Yum! Brands, Inc. · NYSE:YUM
Yum! Brands — Investor Day (March 2025)
171 slides from Yum! Brands's investor day presentation, Mar 4, 2025
Slide 1: Welcome to Consumer Day
WELCOME TO CONSUMER DAY ta TACO BELL.
Slide 2: David Gibbs, Yum! Brands CEO
CONSUMER DAY 2025 2 DAVID GIBBS YUM! BRANDS CEO COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 3: Forward Looking Statements
FORWARD LOOKING STATEMENTS CONSUMER DAY 2025 3 This presentation may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor
Slide 4: Four Iconic Brands
FOUR ICONIC BRANDS CONSUMER DAY 2025 4 • $34 $17 $13 $0.7 BILLION BILLION BILLION BILLION SYSTEM SALES SYSTEM SALES SYSTEM SALES SYSTEM SALES Figures are rounded, reflect FY2024 and include 53rd week. COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 5: Taco Bell Division
TACO BELL DIVISION CONSUMER DAY 2025 5 80% 2024 TACO BELL CONTRIBUTION TO YUM! U.S. PROFIT 37% 8,757 TACO BELL’S CONTRIBUTION TO YUM!’S PROFIT 2014 2019 2024 2024 TOTAL STORE COUNT 28% 32% 37% Based on Divisional Operating Profit. 2019 and 2024 Figures exclude 53rd week. See reconciliation of non-GA
Slide 6: Taco Bell Is a Category of One
TACO BELL IS A CATEGORY OF ONE CONSUMER DAY 2025 6 TACO BELL’S MENU COMPETITOR OFFERINGS VS TACO BELL U.S. #1 10 ITEMS $2.2MM 24% 35% FRANCHISE UNDER $3 AUVS COMPANY RESTAURANT DIGITAL MIX MODEL MARGIN Figures and Menu reflect US only, FY2024 and exclude 53rd week. See reconciliation of non-GAAP mea
Slide 7: Taking the Magic International
TAKING THE MAGIC INTERNATIONAL CONSUMER DAY 2025 7 YUM!’S NEXT GROWTH ENGINE TACO BELL INTERNATIONAL STORE COUNT ~ 1,250 1,159 1,153 1,020 789 597 628 ~100 484 NNUs in 2025 403 2017 2018 2019 2020 2021 2022 2023 2024 2025E COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 8: Big Aspirations, Bold Actions
CONSUMER DAY 2025 8 BIG BOLD ASPIRATIONS ACTIONS COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 9: Talent Is Our Biggest Competitive Advantage
CONSUMER DAY 2025 9 TALENT IS OUR BIGGEST COMPETITIVE ADVANTAGE COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 10: Slide 10
Slide 11: Consumer Day 2025
CONSUMER DAY 2025 11 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 12: Consumer Day 2025
CONSUMER DAY 2025 12 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 13: Consumer Day 2025
CONSUMER DAY 2025 13 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 14: Consumer Day 2025
CONSUMER DAY 2025 14 2024 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 15: Consumer Centric, Consumer Relevant
CONSUMER DAY 2025 15 CONSUMER CONSUMER CENTRIC RELEVANT COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 16: Team Member Focused
CONSUMER DAY 2025 16 TEAM MEMBER FOCUSED COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 17: Growth Committed
CONSUMER DAY 2025 17 GROWTH COMMITTED COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 18: Results Matter
CONSUMER DAY 2025 18 RESULTS MATTER COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 19: Taco Bell 2024 Results
TACO BELL 2024 RESULTS CONSUMER DAY 2025 19 4% SAME-STORE SALES GROWTH +4 PPTS TO QUICK SERVICE RESTAURANT 24.3% COMPANY RESTAURANT MARGINS 32% DIGITAL SALES GROWTH 9% CORE OPERATING PROFIT GROWTH Figures exclude 53rd week. SSSG vs. QSR index are sourced from company filings and public QSR filings f
Slide 20: Consumer Day 2025
CONSUMER DAY 2025 20 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 21: 2025 and Beyond
CONSUMER DAY 2025 21 2025 AND BEYOND COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 22: Momentum Continued Q1 2025
MOMENTUM CONTINUED Q1 2025 CONSUMER DAY 2025 22 8% U.S. SAME-STORE SALES GROWTH Q1 FORECAST Q1 SSSG Forecast as of February 28, 2025 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 23: Brands Matter
CONSUMER DAY 2025 23 BRANDS MATTER COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 24: Our Mission
CONSUMER DAY 2025 24 OUR MISSION INSPIRE & ENABLE THE WORLD TO LIVE MÁS BY FEEDING CURIOSITY FOR THE UNCONVENTIONAL. COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 25: Our Consumer: Cultural Rebel
CONSUMER DAY 2025 25 OUR CONSUMER CULTURAL REBEL COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 26: Our Rally Cry: R.I.N.G. the Bell
OUR RALLY CRY CONSUMER DAY 2025 26 R.I.N.G. THE BELL COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 27: Our Rally Cry: R.I.N.G. the Bell
OUR RALLY CRY CONSUMER DAY 2025 27 R.I.N.G. THE BELL RELENTLESS. INNOVATION. NEXT GENERATION. GROWTH. COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 28: Taco Bell Magic Formula
TACO BELL MAGIC FORMULA CONSUMER DAY 2025 28 BRAND DOMINATE BUZZ VALUE MORE MORE OCCASIONS DIGITAL COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 29: Global Brand with Enormous Growth Momentum
CONSUMER DAY 2025 29 GLOBAL BRAND WITH ENORMOUS GROWTH MOMENTUM AROUND THE WORLD COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 30: Our Global Growth Ambitions
OUR GLOBAL GROWTH AMBITIONS CONSUMER DAY 2025 30 ACCELERATE IGNITE U.S. GROWTH INTERNATIONAL GROWTH AUVs RESTAURANTS 2024 2024 $2.2MM 1,150 BY 2030 BY 2030 $3.0MM 3,000+ Figures Rounded. Target goals for AUVs. Individual restaurant performance will differ based on operational, geographical, and othe
Slide 31: Our U.S. Business Drivers
