百勝餐飲集團 (YUM) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is Kayla, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Yum! Brands Inc. 2026 First Quarter Earnings Call. (Operator Instructions) I would now like to turn the call over to Matt Morris, Head of Investor Relations. You may begin.

感謝您耐心等候。我叫 Kayla，今天將擔任本次電話會議的接線員。此刻，我想歡迎各位參加 Yum! Brands Inc. 2026 年第一季財報電話會議。（接線員指示）現在我想將電話交給投資人關係主管 Matt Morris。您可以開始了。

Good morning, everyone, and thank you for joining us today. On our call are Chris Turner, our CEO; Ranjith Roy, our CFO; and Dave Russell, our Senior Vice President and Corporate Controller. Following remarks from Chris and Roy will open the call to questions. Please note that this call includes forward-looking statements that are subject to future events and uncertainties that could cause our actual results to differ from these statements.

各位早安，感謝今天加入我們。本次電話會議出席者包括：我們的執行長 Chris Turner；財務長 Ranjith Roy；以及資深副總裁兼公司財務控管長 Dave Russell。Chris 與 Roy 發言後，我們將開放提問。請注意，本次電話會議包含前瞻性陳述，這些陳述受未來事件與不確定性影響，可能導致我們的實際結果與這些陳述有所不同。

All forward-looking statements are only as of the date of this call and should be considered in conjunction with the cautionary statements in our earnings release and risk factors discussed in our SEC filings. Please refer to today's release and filings with the SEC to find disclosures, definitions and reconciliations of non-GAAP financial measures.

所有前瞻性陳述僅以本次電話會議當日為準，並應結合我們財報新聞稿中的警示性陳述，以及我們向 SEC 申報文件中討論的風險因素一併考量。請參閱今日新聞稿與向 SEC 提交的文件，以取得非 GAAP 財務衡量指標的揭露、定義與調節表。

Please note that during today's call, system sales and operating profit growth will exclude the impact of foreign currency. For more details on our reporting calendars by market, please refer to our Financial Reports section of our IR website.

請注意，在今天的電話會議中，系統銷售額與營業利益成長將排除外幣影響。關於各市場的報導日曆更多細節，請參閱我們 IR 網站的「財務報告」專區。

We are broadcasting this conference call via our website. This call is also being recorded and will be available for playback. We'd like to make you aware that our second quarter earnings will be released on July 30, with the conference call on the same day.

我們正透過網站直播本次電話會議。本次會議亦將錄音並提供回放。我們也提醒各位，我們第二季財報將於 7 月 30 日發布，並於同日舉行財報電話會議。

Now I'll turn the call over to our CEO, Chris Turner.

現在我把電話交給我們的執行長 Chris Turner。

Thank you, Matt, and good morning, everyone. At Yum!, we remain committed to our mission to grow iconic route brands globally by building the world's most loved, trusted and connected brands. In support of that mission, we recently unveiled our raise-the-bar priorities to drive our next chapter of global growth.

謝謝你，Matt，各位早安。在 Yum!，我們持續致力於我們的使命：透過打造全球最受喜愛、最值得信賴且最具連結性的品牌，推動標誌性路線品牌（route brands）在全球成長。為支持這項使命，我們近期公布了「raise-the-bar」的優先事項，以推動我們下一篇章的全球成長。

These priorities include battling for the future consumer, accelerating restaurant unit economics, and reaching the full potential of Byte. Our world-class franchisees, along with our unrivaled culture and talent, are critical enablers of these priorities, giving us the scale and expertise to win across the 155 countries in which we operate.

這些優先事項包括：為未來消費者而戰、加速餐廳單店經濟模型，以及充分釋放 Byte 的潛力。我們世界級的加盟商，加上我們無可匹敵的文化與人才，是推動這些優先事項的關鍵助力，讓我們具備規模與專業能力，在我們營運的 155 個國家中取得勝利。

We expect raise the bar to come to life over time and the momentum reflected in Q1 across these priorities and key parts of our business is encouraging. Yum!'s Q1 results marked a solid start year with our fundamentals as strong as ever.

我們預期「raise the bar」將隨時間逐步落地，而第一季在這些優先事項與我們業務關鍵面向所展現的動能令人鼓舞。Yum! 第一季業績為今年開了個穩健的好頭，我們的基本面依然一如既往地強勁。

We are incredibly pleased with the company's top line performance, the integration of new company-owned Taco Bell stores, improved KFC restaurant level margins and disciplined G&A spend all of which contributed to strong profit growth. To give more context, I'll review Q1 performance and the momentum across our priorities, starting with KFC, which represents 53% of our divisional operating profit.

我們對公司營收端表現感到非常滿意；新納入的自營 Taco Bell 門店整合進展順利；KFC 餐廳層級利潤率改善；以及嚴謹的 G&A 費用控管——以上共同帶動了強勁的獲利成長。為提供更多背景，我將回顧第一季表現，以及我們在各項優先事項上的動能，先從 KFC 開始；KFC 佔我們事業部營業利益的 53%。

In Q1, KFC delivered 6% system sales growth. To battle for the future consumer, KFC is elevating its menus through high-impact collaborations and innovation and expand its software platform building on insights and best practices from Saucy by KFC.

第一季，KFC 實現 6% 的系統銷售額成長。為了為未來消費者而戰，KFC 透過高影響力的合作與創新來提升菜單，並在 Saucy by KFC 的洞察與最佳實務基礎上，擴展其軟體平台。

The platform includes globally deployable, bumped and dripped flavor lineups, enabling faster speed to market and more consistent execution across geographies. Eight of KFC's top 20 markets are reactivating or launching one of these SaaS platforms in 2026, including South Africa, India, Germany, the UK France and (inaudible).

該平台包含可在全球部署的「bumped」與「dripped」風味產品線，使上市速度更快，並在各地區之間帶來更一致的執行。KFC 前 20 大市場中有 8 個市場將在 2026 年重新啟動或推出其中一個 SaaS 平台，包括南非、印度、德國、英國、法國以及（聽不清）。

In parallel, KFC is leveraging its new global innovation pantry, which helps markets replicate successful proven menu innovation. For instance, KFC UK is off to a very strong start with a 7% increase in Q1 same-store growth and is seeing strong momentum to start Q2, driven the Pickle Mania menu, which featured four pickle top items.

同時，KFC 正運用其新的全球創新食材庫（global innovation pantry），協助各市場複製已被驗證成功的菜單創新。例如，KFC 英國在第一季同店成長提升 7%，開局非常強勁，且在第二季初也持續展現強勢動能，主要由 Pickle Mania 菜單帶動；該菜單主打四款以酸黃瓜為主題的明星品項。

Pickle Mania is the most successful limited time offer in KFC UK history. The UK team pulled this concept from KFC's global innovation Pantry after Canada had a successful launch in 2025. Cultural relevance is essential to drive engagement with the next generation of consumers. And as a result, KFC continues to add more food options with rice bowls, boneless chicken and occasion-led innovation.

Pickle Mania 是 KFC 英國史上最成功的限時優惠（LTO）。英國團隊是在加拿大於 2025 年成功上市後，從 KFC 的全球創新食材庫中汲取這個概念。文化相關性對於驅動下一代消費者的互動至關重要。因此，KFC 持續增加更多餐食選擇，包括飯碗、無骨雞肉，以及以用餐情境為導向的創新。

A great example in Q1 is the [KWENCH] that launched in Korea, which rapidly became a fan favorite and sustained double-digit weekly growth into its fifth week. On top of KFC's distinctiveness and innovation, the brand is driving system sales through industry-leading development with 7%-unit growth in Q1 and a record number of Q1 gross builds. KFC added new stores in 45 countries, strong unit economics are a key factor behind this momentum.

第一季的一個絕佳例子是於韓國推出的 [KWENCH]，迅速成為粉絲最愛，並在上市後第五週仍維持每週雙位數成長。除了 KFC 的差異化與創新之外，品牌也透過業界領先的展店推動系統銷售額成長：第一季單位數（門店）成長達 7%，且第一季新開店（gross builds）數量創下紀錄。KFC 在 45 個國家新增門店，而強勁的單店經濟效益是這股動能背後的關鍵因素。

In partnership with its franchisees, KFC is working to accelerate restaurant economics even further across several key markets. Recently, KFC brought one of its best franchisees into Brazil, who is innovating its store formats. The franchisee recently opened with its first prefabricated restaurants in Chile.

KFC 與加盟商合作，致力於在數個關鍵市場進一步加速餐廳經濟效益。近期，KFC 將其最佳加盟商之一引入巴西，該加盟商正創新門店形式。該加盟商最近也在智利開出其首批預製式餐廳。

These stores are assembled in the manufacturing facility over 45 days and only require 15 days to assemble on-site. This represents a reduction in construction time of 17 weeks versus traditional bills. This is just one small example of the ways in which we will encourage our teams and franchisees to take bold ideas to improve franchisee unit economics.

這些門店在製造工廠內於 45 天完成組裝，現場僅需 15 天即可完成搭建。相較傳統建造方式，施工時間縮短了 17 週。這只是我們鼓勵團隊與加盟商提出大膽構想、以改善加盟商單店經濟效益的眾多方式之一的小例子。

Moving to Taco Bell, which represents 39% of our divisional operating profit, Taco Bell's magic formula is firing on all cylinders. Taco Bell US reported 8% same-store sales growth, meaningfully outperforming the industry. This is Taco Bell's eighth consecutive quarter of US same-store sales growth ahead of the industry.

