New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Restaurant Brands' (RBD) 1H22 result was in line with our estimates and guidance provided in July 2022, but highlighted that cost pressures continue to be the key headwind with few signs of abating</li><li>Sales growth remains dependent on new store openings and acquisitions, with +19 stores expected to be opened in FY22</li><li>We remain cognisant that RBD's store roll-out pipeline may be impacted by building supply and labour shortages, particularly in New Zealand</li></ul>

Restaurant Brands' (RBD) 1H22 result was in line with our estimates and guidance provided in July 2022, but highlighted that cost pressures continue to be the key headwind with few signs of abatingSales growth remains dependent on new store openings and acquisitions, with +19 stores expected to be opened in FY22We remain cognisant that RBD's store roll-out pipeline may be impacted by building supply and labour shortages, particularly in New Zealand

Restaurant Brands: NZ 1H22 — Colonel Cost Marches On

Restaurant Brands NZ

Restaurant Brands: NZ 1H22 — Colonel Cost Marches On