OUR U.S. BUSINESS DRIVERS CONSUMER DAY 2025 31 TRANSFORM ELEVATE ENHANCE CONSUMER EXPERIENCE NEXT GEN RELEVANCE OPERATIONS COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 32: Our International Business Drivers
OUR INTERNATIONAL BUSINESS DRIVERS CONSUMER DAY 2025 32 TAKE THE UNLOCK MAGIC GLOBAL BREAKTHROUGH DEVELOPMENT COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 33: Taco Bell Strategic Plan
CONSUMER DAY 2025 33 TACO BELL STRATEGIC PLAN WHAT WE WAKE UP TO DO INSPIRE & ENABLE THE WORLD TO LIVE MÁS BY FEEDING CURIOSITY FOR THE UNCONVENTIONAL OUR RALLY CRY RELENTLESS. INNOVATION. NEXT GENERATION. GROWTH. BUSINESS DRIVERS IN THE U.S. AROUND THE WORLD TRANSFORM ELEVATE ENHANCE NEXT UNLOCK TA
Slide 34: Championship Team
CHAMPIONSHIP TEAM CONSUMER DAY 2025 34 MEG FARREN TAYLOR MONTGOMERY LIZ MATTHEWS JASON KIDD President Chief Marketing Global Chief Food Global Chief North America Officer U.S. Innovation Officer Operating Officer DANE MATHEWS ANKUSH TULI AMY ELLIS DURINI NEIL MANHAS Chief Digital & Managing Director
Slide 35: Meg Farren
CONSUMER DAY 2025 35 MEG FARREN TACO BELL PRESIDENT NORTH AMERICA COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 36: Consumer Day 2025
CONSUMER DAY 2025 36 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 37: Consumer Day 2025
CONSUMER DAY 2025 37 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 38: Consumer Day 2025
CONSUMER DAY 2025 38 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 39: Taco Bell U.S. Impressive Track Record, Accelerated Growth Ahead
CONSUMER DAY 2025 39 TACO BELL U.S. IMPRESSIVE TRACK ACCELERATED RECORD OF RESULTS GROWTH AHEAD 2019 2024 2030 MARKET SHARE GAINS +60BPS BRAND LOVE 51% 63% SYSTEM AUVS $1.6MM $2.2MM $3.0MM COMPANY RESTAURANT MARGINS 24.0% 24.3% 25-26% Source: Market Share Gains by Circana, LLC, DecisionKey CREST Con
Slide 40: Our U.S. Business Drivers
OUR U.S. BUSINESS DRIVERS CONSUMER DAY 2025 40 TRANSFORM ELEVATE ENHANCE CONSUMER EXPERIENCE NEXT GEN RELEVANCE OPERATIONS COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 41: Taylor Montgomery
CONSUMER DAY 2025 41 TAYLOR MONTGOMERY TACO BELL CHIEF MARKETING OFFICER U.S. COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 42: Taco Bell Strategic Plan
CONSUMER DAY 2025 42 TACO BELL STRATEGIC PLAN WHAT WE WAKE UP TO DO INSPIRE & ENABLE THE WORLD TO LIVE MÁS BY FEEDING CURIOSITY FOR THE UNCONVENTIONAL OUR RALLY CRY RELENTLESS. INNOVATION. NEXT GENERATION. GROWTH. BUSINESS DRIVERS IN THE U.S. AROUND THE WORLD TRANSFORM ELEVATE ENHANCE NEXT UNLOCK TA
Slide 43: Consumer Day 2025
CONSUMER DAY 2025 43 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 44: Consumer Day 2025
CONSUMER DAY 2025 44 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 45: Restless Creativity
CONSUMER DAY 2025 45 RESTLESS FUELING INVITING SPOTLIGHTING ACTION CREATIVITY FUSION INCLUSIVITY THE UNDISCOVERED OVER WORDS COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 46: Consumer Day 2025
CONSUMER DAY 2025 46 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 47: Taco Bell Consumers – Our Who
TACO BELL CONSUMERS – OUR WHO CONSUMER DAY 2025 47 DESIGN TARGET CULTURAL 145MM 116MM 261MM REBEL TOTAL TB LAPSED & CONSUMERS NON-TB TOTAL QSR CONSUMERS CONSUMERS Source: Circana, LLC, Checkout Tracking Service, Taco Bell Consumers and Total QSR Leading Chains Consumers Combined, U.S. Consumers Aged
Slide 48: Taco Bell Magic Formula
TACO BELL MAGIC FORMULA CONSUMER DAY 2025 48 BRAND DOMINATE BUZZ VALUE MORE MORE OCCASIONS DIGITAL COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 49: Innovation Is a Key Growth Driver
INNOVATION IS A KEY GROWTH DRIVER CONSUMER DAY 2025 49 U.S. WEEKLY SAME-STORE SALES GROWTH Q1’24 Q2’24 Q3’24 Q4’24 +0PPTS +5PPTS +4PPTS +6PPTS VS. QSR VS. QSR VS. QSR VS. QSR CANTINA FRIES SECRET STREET CANTINA/ CRISPANADA CHICKEN AARDVARK CHEEZ-IT CHALUPAS GELATO DISHA HOT DECADES CVM LAUNCH LAUNCH
Slide 50: 2X Innovation in 2025
CONSUMER DAY 2025 50 2X INNOVATION IN 2025 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 51: Value That Disrupts the Category
VALUE THAT DISRUPTS THE CATEGORY CONSUMER DAY 2025 51 CRAVINGS VALUE MENU VALUE & LUXE BOX INNOVATION COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 52: New Occasions Roadmap
NEW OCCASIONS ROADMAP CONSUMER DAY 2025 52 BROADEN BROADEN Crispy Chicken BROADEN Fries Dessert BROADEN Fries Crispy Crispy Limited Time Offer Chicken Limited Time Offer Chicken Fries ELEVATE Chillers, Live ELEVATE Refrescas, Más Fries Limited Time Offer Energy, Coffee Cafe Cantina ELEVATE Chicken C
Slide 53: Crispy Chicken
CRISPY CHICKEN CONSUMER DAY 2025 53 BROADEN RELEVANCY 21 WEEKS IN 2025 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 54: Cantina Vision
CANTINA VISION CONSUMER DAY 2025 54 MAKE CANTINA BOLD GOAL THE ELEVATED, NEXT GEN VERSION $5BN OF TACO BELL SYSTEM SALES BY 2030 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 55: Cantina Elevated Taco Bell
CANTINA ELEVATED TACO BELL CONSUMER DAY 2025 55 CANTINA BOWLS SHREDDED BEEF CARNE ASADA CALIENTE ELOTE BOWLS CHICKEN CAESAR TACO NEW CANTINA TACO 2025 2026 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 56: Beverage Vision
BEVERAGE VISION CONSUMER DAY 2025 56 MAKE BEVERAGES BOLD GOAL A NEW CORE CRAVING FOR $5BN TACO BELL SYSTEM SALES BY 2030 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 57: CONSUMER DAY 2025 Currently available in one location in Chula Vista, California.