接著談 Taco Bell，其佔我們事業部營業利益的 39%。Taco Bell 的「魔法公式」正全面發揮效力。Taco Bell 美國同店銷售成長 8%，顯著優於產業表現。這是 Taco Bell 連續第 8 個季度在美國的同店銷售成長領先產業。

On a two-year basis, Taco Bell's US same-store sales have grown 18% miles ahead of the overall QSR industry. Same-store sales growth in the quarter reflects 3 percentage points of transaction growth with value scores and value mix, both increasing, thanks to the successful launch of the Luxe Value menu. As the Taco Bell leadership team laid out in their 2030 ambitions at Consumer Day in March 2025, the brand has a clear multiyear plan to expand its offerings with long-term targets that reflect persistent market share gains.

以兩年為基礎計算，Taco Bell 美國同店銷售已成長 18%，大幅領先整體 QSR 產業。該季度同店銷售成長中，有 3 個百分點來自交易量成長；價值評分與價值組合（value mix）也雙雙提升，主要受益於 Luxe Value 菜單的成功推出。正如 Taco Bell 領導團隊在 2025 年 3 月的 Consumer Day 所提出的 2030 年願景，品牌已擬定清晰的多年計畫以擴大產品供給，並設定反映持續市占提升的長期目標。

As one example of the impact of the strategy, expanded use occasions among light consumers has led to perception gains for Taco Bell on factors, including good for dinner, good for large groups and good for healthier options. These expanded perceptions show that Taco Bell was driving not only short-term sales momentum, but importantly, long-term brand strength.

作為策略影響的一個例子，輕度消費者的使用情境擴張，帶動 Taco Bell 在多項認知因素上的提升，包括「適合晚餐」、「適合大型聚會」以及「適合較健康的選擇」。這些認知面的擴張顯示 Taco Bell 不僅在推動短期銷售動能，更重要的是在強化長期品牌力。

Taco Bell was battling for the future consumer by pairing unbeatable value and innovation with cultural relevance. The power of this combination was on display at its Live Mas Live event last month where the brand unveiled more than 20 menu innovations for 2026. The event was streamed on Peacock with headline-making guest appearances from Doja Cat, Davante Adams, Ariana Madix, Benson Boone, (inaudible) and many, many more.

Taco Bell 透過將無可匹敵的價值與創新，結合文化相關性，來為未來消費者而戰。這種組合的力量在上個月的 Live Mas Live 活動中充分展現，品牌公布了 2026 年超過 20 項菜單創新。該活動在 Peacock 平台直播，並有 Doja Cat、Davante Adams、Ariana Madix、Benson Boone、（聽不清）等多位重量級嘉賓現身，還有更多、更多。

Social media mentions and media coverage were 60% higher than last year and Taco Bell believes the event can be even bigger next year. Live Mas Live is a powerful example of Taco Bell's unique ability to create a marquee brand moment, amplify innovation at scale and reinforced its position at the center of culture. Furthermore, Taco Bell's success is fueled by more than value and innovation.

社群媒體提及量與媒體報導量較去年高出 60%，Taco Bell 相信明年活動規模還能更大。Live Mas Live 是 Taco Bell 獨特能力的有力例證：打造旗艦級品牌時刻、以規模放大創新，並鞏固其位於文化核心的地位。此外，Taco Bell 的成功不僅由價值與創新所驅動。

Operationally, Taco Bell is executing at a superior level on key measures, including consumer satisfaction and order accuracy. Taco Bell improved its consumer satisfaction scores in every period since March of last year. The brand relentlessly tracks order accuracy in part by monitoring consumer complaints which have declined this year since rolling out operational improvements in 2025.

在營運面，Taco Bell 在多項關鍵指標上以更優異的水準執行，包括消費者滿意度與訂單正確率。自去年 3 月以來，Taco Bell 在每個期間的消費者滿意度分數皆有所提升。品牌也持續嚴密追蹤訂單正確率，其中一部分是透過監測消費者抱怨；自 2025 年推出營運改善措施後，今年抱怨量已下降。

I am confident that Taco Bell will continue to lead the industry. Thanks not only to value and innovation, but also improved consumer experiences coming to life through superior execution, superior speed and superior digital and loyalty platforms.

我有信心 Taco Bell 將持續引領產業。這不僅歸功於價值與創新，也歸功於更佳的消費者體驗正透過更卓越的執行力、更快的速度，以及更出色的數位與會員忠誠平台逐步落地。

At our smallest brand, Abbott Burger and Grill we are pleased with the top line momentum generated from aggressive moves to enhance value, bring new innovation the Baja Crispy fish sandwich to its menu and to elevate brand distinctiveness. The positive impact comes while the team continues working to mitigate the ongoing bottom line impact of inflation, particularly from beef prices.

在我們規模最小的品牌 Abbott Burger and Grill，我們對於透過積極行動所帶動的營收動能感到滿意；這些行動包括強化價值主張、將全新創新產品 Baja Crispy fish sandwich 納入菜單，以及提升品牌差異化。這些正面影響出現之際，團隊仍持續努力緩解通膨對獲利端（特別是牛肉價格）所造成的持續衝擊。

One bold move to enhance brand positioning in habits home market of Southern California is the new partnership with the L.A. Dodgers. I had an opportunity recently to experience the amazing new habit location inside Dodger Stadium and the nearby Dodgers themed restaurant in EchoPark.

為了在 The Habit 的本土市場南加州強化品牌定位，其中一項大膽舉措是與洛杉磯道奇隊（L.A. Dodgers）建立新的合作夥伴關係。我最近有機會親身體驗道奇球場（Dodger Stadium）內令人驚豔的全新 The Habit 門市，以及位於 Echo Park 附近、以道奇隊為主題的餐廳。

Yum! is also investing smartly in testing bolder bets around innovation to keep our brands ahead of consumer shifts. For instance, through findings from Colider, our in-house consumer insights agency, Taco Bell and KFC are leaning into the fast-growing beverage category by introducing highly differentiated offerings.

Yum! 也正以更精準的方式投資，測試在創新方面更大膽的押注，以讓我們的品牌持續領先消費者偏好的轉變。舉例來說，透過我們內部消費者洞察機構 Colider 的研究發現，Taco Bell 與 KFC 正切入成長快速的飲料品類，推出高度差異化的產品。

Starting with Taco Bell. In 2025, 62% of the brand's orders included a beverage, making this an important area in which to increase the pace of innovation and deepen consumer engagement. From the beginning, the team has been intentional from ideation to development to ensure that even the Taco Bell beverage platform becomes a category of warm.

先從 Taco Bell 談起。2025 年，該品牌 62% 的訂單包含飲料，使其成為加快創新節奏並深化消費者互動的重要領域。從一開始，團隊就從構想到開發皆有意識地規劃，確保即使是 Taco Bell 的飲料平台也能成為一個「令人嚮往」的品類。

Taco Bell continues to pilot Live Mas Cafe in 38 restaurants and a unique set of Taco Bell style drinks that won't be found anywhere else, such as Churo Chillers, and a suite empanada and cream chiller. Taco Bell is already leveraging learnings from the pilot to broaden the beverage menu across the entire system with proven success such as midnight Baja Blast and Agua Refrescas.

Taco Bell 持續在 38 家餐廳試行 Live Mas Cafe，以及一系列獨特、別處找不到的 Taco Bell 風格飲品，例如 Churo Chillers，以及一套 empanada and cream chiller。Taco Bell 已運用試點經驗，將經驗證成功的品項（如 midnight Baja Blast 與 Agua Refrescas）擴大到全系統的飲料菜單。

In fact, 43% of Taco Bell's specialty beverage sales are stand-alone orders without food, proving the opportunity for incrementality is very high. Similar excitement for beverages is building at KFC. This year, KFC is scaling its Quench beverage platform to the UK Australia and Canada and building a pipeline of additional markets for further expansion.

事實上，Taco Bell 的特色飲料銷售中有 43% 是不搭配食物的單點訂單，證明增量成長的機會非常高。KFC 方面也正在累積對飲料的同等熱度。今年，KFC 正把其 Quench 飲料平台擴展至英國、澳洲與加拿大，並建立更多市場的儲備管線，以利進一步擴張。

On top of better operational execution, buzzworthy innovation and compelling value, our brands are also delivering superior results through our digital channels. This quarter, digital mix increased to 63% and digital sales approached $11 billion expanding loyalty is fundamental to growing our digital business and broadening consumer appeal. This year, KFC is planning 20 additional markets, putting the brand on a path to triple its 90-day active user base.

除了更佳的營運執行、話題性創新與具吸引力的價值主張之外，我們的品牌也透過數位通路交出更優異的成果。本季數位占比提升至 63%，數位銷售額逼近 110 億美元；擴大會員忠誠計畫是推動數位業務成長並拓寬消費者吸引力的關鍵。今年，KFC 規劃新增 20 個市場，讓品牌走在將其 90 天活躍用戶基數提升至三倍的路徑上。

Our proprietary Byte by Yum! technology platform powers our digital business. A key element of our efforts to reach the full potential of Byte is expansion into new markets. This quarter, Taco Bell UK became the first international market to roll out both the digital ordering and Smart Ops bundles.

我們自有的 Byte by Yum! 技術平台為數位業務提供動能。要充分釋放 Byte 的潛力，我們努力的關鍵要素之一是拓展至新市場。本季，Taco Bell UK 成為首個同時推出數位點餐與 Smart Ops 套件的國際市場。

Shifting to Byte from previous disparate third-party technologies provides the business with a single unified platform, enabling greater agility and consistency and execution. The capabilities in the Byte platform provide Taco Bell UK with more integrated digital and restaurant experiences and greater opportunities for personalization on digital channels and in the restaurant.

從先前分散的第三方技術轉換至 Byte，可為業務提供單一、統一的平台，進而提升敏捷性、一致性與執行力。Byte 平台的能力讓 Taco Bell UK 能提供更整合的數位與餐廳體驗，並在數位通路與店內創造更多個人化機會。

In addition, use cases for AI continue to multiply, reinforcing the value of Yum! owning our digital ecosystem. This gives you a powerful advantage. Our global data assets, coupled with Byte's reach allow us to scale new AI features quickly for consumers. We also benefit from AI-driven efficiency gains within our digital and technology teams, benefits about which Roy will share more in a moment.

