Yum China Holdings, Inc. · NYSE:YUMC
Yum China — Q3 2025 Earnings Presentation
27 slides from Yum China's earnings presentation, Nov 4, 2025
Slide 1: Third Quarter 2025 Results
Third Quarter 2025 Results November 4, 2025 NYSE: YUMC and HKEX: 9987
Slide 2: Cautionary Statement
Cautionary Statement This presentation contains “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, including statements relating to our projected capital returns for 2025 and 2026. We intend all forward
Slide 3: Q3 Delivered on All Dimensions: Sales Growth, Margin Gains, and Store Expansion
Q3 Delivered on All 3 Dimensions: Sales Growth, Margin Gains, and Store Expansion Sales Growth Margin Gains Store Expansion System Sales Same-store OP Restaurant Net New Total Growth1 Sales Growth1 Margin Margin Stores Stores +4% +1% 12.5% 17.3% 536 17,514 Q3 YoY In Q3 +40 bps +30 bps 11th consecuti
Slide 4: Accelerated Expansion Through Flexible Store Formats and Franchising
Accelerated Expansion Through Flexible Store Formats and Franchising Total Stores Net New Stores Penetrated More Locations Reduced Healthy New in Q3 YTD Leveraging Franchisees Strategically Average Capex Store Payback3 12,640 992 2,500+ 310+ 1.3-1.4 mn 1 RMB / store ~2 years Cities with New cities e
Slide 5: Delivery: Balanced Growth for Core Brands, Increased Traffic for Emerging Business
Delivery: Balanced Growth for Core Brands, Increased Traffic for Emerging Business +24% +19% Delivery Sales +23%1 YoY in Q3 YTD YoY in Q3 YTD YoY in Q3 YTD • Core brands maintained a balanced approach - driving top-line growth while ~27% ~32% protecting margins. ~47% ~53% ~52% ~70% • KCOFFEE Cafes t
Slide 6: Digital Sales Exceeded $8 Billion in Q3 YTD
Digital Sales Exceeded $8 Billion in Q3 YTD Strengthened Digital Sales Growth2 Member Growth Own Channels Digital orders1 Members (mn)3 94% 575+ 89% 89% 90% 86% 80% 525+ 470+ 410+ 360+ 55% Super APP 300+ 240+ Higher digital ordering driven by increased delivery mix Mini 2019 2020 2021 2022 2023 2024
Slide 7: KFC Continued to Achieve Solid Growth and Profitability
KFC Continued to Achieve Solid Growth and Profitability +5% +2% 16.0% +6% +6% System sales Same-store sales OP margin OP growth Core OP growth YoY growth YoY +30 bps YoY YoY growth YoY Q3 Same-store transaction ` growth of 3% YoY 2025 402 12,640 $384mn 18.5% Net new stores Total stores Operating pro
Slide 8: Disruptive Food Innovations and Emotional Engagement
Disruptive Food Innovations and Emotional Engagement Bold Innovation Sparks Market Buzz Creative IP Collaboration The Monkey King: Havoc in Heaven Spicy Beef Wrap with crunchy lotus root became the best-selling Beef Wrap LTO in 4 years 8
Slide 9: KCOFFEE Cafe Reached 1,800 Locations
KCOFFEE Cafe Reached 1,800 Locations Golden Pineapple Sparkling Americano Golden Chicken Drumstick Ice Cream & IIAC Gold Medal Coffee Sticky Rice Smoothie I am ice-cream! Accelerated Expansion with Menu Innovation Photo: Xi’an Dong Dajie store (西安东大街店) 9
Slide 10: Breakthrough KPRO Rolled Out to Over 100 Locations
Breakthrough KPRO Rolled Out to Over 100 Locations Energy Bowl Super Food Smoothie Extending Our Store Sharing Models to KPRO Photo: KPRO store in Shanghai MTR city plaza（上海近铁城市广场店） 10
Slide 11: Pizza Hut Sustained Positive Momentum
Pizza Hut Sustained Positive Momentum +4% +1% 8.9% +7% +7% System sales Same-store sales OP margin OP growth Core OP growth YoY growth YoY +30 bps YoY YoY growth YoY 17% Same-store transaction growth Q3 YoY for 3rd consecutive quarter 2025 158 4,022 $57mn 13.4% Net new stores Total stores Operating
Slide 12: Enhancing Value Proposition with New Menu and Creative Campaigns
Enhancing Value Proposition with New Menu and Creative Campaigns New Thin-Crust Pizza Refreshed Menu Featuring 20 New Items Popular IP Collaborations Best-selling crust1 1 From the official launch of the crust on August 4 to October 15 12