CONSUMER DAY 2025 57 Currently available in one location in Chula Vista, California. COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 58: Liz Matthews
CONSUMER DAY 2025 58 LIZ MATTHEWS GLOBAL CHIEF FOOD INNOVATION OFFICER COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 59: Consumer Day 2025
CONSUMER DAY 2025 59 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 60: Consumer Day 2025
CONSUMER DAY 2025 60 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 61: Taco Bell Magic Formula in 2025
TACO BELL MAGIC FORMULA IN 2025 CONSUMER DAY 2025 61 BRAND BUZZ DOMINATE VALUE VALUE EXPERIENCES: 2X FROM 37 WEEKS TO INNOVATION IN 2025 52 WEEKS NEW OCCASIONS LAUNCHES: LOYALT Y ACTIVATIONS: FROM 2 TO FROM 10 TO 4 16 MORE OCCASIONS MORE DIGITAL COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 T
Slide 62: Consumer Day 2025
CONSUMER DAY 2025 62 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 63: Consumer Day 2025
CONSUMER DAY 2025 63 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 64: Fans, PR and Social Media Impressions
CONSUMER DAY 2025 64 3,000FANS 1,620 PR PLACEMENTS 18.4 215.8 BILLION+ PR IMPRESSIONS MILLION+ SOCIAL MEDIA IMPRESSIONS COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 65: Consumer Day 2025
CONSUMER DAY 2025 65 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 66: Consumer Day 2025
CONSUMER DAY 2025 66 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 67: Slide 67
Slide 68: Jason Kidd
CONSUMER DAY 2025 68 JASON KIDD TACO BELL CHIEF OPERATING OFFICER COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 69: Taco Bell Strategic Plan
CONSUMER DAY 2025 69 TACO BELL STRATEGIC PLAN WHAT WE WAKE UP TO DO INSPIRE & ENABLE THE WORLD TO LIVE MÁS BY FEEDING CURIOSITY FOR THE UNCONVENTIONAL OUR RALLY CRY RELENTLESS. INNOVATION. NEXT GENERATION. GROWTH. BUSINESS DRIVERS IN THE U.S. AROUND THE WORLD TRANSFORM ELEVATE ENHANCE NEXT UNLOCK TA
Slide 70: Taco Bell #1 in Drive-Thru Speed
CONSUMER DAY 2025 70 TACO BELL #1 IN IN OUR DRIVE-THRU SPEED PAST 4 EXPERIENCE ERA CONSECUTIVE YEARS 2024 QSR Drive-Thru Report Speed of Service COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 71: Live Más Service Model
A SERVICE MODEL AS INNOVATIVE AS OUR FOOD CONSUMER DAY 2025 71 LIVE MÁS SERVICE MODEL COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 72: Meaningful Moments
CONSUMER DAY 2025 72 EANINGFUL MOMENTS COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 73: Accurate Orders
CONSUMER DAY 2025 73 CCURATE ORDERS COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 74: Seamless Experiences
CONSUMER DAY 2025 74 EAMLESS EXPERIENCES COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 75: Consumer Standards
CONSUMER DAY 2025 75 CONSUMER STANDARDS 0.5 STAR IMPROVEMENT 2PPTS SSSG (TRANS DRIVEN) PEOPLE SERVICE TIME Reflects U.S. only COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 76: Next Generation Growth Amplified by Enhancing Operations
CONSUMER DAY 2025 76 NEXT GENERATION GROWTH AMPLIFIED BY ENHANCING OPERATIONS COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 77: Consecutive Years
CONSUMER DAY 2025 77 5 CONSECUTIVE YEARS COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 78: Consumer Day 2025
CONSUMER DAY 2025 78 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 79: Consumer Day 2025
CONSUMER DAY 2025 79 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 80: Consumer Day 2025
CONSUMER DAY 2025 80 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 81: We're Ready for 2X Innovation
CONSUMER DAY 2025 81 WE’RE READY FOR 2X INNOVATION COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 82: Consumer Day 2025
CONSUMER DAY 2025 82 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 83: Dane Mathews
CONSUMER DAY 2025 83 DANE MATHEWS TACO BELL CHIEF DIGITAL & TECHNOLOGY OFFICER COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 84: Taco Bell Strategic Plan
CONSUMER DAY 2025 84 TACO BELL STRATEGIC PLAN WHAT WE WAKE UP TO DO INSPIRE & ENABLE THE WORLD TO LIVE MÁS BY FEEDING CURIOSITY FOR THE UNCONVENTIONAL OUR RALLY CRY RELENTLESS. INNOVATION. NEXT GENERATION. GROWTH. BUSINESS DRIVERS IN THE U.S. AROUND THE WORLD TRANSFORM ELEVATE ENHANCE NEXT UNLOCK TA
Slide 85: Digital Experiences Fuel Next Gen Growth
