百勝餐飲集團 (YUM) 2026 Q2 法說會逐字稿

Thank you for standing by. My name is Carly and I will be your conference operator today. At this time, I would like to welcome everyone to the Q2 2026 Yum! Brands, Inc. Earnings Call.

感謝您耐心等候。我叫 Carly，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 2026 年第二季 Yum!Brands, Inc. 財報電話會議。

(Operator Instructions)

(接線員指示)

I would now like to turn the call over to Matt Morris, Head of Investor Relations. Please go ahead.

現在我想把電話交給投資人關係主管 Matt Morris。請開始。

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, we'll 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 materially from these statements. All forward-looking statements are made 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.

各位早安，感謝今天加入我們。今天與會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。在 Chris 與 Roy 發表談話後，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存在重大差異。所有前瞻性陳述僅截至本次電話會議當日為止，並應結合我們新聞稿中的警示性聲明以及我們向 SEC 申報文件中討論的風險因素一併考量。

Please refer to today's release and filings with the SEC to find disclosures, definitions and reconciliations of non-GAAP financial measures. 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 the Financial Reports section of our IR website. This conference call is being webcast live on our website and will be available for replay following the call. Our third quarter earnings will be released on November 3 with the conference call on the same day.

請參閱今日新聞稿及向 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。另請注意，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，請參閱我們投資人關係網站的「財務報告」專區。本次電話會議將於我們網站進行即時網路直播，並於會後提供重播。我們第三季財報將於 11 月 3 日發布，並於同日舉行電話會議。

Now I'll turn the call over to Yum!'s CEO, Chris Turner.

現在我把電話交給 Yum! 的執行長，Chris Turner。

Thank you, Matt, and good morning, everyone. Before discussing our second quarter performance, I want to address the current public health issue that our industry is navigating in the U.S. First and foremost, the safety of our consumers is our highest priority. We know our consumers place their trust in us. We remain committed to earning that trust each and every day, and it starts with an unwavering commitment to food quality and safety.

謝謝你，Matt，各位早安。在討論我們第二季表現之前，我想先談談我們產業目前在美國所面臨的公共衛生議題。首先且最重要的是，消費者的安全是我們的最高優先事項。我們知道消費者把信任託付給我們。我們每天都致力於贏得這份信任，而這一切始於對食品品質與安全毫不妥協的承諾。

That commitment is reflected in how we act when issues arise. Our teams are acting quickly and transparently while keeping the safety and well-being of our consumers as the top priority. That is how we build the world's most loved, trusted and connected restaurant brands. Roy and I will share more on the recent trends in Taco Bell U.S. in a moment.

當問題發生時，我們的行動方式正反映了這份承諾。我們的團隊在以消費者安全與福祉為最高優先的前提下，迅速且透明地採取行動。這正是我們打造全球最受喜愛、最值得信賴且最具連結性的餐飲品牌之道。稍後 Roy 和我會分享更多關於 Taco Bell 美國近期趨勢的內容。

Before we do that, let me provide an update on other parts of the business, starting with Pizza Hut. In June, we completed the strategic review of Pizza Hut and entered into separate agreements to sell the business to Long-Range Capital and Yum China. These transactions will result in a stronger Yum and a stronger Pizza Hut, and we look forward to supporting a smooth transition. The ability of our teams to enter into 2 separate transactions simultaneously while achieving strong performance in our other brands in the context of a turbulent macro environment is a testament to the strength of Yum!'s talent and culture. It also gives me tremendous confidence in our future.

在此之前，我先更新業務的其他部分，從 Pizza Hut 開始。6 月，我們完成了對 Pizza Hut 的策略檢視，並分別與 Long-Range Capital 與 Yum China 達成協議出售該業務。這些交易將使 Yum 更強大、Pizza Hut 也更強大，我們期待支持順利交接。在宏觀環境動盪的背景下，我們的團隊能同時推進兩筆獨立交易，並在其他品牌上仍取得強勁表現，充分證明 Yum!的人才與文化實力。這也讓我對我們的未來充滿信心。

Turning to second quarter results. Excluding Pizza Hut, we delivered 7% system sales growth, 6% unit growth and 4% same-store sales growth. This capped a solid first half of the year with KFC delivering a first half development record. Taco Bell, meaningfully outperforming the QSR industry in same-store sales and Habit delivering 4% same-store sales growth. Just as impressive, digital sales, excluding Pizza Hut in the first half of the year exceeded $17 billion up 25% year-over-year.

接著談第二季業績。排除 Pizza Hut 後，我們實現系統銷售額成長 7%、門店數成長 6%，以及同店銷售成長 4%。這為上半年畫下穩健句點，其中 KFC 創下上半年開店發展紀錄。Taco Bell 的同店銷售顯著優於 QSR 產業，而 Habit 的同店銷售成長達 4%。同樣令人印象深刻的是，上半年數位銷售額（排除 Pizza Hut）超過 170 億美元，年增 25%。

These results demonstrate the power of our brands and the discipline of our teams while giving us confidence in the Raise the B.A.R. priorities that will shape Yum!'s next chapter of growth. Those priorities are battling for the future consumer, accelerating restaurant unit economics and reaching the full potential of Byte and our broader digital capabilities. I'm excited to highlight how they are coming to life across our brands starting with KFC, which represents 58% of our divisional operating profit, excluding Pizza Hut. KFC delivered 6% system sales growth driven by 7% unit growth and 2% same-store sales growth.