Slide 13: Pizza Hut WOW Expanded into Lower-tier Cities
Pizza Hut WOW Expanded into Lower-tier Cities Q3 YTD: Opened WOW stores in 40+ cities with no previous Pizza Hut presence 13
Slide 14: On Track to Return $1.5 Billion to Shareholders in 2025
On Track to Return $1.5 Billion to Shareholders in 2025 Capital Returns to Shareholders1 Returned $mn FY Target2 Since Spin-off ~$5.4bn 1,500 1,490 Target Capital Returns $4.5bn $1.5bn 833 Total Each year 668 In 2024-26 473 442 682 950 Avg. annual capital return 278 166 102 ~9% of market cap4 268 Ne
Slide 15: Appendix
Appendix 15
Slide 16: Third Quarter Grew YoY and vs 2019
Third Quarter Grew YoY and vs 2019 Third Quarter 2019 2024 2025 2025 vs 2024 2025 vs 2019 No. of Stores 8,917 15,861 17,514 +10% +96% Total Revenues ($ mn) 2,319 3,071 3,206 +4% +38% Members (mn) 230+ 510+ 575+ +13% +150% Member Sales % 53% 64% 57% (7) ppt +4ppt Operating Profit ($ mn) 300 371 400 +
Slide 17: Sales and Profit Grew YoY in Third Quarter
Sales and Profit Grew YoY in Third Quarter Revenue/Sales YoY Total Revenue ($bn) 3.21 Key factors for Revenue year-over-year change 3.07 Revenue growth (reported) +4% + Net new unit contribution Revenue growth (ex F/X) +4% + Same-store sales growth System sales growth +4% 24'Q3 25'Q3 Key factors for
Slide 18: Third Quarter Key Performance Highlights – KFC & Pizza Hut
Third Quarter Key Performance Highlights – KFC & Pizza Hut Digital 25’Q3 YoY Sales Growth Channel Mix Members orders System Same-store Same-store Average Total off- Member Sales sales transactions ticket Delivery Million Sales % premise sales % YoY YoY YoY YoY +5% +2% +3% (1)% 51% 74% 535+ 58% 95% 2
Slide 19: Key ESG Initiatives
Key ESG Initiatives Food Environment People Community Food Safety as Top Priority Climate Action “People First” Philosophy Rural Revitalization End-to-end food safety and China's first restaurant Provide comprehensive One Yuan Donation - 18 quality management system company with approved near- suppo
Slide 20: ESG Ratings and Awards
ESG Ratings and Awards Industry No.1 on DJSI 7th Year “China Top Employer” Named Again to the for the 5th Year #2 in China "Change the World" List ✓ Industry No.1 in S&P Global 2024 ✓ #1 in the restaurant industry for the ✓ The second time the Company has Corporate Sustainability Assessment 4th year
Slide 21: YUM China's Distinct Competitive Advantages
YUM China’s Distinct Competitive Advantages Resilience Tremendous Significant and growth capital returns profitability potential to shareholders Sustained strong Target 20,000 stores Target to return momentum in good by 2026 ~$4.5bn in times and bad 2024-20261 Commitment to Building Long-lasting Exc
Slide 22: Reconciliation of Operating Profit to Core Operating Profit
Reconciliation of Operating Profit to Core Operating Profit* (in $mn) Yum China * Current period amounts are derived by translating results at average exchange rates of the prior year period. 22
Slide 23: Reconciliation of Operating Profit to Core Operating Profit
Reconciliation of Operating Profit to Core Operating Profit (in $mn) 23
Slide 24: Reconciliation of Operating Profit to Restaurant Profit
Reconciliation of Operating Profit to Restaurant Profit (in $mn) 24
Slide 25: Reconciliation of Operating Profit to Restaurant Profit
Reconciliation of Operating Profit to Restaurant Profit (in $mn) 25
Slide 26: Reconciliation of Operating Profit to Restaurant Profit
Reconciliation of Operating Profit to Restaurant Profit (in $mn) 26
Slide 27: About Yum China
About Yum China Largest restaurant Fortune 500 17,000+ 2,500+ company in China1 company restaurants cities in China 6 restaurant brands Vision: To be the world’s most innovative pioneer in the restaurant industry Company website: http://ir.yumchina.com Investor Relations Contact: IR@YumChina.com Tel