Th International Limited · NASDAQ:THCH
Th International — Q2 2025 Earnings Presentation
17 slides from Th International's earnings presentation, Aug 26, 2025
Slide 1: Tims China Q2 2025 Earnings Presentation
Tims China Nasdaq: THCH Q2 2025 Earnings Presentation August 26, 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: Refining Store Unit Economics and Driving Operational Efficiencies: Q2 2025
Refining Store Unit Economics and Driving Operational Efficiencies: Q2 2025 Q2 YOY 2023 2024 2025 (25 vs. 24) (1) 80bp Food and packaging 34.0% 30.9% 30.1% (1) Rental and property management fee 20.8% 19.3% 20.2% 90bp (1) Payroll and employee benefits 21.9% 18.9% 17.8% 110bp (1) Other operating expe
Slide 5: Resilient Store Network & Loyalty Membership Highlights: Q2 2025
Resilient Store Network & Loyalty Membership Highlights: Q2 2025 YoY % Q2 23 Q2 24 Q2 25 (25 vs 24) Total stores 700 907 1,015 11.9% (1) Net new stores 52 1 (9) N/M Registered Loyalty club members (mm) 14.7 21.4 26.2 22.4% (2) Digital orders % 80.6% 86.5% 90.4% 3.9 ppts Total revenues (RMB mm) 411.7
Slide 6: Consumer Sector Impactful Selection
Consumer Sector Impactful Selection 2025 Consumer Sector Impactful Chain by 2025 Top 100 Restaurant Franchise Brand by China Chain-Store & Franchise Frost & Sullivan Association
Slide 7: Product Innovation Meeting Local Customer Demand
Product Innovation Meeting Local Customer Demand Hot & Fiery Series Butter & Red Bean Bagel BayBerry Summer Series Buffalo Milk Latte
Slide 8: Brand New Light & Fit Lunch Box Series – Loaded Power Bowls
Brand New Light & Fit Lunch Box Series – Loaded Power Bowls
Slide 9: Focus On Profitable & Capital-Efficient Growth
Focus On Profitable & Capital-Efficient Growth Total stores(1) Market Entry Store Formats Q2 24 Q2 25 1,022 1,024 1,015 907 946 446 455 451 32% 333 382 90 91% 71 9% 68% 574 564 576 569 564 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 24 Q2 25 MTO store Non-MTO store Company owned and operated Franchised Total (
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 8,100+ 2-3 years Individual franchise stores Individual Franchise stores already located across 14 provinces: Opened # ~150 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 34.8% 446 455 449 382 333 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Revenues from Sub-Franchise Business (RMB mm) 72.3% 59.5 62.2 46.1 42.4 36.1 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Ne
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) 22.4% 15.4 14.0 24.0 25.1 26.2 13.3 13.5 12.3 13.3 13.5 12.3 20.0 21.4 22.8 11.9 16.9 18.5 14.7 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 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 (RMB mm) Net New Store Openings(1) (4.9)% 76 143 301.5 433.9 377.9 366.8 359.6 349.0 332.1 332.6 300.7 52 59 4 1 39 2 -9 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25
Slide 15: Refining Store Unit Economics and Driving Operational Efficiencies: Q2 2025
Refining Store Unit Economics and Driving Operational Efficiencies: Q2 2025 Q2 YOY 2023 2024 2025 (25 vs. 24) (1) 80bp Food and packaging 34.0% 30.9% 30.1% (1) Rental and property management fee 20.8% 19.3% 20.2% 90bp (1) Payroll and employee benefits 21.9% 18.9% 17.8% 110bp (1) Other operating expe
Slide 16: Near-Term Financial Priorities
Near-Term Financial Priorities Accelerate Franchising Store Development Improve Adjusted Corporate EBITDA Margins(1) Deliver Sustainable Revenue Growth Expand Store-Level Profitability Optimize Cost Structure ____________________ (1) Calculated as adjusted corporate EBITDA as a percentage of total r
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
TH International Limited (Tims China) — Q2 2025 Earnings Presentation on 6ix