DIGITAL EXPERIENCES FUEL NEXT GEN GROWTH CONSUMER DAY 2025 85 EASE CONNECTING INSPIRATION MEANINGFUL ANTICIPATING CONNECTION MOMENTS EXCEEDING COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 86: The Power of Digital Experience Is Everywhere
THE POWER OF DIGITAL EXPERIENCE IS EVERYWHERE CONSUMER DAY 2025 86 AT IN THE DINING IN THEIR IN THE HOME ROOM PALMS DRIVE-THRU FUELED BY LOYALTY COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 87: Enabled by a More Intelligent Future
ENABLED BY A MORE INTELLIGENT FUTURE CONSUMER DAY 2025 87 CONSUMER TEAM MEMBER EXPERIENCE EXPERIENCE PERSONALIZED EXPERIENCES OPERATIONS DATA CONSUMER DATA NEXT GEN OPERATIONS COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 88: Digital Consumer Experience Growth
DIGITAL CONSUMER EXPERIENCE GROWTH CONSUMER DAY 2025 88 TACO BELL U.S. $6BN DIGITAL SALES 2024 83% LOYALTY MONTHLY ACTIVE USER GROWTH 2024 32% DIGITAL SALES GROWTH 2024 35% LOYALTY TRANS GROWTH 2024 60% OF DIGITAL SALES ARE FIRST PARTY 4% LOYALTY CHECK GROWTH 2024 EXIT 2024 Digital sales figures exc
Slide 89: Growth Achieved Through Innovation Distinctively Taco Bell
GROWTH ACHIEVED THROUGH INNOVATION CONSUMER DAY 2025 89 THAT IS DISTINCTIVELY TACO BELL COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 90: Activated by Our Loyalty Experience Strategy
ACTIVATED BY OUR LOYALTY EXPERIENCE STRATEGY CONSUMER DAY 2025 90 BE BE BE BE CREATIVE PERSONAL VALUABLE INTIMATE Taco Bell Rewards Program is available at participating U.S. locations and subject to terms and conditions: tacobell.com/terms. Points are earned on qualifying purchases. COMPANY CONFIDE
Slide 91: Engagement Through Loyalty Produces Results
ENGAGEMENT THROUGH LOYALTY PRODUCES RESULTS CONSUMER DAY 2025 91 TRANS PER CONSUMER PRE VS. POST JOINING LOYALTY NEW MEMBERS 76% 10.2 MORE TRANS 5.8 GREATER BETTER ENGAGEMENT EXPERIENCE FY BEFORE JOINING FY AFTER JOINING COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 92: Supercharged by Personalization & AI
AND NOW SUPERCHARGED BY PERSONALIZATION & AI CONSUMER DAY 2025 92 AI DRIVEN MARKETING SETTING 2025 HIGHLIGHTS BIG OPPORTUNITY FOUNDATION DRIVING PERSONALIZING THE DIGITAL CHECK MENU EXPERIENCE Time of Day Day of Week Send Frequency +25% CONVERSION Subject Line RATE Image & Copy Conversion Rate = % o
Slide 93: Experience Transformation in the Drive-Thru
UNLEASHING AN EXPERIENCE TRANSFORMATION IN THE DRIVE-THRU CONSUMER DAY 2025 93 CONNECTED DIGITAL VOICE AI LOYALTY MENU BOARDS 500 RESTAURANTS LIVE Personal Recognition + Service Test + Learn Platform Assists Teams through Offloading Tasks Easy Reorder + Stored Favorites Dynamic Engagement Interactiv
Slide 94: Consumer Day 2025
CONSUMER DAY 2025 94 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 95: Digital Experiences Fuel Next Gen Growth
DIGITAL EXPERIENCES FUEL NEXT GEN GROWTH CONSUMER DAY 2025 95 EASE CONNECTING INSPIRATION MEANINGFUL ANTICIPATING CONNECTION MOMENTS EXCEEDING COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 96: Joe Park
CONSUMER DAY 2025 96 JOE PARK YUM! CHIEF DIGITAL & TECHNOLOGY OFFICER PRESIDENT OF BYTE BY YUM! COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 97: Our Differentiated Technology Strategy
OUR DIFFERENTIATED TECHNOLOGY STRATEGY CONSUMER DAY 2025 97 PURPOSE-BUILT DIGITAL & SCALABLE TECHNOLOGY ACROSS YUM! PLATFORM POWERED BY AI COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 98: From Products to a Singular Platform
FROM PRODUCTS TO A SINGULAR PLATFORM CONSUMER DAY 2025 98 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 99: One End-to-End Platform
CONSUMER DAY 2025 99 ONE END-TO-END PLATFORM COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 100: One Home for AI
CONSUMER DAY 2025 100 ONE HOME FOR AI COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 101: One Global Team
CONSUMER DAY 2025 101 ONE GLOBAL TEAM COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 102: End-to-End Platform, Home for AI, Global Team
CONSUMER DAY 2025 102 ONE END-TO-END PLATFORM ONE HOME FOR AI ONE GLOBAL TEAM COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 103: World-Class Digital and Technology Team
CONSUMER DAY 2025 103 WORLD-CLASS DIGITAL ENABLING RAPID SCALING AND TECHNOLOGY TEAM OF THE BYTE PLATFORM LARGEST FUNCTIONAL AREA AT YUM! 300MM+ DIGITAL TRANSACTIONS PROCESSED BY BYTE IN THE U.S ANNUALLY 2,000+ EMPLOYEES 120+ COUNTRIES WHERE BYTE AI RESTAURANT COACH OPERATES 4 GLOBAL TECHNOLOGY 100%
Slide 104: Capitalizing on the Scale of Yum!
