Restaurant Brands International Inc. (QSR) 2026 Q2 法說會逐字稿

Good morning, and welcome to Restaurant Brands International's second quarter 2026 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 Vice President of Treasury and Investor Relations. Please go ahead.

早安，歡迎各位參加 Restaurant Brands International 2026 年第二季財報電話會議。(接線員指示) 請注意，本活動將被錄音。現在我想把會議交給 RBI 財務與投資人關係副總裁 Kendall Peck。請開始。

Thank you, operator. Good morning, everyone, and welcome to Restaurant Brands International's Earnings Call for the quarter ended June 30, 2026. 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, Samy and Patrick, we will open the call to questions. 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.

謝謝，接線員。各位早安，歡迎參加 Restaurant Brands International 截至 2026 年 6 月 30 日止季度的財報電話會議。今天與我一同出席的有 Restaurant Brands International 執行董事長 Patrick Doyle、執行長 Josh Kobza，以及財務長 Sami Siddiqui。在 Josh、Sami 與 Patrick 發言後，我們將開放提問。今天的討論可能包含前瞻性陳述，相關風險詳載於今早發布的新聞稿以及我們向 SEC 提交的文件中。

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. As a reminder, organic adjusted operating income growth is on a constant currency basis and excludes results from the Restaurant Holdings segment. For calendar planning purposes, our preliminary Q3 earnings call is scheduled for the morning of October 29, 2026.

我們也會提及非 GAAP 財務衡量指標，其調節表可在新聞稿及我們網站上的趨勢表中查閱。提醒各位，有機調整後營業利益成長係以固定匯率基礎計算，並排除 Restaurant Holdings 部門的結果。就行事曆規劃而言，我們初步安排的第三季財報電話會議將於 2026 年 10 月 29 日上午舉行。

And now I'll turn the call over to Josh.

接下來我把電話交給 Josh。

Thank you, Kendall, and good morning, everyone. Q2 was another strong quarter. We delivered 3.8% same-store sales growth and 2.9% net restaurant growth, driving 6.4% system-wide sales growth, 6.7% organic adjusted operating income growth and 12.9% adjusted EPS growth. Last quarter, we said our results were early proof that the 2028 vision we laid out at our Investor Day was taking hold. Q2 built on that momentum.

謝謝你，Kendall，各位早安。第二季再度是表現強勁的一季。我們達成同店銷售成長 3.8% 與餐廳淨成長 2.9%，帶動全系統銷售成長 6.4%、有機調整後營業利益成長 6.7%，以及調整後每股盈餘（EPS）成長 12.9%。上季我們提到，成果是我們在投資人日提出的 2028 願景開始落地的早期證明。第二季在此動能上持續推進。

We accelerated same-store sales, exceeding our long-term 3% algorithm for the third consecutive quarter, delivered double-digit earnings growth and returned $435 million of capital to shareholders. We also advanced our other key priorities, strengthening our path to becoming an investment-grade company and making progress towards 5% net restaurant growth, all while being the partner of choice for the best franchisees and the employer of choice for the best talent.

我們加速同店銷售成長，連續第三季超越我們長期 3% 的演算法目標，實現雙位數獲利成長，並向股東返還 4.35 億美元資本。我們也推進其他關鍵優先事項，強化邁向投資等級公司的路徑，並朝 5% 餐廳淨成長目標取得進展，同時持續成為最佳加盟主的首選夥伴，以及最佳人才的首選雇主。

Just as importantly, our results highlight the strength of our diversified portfolio and disciplined operating model. By investing behind each of our brands while executing consistently against our long-term strategies, we've built a portfolio capable of delivering durable top line and earnings growth across a variety of consumer environments. Those strategies continue to drive results with Tim Hortons and International each delivering their 21st consecutive quarters of positive same-store sales growth.

同樣重要的是，我們的成果凸顯了多元化產品組合與嚴謹營運模式的實力。透過在各品牌持續投入並穩健執行長期策略，我們打造出能在各種消費環境下，持續帶來穩健營收與獲利成長的組合。這些策略持續帶動成果，Tim Hortons 與 International 皆連續第 21 季實現同店銷售正成長。

Burger King US was a standout performer this quarter with our elevation strategy driving another major step forward in sales and expanding our outperformance versus the industry to the high single digits. I'm incredibly proud of what our teams and franchisees have accomplished so far this year. Through the first half of 2026, we've delivered above algorithm same-store sales of 3.5% and organic adjusted operating income growth of 8.5%, along with nearly 14% adjusted EPS growth. These results highlight the power of strong alignment with our franchisees and consistent execution every day in our restaurants.

Burger King 美國本季表現亮眼，我們的「提升（elevation）」策略推動銷售再向前邁出一大步，且相較產業的超越幅度擴大至高個位數。我為我們的團隊與加盟主今年迄今的成就感到非常自豪。2026 年上半年，我們同店銷售達到高於演算法的 3.5%，有機調整後營業利益成長 8.5%，並帶來接近 14% 的調整後 EPS 成長。這些成果凸顯了與加盟主高度一致的力量，以及我們在餐廳日復一日穩定執行的成果。

We're excited about the opportunities still ahead as we look to build on this momentum in the second half of the year. With that, let's turn to our segment results, starting with Tim Hortons, which represents roughly 41% of our operating profit. At Tim Hortons, Canadian same-store sales were relatively flat at plus 0.1%. While we maintained our leadership positions in coffee, breakfast and baked goods, our calendar didn't drive the growth we've come to expect from Tims and was unable to lap last year's major platform launches. However, there were encouraging signs as the quarter progressed.

展望下半年，我們對仍在前方的機會感到振奮，並期待在此動能上再接再厲。接下來我們來看各事業部門表現，先從 Tim Hortons 開始，其約占我們營業利益的 41%。在 Tim Hortons，加拿大同店銷售大致持平，為 +0.1%。雖然我們在咖啡、早餐與烘焙品類維持領先地位，但本季行事曆因素未能帶來我們對 Tims 一向期待的成長，且無法與去年大型平台新品上市形成可比基期（lap）。不過，隨著季度推進，仍出現令人鼓舞的跡象。

In late May, we introduced melts, one of the most requested items that guests wanted to return to the menu, and we saw continued growth in cold beverages. As we look ahead, Axel and the team have an exciting marketing calendar, kicking off next week with our Harry Potter Back to Hogg Worth campaign, featuring magical baked goods and beverages designed to appeal to fans of all ages and celebrate 25 years since the release of the first film.

在 5 月下旬，我們推出 melts，這是顧客最希望回歸菜單的品項之一，同時冷飲也持續成長。展望未來，Axel 與團隊規劃了令人期待的行銷檔期，將於下週以「哈利波特：重返霍格華茲（Back to Hogg Worth）」活動揭開序幕，推出充滿魔法感的烘焙點心與飲品，旨在吸引各年齡層粉絲，並慶祝首部電影上映滿 25 週年。

We'll follow this with new flavors across our core breakfast offerings and an exciting holiday partnership later in the year. Our recent Mata launch also unlocks an entirely new beverage innovation opportunity, while the continued rollout of fountain equipment is enabling us to further expand our cold beverage offerings like Soda Swirls, which is Tim's version of a dirty soda, while also improving back-of-house efficiency. We're also excited about our upcoming loyalty partnership with Canadian Tire, which will allow guests to link their Triangle Rewards and Tims Rewards accounts, earning Canadian Tire money with every Tims transaction and extending the reach of our digital ecosystem through one of Canada's largest loyalty programs.

接著，我們將在核心早餐產品推出新口味，並在年底帶來令人期待的節慶合作。我們近期的 Mata 上市也開啟全新的飲品創新機會；同時，持續導入汽水機設備（fountain equipment）讓我們得以進一步擴充冷飲品項，例如 Soda Swirls（Tim's 版本的 dirty soda），並提升後場作業效率。我們也對即將與 Canadian Tire 的會員忠誠合作感到興奮，顧客可連結 Triangle Rewards 與 Tims Rewards 帳戶，每筆 Tims 消費都能累積 Canadian Tire money，並透過加拿大最大型的忠誠計畫之一，擴大我們數位生態系的觸及。

Beyond marketing, we're on track to accelerate development in Canada with approximately 80 gross openings this year compared to over 50 last year, spanning every Canadian province, including Ontario, Alberta and Quebec. These will primarily be standard drive-thru restaurants, which deliver paybacks of under three years, one of the strongest in the industry. And just as importantly, our restaurants continue to make a meaningful impact on the communities that they serve. This year's Smile Cookie campaign raised a record $23 million for more than 600 charities and community organizations across Canada and the US. And in July, our annual campaign raised nearly $13 million to support Tims Foundation camps.

除行銷之外，我們也按計畫加速加拿大展店，今年預計約 80 家新開店（gross openings），相較去年超過 50 家，涵蓋加拿大各省，包括安大略、亞伯達與魁北克。這些店型主要為標準得來速餐廳，投資回收期低於三年，為業界最強之一。同樣重要的是，我們的餐廳持續對所服務的社區帶來實質影響。今年的 Smile Cookie 活動為加拿大與美國超過 600 家慈善與社區組織募集創紀錄的 2,300 萬美元。而在 7 月，我們的年度活動也募得近 1,300 萬美元，用於支持 Tims Foundation 營隊。

Taking a step back, while our marketing did not perform as anticipated in Q2, we were encouraged by stronger business performance as the quarter progressed and are excited about the back half calendar. Tim Hortons remains one of the strongest and most loved restaurant brands in Canada. Canadians continue to rank us number one in brand trust and affordable pricing, a testament to the unique role Tims plays in the everyday lives of our guests. We're focused on building on those strengths by delivering delicious food and beverages, reliable everyday value and a great experience to our guests. I'm confident these fundamentals position us well for the years ahead.

回頭來看，雖然我們第二季的行銷表現未如預期，但隨著季度推進，我們看到更強的營運表現，並對下半年檔期感到期待。Tim Hortons 仍是加拿大最強大且最受喜愛的餐飲品牌之一。加拿大消費者持續將我們評為品牌信任度與平價定價的第一名，這也印證了 Tims 在顧客日常生活中扮演的獨特角色。我們將專注於在這些優勢上再接再厲，為顧客提供美味的餐點與飲品、可靠的日常價值，以及優質的體驗。我相信這些基本面讓我們在未來數年具備良好定位。

Now on to our international business, which drives roughly 29% of our operating profit and remains one of the most important growth engines of the business. This quarter, International delivered comparable sales of 5.5% and net restaurant growth of 5.1%, resulting in system-wide sales of 10.7%. Growth was fueled by strong execution across many of our largest markets, including BK Germany, Spain, Brazil, China, Korea and Japan.

接著看我們的國際業務，其約貢獻 29% 的營業利益，並仍是公司最重要的成長引擎之一。本季 International 的同店銷售成長 5.5%，餐廳淨成長 5.1%，帶動全系統銷售成長 10.7%。成長主要來自多個最大市場的強勁執行，包括 BK 德國、西班牙、巴西、中國、韓國與日本。

Our teams continue to launch exciting innovation tailored to local preferences across both our core offerings as well as emerging platforms like chicken and beverages. At Burger King China, value chicken innovation and exciting Lopper collaboration with Michelin Chef, David Lye and the continued success of our whole muscle Double Patty Chicken burger drove another great quarter of results.

我們的團隊持續推出貼近在地偏好的創新，涵蓋核心產品以及雞肉與飲品等新興平台。在 Burger King 中國，超值雞肉創新、與米其林主廚 David Lye 的精彩 Lopper 聯名合作，以及我們全肌肉（whole muscle）雙層雞肉堡（Double Patty Chicken burger）的持續成功，共同推動本季再度交出亮眼成績。

Germany's strong performance was supported by the dessert innovation and a new iced beverage platform, while in Spain, guests enjoyed our new Wild Ranch burger. These innovations were complemented by a variety of family partnerships around the world. Our Mandalorian collaboration extended across over 70 markets, including Spain, Germany and the UK, while our Toy Story 5 kids meal helped drive traffic in countries like Brazil and Argentina. Underpinning all of this is a strong base of everyday value, creating a balanced offering for guests across a wide range of occasions. Earlier in the quarter, Thiago and his team hosted their annual Burger King CEO Summit in France, bringing together leaders across the global Burger King system.

