。對於一個歷史上主要集中在早上，也就是早上 6 點到 10 點這個時段的概念來說，這是一個全新的領域。因此，這種轉變需要數年時間才能養成這些習慣，才能建立起這些產品組合。

I think we're well on the way to doing that, and we're making good progress, not just on the product portfolio, also in operations and make sure that we're delivering the same great experience through lunch in the afternoon that we deliver in that morning day part. Axel and the team have been really focused on that. I think that as much as the product innovations are going to be critical to making Tim's a destination for folks in the PM. I think we're going to make some more progress on that in 2026 and also in the years beyond.

我認為我們正朝著這個目標穩步前進，並且取得了良好的進展，不僅在產品組合方面，在運營方面也是如此，我們確保在下午的午餐時間也能提供與上午一樣優質的體驗。Axel和他的團隊一直非常專注於此。我認為，產品創新對於使 Tim's 成為下午茶愛好者的目的地至關重要。我認為我們在 2026 年以及以後的幾年裡，在這方面將會取得更多進展。

Brian Bittner, Oppenheimer.

Brian Bittner，奧本海默。

Congratulations on a strong 2025. The important International segment really seems to be hitting on all cylinders recently, over 6% comps in the fourth quarter in the face of much stiffer comparisons. Burger King and Popeyes seem to be the standouts in International. And I know the segment covers a lot of geographies, and you touched on a few in your prepared remarks.

恭喜您在2025年取得輝煌成就。重要的國際業務部門最近似乎火力全開，在第四季度面對更嚴峻的同比基數，實現了超過 6% 的同店銷售額增長。在國際市場上，漢堡王和Popeyes似乎是最出色的兩家。我知道這一部分涵蓋了很多地區，你在事先準備好的演講稿中也提到了一些。

But generally speaking, can you just unpack for us how much of this momentum internationally is being driven by a healthier backdrop that you're operating in versus perhaps share gains that you're taking, or what you're doing from a bottom-up perspective at Burger King and Popeyes.

但總的來說，您能否為我們詳細解釋一下，這種國際成長勢頭有多少是由您所處的更健康的市場環境推動的，又有多少是由您所獲得的市場份額增長，或者您從漢堡王和Popeyes的自下而上所採取的措施推動的？

Thanks, Brian. I think it's a bit of all of the above. I'll walk through a few pieces. I think the backdrop has been decent in a lot of our markets, especially the European and Asia Pacific markets. And I think our brands benefit from a few different structural tailwinds in those markets broadly.

謝謝你，布萊恩。我認為以上所有因素都有些關係。我將逐一介紹幾個部分。我認為我們很多市場的背景都還不錯，尤其是歐洲和亞太市場。我認為，在這些市場中，我們的品牌普遍受益於一些不同的結構性利多因素。

We've talked about it a lot, but just there's a -- I think there's a lot of structural growth in those markets. As you have more folks moving into the workforce, you have more folks getting into the middle class. You have more formalization of the restaurant segment in a lot of those markets, especially in places -- I think of places like India where we're very early in what I think will be a long road of growth for decades to come. So I think you've got a really supportive structural market.

我們已經討論過很多次了，但我認為這些市場有很大的結構性成長空間。隨著越來越多的人進入職場，越來越多的人也進入了中產階級。在許多市場，尤其是像印度這樣的地方，餐飲業的正規化程度更高——我認為印度目前還處於發展初期，未來幾十年，印度的餐飲業都將持續成長。所以我認為你們擁有一個非常有利的結構性市場。

And within that, our brands are also well positioned. We've got modern assets. We're new in those markets. The brands are more aspirational. We are highly digitally enabled. And we have really great operations that are led by wonderful local partners in each of those markets.

在這些領域，我們的品牌也佔據了有利地位。我們擁有現代化的資產。我們對這些市場來說是新進者。這些品牌更具吸引力。我們擁有高度數位化的能力。我們在每個市場都有非常出色的營運團隊，由優秀的當地合作夥伴領導。

So I think brands are just well positioned broadly across the International segment, and that's a big part of how you consistently drive same-store sales. And as you mentioned, I think same-store sales that have exceeded many of our competitors in a lot of those markets. If you look across the regions, I would tell you, EMEA, in particular, has shown consistent strength across a lot of our biggest markets. So that's been a consistent tailwind for us. And then in Asia Pacific, things have really gotten a lot better over the last year or so.

所以我認為，各大品牌在國際市場上的定位都非常有利，而這正是持續推動同店銷售成長的關鍵因素之一。正如您所提到的，我認為在許多市場中，我們的同店銷售額已經超過了許多競爭對手。如果縱觀各個地區，我會告訴你，特別是歐洲、中東和非洲地區，在我們許多最大的市場中都表現出了持續強勁的成長勢頭。所以這一直都是我們的順風。而在亞太地區，過去一年左右的時間裡，情況確實好轉了許多。

Obviously, we've talked a lot about China, where we went from negative same-store sales to meaningful positive same-store sales. So that was a very intentional set of steps we took that moved a big market there. But I also mentioned markets like Japan that aren't historically huge growth markets for folks. We're doing double-digit comps on top of double-digit comps and growing the restaurant base there.

顯然，我們已經談了很多關於中國市場的情況，我們在中國實現了同店銷售額從負成長到顯著成長的同店銷售額。所以，我們採取了一系列經過深思熟慮的步驟，成功地將一個大市場轉移到了那裡。但我同時也提到了像日本這樣的市場，這些市場從歷史上來看並不是人們眼中巨大的成長市場。我們在兩位數同店銷售額的基礎上又實現了兩位數的同店銷售額成長，並且正在擴大當地的餐廳規模。

So we've got a lot of markets in Asia Pacific that are really performing well over the last year or so. I think our team has been doing a really nice job out there. And some of that's allowed us to outperform the competition.