此外，AI 的應用情境持續倍增，進一步凸顯 Yum! 擁有自家數位生態系的價值，這將帶來強大的優勢。我們的全球數據資產，加上 Byte 的覆蓋範圍，使我們能快速為消費者規模化推出新的 AI 功能。我們也受益於 AI 驅動的效率提升，這些效益發生在我們的數位與技術團隊之中；關於這點，Roy 稍後會再分享更多。

All of our bold ambitions from redefining beverages to earning the right to host star-studded streamed innovation events are made possible by our people and our franchisees. We remain unified by our pursuit of accelerating growth into the future.

我們所有大膽的企圖心——從重新定義飲料，到贏得主辦星光熠熠的串流創新活動的資格——都仰賴我們的員工與加盟商而得以實現。我們仍因共同追求加速未來成長而團結一致。

As a testament to that, right now, in our Plano office, nearly 500 KFC marketing, development and franchise leaders and GMs from around the globe are gathered for KFC's marketing planning meeting and Development Summit sharing insights and best practices, showcasing what's working locally and how it can scale globally, all in service of raising the bar in our largest brand.

作為佐證，此刻在我們位於普萊諾（Plano）的辦公室，來自全球近 500 位 KFC 行銷、開發與加盟領導者及總經理（GMs）正齊聚一堂，參加 KFC 的行銷規劃會議與開發高峰會（Development Summit），分享洞察與最佳實務，展示各地有效做法以及如何在全球擴大推廣，所有努力都是為了在我們最大品牌上再創更高標準。

Stepping back, what encourages me most is that the first quarter results reflect the strength we believe matter most. We have incredible brands that our consumers love. Our brands are benefiting from strong long-term consumer consumption trends in the categories in which we play. Specifically, Mexican and chicken are projected to grow well ahead of the overall limited-service restaurant market over the next five years.

退一步來看，最令我鼓舞的是，第一季的結果反映了我們認為最重要的優勢。我們擁有消費者喜愛的卓越品牌。我們的品牌也受惠於所處品類的長期消費趨勢強勁。具體而言，預計在未來五年，墨西哥風味與雞肉品類的成長將明顯領先整體有限服務餐廳（limited-service restaurant）市場。

We have world-class franchise partners who are experts at navigating dynamic environments. We have proprietary digital and technology capabilities that create seamless experiences for consumers and enable more productive restaurant operations for our franchisees. We are still early in 2026, and we know the environment remains dynamic, but our teams are executing with focus. Our brands are staying close to the consumer and we remain confident in the opportunities ahead as we raise the bar.

我們擁有世界級的加盟夥伴，擅長在多變環境中航行。我們具備自有的數位與技術能力，能為消費者打造無縫體驗，並讓加盟商的餐廳營運更具生產力。2026 年仍在年初階段，我們知道環境依然動態，但團隊正專注執行。我們的品牌緊貼消費者，我們也對未來機會保持信心，並將持續拉高標準。

With that, Roy, over to you.

接下來交給你，Roy。

Thanks, Chris, and good morning, everyone. I'll begin with reviewing our first quarter results before discussing Yum!'s balance sheet, liquidity position and guidance for the year. Beginning with the top line. In the first quarter, Yum! system sales grew 6%.

謝謝你，Chris，各位早安。我將先回顧第一季業績，接著說明 Yum! 的資產負債表、流動性狀況以及今年的指引。先從營收端開始。第一季，Yum! 系統銷售額成長 6%。

We grew new units by 5% and same-store sales globally at 3%. Digital sales approached $11 billion with digital mix reaching a new high now at 63%. The Taco Bell US achieved restaurant level margins of 23.9%. We are pleased that despite significant inflation, Taco Bell has again demonstrated its ability to expand US company-owned margins.

我們的新開店數成長 5%，全球同店銷售成長 3%。數位銷售額逼近 110 億美元，數位占比創新高、達到 63%。Taco Bell 美國業務的餐廳層級利潤率達 23.9%。我們很高興看到，儘管通膨顯著，Taco Bell 再次展現其擴大美國直營店利潤率的能力。

KFC restaurant level margins were 10.3%, up 100 basis points year-over-year, driven by a 240 basis points increase in UK restaurant margins. Ex special G&A was $284 million and was up 4%. Franchise and license expense was $43 million, $9 million higher year-over-year, primarily due to the investment in marketing and innovation testing as part of the Hut Forward program. Excluding Pizza Hut, Yum! system sales grew 7%, G&A grew 3% and core operating profit grew 10%.

KFC 的餐廳層級利潤率為 10.3%，年增 100 個基點，主要由英國餐廳利潤率提升 240 個基點所帶動。扣除特殊項目後的 G&A 為 2.84 億美元，年增 4%。加盟與授權費用為 4,300 萬美元，年增 900 萬美元，主要因 Hut Forward 計畫中對行銷與創新測試的投資所致。若排除 Pizza Hut，Yum! 系統銷售額成長 7%，G&A 成長 3%，核心營業利益成長 10%。

Now on to development. We opened [1,030] new stores in the quarter. KFC opened 648 new stores, driven by a strong start in China and development across 45 countries. As we focus on our raise-the-bar priorities, you can imagine we are actively prioritizing ways to further accelerate unit economics, including optimizing restaurant build costs and introducing new equipment suppliers and specifications. Additionally, KFC's creativity around innovation is playing a role in accelerating unit economics.

接著談開發。我們本季新開設 [1,030] 家門市。KFC 新開 648 家門市，主要受惠於中國的強勁開局，以及在 45 個國家的持續開發。隨著我們聚焦於 raise-the-bar 的優先事項，各位可以想像，我們正積極優先推動進一步加速單店經濟效益的方法，包括最佳化餐廳建置成本，以及導入新的設備供應商與規格。此外，KFC 在創新方面的創意也正在加速單店經濟效益的提升。

The brand's new beverage platform, Quench provides attractive refit ROI with paybacks under three years as seen on existing UK stores. But this package also improves overall paybacks on new restaurant builds. Our innovation and growth mindset continues to help us identify, attract and support world-class franchise partners who are eager to join our system and take advantage of these opportunities.

該品牌的新飲料平台 Quench，對既有英國門市的改裝（refit）可帶來具吸引力的投資報酬率（ROI），回收期低於三年。但這套方案也能改善新店建置的整體回收期。我們的創新與成長思維，持續協助我們辨識、吸引並支持世界級加盟夥伴，他們渴望加入我們的系統並把握這些機會。

We expect further momentum in KFC markets that have recently transitioned franchise partners, including in Turkey, Italy and Japan, where total units are up 9% year-over-year. While the Middle East conflict creates uncertainty globally, the impact on development has thus far been relatively minor and has included short-term delays to obtain government permits and procure equipment in select markets such as the UAE and Turkey.

我們預期近期完成加盟夥伴轉換的 KFC 市場將有進一步動能，包括土耳其、義大利與日本，這些市場的總店數年增 9%。儘管中東衝突在全球造成不確定性，但迄今對開發的影響相對有限，主要包括在阿聯與土耳其等特定市場，取得政府許可與採購設備出現短期延遲。

At this time, we see no change to our KFC development plans for the year and note that 90% of KFC's development outside of China is contractual through development agreements with our well-capitalized franchisee base that believes in the brand.

目前，我們認為今年 KFC 的開發計畫沒有變化；同時也指出，KFC 在中國以外的開發中，有 90% 是透過與資本實力雄厚、且看好品牌的加盟商所簽訂的開發協議（development agreements）而具契約保障。

Moving to Taco Bell. The brand opened 30 gross units in the first quarter, including 14 in the US and 16 internationally. In the US the brand has a long-term opportunity of 10,000-plus stores, representing over a decade of future growth and capturing exciting new opportunities such as college campuses and airports. In international markets, Taco Bell total international system sales were up 16% in Q1.

接著談 Taco Bell。該品牌第一季總計新開 30 家門市，其中美國 14 家、國際 16 家。在美國，該品牌長期機會可達 10,000 家以上門市，代表未來超過十年的成長空間，並可掌握如大學校園與機場等令人振奮的新機會。在國際市場方面，Taco Bell 第一季國際系統銷售額年增 16%。

This is backed by strong performance in many key markets, including two-year stacked same-store sales growth of 23% in the UK 18% in Canada and 45% in India. Success in these larger markets is generating increased interest from new partners to launch Taco Bell in other new markets such as Poland and Germany. Recall Taco Bell entered five new markets last year and plans to expand its market count further this year.

這得益於多個關鍵市場的強勁表現，包括英國兩年疊加同店銷售成長23%、加拿大18%，以及印度45%。在這些較大型市場的成功，正帶動新合作夥伴對於在其他新市場（如波蘭與德國）推出 Taco Bell 的興趣提升。回顧一下，Taco Bell 去年進入了五個新市場，並計畫在今年進一步擴大其市場數量。

Shifting to technology. We continue to raise the bar on modern QSR technology and digital experiences with Byte by Yum!. As we mentioned on our previous earnings call, the UK and Australia markets for KFC are on track to roll out by bundles this year, representing 2,000 incremental restaurant locations native to Byte once that rollout is complete.

接著談科技。我們持續透過 Byte by Yum! 提升現代 QSR 科技與數位體驗的標準。如同我們在上一場財報電話會議中提到的，英國與澳洲的 KFC 市場今年將按套件（bundles）推進上線，待該上線完成後，將新增 2,000 家餐廳據點原生採用 Byte。

And as Chris said, in Q1, Taco Bell UK became the first international market to onboard both the Byte digital ordering and smart ops bundles, demonstrating the platform scalability across markets and brands. Within Byte and beyond, our digital and technology leaders are focused on the myriad ways we can adopt AI, which can be a powerful enabler of Yum!'s long-term growth. We are embedding AI in our consumer-facing technologies and innovations across our restaurant operations.

