TH International : Ir Presentation (Tims China Fourth Quarter 2025 Earnings Presentation)

Published: 2026-04-14 08:14:15 ET THCH

Published on 04/14/2026 at 08:14 am EDT

Tims China

Nasdaq: THCH

Q4 2025 Earnings Presentation

April 14, 2026

Business Update

Key Store and Corporate Financial Metrics: Q4 2025

2023

2024

2025

Food and packaging(1)

35.1%

31.4%

29.4%

Rental and property management fee(1)

20.6%

21.0%

21.2%

Payroll and employee benefits(1)

22.8%

20.3%

Other operating expenses(1)

8.0%

8.4%

8.7%

Company owned and operated store contribution margin(1) (2) 0.9% 4.8% 3.7%

Marketing expenses(3)

5.6%

4.1%

5.3%

740bp

Adjusted general and administrative expenses(3) (4) 11.2% 23.2% 15.8%

(25 vs. 24)

200bp

20bp

30bp

110bp

120bp

Adjusted corporate EBITDA margin (3) (5) (15.0%) (14.9%) (11.6%)

330bp

As percentage of revenues from company owned and operated store

Company owned and operated store contribution margin stands for company owned and operated store contribution as a percentage of our revenues from company owned and operated stores. Company owned and operated store contribution is calculated as fully-burdened gross profit of company owned and operated stores excluding depreciation and amortization, previously disclosed as adjusted store EBITDA margin

As percentage of total revenues

Adjusted general and administrative expenses. Calculated as general and administrative expenses excluding share-based compensation expenses, expenses related to the Commitment Shares, the ESA Offering Costs, and expenses related to the Option Shares

Adjusted corporate EBITDA. Calculated as operating loss excluding certain non-cash expenses consisting of depreciation and amortization, share-based compensation expenses, expenses related to the Commitment Shares, the ESA Offering Costs, expenses related to the Option Shares, professional fees related to warrant exchange and other financing programs, impairment losses of long-lived assets and loss on disposal of property and equipment

Key Store and Corporate Financial Metrics: FY 2025

2023 2024 2025

YOY

(25 vs. 24)

Food and packaging(1) 35.0% 31.5% 30.1%

140bp

Rental and property management fee(1) 20.8% 20.3% 20.7%

40bp

Payroll and employee benefits(1)

21.9%

19.5%

18.7%

80bp

Other operating expenses(1)

8.5%

8.0%

7.9%

10bp

Company owned and operated store contribution margin(1) (2)

2.1%

7.4%

7.0%

40bp

Marketing expenses(3)

6.2%

4.7%

4.8%

10bp

Adjusted general and administrative expenses(3) (4)

13.9%

14.2%

13.5%

70bp

Adjusted corporate EBITDA margin (3) (5)

(16.8%)

(6.9%)

(5.9%)

100bp

As percentage of revenues from company owned and operated store

As percentage of total revenues

Q4'23

Q4'24

Q4'25

YoY %

(25 vs 24)

Total stores

902

1,022

1,047

2.4%

Net new stores (1)

143

(77.6)%

Registered Loyalty club members (mm)

18.5

24.0

31.0

29.0%

Digital orders % (2)

83.6%

86.1%

89.4%

3.3ppts

Total revenues (RMB mm)

377.9

332.6

308.5

(7.3)%

System Sales (RMB mm) (3)

375.2

345.7

359.4

4.0%

Resilient Store Network & Loyalty Membership Highlights: 2025Q4

company-owned stores (%) (4)

Revenues from company-owned stores (RMBmm) 328.2

270.2

248.7

(8.0)%

Same-store Sales Growth for 2.5%

(12.3)%

(1.4)%

10.9 ppts

The number of gross new stores opened during the period minus the number of stores permanently closed during the period.