德國的強勁表現受惠於甜點創新與全新的冰飲平台；而在西班牙，顧客則享用了我們全新的 Wild Ranch 漢堡。這些創新也搭配了全球各地多元的家庭合作夥伴關係。我們與《曼達洛人》的合作擴展至超過 70 個市場，包括西班牙、德國與英國；同時，我們的《玩具總動員 5》兒童餐也協助帶動巴西與阿根廷等國家的來客數。支撐這一切的是穩健的日常價值基礎，為顧客在各種不同消費情境下提供均衡的選擇。本季稍早，Thiago 與其團隊在法國舉辦一年一度的漢堡王 CEO 高峰會，匯聚全球漢堡王體系的領導者。

Together, we aligned on priorities to drive long-term growth, strengthening restaurant operations, simplifying our technology platforms and improving unit economics. Those priorities continue to translate into results with average paybacks of around 4.5 years across our top 10 growth markets, and we remain committed to improving those over time.

我們共同對齊推動長期成長的優先事項，包括強化餐廳營運、簡化科技平台，以及改善單店經濟效益。這些優先事項持續轉化為成果：在我們前 10 大成長市場中，平均投資回收期約為 4.5 年；我們也仍致力於隨時間推進持續改善。

Delivering attractive returns supports new unit growth and market expansion, such as the recent successful launch of Firehouse Subs in Australia. In July, I visited our Firehouse business in Brazil with Thiago, Yuri and our local team, where transactions per restaurant are up over 60% just this year. While in Brazil, we also toured Burger King and Popeyes restaurants.

提供具吸引力的報酬率可支持新店成長與市場擴張，例如近期 Firehouse Subs 在澳洲的成功上市。7 月，我與 Thiago、Yuri 及當地團隊一同造訪我們在巴西的 Firehouse 事業；僅今年以來，每家餐廳的交易筆數已成長超過 60%。在巴西期間，我們也參訪了漢堡王與 Popeyes 餐廳。

Popeyes continues to perform very well with comparable sales up over 20% year-to-date on top of roughly 20% growth in 2025, resulting in improving unit economics. Meanwhile, our Burger King team has accelerated investments in restaurant image and operations, and they're seeing incredible results there so far. I'm also very encouraged by Burger King's performance in China under CPE's leadership.

Popeyes 持續表現非常亮眼：在 2025 年約 20% 成長的高基期之上，今年迄今同店銷售仍成長超過 20%，帶動單店經濟效益改善。同時，我們的漢堡王團隊加速投入餐廳形象與營運，迄今已看到令人驚豔的成果。我也對漢堡王在 CPE 領導下於中國的表現感到非常振奮。

The team has hit the ground running with another quarter of double-digit comparable sales and a sequential improvement in unit economics. Their operational expertise, local market knowledge and fast pace of execution are very exciting to see, especially given the important role Burger King China plays in our path back to 5% net restaurant growth.

團隊迅速上手，本季再度繳出同店銷售雙位數成長，且單店經濟效益較前一季改善。他們的營運專業、在地市場洞察與快速執行節奏令人振奮，尤其考量到漢堡王中國在我們重回 5% 淨餐廳成長路徑中扮演的重要角色。

International's performance in Q2 once again demonstrated that our growth is broad-based and repeatable. Across markets, our experienced local teams are executing a proven playbook that continues to generate attractive results in a wide range of consumer environments. After more than four years of consistent outperformance, this business remains one of the strongest long-term growth opportunities across our portfolio.

國際業務在第二季的表現再次證明，我們的成長具備廣泛基礎且可重複。在各市場中，我們經驗豐富的在地團隊正執行一套經驗證的作戰手冊，並在多元的消費環境下持續創造具吸引力的成果。在連續超過四年的穩定優於市場表現後，這項業務仍是我們投資組合中最強的長期成長機會之一。

Moving now to Burger King, which represents nearly 19% of our operating profit. The business delivered another exceptional quarter with comparable sales of 8.6%, driving system-wide sales growth of 8.2% for the second quarter in a row, we're seeing years of our team's hard work translate into strong absolute results and accelerating outperformance with US same-store sales of 8.5% beating the burger QSR industry by over 9 points.

接著談漢堡王，其貢獻接近我們營業利益的 19%。該業務再度交出卓越的一季，同店銷售成長 8.6%，帶動系統銷售成長 8.2%，連續第二季達成；我們看到團隊多年努力轉化為強勁的絕對成果，且優於同業的幅度加速擴大——美國同店銷售成長 8.5%，較漢堡速食（QSR）產業高出逾 9 個百分點。

In Q2, we continued building on the momentum established by the launch of our Whopper and brand elevation campaigns earlier this year. Those campaigns were just the first of many chapters in our multiyear elevation road map, all of which is anchored in listening to guest feedback to make the Burger King experience even better and more consistent across the country. More recently, we introduced the next phase of our journey, service elevation with the launch of the -- your Way Champion and Whopper Guarantee. Together, these initiatives reinforce our commitment to ensuring guests get their order their way every time.

第二季，我們持續延續今年稍早推出的華堡（Whopper）與品牌升級行銷活動所建立的動能。這些活動只是我們多年期升級藍圖中的第一章；整體藍圖以傾聽顧客回饋為核心，讓全國各地的漢堡王體驗更好且更一致。近期，我們推出旅程的下一階段——服務升級，並推出「-- your Way Champion」與「Whopper Guarantee」。這些措施共同強化我們的承諾：確保顧客每一次都能以自己想要的方式拿到餐點。

Every Burger King restaurant now has a dedicated -- your Way champion, a reimagined restaurant general manager devoted to putting the guest experience first and making things right whenever needed. And if a guest whopper isn't up to our standards, we'll remake it with the next one on us. Importantly, we have many more chapters in our elevation road map ahead of us from culinary improvements to operational initiatives to image, all of which supports durable outperformance.

現在每一家漢堡王餐廳都有一位專責的「-- your Way champion」——重新定義的餐廳總經理角色，致力於以顧客體驗為優先，並在需要時把事情做對。若顧客的華堡未達我們的標準，我們將重新製作，下一個由我們請客。重要的是，我們的升級藍圖後續還有許多章節，從餐點改良到營運措施再到餐廳形象，皆將支持可持續的優於市場表現。

At the same time, we remain focused on the core pillars of our Claim the Flame by executing remodels, refranchisings and marketing centered around the Whopper, families and kids and consistent everyday value. Our Q2 marketing built on the momentum from the elevated Whopper with platforms like Whopper Wednesday and Whopper by You, featuring the loaded Halapenña Whopper, driving even more engagement with our flagship burger platform.

同時，我們仍聚焦於「Claim the Flame」的核心支柱，透過店裝翻新、再特許經營（refranchising），以及以華堡、家庭與兒童、與穩定日常價值為主軸的行銷來落地執行。我們第二季的行銷延續升級版華堡的動能，推出如 Whopper Wednesday 與 Whopper by You 等平台，主打加料的 Halapenña Whopper，進一步提升我們旗艦漢堡平台的互動與參與度。

We've seen Walker platform AUVs grow by over 20% since launching our elevation campaign, reinforcing our confidence that these initiatives are creating lasting behavior change. In May, we also strengthened our connection with families and kids by collaborating with Disney's Mandalorian, helping drive Q2 kids meal AUVs above $28 per day. That's up nearly 50% since 2022. We're excited about this achievement, but there is still significant opportunity to grow the category as we remain well below historical kids meal levels. Lastly, underlying all of this is our steady base of everyday value with $5 Duos and $7 Trios continuing to provide guests with consistent value and choice.

自推出升級活動以來，我們看到 Walker 平台的 AUV 成長超過 20%，強化了我們對這些措施正在帶來長期行為改變的信心。5 月，我們也透過與迪士尼《曼達洛人》合作，強化與家庭及兒童的連結，帶動第二季兒童餐 AUV 提升至每日 28 美元以上。相較 2022 年，成長近 50%。我們對此成果感到振奮，但由於目前仍明顯低於歷史兒童餐水準，該品類仍有顯著成長空間。最後，支撐這一切的是我們穩健的日常價值基礎：5 美元 Duos 與 7 美元 Trios 持續為顧客提供一致的價值與選擇。

This quarter is more evidence that Tom, his team and our dedicated franchisees have built and are continuing to build a better Burger King. We invited guests back earlier this year to experience the improvements we've made over the past four years, and our results year-to-date reinforce that those investments are resonating.

本季再次證明，Tom、其團隊與我們投入的加盟夥伴已打造、並持續打造更好的漢堡王。今年稍早我們邀請顧客回來體驗過去四年所做的改善，而今年迄今的成果也印證這些投資正引起共鳴。

What excites us most, though, is that we're still early in our journey with more chapters of marketing and menu elevation to come alongside continued restaurant remodels and operational improvements that will further strengthen the Burger King experience. Moving on to Popeyes, where US net restaurant growth of 0.3% was more than offset by a same-store decline of 5.2%, resulting in system-wide sales of negative 3.3%.

不過，最令我們振奮的是，我們仍處於旅程早期：未來還有更多行銷與菜單升級章節，並將搭配持續的餐廳翻新與營運改善，進一步強化漢堡王體驗。接著談 Popeyes：美國淨餐廳成長 0.3% 仍不足以抵銷同店下滑 5.2%，因此系統銷售為負 3.3%。

While sales remained soft during the quarter, we're encouraged by the improvement we saw and continue to execute against the same priorities we've discussed, improving operations and service, refocusing on our core menu and strengthening our value proposition.

雖然本季銷售仍偏疲弱，但我們對所見到的改善感到鼓舞，並持續執行我們先前討論的相同優先事項：改善營運與服務、重新聚焦核心菜單，以及強化我們的價值主張。

During the quarter, we completed the rollout of an improved tender spec across the system and continued leveraging our increased field support through operations coaching visits and training. These efforts contributed to improved product satisfaction across our core offerings. And moving forward, we'll continue innovating around those core platforms while ensuring operational simplicity. On value, the $5 phase platform introduced in January continues to perform well, driving higher repeat purchase behavior and helping to support traffic.

本季期間，我們完成在全系統導入改良版的雞柳規格，並持續透過營運教練到店訪視與訓練，運用我們增加的前線支援。這些努力促使核心產品的滿意度提升。展望未來，我們將持續圍繞核心平台進行創新，同時確保營運簡化。在價值方面，1 月推出的 5 美元 phase 平台持續表現良好，帶動更高的回購行為，並有助於支撐來客數。

In Q2, we layered on the $6 big box in our $20 family meal to serve additional occasions, and we'll continue to focus on maintaining consistent, easy-to-understand value for guests moving forward. Overall, Peter and his team are focused on the right things, and we remain confident in a return to positive comps in the second half of this year. By working closely with our franchisees, I'm confident Popeyes will deliver the best tasting, best value chicken in America.

第二季，我們在 20 美元家庭餐中加入 6 美元 big box，以服務更多消費情境；未來也將持續聚焦於為顧客維持一致且易於理解的價值。整體而言，Peter 與其團隊正聚焦於正確的事項，我們仍有信心在今年下半年回到正向同店成長。透過與加盟夥伴密切合作，我有信心 Popeyes 將提供全美最好吃、最超值的雞肉。

Finally, at Firehouse Subs, Q2 system-wide sales grew 7.5%, driven by 8.1% net restaurant growth and 0.4% comparable sales growth. Our new steak and cheese melt was well received by guests and unlocks future flavor innovation opportunities like our recently launched Smoke Honeymelts.

