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NYSE: YUMC and HKEX: 9987 February 4, 2026 Fourth Quarter and Fiscal Year 2025 Results
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2 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. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as “expect,” “expectation,” “believe,” “anticipate,” “may,” “could,” “intend,” “belief,” “plan,” “estimate,” “target,” “predict,” “project,” “likely,” “will,” “continue,” “should,” “forecast,” “outlook,” “commit” or similar terminology. These statements are based on current estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable under the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking statements include, without limitation, statements regarding the future strategies, growth, business plans, investments, store openings, net new stores, franchise mix of net new stores, capital expenditures, capital returns, dividend and share repurchase plans, CAGR for system sales, operating profit and EPS, earnings, performance and returns, anticipated effects of population and macroeconomic trends, execution of the Company’s RGM 3.0 strategy, the anticipated effects of our innovation, digital and delivery capabilities and investments on growth and beliefs regarding the long-term drivers of Yum China’s business. Forward-looking statements are not guarantees of performance and are inherently subject to known and unknown risks and uncertainties that are difficult to predict and could cause our actual results or events to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or assumptions will be achieved. The forward-looking statements included in this presentation are only made as of the date of this presentation, and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law. Numerous factors could cause our actual results or events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: whether we are able to achieve development goals at the times and in the amounts currently anticipated, if at all, the success of our marketing campaigns and product innovation, our ability to maintain food safety and quality control systems, changes in public health conditions, our ability to control costs and expenses, including tax costs, changes in political, economic and regulatory conditions in China and the U.S., as well as changes in political, business, economic and trade relations between the U.S. and China, and those set forth under the caption “Risk Factors” in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Our plan of capital returns to shareholders is based on current expectations, which may change based on market conditions, capital needs or otherwise. In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q) for additional detail about factors that could affect our financial and other results. This presentation includes certain non-GAAP financial measures. Reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this presentation where indicated. You are urged to consider carefully the comparable GAAP measures and reconciliations.
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3 Q4 Posted Strong Sales and Operating Profit Growth Sales Growth System Sales Growth1 Profit Growth Margin Expansion Same-store Sales Growth1 +7% Q4 YoY +3% OP Margin 6.6% +80 bps 1 Excludes the impact of foreign exchange (“F/X”). Restaurant Margin 13.0% +70 bps $187 mn Operating Profit $0.40 Diluted EPS Q4 YoY 3 consecutive quarters of Same-store sales growth 12 consecutive quarters of Same-store transaction growth +25% +33% Q4 YoY Mainly driven by improvements in cost of sales & operational efficiency +29% +21% Ex impact of F/X Ex impact of F/X and mark-to-market equity investments
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4 Solid Growth and Capital Returns Delivered in Full Year 2025 $11.8 bn Revenue +4% YoY System Sales Growth1 +4% $1.5 bn Capital Returns $1.3 bn Operating Profit +11% YoY +1% Same-store Sales Growth1 +60 bps OP Margin YoY 1 Excludes the impact of foreign exchange (“F/X”). 2 $1.5 billion is equivalent to 8% of market capitalization as of February 3, 2026 10.9% Net new stores 1,706 ~8% of Market Capitalization2 YoY Restaurant Margin +60 bps 16.3% YoY, ex impact of F/X and mark-to-market equity investments Diluted EPS +14%+8% YoY Mainly driven by improvements in cost of sales & operational efficiency
