[SCHEDULE 13D/A] Restaurant Brands International Inc. SEC Filing

Rhea-AI Filing Summary

Restaurant Brands International (QSR): 3G-related entities updated their ownership. An exchange notice for 17,626,570 Exchangeable Units became irrevocable on November 13, 2025. The issuer elected to satisfy this by issuing 17,626,570 Common Shares, with the November 2025 exchange to be effected on or before December 3, 2025.

After this exchange, the reporting persons will continue to hold 99,157,902 Exchangeable Units. One holder, HL1, entered a forward contract with BofA Securities, Inc. to deliver up to 17,626,570 Common Shares on December 3, 2025, in return for cash based on $68.72 per share adjusted daily by an overnight bank funding rate minus a negotiated spread. Aggregate beneficial ownership for 3G RBH GP is disclosed as 116,784,472 (including common shares and units), representing 26.27%, calculated using 327,812,087 Common Shares outstanding as of October 24, 2025 plus the exchangeable shares issuable.

Insights

Equity ownership and derivatives specialist

Neutral: exchange of 17.63M units and a matched forward inform potential share delivery.

The disclosure centers on an exchange of 17,626,570 Exchangeable Units for the same number of Common Shares on or before December 3, 2025. Concurrently, HL1 entered a forward contract to deliver up to 17,626,570 Common Shares to BofA Securities, Inc., with cash consideration based on $68.72 per share adjusted by an overnight bank funding rate minus a negotiated spread.

Post-exchange, the reporting persons will still hold 99,157,902 Exchangeable Units. Aggregate beneficial ownership for 3G RBH GP is listed as 116,784,472, or 26.27%, calculated using 327,812,087 shares outstanding as of October 24, 2025 plus units issuable. Actual market impact depends on execution under the forward and the exchange mechanics disclosed.

Key milestone is the scheduled settlement/exchange on December 3, 2025. Subsequent filings may provide details on settlement outcomes and any resulting changes in reported beneficial ownership.

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Accepted by SEC EDGAR 11/14/2025 - 04:17 PM Learn about SEC filing dates

FAQ

What did 3G-related holders disclose in QSR’s Schedule 13D/A?

They delivered an exchange notice for 17,626,570 Exchangeable Units and plan to receive 17,626,570 Common Shares on or before December 3, 2025.

How many Exchangeable Units will remain after the November 2025 exchange for QSR?

The reporting persons will continue to hold 99,157,902 Exchangeable Units after the exchange.

What are the key terms of the HL1 forward contract related to QSR shares?

HL1 agreed to deliver up to 17,626,570 Common Shares to BofA Securities, Inc. on December 3, 2025, for cash based on $68.72 per share adjusted by an overnight funding rate minus a negotiated spread.

What is the reported beneficial ownership percentage for 3G RBH GP in QSR?

Beneficial ownership is reported as 116,784,472 (shares and units), representing 26.27%.

What share count did the calculation of ownership for QSR use?

It used 327,812,087 Common Shares outstanding as of October 24, 2025, plus exchangeable shares issuable.

Who is the counterparty to the forward contract on QSR shares?

The counterparty is BofA Securities, Inc..

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 22)

Restaurant Brands International Inc.

(Name of Issuer)

Common Shares, without par value

(Title of Class of Securities)

76131D103

(CUSIP Number)

Jill Granat
c/o Restaurant Brands International Inc., 130 King Street West, Suite 300
Toronto, A6, M5X 1E1
(905) 339-6011

Asna Afzal, Esq.
3G Capital, Inc., 600 Third Avenue, 37th Floor
New York, NY, 10016
(212) 893-6727

Brian M. Janson, Esq.
Paul, Weiss, Rifkind, Wharton & Garrison, 1285 Avenue of the Americas
New York, NY, 10019-6064
(212) 373-3000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

11/13/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 76131D103

1

Name of reporting person

3G Restaurant Brands Holdings General Partner Ltd.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 17,626,570.00
8	Shared Voting Power 99,157,902.00
9	Sole Dispositive Power 17,626,570.00
10	Shared Dispositive Power 99,157,902.00