最後，Firehouse Subs 第二季系統銷售成長 7.5%，主要由 8.1% 的淨餐廳成長與 0.4% 的同店銷售成長所帶動。我們全新的牛排起司融（steak and cheese melt）獲得顧客良好回饋，並開啟未來風味創新的機會，例如我們近期推出的 Smoke Honeymelts。

I was just at our convention in Nashville with Mike and the team, and it was great to see the enthusiasm from our franchisees. They were especially excited about our July announcement naming Firehouse Subs as the official subpartner of Major League Baseball across the US and Canada. As Firehouse's first national professional sports league partnership, it provides another meaningful platform to build awareness and support long-term growth.

我剛在納什維爾與 Mike 及團隊一起參加我們的年會，很高興看到加盟主們展現出的熱情。他們尤其對我們在 7 月宣布將 Firehouse Subs 指定為美國與加拿大職業棒球大聯盟（MLB）的官方潛艇堡合作夥伴感到振奮。作為 Firehouse 首次與全國性職業運動聯盟的合作夥伴關係，這為我們提供了另一個具意義的平台，以提升品牌知名度並支持長期成長。

We also introduced our new ladder up training program for restaurant general managers, which began rolling out this summer and reflects our continued investment in developing great restaurant leaders. Separately, we continue to see excellent momentum across our development pipeline and remain on track to accelerate unit growth this year.

我們也推出了全新的「階梯式晉升」餐廳總經理培訓計畫，已於今年夏季開始逐步推行，反映我們持續投入於培育優秀餐廳領導人才。另外，我們在開發管線方面持續看到極佳動能，並仍按計畫在今年加速門店成長。

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

接下來我把時間交給 Sami。

Thanks, Josh, and good morning, everyone. Today, I'll discuss our Q2 financial results, capital structure and our 2026 financial guidance. In Q2, comparable sales of 3.8% and net restaurant growth of 2.9% drove system-wide sales growth of 6.4%. We translated that into organic AOI growth of 6.7% and nominal adjusted EPS growth of 12.9%. This was another exciting quarter of accelerating top line growth, led by double-digit growth in our international business and high single-digit system-wide sales growth at Burger King and Firehouse.

謝謝你，Josh，各位早安。今天我將說明我們第二季的財務結果、資本結構，以及我們對 2026 年的財務指引。第二季，同店銷售成長 3.8% 與餐廳淨增長 2.9% 推動系統銷售額成長 6.4%。我們將其轉化為有機 AOI 成長 6.7%，以及名目調整後 EPS 成長 12.9%。這是又一個令人振奮、營收加速成長的季度，主要由我們國際業務的兩位數成長，以及 Burger King 與 Firehouse 的系統銷售額高個位數成長所帶動。

We also saw sequential improvement in net restaurant growth, led by a diverse mix of markets. We continue to expect net restaurant growth to accelerate through the second half of the year as we progress toward our 5% unit growth target by 2028. We converted our strong top line performance into double-digit earnings growth while returning capital to shareholders through both dividends and share repurchases. At the same time, we made further progress toward our goal of achieving corporate investment-grade leverage, which I'll update you on in a few moments. This quarter, adjusted EPS increased 12.9% to $1.07 per share from $0.94 last year.

我們也看到餐廳淨增長較前一季改善，且由多元市場組合所帶動。隨著我們朝 2028 年達成 5% 門店成長目標邁進，我們仍預期餐廳淨增長將在下半年持續加速。我們在回饋股東（透過股利與庫藏股回購）的同時，也將強勁的營收表現轉化為兩位數的獲利成長。同時，我們也在達成公司投資等級槓桿的目標上取得進一步進展，我將在稍後為各位更新。本季調整後 EPS 較去年由每股 0.94 美元增至 1.07 美元，成長 12.9%。

This was driven by our AOI growth as well as a $6 million year-over-year decrease in adjusted net interest expense. In addition, our adjusted effective tax rate this quarter was 16.8%, bringing our year-to-date tax rate to 17.6%. We continue to expect our full year adjusted effective tax rate to be between 18% and 19%. Now moving to cash flow and capital allocation. We generated $501 million of free cash flow in Q2, including the impact of $62 million of CapEx and cash inducements and a $22 million benefit from our swaps and hedges.

這主要由 AOI 成長所帶動，並受惠於調整後淨利息費用年減 600 萬美元。此外，本季調整後有效稅率為 16.8%，使年初至今稅率達 17.6%。我們仍預期全年調整後有效稅率將介於 18% 至 19%。接著談現金流與資本配置。第二季我們產生 5.01 億美元自由現金流，包含 6,200 萬美元資本支出（CapEx）與現金誘因的影響，以及來自利率交換與避險的 2,200 萬美元收益。

We returned $435 million of capital to shareholders through our dividend and share repurchases, including repurchasing a total of $137 million of stock in the quarter. Importantly, we remain on track to repurchase approximately $500 million for the full year. We ended Q2 with total liquidity of approximately $2.3 billion, including $1.1 billion of cash and a net leverage ratio of 4.1 times, down from the prior quarter. As we shared at our Investor Day, we remain committed to becoming an investment-grade company. And in May, we achieved an important milestone on that path by receiving a ratings upgrade from S&P to BB+.

我們透過股利與股票回購向股東返還 4.35 億美元資本，其中本季回購股票合計 1.37 億美元。重要的是，我們仍按計畫在全年回購約 5 億美元。第二季末我們的總流動性約 23 億美元，其中包含 11 億美元現金；淨槓桿比率為 4.1 倍，較前一季下降。如同我們在投資人日所分享的，我們仍致力成為投資等級公司。而在 5 月，我們在這條路徑上達成一項重要里程碑：標普（S&P）將我們的評等上調至 BB+。

As our business grows, we will continue to naturally work our way down to corporate investment-grade leverage by 2028 or the low to mid-3 times net leverage range. Finally, I'd like to discuss our 2026 financial guidance. First, we continue to expect segment G&A, excluding restaurant Holdings of about $600 million to $620 million for the full year. Second, we continue to expect net adjusted interest expense to stay approximately flat year-over-year in the $500 million to $520 million range based on a high 3% average SOFR rate, which flows through to less than 15% of our debt. Third, we continue to expect 2026 CapEx and cash inducements, including capital expenditures, tenant inducements and incentives to be around $400 million.

隨著業務成長，我們將持續自然地把槓桿降至公司投資等級水準，目標在 2028 年達到淨槓桿低至中 3 倍區間。最後，我想談談我們對 2026 年的財務指引。第一，我們仍預期全年分部 G&A（不含餐廳 Holdings）約為 6.00 億至 6.20 億美元。第二，基於平均 SOFR 利率約為 3% 的高位水準（且僅影響我們不到 15% 的債務），我們仍預期 2026 年淨調整後利息費用將年比大致持平，落在 5.00 億至 5.20 億美元區間。第三，我們仍預期 2026 年 CapEx 與現金誘因（包含資本支出、租戶誘因與獎勵）約為 4.00 億美元。

Fourth, we continue to expect Tim Hortons supply chain margins to be roughly in line with 2025 levels. And last, we continue to expect total RH AOI of roughly $10 million to $20 million for the full year, reflecting the impact of Carrols restaurant refranchising, continued beef inflation and incremental investments in our international start-up businesses that we expect to continue until we transition ownership to new local partners. Lastly, I'd like to address FX rates, given recent movements in currency markets and US dollar appreciation. Based on current rates, we expect an approximately $10 million headwind to AOI and a $0.02 to $0.03 headwind to adjusted EPS for the second half of 2026.

第四，我們仍預期 Tim Hortons 供應鏈利潤率大致與 2025 年水準一致。最後，我們仍預期全年 RH AOI 合計約 1,000 萬至 2,000 萬美元，反映 Carrols 餐廳再加盟（refranchising）的影響、持續的牛肉通膨，以及我們在國際新創業務上的額外投資；我們預期這些投資將持續，直到我們把所有權移轉給新的在地合作夥伴。最後，我也想就外匯匯率做補充，鑑於近期匯市波動與美元升值。以目前匯率推估，我們預期 2026 年下半年 AOI 將承受約 1,000 萬美元的不利影響，調整後 EPS 將承受 0.02 至 0.03 美元的不利影響。

To close, I'd like to take a step back. Year-to-date, we've delivered above algorithm same-store sales growth of 3.5%, above algorithm organic AOI growth of 8.5% and nearly 14% adjusted EPS growth. On top of that, we've returned $750 million of capital to shareholders through our dividend and buybacks, and we've made clear progress on the path to corporate investment-grade leverage. Those are great results that demonstrate the strength of our business model and show we're executing against the plan we outlined at our Investor Day. And importantly, they keep us on track to deliver 8% organic adjusted operating income growth.

最後我想退一步總結。年初至今，我們同店銷售成長 3.5%，高於既定演算法（algorithm）水準；有機 AOI 成長 8.5%，同樣高於演算法水準；調整後 EPS 成長接近 14%。此外，我們透過股利與回購向股東返還 7.50 億美元資本，並在邁向公司投資等級槓桿的道路上取得明確進展。這些優異成果展現了我們商業模式的韌性，也顯示我們正按投資人日所提出的計畫落實執行。更重要的是，這讓我們仍按軌道達成 8% 的有機調整後營業利益成長。

And with that, I'll turn it over to Patrick to provide his perspective on the quarter.

接下來我把時間交給 Patrick，請他分享對本季的觀點。

Thanks, Sami. Three months ago, I said I didn't believe our Q1 consolidated results were an outlier. I believe they reflected years of work that we're finally beginning to show up in our top line. Q2 has only strengthened that conviction. Burger King's performance this quarter was exceptional.

謝謝你，Sami。三個月前，我說我不認為我們第一季的合併結果是特例。我相信那反映了多年努力，而我們終於開始在營收端看到成果。第二季只讓這份信念更加堅定。Burger King 本季表現非常出色。

Growing same-store sales by high single digits in today's restaurant environment is an outstanding outcome, especially following the momentum we delivered in Q1. What's really encouraging to me is what those results tell us about guest behavior. Today, guests have more choices than ever before for where to eat and where to spend their dining dollars. And every day, more and more of them are choosing Burger King. That's the clearest indication that the work we've been doing is resonating.

在當前的餐飲環境下，同店銷售能以高個位數成長是非常亮眼的成果，尤其是在第一季已展現動能之後。真正讓我感到鼓舞的是，這些結果所揭示的顧客行為。如今，顧客在用餐地點與餐飲支出上有史以來最多的選擇。而每天都有越來越多顧客選擇 Burger King。這是最清楚的訊號，顯示我們一直在做的工作正在引起共鳴。

We're winning because we're delivering a better guest experience, and that's exactly what Tom and his team set out to accomplish when they launched Reclaim the Flame four years ago. One thing I've learned over the years is that businesses rarely change overnight. They change because thousands of people make thousands of better decisions every single day. That's what's happened at Burger King. The effects of better operations, better culinary, better marketing, better restaurants and better franchisees have been compounding for several years.

我們之所以能勝出，是因為我們提供了更好的顧客體驗；這正是 Tom 與他的團隊在四年前啟動「Reclaim the Flame」時所要達成的目標。多年來我學到的一件事是，企業很少在一夜之間改變。它們之所以改變，是因為成千上萬的人每天都做出成千上萬個更好的決策。Burger King 正是如此。更好的營運、更好的餐點研發、更好的行銷、更好的餐廳，以及更好的加盟主所帶來的效果，已經累積並複利成長了好幾年。

This quarter is an important milestone, but I see it as the results of that compounding work, not as the beginning or end of anything. The Burger King team and our franchisees have accomplished a tremendous amount, but they'd be the first to tell you we aren't close to finish. We continue to see opportunities to elevate the menu, strengthen operations and keep raising standards across the system. That's the mindset you want after delivering results like these because it means they're focused on building a better business for the long term, not just celebrating a strong quarter. And the reality is there are still meaningful parts of the business we haven't yet transformed, which gives me confidence there's plenty of runway ahead.