因此，在過去一年左右的時間裡，亞太地區的許多市場表現都非常出色。我認為我們團隊在場上表現非常出色。而其中一些優勢也讓我們在競爭中脫穎而出。

This is Patrick, I would add just one other thing to kind of highlight. In calendar year '23, our system sales for Popeyes outside of the US were $927 million. Last year, they were $1.7 billion, we did $0.5 billion in the fourth quarter. So we're already at a run rate of $2 billion. It is a stunningly great business outside the US and really excited about what we're going to be able to get done with Popeyes brand.

這是派崔克，我只想補充一點。2023 年，Popeyes 在美國以外的系統銷售額為 9.27 億美元。去年他們的收入是 17 億美元，而我們在第四季只賺了 5 億美元。所以，我們目前的年化收入已經達到了20億美元。它在美國以外地區是一個非常了不起的企業，我們非常興奮能夠利用 Popeyes 品牌取得更大的成就。

And I'll just add just a couple more things on some of these International markets that are doing well. I think if you see our business in a place like France, it's really fantastic. We have wonderful locations, beautiful new assets, highly digital. The product quality is great. Axel and the team are truly passionate about the product quality. And that's why we've driven tremendous growth there.

我再補充幾點關於一些表現良好的國際市場的情況。我認為，如果你看看我們在法國這樣的國家的業務，你會覺得它真的很棒。我們擁有優越的地理位置、嶄新的資產，以及高度數位化的資源。產品品質很好。Axel 和他的團隊對產品品質充滿熱情。正因如此，我們才在那裡實現了巨大的成長。

And I can go to the other side of the world and go to Japan. And I'll tell you, if you're in Tokyo, I think you'll have one of the best Whoppers you're going to eat anywhere in the world. And so these markets are really doing a great job at the fundamentals, and that translates to a great business model as well, which is driving growth. So lots of good reasons that the International business is doing well.

我可以去世界的另一端，去日本。我告訴你，如果你在東京，我認為你會吃到世界上最好的皇堡之一。因此，這些市場的基本面確實非常出色，這也轉化為了優秀的商業模式，從而推動了成長。國際業務發展良好有許多充分的理由。

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

I wanted just to follow up on Brian's question about sort of walking around the world here. And I think a lot of us really know the US market in terms of the fast food consumer, and the fast food market trends here in the US know them less well in Canada, less well in Europe. It feels like Europe in general, and I'm really focusing on this developed market side of things in this question.

我只是想就布萊恩提出的關於環遊世界的問題做個後續說明。我認為我們很多人都非常了解美國速食消費者的市場，但加拿大和歐洲的消費者對美國的速食市場趨勢卻不太了解。感覺就像整個歐洲的情況一樣，而我在這個問題中主要關注的是已開發市場方面的問題。

It feels like Europe is remarkably strong when it comes to fast food, particularly you contrast it with some of the CPG commentary that we get in the consumer staples world with regards to European consumer, and then you -- it looks like you're gaining share in a lot of these markets.

感覺歐洲在快餐領域實力非常強勁，尤其是當你把它與我們在消費必需品領域看到的關於歐洲消費者的消費品評論進行對比時，你會發現——你似乎在很多這些市場中都獲得了份額。

So maybe just kind of sort of summarize contrast, what you're seeing in the US. It feels like canvas may be a little weaker, maybe more like the US. And just how you think about the setups for key markets and help us get comfortable with that the strength can continue in markets like Europe.

所以，或許可以簡單總結一下對比，你在美國看到的情況。感覺帆布可能有點脆弱，也許更像美國的帆布。以及您如何看待關鍵市場的佈局，並幫助我們確信像歐洲這樣的市場能夠繼續保持強勁勢頭。

Dave, thanks for the question. So if you -- I'll maybe comment on both the EMEA markets and particularly Western Europe and a little bit on Canada as well. So if you look across the big Western European markets, so places like France, Spain, Germany, Great Britain, every one of those markets was positive low- to mid-single digits. So we had a lot of consistency of positive performance across those markets. And I think that's what you see in the results.

戴夫，謝謝你的提問。所以，如果你——我可能會對歐洲、中東和非洲市場，特別是西歐市場，以及加拿大市場發表一些評論。所以，如果你看看西歐各大市場，像是法國、西班牙、德國、英國，所有這些市場的成長率都在個位數低到中段。因此，我們在這些市場中都取得了持續的正面表現。我認為結果也印證了這一點。

We also -- within EMEA, I mentioned this about Popeyes having a fantastic year in Turkey. Burger King in Turkey also was a standout performer. So a lot of unit growth and tremendous same-store sales growth. So we had a really good year across the board in Turkey. So I think it's that consistency across all of the biggest markets within EMEA, they -- almost across the board, had a positive year and quarter that's driving the results that you see.

在歐洲、中東和非洲地區，我也提到Popeyes在土耳其取得了非常出色的一年。土耳其的漢堡王也表現出色。因此，銷量大幅成長，同店銷售額也實現了巨大的成長。所以，我們在土耳其的整體業績今年都非常好。所以我認為，正是歐洲、中東和非洲地區所有最大市場的這種一致性——幾乎在所有市場中，它們都取得了積極的年度和季度業績——才推動了你所看到的業績。

And then if you go to Canada, I think with around 3% same-store sales in the quarter, that's a pretty good result, I think, for a pretty developed business in a mature market. And I think importantly, within those results, we saw positive sales growth across all dayparts and all categories of the menu. So it was pretty broad-based. And I think that illustrates a pretty healthy business across the board.

