Yum China Holdings, Inc.

The transcript does not provide explicit details on the current or expected orderbook or pending orders for Yum China. However, relevant insights related to demand and sales include: - Same-store sales growth was slightly positive in Q1, with system sales growing 4% excluding FX impact. - Same-store transactions grew for the 13th consecutive quarter. - Delivery sales continue to grow as a long-term trend despite more rationalized delivery subsidies. - Quarter 2 expected to see sequential improvement in same-store sales for Yum China, KFC, and Pizza Hut. - Delivery sales growth expected to persist, with some rider cost pressures continuing in near term. - Pizza Hut and KFC launching new products and menu innovations to drive traffic and sales. - Franchise store expansion ongoing, with 636 net new stores opened in Q1, ahead of schedule. - Overall confidence in achieving 2026 full year sales targets (same-store sales index 100-102, mid- to high single-digit system sales growth). No specific numeric orderbook or pending order amounts were mentioned.

- There is no mention of any current or planned new fundraising through debt or equity in the call transcript. - The company focuses on strong cash returns to shareholders, having returned $316 million in Q1 2026 through $214 million in share repurchases and $102 million in dividends. - Yum China plans to return about $1.5 billion to shareholders in 2026, primarily via dividends and share buybacks. - From 2027 onwards, they plan to return approximately 100% of annual free cash flow after subsidiary dividends to non-controlling interests, averaging $900 million to over $1 billion annually. - No indications of new equity or debt issuance were discussed during the call.

- Yum China plans to continue driving store network growth with capital efficiency and improving ROIC over time (Page 3). - Flexible store models support franchise growth, including Pizza Hut’s WOW store model and Gemini model, which reduce capital expenditure requirements by leveraging franchisee resources and new innovative solutions like carside pickup (Page 3). - Capital expenditure is expected to be lower, contributing to better depreciation and benefiting margins (Page 7). - Store expansion is accelerated with 636 net new stores opened in Q1, more than one-third of the full-year target (Page 1). - Investment focus includes innovative menu offerings, operational efficiency initiatives, and delivery infrastructure enhancements (e.g., in-car ordering and fast charging stations partnership with BYD) (Pages 3-4).

- Yum China expects same-store sales growth to sequentially improve in Q2 for Yum China, KFC, and Pizza Hut, continuing a positive trend. - Full-year 2026 guidance includes a same-store sales index of 100 to 102 and mid- to high single-digit system sales growth. - Delivery sales growth is anticipated to continue as a long-term trend, despite rationalization of delivery subsidies. - Acceleration of store expansion is a key growth driver, with 636 net new stores opened in Q1 (over one-third of the full-year target). - KPRO brand to grow to approximately 600 stores by 2026, potentially reaching $1 billion in sales. - Continued innovation in menu and delivery models to drive repeat purchases and broaden the addressable market. - Overall system sales grew 4% in Q1 excluding foreign exchange impacts, with expectations to maintain this trajectory.

- Yum China targets full-year 2026 same-store sales index of 100 to 102 with mid- to high single-digit system sales growth. - Operating profit growth is expected to be in the high single digits for 2026. - Double-digit EPS growth is anticipated for the year. - Pizza Hut aims for a restaurant margin exceeding 14.5% by 2028, with potential for earlier achievement. - KFC is expected to maintain a relatively stable margin over the long term. - Delivery sales mix growth will continue, though delivery rider cost pressure is expected to moderate in the second half of 2026. - Operational efficiency and cost-saving initiatives, including rent optimization and lower capital expenditure, are expected to support margin expansion. - The group anticipates a slight improvement in operating profit margin overall in 2026. - EPS grew 7% year-over-year in Q1 2026, reflecting positive momentum.