Restaurant Brands New Zealand Limited Analysis

Overview

Restaurant Brands New Zealand Ltd (RBD) is a corporate franchisee that specialises in managing multi-site branded food retail chains. It is based in New Zealand but has operations in Australia and the United States (Hawaii, Guam and Saipan). Its restaurant support centre and corporate office is located in Penrose in Auckland, New Zealand. Restaurant Brands is listed on the New Zealand Stock Exchange under NZX code RBD and on the Australian Securities Exchange under ASX code RBD. As of February 2018, Restaurant Brands operated 314 stores: 94 KFC New Zealand, 61 KFC Australia, 36 Pizza Hut New Zealand, 22 Starbucks Coffee, 19 Carl's Jr., 37 Taco Bell Hawaii and 45 Pizza Hut Hawaii stores. The company employs over 9,000 staff across New Zealand, Australia and Hawaii and serves over 125,000 customers worldwide every day.

RBD was founded in 1997 to acquire the New Zealand restaurant operations of KFC and Pizza Hut. The prospectus issued at the time stated that 'as a listed company with its own dedicated management, board and financial resources, Restaurant Brands will be closer to the New Zealand market and have the potential to better capture growth opportunities, strengthen its competitive position and improve operating performance'. It has now leveraged that capability into the international arena.

Performance

The following information was extracted from Restaurant Brands New Zealand Limited's half year results, released on 26 August 2025:

RESTAURANT BRANDS NEW ZEALAND LIMITED RELEASES 30 JUNE 2025

INTERIM RESULTS

• Total Group store sales were $703.2 million

• Group store sales increased by 2.3% on 1H 2024

• Net Profit After Tax (NPAT) of $11.9 million

• Group Store EBITDA was $90.7 million

• Store numbers now total 522 (owned and franchised)

Restaurant Brands New Zealand Limited (RBD or the Group) today announced a new record for total Group store sales, delivering $703.2 million for the six months ended 30 June 2025, up 2.3% on the prior period.

Group store sales growth was underpinned by a strong performance in Hawaii and supported by new store openings in New Zealand.

This result was achieved despite persistent macroeconomic headwinds and shifting consumer patterns across the global Quick Service Restaurant (QSR) sector.

Group NPAT was $11.9 million, down 5.6% on the same period last year, and Group Store EBITDA was $90.7 million, down $3.9 million or 4.1%.

Margin recovery was tempered by increased labour, energy and rental costs, as well as higher aggregator charges, and a slower-than-anticipated macroeconomic improvement across several regions. These conditions have limited the impact of strategic initiatives, including cost control measures, operational efficiencies, and pricing programmes.