然後，如果你看看加拿大，我認為該季度同店銷售額成長約 3%，對於一個成熟市場中相當發達的企業來說，這是一個相當不錯的成績。而且我認為更重要的是，在這些結果中，我們看到所有時段和所有菜餚類別的銷售額都實現了正增長。所以它的基礎相當廣泛。我認為這顯示公司整體業務發展得相當健康。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

I wanted to ask a little bit more about BK U.S. given the continued industry outperformance in the quarter and your execution against plans despite the difficult environment. Anything more at a high level to talk about as it relates to opportunities for growth and share gains in '26. And perhaps any thoughts you can share kind of on franchisee sentiment right now and if that's got any implications for your confidence in the Carrols Restaurant refranchising trajectory that you're thinking about?

鑑於 BK U.S. 在本季度持續超越行業平均水平，並且儘管環境艱難，但你們仍按計劃執行，我想再多了解一些相關信息。關於 2026 年的成長機會和市佔率提升，還有什麼需要從更高層次討論的嗎？您能否分享一下您對目前加盟商情緒的看法，以及這是否會對您目前考慮的 Carrols 餐廳重新特許經營的信心產生任何影響？

Dennis, I would tell you, I'm really proud of the work that Tom, Nico, Joel, the whole BK U.S. team are doing. It's been three or four years of working on the fundamentals, improving operations. We've come so far improving the franchisee base, remodeling restaurants. They've been doing all the basics and I think for us, it was really interesting to watch what we did with SpongeBob in the fourth quarter.

丹尼斯，我想告訴你，我為湯姆、尼科、喬爾以及整個 BK 美國團隊所做的工作感到非常自豪。過去三、四年裡，我們一直在夯實基礎，改善營運。我們在改善加盟商基礎和改造餐廳方面取得了長足進步。他們一直在做所有基本的事情，我認為對我們來說，觀看我們在第四節中與海綿寶寶一起做的事情真的很有趣。

And I think Joel and the marketing team did such a nice job on all of the elements of that, the IP, the products that they develop, the packaging, and then we executed it well at the restaurant. And I think really, it was great work, but it delivered great results because of all the underlying work that we've done in the business. And it really told us that I think we're ready to take this business to the next level and really elevate the brand based on the work that we've done in the fundamentals.

我認為 Joel 和行銷團隊在所有方面都做得非常出色，包括智慧財產權、他們開發的產品、包裝，然後我們在餐廳也很好地執行了這些內容。我認為這確實是一項偉大的工作，但它之所以能取得巨大的成果，是因為我們在業務上所做的所有基礎工作。這確實告訴我們，我認為我們已經準備好將這項業務提升到一個新的水平，並基於我們在基礎方面所做的工作，真正提升品牌。

And I mentioned it in the prepared remarks, but we saw both a lot of new folks coming into the restaurant, and then we saw them come back, and that tells me they had a good experience, and they really enjoyed what they saw. They were surprised by the Burger King that they found the changes that we've made.

我在準備好的演講稿中也提到了這一點，我們看到很多新顧客來到餐廳，然後又看到他們再次光顧，這說明他們在這裡獲得了很好的體驗，並且非常喜歡他們所看到的。他們對我們所做的改變感到驚訝，並對我們漢堡王進行了調整。

And I think that's what we're so excited about as we go into is we think we've got the fundamentals to a place where we can now get really on our front foot and go bring a lot of new folks on the restaurant, people who love Whoppers, bring families back. I think it really opens up the doors for us.

我認為，我們之所以如此興奮，是因為我們認為我們已經具備了基本條件，現在可以真正地向前邁進，吸引很多新顧客來到餐廳，吸引那些喜歡皇堡的人，讓家庭顧客再次光顧。我認為這真的為我們打開了機會之門。

And I think our franchisees feel that. They've seen that improved -- they've seen those improved fundamentals. They've seen us doing a nice job on the marketing side. I think they're pretty excited about the direction that we're planning to go in the coming year. Sami, do you want to touch on the refranchisee?

我認為我們的加盟商也有這種感覺。他們已經看到情況有所改善——他們已經看到基本面有所改善。他們看到了我們在行銷方面做得很好。我認為他們對我們來年的發展方向感到非常興奮。薩米，你想談談特許經營權轉讓的問題嗎？

Yeah, I can take that. Good morning, Dennis, and actually, similar to what Josh was touching on, I think you see that excitement in sort of the calendar and innovation. You see that translate into excitement around refranchising. When we first spoke about the Carrols transaction, we talked about refranchising really beginning in earnest in years three through seven. We started actually refranchising much ahead of schedule in year one.

是的，我可以接受。早安，丹尼斯。實際上，就像喬許剛才提到的那樣，我認為你可以在日曆和創新中看到這種興奮感。你可以看到，這轉化為人們對重新特許經營的熱情。當我們第一次談到 Carrols 的交易時，我們談到重新特許經營將在第三年到第七年真正開始。實際上，我們在第一年就提前很多開始了特許經營權的重新分配。

We said we would do about 50 to 100 refranchise restaurants in the first year, and we exceeded that. We actually did over -- a little bit over 100. So I think that reflects a lot of the interesting excitement from local owner operators and investing in the Burger King brand.

我們曾說過第一年會重新特許經營 50 到 100 家餐廳，而我們超額完成了這個目標。我們實際上做得更多——略多於 100 個。所以我認為這反映了當地業主經營者對投資漢堡王品牌的濃厚興趣和熱情。

To step back, and we've talked about this a lot on previous calls is the most critical thing is that we get the restaurants in the right hand, the hands of local owner operators are going to be aligned to driving great guest experiences. And we're seeing that in all of our conversations, and we look forward to actually accelerating that number here in 2026.

退一步講，我們在之前的電話會議中也多次談到過，最關鍵的是要把餐廳交給合適的人，交給當地的業主經營者，這樣才能確保餐廳能夠為顧客帶來良好的體驗。我們在所有對話中都看到了這一點，我們期待在 2026 年真正加快這一數字的成長。

I'll actually add one thing, which is the partnership with the franchisees is working because they know that we are focused on their success. We've been doing that now for a number of years. And they're seeing that what we have said we're going to do, we've done. And the remodels are generating a good lift in sales for them, as we've been talking about for a couple of years, but we still have a lot more to do, which will continue to drive sales as we get more done.