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5 100 101 101 103 Q1 Q2 Q3 Q4 Our Core Initiatives Drove Positive Momentum in 2025 Same-store Sales Index YoY Net New Stores 1 Core OP growth compares current year Core Operating Profit to the prior year Operating Profit, adjusted only for any prior ye ar Special Items and Items Affecting Comparability. +7% +14% +8% +25% +8% +14% +8% +23% Q1 Q2 Q3 Q4 OP growth Core OP growth Operating Profit Growth YoY 1 +2% +4% +4% +7% Q1 Q2 Q3 Q4 System Sales Growth YoY 247 336 536 587 Q1 Q2 Q3 Q4
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6 >5,000 >10,000 18,101 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Reached 18,101 Stores in 2025 On Track for 20,000+ Stores in 2026 25 years 8 years 4 years Total Stores 1 Sales contribution from net new stores (YoY). >15,000 20,000+ stores by 2026 30,000+ stores by 2030 Targeting 2026 - 2028 franchise mix of KFC & Pizza Hut net new stores: 40%-50%
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7 Reaching More Cities with Diverse Store Formats and Both Equity and Franchise Stores 1 Refers to stores opened in 2025. 2 Refers to stores opened in 2024. 3 Refers to Average Pre-tax Cash Payback Period assuming yearly cashflow is same as year 1, after deduction of 3% license fee and before G&A expenses and income tax; based on stores opened between July 2023 to June 2024. Total Stores Net New Stores in 2025 12,997 15% Franchise 1,349 Reduced Average Capex Healthy New Store Payback3 ~2 years 4,168 8% Franchise 444 ~2-3 years Expanding into More Cities 2,500+ Cities with KFC 270+ New cities entered in last 12 months 1,000+ Cities with Pizza Hut 200+ New cities entered in last 12 months 37% Franchise 31% Franchise ~1.3 mn1 RMB / store (From ~1.5 mn)2 ~1.0 mn1 RMB / store (From ~1.2 mn)2
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8 Balanced and Disciplined Delivery Approach: Driving Top-line Growth While Protecting Margins 1 Delivery sales at Company-owned stores. ~19% ~40% ~48% ~28% ~29% ~25% ~53% ~31% ~27% FY 19 FY 24 FY 25 Sales mix by channels % of Company sales Dine-in Takeaway Delivery ~25% ~39% ~47%~5% ~10% ~9% ~70% ~51% ~44% FY 19 FY 24 FY 25 +26% YoY in 2025 +22% YoY in 2025 Delivery Sales +25%1 YoY in 2025 • Delivery mix increased from 42% in Q1 to 53% in Q4, yet restaurant margins sustained YoY improvement every quarter in 2025. • Core brands maintained a balanced approach. • KCOFFEE Cafe and Lavazza took the opportunity to increase exposure and drive traffic.
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9 Building Our Virtual Space to Deepen Consumer Connections 1 KFC and Pizza Hut loyalty programs combined, as of period -end. 2 Active Members, defined as those who transacted in the past 12 months, of KFC or Pizza Hut. 3 Digital ordering of total Company sales 4 From Smart K’s trial launch on July 14, 2025 to January 31, 2026. Smart K AI-Enabled Ordering Agent Total Members1 590 mn+ +13% YoY Active Members2 265 mn+ +13% YoY Digital Ordering3 94% +4pt YoY Digital Sales $10.4 bn +8% YoY Expanded Membership and Digitalization 2 mn+ members4 have used Smart K
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10 ` KFC Maintained Strong Performance FULL YEAR 2025 12,997 Total Stores +1% Same-store Sales Growth YoY +8% OP/Core OP1 Growth YoY $1,285mn Operating Profit +5% System Sales Growth YoY 1,349 Net New Stores 14.5% OP Margin +50 bps YoY 17.4% Restaurant Margin +50 bps YoY 3 consecutive quarters of growth 1 Core operating profit is defined as operating profit adjusted for special items, further excluding items affecting comparabil ity and the impact of F/X. The Company uses core operating profit for the purposes of evaluating the performance of its core operations. Photo: KFC Hefei Library (合肥图书馆)
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11 14.0% Restaurant Margin +16% OP Growth YoY Q4 2025 +70 bps YoY +14% Core OP Growth YoY 10.5% OP Margin +60 bps YoY +8% System Sales Growth YoY +3% Same-store Sales Growth YoY $223mn Operating profit 357 Net new store 3% same-store transaction growth YoY Accelerated Sales Growth in Q4 Photo: KFC Hefei Library (合肥图书馆)
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12 Hero Products and Their Inspired Innovations Drove Meaningful Sales Uplift and Repeat Purchases Spicy Flavor of Original Recipe Chicken Spicy Original Recipe Chicken
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13 Celebrate CNY with Our Signature Bucket
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14 KCOFFEE Cafe Rolled Out to 2,200 Locations in 2025 1 2025 vs 2024 Daily Cups per Store +25%1 New Product Every Week Black Gold Nama Chocolate Latte Apple Butter Flavored Latte Hazelnut Dark Chocolate Egg Tarts Photo: KCOFFEE Cafe Wenzhou Wuma Street (温州五马街)