本季是一個重要的里程碑，但我把它視為長期複利式努力的成果，而不是任何事情的開始或結束。漢堡王團隊與我們的加盟商已完成了大量工作，但他們也會第一時間告訴你，我們離完成目標還差得遠。我們仍持續看到提升菜單、強化營運並在整個系統中不斷提高標準的機會。在交出這樣的成績後，你希望看到的正是這種心態，因為這代表他們專注於為長期打造更好的事業，而不只是慶祝一個強勁的季度。而現實是，業務中仍有一些重要部分尚未完成轉型，這讓我有信心前方仍有很長的成長跑道。

More broadly, I think our year-to-date results say something important about RBI as a whole. We built this company around four iconic brands in four of the fastest-growing global QSR categories. Each of our brands has different opportunities and is at different stages of their journey. That intentional diversification allows us to continue growing sales and earnings while investing for the future. We don't need every brand to have the same results each quarter or be at the same point in its journey for RBI to deliver strong consolidated results.

更廣泛來看，我認為我們年初至今的表現，對整個RBI而言傳達了一個重要訊息。我們以四個具代表性的品牌為核心打造這家公司，分別位於全球成長最快的四個QSR（快速服務餐飲）品類。我們每個品牌都有不同的機會，且處於旅程的不同階段。這種有意為之的多元化，使我們能在投資未來的同時，持續提升銷售與獲利。RBI不需要每個品牌每季都交出相同的結果，或都處於相同的發展階段，也能交出強勁的合併業績。

What matters is that we're consistently strengthening each business over time. I think that's one of the defining advantages of this company, and it's that balanced strength and consistent top line growth that continues to give me confidence in our ability to grow adjusted operating income by 8% and EPS at an even faster rate. Our international business is another great example of that diversification. I continue to believe we have the strongest scaled international business in the restaurant industry. We are the only global QSR to grow our international system-wide sales by double digits each of the last few years.

重要的是，我們能隨時間推移持續強化每一項業務。我認為這是公司最具代表性的優勢之一；正是這種均衡的實力與穩健的營收成長，持續讓我對我們將調整後營業利益成長8%、並讓EPS以更快速度成長的能力充滿信心。我們的國際業務是這種多元化的另一個絕佳例子。我仍然相信，我們擁有餐飲產業中規模化程度最高、實力最強的國際業務。我們是唯一一家全球QSR，在過去幾年每一年都能讓國際系統整體銷售額以雙位數成長。

Our growth at scale is unmatched in consistency and in the absolute. And with Burger King China back on track, my confidence in our ability to continue outperforming is high. At Tim Hortons, while our comparable sales performance wasn't our best this quarter, I remain incredibly confident in Tims, its strength and love with our Canadian guests and most importantly, in Axel, his team and our restaurant owners in Canada. Tims is a stunningly strong business and brand, and we will continue to drive this going forward. We're proud of what we've accomplished in the first half of the year, but we also know that our shareholders expect consistency and sustainable strength.

我們在規模化成長上的一致性與絕對表現都無可匹敵。而隨著漢堡王中國重回正軌，我對我們持續跑贏市場的能力更有信心。在Tim Hortons方面，雖然本季同店銷售表現不是我們最好的，但我仍對Tims、它在加拿大顧客心中的強大影響力與喜愛度，以及最重要的——對Axel、他的團隊與我們在加拿大的餐廳業主——充滿信心。Tims是一個極其強勁的業務與品牌，我們將在未來持續推動其成長。我們為上半年所取得的成果感到自豪，但我們也知道股東期待的是一致性與可持續的強健表現。

The bar we've set for ourselves is higher today than it was a year ago, and that's exactly how it should be. Our job is to continue earning investor confidence quarter after quarter. We have a lot of work left to do, but I couldn't be more confident in our people, our plans and our ability to keep executing.

我們為自己設定的標準，今天比一年前更高，而這正是應有的樣子。我們的工作是季度接著季度地持續贏得投資人的信心。我們還有很多工作要做，但我對我們的人才、我們的計畫，以及我們持續落實執行的能力，從未如此有信心。

With that, operator, let's open the line for questions.

接下來，接線員，請開放提問。

(Operator Instructions)

（接線員指示）

Brian Brittner, Oppenheimer & Co.

Brian Brittner，Oppenheimer & Co.（奧本海默公司）

Congratulations on the year-to-date results. Congratulations on Burger King's standout quarter. As it relates to Burger King, I can certainly attest that my three boys are definitely helping that kids meal growth. They love their Burger King. And clearly, years of hard work seems to be showing up in the results.

恭喜年初至今的表現。也恭喜漢堡王這個突出的季度。談到漢堡王，我可以很肯定地說，我的三個兒子確實在幫忙推動兒童餐的成長。他們很愛漢堡王。而且很明顯，多年的努力正在反映在成果上。

this year, and it's created some momentum. But you also said that you think you're still very early on in your journey, which suggests you still see a runway for above-average growth moving forward. And I think you gained the credibility to say it. And I know you're winning because you've tackled and improved the underlying fundamentals, but I would love to hear what you believe at this point in the journey may be the most overlooked drivers that you can still unlock for this brand moving forward to drive more outperformance.

今年的表現帶來了一些動能。但你也提到你認為目前仍處於旅程非常早期的階段，這表示你仍看到未來有高於平均的成長跑道。我認為你也已經建立了這樣說的可信度。我知道你們正在贏，是因為你們處理並改善了底層基本面；但我很想聽聽你認為在目前這個階段，還有哪些可能被市場低估、但仍能為這個品牌解鎖、進一步推動超額表現的驅動因素。

Brian, thanks for the questions. And mostly, I think you just -- thank you because I think you just put a smile on the face of everybody in this room. So we appreciate it. I appreciate your voice love for Burger King. I would just echo a little bit of what you said.

Brian，謝謝你的提問。而且我想主要是——謝謝你，因為我覺得你剛剛讓在座每個人都露出了笑容。我們很感激。我也感謝你對漢堡王的喜愛與支持。我只想稍微呼應你剛才說的一點。

We do very much feel that there's a lot in front of us. We feel great about the sustainability of what we're doing because it's built on improving the fundamentals. We see operations having improved tremendously over the last three to four years. We've started to make some progress on image, and we're starting to execute all the menu items that we serve even better. And if I can just take a fren seat, I think our team has done a great job, but I would like to say thank you as well to our franchisees because for as much money as we're investing in the system, they've been investing even more in bringing their restaurants up to modern image.

我們確實非常覺得前方還有很多可做的事。我們對目前所做事情的可持續性很有信心，因為它是建立在改善基本面之上。我們看到過去三到四年營運已大幅提升。我們在門店形象方面已開始取得一些進展，也開始把我們提供的所有菜單品項執行得更好。如果我可以先補充一句，我認為我們的團隊做得很棒，但我也想對加盟商說聲謝謝；因為就算我們在系統內投入了很多資金，他們為了把餐廳升級到現代化形象所投入的資金其實更多。

And I think it's that alignment that we have with the franchisees that's been so powerful in the journey that we've been on over the last few years. And all the operational improvements as well, we have a hand in that, but really is our franchisees who have committed to upgrading operations in the restaurants. And so I think we have a lot to thank them for and making sure that we're serving you and your three boys better every day at each of the restaurants you go to. In terms of what we have in front of us, I think we do -- I think Patrick mentioned this, we feel like we have a lot ahead of us. As much as we've made progress on image, we still have a lot of restaurants out there that aren't modern image.

我認為，正是我們與加盟商之間的這種一致性，讓我們過去幾年的旅程如此有力。至於各項營運改善，我們當然也有參與，但真正承諾在餐廳端升級營運的，其實是我們的加盟商。因此我們非常感謝他們，並確保每天在你和你三個兒子造訪的每一家餐廳，都能提供更好的服務。就我們接下來要做的事而言，我想我們確實——我想Patrick也提到過——我們覺得前方還有很多工作。即使我們在門店形象上已有進展，外面仍有很多餐廳尚未達到現代化形象。

So I think we still got a few years left of getting to that point we've all talked about where almost every Burger King across America is a new modern Burger King. So I think there's still a big tailwind that we'll realize over the next few years. I think as well on operations, we've made progress. It was actually -- I think we were tied for the number one burger chain in the ACSI index, which was a big evolution. But it still feels like we have a long way to go, and we still have spots within the system where we want to get better.

所以我認為，我們距離大家所談的那個目標——幾乎全美每一家漢堡王都成為全新的現代化漢堡王——仍還需要幾年時間。因此我認為未來幾年我們仍會受惠於一股強勁的順風。我也認為在營運方面，我們已取得進展。實際上——我想我們在ACSI指數中並列第一名的漢堡連鎖品牌，這是一個很大的進化。但我們仍覺得還有很長的路要走，系統內也仍有一些環節是我們希望做得更好的。

So I still think there's a lot of progress to be made there. And maybe one of the bigger things that we're still working on is we really want to continue to upgrade and elevate the menu. You saw us do this with the Whopper at the beginning of this year, but there's still a lot of other parts of the menu that we think can be made even better. You're going to see another chapter of this coming up in the next, call it, month or so, which we're pretty excited about. And we've got a few more chapters of menu elevation that are going to come over the next year and into 2027.

所以我仍認為那方面還有很多進步空間。而或許我們仍在努力的一個更大重點是：我們真的希望持續升級並提升菜單。你們在今年年初看到我們針對華堡（Whopper）做了這件事，但菜單上仍有許多其他部分，我們認為還能做得更好。接下來大約一個月左右，你們會看到這件事的下一個篇章，我們對此相當興奮。而在接下來一年、並延伸到2027年，我們還會推出幾個菜單升級的篇章。

So I would say really happy with the progress, but there is a lot of work left to do over the next couple of years, and we're looking forward to it, and we think there's just a lot more potential for the brand than what we've realized so far. Patrick, anything you want to add to that?

所以我會說，我們對目前的進展非常滿意，但未來幾年仍有很多工作要做；我們也很期待，並且認為這個品牌的潛力遠高於我們目前所實現的程度。Patrick，你還有什麼想補充的嗎？

Yes, Brian, first, congrats on raising your boys correctly. I know you've heard me talk about this before, but growth in this industry is -- happens because you wake up in the morning and you're confident that your average guest is going to have a better experience today than they did a year ago. And the reason I'm confident in Burger King's performance going forward is I know what we're working on in terms of culinary. There are still things that we know can be better on our menu. I know we're going to have more remodeled modern image restaurants a year from now than we do today.

是的，Brian，首先，恭喜你把孩子教養得很好。我知道你以前聽我談過這點，但這個產業的成長——之所以會發生，是因為你每天早上醒來，都有信心今天的平均顧客體驗會比一年前更好。而我對漢堡王未來表現有信心的原因，是我知道我們在餐飲研發方面正在做哪些工作。我們的菜單上仍有一些我們知道可以做得更好的地方。我知道一年後，我們的現代化形象改裝餐廳數量會比今天更多。

We've got our value layer figured out and it's consistent. And the more people know that they can come to us for great value, it's going to do well. Our franchisees are leaning in and they're aligned with us, and they're committed to working with us to find ways to improve the service in our restaurants every day. So my confidence level that our guests are going to have a better experience a year from now than they do today is high. And in a similar manner to how they're having a better experience today than they were a year ago.

我們已把價值層（value layer）梳理清楚，而且一致性很高。而且越多人知道他們可以來我們這裡獲得很高的性價比，表現就會越好。我們的加盟商正積極投入、與我們步調一致，並承諾與我們合作，找出每天在餐廳裡提升服務的方法。所以，我對一年後顧客體驗會比今天更好的信心很高。同樣地，就像他們今天的體驗也比一年前更好一樣。

And that's what's going to drive growth. It's not going to be a new promotion that's going to do it. It's going to be that our marketing is talking about the truth, which is you're having a better experience at Burger King now than a year ago, and you're going to have a better experience a year from now than you do today.

而這就是推動成長的因素。不會是某個新的促銷活動帶來成長。而是我們的行銷在講真相：也就是你現在在漢堡王的體驗比一年前更好，而且一年後也會比今天更好。

Dennis Geiger, UBS.

