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November 3, 2026 Luckin Coffee 2026Q3 Earnings Presentation
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Disclaimer This presentation contains certain financial measures that are not recognized under generally accepted accounting principles in the United States (“GAAP”), including non - GAAP operating income/(loss), non - GAAP net income/(loss), non - GAAP basic and diluted net income/(loss) per ADS . The presentation of these non - GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP . For a reconciliation of these non - GAAP financial measures to the most directly comparable GAAP measures, please see the table captioned “Reconciliation of Non - GAAP Measures to the Most Directly Comparable GAAP Measures” in the earnings release . This presentation contains forward - looking statements within the meaning of Section 21 E of the U . S . Securities Exchange Act of 1934 , as amended . These forward - looking statements are made under the “safe harbor” provisions of the U . S . Private Securities Litigation Reform Act of 1995 . These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements . Luckin Coffee may also make written or oral forward - looking statements in its periodic reports to the U . S . Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties . Any statements that are not historical facts, including statements about Luckin Coffee’s beliefs and expectations, are forward - looking statements . Forward - looking statements involve inherent risks and uncertainties . A number of factors could cause actual results to differ materially from those contained in any forward - looking statement, including but not limited to the following : the expense, timing and outcome of existing or future legal and governmental proceedings or investigations in connection with Luckin Coffee ; the outcome and effect of the restructuring of Luckin Coffee’s financial obligations ; Luckin Coffee’s growth strategies ; its future business development, results of operations and financial condition ; the effect of the non - reliance identified in, and the resultant restatement of, certain of Luckin Coffee’s previously issued financial results ; the effectiveness of its internal control ; its ability to retain and attract its customers ; its ability to maintain and enhance the recognition and reputation of its brand ; its ability to maintain and improve quality control policies and measures ; its ability to establish and maintain relationships with its suppliers and business partners ; trends and competition in the coffee industry or the food and beverage sector in general ; changes in its revenues and certain cost or expense items ; the expected growth of China’s coffee industry or China’s food and beverage sector in general ; governmental policies and regulations relating to Luckin Coffee’s industry ; and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing . Further information regarding these and other risks, uncertainties or factors is included in Luckin Coffee’s filings with the SEC . All information provided in this presentation is as of the date of this presentation, and Luckin Coffee undertakes no obligation to update any forward - looking statement, except as required under applicable law . 2
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1 BUSINESS UPDATE FINANCIAL HIGHLIGHTS 2
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1 BUSINESS UPDATE
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Sustained Market Share Expansion and Continued Profitability Improvement 5 Store - Level Operating Profit (4) (Self - Operated Stores) GAAP Operating Income GMV (1) Global Store Footprint (6) RMB 20.7 billion +19.7% YoY increase 23.3 % RMB 3,019.3 million + 55 .5% YoY increase 38,909 stores +2,599 net new store openings (7) QoQ 15.4 % Average Monthly Transacting Customers (2) 123.0 million +9.6% YoY increase SSSG (3) (Self - Operated Stores) (11.1)% RMB 2,755.9 million +55.1% YoY increase Notes: (1) GMV (gross merchandise value) refers to the transaction amount from the sales of freshly brewed and non - freshly brewed items through self - operated stores and partner ship stores. (2) The total of each month’s number of transacting customers divided by the number of months during the period (includes those o f p artnership stores and those only paid with free - coupons). (3) Defined as the year - over - year growth rate of total revenues from self - operated stores that are identified as qualifying