CAPITALIZING ON THE SCALE OF YUM! CONSUMER DAY 2025 104 EASIER INTEGRATED END-TO-END EXPERIENCES RESTAURANT TECHNOLOGY PLATFORM SMARTER RICHER CONSUMER AI ENGINES AND OPERATIONAL DATA SETS COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 105: Brands Power Yum!, Byte Powers the Brands
BRANDS POWER YUM!, BYTE POWERS THE BRANDS CONSUMER DAY 2025 105 COMMERCE CONNECTED VOICE AI RESTAURANT PLATFORM LOYALTY AI COACH POWERED BY COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 106: Ankush Tuli
CONSUMER DAY 2025 106 ANKUSH TULI TACO BELL MANAGING DIRECTOR INTERNATIONAL COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 107: Taco Bell Strategic Plan
CONSUMER DAY 2025 107 TACO BELL STRATEGIC PLAN WHAT WE WAKE UP TO DO INSPIRE & ENABLE THE WORLD TO LIVE MÁS BY FEEDING CURIOSITY FOR THE UNCONVENTIONAL OUR RALLY CRY RELENTLESS. INNOVATION. NEXT GENERATION. GROWTH. BUSINESS DRIVERS IN THE U.S. AROUND THE WORLD TRANSFORM ELEVATE ENHANCE NEXT UNLOCK T
Slide 108: Taco Bell International at a Glance
TACO BELL INTERNATIONAL AT A GLANCE CONSUMER DAY 2025 108 32 CANADA EUROPE 395 RESTAURANTS 70 RESTAURANTS MARKETS IAN CRANNA MATT SHAW 1,150 General Manager Chief Development Officer Europe North America RESTAURANTS LA&C ASIA 295 RESTAURANTS 390 RESTAURANTS NILESH PATEL ANITA MCDONNELL $1BN SALES Ge
Slide 109: Taco Bell International 3,000+ Restaurants by 2030
TACO BELL INTERNATIONAL CONSUMER DAY 2025 109 3,000+ RESTAURANTS BY 2030 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 110: 3X the Base – Next Growth Engine for Yum!
TACO BELL INTERNATIONAL CONSUMER DAY 2025 110 3,000+ RESTAURANTS BY 2030 3,000+ 1,150 600 1 YEAR 1980s 2019 April 2024 2030 # OF MKTS 1 29 32 50+ 3X THE BASE – NEXT GROWTH ENGINE FOR YUM! Figures rounded. COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 111: Consumer Day 2025
CONSUMER DAY 2025 111 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 112: Consumer Day 2025
CONSUMER DAY 2025 112 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 113: Right Franchise Partners Leveraging the Power of Yum!
CONSUMER DAY 2025 113 RIGHT FRANCHISE PARTNERS LEVERAGING THE POWER OF YUM! GAURAV BURMAN IGNACIO MORA-FIGUEROA India Iberia (Spain & Portugal) UK EQUITY OWNERSHIP JOSE PACHECO Costa Rica / Panama MARIO IBARGUEN Guatemala / El Salvador SUPPLY CHAIN • DIGITAL & TECH COMPANY CONFIDENTIAL—DO NOT COPY O
Slide 114: We Have the Right Strategy: The International Playbook
WE HAVE THE RIGHT STRATEGY CONSUMER DAY 2025 114 THE INTERNATIONAL PLAYBOOK BRAND VALUE BUZZ FAMOUS CORE DIGITAL OCCASIONS & MEDIA TACO BELL MAGIC FORMULA OPERATIONAL EXCELLENCE BRAND BUILDING ASSETS COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 115: The Strategy Is Working
THE STRATEGY IS WORKING CONSUMER DAY 2025 115 TACO BELL INTERNATIONAL SAME-STORE BRAND METRICS SALES GROWTH +35% UNAIDED AWARENESS IN THE U.K. MOMENTUM 3% 1% IMPROVING RESTAURANT PROFITABILITY FROM ~20% TO ~50% OF FRANCHISE -1% RESTAURANTS WITH 10%+ EBITDA 2024 VS. 2023 -2% Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘
Slide 116: Unlocking Growth: Big 4 + New Market Entry
UNLOCKING GROWTH: BIG 4 + NEW MARKET ENTRY CONSUMER DAY 2025 116 ACCELERATE MARKETS NEW MARKETS BIG 4 FRANCE POLAND GERMANY S. AFRICA TURKEY UAE UK SPAIN AUSTRALIA INDIA GREECE IRELAND SWEDEN 750+ NNUs 400+ NNUs 2024 2030 New markets reflects targeted market entries subject to final agreement. Poten
Slide 117: Taco Bell International in 2024
CONSUMER DAY 2025 117 TACO BELL INTERNATIONAL IN 2024 785 32 MARKETS 1,150 250 400 525 425 415 RESTAURANTS 200 BIG 4 NEXT 4 REST OF WORLD NEW MARKETS Figures rounded. COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 118: Taco Bell International in 2030
CONSUMER DAY 2025 118 TACO BELL INTERNATIONAL IN 2030 785 50+ MARKETS 3,000+ 250 400 525 425 415 RESTAURANTS 200 BIG 4 NEXT 4 REST OF WORLD NEW MARKETS Figures rounded. COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 119: Amy Ellis Durini
CONSUMER DAY 2025 119 AMY ELLIS DURINI TACO BELL CHIEF MARKETING OFFICER INTERNATIONAL COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 120: Next Generation Growth
CONSUMER DAY 2025 120 NEXT CONTINUED FOCUS ON TEACHING GENERATION TACOS & GROWTH TACO BELL COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 121: Taco Bell Magic Formula
TACO BELL MAGIC FORMULA CONSUMER DAY 2025 121 BRAND VALUE BUZZ FAMOUS CORE DIGITAL OCCASIONS & MEDIA COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 122: Taking the Magic to the UK