Dennis Geiger，瑞銀（UBS）。

Very helpful color on Tims Canada in the quarter. I wanted to ask a bit more about the improvement that you saw through the quarter and whether that was a function of some of the marketing adjustments maybe that you spoke to or something else that you would call out? And as importantly, as it relates to maybe thinking about the back half of the year and the trajectory for the brand through the back half after the improvement you've been seeing through the second quarter. Anything to highlight there? -- anything as it relates to the macro environment in Canada to call out or the competitive environment or anything else as it relates to your own execution and strategy?

本季關於 Tims 加拿大的說明非常有幫助。我想再多問一些：你們在本季期間看到的改善，是你提到的一些行銷調整所帶來的結果，還是有其他你會特別點出的因素？同樣重要的是，若思考今年下半年，以及在第二季期間改善之後，品牌在下半年的走勢與軌跡。這部分有什麼值得強調的嗎？——無論是加拿大的總體環境、競爭環境，或任何與你們自身執行與策略相關、你想補充的重點？

Dennis, thanks for the question. I'll try to address a couple of pieces of that -- so in terms of the sequencing through the quarter, I do feel like some of our marketing got a little bit better. We had some stuff that didn't work as well in the first part of the quarter. And we had some stuff that worked a little better, things like melt that came later on. It was something that guests had asked us for, for a long time.

Dennis，謝謝你的問題。我會試著回應其中幾個部分——就本季內的節奏而言，我確實覺得我們的部分行銷做得更好了。本季前段有些內容效果沒有那麼好。後段有些內容效果更好一些，例如後來推出的 melt 之類的產品。那是顧客長期以來一直希望我們推出的東西。

we ride back, they really liked it. So that helped. I would say, overall, the macro picture in Canada has been relatively stable. If you look at things like CPI, it's been around kind of 3%. Unemployment has been in sort of the mid-6s, interest rates in the low 2s.

我們推出後，他們真的很喜歡。所以這有幫助。我會說，整體而言，加拿大的總體面相相對穩定。如果你看像 CPI 這類指標，大約在 3% 左右。失業率大概在 6% 中段，利率在 2% 出頭。

Maybe that CPI ticked up a little bit with gas prices in the beginning part of the quarter, and that could have had a little bit of impact. But I would say the broad macro indicators across the quarter point to like a pretty stable Canadian macro environment. And if you look at kind of foodservice growth overall in Q2 in Canada wasn't so far off the US. So I really think a lot of this is in our control, and that's what's encouraging in terms of how we saw things improve as I think we got some better momentum on the marketing side. I think stepping back and then looking forward, this team led by Axel has an incredible track record, right?

也許本季初因為油價，CPI 有小幅上升，這可能帶來一些影響。但我會說，本季各項廣泛的總體指標都指向加拿大總體環境相當穩定。而如果你看加拿大第二季整體餐飲服務（foodservice）的成長，其實與美國差距不大。所以我真的認為其中很大一部分是我們可控的；這也是令人鼓舞之處，因為隨著我們在行銷端取得更好的動能，我們看到情況有所改善。我想退一步、再往前看，由 Axel 帶領的這個團隊有非常出色的紀錄，對吧？

We're on 21 quarters now of driving positive same-store sales. So they are incredibly talented and really know what they're doing. And I think they've got some exciting stuff that we've launched recently and some really positive things that are going to come out in the back part of the year. I think we mentioned that we just launched Macha. That's something we were all really excited about, and we're pleased with so far.

我們已經連續 21 個季度帶動同店銷售正成長。所以他們非常有才華，也很清楚自己在做什麼。我認為他們最近推出了一些令人興奮的內容，而且在今年下半年還會有一些非常正面的新動作推出。我想我們提到過，我們剛推出 Macha。這是我們都非常期待的項目，目前的表現也讓我們感到滿意。

It's a particularly exciting one because it's a whole new occasion. It tends to skew heavily into cold beverage and also PM, which is one of the dayparts we're really trying to grow. tends to be something that people come in, in the afternoon as an afternoon drink, and that's very complementary to our existing warning business. So we've got that out there now. I think we have a tremendously good product, and it's a baseline that we can also innovate off of into the future.

它特別令人興奮，因為這是一個全新的消費情境。它的結構更偏向冷飲，也偏向 PM（下午/晚間）時段，而這正是我們非常想要成長的時段之一。通常人們會在下午進店，把它當作下午飲品，這與我們既有的早晨業務非常互補。所以我們現在已經推出了。我認為這是一個非常好的產品，也是一個我們未來可以在其基礎上持續創新的平台。

So we're pretty excited about that. We obviously have big expectations for our Harry Potter partnership. It's something that appeals to all ages, has been out there for a long time. So we think it will bring in a lot of different age groups. And I think our team has done a terrific job on the innovation across both some of the food innovations, the beverage innovations and everything that comes along with it that's going to generate a lot of excitement here in Canada.

所以我們對此相當興奮。我們對與《哈利波特》的合作顯然也有很高的期待。這個 IP 對各年齡層都有吸引力，也已經存在很長一段時間。所以我們認為它會帶來許多不同年齡層的客群。我認為我們的團隊在創新方面做得非常出色，涵蓋食品創新、飲品創新，以及所有隨之而來、能在加拿大引發高度話題與興奮感的內容。

On top of that, we're going to bring out more breakfast innovation to reinforce our AM daypart across the back half of the year. We're very excited for the loyalty partnership with Canadian Tire, bringing together some of the most iconic Canadian brands and bring additional benefits to our guests to be loyal Tim's Rewards members. And the last part I would call out just as you look over the next six to nine months is we're making really good progress systematically rolling out our new fountain systems in our -- all of our restaurants across Canada.

此外，我們也會在下半年推出更多早餐創新，以強化我們的 AM（上午）時段。我們也非常期待與 Canadian Tire 的會員忠誠合作，把一些最具代表性的加拿大品牌結合在一起，為顧客帶來更多福利，讓他們成為忠誠的 Tim's Rewards 會員。最後一點，展望未來六到九個月，我們正在非常有系統地推進，在加拿大所有餐廳逐步導入我們新的飲料機（fountain）系統。

And that's enabling further innovation pipelines. You might think of things like Soda World that we've generated some pretty great excitement about. It's a wonderful beverage opportunity for us. So I think we've got a pretty great pipeline for the second half of this year and look forward to sharing the results of that as we get through Q3 and Q4.

而這也讓我們能夠建立更多後續創新管線。你可以想到像 Soda World 這類我們已經引發相當不錯話題的項目。對我們而言，這是一個很棒的飲品機會。所以我認為今年下半年我們有相當不錯的產品/活動管線，也期待在第三季與第四季推進過程中，與大家分享成果。

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

That last answer was really where I was going to go with this because I think the market would love to see, call it, 2%-plus comps out of Tims Canada. And if you can get there, it feels like you're going to have to do that with market share gains. It just feels like that market is going to remain soft for a while. I don't know if you would agree with that. And some of the things you mentioned, it do sound like sales layer-ish as opposed to Harry Potter will take those benefits.

你剛才那個回答其實正是我想問的方向，因為我認為市場很希望看到 Tims 加拿大的同店成長能到 2% 以上。而如果你們能做到，感覺就必須靠市占率提升來達成。因為那個市場看起來可能還會疲弱一段時間。我不確定你是否同意。而你提到的一些事情，聽起來更像是銷售層面的作法，而不是像《哈利波特》那樣會帶來那些效益。

But I think right now, people want to see sustainable food, beverage value news. So maybe you can just speak to what you think -- to what degree you feel like you're digging a little bit deeper to gain share in a more durable way up there, kind of questioning how much of a leadership you might have in certain things to maybe on a more sustainable basis, continue to gain share or perhaps accelerate share gains because you kind of need to --

但我認為現在大家想看到的是可持續的食品、飲品與價值（value）方面的新訊息。所以也許你可以談談你的看法——你覺得你們在多大程度上正更深入地、以更耐久的方式去提升那邊的市占，某種程度上是在問：你們在某些領域是否能以更可持續的基礎持續提升市占，或甚至加速市占提升，因為你們某種程度上需要--

Dave, I'll take that one. In terms of the market share and how the market is growing, I kind of started to mention it but in the prior answer, but I'll go there a little bit further. Actually, the Canadian foodservice market is doing okay. The growth rate for the overall foodservice market was in the 3% range in terms of sales for the quarter, which is very similar to the US market.

Dave，我來回答這題。就市占率以及市場如何成長而言，我在前一個回答中有稍微提到，但我再多延伸一點。其實，加拿大餐飲服務市場表現還不錯。整體餐飲服務市場本季以銷售額計的成長率約在3%區間，這與美國市場非常相近。

And I think what's going on within that market is just that some chains are doing better and some chains are not doing as well. So that's why I really feel this is very much in our control. And we have an incredible business, the best franchisees and restaurant operators in Canada and a wonderful team leading the business here. And I think they've got a lot of things that they're working on here that will allow us to perform well within a market that I think is doing all right. So in terms of the few different categories you mentioned, on value, we are the number one value leader in Canada.

我認為這個市場內部正在發生的情況是：有些連鎖表現較好，有些連鎖則沒那麼好。所以這也是我為什麼真的覺得這很大程度上在我們的掌控之中。我們擁有一個非常出色的事業、加拿大最好的加盟主與餐廳營運者，以及一支在這裡領導業務的優秀團隊。我認為他們正在推動許多工作，能讓我們在我覺得表現尚可的市場中也能有好的表現。至於你提到的幾個不同類別，在「價值」方面，我們是加拿大的第一大價值領導者。

If you look at any of the brand scores, we have been and continue to be a leader in providing the best value and best value for money across Canada. So I think we're in a good spot there. And to a couple of the other points you made, what we've really been focused on is the food and bev side. And I think our team is doing a really nice job on the innovation front on Cold bev, which has been our big priority. I mentioned Matcha, that's probably one of the most exciting things that we can do, but we've got a couple of other additional innovations that will come up over the next six to nine months to drive sustainable growth.

如果你看任何品牌評分，我們一直都是、也將持續是提供最佳價值與最佳性價比的領導者，遍及加拿大。所以我認為我們在這方面處於很好的位置。再回到你提到的其他幾點，我們真正聚焦的是食品與飲品端。我認為我們團隊在冷飲創新方面做得非常好，而這一直是我們的重大優先事項。我提到抹茶，那可能是我們能做的最令人興奮的事情之一；但在未來六到九個月，我們還會推出另外幾項創新，來帶動可持續的成長。

And hopefully, in new dayparts as well. That was -- I think that's an interesting thing about Matcha. It brings guests back in for another visit at a daypart they might not otherwise come. And I think that's how you drive sustainable kind of layers of growth. And lastly, on the food side, we've had some things that worked well and others that didn't work as well.

也希望能延伸到新的時段（dayparts）。我認為抹茶有趣的一點就在這裡。它會讓顧客在原本可能不會來的時段，再回來多消費一次。我認為這就是你如何推動可持續、層層疊加的成長。最後，在食品端，我們有些項目表現很好，也有些沒有那麼好。

And I think that's where melts have come back, and that's working really well. And I think we'll come up with some more innovations on the PM food side in the next 6 to 12 months, too, that allow us to add sustainable growth there.

我認為這也是為什麼熱壓三明治（melts）回歸了，而且表現非常好。我也認為在接下來6到12個月，我們會在下午/晚間（PM）食品端推出更多創新，讓我們能在那裡增加可持續的成長。

Danilo Gargiulo, Bernstein.

Danilo Gargiulo，Bernstein。

I want to again ask one more question on Tim Hortons. And specifically, the competitive environment is sharpening in Canada. There is also a notable Northeast chain that plans to reenter the market rapidly. So my question is about the speed of innovation that you think on -- especially on the beverage side, you might need to be adopting going forward to be able to sense off the increased competitive environment and their intention to be gaining share outside of the core coffee. And specifically, if we just look at the menu that you offer compared to your competitors, there are some meaningful gaps, which, on the one hand, might present some opportunity for you because you can build some layers of growth from it.