11

Aggregate amount beneficially owned by each reporting person

116,784,472.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

26.27 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Row 11: Represents (i) 17,626,570 Common Shares and (ii) 99,157,902 Common Shares acquirable in respect of 99,157,902 Exchangeable Units held by the Reporting Persons. See Item 4. Row 13: Calculated based on (i) 327,812,087 total Common Shares outstanding as of October 24, 2025, as reported on the Issuer's Form 10-Q filed on October 30, 2025 and (ii) 116,784,472 Common Shares issuable in respect of 116,784,472 Exchangeable Units held by the Reporting Persons (inclusive of Common Shares to be issued pursuant to the November 2025 Exchange). See Item 4.

SCHEDULE 13D

CUSIP No. 76131D103

1

Name of reporting person

3G Restaurant Brands Holdings LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 99,157,902.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 99,157,902.00

11

Aggregate amount beneficially owned by each reporting person

99,157,902.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

22.30 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Row 11: Represents 99,157,902 Common Shares acquirable in respect of 99,157,902 Exchangeable Units held by the Reporting Persons. See Item 4. Row 13: Calculated based on (i) 327,812,087 total Common Shares outstanding as of October 24, 2025, as reported on the Issuer's Form 10-Q filed on October 30, 2025 and (ii) 116,784,472 Common Shares issuable in respect of 116,784,472 Exchangeable Units held by the Reporting Persons (inclusive of Common Shares to be issued pursuant to the November 2025 Exchange). See Item 4.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, without par value
(b)	Name of Issuer: Restaurant Brands International Inc.
(c)	Address of Issuer's Principal Executive Offices: 5707 BLUE LAGOON DRIVE, MIAMI, FLORIDA , 33126.
Item 1 Comment: Explanatory Note: This Amendment No. 22 to the initial Statement on Schedule 13D, filed on December 22, 2014 (the "initial Schedule 13D"), as amended by Amendment No. 1, filed on September 25, 2015, Amendment No. 2, filed on December 7, 2015, Amendment No. 3, filed on December 16, 2015, Amendment No. 4, filed on November 1, 2017, Amendment No. 5, filed on November 13, 2017, Amendment No. 6, filed on November 17, 2017, Amendment No. 7, filed on October 30, 2018, Amendment No. 8, filed on November 8, 2018, Amendment No. 9, filed on August 13, 2019, Amendment No. 10, filed on September 3, 2019, Amendment No. 11, filed on September 6, 2019, Amendment No. 12, filed on September 26, 2019, Amendment No. 13, filed on September 14, 2020, Amendment No. 14, filed on August 6, 2021, Amendment No. 15, filed on August 25, 2021, Amendment No. 16, filed on February 28, 2023, Amendment No. 17, filed on March 17, 2023, Amendment No. 18, filed on August 17, 2023, Amendment No. 19, filed on September 6, 2023, Amendment No. 20, filed on August 13, 2024 and Amendment No. 21, filed on August 30, 2024 (as amended, the "Schedule 13D"), amends and restates, where indicated, the Schedule 13D relating to the Common Shares of Restaurant Brands International Inc. (the "Issuer") by: (i) 3G Restaurant Brands Holdings General Partner Ltd., a Cayman Islands exempted company ("3G RBH GP"); and (ii) 3G Restaurant Brands Holdings LP, a Cayman Islands limited partnership ("3G RBH"). Capitalized terms used in this Amendment No. 22 and not otherwise defined herein have the meanings given to them in the initial Schedule 13D. The information set forth in response to each separate Item below shall be deemed to be a response to all Items where such information is relevant. Pursuant to the terms of the Partnership Agreement, 3G RBH delivered to Restaurant Brands International Limited Partnership ("RBI LP") an exchange notice to exchange in aggregate 17,626,570 Exchangeable Units of RBI LP, referred to herein as the "November 2025 Exchange." On November 13, 2025, HL1 17 LP, an affiliate of the Reporting Persons ("HL1"), entered into a forward sale contract with BofA Securities, Inc. with respect to 17,626,570 common shares (the "Common Shares") of the Issuer as described in further detail in Item 6 of this Amendment (the "Forward Contract"). This Amendment is being filed primarily to provide additional detail about the November 2025 Exchange and the Forward Contract.