Revenues from digital orders, including both delivery and mobile ordering for self pick-up, as a percentage of THIL's revenues from company owned and operated stores

System Sales include sales generated from company-owned stores and franchise stores

The percentage change in the sales of company owned and operated stores that have been operating for 12 months or longer during a certain period compared to the same period from the prior year. The same-store sales growth for any period of more than a month equals to the arithmetic average of the same-store sales growth of each month covered in the period. If a store was closed for seven days or more during any given month, its sales during that month and the same month in the comparison period are excluded for purposes of measuring same-store sales growth

FY'23

FY'24

FY'25

YoY %

(25 vs 24)

Total stores

902

1,022

1,047

2.4%

Net new stores (1)

285

120

(79.2)%

Registered Loyalty club members (mm)

18.5

24.0

31.0

29.0%

Digital orders % (2)

82.1%

86.1%

89.3%

3.2ppts

Total revenues (RMB mm)

1,560.0

1,391.2

1,316.2

(5.4)%

System Sales (RMB mm) (3)

1,550.4

1,454.5

1,565.1

7.6%

Resilient Store Network & Loyalty Membership Highlights: 2025FY

company-owned stores (%) (4)

Revenues from company-owned stores (RMBmm) 1,389.6

1,188.3

1,068.2

(10.1)%

Same-store Sales Growth for 7.6%

(14.6)%

(2.0)%

12.6 ppts

The number of gross new stores opened during the period minus the number of stores permanently closed during the period.

Revenues from digital orders, including both delivery and mobile ordering for self pick-up, as a percentage of THIL's revenues from company owned and operated stores

System Sales include sales generated from company-owned stores and franchise stores

IP Collaboration - Tims x The Vendetta of An

Cultural IP Collaboration - Tims China introduced a limited-edition collaboration with the popular TV series The Vendetta of An, leveraging its strong cultural resonance to connect with younger consumers through themed beverages, food offerings, and co-branded merchandise. The campaign delivered 200 million total impressions across Douyin, Weibo, and Red Note.

Product Innovation Meeting Local Customer Demand

Carbon Footprint - Eco-friendly Straw Made with Captured CO₂

From emissions to innovation - Tims China and Tencent CarbonXmade turn captured CO₂ into eco-friendly straws.

Every 100 straws store 3.185g of CO₂, verified by SGS

Eco-friendly Straw Launch Fashion Showcase - the models are team members directly involved in the straw's development,

including engineers from the production line and Tims store workers

Focus on Profitable & Capital-Efficient Growth

1,022 1,024 1,015 1,030 1,047

Q4 24

Q4 25

446

455

449

479

485

576

569

566

551

562

Q4 24 Q1 25 Q2 25 Q3 25 Q4 25

Company owned and operated Franchised Total

Q4 24 Q4 25

38%

62%

26%

74%

17 Net New Store Openings in Q4 25 11 Net Company-owned Store Openings 6 Net Franchised Store Openings

(1) Popeyes stores are not included in the count

The Individual Franchise Has Demonstrated Strong Growth

Applications(1)

10,000+

Made-to-order Store Payback Period

2-3 years

Individual franchise stores(1)

Opened #

Signed #

~200

~380

Individual Franchise stores already located across 14 provinces:

Shanghai、Beijing、Zhejiang、Jiangsu、Anhui、 Sichuan、Henan、Shandong、Shanxi、 Guangdong、Liaoning、Heilongjiang、Tianjin……

(1) Since December 2023 till December 31, 2025

Strategic Expansion of Our Franchise Network on Track

485

446

283

593%

Q4 22 Q4 23 Q4 24 Q4 25

59.5

57.9

28.2

9.4

516%

Q4'22 Q4'23 Q4 24 Q4 25

New store of Sub-Franchisee - China Merchants Garden City Store, North Linping, Hangzhou, Zhejiang Province

Steady Growth of Loyalty Club Members and Digital Orders

Registered Loyalty Club Members (mm) Number of Orders (mm)

29.0%

31.0

18.5

24.0

11.3

13.5

12.3

13.7

9.2

Q4 22 Q4 23 Q4 24 Q4 25

26.0%

29.6

18.2

20.6

23.5

Q4'22 Q4 23 Q4 24 Q4 25

89.3%

86.1%

83.6%

81.2%

Q4 22 Q4 23 Q4 24 Q4 25 Q4 22 Q4 23 Q4 24 Q4 25

(1) Revenues from digital orders, including both delivery and mobile ordering for self pick-up, as a percentage of THIL's revenues from company owned and operated stores

Financial Highlights

Top-line Results and Franchise Store Growth

617

632

770

882

277

390

1,022 1,047

377.9

332.6

308.5

301.5

(7.3)%

902

Q4 22 Q4 23 Q4 24 Q4 25

4.0%

375.2

285.8

345.7

359.4

1,022 1,047

902

617

283

446

485

547

619

576

562

Q4 22 Q4 23 Q4 24 Q4'25

Popeyes stores are not included in the count

System Sales include sales generated from company-owned stores and franchise stores