我想再問一個關於Tim Hortons的問題。具體來說，加拿大的競爭環境正在加劇。另外，也有一家知名的美國東北部連鎖品牌計畫快速重返市場。所以我的問題是：你認為未來為了因應更激烈的競爭環境，以及他們打算在核心咖啡之外搶市占的意圖，你們需要採取多快的創新速度——特別是在飲品端？尤其如果我們只看你們提供的菜單與競爭對手相比，存在一些明顯的缺口；一方面，這可能為你們帶來機會，因為你們可以從中建立一些成長的層次。

But on the other hand, might put you at disadvantage compared to others who are already present in that category. So I'm wondering how are you planning -- are you planning to increase the speed of innovation? And if so, what is the trade-off on that? And if not, how are you planning to, again, compete against these new brands that are coming into Canada?

但另一方面，與那些已經在該品類布局的對手相比，這也可能讓你們處於劣勢。所以我想了解你們如何規劃——你們是否打算加快創新速度？如果是，這之間的取捨是什麼？如果不是，你們又打算如何再次與這些進入加拿大的新品牌競爭？

Thanks, No. I think all of the QSR markets around the world are always competitive, and I think that's going to be the case in Canada and everywhere else around the world. So I think that's part of the world we do and always will live with. So I don't think there's anything too new there. In terms of the pace of innovation, I think we to your point, we do have a lot of opportunities of Cold bev innovation.

謝謝。不。我認為全球所有的速食餐飲（QSR）市場一直都很競爭，加拿大以及世界其他地方也會如此。所以我認為這就是我們所處的世界，我們一直都會與之共存。因此我不覺得這裡有什麼太新的事情。就創新節奏而言，我認為如你所說，我們在冷飲創新上確實有很多機會。

I take that as an exciting thing. And I think we're getting faster in how quickly we're bringing these things to market. I think the pace of new Cold bev innovation has definitely stepped up. And I would take the Matcha launch as one of those examples. We've now launched that nationally and brought, I would say, a whole new offering and a whole new experience to many folks around Canada that were never exposed to it before. And so I think that's a great example. It's one we have clear in our minds amongst the team here of moving quickly. And I think you'll see that same pace of innovation as you look out over the next 6 to 12 months.

我把這視為一件令人興奮的事。而且我認為我們把這些產品推向市場的速度正在變快。冷飲新品創新的節奏確實已經明顯加快。我會把抹茶上市當作其中一個例子。我們現在已在全國推出，我想可以說，為加拿大許多過去從未接觸過的人帶來了全新的產品與全新的體驗。所以我認為這是一個很好的例子。這也是我們這裡的團隊非常清楚、要快速推進的一件事。而我認為當你展望未來6到12個月，你會看到同樣的創新節奏。

Yes, Daniel, it's Patrick. The thing I'd add to it is the culinary team here is terrific. We had our Board here yesterday. We were sampling things that are going to be launching in the future. I'm very excited about them.

是的，Daniel，我是Patrick。我想補充的是，我們這裡的研發廚藝團隊非常出色。我們董事會昨天在這裡。我們試吃了一些未來將要上市的產品。我對它們非常期待。

I had some other beverages this morning when I arrived. I mean there's really terrific work happening here. We really understand the breakfast daypart extraordinarily well. We're maintaining share at least on our core coffee customer, but doing extraordinarily well with cold bev and things that are already on our menu and coming on our menu in the future. My confidence level on Tims is really high.

我今天早上到的時候也喝了其他一些飲品。我的意思是，這裡真的有非常出色的工作正在進行。我們對早餐時段（daypart）的理解非常到位。至少在核心咖啡客群上，我們維持了市占；同時在冷飲以及菜單上既有的產品、以及未來將加入菜單的產品方面，表現都非常出色。我對Tims的信心非常高。

This -- I go back to the answer I was giving on Burger King. This is a business that has consistently performed over the last five years because it is getting better at serving its guests. both in terms of the service of the perception of value in how the restaurants look. We're remodeling hundreds of restaurants this year. We're starting to build new ones up here because the return for the franchisees is great.

這——我回到我在談Burger King時給的回答。這是一個在過去五年持續表現良好的事業，因為它在服務顧客方面持續變得更好——不論是服務本身、價值感知，或是餐廳外觀。我們今年將翻新數百家餐廳。我們也開始在這裡興建新店，因為加盟主的投資報酬很可觀。

And our competitive set in Canada five years from now is going to be pretty much identical to what our competitive set is today. Announcements aside, I mean, Starbucks, I think, had a very good start to the year. But they're a quarter of the restaurants that we have. This is all in our control. And the consumer environment, the economy is no different this year than it was last year.

而我們在加拿大的競爭組合，五年後大致會與今天幾乎相同。撇開各種宣布不談，我的意思是，Starbucks我認為今年開局非常好。但他們的店數只有我們的四分之一。這一切都在我們的掌控之中。而消費者環境、經濟狀況，今年與去年並沒有不同。

This is about continuing to find ways to be more interesting. We think the loyalty deal that we're doing and combining the program so that -- with Canadian Tires, so that Tim's customers get Canadian Tire points as well is exciting. Getting absolute first-class properties like Harry Potter is terrific. The innovation we're doing is great. Our franchisees are doing a great job on service. There's just a lot that's working well. And if we've got an off quarter, okay, team is moving quickly to make sure that we're going to improve that going forward.

這關鍵在於持續找到方法讓我們更有趣、更吸引人。我們正在推動的會員忠誠方案交易，並把計畫與Canadian Tire整合，讓Tim's顧客也能獲得Canadian Tire點數，我們認為很令人振奮。拿到像《哈利波特》這樣一流的IP合作非常棒。我們正在做的創新很棒。我們的加盟主在服務上做得非常好。有很多事情都運作得很順。即便某一季表現不如預期，也沒關係，團隊會快速行動，確保未來能改善。

John Ivankoe Evanko, JP Morgan.

John Ivankoe Evanko，摩根大通。

I know, obviously, international is a big segment with a lot of brands and many more countries kind of in it. So I just wanted to focus on the aggregate brand numbers and talk about where you see particular strength from a return on investment perspective and where you see significant opportunities. And I do want to put that in the context of average unit volumes. And I understand it's kind of dangerous to talk about exact average unit volumes considering how different formats and countries can be. But Tim Hortons in the second quarter annualizing around 450,000, Popeyes around $1.2 million, I think, and Burger King at around $1.5 million.

我知道，顯然國際業務是一個很大的板塊，涵蓋很多品牌，也涉及更多國家。所以我想把焦點放在整體品牌數據上，談談從投資報酬率的角度，你們在哪些地方看到特別強勁的表現，以及在哪些地方看到顯著的機會。而且我也想把這放在平均單店銷售額（AUV）的脈絡下來看。我理解，考慮到不同業態與國家差異很大，談精確的平均單店銷售額其實有點危險。但 Tim Hortons 在第二季年化大約 45 萬，Popeyes 我想大約 120 萬美元，而 Burger King 大約 150 萬美元。

And obviously, all three of those numbers are less than what you're doing in those brands' respective core markets. So if we can just highlight a little bit more where there's particular return on investment strength on, I guess, per brand per country basis and where you see significant opportunities to improve to where we could hopefully see improvements in those average unit volumes relative to their core or home markets. And I know it's a big question, but it's an important one.

而且很明顯，這三個數字都低於你們在各品牌核心市場的表現。所以如果可以的話，能否再多強調一下：我想以「每個品牌、每個國家」為基礎，哪些地方的投資報酬率特別強，以及你們在哪些地方看到顯著的改善機會，讓我們有望看到這些平均單店銷售額相對於其核心或本土市場有所提升。我知道這是個很大的問題，但它很重要。

Thanks, John. I'll try and if I miss you, Sami or Patrick, feel free to jump in here. If I look across our Burger King business in international, and then I'll move on to Popeyes and some of Tim's I think some of the highest return places are some of the places that we're growing the fastest. So I would look to places like France, where we have very strong AUVs and a great return on capital for our partners. That has been our single biggest growth driver, maybe not in NRG KPI, but certainly in terms of system-wide sales over the last 10 years or so now.

謝謝你，John。我會試著回答；如果我漏掉了什麼，Sami 或 Patrick 也請隨時補充。如果我看我們 Burger King 的國際業務，接著我會談 Popeyes，再談一些 Tim 的部分；我認為一些投資報酬率最高的地方，往往也是我們成長最快的地方。所以我會看像法國這樣的市場，我們有非常強勁的 AUV，對合作夥伴而言也有很好的資本報酬。這一直是我們最大的單一成長驅動因素，也許不是在 NRG KPI 上，但就過去大約 10 年的系統銷售額而言，確實如此。

That returns there are really good. Returns in places like Spain are also really good, and that's -- I think one of the reasons why we have a very large unit count there now. And if I look across places in Asia, we have very strong returns in countries like Japan, which is now one of the biggest unit growth drivers there. Countries like Korea also has really good returns on capital, countries like Australia, New Zealand, also very high ARS. And then I think you have a couple where we have meaningfully improving unit economics.

那裡的報酬率真的很好。像西班牙這樣的市場報酬率也非常好，而這——我想也是為什麼我們現在在那裡的門店數量非常大。如果我看亞洲各地，我們在日本等國家的報酬率非常強，而日本現在也是那裡最大的門店成長驅動之一。像韓國的資本報酬也非常好，像澳洲、紐西蘭也有很高的 ARS。然後我認為還有幾個市場的單店經濟模型正在顯著改善。

And I put on that list countries like Burger King and China, where we had really good unit economics, they got softer for a while. And now over the last two years, given same-store sales performance, we've seen a very material improvement in the unit economics. And I think in China, Johnson and Daniel are doing just a terrific job. And I think they're getting those unit economics close to a place where it's going to be very compelling for them to accelerate the pace of growth, which is, I think, one of the most important things that we certainly have our eyes on. The other market I would call out in Asia would be India.

我會把像 Burger King 在中國這樣的國家列入其中：我們原本有很好的單店經濟模型，之後一段時間轉弱。而在過去兩年，受惠於同店銷售表現，我們看到單店經濟模型有非常實質的改善。我認為在中國，Johnson 和 Daniel 做得非常出色。我覺得他們正把單店經濟模型推近一個非常有吸引力的水準，讓他們加快成長步伐變得很有說服力；這也是我們非常關注、我認為最重要的事情之一。在亞洲我還想點名的另一個市場是印度。

It's been one of our growth contributors for a while. And I think you probably just saw Raj and team are doing a really nice job. They had a terrific quarter, same-store sales up double digits, and that's starting to put their unit economics to an even more compelling place. So those are probably some of the ones that I would highlight as the biggest ones that will kind of move that are either really good or really improving that are probably some of the influential factors in the pace of our net restaurant growth. I can -- I'll move to Popeyes real quick.

它一段時間以來一直是我們的成長貢獻者之一。而且我想你可能也看到 Raj 和團隊做得非常好。他們這一季表現非常亮眼，同店銷售成長達到雙位數，這也開始把他們的單店經濟模型推向更具吸引力的水準。所以這些大概是我會強調的幾個重點市場：要嘛本來就很好、要嘛正在明顯改善，並且可能是影響我們淨新增餐廳成長速度的一些關鍵因素。我可以——我先快速談一下 Popeyes。

If I look at the Popeyes market, I would say places like UK have great average unit volumes and are growing a lot. And then you've got a lot of countries who are kind of coming up the maturation curve, countries like Spain or Brazil, for example, who have been growing their same-store sales a lot, and they're now getting unit economics to more and more compelling places to accelerate growth. Another big market for us is Turkey. It's probably one of our oldest markets in the Popeyes International business.

如果我看 Popeyes 的市場，我會說像英國這樣的地方平均單店銷售額很高，而且成長也很快。然後你還有很多國家正處於成熟曲線的上升階段，例如西班牙或巴西，它們的同店銷售成長很快，現在也正把單店經濟模型推向越來越有吸引力的水準，以加速成長。另一個對我們很重要的市場是土耳其。它可能是我們 Popeyes 國際業務中最早進入的市場之一。

It's been performing extremely well and has very good returns on capital, a little bit lower CapEx there. But we've been growing there well into the double digits for many years now. Actually, I think our biggest competitor exited the market, and we took a bunch of market share. And then you have countries in Asia Pacific like India or China, which may have lower ARS, they also have lower CapEx. And we're now seeing some really strong same-store sales growth in both of those markets that are getting the unit economics to a place where it's increasingly compelling to scale those brands.