我還要補充一點，那就是與加盟商的合作之所以奏效，是因為他們知道我們專注於他們的成功。我們這樣做已經好幾年了。他們看到，我們承諾要做的事情，我們都做到了。正如我們過去幾年一直在談論的那樣，翻新改造確實為他們帶來了不錯的銷售提升，但我們還有很多工作要做，隨著我們完成更多工作，銷售額將繼續增長。

The service improvements that they're driving in their restaurants are giving guests a better experience which means we're seeing things like Josh talked about, we do Spongebob. And not only does that increase sales, but we see increased retention of those customers who've tried us because of it, because they had a good experience driven by our operators, driven by our franchisees and in our Carrols Restaurants.

他們在餐廳推行的服務改進正在為顧客帶來更好的體驗，這意味著我們看到了像 Josh 所說的那樣的事情，例如我們推出了海綿寶寶主題餐廳。這不僅提高了銷售額，而且由於我們的經營者、加盟商和 Carrols 餐廳的良好體驗，嘗試過我們服務的顧客的留存率也提高了。

You see our improved marketing working and the focus that we're putting in there. So I can look at the glass half full, which is the things we've been doing are what have been driving the results that we're seeing in BK. And I can look at the glass half empty, which is we've still got so much more to do, and we know exactly what we need to do and what we're going to be doing over the course of the next couple of years.

你可以看到我們改進的行銷策略正在奏效，以及我們在這方面投入的精力。所以，我可以從正面的角度來看待這件事，那就是我們一直在做的事情正是我們在BK中取得成果的原因。我也可以往好的方面想，那就是我們還有很多事情要做，而且我們非常清楚我們需要做什麼，以及在接下來的幾年裡我們要做什麼。

And that's what gives me confidence that we're going to continue to generate good growth and hopefully outperform the category. And all of that being done with just consistent value that our customers can count on. We don't have to play around with a bunch of price points. We know what works, and we're doing that consistently. And their ability to count on that is a real value for our guests.

正因如此，我才有信心我們將繼續保持良好的成長勢頭，並有望超越同類產品。所有這一切都建立在客戶可以信賴的始終如一的價值之上。我們不必考慮各種價格點。我們知道哪些方法有效，我們一直堅持這樣做。而他們能夠信賴這一點，對我們的客人來說是一項真正的價值。

John Ivankoe, JPMorgan.

John Ivankoe，摩根大通。

The question is on Popeyes U.S., and if I were to go back in the street, you launched an incredible sandwich line in August of '19, I do use the internet to check that. In 2019, fried chicken is a great category. I mean, there are so many different people that want to be in the category and quite frankly, have been successful in the category, and yet your results have really slowed down in the past six quarters, including some fairly low numbers in the fourth quarter of '25.

問題出在美國的Popeyes餐廳，如果我回到街上，你們在2019年8月推出了一系列非常棒的三明治，我確實會上網查證。2019年，炸雞是一個非常受歡迎的食品類別。我的意思是，有很多不同的人想進入這個類別，坦白說，也有很多人在這個類別中取得了成功，然而你們的業績在過去六個季度裡確實放緩了，包括 2025 年第四季度的一些相當低的數字。

So I would want to go a couple of places. So what do we kind of learn from the experience in the last couple of years, for example, what could you have done differently? In other words, what will you do differently to allow success?

所以我想去幾個地方。那麼，從過去幾年的經驗中，我們能學到什麼呢？例如，有哪些地方可以做得不同？換句話說，為了獲得成功，你會做出哪些改變？

And then really, I guess, maybe the bigger part of the question is large franchisee, the clear bankruptcy in the Popeyes system and looking at the comps, looking at that franchisee, are we kind of at the point at this point where we should stop thinking about new unit expansion and perhaps you even consider contraction until we get the franchise system and just the brand and the operating platform in the right place to where it can materially grow again, because I'm sure me like many others, had unit growth expectations for that brand '26, '27, '28 for the Popeyes U.S. business. And hopefully, you absorbed that question.

那麼，我想，問題的關鍵或許在於大型加盟商，Popeyes 系統明顯的破產，以及從同業比較來看，從該加盟商的情況來看，我們是否應該停止考慮新店擴張，甚至考慮收縮，直到我們把加盟體系、品牌和運營平台調整到合適的狀態，使其能夠再次實現實質性增長？因為我相信，像我一樣，許多人都曾對 Popeyes 美國業務在 2026、2027、2028 年的門市成長抱有期望。希望你已經理解這個問題了。

Thanks, John. I'll try to get through as much of that as I can and feel free to add --

謝謝你，約翰。我會盡量完成大部分工作，也歡迎大家補充。--

It's a big topic to address regardless. So thanks for that.

無論如何，這都是一個值得探討的大話題。謝謝。

For sure. So just to start off, I agree with you. I think the chicken category is amazing. It's a great category to be in, and I think we have a wonderful brand, both for the US and around the world. That's it, as you pointed out, we've had weaker performance than we'd like over the last few quarters, and that's why you saw us make a change in leadership. And I think Peter is exactly the right person for what we need to do. And I'm super confident in both what he's already starting to do and where he wants to take the brand.

