Th International Limited · NASDAQ:THCH
Th International — Q3 2025 Earnings Presentation
17 slides from Th International's earnings presentation, Dec 9, 2025
Slide 1: Tims China Q3 2025 Earnings Presentation
Tims China Nasdaq: THCH Q3 2025 Earnings Presentation December 9, 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: Key Store and Corporate Financial Metrics: Q3 2025
Key Store and Corporate Financial Metrics: Q3 2025 Q3 YOY 2023 2024 2025 (25 vs. 24) (1) 160bp Food and packaging 35.1% 29.0% 30.6% (1) Rental and property management fee 19.3% 19.3% 19.5% 20bp (1) Payroll and employee benefits 19.9% 16.9% 17.2% 30bp (1) Other operating expenses 9.0% 7.9% 8.5% 60bp
Slide 5: Resilient Store Network & Loyalty Membership Highlights: Q3 2025
Resilient Store Network & Loyalty Membership Highlights: Q3 2025 YoY % Q3 23 Q3 24 Q3 25 (25 vs 24) Total stores 759 946 1,030 8.9% (1) Net new stores 59 39 15 (61.5)% Registered Loyalty club members (mm) 16.9 22.8 27.9 22.3% (2) Digital orders % 82.6% 86.6% 91.0% 4.4ppts Total revenues (RMB mm) 433
Slide 6: Participation in Tencent Charity Giving Day: Our Commitment to Society
Participation in Tencent 99 Charity Giving Day: Our Commitment to Society
Slide 7: Product Innovation Meeting Local Customer Demand
Product Innovation Meeting Local Customer Demand Hot & Sour Series with Gen Black Truffle Bagel Black Truffle Flavored Hot Lychee Coconut Latte Z Celebrity Lars Huang Sandwich Collection Chocolate
Slide 8: New Light Bagel Sandwich Lunch Box Series
New Light Bagel Sandwich Lunch Box Series
Slide 9: Focus on Profitable & Capital-Efficient Growth
Focus on Profitable & Capital-Efficient Growth Total Stores(1) Market Entry Store Formats Q3 24 Q3 25 1,022 1,024 1,015 1,030 946 49% 446 455 449 479 382 29% 91 77 71% 51% 564 576 569 566 551 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q3 25 Company owned and operated Franchised Total MTO store Non-MTO stor
Slide 10: The Individual Franchise Has Demonstrated Strong Growth
The Individual Franchise Has Demonstrated Strong Growth Applications(1) Made-to-order Store Payback Period 8,400+ 2-3 years Individual franchise stores(1) Individual Franchise stores already located across 14 provinces: Opened # ~200 Shanghai、Beijing、Zhejiang、Jiangsu、Anhui、 Signed # ~330 Sichuan、Hen
Slide 11: 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 25% 455 479 446 451 382 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Revenues from Sub-Franchise Business (RMB mm) 52% 70.2 59.5 62.2 46.1 42.4 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 New
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% 27.9 15.4 14.0 14.7 24.0 25.1 26.2 13.5 12.3 13.3 13.5 12.3 20.0 21.4 22.8 11.9 16.9 18.5 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 2
Slide 13: 02. Financial Highlights
02. Financial Highlights
Slide 14: Key Top-line and Store Network Metrics: Q3 2025
Key Top-line and Store Network Metrics: Q3 2025 Total Revenues ( RMB mm) Net New Store Openings(1) (0.4)% 143 301.5 377.9 366.8 359.6 349.0 358.0 332.1 332.6 300.7 76 59 4 1 39 2 15 -9 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 System
Slide 15: Key Store and Corporate Financial Metrics: Q3 2025
Key Store and Corporate Financial Metrics: Q3 2025 Q3 YOY 2023 2024 2025 (25 vs. 24) (1) 160bp Food and packaging 35.1% 29.0% 30.6% (1) Rental and property management fee 19.3% 19.3% 19.5% 20bp (1) Payroll and employee benefits 19.9% 16.9% 17.2% 30bp (1) Other operating expenses 9.0% 7.9% 8.5% 60bp
Slide 16: 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 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