它的表現一直非常好，資本報酬率也很高，那裡的資本支出（CapEx）也稍低一些。但我們在那裡多年來一直維持雙位數的成長。其實我想我們最大的競爭對手退出了該市場，我們因此拿下了不少市占。接著在亞太地區，你有像印度或中國這樣的國家，可能 ARS 較低，但它們的 CapEx 也較低。而我們現在看到這兩個市場的同店銷售都出現非常強勁的成長，正把單店經濟模型推到一個越來越有吸引力的水準，使擴大這些品牌規模更具說服力。

Sorry, I know this is long, but I'm trying to exhaustively get through all of them. And I'll try on Tims here and then see if Sami he wants to add anything. Tims in terms of our biggest and our kind of most important markets, Places like Mexico already have really good unit economics. Those have good ARS and good margin profiles. The UK is probably one of the bigger system-wide sales markets, which also has pretty high ARS.

抱歉，我知道這段很長，但我想盡可能把每個都講到。接著我試著談 Tim Hortons，然後看看 Sami 是否想補充什麼。Tim Hortons 就我們最大、也最重要的市場而言，像墨西哥這樣的地方已經有很好的單店經濟模型。那裡的 ARS 不錯，利潤結構也很好。英國可能是系統銷售額較大的市場之一，同時也有相當高的 ARS。

The Middle East has lower ARS, but has lower CapEx. they tend to be smaller formats. And then I put places like China as places we've got some work to do. We have lower, they tend to be smaller formats, and we're putting in place a plan there, and we put in some capital into that market to change the trajectory and further improve unit economics, just like we did in Burger King in China.

中東的 ARS 較低，但 CapEx 也較低，因為它們通常是較小的店型。然後我會把像中國這樣的地方列為我們還需要做一些工作的市場。我們的表現較低、店型也偏小；我們正在那裡推動一個計畫，也投入了一些資本到該市場，以改變發展軌跡並進一步改善單店經濟模型，就像我們在中國的 Burger King 所做的一樣。

I probably missed some stuff though. So Sami, anything you want to add there?

不過我可能還是漏掉了一些。所以 Sami，你有什麼想補充的嗎？

Yes. Thanks, John, for the question. And I think Josh gave a nice geography lessons there, which is very helpful. I might take it from maybe a different lens. John. And really, as we laid out the path to 5% unit growth at our Investor Day, we talked about roughly 1,100 net new units from international and about 700 of those being from our top 10 growth markets.

有的。謝謝你，John，提出這個問題。我認為 Josh 剛才做了一堂很好的地理課，這非常有幫助。我可能會從另一個角度來看。John。其實，正如我們在投資人日所說明的 5% 門店成長路徑，我們談到國際市場大約貢獻 1,100 家淨新增門店，其中約 700 家來自我們前 10 大成長市場。

So if you think about the top 10 growth markets, and Josh mentioned -- and I'm speaking particularly to Burger King, but when Josh mentioned a number of those markets, if you look at actually -- I know you're looking at the ARS, which is one way to look at it. We look at the paybacks often. And actually, if you look at the paybacks of those top 10 markets, in aggregate, it's between four and five years on new units, and it's improving. So you're actually seeing, Josh mentioned markets like Japan and Korea and a couple of others that are actually driving a bunch of the improving paybacks.

所以如果你想前 10 大成長市場，而 Josh 也提到——我這裡特別以 Burger King 為例——當 Josh 提到其中一些市場時，如果你實際去看——我知道你在看 ARS，這是一種看法。我們通常會看投資回收期（paybacks）。而且如果你看這前 10 大市場的新店投資回收期，整體而言大約在 4 到 5 年之間，而且還在改善。所以你其實會看到，Josh 提到像日本、韓國以及其他幾個市場，正在推動投資回收期的改善。

So our goal is to continue working on this because ultimately, if we can drive the payback, it will help support the growth model. I think the other thing to call out when you're looking at the ARS, particularly on kind of a global level, if you strip out China, which as we've talked about, generally has lower ARS, actually, our international ARS for the Burger King business is pretty similar to our US business AR. And the paybacks actually in our international business, particularly for those top 10 markets is better than the paybacks that we're seeing on Burger King in the US. Now Tom and team are doing a great job of improving the unit economics in the US.

因此，我們的目標是持續推進這項工作，因為最終如果我們能夠提升投資回收期（payback），將有助於支撐成長模型。我認為在看 ARS 時，特別是從全球層面來看，另一個值得指出的是：如果把中國排除在外——如我們先前談到的，中國的 ARS 通常較低——其實我們漢堡王業務的國際 ARS 與美國業務的 ARS 相當接近。而且在國際業務中，尤其是前十大市場的投資回收期，實際上優於我們在美國漢堡王所看到的回收期。目前 Tom 和團隊在改善美國的單店經濟效益方面做得非常出色。

So I think it's a nice little race that we had between Tom and Tiago to get those paybacks to be best-in-class. But I actually think when you back out China out of those metrics, you see pretty exciting and impressive paybacks that support the growth model.

所以我覺得這就像是 Tom 和 Tiago 之間一場小小的競賽，看誰能把回收期做到業界最佳。但我其實認為，當你把中國從這些指標中扣除後，你會看到相當令人振奮且令人印象深刻的回收期，足以支撐成長模型。

Sara Senatore, Bank of America.

Sara Senatore，美國銀行（Bank of America）。

I guess I wanted to just touch on Popeyes because we haven't really talked about it yet. I know it's not -- it's certainly not the biggest of your segments, but it's still, I think, something like 10% of operating profit. So could you just maybe address kind of -- it seems like the turnaround is going a little bit more slowly than anticipated. Maybe what the issues are there? I think you've said in the past that the problems are more operational in nature.

我想我想稍微談一下 Popeyes，因為我們其實還沒有真正討論到它。我知道它不是——當然不是你們最大的事業部門，但我認為它仍然大約貢獻了 10% 的營業利益。所以你們能否談談——看起來這次的扭轉（turnaround）似乎比預期慢一些。那裡的問題可能是什麼？我記得你們過去曾說，問題更多是營運層面的。

But I guess if I think about the operating model, it actually seems fairly straightforward to me. So maybe is this a value issue? I know you're working on that. Is it a menu innovation or competition? There's some thought that maybe just chicken is saturated at this point.

但如果我從營運模式來看，對我而言其實相當直觀。所以這會是價值（value）方面的問題嗎？我知道你們正在處理這件事。還是菜單創新或競爭的問題？也有人認為，雞肉品類可能在這個時間點已經趨於飽和。

Anything you can sort of pinpoint -- and are you seeing data that suggests that 2H, you're comfortably positive? Or I guess, is the idea maybe it's later in the year and you're optimistic about some of the initiatives you have in place?

你們能否指出一些更具體的原因——以及你們是否看到數據顯示下半年（2H）會穩健轉正？或者說，想法是可能要到今年稍晚一些，你們對已經落地的若干措施仍然保持樂觀？

Yes, sure. I would say Popeyes is going exactly pretty much as we hoped it would. And that's why I reiterated that we expect 2H to be positive. We're obviously a week into August, and we're kind of thought -- we're where we thought we should be and needed to be for that. In terms of the different priorities, I would say we're tracking well across all of them.

好的，當然。我會說 Popeyes 的進展基本上正如我們所希望的那樣。這也是為什麼我再次強調我們預期下半年會轉為正成長。我們現在顯然才進入 8 月的第一週，而我們大致——我們正處在我們認為應該、也需要處在的位置，以達成那個目標。就不同的優先事項而言，我會說我們在各項上都追蹤得不錯。

The few that I laid out a few months back, and I think Peter addressed at Investor Day were, one, addressing some of the value consistency. And I think we've addressed that very quickly with $5 paves with our $20 family meal and pulsing in the $6 big box. So that's been very effective and worked exactly as we thought it would and maybe a little bit better, and that's helped to bring traffic back in and stabilize sales. On the marketing side, we've definitely brought focus back to our core menu, focusing on tenders, sandwich and bone-in chicken, and we've seen some of the volumes in those stabilize. We've also seen product satisfaction improve across all of our core SKUs, which is what we were hoping to see.

我幾個月前提出、而且我想 Peter 在投資人日也有提到的幾個重點是：第一，解決價值主張一致性（value consistency）的一些問題。我認為我們很快就透過 5 美元方案、20 美元家庭餐，以及間歇性推出 6 美元大盒餐（big box）來處理了這件事。因此這非常有效，效果完全符合我們的預期，甚至可能略好一些，這也有助於把客流帶回來並穩定銷售。在行銷方面，我們確實把焦點拉回核心菜單，聚焦在雞柳（tenders）、三明治以及帶骨炸雞（bone-in chicken），我們也看到這些品項的銷量開始趨於穩定。我們也看到所有核心 SKU 的產品滿意度都有所提升，這正是我們希望看到的。

So I think that's working really well. And we're starting to see some ops progress and more consistency there, things like guest complaints and errors in our stores are starting to move in the right direction. So I think we're seeing some progress on that. That tends to take a little bit longer. So I think there will be -- some of the things are faster like value and while others like operational improvements across the system will take a little bit more time.

所以我認為這部分運作得非常好。而且我們也開始看到一些營運（ops）上的進展與更高的一致性，例如顧客抱怨與門店出錯率開始朝正確方向改善。所以我認為我們在這方面看到了一些進步。這通常需要更長的時間。因此我認為——有些事情像價值策略見效較快，而另一些像全系統的營運改善則需要多一點時間。

But we made the big investments that we wanted to make. We've dramatically expanded the field team and those folks are starting to really engage with our restaurants and make progress in some of the ones that were lagging behind a little bit. So I feel very good about the work that Peter is doing. And I think the kind of the recovery is very much on track with what we were hoping for.

但我們已經做了我們想做的重大投資。我們大幅擴編了外勤團隊（field team），這些同仁也開始真正與餐廳深入互動，並在一些稍微落後的門店上取得進展。所以我對 Peter 正在做的工作感到非常有信心。我認為這次復甦（recovery）非常符合我們原本的期待與節奏。

Brian Mullan, Piper Sandler.

Brian Mullan，Piper Sandler。

Coming back to Burger King in the US, can you provide an update on the refranchising process, the demand you're seeing there and if everything is on track with how you discussed it at the Investor Day? And then separately, just on the remodeling front, does the strengthening momentum in the business, is that enough to have franchisees potentially pick up the pace of it? Or would you need to see more time to see a noticeable impact on the modern image pace?

回到美國的漢堡王，你們能否更新一下再特許經營（refranchising）的進度、你們看到的需求情況，以及是否一切都如同你們在投資人日所討論的那樣按計畫進行？另外，關於改裝（remodeling）方面，業務動能轉強是否足以讓加盟商可能加快改裝步伐？或者你們需要再多一些時間，才會在「現代形象」（modern image）的推進速度上看到明顯影響？

Thanks, Brian. I can take the beginning part of the question, and Josh or Patrick, feel free to chime in. On the refranchising side, sort of as a reminder and stepping back, two years ago, when we sort of closed on the Carrols acquisition, we talked about refranchising starting in years three through seven following the acquisition. We were really pleased to start refranchising restaurants much earlier than expected based on the momentum at Burger King. And we started in late 2025 with the refranchising.

