Th International Limited · NASDAQ:THCH
Th International — Q1 2026 Earnings Presentation
16 slides from Th International's earnings presentation, Jun 9, 2026
Slide 1: Tims China Q1 2026 Earnings Presentation
Tims China Nasdaq: THCH Q1 2026 Earnings Presentation June 9, 2026
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
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Slide 4: Resilient Store Network & Loyalty Membership Highlights: 2026Q1
Resilient Store Network & Loyalty Membership Highlights: 2026Q1 YoY % Q1’24 Q1’25 Q1’26 (26 vs 25) Total stores 906 1,024 1,026 0.2% (1) Net new stores 4 2 (21) (1150.0)% Registered Loyalty club members (mm) 20.0 25.2 35.9 42.9% (2) Digital orders % 83.6% 86.3% 87.5% 1.2ppts Total revenues (RMB mm)
Slide 5: IP Collaboration - Tims x The Vendetta of An
IP Collaboration - Tims x The Vendetta of An Cultural IP Collaboration — Tims China further expanded its collaboration with the popular drama IP The Vendetta of An, launching Year of the Horse-themed packaging and co-branded merchandise, including plush keychains and themed stickers, to deepen cultu
Slide 6: Product Innovation Meeting Local Customer Demand
Product Innovation Meeting Local Customer Demand Savory Naan Bagel Spring Series Apple Series Valentine’s Brew
Slide 7: 7th Anniversary Celebration
7th Anniversary Celebration Seven Years of Steady Growth in China Since entering the Chinese market in 2019, Tims China has steadily expanded its presence, completing a successful Nasdaq listing, surpassing 1,000 stores in nearly 100 cities across China, and standing out in the competitive coffee ma
Slide 8: Focus on Profitable & Capital-Efficient Store Network Expansion
Focus on Profitable & Capital-Efficient Store Network Expansion Total Stores Market Entry Store Formats Q1 25 Q1 26 1.024 1.026 906 36% 25% 302 455 485 648 93 97 84 75% 64% 551 604 569 541 Q1 23 Q1 24 Q1 25 Q1 26 Q1 25 Q1 26 MTO store Non-MTO store Company owned and operated Franchised Total (21) Ne
Slide 9: The Individual Franchise Stores Have Demonstrated Strong Growth
The Individual Franchise Stores Have Demonstrated Strong Growth Applications(1) Made-to-order Store Payback Period 10,500+ 2-3 years Individual franchise stores(1) Individual Franchise stores already located across 14 provinces: Opened # ~260 Shanghai、Beijing、Zhejiang、Jiangsu、Anhui、 Signed # ~440 Si
Slide 10: Strategic Expansion of Our Franchise Network on Track
Strategic Expansion of Our Franchise Network on Track Total Sub-Franchise Stores Maintain Close Cooperation with Sub- Franchisee Partners 400% 485 455 302 97 Q1 23 Q1 24 Q1 25 Q1 26 Revenues from Sub-Franchise Business (RMB mm) 273% 47,7 42,4 27,3 12,8 Q1 23 Q1 24 Q1 25 Q1 26 New Sub-Franchisee Stor
Slide 11: 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) 43.0% 12,3 11,9 35,9 10,9 11,1 25,1 20,0 12,4 Q1 23 Q1 24 Q1 25 Q1 26 Q1 23 Q4 24 Q1 25 Q1 26 Average Club Members Per Store (thousands) Digital Orders% (1) 42.3% 35,0 86,3% 87,5% 85,4
Slide 12: 02. Financial Highlights
02. Financial Highlights
Slide 13: Top-line & Store Network Highlights
Top-line & Store Network Highlights Total Revenues (mm) System-wide Stores(1) (14.6)% 1.024 1.026 906 261 372 648 864 336,5 332,1 300,7 765 256,7 648 652 0 42 Q1 23 Q1 24 Q1 25 Q1 26 Q1 23 Q1 24 Q1 25 Q1 26 MTO store Non-MTO store System Sales(2) System-wide Stores(1) (14.2)% 1.024 1.026 906 648 302
Slide 14: Key Store and Corporate Financial Metrics: 2026Q1
Key Store and Corporate Financial Metrics: 2026Q1 Q1 2024 2025 2026 YOY (26 vs. 25) (1) 200bp Food and packaging 34.7% 30.4% 28.4% (1) Rental and property management fee 21.8% 22.1% 22.8% 70bp (1) Payroll and employee benefits 22.0% 19.6% 21.6% 200bp (1) Other operating expenses 8.2% 7.1% 8.8% 170bp
Slide 15: Near-Term Priorities
Near-Term Priorities Deliver Sustainable Revenue Growth Expand Store-Level Profitability Optimize Cost Structure Accelerate Franchising Store Development Achieve Corporate EBITDA Breakeven
Slide 16: About TH International Limited
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, and Macau. The company’s philosophy is rooted in world- class execution and data-driven decision m