Item 4.	Purpose of Transaction
	As noted above, 3G RBH delivered to RBI LP an exchange notice to exchange 17,626,570 Exchangeable Units held by 3G RBH. The exchange notice became irrevocable on November 13, 2025 with respect to 17,626,570 Exchangeable Units. As announced by the Issuer on November 13, 2025, upon receipt of the exchange notice, the Issuer, in its capacity as general partner of RBI LP, elected to have RBI LP satisfy the Exchange by issuing 17,626,570 Common Shares in exchange for 17,626,570 Exchangeable Units. The November 2025 Exchange will be effected on or before December 3, 2025. After the November 2025 Exchange, the Reporting Persons will continue to hold 99,157,902 Exchangeable Units, for which they have not submitted any exchange notice. Except as set forth in this Schedule 13D and in connection with the November 2025 Exchange, the Forward Contract and the other transactions discussed herein, the Reporting Persons have no plan or proposals that relates to or would result in any of the transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 of the Schedule 13D is hereby amended and restated in its entirety as follows: (a)-(b) Aggregate number and percentage of securities and Power to vote and dispose. As a result of the consummation of the Transactions, the Partnership Agreement, the Voting Trust Agreement and the subsequent transactions discussed herein, (i) 3G RBH GP beneficially owns and may be deemed to have voting and dispositive power with respect to 17,626,570 Common Shares and 99,157,902 Exchangeable Units and (ii) 3G RBH beneficially owns and may be deemed to have shared voting and dispositive power with respect to 99,157,902 Exchangeable Units. All Common Shares and Exchangeable Units numbers and percentages are based on (i) 327,812,087 total Common Shares outstanding as of October 24, 2025, as reported on the Issuer's Form 10-Q filed on October 30, 2025 and (ii) 116,784,472 Common Shares issuable in respect of 116,784,472 Exchangeable Units held by the Reporting Persons (inclusive of Common Shares to be issued pursuant to the November 2025 Exchange). Neither the filing of this Schedule 13D nor any of its contents shall be deemed to constitute an admission by any Reporting Person, other than, solely with respect to the Exchangeable Units acquired in the Transactions by 3G RBH that it is the beneficial owner of any of the Exchangeable Units or Common Shares referred to herein for purposes of the Exchange Act, or for any other purpose, and such beneficial ownership is expressly disclaimed. Except as set forth in this Item 5(a), none of the Reporting Persons and, to the knowledge of the Reporting Persons, no person named in Schedule A, beneficially owns any Common Shares. The information set forth in Item 2 is incorporated by reference into this Item 5(b).
(b)	See Item 5(a).
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	The information contained in Item 6 of the Schedule 13D is hereby amended and supplemented by adding the following information: On November 13, 2025, HL1 entered into the Forward Contract with an unaffiliated third party buyer, BofA Securities, Inc. The Forward Contract obligates HL1 to deliver to the buyer up to 17,626,570 common shares of the Issuer (the "Forward Shares") on the scheduled settlement date of December 3, 2025 or such earlier date as elected by HL1 in accordance with the terms of the Forward Contract. In exchange, HL1 will receive a cash payment based on a price per Forward Share of $68.72 multiplied by a factor of (1+ (an overnight bank funding rate minus a negotiated spread)) on each day that the Forward Contract is outstanding.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

3G Restaurant Brands Holdings General Partner Ltd.

Signature:	/s/ Flavio Montini
Name/Title:	Flavio Montini, Authorized Signatory
Date:	11/14/2025

3G Restaurant Brands Holdings LP

Signature:	/s/ Flavio Montini
Name/Title:	Flavio Montini, Authorized Signatory
Date:	11/14/2025