CONSUMER DAY 2025 122 TAKING THE MAGIC TO THE UK COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 123: Consumer Day 2025
CONSUMER DAY 2025 123 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 124: Momentum in the UK in 2024
MOMENTUM IN THE UK IN 2024 CONSUMER DAY 2025 124 BRAND VALUE BUZZ FAMOUS 20PPTS SAME-STORE SALES GROWTH IMPROVEMENT CORE DIGITAL OCCASIONS & MEDIA Source: P1 vs. P13 2024 | YouGov 2024 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 125: Momentum in the UK in 2024
MOMENTUM IN THE UK IN 2024 CONSUMER DAY 2025 125 +35% UNAIDED AWARENESS +20% VALUE PERCEPTION 20PPTS SAME-STORE SALES GROWTH IMPROVEMENT +85% CRAVEABILITY +20% CONSIDERATION Source: P1 vs. P13 2024 | YouGov 2024 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 126: Stronger Emphasis on Value & Brand
STRONGER EMPHASIS ON VALUE & BRAND CONSUMER DAY 2025 126 BRAND CORE VALUE DIGITAL & BUZZ OCCASIONS FAMOUS MEDIA COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 127: Stronger Emphasis on Value & Brand
STRONGER EMPHASIS ON VALUE & BRAND CONSUMER DAY 2025 127 BRAND CORE VALUE DIGITAL & BUZZ OCCASIONS FAMOUS MEDIA PRICE TO TEACH TACOS LAND CORE GET TALKED DRIVE TRIAL EARLY THEN LOCALIZE ABOUT COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 128: But We Had Some Learnings
BUT WE HAD SOME LEARNINGS CONSUMER DAY 2025 128 PRICE TO TEACH TACOS LAND CORE GET TALKED DRIVE TRIAL EARLY THEN LOCALIZE ABOUT EVERYDAY GLOBAL CREATIVE CORE FOCUSED DIGITAL COMMERCE PRICING PLATFORMS MENUS & ENGAGEMENT PROMOTIONAL CULTURE CORE BOLD REACH VALUE WORK OCCASIONS MEDIA COMPANY CONFIDENT
Slide 129: Price for Everyday
PRICE FOR EVERYDAY CONSUMER DAY 2025 129 MAKE VALUE THE FOUNDATION IN AN UNKNOWN CATEGORY COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 130: Build Consistency with Global Platforms
BUILD CONSISTENCY WITH GLOBAL PLATFORMS CONSUMER DAY 2025 130 BUILD BRAND VOICE & EDUCATE ON THE CATEGORY COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 131: Local Focus on Brand in Culture
LOCAL FOCUS ON BRAND IN CULTURE CONSUMER DAY 2025 131 SEED OURSELVES INTO LOCAL CULTURE FEED THE BEAT ENCORE HOURS TILTVERTISING CROSSBAR BONG COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 132: Feed the Beat
CONSUMER DAY 2025 132 FEED THE BEAT COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 133: Encore Hours
CONSUMER DAY 2025 133 ENCORE HOURS COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 134: Tiltvertising
CONSUMER DAY 2025 134 TILTVERTISING COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 135: Consumer Day 2025
CONSUMER DAY 2025 135 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 136: Magic Moments Around the World
MAGIC MOMENTS AROUND THE WORLD CONSUMER DAY 2025 136 +12PPTS SSSG IMPROVEMENT +47PPTS SSSG IMPROVEMENT +7PPTS SSSG IMPROVEMENT SPAIN INDIA GUATEMALA VALUE & MEDIA BRAND & CORE VALUE & BUZZ RELAUNCH SSSG Improvement from P1 to P13 2024 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP
Slide 137: Fueling Momentum Around the World
CONSUMER DAY 2025 137 FUELING MOMENTUM UK AROUND THE WORLD COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 138: Fueling Momentum Around the World
CONSUMER DAY 2025 138 FUELING MOMENTUM IRELAND UK POLAND AROUND FRANCE SPAIN KOREA GREECE THE WORLD JAPAN INDIA THAILAND 3,000+ ECUADOR BRAZIL AUSTRALIA RESTAURANTS BY 2030 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 139: Neil Manhas
CONSUMER DAY 2025 139 NEIL MANHAS TACO BELL GLOBAL CHIEF FINANCIAL, STRATEGY & TRANSFORMATION OFFICER COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 140: 2024 Was a Milestone Year
2024 WAS A MILESTONE YEAR CONSUMER DAY 2025 140 $1 BILLION DIVISION OPERATING PROFIT +20% 2-YR GROWTH STRONG MOMENTUM CONTINUED INTO Q1 8% FORECASTED U.S. SSSG Figures exclude 53rd week. Q1 SSSG Forecast as of February 28, 2025. See reconciliation of non-GAAP measurements to GAAP results within the
Slide 141: Our Global Growth Ambitions
OUR GLOBAL GROWTH AMBITIONS CONSUMER DAY 2025 141 ACCELERATE IGNITE U.S. GROWTH INTERNATIONAL GROWTH AUVs RESTAURANTS 2024 2024 $2.2MM 1,150 BY 2030 BY 2030 $3.0MM 3,000+ Figures Rounded. Target goals for AUVs. Individual restaurant performance will differ based on operational, geographical, and oth
Slide 142: Clear Trajectory Towards $3.0MM U.S. AUVs
