Call Start: 7:00 January 1, 0000 7:55 AM ET

Yum China Holdings, Inc. (YUMC)
Q1 2026 Earnings Call
April 29, 2026 7:00 AM ET

Company Participants

Joey Wat - Chief Executive Officer
Adrian Ding - Chief Financial Officer
Florence Lip - Senior Director, Investor Relations

Conference Call Participants

Michelle Cheng - Goldman Sachs
Chen Luo - Bank of America Merrill Lynch Asset Holdings
Lillian Lou - Morgan Stanley
Sijie Lin - CICC
Ethan Wang - CLSA

(Transcript provided to Seeking Alpha by the company.)

Florence Lip

Thank you, operator. Hello everyone, and welcome to Yum China’s first-quarter 2026 earnings conference call. With me on the call are our CEO, Ms. Joey Wat, and our CFO, Mr. Adrian Ding.

Before we begin, I'll remind everyone that our remarks and investor materials contain forward-looking statements. These are subject to future events and uncertainties, and actual results may differ materially. Please refer to these forward-looking statements together with the cautionary statement in our earnings release and the risk factors included in our SEC filings.

We’ll also be talking about non-GAAP financial measures. We encourage you to review the comparable GAAP measures, along with the reconciliation of non-GAAP and GAAP measures provided in our earnings release, which is available on our Investor Relations website at ir.yumchina.com.

You can also find both the webcast replay and a PowerPoint presentation on our IR website.

Please note that all year-over-year growth rates discussed today exclude the impact of foreign currency unless we mention otherwise.

With that, I’ll now turn the call over to Joey Wat, CEO of Yum China. Joey?

Joey Wat

Hello, everyone and thank you for joining us.

Once again, we delivered solid results in a dynamic environment, reflecting the successful execution of our RGM 3.0 strategy, which balances Resilience, Growth and Moat.

In Q1, revenue