一定。首先，我同意你的觀點。我覺得雞肉類產品太棒了。這是一個非常棒的品類，我認為我們擁有一個非常優秀的品牌，無論在美國或全世界都是如此。正如你所指出的，過去幾季我們的業績不如預期，所以你看到我們更換了領導層。我認為彼得正是我們需要的合適人選。我對他已經開始做的事情以及他想把這個品牌帶到何處都充滿信心。

If I would break down the learnings into two simple buckets that shape what we're going to be focused on, one is making more progress on the consistency of operations. The leading players in the category, on average, have very good operations. And we need to make more progress on that front. Peter's background is in operations, and that is exactly where what -- where he knows how to make progress. So I'm very confident of what we're going to do there.

如果我要把學到的經驗教訓歸納為兩個簡單的類別，這兩個類別決定了我們將要關注的重點，其中之一就是提高營運的一致性。該領域的領先企業平均而言營運狀況非常好。我們還需要在這方面取得更多進展。Peter 的背景是運營，而這正是他擅長的領域——他知道如何取得進展。所以我對我們在那裡要做的事情非常有信心。

And then I think on the marketing and product side, we spent more time in categories that were a bit more noncore over the last year, 1.5 years. And I think we're going to bring that focus back to the core. We're going to bring it back to the things that made Popeyes great, our hand battered and fried bone and chicken, tenders, and our sandwich. So we're going to narrow the focus a little bit that I think is going to help us to bring back our core customers and to execute at a much higher level.

然後我認為，在行銷和產品方面，在過去一年半的時間裡，我們在一些非核心類別上投入了更多的時間。我認為我們將把重點重新放回核心位置。我們將回歸Popeyes的精髓，包括手工裹粉炸製的帶骨雞肉、雞柳和三明治。因此，我們將稍微縮小關注範圍，我認為這將有助於我們重新贏得核心客戶，並在更高水平上執行業務。

So you'll hear more from Peter directly here at our Investor Day on Feb 26. I encourage you to kind of hear from directly because I think it's very compelling. But I'd give you that outline of overall where he'll generally be focused.

所以，您將在2月26日的投資者日上直接聽到更多Peter的發言。我鼓勵你直接去聽，因為我覺得這很有說服力。但我會大致概括一下他平常會關注的領域。

In terms of your question on the franchisee situation, obviously, we did have a filing from one of the large franchisees. I would tell you that the rest of that franchise system across the US is actually in a quite healthy place. Leverage levels are in a healthy place, even though EBITDA stepped back a little bit. So I don't think that's at all representative of the rest of the system.

關於您提出的加盟商情況問題，顯然，我們確實收到了一家大型加盟商提交的文件。我可以告訴你，美國其他地區的特許經營體系實際上運作得相當健康。儘管 EBITDA 略有回落，但槓桿水平仍處於健康狀態。所以我認為這完全不能代表系統的其他部分。

And as a result of that, while NRG has stepped back already. I think we'll continue to see growth in the Popeyes U.S. business over the next couple of years. Just one last stepping back comment. I think -- and John, you kind of pointed out at the beginning, in terms of stepping back and looking at the history, we acquired this business about nine years ago.

因此，NRG已經退縮了。我認為未來幾年，Popeyes在美國的業務將繼續成長。最後再補充一點。我認為——約翰，你一開始也指出了這一點，從回顧歷史的角度來看，我們大約在九年前收購了這家公司。

It has been a tremendous one. It's had a little bit of some ups and down on the way, but it's really been great, both in the US around the world. If you actually go back to when we got involved in the business in 2016, what created that opportunity was a bit of a hole in the business at that time. And that created an opportunity to acquire a brand in one of the most attractive, if not the most attractive segments in the entire world.

這是一段非常棒的經驗。雖然一路走來經歷了一些起伏，但總體來說非常棒，無論是在美國還是在世界各地。如果回顧我們2016年涉足這個行業的時候，當時的行業存在一些漏洞，正是這些漏洞創造了這個機會。這創造了一個機會，讓我們得以收購一個在全世界最具吸引力（如果不是最具吸引力的話）的細分市場中的品牌。

And after that point in time, we managed to produce an incredible nine years of growth. I think we've tripled or quadrupled that business. And I hope we'll do that again now under Peter's leadership.

從那時起，我們實現了令人矚目的九年成長。我認為我們的業務量已經成長了三到四倍。我希望在彼得的領導下，我們能夠再次做到這一點。

Very helpful. Good job.

很有幫助。好工作。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭，派珀·桑德勒。

Just a question on Tims in Canada. I wanted to ask about speed of service. I believe that's been a tailwind for some time now. I'm just wondering if you still see opportunity to continue to improve from here? And then separately, can you just talk about the loyalty program, your efforts -- talk about your efforts to continue to grow membership in that program, which we know it's important. It correlates with (inaudible) and spend.

請問關於加拿大 Tims 的問題。我想問一下服務速度。我相信這股順風已經持續了一段時間。我只是想知道，您是否仍然認為這裡還有繼續改進的空間？然後，您能否單獨談談會員忠誠度計劃，談談您為繼續發展該計劃的會員所做的努力——我們知道這很重要。它與（聽不清楚）和消費有關。

Brian, I'll take both parts of that question. So on speed of service, we've mentioned, I think repeatedly over the last few quarters or years, we have made good progress there. I think Axel and Naira and the team are doing a very nice job. We are awfully fast in the morning. The car is just flat to that drive through sometimes every 20 seconds, which is remarkable.

布萊恩，這個問題的兩個部分我都願意回答。關於服務速度，我們已經多次提到，在過去的幾個季度或幾年裡，我們在這方面取得了良好的進展。我認為Axel、Naira和他們的團隊做得非常出色。我們早上速度非常快。這輛車有時每隔 20 秒就能平穩地駛入那個免下車通道，這真是令人驚嘆。

So it's pretty impressive that we continue to make progress there. And we'll continue to seek to do so. There are a couple of things that we're doing there that help -- one of the big ones is actually the remodels. So I think we mentioned we've been ramping up the pace of remodels. And one of the big things that we do in those remodels is rework the back of house in a way that accommodates some of the new things that come in the restaurants think about cold beverages, allow us to enhance the speed of service in the morning.