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15 KPRO Expanded Footprint to 200+ Locations in 2025 Focus on Higher-Tier Cities Super Food Smoothie Roasted Chicken Energy Bowl Salmon & Edamame Braised Rice Bowl Roasted Chicken with Tomato Pasta Bowl Acaí Mixed Berry Yogurt Smoothie Kale Avocado Yogurt Smoothie
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16 Pizza Hut: Record Expansion and Margin Breakthrough FULL YEAR 2025 4,168 Total Stores +1% Same-store Sales Growth YoY +19% OP Growth YoY +20% Core OP Growth YoY $183 mn Operating Profit +4% System Sales Growth YoY 444 Net New Stores 7.9% OP Margin +110 bps YoY 12.8% Restaurant Margin +80 bps YoY Highest since 2016 Photo: Pizza Hut Shenzhen Sanya Bay One (深圳三亚湾壹号) Record annual openings 3 consecutive quarters of growth
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17 Q4 2025 9.9% Restaurant Margin +52% OP Growth YoY +60 bps YoY +51% Core OP Growth YoY 3.7% OP Margin +110 bps YoY +6% System Sales Growth YoY +1% Same-store Sales Growth YoY Solid Q4 Performance 13% same-store transaction growth YoY, the 12th consecutive quarter of growth Photo: Pizza Hut Shenzhen Sanya Bay One (深圳三亚湾壹号)
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18 Enhanced Pizza Expertise and Value-for-money Broadened Addressable Market and Drove Strong Traffic New Menu Features Products at Great Prices New Thin-Crust – Now Our Best-selling Pizza Crust1 Spicy Pepper Butterfly Drumettes Secret Sauce Charcoal - Grilled Beef Burger French Butter Flavored Chicken Pizza Bird's Nest Oolong Milk Tea Italian Whole Tomato & Beef Pizza French Butter Flavored Crispy Beef Pizza French Butter Flavored Half Beef Half Chicken Pizza 1 From the crust’s official launch on August 4 to December 31, 2025.
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19 Celebrating CNY: Super Supreme Pizza with New Twists Super Supreme Pizza Super Supreme Pizza with Crunchy Chips and Salted Egg Yolk Sauce Bolognese Super Supreme Pizza Salted E gg Yolk Chicken Super Supreme Pizza
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20 Pizza Hut WOW Expanded into ~100 New Cities in 2025 Improving Restaurant Margins Estimated New Store Payback Period of 2-3 Years Photo: Pizza Hut WOW Putian Fengting Fengcheng (莆田市枫亭枫城新都)
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21 Lavazza’s Dual Growth Engines Have Made Steady Progress Coffee Shop: Improved Store Economics Retail Business2: Profitable Growth 47% Lower New Store Capex1 +34 Net New Stores Positive Same-store Sales Growth YoY >40% Retail Sales Growth YoY 1 Model 3.0 vs model 2.0 2 Refer to packaged coffee products Photo: Lavazza Pinzun Shanghai (上海品尊) >2x Retail Operating Profit YoY Full year 2025 146 Total Stores
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22 166 473 442 102 278 668 833 1,490 1,489 2017 2018 2019 2020 2021 2022 2023 2024 2025 Dividends Share repurchase Significant Capital Returns to Shareholders 1 Includes dividends and share repurchases. Share repurchase amount excludes 1% excise tax and commissions. 2 Based on current expectations, which may change based on market conditions, capital needs or otherwise. Subject to Board appr oval on dividends and share repurchases, as well as shareholders’ approval on share repurchases. 3 Refers to operating cash flow less capital spending and dividends paid to non -controlling interests, which is associated with o ur consolidated JVs including KFC JVs . 4 Refers to cash flow from operating activities minus capital expenditure. 5 Refers to $506 mn cash and cash equivalents, $ 878 mn short-term investments and $678 mn long-term bank deposits and notes, net of $ 30 mn in short-term borrowings. ~$6 bn since spin-off Capital Returns to Shareholders in 2017-20251 Target Capital Returns in 2024-262 Free cash flow4 of $840 mn in 2025 Net cash5 of $2.0 bn by 2025 year-end In $mn $1.5 bn Each year 2027 & Beyond Outlook Target to Return ~100% of Free Cash Flow to ParentCo3 Estimated Average Annual Return of ~$900-1,000 mn+ in 2027-2028 Increase in Quarterly Cash Dividends +21% To $0.29 in Q1 2026
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23 • Supplemental Financial Information • 2025 Investor Day Highlights • Key Sustainability Updates • Reconciliation of Reported GAAP Results to Non-GAAP Measures Appendix
