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NYSE: YUMC and HKEX: 9987 November 3, 2026 Third Quarter 2026 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 for 2026, 2027, and 2028 and those set forth under the section titled “2026 Outlook.” 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, as well as changes in political, economic, trade relations, regulatory conditions in China and the U.S., 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 Q3: 10th Consecutive Quarter of Growth in System Sales, Operating Profit and OP Margin Sales Growth System Sales Growth1 Profit Growth Margin Expansion +3% OP Margin 13.0% Restaurant Margin 17.8% +13% Operating Profit +6% Core Operating Profit2 Q3 YoY 15th consecutive quarter of Same-store transaction growth +50 bps Diluted EPS 10th consecutive quarter of YoY OP margin expansion 1 Excludes the impact of foreign exchange (“F/X”). 2 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. 3 Excludes the impact of mark-to-market equity investments and foreign exchange. Revenue Growth +8% 97% OP $451mn Q3 YoYSame-Store Sales Index1 Of 2025 Q3 level +50 bps Double-Digit YoY Growth3 +20% Q3 YoY Q3 YoY YTD and in Each of the Past Three Years
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4 >5,000 >10,000 19,989 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 2026 Q3 Record Net New Openings in First Nine Months; Raising Target to Surpass 20,500 Stores by Year-end 2026 25 years 8 years 4 years Total Stores >15,000 Total Store Targets • To reach 20,500+ stores by 2026 • To reach 30,000+ stores by 2030 Net new stores • Q3: 692 • Q3 YTD: 1,888 • Raising full year target to 2,400+
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5 Accelerated Openings Across Equity and Franchise Stores Through Diverse Store Formats 1 Refers to stores opened in Q3YTD 2026. 2 Refers to stores opened in Q3YTD 2025. 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 July 2024 to June 2025. Total Stores Net New Stores in Q3 YTD 14,307 18% Franchise 1,310 Reduced Average Capex Healthy New Store Payback3 ~2-3 years 4,740 13% Franchise 572 ~2-3 years Penetrating More Cities 2,800+ Cities with KFC 370+ New cities entered in last 12 months 1,300+ Cities with Pizza Hut 350+ New cities entered in last 12 months 45% Franchise 47% Franchise ~1. 1mn1 RMB / store (From 1.3-1.4 mn)2 ~0.8 mn1 RMB / store (From 1.0-1.1mn)2
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6 Dine-in and Takeaway performance Improved Sequentially, Bucking the Previous Trend 1 Delivery sales at Company-owned stores. ~51% ~54% ~23% ~21% ~26% ~25% 25'Q3 26'Q3 Sales mix by channels % of Company sales Dine-in Takeaway Delivery ~48% ~53% ~8% ~8% ~44% ~39% 25'Q3 26'Q3 +7%1 YoY in Q3 +8% YoY in Q3 • Delivery sales growth easing as platform subsidies scaled back. • Delivery mix increased by 3ppts YoY to 54% in Q3, the same as Q2. • Attracting customers to stores with a better dine-in experience, tailored offers, and greater takeaway convenience. Delivery Sales
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7 KFC Delivered Solid Sales and Operating Profit Growth Q3 2026 14,307 Total Stores +10% OP Growth YoY $425mn Operating Profit +3% System Sales Growth YoY 518 Net New Stores 16.3% OP Margin +30 bps YoY 18.6% Restaurant Margin +10 bps YoY Same-store transaction growth of 3% YoY Photo: Shanghai Tianyaoqiao Road store (上海天钥桥路店) +4% Core OP Growth YoY 97% Same-Store Sales Index A record third quarter level
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8 Product Innovation and Convenience Fueling Traffic and Sales Hero Product Innovations Drive Sales and Social Buzz Car-side Pickup Enhances Convenience Targeting 10,000+ stores & RMB 1 bn sales in 2026
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9 • Apple Sparkling Americano sold 1mn+ cups per week during peak summer • Non-coffee drinks sales more than tripled YoY in Q3 Total Locations 4,000+ As of the end of Q3 KCOFFEE Cafe on Track to Exceed 5,000 Locations by 2027 Mango Pomelo Sago Tamarillo & Passion Fruit Iced Tea Durian Caramel Egg Tart Green Apple Sparkling Americano Photo: Hangzhou Ruiqin International Plaza Store (杭州睿勤国际广场店)
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10 KPRO on Track to Exceed 850 Locations by 2026, and 1,500 Locations by 2027 Energy Sandwich High - Protein Yogurt Smoothie Energy Bowl Kombucha Photo: Shanghai Tianyaoqiao Road store (上海天钥桥路店) Total Locations 700+ As of the end of Q3 • Presence in around 250 cities • Expanded the menu including sandwiches and high-protein smoothies • Aspire to be a market leader in China’s light meal market
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11 Q3 2026 4,740 Total Stores +29% OP Growth YoY +21% Core OP Growth YoY $73 mn Operating Profit +1% System Sales Growth YoY 191 Net New Stores 11.0% OP Margin +210 bps YoY 15.3% Restaurant Margin +190 bps YoY Photo: Pizza Hut Fujian Province Quanzhou City Xinhuabei Road Store (福建省泉州市新华北路店) 15th consecutive quarter of Same-store transaction growth 97% Same-Store Sales Index Pizza Hut Continued to Accelerate Store Openings While Expanding Margins
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12 New Offerings Unlock Incremental Sales Growth Opportunities Multi-Grain Handheld Pizzas Attract Solo Diners and Younger Consumers Pizza All-You-Can-Eat Promotion Offers Great Value Crayfish Burgers Drive Strong Sales and Social Buzz Burger Category Targets RMB 1bn+ Sales in 2026
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13 Autumn Menu Features Global Flavors and 20+ Upgraded Items
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14 Pizza Hut Burger Bar Expanded to 300+ Locations, Target to Exceed 500 Locations by 2026 and 1,000 by 2027 Photo: Pizza Hut Burger in Quanzhou City Jinjiang Wanda Plaza ( 福建省泉州晋江万达店) • Tight menu focusing on burgers • Presence in 50 cities • Contributing double-digit incremental sales and meaningful profit to parent stores • Capturing new customers, especially young people and solo diners
