VERTICAL ANALYSIS OF FINANCIAL POSITION

For Years Ended December 31, 2018, 2019 and 2020

Assets
Cash and Cash Equivalents
Accounts and notes receivable
Inventories, net
Prepaids and other current assets
Property and equipment
Operating lease assets, net
Intangible assets, net
Goodwill
Net investment in property leased to franchisees
Other assets, net
TOTAL ASSETS

LIABILITIES AND SHAREHOLDER'S EQUITY

Liabilities
Accounts and drafts payable
Other accrued liabilities
Gift card liability
Current portion of long-term debt and finance leases
Total current Liabilities
Long-term debt, net of current portion
Finance leases, net of current portion
Operating lease liabilities, net of current portion
Other liabilities, net
Deferred income taxes, net
Total Liabilities

Common shares, no par value; Unlimited shares authorized at December 31, 2020 and
December 31, 2019; 304,718,749 shares issued and outstanding at December 31, 2020;
298,281,081 shares isued and outstanding at December 31, 2019
Retained earnings
Accumulated other comprehensive income (loss)
Total Restaurant Brands International Inc. shareholders’ equity
Noncontrolling interests
Total Shareholder's Equity
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY
 2020 Common 2019 Common
2020 2019 2018 2018 Common Size
Size Size

1,560 6.85% 1,533.0 6.86% 913.0 4.53%

536 2.35% 527.0 2.36% 452.0 2.24%
96 0.42% 84.0 0.38% 75.0 0.37%
72 0.32% 52.0 0.23% 60.0 0.30%
2,031 8.92% 2,007.0 8.98% 1,996.0 9.91%
1,152 5.06% 1,176.0 5.26% - -
10,701 46.98% 10,563.0 47.24% 10,463.0 51.95%
5,739 25.20% 5,651.0 25.27% 5,486.0 27.24%
66 0.29% 48.0 0.21% 54.0 0.27%
824 3.62% 719.0 3.22% 642.0 3.19%
22777 100.00% $22,360.0 100.00% $20,141.0 100.00%

2020 2019 2018

464 2.04% 644 2.88% 513 2.55%

835 3.67% 790 3.53% 637 3.16%
191 0.84% 168 0.75% 167 0.83%
111 0.49% 101 0.45% 91 0.45%
1,601 7.03% 1703 7.62% 1408 6.99%
12,397 54.43% 11,759.0 52.59% 11,823.0 58.70%
315 1.38% 288.0 1.29% 226.0 1.12%
1,082 4.75% 1,089.0 4.87% -
2,236 9.82% 1,698.0 7.59% 1,547.0 7.68%
1,425 6.26% 1,564.0 6.99% 1,519.0 7.54%
19,056 83.66% 18,101.0 80.95% 16,523.0 82.04%

2,399 10.53% 2,478 11.08% 1,737 11.08%

 622 2.73% 775.0 3.50% 674.0 3.50%
-854 -3.75% -763.0 -3.41% -800.0 -3.97%
2,167 -1.02% 2,490.0 11.17% 1,611.0 10.61%
1,554 6.82% 1,769.0 7.90% 2,007.0 7.90%
3,721 16.34% 4259 19.05% 3618 17.96%
$22,777 100.00% $22,360.0 100.00% $20,141.0 100.00%
 HORIZONTAL ANALYSIS OF COMPAR

For Years Ended December

Description

Assets

Cash and Cash Equivalents

Accounts and notes receivable

Inventories, net

Prepaids and other current assets

Curre

Property and equipment

Operating lease assets, net

Intangible assets, net

Goodwill

Net investment in property leased to franchisees

Other assets, net

TOTAL

LIABILITIES AND SHAREHOLDER'S EQUITY

Liabilities

Accounts and drafts payable

Other accrued liabilities

Gift card liability

Current portion of long-term debt and finance leases

Current L

Long-term debt, net of current portion

Finance leases, net of current portion

Operating lease liabilities, net of current portion

Other liabilities, net

Deferred income taxes, net

TOTAL LIAB
SHAREHOLDER'S EQUITY
Common shares, no par value; Unlimited shares authorized at December 31, 2020 and December 31, 2019; 304,718,749 shares
and outstanding at December 31, 2020; 298,281,081 shares issued and outstanding at December 31, 2019
Retained earnings

Accumulated other comprehensive income (loss)

