Yum China : 3Q 2025 Earnings Presentation

Third Quarter 2025 Results November 4, 2025

NYSE: YUMC and HKEX: 9987

Q3 Delivered on All 3 Dimensions:

KFC: Fastest openings Q3 YTD

Pizza Hut: Total stores surpassed 4,000

Total

Stores

17,514

In Q3

Net New Stores

536

Restaurant Margin

17.3%

+30 bps

Sales Growth, Margin Gains, and Store Expansion

Sales Growth

Margin Gains

Store Expansion

System Sales Same-store Growth1 Sales Growth1

+4% +1%

Q3 YoY

11th consecutive quarter

Same-store transaction growth

+4% YoY

OP

Margin

12.5%

+40 bps

Q3 YoY

Strong Growth in

Operating Profit

OP / Adj OP

$400 mn

Q3 Record Adjusted OP

OP / Core OP2

+8%

Q3 YoY

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 Comparability and the impact of F/X. The Company uses Core Operating Profit for the purposes of

evaluating the performance of its core operations. 3

Accelerated Expansion Through Flexible Store Formats and Franchising

Total Stores Net New Stores

in Q3 YTD

Penetrated More Locations

Leveraging Franchisees Strategically

Reduced

Average Capex

Healthy New

Store Payback3

12,640

15% Franchise

992

41% Franchise

2,500+

Cities with KFC

310+

New cities entered in last 12 months

1.3-1.4 mn1

RMB / store

(From ~1.5 mn)2

~2 years

4,022

7% Franchise

298

27% Franchise

~1,000

Cities with Pizza Hut

170+

New cities entered in last 12 months

1.0-1.1mn1

RMB / store

(From ~1.2 mn)2

~2-3

years

1 Refers to stores opened in Q3 YTD 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. 4

Delivery: Balanced Growth for Core Brands,

Increased Traffic for Emerging Business

+19%

YoY in Q3 YTD

~44%

~38%

~25%

~5%

~10%

~9%

~47%

~52%

~70%

1 Delivery sales at Company-owned stores.

Sales mix by channels

% of Company sales

Q3 YTD'19 Q3 YTD'24 Q3 YTD'25

~47%

~39%

~18%

+24%

YoY in Q3 YTD

Q3 YTD'19 Q3 YTD'24 Q3 YTD'25

~29%

~29%

~26%

~27%

~32%

~53%

Delivery Sales +23%1 YoY in Q3 YTD

• Core brands maintained a balanced approach - driving top-line growth while protecting margins.

• KCOFFEE Cafes took the opportunity to increase exposure and drive additional traffic.

• Lavazza achieved double-digit same-

store sales growth in Q3.

Dine-in

Takeaway Delivery

5

Digital Sales Exceeded $8 Billion in Q3 YTD

Digital Sales Growth2

Member Growth

Strengthened Own Channels

Digital orders1

Hig

b

80%

55%

86%

89% 89% 90% 94%

Members (mn)3

360+

300+

410+

470+ 525+

575+

Super APP

her digital ordering driven y increased delivery mix

240+

2019 2020 2021 2022 2023 2024 2025 Q3 YTD

2019 2020 2021 2022 2023 2024 2025 Q3 YTD

Mini

Program

1 Digital ordering of total Company sales.

2 Sales at Company-owned stores where orderings were placed digitally.

3 KFC and Pizza Hut loyalty programs combined, as of period-end. 6

KFC Continued to Achieve Solid Growth and Profitability

Q3 2025

+5%

System sales

growth YoY

+2%

Same-store sales

growth YoY

Same-store transaction

growth of 3% YoY

16.0%

OP margin

+30 bps YoY

`

+6%

OP growth

YoY

+6%

Core OP

growth YoY

402

Net new stores

12,640

Total stores

$384mn

Operating profit

18.5%

Restaurant margin

+20 bps YoY

7

Photo: Xi'an Dong Dajie store (西安东大街店)

Creative IP Collaboration

The Monkey King: Havoc in Heaven

Spicy Beef Wrap with crunchy lotus root became the best-selling Beef Wrap LTO in 4 years

Bold Innovation Sparks Market Buzz

Disruptive Food Innovations and Emotional Engagement

8

KCOFFEE Cafe Reached 1,800 Locations

Golden Pineapple Sparkling Americano

Golden Chicken Drumstick Ice Cream & IIAC Gold Medal Coffee

Sticky Rice Smoothie

I am ice-cream!

Accelerated Expansion with Menu Innovation

Photo: Xi'an Dong Dajie store (西安东大街店) 9

Breakthrough KPRO Rolled Out to Over 100 Locations

Energy Bowl

Super Food Smoothie

Extending Our Store Sharing Models to KPRO

Photo: KPRO store in Shanghai MTR city plaza（上海近铁城市广场店） 10