Th International Limited · NASDAQ:THCH
Th International — Q4 2025 Earnings Presentation
22 slides from Th International's earnings presentation, Apr 14, 2026
Slide 1: Tims China Q4 2025 Earnings Presentation
Tims China Nasdaq: THCH Q4 2025 Earnings Presentation April 14, 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
01. Business Update
Slide 4: Key Store and Corporate Financial Metrics: Q4 2025
Key Store and Corporate Financial Metrics: Q4 2025 Q4 YOY 2023 2024 2025 (25 vs. 24) (1) 200bp Food and packaging 35.1% 31.4% 29.4% (1) Rental and property management fee 20.6% 21.0% 21.2% 20bp (1) Payroll and employee benefits 22.8% 20.3% 20.3% - (1) Other operating expenses 8.0% 8.4% 8.7% 30bp (1)
Slide 5: Key Store and Corporate Financial Metrics: FY 2025
Key Store and Corporate Financial Metrics: FY 2025 FY YOY 2023 2024 2025 (25 vs. 24) (1) 140bp Food and packaging 35.0% 31.5% 30.1% (1) Rental and property management fee 20.8% 20.3% 20.7% 40bp (1) Payroll and employee benefits 21.9% 19.5% 18.7% 80bp (1) Other operating expenses 8.5% 8.0% 7.9% 10bp
Slide 6: Resilient Store Network & Loyalty Membership Highlights: Q4 2025
Resilient Store Network & Loyalty Membership Highlights: 2025Q4 YoY % Q4’23 Q4’24 Q4’25 (25 vs 24) Total stores 902 1,022 1,047 2.4% (1) Net new stores 143 76 17 (77.6)% Registered Loyalty club members (mm) 18.5 24.0 31.0 29.0% (2) Digital orders % 83.6% 86.1% 89.4% 3.3ppts Total revenues (RMB mm) 3
Slide 7: Resilient Store Network & Loyalty Membership Highlights: FY 2025
Resilient Store Network & Loyalty Membership Highlights: 2025FY YoY % FY’23 FY’24 FY’25 (25 vs 24) Total stores 902 1,022 1,047 2.4% (1) Net new stores 285 120 25 (79.2)% Registered Loyalty club members (mm) 18.5 24.0 31.0 29.0% (2) Digital orders % 82.1% 86.1% 89.3% 3.2ppts Total revenues (RMB mm)
Slide 8: IP Collaboration - Tims x The Vendetta of An
IP Collaboration - Tims x The Vendetta of An Cultural IP Collaboration — Tims China introduced a limited-edition collaboration with the popular TV series The Vendetta of An, leveraging its strong cultural resonance to connect with younger consumers through themed beverages, food offerings, and co-br
Slide 9: Product Innovation Meeting Local Customer Demand
Product Innovation Meeting Local Customer Demand Drinkable Cheesecake - Rose Manor Breakfast Bagel Macaron Ruby Series Strawberry Cheesecake Cloud Latte
Slide 10: Carbon Footprint - Eco-friendly Straw Made with Captured CO₂
Carbon Footprint - Eco-friendly Straw Made with Captured CO₂ From emissions to innovation — Tims China and Tencent CarbonXmade Eco-friendly Straw Launch Fashion Showcase — the models are turn captured CO₂ into eco-friendly straws. team members directly involved in the straw’s development, Every 100
Slide 11: Focus on Profitable & Capital-Efficient Growth
Focus on Profitable & Capital-Efficient Growth Total stores(1) Market entry Store formats Q4 24 Q4 25 1,022 1,024 1,015 1,030 1,047 38% 26% 446 455 449 479 485 92 82 74% 62% 576 569 566 551 562 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q4 25 MTO store Non-MTO store Company owned and operated Franchised To
