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) has reported a robust 4Q22 update showing continued revenue momentum across most geographies in the last quarter</li><li>FY22 full year store sales reached NZ$1.239bn, a +16% increase on the prior year</li><li>We see upside risk to consensus revenue estimates. However, management has continued to highlight cost pressures</li></ul>

Restaurant Brands (RBD) has reported a robust 4Q22 update showing continued revenue momentum across most geographies in the last quarterFY22 full year store sales reached NZ$1.239bn, a +16% increase on the prior yearWe see upside risk to consensus revenue estimates. However, management has continued to highlight cost pressures

Restaurant Brands (RBD): 4Q22 Update – Initial Impressions

Restaurant Brands NZ

Restaurant Brands (RBD): 4Q22 Update – Initial Impressions