所以，我們在這方面持續取得進展，這確實令人印象深刻。我們將繼續努力實現這一目標。我們正在那裡做一些事情來提供幫助——其中一項重要的工作就是進行改造。我想我們之前提到過，我們一直在加快改造進度。我們在這些改造中所做的一件大事就是重新設計後廚，以適應餐廳裡出現的一些新事物，例如冷飲，從而提高早晨的服務速度。

The other prong I would say there that's really important is our speed of service in the PM. And that's where historically we haven't been as fast as the AM side of the business. And I think that will be a place where we can make maybe even more progress than we can in the AM over the next couple of years. In terms of the loyalty program, we have made a lot of progress. We've got that up to about one-third of the business.

另一個非常重要的方面是我們下午的服務速度。而從歷史上看，我們在這方面一直不如資產管理業務部門那麼迅速。我認為在接下來的幾年裡，我們或許能在那方面取得比上午更大的進展。在會員忠誠度計劃方面，我們取得了很大進展。我們已經將這一比例提高到業務的三分之一左右。

And we'll continue to push adoption through everything from some of the events that we put out there, the things like roll up the rim where we can drive more digital engagement. But there's a new direction we're going with that as well, which I mentioned in my prepared remarks, which is partnerships.

我們將繼續透過各種方式推動普及，例如我們舉辦的一些活動，像是「捲起輪圈」這樣的活動，我們可以藉此推動更多的數位參與。但是，我們在這方面也有一個新的發展方向，我在事先準備好的發言稿中也提到過，那就是夥伴關係。

And we announced recently that we're going to do a loyalty partnership with Canadian Tire. We think it's a really obvious and very logical partnership in the brand. Two of the most in retailers in Canada coming together to tie together their loyalty programs. We think that brings even another compelling reason for Tim Hortons guests to become part of our loyalty program. And we'll see how that goes.

我們最近宣布將與加拿大輪胎公司建立忠誠度合作關係。我們認為這對品牌而言是一個非常顯而易見且非常合乎邏輯的合作。加拿大兩家最大的零售商攜手合作，將他們的會員忠誠度計劃整合在一起。我們認為，這為 Tim Hortons 的顧客加入我們的會員計畫提供了另一個令人信服的理由。我們拭目以待。

We're quite excited for it, but the -- it opens a lot of doors to further places we could take that loyalty program to cause even more a higher percentage of our guests to want to engage directly through our digital channel with us in the future.

我們對此感到非常興奮，但這也為我們進一步推廣忠誠度計劃打開了很多扇門，未來我們可以讓更高比例的顧客透過我們的數位管道直接與我們互動。

And Brian, I'll just -- I'll add a couple of hats here on the loyalty program just because really incredible stats. What we're seeing is about 33% of sales came from loyalty members in 2025, which is incredibly strong 7 million active members, and our active members are spending more than 50% of sort of post joining versus pre-joining and they visit more often than nonmembers.

布萊恩，我還要——我要在會員計劃中增加幾個職位，因為他們的統計數據真的非常驚人。我們預計到 2025 年，約 33% 的銷售額將來自忠誠會員，這是一個非常強勁的數字。我們擁有 700 萬活躍會員，我們的活躍會員在加入後比加入前消費了 50% 以上，而且他們的訪問頻率也高於非會員。

So a lot of good things to highlight in the program, and Josh brought up strategic partnerships that we think will further drive that business. And we also think that member-only offers through the app and the loyalty program are also going to help drive more penetration. So we're really pleased about the future of the loyalty program, and I think it's just the beginning.

所以，該節目有很多值得強調的亮點，Josh 也提出了戰略合作夥伴關係，我們認為這將進一步推動業務發展。我們也認為，透過應用程式和會員忠誠度計畫提供的會員專屬優惠也將有助於提高滲透率。所以我們對會員計畫的未來感到非常滿意，我認為這只是個開始。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

Okay. Great. You talked about your confidence in achieving 8% AOI growth in 2026. And I know you're saving the forward-looking commentary for the Investor Day. But the release reiterated a 3%-plus system same-store sales as part of the long (inaudible).

好的。偉大的。您曾表示有信心在 2026 年達到 8% 的 AOI 成長。我知道你們打算把前瞻性評論留到投資者日發表。但該公告重申了3%以上的同店銷售成長目標，這是長期策略的一部分。（聽不清楚）

So I'm wondering about confidence this level can be achieved in '26, and what you described as a similar consumer backdrop domestically is '25. Maybe said differently, is your belief in 8% AOI growth in '26 contingent on reaching 3% same-store sales?

所以我想知道，2026 年能否達到這種水平，以及您所描述的 2025 年國內類似的消費環境。換句話說，您是否相信 2026 年 AOI 成長 8% 取決於同店銷售額成長 3%？

Andrew, I'll take that question, and Josh, feel free to chime in here. I think, look, first off, we are very pleased to have delivered three consecutive years of roughly 8% AOI growth and are excited, I think, to work again towards that target in 2026. Typically, kind of as we think about budgeting for the year and our targets for the year, we do target around that 3% same-store sales level, which is kind of consistent with our algorithm.

Andrew，這個問題我來回答；Josh，你也隨時可以發表意見。我認為，首先，我們非常高興能夠連續三年實現約 8% 的 AOI 成長，並且我們很興奮，相信在 2026 年能夠再次朝著這個目標努力。通常情況下，我們在考慮年度預算和年度目標時，都會將目標設定在 3% 左右的同店銷售額水平，這與我們的演算法基本一致。

I think as we think about sort of that 3% comp and the unit growth kind of building towards system-wide sales, obviously, the unit growth was a little bit lighter in 2025, though, I think that still sets a strong backdrop for system-wide sales, rough math, if you're assuming around a 3% comp and just the math of it of [3] or kind of around that unit growth from 2.9% unit growth from 2025, that equates to a top line of around 6% system-wide sales.