此外，如 Chris 所說，在第一季，Taco Bell 英國成為首個同時導入 Byte 數位點餐與智慧營運（smart ops）套件的國際市場，展現該平台在不同市場與品牌間的可擴展性。在 Byte 以及更廣泛的範圍內，我們的數位與科技領導團隊正聚焦於我們能採用 AI 的各種方式；AI 可成為推動 Yum! 長期成長的強大助力。我們正將 AI 嵌入面向消費者的科技與創新之中，並貫穿餐廳營運。

In Q1, Taco Bell US piloted AI-driven AB testing in the drive-thru with plans to roll out the technology nationwide this year. This new feature can dynamically change the layout content and visuals on a car-by-car basis allowing the brand to generate insights more quickly and make more effective national adjustments. Whether it is voice AI in the drive-thru or AI-driven dynamic menu boards, the seamless rollout of these new tech features has been made possible due to the physical and digital assets we have developed and deployed over the years.

在第一季，Taco Bell 美國於得來速試行 AI 驅動的 AB 測試，並計畫於今年在全美推廣該技術。這項新功能可依每一輛車動態調整版面內容與視覺呈現，使品牌能更快速產生洞察，並進行更有效的全國性調整。無論是得來速的語音 AI，或是 AI 驅動的動態電子菜單看板，這些新科技功能之所以能順利推行，皆得益於我們多年來所開發並部署的實體與數位資產。

Including the underlying integrated by technology and the physical investments in digital menu boards that we and our franchisees rolled out over several years. Similar AI-driven enhancements will be tested and scaled across our brands to drive loyalty adoption and growth. Beyond consumer-facing technologies, as Chris mentioned, Yum! is also uniquely positioned to capture efficiency improvements from AI that will accelerate productivity within our enterprise.

其中包括底層的整合式科技，以及我們與加盟商多年來逐步推行的電子菜單看板等實體投資。類似的 AI 驅動強化功能也將在各品牌進行測試並擴大規模，以推動會員忠誠度（loyalty）的採用與成長。除了面向消費者的科技之外，如 Chris 所提到，Yum! 也具備獨特優勢，可透過 AI 捕捉效率提升，進而加速企業內部的生產力提升。

We are currently building an enhanced version of the Byte Kitchen Display System, with an overall team that is half the size of what it would have been in the past, enable us to accelerate the pace of technology innovation substantially and expand the pipeline of value-added digital and technology initiatives our team members can work on. We are excited about the potential that AI provides to our business.

我們目前正在打造升級版的 Byte 廚房顯示系統（Kitchen Display System），而整體團隊規模僅為過去的一半，這使我們能大幅加快科技創新的節奏，並擴大具附加價值的數位與科技計畫管線，讓團隊成員能投入更多專案。我們對 AI 為業務帶來的潛力感到振奮。

Next, I'll provide an update on our balance sheet and liquidity position. For the quarter, gross capital expenditures totaled $75 million. Our net leverage ratio ended the quarter at approximately 3.8 times. During the quarter, we repurchased approximately 1.2 million shares for a total of $185 million. As a reminder, we generate a run rate of approximately $1.8 billion in operating cash flow ex Pizza Hut.

接下來，我將更新我們的資產負債表與流動性狀況。本季資本支出總額為 7,500 萬美元。本季末的淨槓桿比率約為 3.8 倍。本季我們回購約 120 萬股，總金額為 1.85 億美元。提醒一下，我們的營運現金流（不含 Pizza Hut）年化約為 18 億美元。

When you couple that with the additional debt capacity we generate each year from our profit growth and our 4 times net leverage ratio expectation, that is a run rate of over $2.5 billion of cash generated annually that we expect to grow at a healthy clip each year going forward.

再加上我們每年因獲利成長所帶來的額外舉債能力，以及我們對淨槓桿比率 4 倍的預期，這意味著我們每年可產生超過 25 億美元的現金，且預期未來每年都將以健康的速度成長。

We are disciplined around our priorities and the use of this capital to maximize shareholder value through, first, prioritizing strategic investments in the business; second, maintaining a strong and flexible balance sheet third, offering a competitive dividend; and fourth, returning any remaining excess cash to shareholders.

我們在資本使用與優先順序上保持紀律，以透過以下方式最大化股東價值：第一，優先投入對業務具策略性的投資；第二，維持強健且具彈性的資產負債表；第三，提供具競爭力的股利；第四，將任何剩餘的超額現金回饋給股東。

As we refinance upcoming maturities, we will have the ability to upsize debt offerings and return substantial excess capital to shareholders. And subject to financing market conditions, we intend to do so. For this year, we expect our full year interest expense to fall in the range of $510 million to $520 million, excluding any potential debt issuances. More broadly, as we look ahead to the balance of the year, we remain very confident in our ability to meet or exceed each component of our long-term growth algorithm when excluding Pizza Hut.

在我們為即將到期的債務進行再融資時，我們將有能力擴大發債規模，並將可觀的超額資本回饋給股東；在融資市場條件允許下，我們也有意這麼做。今年我們預期全年利息費用將落在 5.10 億至 5.20 億美元區間（不含任何可能的新增發債）。更廣泛而言，展望今年剩餘時間，在不含 Pizza Hut 的前提下，我們對於達成或超越長期成長演算法（long-term growth algorithm）的各項組成要素仍非常有信心。

We now expect Taco Bell US restaurant level margins to be between 24.5% and 25.5%, reflecting better top line momentum and higher margins than originally planned from the acquired Taco Bell stores. As we shared last quarter, full year ex special G&A growth, excluding Pizza Hut, is expected to be up mid-single digits.

我們目前預期 Taco Bell 美國餐廳層級利潤率將介於 24.5% 至 25.5%，反映更佳的營收動能，以及自收購的 Taco Bell 門店所帶來、較原先規劃更高的利潤率。如同我們上季分享的，在不含 Pizza Hut 的情況下，全年（不含特殊項目）的 G&A 成長預期為中個位數成長。

As a reminder, amortization of reacquired franchise rights is anticipated to increase $30 million this year, largely due to the acquisition of franchise stores by Taco Bell in Q4 2025. To help model the shape of the year, we expect Q2 to reflect high single-digit growth year-over-year ex special ex Pizza Hut G&A due to the timing of project spend. Additionally, we expect approximately $5 million of noncash closure expenses for habit as we opportunistically optimize our store network by making a small number of closures in subscale markets.

提醒一下，今年回購加盟權利的攤銷費用預計將增加 3,000 萬美元，主要是因 Taco Bell 於 2025 年第四季收購加盟門店所致。為協助建模全年走勢，我們預期第二季（不含特殊項目、不含 Pizza Hut）的 G&A 年增將呈現高個位數成長，原因在於專案支出時點。此外，針對 Habit，我們預期約 500 萬美元的非現金關店費用，因我們將把握機會透過在規模不足的市場進行少量關店，以最佳化門店網路。

Turning to Pizza Hut. The brand saw strength across many international markets. Note 11% system sales growth in the Middle East and 8% system sales growth in both China and Latin America. Pizza Hut's Q1 core operating profit growth was in line with our guidance, and we expect Q2 core operating profit of approximately $70 million. Both Q1 and Q2 core operating profit includes expense related to the onetime hut forward investment that we previously disclosed.

接著談 Pizza Hut。該品牌在多個國際市場展現強勁表現。請注意：中東系統銷售成長 11%，中國與拉丁美洲的系統銷售皆成長 8%。Pizza Hut 第一季核心營業利益成長符合我們的指引，我們預期第二季核心營業利益約為 7,000 萬美元。第一季與第二季的核心營業利益皆包含先前揭露的一次性 Hut Forward 投資相關費用。

With regard to the strategic options review for Pizza Hut. That process has progressed since our last earnings call, and we remain on track to complete the review in 2026. As previously communicated, the objective of the review is to create value for Yum!, Pizza Hut and its franchise partners by determined the optimal approach to capitalize on Pizza Hut's structural advantages. Its strong brand equity, experienced franchise partners and meaningful scale.

關於 Pizza Hut 的策略選項檢視（strategic options review），自上次財報電話會議以來該流程已有所進展，我們仍按計畫在 2026 年完成檢視。如先前所溝通，該檢視的目標是透過確定最佳方式來發揮 Pizza Hut 的結構性優勢，為 Yum!、Pizza Hut 及其加盟夥伴創造價值，包括其強大的品牌資產、經驗豐富的加盟夥伴，以及具意義的規模。

In closing, Yum! delivered a strong start to 2026 with core operating profit growth, excluding Pizza Hut of 10%. We are only in the early innings of executing against our raise-the-bar priorities that will help refine Yum!'s next chapter of growth. We are excited for the journey ahead. And with that, operator, we are ready to take questions.

最後總結，Yum! 在 2026 年開局表現強勁，核心營業利益成長（不含 Pizza Hut）達 10%。我們才剛開始執行「提高標準」（raise-the-bar）的優先事項，這將有助於塑造 Yum! 下一階段的成長篇章。我們對前方旅程感到振奮。接下來，接線員，我們準備開始回答提問。

(Operator Instructions)

（接線員指示）

David Palmer, Evercore.

David Palmer，Evercore。

Thanks. I always enjoy getting some color from you on global demand trends and what you're seeing out there. It looks like as we look at the system sales results and market for KFC, China and Canada may be a little bit of slowing on a one-a-year basis, but Asia, India, Middle East look very strong, if not accelerating, Europe pretty stable. So any color as you look around the globe in terms of demand trends as we think about the rest of the year?