謝謝你，Brian。我先回答問題的前半段，Josh 或 Patrick 也歡迎補充。在再特許經營方面，先提醒並退一步看：兩年前，當我們完成 Carrols 收購交割時，我們談到再特許經營會在收購後第 3 年到第 7 年之間開始進行。基於漢堡王的動能，我們很高興能比預期更早開始再特許經營餐廳。我們在 2025 年底就開始進行再特許經營。

I'd say the first half of this year, though Q2 is probably a little bit slower than we would have expected, we actually look at the pipeline of potential buyers, and we're actually really, really pleased with what we're seeing. Since our Investor Day, the top of the funnel pipeline has more than doubled in terms of folks who are interested in acquiring restaurants. And so we still think we're on track. The second half, you will see an acceleration in terms of refranchising. And we'll do a few hundred refranchisings here in 2026.

我會說今年上半年——雖然第二季（Q2）可能比我們預期稍慢一些——但我們看潛在買家的管線（pipeline），對目前看到的情況其實非常、非常滿意。自投資人日以來，漏斗頂端（top of the funnel）的管線中，對收購餐廳有興趣的人數已經增加了一倍以上。因此我們仍然認為進度是按計畫進行的。下半年你們會看到再特許經營的速度加快。而在 2026 年我們將完成數百家門店的再特許經營。

and then the remainder in 2027, really with the goal of sunsetting the RH segment by the end of '27 as we outlined at our Investor Day. So we're still on track. I think when we talked about this, the path was not going to be entirely linear. These transactions, they take some time, and we're trying to find the right buyers most importantly because ultimately, we think that the best thing we can do is get these restaurants in the hands of the right operators. Taking kind of the second part of your question, which was, I think, on the remodel pace.

其餘的將在 2027 年完成，目標是如我們在投資人日所概述的，在 2027 年底前逐步結束 RH 事業部（segment）。所以我們仍然在軌道上。我想我們談到這件事時也提過，這條路徑不會完全是線性的。這些交易需要一些時間，而我們最重要的是要找到合適的買家，因為最終我們認為，我們能做的最好的事情，就是把這些餐廳交到合適的經營者手中。再回到你問題的第二部分，我想是關於改裝速度。

As we think about the pace of remodels and look, we're very, very pleased with the top line momentum in the Burger King system. And we're pleased with the momentum on the bottom line, though I would say beef costs are still -- I mean, Q2 was still at all-time high beef costs running through the P&Ls of our franchisees. So when we think about the flow-through to profitability, it will probably be a little bit more delayed as beef costs are just starting to come down. As you kind of look at the futures markets on beef, we are expecting a little bit of relief, but I think a lot more of that relief will come in the beginning of 2027. So as you start to see that relief come through with the top line momentum we're seeing, we think that will be really healthy for our Burger King franchisees.

在我們思考改裝的節奏時——而且你看，我們對漢堡王系統的營收端（top line）動能感到非常、非常滿意。我們也對獲利端（bottom line）的動能感到滿意，但我會說牛肉成本仍然——我的意思是，第二季加盟商的損益表（P&L）仍在承受歷史新高的牛肉成本。因此當我們思考獲利的傳導（flow-through）時，隨著牛肉成本才剛開始下滑，這個效果可能會稍微延後一些才會顯現。從牛肉期貨市場來看，我們預期會有一些緩解，但我認為更大幅度的緩解會出現在 2027 年初。因此當你開始看到這些成本緩解，再加上我們目前看到的營收端動能，我們認為這將對漢堡王加盟商的經營健康度非常有利。

And look, our franchisees are incredibly supportive and excited about the remodel program. And as they start to see their P&Ls get even stronger, I think you'll see that momentum. But I think it will be on a bit of a lag and you'll see that acceleration a little bit more into 2027 as they see their '26 P&Ls come in.

而且你看，我們的加盟商對翻新改裝計畫非常支持，也很興奮。隨著他們開始看到損益表（P&L）變得更強勁，我想你會看到那股動能。但我認為會有一些滯後；當他們看到 2026 年的 P&L 進來後，你會在 2027 年更明顯地看到加速。

Maybe I can add just one thought on top of what Sami said about the refranchising. I would tell you that Tom and I have spent basically all of our market visits over the last 6 to 12 months, visiting new franchisees who are buying restaurants and getting into the system or existing franchisees buying restaurants or those considering participating in the refranchising.

也許我可以在 Sami 談到再加盟（refranchising）的基礎上再補充一點。我想告訴你的是，Tom 和我在過去 6 到 12 個月幾乎所有的市場走訪，都是在拜訪新的加盟商——他們正在買餐廳、加入體系——或是既有加盟商在買餐廳，或是那些正在考慮參與再加盟的人。

And our view there is we really want to make sure that we have the right franchisees who are set up for success and that we're going to deliver on the vision that we had to have hands-on local operators running these restaurants because we believe that, that's going to be such a key to our future success. And we also -- we want to make sure that we're being a supportive franchisor and we're really going to support these new franchisees in the way that they need to be successful. So that's been a huge focus for us, and it will be, and that's where we're spending a lot of our time.

我們的看法是，我們真的想確保我們擁有合適、具備成功條件的加盟商，並且我們能夠實現我們的願景：由在地、親力親為的經營者來營運這些餐廳，因為我們相信這將是我們未來成功的關鍵。同時——我們也希望確保我們是一個支持性的特許授權方（franchisor），並且會以新加盟商成功所需的方式，真正支持他們。所以這一直是我們非常重要的重點，也會持續如此，而這也是我們投入大量時間的地方。

I'd add one thing, which is, I mean, I'm excited by great operators coming in. They're seeing a terrific opportunity. And we've got really smart operators that are see this opportunity to grow with this brand with real momentum behind it. And the interesting thing is they're coming from kind of four places. I mean it's existing franchisees in the system who want to grow and see an opportunity to do that.

我再補充一點：我的意思是，我對優秀的營運者加入感到很興奮。他們看到了非常好的機會。我們也有非常聰明的營運者看到了這個機會，能在這個品牌強勁動能的帶動下成長。有趣的是，他們大致來自四個來源。其中之一是體系內既有的加盟商，他們想要擴張，並看到了擴張的機會。

It's coming from external folks who have not been in the system before. It's coming from our Crown -- your career candidates coming up through Carrols and our own corporate operations. But also, it's been from people in our corporate office, people, field team, people who know how to operate great restaurants. So we're seeing a lot of interest. And certainly, as people externally see the momentum in this brand and how we're performing versus versus the industry even in this environment, we're excited about kind of the people who are coming and how they want to grow with us.

另一部分來自體系外、以前沒有加入過的人。也有來自我們 Crown——也就是你們的職涯候選人，從 Carrols 以及我們自有的直營營運體系一路培養上來的人。此外，也有來自我們企業總部的人、現場團隊的人——這些人懂得如何營運出色的餐廳。所以我們看到非常多的興趣。當外部人士看到這個品牌的動能，以及即便在這樣的環境下我們相較於產業的表現，我們也對加入的人才以及他們想與我們一起成長的方式感到振奮。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

You guys reiterated the algorithm 8% AOI growth for 2026. And in the first half of the year, you did see portfolio same-store sales up 3.5%. And I'm wondering if you can make the claim or the prediction that 3%-plus portfolio same-store sales long-term growth algorithm will be achieved in 2026. I know you talked about how confidence in sustained momentum of Burger King, Kim's got better for the quarter, Popeyes getting back to positive in the back half of the year. Is that enough to get you to 3%-plus portfolio same-store sales for the full year this year?

你們重申了 2026 年 AOI 成長 8% 的演算法（目標框架）。而在今年上半年，你們的整體組合（portfolio）同店銷售成長 3.5%。我想問的是，你們是否可以主張或預測：長期 3% 以上的整體組合同店銷售成長演算法，將在 2026 年達成。我知道你們談到對 Burger King 持續動能的信心在本季提升，Kim 對本季的看法也更好，Popeyes 會在下半年回到正成長。這是否足以讓你們達成今年全年 3% 以上的整體組合同店銷售成長？

Andrew, what I would say is I think if you look at -- to your point, the business performance has been pretty good through the first half of the year. And I think standing where we do today, we continue to feel good about where we're going in the second half.

Andrew，我想說的是，我認為如果你看——如你所說，今年上半年業務表現相當不錯。而以我們今天所處的位置來看，我們仍然對下半年的走勢感到樂觀。

Gregory Francfort, Guggenheim.

Gregory Francfort，Guggenheim。

I kind of just wanted to ask about in the US market. I don't know if it's Burger King or more broadly, where is pricing or check running as a part of your comps? And I ask it within the context of one of your major competitors kind of took up some of their pricing expectations for the year and kind of talked about franchisees maybe pushing ahead of where they want to be on pricing. And I guess those conversations that you're having, particularly maybe entry-level pricing, how are they going? And are you seeing any changes in compliance or those negotiations? Just any thoughts there.

我想問一下美國市場的情況。不確定是 Burger King 或更廣泛而言，你們的同店（comps）中，定價或客單（check）目前的走勢如何？我之所以這麼問，是因為你們的一個主要競爭對手上調了今年的定價預期，並提到加盟商可能在定價上推進得比他們希望的更快。我想了解你們正在進行的這些對話，特別是可能在入門級定價方面，進展如何？你們是否看到在遵循度（compliance）或這些協商上有任何變化？想聽聽你們的看法。

Greg, I would say that we're really trying to be disciplined on menu pricing. We think it's -- we understand very clearly that one of the things we provide to our guests is value for money. I think the kind of menu price increases have been running probably low single digits, but I think we've been pretty restrained on those. There are things like beef inflation that have been a bit of a headwind, but there are some other things that are offsets to it. And we also were cognizant of the fact that beef is at an all-time high, and it looks like there's some signs it might come down.

Greg，我會說我們在菜單定價上真的努力保持紀律。我們認為——我們非常清楚，我們提供給顧客的其中一項就是物有所值。我想菜單價格的調漲大概是在低個位數，但我們在這方面一直相當克制。像牛肉通膨這類因素確實帶來一些逆風，但也有其他因素可以抵消。我們也注意到牛肉價格處於歷史高點，而且看起來有一些跡象顯示可能會回落。

So we realize we've got to cushion some of those things at some point. So we've tried to be pretty restrained. And I think by and large, our franchisees do understand that, understand what we're trying to deliver, understand the broader brand narrative. And I think we've been able to maintain pretty good alignment on what we're trying to accomplish. I don't know, Sami, if there's anything you want to add to that?

所以我們知道在某個時間點必須緩衝其中一些影響。因此我們一直盡量保持克制。而且我認為整體而言，我們的加盟商確實理解這一點，理解我們想要交付的內容，也理解更廣泛的品牌敘事。我認為我們在要達成的目標上，能維持相當好的共識與一致性。Sami，我不知道你是否想補充？

Yes. I think when you look at the numbers year-to-date for the Burger King system, actually, I think we've been quite disciplined on price. And I think as you look at the mix in the business, we've had a pretty healthy mix in the business, right? So as you think about the elevated Whopper and all the great work that Tom and team are doing with that, we're selling a lot more full-price whoppers, and it's a great value on a stand-alone basis, and there's great value in $5 and $7 Duos and Trios. So providing great value across the menu with the right mix is really the formula. And our franchisees are very supportive of that formula. I think they continue to buy in, and they're seeing it in their P&L.

是的。我想如果你看 Burger King 體系今年迄今的數據，實際上我認為我們在價格上相當有紀律。而且當你看業務的組合（mix），我們的組合相當健康，對吧？所以當你想到升級版 Whopper，以及 Tom 和團隊在這方面做的所有出色工作，我們賣出了更多原價 Whopper；單點本身就很有價值感，而在 5 美元與 7 美元的 Duos 和 Trios 上也有很好的價值。所以，以正確的組合在整個菜單上提供很高的價值，就是關鍵公式。我們的加盟商非常支持這個公式。我認為他們持續買單，而且他們也在自己的損益表（P&L）上看到了成果。

This concludes the question-and-answer session. I will now turn the call back to Josh Kobza for closing remarks.

問答環節到此結束。我現在把電話交回 Josh Kobza 作結語。

Great. Well, thank you all for joining today. We wish everyone a great day and look forward to updating you once again on our Q3 call. Thanks so much.

很好。感謝各位今天的參與。祝大家有美好的一天，也期待在第三季電話會議上再次向各位更新。非常感謝。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。