Slide 12: The Individual Franchise Has Demonstrated Strong Growth
The Individual Franchise Has Demonstrated Strong Growth Applications(1) Made-to-order Store Payback Period 10,000+ 2-3 years Individual franchise stores(1) Individual Franchise stores already located across 14 provinces: Opened # ~200 Shanghai、Beijing、Zhejiang、Jiangsu、Anhui、 Signed # ~380 Sichuan、He
Slide 13: 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 593% 485 446 283 70 Q4 22 Q4 23 Q4 24 Q4 25 Revenues from Sub-Franchise Business (mm) 516% 59.5 57.9 28.2 9.4 Q4’22 Q4’23 Q4 24 Q4 25 New store of Sub-Franchisee -
Slide 14: 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) 29.0% 13.5 12.3 13.7 31.0 24.0 9.2 18.5 11.3 Q4 22 Q4 23 Q4 24 Q4 25 Q4’22 Q4 23 Q4 24 Q4 25 Average Club Members Per Store (thousands) Digital Orders% (1) 26.0% 89.3% 29.6 86.1% 20.6
Slide 15: 02. Financial Highlights
02. Financial Highlights
Slide 16: Top-line Results and Franchise Store Growth
Top-line Results and Franchise Store Growth Total Revenues System-wide Stores(1) (mm) (7.3)% 1,022 1,047 902 277 390 617 377.9 882 301.5 332.6 308.5 770 617 632 0 20 Q4 22 Q4 23 Q4 24 Q4 25 Q4 22 Q4 23 Q4 24 Q4 25 MTO store Non-MTO store System Sales(2) System-wide Stores(1) 4.0% 1,022 1,047 902 283
Slide 17: Improving Company Owned and Operated Store Contribution: Q4 2025
Improving Company Owned and Operated Store Contribution: 2025Q4 Q4 YOY 2023 2024 2025 (25 vs. 24) (1) 200bp Food and packaging 35.1% 31.4% 29.4% (1) Rental and property management fee 20.6% 21.0% 21.2% 20bp (1) Payroll and employee benefits 22.8% 20.3% 20.3% - (1) Other operating expenses 8.0% 8.4%
Slide 18: Improving Company Owned and Operated Store Contribution: FY 2025
Improving Company Owned and Operated Store Contribution: FY 2025 FY YOY 2023 2024 2025 (25 vs. 24) (1) 140bp Food and packaging 35.0% 31.5% 30.1% (1) Rental and property management fee 20.8% 20.3% 20.7% 40bp (1) Payroll and employee benefits 21.9% 19.5% 18.7% 80bp (1) Other operating expenses 8.5% 8
Slide 19: Improving Key Store and Corporate Financial Metrics: Q4 2025
Improving Key Store and Corporate Financial Metrics: 2025Q4 YoY % Q4’23 Q4’24 Q4’25 (25 vs 24) Total stores 902 1,022 1,047 2.4% (1) Net new stores 143 76 17 (77.6)% Registered Loyalty club members (mm) 18.5 24.0 31.0 29.0% (2) Digital orders % 83.6% 86.1% 89.4% 3.3ppts Total revenues (RMB mm) 377.9
Slide 20: Improving Key Store and Corporate Financial Metrics: FY 2025
Improving Key Store and Corporate Financial Metrics: FY 2025 YoY % FY’23 FY’24 FY’25 (25 vs 24) Total stores 902 1,022 1,047 2.4% (1) Net new stores 285 120 25 (79.2)% Registered Loyalty club members (mm) 18.5 24.0 31.0 28.9% (2) Digital orders % 82.1% 86.1% 89.3% 3.2ppts Total revenues (RMB mm) 1,5
Slide 21: Near-Term Financial Priorities
Near-Term Financial Priorities Expand Store-Level Profitability Improve Adjusted Corporate EBITDA Margins(1) Deliver Sustainable Revenue Growth Accelerate Franchising Store Development Optimize Cost Structure ____________________ (1) Calculated as adjusted corporate EBITDA as a percentage of total r
Slide 22: 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