謝謝。我一直很喜歡聽你們分享一些關於全球需求趨勢與你們在市場上看到的情況。看起來，若我們觀察 KFC 的系統銷售結果與市場表現，中國與加拿大在一年對一年基礎上可能稍微放緩，但亞洲、印度、中東看起來非常強勁，甚至在加速；歐洲則相當穩定。因此，當你們放眼全球、並思考今年剩餘時間時，能否分享一些關於需求趨勢的觀察？

Thanks, David. We're pleased with the progression in KFC International. If you look over the last 4 quarters, we've seen acceleration on a two-year same-store sales basis. in each of those quarters in KFC International. Lots of good things happening. As you said, if you look across those markets, you've got plenty of double-digit system sales growth markets. And we gave a few examples in the speeches.

謝謝你，David。我們對 KFC 國際業務的進展感到滿意。若看過去 4 個季度，我們在 KFC 國際業務的兩年同店銷售基礎上，每一季都看到加速。很多好事正在發生。正如你所說，若放眼這些市場，你會看到不少系統銷售呈現雙位數成長的市場。我們在發言中也舉了幾個例子。

UK is at the lead of bringing to life a more vibrant consumer proposition, leveraging innovation, expanding consumer use occasions Korea. I was with the Korea team from KFC earlier this week. They have doubled their system sales over the last few years. They've reached the highest rate of unit development last year, nearly 3 times to 4 times their previous pace in Latin America as the Serono Group moves into Brazil, we're seeing great things.

英國在打造更具活力的消費者主張方面走在前面，善用創新並擴大消費者使用情境；韓國方面，我本週稍早與 KFC 的韓國團隊在一起，他們在過去幾年系統銷售翻倍。去年他們達到最高的展店速度，幾乎是先前速度的 3 倍到 4 倍；在拉丁美洲，隨著 Serono 集團進入巴西，我們也看到非常好的進展。

But if you step back and say what's driving that -- has now been in the business for a year. He, of course, was part and parcel of building the Taco Bell strategy that we laid out last year and he's bringing the same thing.

但如果你退一步來看，並問是什麼在驅動這些表現——他現在加入這個業務已經一年了。他當然也是我們去年提出的 Taco Bell 策略的關鍵推手之一，而他正在把同樣的方法帶到這裡。

He's setting a very high aspiration. He's creating specific targets and then he's building the strategies that will bring that to life. Of course, given the 150 markets, that's going to take some time to come to life, but those countries that I mentioned are proof points that his strategy is working, and we're excited about the momentum ahead.

他設定了一個非常高的願景。他正在制定具體目標，並建立能將其落地的策略。當然，考量到涵蓋150個市場，這需要一些時間才能真正實現，但我提到的那些國家就是證明點，顯示他的策略正在奏效，我們也對接下來的動能感到振奮。

David Tarantino, Baird.

David Tarantino，Baird。

Hi, good morning, Chris, another question on international. And I guess mines more focused on the franchisee appetite for unit growth given all the geopolitical issues that are out there. And I know you mentioned on the call that there was still a good pipeline for this year. But thinking more into next year or the next few years, are you seeing any signs of pause related to the unit growth, either for KFC or Taco Bell. I know Taco Bell International is a big opportunity for you. So if you can comment on that as well, that would be great. Thanks.

嗨，早安，Chris，關於國際業務我還有一個問題。我想更聚焦在：在目前各種地緣政治議題之下，加盟商對於門店（unit）成長的意願如何。我知道你在電話會議中提到今年仍有不錯的開店管線。但若把視角放到明年或未來幾年，你們是否看到任何因門店成長而出現暫停的跡象，不論是KFC或Taco Bell？我知道Taco Bell國際業務對你們而言是很大的機會，所以也請一併評論一下，將非常感謝。謝謝。

Yeah, thanks, David. As we look at our unit development outlook, we have high confidence. We just set a new record for Q1 unit development in KFC. The Taco Bell international unit development story continues to grow. If you think about KFC, as we mentioned on the call, we're actually with our KFC franchisees and our development leaders here this week in Plano. We're talking about the elements of the Raise the Bar strategy. Of course, the first part of that is battling for the future consumer, which should lead to higher same-store sales growth and higher AUVs.

好的，謝謝你，David。就我們的門店開發展望來看，我們非常有信心。我們剛在第一季創下KFC門店開發的新紀錄。Taco Bell國際門店開發的故事也持續成長。以KFC來說，如同我們在電話會議中提到的，本週我們正在Plano與KFC加盟商及開發領導團隊一起開會，討論「Raise the Bar」策略的各項要素。當然，其中第一部分是為未來消費者而戰，這應該會帶來更高的同店銷售成長與更高的AUV（平均單店營收）。

The A is accelerating restaurant economics, and the R is reaching the full potential to buy. But that accelerating. Restaurant economics is about leveraging those higher AUVs over time and leveraging our scale in supply chain, in prototype design, in the scale that Byte provides us to improve unit economics. And that will ultimately help us to broaden the number of markets from which we get strong unit development. We have incredible unit economics in our biggest unit development markets today, China, India, Middle East, but we know there is so much white. Space that we can get to if we can improve paybacks in broader markets.

其中A代表加速餐廳經濟模型（accelerating restaurant economics），R代表觸及可購買的全部潛力（reaching the full potential to buy）。而「加速餐廳經濟模型」的核心，是隨時間推進把更高的AUV槓桿化，並運用我們在供應鏈、店型原型設計，以及Byte為我們帶來的規模優勢，來改善單店經濟效益。這最終將幫助我們擴大能夠帶來強勁門店開發的市場範圍。目前我們在最大門店開發市場（中國、印度、中東）擁有極佳的單店經濟效益，但我們也知道，只要能在更廣泛的市場改善投資回收期（paybacks），就還有非常多的白地空間（white space）可以拓展。

Europe is a prime example of that our team and our franchise partner in Italy has shown us that that is possible. If we go to Taco Bell International, we're continuing to see great growth. You look at those system sales numbers and those same-store sales growth numbers that Roy shared, a lot of great things happening there.

歐洲就是一個很好的例子；我們的團隊以及在義大利的加盟夥伴已經向我們證明這是可行的。再看Taco Bell國際業務，我們持續看到很好的成長。你看看Roy分享的系統銷售額（system sales）以及同店銷售成長（same-store sales growth）數據，那裡有很多很棒的進展。

It was in 2021 that we had 100 units in Spain. We're now at 180 units today. 2022 is when we had 100 units in India and the UK we're now at 156 and 142 in those two markets. Canada will probably be the next market that gets to 100 units, and we're adding new markets all the time. So we're pleased with the progress there our long-term aspiration is to sustain or even accelerate our pace of unit development.

2021年時，我們在西班牙有100家門店；現在已經到180家。2022年時，我們在印度和英國各有100家門店；現在這兩個市場分別來到156家與142家。加拿大很可能會是下一個達到100家門店的市場，而且我們也一直在新增市場。因此我們對那裡的進展感到滿意；我們的長期願景是維持、甚至加速門店開發的步伐。

And, David, I'll just add to that. If you look at history and KFC, there's no more consistent unit developer than KFC global over time. because it's underwritten by a really strong investment case in many markets around the world and amazing well-capitalized franchisees.

另外，David，我再補充一點。若你回顧KFC的歷史，長期來看，沒有比KFC全球更穩定的門店開發者了。因為在全球許多市場，它背後都有非常強的投資論述（investment case）支撐，以及資本實力雄厚、表現出色的加盟商。

So if you look in times of disruption in the past, 2021 and 2022, you had a lot of supply chain disruption grew net new units, 8% and 11% in those years. In 2024 and 2025, you're talking about the Middle East crisis and its aftermath.

所以如果你看過去的動盪時期，像2021年與2022年，當時供應鏈受到很大干擾，但我們在那兩年仍分別新增淨門店（net new units）成長8%與11%。而在2024年與2025年，你談的是中東危機及其後續影響。

We saw 7% net new unit growth in both years. when you exclude the impact of Turkey and Russia exits. And as for the current conflict, its relevance to unit growth, the entire Middle East represents less than 150 units in our current pipeline. And as of today, our partners in that region expect no change to plans. And so we have a lot of confidence in KFC, both based on track record as well as what we're seeing on the ground.

在排除退出土耳其與俄羅斯的影響後，我們在那兩年淨新增門店成長都達到7%。至於目前衝突對門店成長的相關性，中東整體在我們目前的開店管線中不到150家門店。而截至今天，該地區的合作夥伴預期計畫不會有任何改變。因此，無論基於過往紀錄或我們在第一線看到的情況，我們對KFC都非常有信心。

John Ivankoe, JPMorgan.

John Ivankoe，JPMorgan。

Yes, hi. I was curious how you're currently thinking about the organization post Pizza Hut. You obviously have an opportunity include use of modern AI to really rethink your organization from a top-to-bottom perspective. It's really an opportunity, if you will, for Yum! to kind of restart itself and how it thinks about managing the business from the store level all the way up.

是的，你好。我想了解你們目前如何思考Pizza Hut之後的組織架構。你們顯然有機會運用現代AI，從上到下重新思考整個組織。某種程度上，這也是Yum!的一個機會，讓公司可以重新啟動，重新思考如何從門店層級一路到更高層級來管理業務。

So how should we think about total dollar spent, whether it's G&A as a percentage of system sales, whether we should just revert back to kind of AI and Byte specifically bending the curve on G&A, just to give us some guidepost in terms of how you're thinking about this potentially big overall efficiency and effectiveness opportunity for the overall Yum! G&A spend. Thank you.