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15 166 473 442 102 278 668 833 1,490 1,489 1,080 Dividends Share repurchase On Track to Return $1.5Bn to Shareholders in 2026, Around 10% of Market Capitalization1 1 Market capitalization as of October 30, 2026. 2 Includes dividends and share repurchases. Share repurchase amount excludes 1% excise tax and commissions. 3 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. 4 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. 5 Refers to Adjusted Net Income - Yum China Holdings, Inc. for the year ended December 31, 2026 divided by the average of Total Yum China Holdings, Inc. Stockholders' Equity as of December 31, 2025 and 2026. >$7.0 bn since spin-off Capital Returns to Shareholders2 Target Capital Returns in 2024-263 In $mn $1.5 bn Each year Target to Return ~100% of Free Cash Flow to ParentCo4 from 2027 Estimated Average Annual Return of ~$900-1,000 mn+ in 2027-2028 Increase in Quarterly Cash Dividends +21% To $0.29 in Q1 2026 Estimated ROE5 of ~19% in 2026
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16 • Supplemental Financial Information • 2025 Investor Day Highlights • Key Sustainability Updates • Reconciliation of Reported GAAP Results to Non-GAAP Measures Appendix
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17 Note: The comparison of revenue and operating profit include the impact of foreign exchange. Third Quarter Growth YoY and vs 2019 Third Quarter 2019 2025 2026 2026 vs 2025 2026 vs 2019 No. of Stores 8,917 17,514 19,989 +14% +124% Total Revenues ($ mn) 2,319 3,206 3,477 +8% +50% Member Sales % 53% 57% 54% (3) ppt +1 ppt Operating Profit ($ mn) 300 400 451 +13% +51% OP Margin (% of revenue) 12.9% 12.5% 13.0% +0.5 ppt +0.1 ppt
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18 Operating Profit/Core OP YoY 3.21 3.48 25'Q3 26'Q3 Sales and Profit Growth YoY in Third Quarter Revenue/Sales YoY Revenue growth (reported) +8% Revenue growth (ex F/X) +2% System sales growth +3% Key factors for Revenue year-over-year change + Net new unit contribution + Foreign exchange impact Total Revenue ($bn) Key factors for Core OP year-over-year change + Efficiency improvement from streamlined operations + Favorable commodity prices + Pizza Hut license fee savings − Value-for-money offerings − Sales deleverage − Higher delivery cost due to increased delivery mix OP growth (reported) +13% OP growth (ex F/X) +6% Core OP growth +6% $mn 25’Q3 26’Q3 Operating Profit 400 451 Special items - - Items affecting comparability - - Foreign currency translation - (28) Core operating profit 400 423
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19 26’Q3 YoY Sales Growth Channel Mix Digital Orders System sales YoY Same-store sales YoY Same-store transactions YoY Average ticket YoY Delivery Total off- premise Sales % +3% (3)% +3% (5)% 54% 75% 94% +1% (3)% +5% (8)% 53% 61% 94% 26’Q3 RMB 36 25’Q3 RMB 38 26’Q3 RMB 65 25’Q3 RMB 70 Due to rapid growth of incremental smaller orders In line with strategy to target mass market Third Quarter Key Performance Highlights – KFC & Pizza Hut
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20 Appendix • Supplemental Financial Information • 2025 Investor Day Highlights • Key Sustainability Updates • Reconciliation of Reported GAAP Results to Non-GAAP Measures
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21 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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22 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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23 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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24 Appendix • Supplemental Financial Information • 2025 Investor Day Highlights • Key Sustainability Updates • Reconciliation of Reported GAAP Results to Non-GAAP Measures
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25 ESG Ratings and Awards Industry No.1 on S&P Global CSA for the 6th Year “Top Employer” in China for the 8th Year 8 consecutive years of “Top Employer” recognition from the Top Employers Institute #1 in the restaurant industry for the 5th consecutive year Industry No.1 in S&P Global 2025 Corporate Sustainability Assessment (CSA) Dow Jones Best-in-Class World Index* member for the 6th Year Included in the S&P Global Sustainability Yearbook 2026 Support UN SDG Industry Leader 5th consecutive year One of the Most Sustainable Companies by TIME TIME World's Best Companies of 2025 TIME Top 500 World's Most Sustainable Companies List (2024- 2025) * Formerly named DJSI World Index
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26 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 Sep 30, 2026 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; ~80 “Angel Restaurants” nationwide* Community Support Food banks in ~1,400 locations across ~200 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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27 Appendix • Supplemental Financial Information • 2025 Investor Day Highlights • Key Sustainability Updates • Reconciliation of Reported GAAP Results to Non-GAAP Measures
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28 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 Quarter ended % Change Year to Date Ended % Change 9/30/2026 9/30/2025 B/(W) 9/30/2026 9/30/2025 B/(W) Operating Profit $ 451 $ 400 13 $ 1,246 $ 1,103 13 Special Items, Operating Profit — — — — Adjusted Operating Profit $ 451 $ 400 13 $ 1,246 $ 1,103 13 Items Affecting Comparability — — — — F/X impact (28) — (72) — Core Operating Profit $ 423 $ 400 6 $ 1,174 $ 1,103 6 Total revenues 3,477 3,206 8 9,886 8,974 10 F/X impact (203) — (545) — Total revenues, excluding the impact of F/X $ 3,274 $ 3,206 2 $ 9,341 $ 8,974 4 Core OP margin 12.9% 12.5% 0.4 ppts 12.6% 12.3% 0.3 ppts.