我認為，當我們考慮 3% 的同店銷售成長率和單位成長對系統銷售額的影響時，顯然，2025 年的單位成長略顯疲軟，但我認為這仍然為系統銷售額奠定了堅實的基礎。粗略計算一下，假設同店銷售成長率在 3% 左右，且單位成長率在 2025 年達到 2.9% 左右，那麼系統銷售額將成長約 6%。

And then I think there's a couple of other puts and takes that kind of bridge to that 8% AOI growth. I think we've done a really good job on the G&A side. We've done a fantastic job in terms of kind of adding discipline and really setting a new baseline for the business at $594 million of G&A in 2025. We expect that to grow slower than the top line. So you'll see operating leverage through the P&L from that.

然後我認為還有其他一些買賣機會可以促成 8% 的 AOI 成長。我認為我們在一般及行政費用方面做得非常出色。我們在加強紀律方面做得非常出色，真正為公司設定了一個新的基準，即到 2025 年將一般及行政費用控制在 5.94 億美元。我們預期其成長速度將低於營收成長速度。因此，您將透過損益表看到經營槓桿效應。

And then you'll also see the Burger King China royalties come into the P&L in '26 at a couple of points lower than our standard rate, but still kind of coming back into the P&L. When you take all of that together, I think that gives us confidence around the 8% organic AOI growth for a fourth consecutive year.

然後您還會看到，漢堡王中國特許經營費在 2026 年計入損益表，雖然比我們的標準費率低幾個百分點，但仍然計入損益表。綜合所有因素來看，我認為這讓我們有信心連續第四年達到 8% 的有機 AOI 成長。

Christine Cho, Goldman Sachs.

Christine Cho，高盛集團。

I really appreciate the color on beef prices as well as the impact on franchisee profitability at Burger King. And you've mentioned that you expect improvement as these costs normalize. But beyond that, are there any organic cost efficiencies or margin opportunities you've identified across the P&L that helped strengthen the four-wall economics as we look into 2026.

我非常欣賞牛肉價格的分析，以及它對漢堡王加盟商獲利能力的影響。您曾提到，隨著這些成本趨於正常化，您預計情況會有所改善。但除此之外，在展望 2026 年時，您是否在損益表中發現了任何有機成本效率或利潤機會，以幫助加強四牆經濟效益？

Christine, I can take that question. I think, look, the beauty of being a multi-branded organization and having the scale -- and the size and scale we have all over the world is we're able to share best practices all of our sort of partners around the world and ultimately drive franchisee profitability. And there's a variety of things that we're working on when you think about from procurement and our global procurement scale to thinking about digital contracts to thinking about -- just thinking about operational efficiencies.

克里斯汀，我可以回答這個問題。我認為，作為一家多品牌企業，我們的優勢在於擁有規模優勢——我們在世界各地都擁有如此龐大的規模——我們能夠與世界各地的合作夥伴分享最佳實踐，並最終提高加盟商的盈利能力。我們正在努力的方向有很多，從採購和我們的全球採購規模，到考慮數位化合同，再到考慮營運效率等等。

We'd like to share those best practices across our brands. And ultimately, that's kind of what helps drive franchisee profitability, whether it's at Burger King U.S. or Tims in Canada. I would say, particularly on the beef prices. Obviously, we've seen beef prices be at record highs over the last year or so. And any of those levels have sustained, this is very regular and kind of normal in the market.

我們希望將這些最佳實踐推廣到我們旗下的各個品牌。最終，這正是推動加盟商獲利能力提升的關鍵因素，無論是美國的漢堡王還是加拿大的 Tims。尤其就牛肉價格而言。顯然，在過去一年左右的時間裡，牛肉價格一直處於歷史高點。任何一種水準都能持續下去，這在市場上都是非常正常且常見的現象。

And I think it has -- if you look at the beef market over many decades, the herd rebuilding cycles are a very common sort of pattern in this industry. We anticipate there will be relief at some point, though, I think likely, if there is relief on that side of things, it's likely closer to the second half of the year on beef in particular.

我認為確實如此——如果你觀察過去幾十年的牛肉市場，你會發現牛群重建週期是這個行業中非常常見的模式。我們預計這種情況會在某個時候有所緩解，不過，我認為，如果牛肉價格方面出現緩解，那麼很可能要等到今年下半年。

So -- but look, I think stepping back, as you think about franchisee profitability, it was down year on year for the Burger King system, though I think we see when you normalize for those beef prices, actually roughly flat to even slightly positive year on year when you kind of incorporate the step to back fund contribution as well.

所以——但是你看，我認為退一步講，當你考慮加盟商的盈利能力時，漢堡王系統的盈利能力同比下降，但我認為，當你把牛肉價格正常化後，你會發現，當你把返還資金的貢獻也考慮進去時，實際上與上一年基本持平，甚至略有增長。

The only other thing I would add, Sami, is the best possible way for us to grow the franchise profitability of Burger King is through growing sales in a profitable manner. I think that is what's front and center with Tom and the franchisees. How do we do a great job growing the area of this business in a profitable way. And I think the stuff that we're focused on, things like making the walker as amazing it can be and bring families back in the restaurant with awesome IPE partnerships.

薩米，我唯一要補充的是，提高漢堡王特許經營盈利能力的最佳途徑是通過盈利的方式提高銷售額。我認為這正是湯姆和加盟主們最關心的問題。我們如何以獲利的方式出色地發展這項業務？我認為我們關注的重點是，讓助行器盡可能地好用，並透過出色的 IPE 合作關係讓家庭重返餐廳。

Those are great and that they bring more guests in the restaurant, they drive more sales, and it's very -- it's profitable traffic for the franchisees. So I think the sales -- we're always looking at cost opportunities, but I think the sales part is just as or more important.

