Th International Limited · NASDAQ:THCH
Th International — Q2 2025 Earnings Presentation
17 slides from Th International's earnings presentation, Jun 24, 2025
Slide 1: Tims China Q1 2025 Earnings Presentation
Tims China Nasdaq: THCH Q1 2025 Earnings Presentation June 24, 2025
Slide 2: Disclaimer and Risk Factors
Disclaimer and Risk Factors This presentation ("Presentation") is provided by TH International Limited (“THIL") for informational purposes only and does not constitute, or form a part of, an offer to sell, or the solicitation of an offer to sell or an offer to buy, any securities. The information he
Slide 3: 01. Business Update
01. Business Update
Slide 4: Continued Improvements Adjusted Corporate EBITDA Margin On Track in Q1
Continued Improvements Adjusted Corporate EBITDA Margin On Track in Q1 Q1 YOY 2023 2024 2025 (25 vs. 24) (1) 430bp Food and packaging 35.9% 34.7% 30.4% (1) 30bp Rental and property management fee 23.0% 21.8% 22.1% (1) Payroll and employee benefits 23.5% 22.0% 19.6% 240bp (1) 110bp Other operating ex
Slide 5: Resilient Store Network & Loyalty Membership Highlights: Q1 2025
Resilient Store Network & Loyalty Membership Highlights: Q1 2025 YoY % Q1 23 Q1 24 Q1 25 (25 vs 24) Total stores 648 906 1,024 13.0% (1) Net new stores 31 4 2 (50.0)% Registered Loyalty club members (mm) 12.4 20.0 25.1 25.7% (2) Digital orders % 81.2% 83.6% 86.3% 2.7ppts Total revenues (RMB mm) 336.
Slide 6: Freshly Prepared Food
Freshly Prepared Food We have completed the “made-to-order” open kitchen renovations of 660 new and existing stores by the end of March 2025 Our guests are now able to watch our staff craft fresh meals from start to finish
Slide 7: Product Innovation Meeting Local Customer Demand
Product Innovation Meeting Local Customer Demand Tims x Eagle Taro Boba Flame-Seared Cheese Americano, Juice & Bagel Sea Salt Rose & Orchid Latte Mammoth Bagel Croissant with Ginseng
Slide 8: Brand New Light Bagel Sandwich Lunch Box Series
Brand New Light Bagel Sandwich Lunch Box Series
Slide 9: Focus on Profitable & Capital-Efficient Growth
Focus on Profitable & Capital-Efficient Growth Total stores(1) Market entry Store formats Q1 24 Q1 25 1,022 1,024 946 11% 23% 906 907 22% 21% 446 455 302 333 382 84 67% 56% 70 604 574 564 576 569 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q1 25 Company-owned Stores Franchised Stores Tims Express (Franchise
Slide 10: The Individual Franchise Has Demonstrated Strong Growth And Remarkable Momentum
The Individual Franchise Has Demonstrated Strong Growth And Remarkable Momentum Applications Made-to-order Store Payback Period 7,000+ 2-3 years Individual franchise stores Individual Franchise stores already located across 14 provinces: Opened # ~100 Shanghai、Beijing、Zhejiang、Jiangsu、Anhui、 Signed
Slide 11: Further Expansion of Our Franchise Network on Track
Further Expansion of Our Franchise Network on Track Total Sub-Franchise Stores Maintain Close Cooperation with Sub-Franchisee Partners 51% 446 455 382 333 302 First store in Nanchang, capital city New store in Chongqing Jiangbei Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 of Jiangxi Province International Airport
Slide 12: Steady Growth of Loyalty Club Members and Digital Orders
Steady Growth of Loyalty Club Members and Digital Orders Registered Loyalty Club Members (mm) Number of Orders (mm) 25.5% 15.4 24.0 25.1 13.3 13.5 12.3 13.3 13.5 12.3 20.0 21.4 22.8 10.9 11.9 16.9 18.5 12.4 14.7 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 2
Slide 13: 02. Financial Highlights
02. Financial Highlights
Slide 14: Top-line Under Pressure Temporarily and Franchise Store Growth
Top-line Under Pressure Temporarily and Franchise Store Growth Total Revenues (mm) Net New Store Openings(1) (9.4)% 433.9 143 411.7 377.9 301.5 332.1 366.8 359.6 332.6 300.7 39 76 52 59 31 4 1 2 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1
Slide 15: Continued Improvements Adjusted Corporate EBITDA Margin On Track in Q1
Continued Improvements Adjusted Corporate EBITDA Margin On Track in Q1 Q1 YOY 2023 2024 2025 (25 vs. 24) (1) 430bp Food and packaging 35.9% 34.7% 30.4% (1) 30bp Rental and property management fee 23.0% 21.8% 22.1% (1) Payroll and employee benefits 23.5% 22.0% 19.6% 240bp (1) 110bp Other operating ex
Slide 16: Strategic Near-Term Financial Priorities
Strategic Near-Term Financial Priorities Improve Adjusted Corporate EBITDA Accelerate Growth Franchise Store Network Deliver Sustainable Revenue Growth Expand Store-Level Profitability Optimize Cost Structure
Slide 17: Thank you!
About TH International Limited TH International Limited (Nasdaq: THCH) (“Tims China”) is the parent company of the exclusive master franchisees of Tim Hortons coffee shops in mainland China, Hong Kong. Tims China was founded by Cartesian Capital Group and Tim Hortons Restaurants International, a sub