那麼我們應該如何看待總支出金額？例如，G&A占系統銷售額的比例會如何？或者我們是否應該回到「AI、尤其是Byte」能夠讓G&A曲線下彎（bending the curve on G&A）的思路？想請你提供一些參考指標，讓我們理解你如何看待這個可能相當大的、針對整體Yum! G&A支出的效率與效能提升機會。謝謝。

Yeah, hey, Thanks, John. Of course, the Pizza Hut process, as we said, continues to progress well. We'll share more once we conclude that process. But if I step back and think broadly about the impact of on the organization.

好的，嗨，謝謝你，John。當然，正如我們所說，Pizza Hut的流程仍在順利推進。我們會在流程結束後分享更多。不過如果我先退一步，從更宏觀的角度來看其對組織的影響。

We're very pleased with the progress we're making of course, it is enabled by the fact that we have gotten to more consistent platforms through Byte by Yum! that both across our restaurant footprint, particularly in the US and we'll be expanding more and more internationally, but also in our above store systems. And if I talk about our philosophy as it relates to AI, first and foremost, we want to use AI to drive growth.

我們對目前取得的進展非常滿意。當然，這得益於我們透過Byte by Yum!建立了更一致的平台：一方面覆蓋我們的餐廳版圖，特別是在美國，並且我們會在國際市場持續擴張；另一方面也涵蓋我們的店外（above store）系統。若談到我們與AI相關的理念，第一優先是用AI來驅動成長。

That's what's exciting in our business, and you're going to see us have use cases, like the one we mentioned, be the leader in rolling out AB testing to our digital drive-throughs and Taco Bell is all about driving growth and getting a better consumer experience out there faster.

這才是我們業務中令人興奮的地方。你們會看到我們推出一些使用情境（use cases），例如我們提到的：在數位得來速（digital drive-through）推行A/B測試（AB testing）方面成為領導者；而Taco Bell的重點就是推動成長，並更快地把更好的消費者體驗帶到市場上。

We're also going to use AI to elevate our team members, whether in the restaurants or in our above-restaurant roles, we want to help make our jobs easier and allow people to be more productive and do things faster. And so just a couple of examples from an org standpoint that are pretty interesting. I was with our GM of KFC UK this week.

我們也會用AI來提升（elevate）我們的團隊成員，不論是在餐廳內或是在店外職能角色中；我們希望讓工作更容易，讓大家更有生產力、做事更快。從組織角度來看，有幾個例子相當有意思。本週我和KFC英國的總經理在一起。

That team has really embraced they now have 10 different AI agents that are playing roles in the organization. For example, there's a virtual team member on the KFC UK development team, that's helping with permitting and it's taken care of a lot of the basic analysis and fact gathering, which is speeding up our applications for permits on new units there.

那個團隊真的很擁抱這件事——他們現在有10個不同的AI代理（AI agents）在組織中扮演角色。舉例來說，KFC英國開發團隊有一位虛擬團隊成員，協助處理許可申請（permitting），它已經完成了許多基礎分析與事實蒐集工作，讓我們在當地新店的許可申請速度更快。

Our corporate learning and development team has a virtual team member Judy, who is doing some great work in helping us build training programs, getting those out faster and being more productive in how we do it. So we're really pleased with the progress. More to come there, but we're going to use it to drive growth and make our jobs more productive and easier for our team members.

我們的企業學習與發展團隊也有一位虛擬團隊成員Judy，她在協助我們建立訓練課程方面做得非常好，讓我們能更快推出訓練計畫，並以更高效率完成相關工作。所以我們對進展非常滿意。後續還會有更多分享，但我們會用它來驅動成長，並讓團隊成員的工作更有效率、更輕鬆。

Dennis Geiger, UBS.

Dennis Geiger，UBS。

Great. Morning, guys. I wanted to ask a bit more about Taco Bell's impressive momentum and the outlook for the US Taco Bell. Chris, you gave a lot of good color in the prepared remarks. But could you touch a little bit more on how the brand generates these strong results even in this particularly difficult consumer environment? And the second piece, just as it relates to the dynamic around the Live Mas Cafes, anything more to share on what you're seeing there and sort of the potential for those cafes looking ahead? Thank you.

很好。各位早安。我想再多問一些關於Taco Bell令人印象深刻的動能，以及美國Taco Bell的展望。Chris，你在事先準備的發言中提供了很多很好的補充說明。不過你能否再多談一點：在目前這個特別艱難的消費者環境下，品牌是如何仍能創造這些強勁成果的？第二部分，關於Live Mas Cafes的動態，你是否能再分享一些你們目前看到的情況，以及展望未來這些咖啡館的潛力？謝謝。

Yeah, thanks a bunch. Look, the Taco Bell team has continued to put up quarter after quarter of great results. It's an amazing business. And if you dig into why this Taco Bell continue to perform. It's really about delivering what consumers need in any environment.

好的，非常感謝。你看，Taco Bell團隊已經連續一季又一季交出很棒的成績。這是一個非常出色的業務。而如果你深入探究Taco Bell為何能持續表現優異，關鍵其實在於：在任何環境下都能提供消費者所需要的東西。

It's not just one thing. It's multiple things. that's grounded in structural advantage. The Mexican category is growing ahead of the overall restaurant space and Taco Bell was a category of one in that space. We also have a business model there that allows us to deliver value while also ensuring high margins for our franchise partners.

不只是單一因素，而是多重因素。這些因素建立在結構性優勢之上。墨西哥料理品類的成長領先整體餐飲市場，而 Taco Bell 在該領域幾乎是獨一無二的品類代表。我們在那裡也有一套商業模式，讓我們在提供價值的同時，也能確保加盟夥伴維持高利潤率。

So structural advantage is one piece, and then you got a great strategy. Sean and his team laid that out very clearly last year at the Consumer Day, raised their aspirations. They set a very specific target to strive for $3 million AUVs by 2030, and then they laid out an actionable strategy to bring that to life, and we are on track with that strategy. They're doing a great job executing it.

因此，結構性優勢是一部分，接著還有很棒的策略。Sean 和他的團隊去年在 Consumer Day 已非常清楚地闡述，並提高了他們的目標。他們設定了非常明確的目標：到 2030 年力拚達到 300 萬美元的 AUV，並提出可落地執行的策略來實現，我們也正按該策略推進。他們在執行上做得非常出色。

Of course, that strategy covers ensuring we have a culturally relevant brand. We mentioned some examples of that. Craveable innovation that is broadening the consumer use occasion. So it's given more consumers, more reason to come to the brand more frequently. And that is driving transaction growth at all income levels.

當然，該策略涵蓋確保我們擁有具文化相關性的品牌。我們也提到了一些例子。還有更具吸引力的創新，正在擴大消費者的使用情境。因此讓更多消費者有更多理由更頻繁地選擇這個品牌。而這正在推動各收入層級的交易量成長。

It's allowing us to expand with families with children we also have very easy experience, the fastest drive-through of any large-scale QSR player and those operations are getting better, as we mentioned. And of course, we deliver unbeatable value the WEX value menu that we revamped in Q1 is performing very well. one third of all Taco Bell tickets have an item from the value menu there, and people are really building meals with a lot of variety using the value made. So lots of strength but we're just in the starting stages of the strategy that Sean laid out. So we're very excited about future continued momentum in Taco Bell.

這也讓我們能擴展到有孩童的家庭客群；同時我們的體驗非常便利——在所有大型 QSR 業者中，我們的得來速速度最快，而且如我們所提到的，營運表現也在持續改善。當然，我們也提供無可匹敵的價值：我們在第一季改版的 WEX 超值菜單表現非常好。Taco Bell 所有訂單中有三分之一包含超值菜單的品項，而且消費者真的會用超值菜單搭配出多樣化的餐點。因此優勢很多，但我們仍處於 Sean 所提出策略的起步階段。所以我們對 Taco Bell 未來持續的動能感到非常興奮。

As we go to beverages, the Lomas case, I think of right now, as the seed for broader beverage expansion already across the entire Taco Bell business, if I open up my Taco Bell app right now, I can find 15 different specialty beverages available there.

談到飲料，我現在把 Lomas 的案例視為更廣泛飲料擴張的種子，而且這種擴張其實已經在整個 Taco Bell 業務中展開。若我現在打開 Taco Bell App，就能看到上面有 15 種不同的特色飲品可供選擇。

Some of those came from Litmos Cafe, like the Refrescas. But you got dirty sodas, you've got freezes, already a really distinctive business, coupled with our proprietary QSR Baja Blast platform through our partnership with Pepsi Care. So we're already getting tremendous returns from the Litmos Cafe investments. We'll continue to see how that pilot goes to see where we take the specific concept.

其中一些來自 Litmos Cafe，例如 Refrescas。但你也有 dirty sodas，也有 freezes，本來就已是一個非常具辨識度的業務，再加上我們透過與 Pepsi Care 的合作所打造、屬於我們的 QSR 專有 Baja Blast 平台。因此我們已經從 Litmos Cafe 的投資中獲得非常可觀的回報。我們會持續觀察該試點的進展，以決定這個特定概念接下來要如何推進。

Gregory Francfort, Guggenheim Securities.

Gregory Francfort，Guggenheim Securities。

Hey, thanks for the question. I guess maybe clarification. Are you guys disclosing the KFC US and international comps anymore? And then my question is on Saucy and the thought process. I think, Chris, you made some comments about taking elements of Saucy and bringing them to different markets around the world.

嗨，謝謝你的提問。我想先請教一個釐清：你們是否還會揭露 KFC 美國與國際的同店銷售（comps）？另外我的問題是關於 Saucy 以及背後的思考流程。我記得 Chris，你曾提到把 Saucy 的一些元素帶到全球不同市場。

Are you viewing this as maybe a testing hub for the rest of the system? And do you expect to maybe bring some elements of it into the US system at some point in '26 or '27?