Total Restaurant Brands International Inc. shareholders’ equity

Noncontrolling interests

Shareholder

TOTAL LIABILITIES AND SHAREHOLDER'S E

ALYSIS OF COMPARATIVE FINANCIAL POSITION

Years Ended December 31, 2020 and 2018

2020 2018 Analysis

Amount Percentag
Comparison Year Base Year
Change e Change

71%
$1,560 $913.0 647
19%
536 452 84.0
28%
96 75 21
20%
72 60 12

Current Assets 2,264 1,500.0 764 51%

2%
2,031 1,996.0 35
1,152 -

2%
10,701 10,463.0 238.0

5%
5,739 5,486.0 253.0
22%
66 54 12

28%
824 642.0 182

TOTAL ASSETS $22,777 $20,141.0 $2,636.0 13%

$464 $513.0 -49 -10%

835 637 198 31%

 191 167 24 14%

111 91 20 22%

Current Liabilities 1,601 1,408.0 193 14%

12,397 11,823.0 574.0 5%

315 226.0 89 39%

1,082 -

2,236 1547.0 689.0 45%

1,425 1,519.0 -94 -6%

TOTAL LIABILITIES 19,056 16,523.0 2,533.0 15%

2019; 304,718,749 shares issued

2019 2,399 1,737 662 38%
622 674 -52 -8%

-854 -800.0 -54 7%

2,167 1,611.0 556 35%

1,554 2,007 -453.0 -23%

Shareholder's Equity 3,721 3,618.0 103.0 3%

D SHAREHOLDER'S EQUITY $ 22,777 $ 20,141.0 $ 2,636.0 13%

 HORIZONTAL ANALYSIS OF COMPAR

For Years Ended December

Description

Assets

Cash and Cash Equivalents

Accounts and notes receivable

Inventories, net

Prepaids and other current assets

Curre

Property and equipment

Operating lease assets, net

Intangible assets, net

Goodwill

Net investment in property leased to franchisees

Other assets, net

TOTAL

LIABILITIES AND SHAREHOLDER'S EQUITY

Liabilities

Accounts and drafts payable

Other accrued liabilities

Gift card liability

Current portion of long-term debt and finance leases

Current L

Long-term debt, net of current portion

Finance leases, net of current portion

Operating lease liabilities, net of current portion

Other liabilities, net

Deferred income taxes, net

TOTAL LIAB
SHAREHOLDER'S EQUITY
Common shares, no par value; Unlimited shares authorized at December 31, 2020 and December 31, 2019; 304,718,749 shares
and outstanding at December 31, 2020; 298,281,081 shares issued and outstanding at December 31, 2019
Retained earnings

Accumulated other comprehensive income (loss)

Total Restaurant Brands International Inc. shareholders’ equity

Noncontrolling interests

Shareholder

TOTAL LIABILITIES AND SHAREHOLDER'S E

ALYSIS OF COMPARATIVE FINANCIAL POSITION

Years Ended December 31, 2019 and 2018

2019 2018 Analysis

Amount Percentag
Comparison Year Base Year
Change e Change

68%
$1,533 $913.0 620

17%
527 452 75.0

12%
84 75 9

-13%
52 60 -8

Current Assets 2,196 1,500.0 696 46%

1%
2,007 1,996.0 11

1,176 -

1%
10,563 10,463.0 100.0

3%
5,651 5,486.0 165.0

-11%
48 54 -6

12%
719 642.0 77

TOTAL ASSETS $22,360 $20,141.0 $2,219.0 11%

 $644 $513.0 131 26%

790 637 153 24%

168 167 1 1%

101 91 10 11%

Current Liabilities 1,703 1,408.0 295 21%

11,759 11,823.0 -64.0 -1%

288 226.0 62 27%

1,089 -

1,698 1547.0 151.0 10%

1,564 1,519.0 45 3%

TOTAL LIABILITIES 18,101 16,523.0 1,578.0 10%

2019; 304,718,749 shares issued

2019 2,478 1,737 741 43%
775 674 101 15%

-763 -800.0 37 -5%

2,490 1,611.0 879 55%

1,769 2,007 -238.0 -12%

Shareholder's Equity 4,259 3,618.0 641.0 18%

D SHAREHOLDER'S EQUITY $ 22,360 $ 20,141.0 $ 2,219.0 11%