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29 Reconciliation of Operating Profit to Core Operating Profit (in $mn) KFC Quarter ended Year to Date Ended 9/30/2026 9/30/2025 9/30/2026 9/30/2025 GAAP Operating Profit $ 425 $ 384 $ 1,174 $ 1,062 Special Items, Operating Profit — — — — Adjusted Operating Profit $ 425 $ 384 $ 1,174 $ 1,062 Items Affecting Comparability — — — — F/X impact (25) — (65) — Core Operating Profit $ 400 $ 384 $ 1,109 $ 1,062 Pizza Hut Quarter ended Year to Date Ended 9/30/2026 9/30/2025 9/30/2026 9/30/2025 GAAP Operating Profit $ 73 $ 57 $ 195 $ 163 Special Items, Operating Profit — — — — Adjusted Operating Profit $ 73 $ 57 $ 195 $ 163 Items Affecting Comparability — — — — F/X impact (4) — (11) — Core Operating Profit $ 69 $ 57 $ 184 $ 163
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30 Reconciliation of Operating Profit to Restaurant Profit (in $mn) Yum China Quarter ended Year to Date Ended 9/30/2026 9/30/2025 9/30/2026 9/30/2025 GAAP Operating Profit $ 451 $ 400 $ 1,246 $ 1,103 Less: Franchise fees and income 32 28 91 79 Revenues from transactions with franchisees 183 140 494 376 Other revenues 48 40 130 107 Add: General and administrative expenses 155 143 431 412 Franchise expenses 13 11 37 32 Expenses for transactions with franchisees 172 134 470 361 Other operating costs and expenses 42 35 111 94 Closures and impairment expenses, net 4 4 16 22 Other income, net — — — (1) Restaurant profit $ 574 $ 519 $ 1,596 $ 1,461 Company sales 3,214 2,998 9,171 8,412 Restaurant margin 17.8% 17.3% 17.4% 17.4%
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31 Reconciliation of Operating Profit to Restaurant Profit (in $mn) KFC Quarter ended Year to Date Ended 9/30/2026 9/30/2025 9/30/2026 9/30/2025 GAAP Operating Profit $ 425 $ 384 $ 1,174 $ 1,062 Less: Franchise fees and income 26 22 73 62 Revenues from transactions with franchisees 23 18 61 51 Other revenues 1 1 3 3 Add: General and administrative expenses 66 66 194 186 Franchise expenses 12 9 33 28 Expenses for transactions with franchisees 17 15 47 44 Other operating costs and expenses — 1 1 3 Closures and impairment expenses, net 3 2 13 15 Restaurant profit $ 473 $ 436 $ 1,325 $ 1,222 Company sales 2,547 2,363 7,251 6,630 Restaurant margin 18.6% 18.5% 18.3% 18.4%
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32 Reconciliation of Operating Profit to Restaurant Profit (in $mn) Pizza Hut Quarter ended Year to Date Ended 9/30/2026 9/30/2025 9/30/2026 9/30/2025 GAAP Operating Profit $ 73 $ 57 $ 195 $ 163 Less: Franchise fees and income 4 3 10 7 Revenues from transactions with franchisees 3 2 8 5 Other revenues 4 6 10 19 Add: General and administrative expenses 31 27 85 79 Franchise expenses — 1 3 3 Expenses for transactions with franchisees 2 2 6 5 Other operating costs and expenses 4 6 9 17 Closures and impairment expenses, net 1 2 2 5 Restaurant profit $ 100 $ 84 $ 272 $ 241 Company sales 654 624 1,885 1,753 Restaurant margin 15.3% 13.4% 14.4% 13.7%
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33 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 19,000+ restaurants 2,800+ 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