on a mon thly basis, meaning stores that were in operation at the beginning of the comparable month and remained open through the end of the current month. Same - store sales growth is calculated by dividing the sum of each current month’s revenue from qualified self - operated stores by the sum of each comparable month’s revenue from those same qualified self - operated stores. Beginning in the f irst quarter of 2026, we adjusted this definition to better reflect the sales growth of our self - operated stores. Comparative fi gures from previous periods presented have been adjusted to conform to the updated definition. (4) Calculated by deducting cost for self - operated stores including cost of direct materials (including wastage in stores), cost of delivery packaging materials, storage and logistics expenses, commissions to third - party delivery platforms related to revenues from self - operated stores, store depreciation expense (including decoration loss for store closure), store rental and other oper ating costs, delivery expenses, transaction fees, store preopening and other expenses from the Company’s self - operated store revenues. (5) Calculated by dividing store - level operating profit by total revenues from self - operated stores, which include net revenue from the sales of freshly brewed and non - freshly brewed items through self - operated stores, and delivery fees derived from self - oper ated stores paid by the Company’s customers. (6) The number of stores (including stores in the overseas market) open at the end of the period, excluding unmanned machines. (7) The number of gross new stores (including stores in the overseas market) opened during the period minus the number of stores (in cluding stores in the overseas market) permanently closed during the period. Store - level operating margin (5) Operating margin RMB 17.9 billion +17.0% YoY increase Total Net Revenues
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Industry - Leading Net New Store Openings Fueled by Robust Customer Demand Notes: • As of September 30, 2026 (1) The number of gross new stores opened during the quarter minus the number of stores permanently closed during the quarter. Footprint in China 13,353 (+891 QoQ) Partnership stores 25,277 (+1,652 QoQ) Self - operated stores +2,543 Net new store openings (1) QoQ 38,630 Total store count * 6 Footprint outside China +56 Net new store openings (1) QoQ 279 Total store count * United States 22 Singapore 103 Malaysia 154
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7 Product Innovation & Customer Engagement Continue to Drive a Better Coffee Experience 40+ New freshly - brewed SKUs LUCK IN HAND PROFESSIONALISM YOUTH FASHION WELLNESS 28 Million New transacting customers 123 Million Average monthly transacting customers Notes: • All figures are for the quarter ended September 30, 2026
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Creating Social Value Through Warm, Inclusive, Sustainable Local Initiatives Luckin Coffee Singapore’s Institute of Mental Health Woodbridge Hospital Charity Fund 8 Systematic Support Across : • Nutrition | Training Equipment • External Competitions | Study & Exchange • Growth Incentives Public Education on Mental Health in Singapore Pu’an Starlight Program: Supporting the Healthy Development of Rural Children Through Sports Three - Year Program Six Football Teams across 3 Schools
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2 FINANCIAL HIGHLIGHTS
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Self - Operated Stores Partnership Stores * 2,341 3,799 4,243 - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 2024Q3 2025Q3 2026Q3 10,181 15,287 17,891 - 5,000 10,000 15,000 20,000 25,000 2024Q3 2025Q3 2026Q3 Total Net Revenues (in million RMB) Solid Topline Growth with Further Improvement in Profitability 10 1,573 1,777 2,756 15.5% 11.6% 15.4% (20.0)% (15.0)% (10.0)% (5.0)% 0.0% 5.0% 10.0% 15.0% (300) 200 700 1,200 1,700 2,200 2,700 3,200 3,700 2024Q3 2025Q3 2026Q3 Operating income Operating margin Operating Income Notes: * Including partnership stores operated in China and franchise stores operated outside China. (1) Revenues from self - operated stores include net revenue from the sales of freshly brewed and non - freshly brewed items through sel f - operated stores, and delivery fees derived from self - operated stores paid by the Company’s customers. (2) Defined as the year - over - year growth rate of total revenues from self - operated stores that are identified