這些都很棒，它們能為餐廳帶來更多顧客，促進銷售，對加盟商來說，這是非常有利可圖的客流量。所以我認為銷售——我們一直在尋找降低成本的機會，但我認為銷售部分同樣重要，甚至更重要。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

I'm curious where new unit paybacks are. I guess I'll focus my question on North America for sort of the unit growth brands. Do you think those are where they should be? How do you think it compares to some peer concepts? Or what else do you think you need to drive those besides obviously driving AUVs like you just mentioned?

我很想知道新單位的投資回收期在哪裡。我想我會把問題集中在北美地區，特別是那些銷售成長型品牌。你覺得它們應該放在那裡嗎？你覺得它與一些同類概念相比如何？除了像你剛才提到的駕駛多用途車輛（AUV）之外，你認為駕駛這些車輛還需要什麼？

Yeah. Brian, I can take that one and Josh can jump in as appropriate. I think as we think about, obviously, new unit paybacks are very tied to the franchisee profitability metrics that we disclose. And when we think about new unit paybacks, I think it's also important to think about who's developing. And so really critical to across all of our brands is that we are developing with strong operators, A operators.

是的。布萊恩，我可以接手，喬希可以根據情況加入。我認為，正如我們所考慮的，新單位的投資回報顯然與我們所揭露的加盟商獲利指標密切相關。當我們考慮新單位的投資回報時，我認為考慮誰在開發也很重要。因此，對我們所有品牌而言，至關重要的是，我們正在與強大的營運商、A級營運商合作發展。

And if you actually look at A operator profitability we typically are disclosing averages, but the A operator profitability is typically much higher than that. So when you're -- when we're looking at new unit paybacks and the investment case for building units, particularly in the home market, you see actually pretty compelling paybacks across the A operators.

如果你仔細查看 A 類運營商的盈利能力，我們通常會公佈平均值，但 A 類運營商的盈利能力通常要高得多。所以，當我們審視新建單元的投資回報和建造單元的投資案例時，尤其是在住宅市場，你會發現 A 類運營商的投資回報實際上相當可觀。

I'd say some of the most compelling, if you kind of tick through the brands, certainly continue to be at Tim Hortons in Canada at around $300,000 and four-wall profitability and often with the corporate contribution towards real estate. When you think about the paybacks, the franchisees typically are looking at investing in FF&E equipment packages and with us sitting on the head lease that typically creates very strong paybacks on the order of like three years in Canada.

我認為，如果你仔細研究這些品牌，你會發現其中一些最引人注目的例子仍然是加拿大的 Tim Hortons，利潤約為 30 萬美元，實現了四面牆盈利，而且公司通常還會對房地產做出貢獻。從投資回報的角度來看，加盟商通常會考慮投資家具、固定裝置和設備 (FF&E) 設備包，而我們持有總租賃權，這通常會在加拿大帶來非常強勁的投資回報，大約三年即可收回成本。

When you kind of come to the US, and I'll tick through actually what was nice to see as the fastest-growing US brand being Firehouse. When you think about the Firehouse paybacks, that's a totally different development model. It's an in-line development model. It's very scalable. And the increases in profitability, combined with some of the great work that Mike and the team are doing, that's also leading to around three-ish year paybacks on new 3- to 3.5-year paybacks on new Firehouse units.

當你來到美國，我會逐一介紹，很高興看到成長最快的美國品牌是 Firehouse。當你想到消防局的回報時，你會發現那完全是一種不同的發展模式。它是一種內聯開發模型。它具有很強的可擴展性。獲利能力的提高，再加上麥克和他的團隊所做的出色工作，使得新的消防局設備的投資回收期縮短至三年左右，而新的消防站設備的投資回收期則縮短至 3 到 3.5 年。

And so the two faster growing in our home markets are very strong payback. At Burger King, as we've talked about extensively now, we have a little bit of work to do on the profitability side. Josh said it best when the best thing we can do is drive sales and drive top line to improve those ROIs, but we do still have a lot of our franchisees who are developing those A operators are seeing compelling returns with their higher average profitability.

因此，在我們本土市場中成長最快的兩個市場都帶來了非常強勁的回報。正如我們之前深入討論過的，漢堡王在盈利能力方面還有一些工作要做。Josh 說得最好，我們能做的最好的事情就是推動銷售和提高收入，從而提高投資回報率，但我們仍然有很多加盟商正在發展這些業務，A 級運營商憑藉更高的平均盈利能力獲得了令人矚目的回報。

And I would say the same thing on Popeyes as well. Our A average -- our A operator profitability at Popeyes is still close to $300,000 of four-walls. So when you think about paybacks, they are still quite strong.

我對Popeyes也持同樣的看法。我們A級平均利潤－我們在Popeyes的A級營運商利潤仍然接近30萬美元。所以從回報的角度來看，它們仍然相當可觀。

I will now hand the call back to Josh for any closing comments.

現在我將把電話轉回給喬什，讓他做最後的總結演講。

Great. Well, thank you, everyone, for joining us today. And importantly, thank you very much to our teams all around the world and our franchisees for a great year in 2025. We look forward to seeing many of you on the call here in Miami in two weeks, and wish you all a great day. Thank you very much.

偉大的。謝謝大家今天蒞臨本節目。更重要的是，非常感謝我們世界各地的團隊和加盟商，感謝大家在 2025 年取得的巨大成功。我們期待兩週後在邁阿密與大家進行電話會議，祝大家一切順利。非常感謝。

This concludes today's call. Thank you very much for your attendance. You may now disconnect your lines.

今天的電話會議到此結束。非常感謝您的出席。現在您可以斷開線路了。