CLEAR TRAJECTORY TOWARDS $3.0MM U.S. AUVS CONSUMER DAY 2025 142 04 PRICING, NET OF HEADWINDS $3.0MM 03 ELEVATE EXPERIENCE ACCELERATE DIGITAL 02 NEW OCCASIONS 01 BOLDER CALENDAR $2.2MM 2024 2030 Target goals for AUVs. Individual restaurant performance will differ based on operational, geographical, a
Slide 143: Clear Trajectory Towards $3.0MM U.S. AUVs
CLEAR TRAJECTORY TOWARDS $3.0MM U.S. AUVS CONSUMER DAY 2025 143 04 PRICING, NET OF HEADWINDS $3.0MM 03 ELEVATE EXPERIENCE ACCELERATE DIGITAL 02 NEW OCCASIONS 01 BOLDER CALENDAR $2.2MM 2024 2030 Target goals for AUVs. Individual restaurant performance will differ based on operational, geographical, a
Slide 144: Bolder Calendar
BOLDER CALENDAR CONSUMER DAY 2025 144 ~2PPTS OF INCREMENTAL SSSG IN 2025 MORE MORE MORE INNOVATION NEWS VALUE 2X 9 12 EXPERIENCES ~13% ~18% VALUE MIX U.S. only. Value includes CVM, boxes and value LTOs. Represents full year 2024 except for value mix which represents 2H24 to full year 2025. COMPANY C
Slide 145: Clear Trajectory Towards $3.0MM U.S. AUVs
CLEAR TRAJECTORY TOWARDS $3.0MM U.S. AUVS CONSUMER DAY 2025 145 04 PRICING, NET OF HEADWINDS $3.0MM 03 ELEVATE EXPERIENCE ACCELERATE DIGITAL 02 NEW OCCASIONS 01 BOLDER CALENDAR $2.2MM 2024 2030 Target goals for AUVs. Individual restaurant performance will differ based on operational, geographical, a
Slide 146: New Occasions Provide Massive Potential
NEW OCCASIONS PROVIDE MASSIVE POTENTIAL CONSUMER DAY 2025 146 $250K+ INCREMENTAL AUV CATEGORY SIZE $20BN FRIES CATEGORY $26BN CRISPY CHICKEN CATEGORY $12BN NON-FRIED CHICKEN CATEGORY $27BN BEVERAGE CATEGORY Circana, LLC, Checkout Tracking Service, Among Leading QSR and Fast Casual Chains, French Fri
Slide 147: Clear Trajectory Towards $3.0MM U.S. AUVs
CLEAR TRAJECTORY TOWARDS $3.0MM U.S. AUVS CONSUMER DAY 2025 147 04 PRICING, NET OF HEADWINDS $3.0MM 03 ELEVATE EXPERIENCE ACCELERATE DIGITAL 02 NEW OCCASIONS 01 BOLDER CALENDAR $2.2MM 2024 2030 Target goals for AUVs. Individual restaurant performance will differ based on operational, geographical, a
Slide 148: Digital Drives Sales
DIGITAL DRIVES SALES CONSUMER DAY 2025 148 $225K+ U.S. INCREMENTAL AUV FUELED BY DIGITAL PROPELS SIGNIFICANT TRANS & CHECK GROWTH RUNWAY SYSTEM SALES GROWTH U.S. DIGITAL MIX BY YEAR VS. DIGITAL MIX GROWTH Q4’24 VS. Q4’23, SUPREME FLAT +4.4 TRANS PER CONSUMER 60%+ PRE VS. POST JOINING LOYALTY 35% SYS
Slide 149: Clear Trajectory Towards $3.0MM U.S. AUVs
CLEAR TRAJECTORY TOWARDS $3.0MM U.S. AUVS CONSUMER DAY 2025 149 04 PRICING, NET OF HEADWINDS $3.0MM 03 ELEVATE EXPERIENCE ACCELERATE DIGITAL 02 NEW OCCASIONS 01 BOLDER CALENDAR $2.2MM 2024 2030 Target goals for AUVs. Individual restaurant performance will differ based on operational, geographical, a
Slide 150: Experience Drives Sales
EXPERIENCE DRIVES SALES CONSUMER DAY 2025 150 ~$130K U.S. INCREMENTAL AUV EXPERIENCE PROPELS GROWTH SIGNIFICANT POTENTIAL SYSTEM SALES GROWTH VS. CHANGE IN OPS SUPREME RATING Q4’24 VS. Q4’23 +8PPTS ~$1 BILLION SYSTEM SALES GROWTH OPPORTUNITY SYSTEM SALES GROWTH BY ENSURING ALL CONSUMERS ARE SATISFIE
Slide 151: AUV Growth Will Further Strengthen a World Class Model
AUV GROWTH WILL FURTHER STRENGTHEN A WORLD CLASS MODEL CONSUMER DAY 2025 151 $550K IN 2024 TO $800K PER STORE AVERAGE U.S. COMPANY RESTAURANT PROFIT BY 2030 GROW TRANS + CHECK SUSTAINED SSSG CONSUMER MORE EFFICIENT, MORE EFFECTIVE ACCELERATED ENABLED BY TECHNOLOGY LEADING GROW BOTTOM LINE GROWTH MAR
Slide 152: Power of Brand + Versatility of Menu Enable Category Leading Margins
POWER OF BRAND + VERSATILITY OF MENU CONSUMER DAY 2025 152 ENABLE CATEGORY LEADING MARGINS CORE & CANTINA ~72% SALES MIX WORKHORSE LOWER COST OF SALES ~10% GROW CHECK + HEAVY LTO USER FREQUENCY MEDIUM COST OF SALES MIX SALES TRANSACTION VALUE ~18% SALES MIX VELOCITY + CHECK ADD ON HIGHER COST OF SAL
Slide 153: Digital Fuels Profitable Growth
DIGITAL FUELS PROFITABLE GROWTH CONSUMER DAY 2025 153 U.S. COMPANY RESTAURANT MARGIN VS. DIGITAL MIX U.S. COMPANY RESTAURANT MARGIN 70% HIGHER PER STORE AVERAGE $810K 25% $570K $470K 24% 21% 30% 40% 60% DIGITAL MIX COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 154: Harnessing Technology to Further Enhance the Model's Effectiveness
CONSUMER DAY 2025 154 HARNESSING TECHNOLOGY TO FURTHER ENHANCE THE MODEL’S EFFECTIVENESS COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 155: Track Record of Strengthening the U.S. Model
TRACK RECORD OF STRENGTHENING THE U.S. MODEL WITH MORE TO COME CONSUMER DAY 2025 155 CONSISTENTLY CATEGORY LEADING STRONG COMPANY GROWING AUVS COMPANY RESTAURANT RESTAURANT PROFIT MARGINS PER STORE $3.0MM 25-26% $800K 18-19% $1.4MM $300K 14 19 24 30 14 19 24 30 14 19 24 30 2019 and 2024 exclude 53rd