Q4 22 Q4 23 Q4 24 Q4 25

Improving Company Owned and Operated Store Contribution: 2025Q4

2023

2024

2025

Food and packaging(1)

35.1%

31.4%

29.4%

Rental and property management fee(1)

20.6%

21.0%

21.2%

Payroll and employee benefits(1)

22.8%

20.3%

Other operating expenses(1)

8.0%

8.4%

8.7%

Company owned and operated store contribution margin(1) (2) 0.9% 4.8% 3.7%

Marketing expenses(3)

5.6%

4.1%

5.3%

740bp

Adjusted general and administrative expenses(3) (4) 11.2% 23.2% 15.8%

(25 vs. 24)

200bp

20bp

30bp

110bp

120bp

Adjusted corporate EBITDA margin (3) (5) (15.0%) (14.9%) (11.6%)

330bp

As percentage of revenues from company owned and operated store

As percentage of total revenues

Improving Company Owned and Operated Store Contribution: FY 2025

2023 2024 2025

YOY

(25 vs. 24)

Food and packaging(1) 35.0% 31.5% 30.1%

140bp

Rental and property management fee(1) 20.8% 20.3% 20.7%

40bp

Payroll and employee benefits(1)

21.9%

19.5%

18.7%

80bp

Other operating expenses(1)

8.5%

8.0%

7.9%

10bp

Company owned and operated store contribution margin(1) (2)

2.1%

7.4%

7.0%

40bp

Marketing expenses(3)

6.2%

4.7%

4.8%

10bp

Adjusted general and administrative expenses(3) (4)

13.9%

14.2%

13.5%

70bp

Adjusted corporate EBITDA margin (3) (5)

(16.8%)

(6.9%)

(5.9%)

100bp

As percentage of revenues from company owned and operated store

As percentage of total revenues

Q4'23

Q4'24

Q4'25

YoY %

(25 vs 24)

Total stores

902

1,022

1,047

2.4%

Net new stores (1)

143

(77.6)%

Registered Loyalty club members (mm)

18.5

24.0

31.0

29.0%

Digital orders % (2)

83.6%

86.1%

89.4%

3.3ppts

Total revenues (RMB mm)

377.9

332.6

308.5

(7.3)%

System Sales (RMB mm) (3)

375.2

345.7

359.4

4.0%

Improving Key Store and Corporate Financial Metrics: 2025Q4

company-owned stores (%) (4)

Revenues from company-owned stores (RMBmm) 328.2

270.2

248.7

(8.0)%

Same-store Sales Growth for 2.5%

(12.3)%

(1.4)%

10.9 ppts

The number of gross new stores opened during the period minus the number of stores permanently closed during the period.

Revenues from digital orders, including both delivery and mobile ordering for self pick-up, as a percentage of THIL's revenues from company owned and operated stores

System Sales include sales generated from company-owned stores and franchise stores

FY'23

FY'24

FY'25

YoY %

(25 vs 24)

Total stores

902

1,022

1,047

2.4%

Net new stores (1)

285

120

(79.2)%

Registered Loyalty club members (mm)

18.5

24.0

31.0

28.9%

Digital orders % (2)

82.1%

86.1%

89.3%

3.2ppts

Total revenues (RMB mm)

1,560.0

1,391.2

1,316.2

(5.4)%

System Sales (RMB mm) (3)

1,550.4

1,454.5

1,565.1

7.6%

Improving Key Store and Corporate Financial Metrics: FY 2025

company-owned stores (%) (4)

Revenues from company-owned stores (RMBmm) 1,389.6

1,188.3

1,068.2

(10.1)%

Same-store Sales Growth for 7.6%

(14.6)%

(2.0)%

12.6 ppts

The number of gross new stores opened during the period minus the number of stores permanently closed during the period.

Revenues from digital orders, including both delivery and mobile ordering for self pick-up, as a percentage of THIL's revenues from company owned and operated stores

System Sales include sales generated from company-owned stores and franchise stores

Disclaimer

TH International Ltd. published this content on April 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 14, 2026 at 12:13 UTC.