as qualifying on a mon thly basis, meaning stores that were in operation at the beginning of the comparable month and remained open through the end of the current month. Same - store sales growth is calculated by dividing the sum of each current month’s revenue from qualified self - operated stores by the sum of each comparable month’s revenue from those same qualified self - operated stores. Beginning in the first quarter of 2026, we adjusted this definition to better reflect the sales growth of ou r self - operated stores. Comparative figures from previous periods presented have been adjusted to conform to the updated definition. (in million RMB) YoY +50.2% 7,501 11,080 12,940 - 5,000 10,000 15,000 20,000 25,000 2024Q3 2025Q3 2026Q3 YoY +17.0% YoY +47.7% YoY +16.8% YoY +62.3% YoY +11.7% (in million RMB) Revenues from partnership stores (12.3)% 14.3% (11.1)% (1) SSSG (2) (in million RMB) Revenues from self - operated stores
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Strong Market Potential Supports Healthy Expansion of Store Network & Customer Base 11 Number of Stores (1) Net New Store Openings (2) City or Market Coverage as of 2026Q3 Self - Operated Stores 90+ cities in China 2 overseas markets Partnership Stores * 300+ cities in China 1 overseas market Average Monthly Transacting Customers (3) (in million) * * 18,882 20,234 21,807 23,734 25,402 10,332 10,814 11,789 12,576 13,507 As of 2025Q3 As of 2025Q4 As of 2026Q1 As of 2026Q2 As of 2026Q3 Self-operated stores Partnership stores 29,214 38,909 +9,695 +1,914 +1,352 +1,573 +1,927 +1,668 +1,094 +482 +975 +787 +931 2025Q3 2025Q4 2026Q1 2026Q2 2026Q3 Self-operated stores Partnership stores +2,714 +3,008 +1,834 +2,548 112.3 98.4 93.1 112.7 123.0 2025Q3 2025Q4 2026Q1 2026Q2 2026Q3 Notes: * Including partnership stores operated in China and franchise stores operated outside China. (1) The number of stores (including stores in the overseas market) open at the end of the period. (2) The number of gross new stores (including stores in the overseas market) opened during the period minus the number of stores (in cluding stores in the overseas market) permanently closed during the period. (3) The total of each month’s number of transacting customers divided by the number of months during the period (includes those o f p artnership stores and those only paid with free - coupons). As of 2026Q3, cumulative transacting customers approached ~527 million Record High +2,599
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Non - GAAP Net Margin Store - Level Operating Margin (1) (Self - Operated Stores) 23.5% 17.5% 23.3% 2 024Q3 20 26Q3 20 25Q3 Store - Level Operating Margin Largely Returns to Pre - Subsidy Competition Levels as Delivery Mix Further Normalizes 12 Notes: (1) Calculated by deducting cost for self - operated stores including cost of direct materials (including wastage in stores), cost of delivery packaging materials, storage and logistics expenses, commissions to third - party delivery platforms related to revenues from self - operated stores, store depreciation expense (including decoration loss for store closure), store rental and other operating costs, delivery expenses, transaction fees, store preopening and other expenses fr om the Company’s self - operated store revenues. Delivery Expenses Cost of Materials 38.7% 36.2% 38.3% % of total net revenues 2024Q3 20 26Q3 20 25Q3 General & Administrative Expenses Sales & Marketing Expenses 9.1% 18.9% 10.0% % of total net revenues 2024Q3 20 26Q3 20 25 Q3 6.3% 5.2% 6.0% 5.8% 4.9% 5.5% General & administrative expenses Sales & marketing expenses % of total net revenues 2024Q3 20 26Q3 20 25Q3 Non - GAAP Operating Margin 17.0% 2026Q3 12.0% 2026Q3
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Strong Cash Position to Support Business Expansion and Shareholder Returns Notes: (1) Includes c ash and cash equivalents, restricted cash, term deposits and short - term investments. (2) Represents cash at bank and on hand less short - term borrowings. 13 Cash at Bank and on Hand (1) Net Cash Position (2) Cash Inflow from Operating Activities RMB 14.3 billion As of 2026/9/30 RMB 11.1 billion As of 2026/9/30 RMB 4.1 billion 2026 Q3 Share Repurchase $500M $500M Upsized from $300M As of 2026/9/30 12.0 million # of repurchased ADSs Total consideration $ 391.0 million + New Repurchase Program Existing Repurchase Program will commence upon full utilization or expiry of the existing $500 million plan.
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Thank you！