你們是否把它視為整個系統的測試樞紐？以及你們是否預期在 2026 或 2027 年的某個時間點，把其中一些元素導入美國系統？

Let me start with the KFC business. It is a strategically important business for us. It's our biggest brand. It's our home market and a vibrant chicken market. We've said over the last few years, we've been dissatisfied with the trajectory of performance in that business. And we're very pleased with what the US leadership team is doing to change the trajectory there. some good moves in Q1. The partnership with Matty Matheson, which is increasing relevance to a broader consumer set.

我先從 KFC 業務談起。這對我們而言是具策略重要性的業務。它是我們最大的品牌，是我們的本土市場，而且雞肉市場也很蓬勃。過去幾年我們一直表示，對該業務的表現走勢並不滿意。而我們對美國領導團隊為扭轉走勢所做的事情感到非常滿意。第一季有一些很好的動作，例如與 Matty Matheson 的合作，提升了對更廣泛消費族群的相關性。

We are, of course, still serving the core we have the build your own bucket, $20 value offering in Q1 and as we came into Q2, we've rolled out a revamped value construct the $7, $9, $11 options. So lots of good things happening there, and they are -- they have a big pipeline of innovation that they are working. That ties to say KFC. Similar to Live Mas Cafe, we are already earning a big return on the Saucy investment across the global business.

當然，我們仍在服務核心客群：第一季推出「自選桶」的 20 美元超值方案；進入第二季後，我們也推出重新設計的超值架構：7、9、11 美元的選項。因此有很多好事正在發生，而且他們——他們正在推進一個龐大的創新管線。回到 KFC：類似於 Live Mas Cafe，我們已經在全球業務中，從 Saucy 的投資獲得很大的回報。

So if you were in our marketing planning meetings here in Plano this week, you would see how the Saucy learnings are leading to tenders innovation globally to soft innovation, the way -- the process that we use to identify the specific sauce formulation that will resonate with consumers in any market and even concept inspiration.

所以如果你這週在普萊諾（Plano）參加我們的行銷規劃會議，你會看到 Saucy 的學習成果如何在全球推動雞柳（tenders）創新、推動軟性創新；以及我們用來辨識在任何市場都能引起消費者共鳴之特定醬料配方的方式——與流程，甚至也帶來概念上的靈感。

Christophe Poirier, who developed the Saucy concept is now the KFC Global Chief Concept Officer. So we are leveraging Saucy in a big way in terms of powering the broader KFC business.

開發 Saucy 概念的 Christophe Poirier 現在是 KFC 全球首席概念官（Global Chief Concept Officer）。因此我們正以很大的力度運用 Saucy，來驅動更廣泛的 KFC 業務。

Yes, and in terms of your question on the disclosure. Look, we're always focused on providing the appropriate level of transparency and disclosure. If you noticed in our press release, we've moved KFC US from being a subsegment where more details are disclosed to the system sales table.

是的，至於你關於揭露的問題。你看，我們一直專注於提供適當程度的透明度與資訊揭露。如果你注意到我們的新聞稿，我們已將 KFC 美國從原本會揭露更多細節的子分部，調整到系統銷售（system sales）表中。

So it's still in the system sales table and restaurant counts. But as we look this quarter, we periodically review our disclosure to ensure that it aligns with drivers of growth and profitability that are most relevant to everyone following our releases. US KFC is placed on our disclosure now is reflective of its scale in the overall Yum! portfolio, where it currently comprises materially less than 5% of Yum! operating profit ex Pizza Hut. And of course, we'll continue to focus on it strategically. But from a disclosure standpoint, that's where it landed.

因此它仍在系統銷售表與餐廳數量中。但就本季而言，我們會定期檢視揭露內容，以確保其與大家追蹤我們公告時最關注的成長與獲利驅動因素一致。美國 KFC 目前在我們揭露中的位置，反映了它在整體 Yum! 投資組合中的規模——目前其在 Yum! 營業利益（不含 Pizza Hut）中所占比重明顯低於 5%。當然，我們仍會在策略上持續聚焦它；但就揭露角度而言，目前就是這樣的安排。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

Quick clarification on the question. So the clarification is, does the KFC development guidance for the year reflect the ripple effect of the Middle East conflict and what we're hearing about LPG shortages in some international markets outside of the Middle East? Or are you just speaking to the direct Middle East region, fairly okay?

我想快速釐清一下：今年的 KFC 展店指引是否已反映中東衝突的外溢影響，以及我們聽到在部分中東以外的國際市場出現 LPG（液化石油氣）短缺的情況？還是你們只是指中東地區本身，基本上還可以？

And then Roy, my question was about just helping to level set investor expectations on Taco Bell. What do you believe to be the most instructive way for investors to think about for the remainder of 2026 following 1Q strength. In the past, we've heard about holding your stack steady. Is that a fair way to think about how the remainder of the year should progress for Taco Bell? Or is that overly simplistic mid gas price is north of $4 a gallon?

然後 Roy，我的問題是想協助投資人重新校準對 Taco Bell 的預期。在第一季表現強勁之後，你認為投資人應該用什麼最具指標性的方式來看待 2026 年剩餘期間？過去我們聽過「維持堆疊（stack）穩定」的說法。用這種方式來看 Taco Bell 今年剩餘時間的走勢是否合理？還是這樣過於簡化，尤其在汽油價格每加侖超過 4 美元的情況下？

Andrew, first on the Middle East with KFC. Just to clarify what Roy shared earlier. We are confident in global KFC unit development on this year and beyond. As he mentioned, the Middle East represents mid-single-digit percentage of our total unit development plan in KFC. There have been some supply chain implications on equipment, so the lead times may be a little longer and some costs may be a little higher but our franchise partners in the region are doing a really nice job navigating that situation.

Andrew，先談 KFC 的中東情況。我先釐清 Roy 先前分享的內容：我們對今年以及未來的全球 KFC 展店（unit development）有信心。如他提到的，中東約占我們 KFC 總展店計畫的中個位數百分比。供應鏈在設備方面確實有一些影響，因此交期可能會稍微拉長、部分成本可能會略高，但我們在該地區的加盟夥伴在應對這個情況上做得非常好。

And of course, their first priority is keeping team members safe and keeping consumers safe in this environment, but they're doing a great job navigating the business. So overall, no change to KFC's unit development outlook. On Taco Bell, look, as I mentioned, this is a multiyear strategy that the team laid out. Of course, they're continuing to refine and elevate that strategy for the long term. But you saw a Live Mas Live, the innovation agenda for the year that's going to come to life. It is incredibly exciting.

當然，他們的首要任務是在這樣的環境下確保團隊成員安全、也確保消費者安全，但他們在經營上應對得很好。因此整體而言，KFC 的展店展望沒有改變。至於 Taco Bell，如我提到的，這是團隊所規劃的一個多年策略。他們當然也會持續為長期精煉並提升該策略。但你也看到了 Live Mas Live——今年將落地的創新議程，真的非常令人振奮。

It continues to add and build new consumer use occasions. There are other elements of the strategy that are helping us to retain these consumers who we are attracting to the brand. If I just take loyalty and digital. We're now approaching an [50%] digital mix in Taco Bell US and our loyalty program continues to grow 30% growth in loyalty sales year-over-year and it's because the loyalty program is resonating with consumers, and it's helping people to engage with the brand more and more frequently. So a broad range of drivers that will drive the strategy going forward, we're confident in Taco Bell's continued strength.

它持續新增並打造新的消費者使用情境。策略中還有其他元素，能幫助我們留住這些被吸引到品牌的消費者。以會員與數位為例：Taco Bell 美國的數位占比正接近 [50%]，而我們的會員計畫也持續成長——會員銷售年增 30%，因為會員計畫確實引起消費者共鳴，並幫助人們更頻繁地與品牌互動。因此有廣泛的驅動因素將推動策略向前，我們對 Taco Bell 持續的強勁表現有信心。

And I think on your question around the remainder of the year. Look, we're not going to give quarter-to-quarter guidance. But I will say from our prepared remarks and what you're hearing in our voice, we have confidence in Taco Bell momentum I'd say, more confidence than we had earlier in this year and you're hearing that from us.

我想就您關於今年剩餘時間的問題來說。您看，我們不會提供逐季的指引。但我會說，從我們事先準備的發言以及您從我們語氣中聽到的內容來看，我們對 Taco Bell 的動能有信心——我會說，比今年稍早更有信心，而您也正從我們這裡聽到這一點。

And I'd say that's not just top line, but also on the margin front, where we've taken up guidance on margins. Just now, when you think about Q1, what's really impressive is you have not just the backdrop of the consumer, we have the backdrop of inflation.

而且我會說，這不只是營收端，還包括利潤率端——我們已上調了利潤率指引。就在剛才，當您回想第一季時，真正令人印象深刻的是：不僅有消費者環境這個背景，我們還面臨通膨的背景。

We launched a rebrand of our value platform and expanded restaurant margins at the same time. And so that gives us a lot of confidence in Taco Bell as we look towards the remainder of the year and to Chris's point beyond as well.

我們在推出價值平台的品牌重塑的同時，也擴大了餐廳利潤率。因此，這讓我們在展望今年剩餘時間，以及如 Chris 所說更長遠的未來時，對 Taco Bell 更有信心。

Christine Cho, Goldman Sachs.

Christine Cho，高盛。

Thank you so much, and congrats on a great quarter. A few quarters ago, I think you mentioned plans to appoint a Chief Scale Officer. And I think I'd love to hear your latest thinking on how you intend to align and incentivize the organization and leadership to really focus on driving improvements in unit economics globally that seems to be central to your raise the bar framework?