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24 Note: The comparison of revenue and operating profit include the impact of foreign exchange. Fourth Quarter Grew YoY and vs 2019 Fourth Quarter 2019 2024 2025 2025 vs 2024 2025 vs 2019 No. of Stores 9,200 16,395 18,101 +10% +97% Total Revenues ($ mn) 2,029 2,595 2,823 +9% +39% Members (mn) 240+ 525+ 590+ +13% +146% Member Sales % 56% 64% 55% (9) ppt (1) ppt Operating Profit ($ mn) 94 151 187 +25% +98% OP Margin (% of revenue) 4.7% 5.8% 6.6% +0.8 ppt +1.9 ppt
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25 Note: The comparison of revenue and operating profit include the impact of foreign exchange. Full Year Grew YoY and vs 2019 Full Year 2019 2024 2025 2025 vs 2024 2025 vs 2019 No. of Stores 9,200 16,395 18,101 +10% +97% Total Revenues ($ mn) 8,776 11,303 11,797 +4% +34% Members (mn) 240+ 525+ 590+ +13% +146% Member Sales % 52% 65% 61% (4) ppt +9ppt Operating Profit ($ mm) 901 1,162 1,290 +11% +43% OP Margin (% of revenue) 10.3% 10.3% 10.9% +0.6 ppt +0.6ppt
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26 Operating Profit/Core OP YoY 2.6 2.8 24'Q4 25'Q4 Sales and Profit Grew YoY in Fourth Quarter Revenue/Sales YoY Revenue growth (reported) +9% Revenue growth (ex F/X) +7% System sales growth +7% Key factors for Revenue year-over-year change + Net new unit contribution + Same-store sales growth Total Revenue ($bn) Key factors for Core OP year-over-year change + Efficiency improvement from streamlined operations + Favorable commodity prices + Sales leveraging − Higher delivery cost due to increased delivery mix − Value-for-money offerings OP growth (reported) +25% OP growth (ex F/X) +23% Core OP growth +23% $mn 24’Q4 25’Q4 Operating Profit 151 187 Special items - - Items affecting comparability - - Foreign currency translation - (2) Core operating profit 151 185
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27 25’Q4 YoY Sales Growth Channel Mix Members Digital orders System Sales YoY Same-store sales YoY Same-store transactions YoY Average ticket YoY Delivery Total off- premise Million Member sales % Sales % +8% +3% +3% Flat 53% 75% 550+ 56% 95% +6% +1% +13% (11)% 54% 62% 210+ 50% 96% 25’Q4 RMB 38 24’Q4 RMB 38 25’Q4 RMB 69 24’Q4 RMB 78 Stable In line with strategy to target mass market Fourth Quarter Key Performance Highlights – KFC & Pizza Hut
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28 Appendix • Supplemental Financial Information • 2025 Investor Day Highlights • Key Sustainability Updates • Reconciliation of Reported GAAP Results to Non-GAAP Measures
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29 RGM 3.0 for the Future M G R • Physical Store + Virtual Space • Unleash the Power of Agentic AI • Integrated & Agile Supply Chain • Go Deep with Core Brands • Equity & Franchise Hybrid Model as an Accelerator • Front - End Segmentation & Back - End Consolidation
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30 System Sales Mix OP2 Mix OP Margin3 2025 Revenue1 Mix 2028E 9% 3-4% 8% 4-5% Mid-teens High-single ~10% High-single Unit Mix 13% Twenties Incremental Franchising Impact (2026-2028) Franchising as an Incremental Growth Lever to Accelerate Expansion Note: Figures on this page represent KFC and Pizza Hut and their contribution to YUMC total, except for OP margin 1Revenue from franchise business includes Franchise fees and income and Revenues from transaction with franchisees included in KFC and Pizza Hut reportable segments, revenue for delivery services provided to franchisees and included in All Other Segments, and revenue from sale of food and paper products to franchisees and included in Corporate and Unallocated 2The Operating Profit ("OP") of franchise business is defined as revenue from franchise business, less Franchise expenses and Expenses for transactions with franchisees in respective segments, and G&A attributable to franchisee business 3OP Margin of franchise business is defined as OP of franchise business divided by Revenue from franchise business Franchise Business 40-50% （up from 20-30%） 40-50% 3,000+ Net New Franchise Stores 1/3 - 2/3 of Average Sales of Existing Standard Stores ~50% Franchise Store Sales Recognized as YUMC Revenue Franchise Mix of Net New Stores
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31 2026-2028 Growth Targets on 2025 Base: Free Cash Flow Per Share CAGR EPS3 CAGR Operating Profit2 CAGR Same-Store Sales Index YoY 100-102 Double-digit%Double-digit% High-single- digit% System Sales1 CAGR Mid- to High- single-digit% 1System sales excluding F/X 2Operating profit excluding special items and F/X 3Diluted EPS excluding special items and F/X Our Pathway to Value Creation: 2026-2028 Outlook