Slide 156: Strength of Model Allows Continued U.S. Development
STRENGTH OF MODEL ALLOWS US TO CONTINUE TO DRIVE U.S. DEVELOPMENT CONSUMER DAY 2025 156 PROVEN TRACK STRONG MODEL BOLD PATH RECORD & SYSTEM FORWARD 2,300+ NEW RESTAURANTS ENGAGED FRANCHISEES 100 FRANCHISEES BUILT A STORE IN LAST 4 YEARS PATH TO 10,000+ OPENED IN LAST 10 YEARS U.S. RESTAURANTS COMPAN
Slide 157: Leveraging Equity as a Unique Superpower
LEVERAGING EQUITY AS A UNIQUE SUPERPOWER CONSUMER DAY 2025 157 KEY PROFIT DRIVER U.S. COMPANY RESTAURANT PROFIT ($MM) ~25% OF DIVISION $520 OPERATING PROFIT $275 2024 2030 TEST AT SPEED FRANCHISEE CREDIBILITY FULL P&L LEARNINGS Figures exclude 53rd week. The 2030 Company Restaurant Profit is a Non-G
Slide 158: Enormous Profit Growth Potential Around the World
WE HAVE ENORMOUS PROFIT GROWTH POTENTIAL AROUND THE WORLD CONSUMER DAY 2025 158 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 159: Taco Bell International to Become Yum!'s Next Growth Engine
FOR TACO BELL INTERNATIONAL TO BECOME YUM!’S NEXT GROWTH ENGINE CONSUMER DAY 2025 159 COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 160: Igniting International with Path to 3,000+ Units
IGNITING INTERNATIONAL WITH PATH TO 3,000+ UNITS CONSUMER DAY 2025 160 250 3,000+ 415 400 785 1,150 2024 BIG 4 NEXT 4 NEW MARKET REST OF THE 2030 ENTRY WORLD Operating profit figures exclude 53rd week. COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 161: Strengthening Model to Ignite Growth
STRENGTHENING MODEL TO IGNITE GROWTH CONSUMER DAY 2025 161 FROM ~20% TO ~50% OF FRANCHISE RESTAURANTS WITH 10%+ EBITDA PROOF OF BUSINESS MODEL RAMP UP PHASE +2PPTS EBITDA +5PPTS EBITDA 2024 VS. 2023 2024 VS. 2023 EBITDA figures are an estimate of the average EBITDA based on unaudited results, self-r
Slide 162: New Restaurants Are Thriving When We Get It Right
NEW RESTAURANTS ARE THRIVING WHEN WE GET IT RIGHT CONSUMER DAY 2025 162 UK NEW RESTAURANTS DRIVING ~$1.5MMPRO FORMA ANNUAL AUV Pro forma sales figure reflects weekly per store averages for new U.K. franchise and company stores that have opened within the last year extrapolated across 12 months. COMP
Slide 163: Even Bolder Ambitions: $2BN in Annual Profit
EVEN BOLDER AMBITIONS FOR THE NEXT GENERATION CONSUMER DAY 2025 163 OF GROWTH: $2BN IN ANNUAL PROFIT THE 1ST THE NEXT $1BN +$1BN $3.0MM U.S. AUVS 3,000+ INTERNATIONAL UNITS ANNUAL DIVISION PROFIT ANNUAL DIVISION PROFIT 62 YEARS BY 2030 IN LESS THAN 10 YEARS COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCUL
Slide 164: Taco Bell Strategic Plan
CONSUMER DAY 2025 164 TACO BELL STRATEGIC PLAN WHAT WE WAKE UP TO DO INSPIRE & ENABLE THE WORLD TO LIVE MÁS BY FEEDING CURIOSITY FOR THE UNCONVENTIONAL OUR RALLY CRY RELENTLESS. INNOVATION. NEXT GENERATION. GROWTH. BUSINESS DRIVERS IN THE U.S. AROUND THE WORLD TRANSFORM ELEVATE ENHANCE NEXT UNLOCK T
Slide 165: Reasons to Believe
CONSUMER DAY 2025 165 REASONS TO BELIEVE COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 166: R.I.N.G. the Bell
CONSUMER DAY 2025 166 R.I.N.G. THE BELL COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 167: Thank You
(a TACO BELL. THANK YOU
Slide 168: Appendix
CONSUMER DAY 2025 168 APPENDIX COMPANY CONFIDENTIAL—DO NOT COPY OR CIRCULATE. ©2025 TACO BELL IP HOLDER, LLC
Slide 169: Reconciliation of Non-GAAP Measurements to GAAP Results
RECONCILIATION OF NON-GAAP MEASUREMENTS TO GAAP RESULTS CONSUMER DAY 2025 169 The following non-GAAP measurements are not intended to replace the presentation of our financial results in accordance with GAAP. Rather, we believe that the presentation of these non-GAAP measurements provide additional
Slide 170: Reconciliation of Non-GAAP Measurements to GAAP Results
RECONCILIATION OF NON-GAAP MEASUREMENTS TO GAAP RESULTS CONSUMER DAY 2025 170 ($ IN MILLIONS) RECONCILIATION OF TACO BELL DIVISION GAAP OPERATING PROFIT TO DIVISION OPERATING PROFIT, EXCLUDING THE 53RD WEEK TACO BELL DIVISION 2024 2023 2022 GAAP OPERATING PROFIT $1,049 $944 $850 IMPACT OF 53RD WEEK
Slide 171: Reconciliation of Non-GAAP Measurements to GAAP Results
RECONCILIATION OF NON-GAAP MEASUREMENTS TO GAAP RESULTS CONSUMER DAY 2025 171 ($ IN MILLIONS, EXCEPT WHERE NOTED) RECONCILIATION OF TACO BELL DIVISION GAAP OPERATING PROFIT TO COMPANY RESTAURANT PROFIT RECONCILIATION OF TACO BELL DIVISION COMPANY RESTAURANT PROFIT TO TACO BELL U.S. COMPANY RESTAURAN