非常感謝，也恭喜你們交出很棒的一季。幾季前我記得你們提到計畫任命一位「首席規模長」（Chief Scale Officer）。我很想聽聽你們最新的想法：你們打算如何對齊並激勵組織與領導團隊，真正聚焦於推動全球單店經濟模型（unit economics）的改善——這似乎是你們「raise the bar」框架的核心？

Yeah, thanks so much. Look, we've got an amazing leadership team in our business. Of course, we're powered by the best talent and culture in the industry. We do still intend to add that Chief Scale Officer role. We've taken our time to make sure we get that right from an organizational standpoint, but we're not being our focus on the scale benefits that can come from those teams.

是的，非常感謝。你看，我們的業務擁有一支非常出色的領導團隊。當然，我們由業界最優秀的人才與文化所驅動。我們仍然打算增設首席規模長這個職位。我們花了一些時間，確保從組織架構角度把這件事做對，但我們並沒有偏離對於可由這些團隊帶來之規模效益的聚焦。

The teams that would sit underneath that leader are in place today, and they are doing great work. I took the global supply chain organization, which we pulled together over the last one to two years, we've got an incredible team there. They are focused on the international sourcing across markets -- they are bringing great leverage.

在那位領導者之下的團隊今天就已經到位，而且他們做得非常好。我以我們在過去一到兩年整合起來的全球供應鏈組織為例——那裡有一支非常強的團隊。他們專注於跨市場的國際採購——帶來了很好的槓桿效益。

They're going category by category with specific goals for how to dollars to the bottom line for our franchise partners, leveraging Yum! scale. They've already got many, many wins on the board and many more to come. So we are focused on that. And of course, our brand leaders as part of raise the bar, have specific efforts that they are taking on in conjunction with that to ensure that we're accelerating restaurant economics. So lots of good work happening there as we move further on filling that rollable share updates when they're ready.

他們按品類逐一推進，並為如何把成本節省轉化為加盟夥伴的獲利（直接反映到淨利）設定明確目標，運用 Yum! 的規模優勢。他們已經取得了非常非常多的成果，後面還會有更多。所以我們正聚焦在這上面。當然，作為 raise the bar 的一部分，我們的品牌領導團隊也在與此協同推進具體工作，以確保我們加速提升餐廳經濟效益。這方面有很多好進展；至於填補該職位的進度，我們會在準備好時再分享更新。

Andy Barish, Jefferies.

Andy Barish，Jefferies。

Good morning, guys. Just back on Taco Bell kind of if you wouldn't mind sharing sort of philosophically your thoughts on equity ownership, obviously, the deal in the 4Q, and I think there was a small cleanup deal in Australia in the 1Q or early 2Q. And just kind of -- how should we think about where kind of the Taco Bell franchise system is at least domestically?

各位早安。回到 Taco Bell 的話題，如果你們不介意分享一下你們在股權持有方面的理念——顯然第四季有那筆交易，我想第一季或第二季初在澳洲也有一筆小型的整理交易。那麼，從理念上來看——我們應該如何看待 Taco Bell 的加盟體系，至少在美國本土目前所處的位置？

I sense a few different parts to that question. The first one I'd say is like about -- you talked about the equity portfolio in Taco Bell. Can you clarify, is it about our equity ownership or about our franchise base?

我感覺這個問題有幾個不同的部分。第一個我想說的是——你提到 Taco Bell 的股權投資組合。你能澄清一下嗎？你是指我們的股權持有，還是指我們的加盟商基礎？

No, it's about your philosophy in terms of being opportunistic in buying more Taco Bell stores.

不是，是指你們在機會出現時買入更多 Taco Bell 門店的理念。

Got it. Okay. Look, we love being an asset-light business. We continue to have amazing franchise partners around the world and KFC Taco Bell, who run world-class restaurants. Historically, we made, as you know, opportunistic acquisitions that are relatively small.

了解。好。你看，我們很喜歡作為一家輕資產（asset-light）的企業。我們在全球持續擁有很棒的加盟夥伴，無論是 KFC 還是 Taco Bell，他們都在經營世界級的餐廳。歷史上，如你所知，我們確實做過一些機會型收購，而且規模相對較小。

If you think about the Q4 Taco Bell acquisition we made, 128 restaurants out of a worldwide base of 60,000 restaurants that we have is relatively small. That said, these strategic acquisitions, we view them as providing a number of benefits.

如果你想想我們在第四季完成的 Taco Bell 收購——128 家餐廳，相較於我們全球 60,000 家餐廳的基礎來說，規模相對小。但即便如此，我們認為這些策略性收購能帶來多方面的效益。

First, there's a financial benefit. When you think about the returns, we get buying at reasonable multiples and driving growth in those restaurants itself, we can drive returns that materially exceed the hurdle rates we have for investment.

第一，是財務效益。當你考量我們以合理倍數買入，並推動這些餐廳自身的成長時，我們可以創造顯著高於我們投資門檻報酬率（hurdle rates）的回報。

Second, the strategic benefits. So you think about some of the acquisitions we made like the KFC UK restaurants and the Taco Bell Southeast restaurants and the results that drives in those markets and the ability to open up Byte space that are strategic benefits to the broader system that are way beyond the actual investment that we actually made.

第二，是策略效益。你看我們做過的一些收購，例如英國的 KFC 餐廳，以及 Taco Bell 美國東南部的餐廳——這些在當地市場帶來的成果，以及能夠開拓對整個系統具有策略意義的「Byte」空間（Byte space），其策略效益遠遠超過我們實際投入的投資本身。

And thirdly, it does add mindset and muscle in those markets where you have to run a restaurant, and you have to think like an operator, and that provides broader benefits. So look, I'd say there's a number of benefits that we see from those and we're going to do it selectively and strategically. And when we do it, it will be for specific reasons where it has maximum impact, we're going to keep our eyes open for the opportunities that provide that.

第三，它也能在那些市場增強心態與能力——你必須親自經營餐廳、必須像營運者一樣思考，而這會帶來更廣泛的好處。所以你看，我會說我們看到這些收購有多重效益，我們會以選擇性且策略性的方式來做。當我們做的時候，會基於能產生最大影響的特定原因；我們也會持續留意能提供這類效益的機會。

Operator, we have time for one more question.

接線員：我們還有時間再問最後一題。

Jeffrey Bernstein, Barclays.

Jeffrey Bernstein，Barclays。

Great, thank you very much. Chris, just a question on the broader QSR segment positioning. Just thinking about an industry perspective. I don't think anybody is more knowledgeable on QSR trends with your global portfolio. But in the past, US macro slowdowns, I think was built that QSR was well positioned, retaining the lower income with value, inheriting trade down from above.

很好，非常感謝。Chris，我想問一個關於更廣泛 QSR（速食餐飲）板塊定位的問題，從產業角度來看。以你們的全球組合來說，我想沒有人比你更了解 QSR 趨勢。但過去在美國宏觀放緩時，普遍的看法是 QSR 的定位很好：以「價值」留住低收入族群，同時承接來自更高價位的消費降級（trade down）。

But it does feel like this go around is increasing investor concerns that QSRs may be losing the lower income with less value and not inheriting from above. To be clear, clearly, you're not seeing that at Taco Bell, but just wondering as you look across the QSR segment more broadly, I guess more of an industry question, do you think QSR positioning has changed at all? Or should QSR again be the beneficiary in the more challenged macro? Thank you.

但這一輪似乎讓投資人更擔心：QSR 可能因為價值感不足而流失低收入族群，同時也沒有從上方承接到降級需求。說清楚一點，你們顯然沒有在 Taco Bell 看到這種情況；但我想問的是，當你更廣泛地觀察整個 QSR 板塊——算是產業問題——你認為 QSR 的定位是否有任何改變？或者在更具挑戰的宏觀環境下，QSR 是否仍應該是受益者？謝謝。

Look, as I look at the US macro landscape and the US consumer, I have to look at it through the lens of our business. And our largest business in the US is Taco Bell, and I think what you're seeing is that when you deliver what consumers want and need, you can win with consumers in any environment.

你看，當我觀察美國的宏觀環境與美國消費者時，我必須透過我們業務的視角來看。而我們在美國最大的業務是 Taco Bell。我認為你所看到的是：當你交付消費者想要與需要的東西時，你可以在任何環境下贏得消費者。

And Taco Bell is bringing that combination that we mentioned earlier, a culture leading brand, craveable food with great innovation an easy experience that is enabled by digital and technology and, of course, leading value. And I think if Taco Bell were just bringing one or two of those things, you wouldn't see these results.

而 Taco Bell 正在帶來我們先前提到的那種組合：文化引領的品牌、令人渴望的產品與強勁創新、由數位與科技所驅動的便利體驗，當然還有領先的價值主張。我認為如果 Taco Bell 只做到其中一兩項，你不會看到現在這些成果。

It's the combination that is winning with consumers. And of course, they've got structural advantage that will allow us to sustain that and we see that in all the markets around the globe. The consumer has had various pressures across market for a number of years now, and we continue to prove that when you deliver what consumers want and need, you can win with those consumers.

是這個組合在贏得消費者。而且，他們具備結構性優勢，使我們能夠持續維持這種表現；我們在全球各市場都看得到。消費者在各個市場多年來一直承受不同壓力，而我們持續證明：當你交付消費者想要與需要的東西時，你就能贏得他們。

So thank you all for making time for the call. We appreciate you being here. We've got a great start to 2026. Really proud of the performance that our teams are delivering. Our largest brands are performing well, enabled by structural advantage, strategies that are working and an incredibly scaled digital presence that will continue to grow over time.

所以感謝各位撥冗參與本次電話會議。我們很感謝你們的出席。我們在 2026 年有一個很棒的開局，也為我們團隊所交出的表現感到非常自豪。我們最大的品牌表現良好，受惠於結構性優勢、有效的策略，以及規模龐大的數位布局——而這些都將隨時間持續成長。

That's leading to growth and sustainable market share gains, all while we raise the bar for the future. Thanks so much.

這正帶來成長與可持續的市占提升，同時我們也在為未來「raise the bar」。非常感謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。