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32 Appendix • Supplemental Financial Information • 2025 Investor Day Highlights • Key Sustainability Updates • Reconciliation of Reported GAAP Results to Non-GAAP Measures
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33 ESG Ratings and Awards Industry No.1 on DJSI for the 5th Year “Top Employer” in China for the 8th Year ✓ 8th consecutive year of “Top Employer” recognition from the Top Employers Institute ✓ #1 in the restaurant industry for the 5th year ✓ Industry No.1 in S&P Global 2024 Corporate Sustainability Assessment ✓ The only Mainland China consumer services company included in the DJSI World Support UN SDG Industry Leader Industry Highest Ranking Named Again to the "Change the World" List ✓ The second time the Company has been included in Fortune’s "Change the World" ranking ✓ The KFC Food Bank program was highlighted, following the feature of the One Yuan Donation Program in 2023
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34 Key ESG Initiatives Environment People Community Food Climate Action China's first restaurant company with approved near- term SBTs and committed to achieving net-zero by 2050 “People First” Philosophy Provide comprehensive support to ensure the well- being of employees – e.g., medical insurance coverage for RGMs, eligible employees, and their families Rural Revitalization One Yuan Donation - 18 years of commitment, RMB280mn+ raised benefitted 1mn+ children* Food Safety as Top Priority End-to-end food safety and quality management system with tech-enabled controls across the value chain * as of Dec 31, 2025 Circular Economy Strive to create “zero-waste restaurants” by adhering to the 4R principle (Reduce, Reuse, Replace, Recycle) Diversity, Equity & Inclusion Foster a fair and inclusive workplace; 75+ “Angel Restaurants” nationwide* Community Support Food banks in ~1,300 locations across 190+ cities* Little Migratory Birds Fund benefitted ~6.5mn children* Healthy & Balanced Meals Offer healthier, more balanced choices and diverse menu options to support a healthy lifestyle
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35 Appendix • Supplemental Financial Information • 2025 Investor Day Highlights • Key Sustainability Updates • Reconciliation of Reported GAAP Results to Non-GAAP Measures
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36 Reconciliation of Operating Profit to Core Operating Profit* * Current period amounts are derived by translating results at average exchange rates of the prior year period. (in $mn) Yum China
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37 Reconciliation of Operating Profit to Core Operating Profit (in $mn)
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38 Reconciliation of Operating Profit to Restaurant Profit (in $mn)
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39 Reconciliation of Operating Profit to Restaurant Profit (in $mn)
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40 Reconciliation of Operating Profit to Restaurant Profit (in $mn)
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41 Reconciliation of Return on Invested Capital (ROIC) (in $mn) Calculation of adjusted net operating profit after taxes FY 2025 FY2024 FY2023 Operating Profit 1,290 1,162 Special Items - Operating Profit — — Adjusted Operating Profit 1,290 1,162 Adjustments to remove: Interest on operating lease liabilities 94 108 Computed Income tax (376) (339) Net income - noncontrolling interests (75) (69) Adjusted net operating profit after taxes 933 862 Adjusted ETR 27.2% 26.7% Calculation of invested capital Total Yum China Holdings, Inc. Stockholders' Equity 5,379 5,728 6,405 Short-term borrowings 30 127 168 Operating lease liabilities 2,261 2,233 2,325 Cash & cash equivalents (506) (723) (1,128) Short-term investments (878) (1,121) (1,472) Long-term bank deposits and notes (678) (1,088) (1,265) Invested capital 5,608 5,156 5,033 Average invested capital 5,382 5,095 Return on Invested Capital (ROIC) 17.3% 16.9%
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42 About Yum China 1 In terms of system sales. Largest restaurant company in China1 6 restaurant brands Fortune 500 company Vision: To be the world’s most innovative pioneer in the restaurant industry 18,000+ restaurants 2,500+ cities in China Company website: http://ir.yumchina.com Investor Relations Contact: IR@YumChina.com Tel: +86 21 2407 7556 Media Contact: Media@YumChina.com Tel: +86 21 2407 3824