這些成果展現了我們品牌的力量與團隊的紀律，也讓我們對將塑造 Yum!下一階段成長的「Raise the B.A.R.」優先事項更具信心。這些優先事項包括：爭奪未來消費者、加速提升餐廳單店經濟效益，以及充分釋放 Byte 與我們更廣泛的數位能力的潛力。我很高興分享這些策略如何在各品牌落地，首先是 KFC；在排除 Pizza Hut 後，KFC 佔我們事業部營業利益的 58%。KFC 的系統銷售額成長 6%，主要由 7% 的門店數成長與 2% 的同店銷售成長所帶動。

Around the world, KFC teams are advancing our Raise the B.A.R. priorities, beginning with improving menu relevance. The U.K. provided a strong example with the Pickle Mania limited time offer, driving the highest sales week in the market's history and helping deliver exceptional same-store sales growth of 8% in the second quarter. While visiting the team in London this quarter, I was introduced to Pickle Mania Pepsi, and I'll admit, while I was skeptical before trying, it far exceeded my expectations.

在全球各地，KFC 團隊正推進我們的「Raise the B.A.R.」優先事項，首先是提升菜單的相關性。英國提供了一個強勁例子：Pickle Mania 限時產品帶動該市場史上最高單週銷售，並協助第二季同店銷售實現 8% 的亮眼成長。本季我造訪倫敦團隊時，第一次接觸到 Pickle Mania Pepsi；我承認在嘗試之前我有些懷疑，但它遠遠超出我的預期。

It was another great example of the kind of bold, culturally relevant innovation that our KFC teams continually bring to market. Asia was also a strong market, delivering 6% same-store sales growth. Japan accelerated by 8 points from Q1, while Korea delivered its sixth consecutive quarter of double-digit same-store sales growth. I had the opportunity to visit both countries last month and spend time in our restaurants with team members. One restaurant that stood out was the KFC in Takadanobaba, Japan, which has served its community for more than 50 years.

這再次展現了我們 KFC 團隊持續推向市場的那種大膽、具文化相關性的創新。亞洲市場同樣表現強勁，同店銷售成長 6%。日本較第一季加速 8 個百分點，而韓國則連續第六季實現同店銷售雙位數成長。上個月我有機會造訪這兩個國家，並在餐廳與團隊成員共度時光。其中一家特別令人印象深刻的是日本高田馬場的 KFC，該店已服務社區超過 50 年。

It was a great reminder of what makes KFC special. The brand has deep roots with local consumers and continues to evolve its menu and experience to stay relevant in every market. The KFC team is encouraged by recent performance, but believes there is even greater opportunity ahead. To accelerate progress, KFC outlined how it will build on its momentum by setting the standard for modern chicken QSR. As part of the strategy, KFC will modernize the brand and focus on menu innovation surrounding boneless chicken, crave-worthy sauces, a more contemporary restaurant experience and a refreshed brand visual identity.

這讓我再次體會到 KFC 的獨特之處。品牌與在地消費者有深厚連結，並持續在每個市場進化其菜單與體驗，以保持相關性。KFC 團隊對近期表現感到振奮，但也相信前方仍有更大的機會。為加速進展，KFC 說明將如何在既有動能上再接再厲，立志成為現代雞肉 QSR 的標竿。作為策略的一部分，KFC 將推動品牌現代化，並聚焦於去骨雞肉相關的菜單創新、令人垂涎的醬料、更具當代感的餐廳體驗，以及更新的品牌視覺識別。

Our consumers will experience new tenders in select markets that are built for dunking, dipping and solo snacking, and expanded sauce pantry of 9 bold sauces unlocking customization and flavor discovery and updated branding across digital and in-restaurant touch points. KFC's aspiration is to have core elements of the strategy live across its top 20 markets by the end of 2027. Importantly, this is not simply a market-by-market implementation, but a coordinated global effort that is creating momentum across the brand. Teams around the world are rallying behind the strategy, giving the brand a renewed edge as KFC evolves to be more modern and relevant. Additionally, KFC is favorably positioned to benefit from powerful category tailwinds.

消費者將在部分市場體驗到全新雞柳產品，設計適合沾、蘸與單人零食；同時擴充至 9 款大膽醬料的醬料庫，帶來客製化與風味探索；並在數位與店內接觸點全面更新品牌呈現。KFC 的目標是在 2027 年底前，讓該策略的核心要素在其前 20 大市場全面上線。重要的是，這不只是逐一市場的導入，而是一項協同一致的全球性行動，正為品牌創造動能。全球各地團隊正凝聚共識、共同推進該策略，讓 KFC 在邁向更現代、更具相關性的過程中，重新獲得競爭優勢。此外，KFC 也具備有利條件，可受惠於該品類強勁的順風趨勢。

Chicken is the fastest-growing protein around the world, driven by its affordability, versatility and broad consumer appeal. As the world's largest chicken restaurant brand, KFC is uniquely positioned to capture that demand growth, thanks to its global scale, first mover advantage, market leadership, world-class franchise partners and unmatched operational expertise. KFC benefits from deep local market knowledge, decades of franchisee development and a global network of culinary innovation centers, technology capabilities and operational support teams. Moving to Taco Bell. I'd like to first focus on Q2 results.

雞肉是全球成長最快的蛋白質品類，成長動能來自其可負擔性、多樣性與廣泛的消費者吸引力。作為全球最大的雞肉餐廳品牌，KFC 憑藉其全球規模、先行者優勢、市場領導地位、世界級加盟夥伴以及無可匹敵的營運專業能力，具備獨特優勢以掌握這波需求成長。KFC 受惠於深厚的在地市場洞察、數十年的加盟商發展經驗，以及由廚藝創新中心、科技能力與營運支援團隊所構成的全球網絡。接著談 Taco Bell。我想先聚焦於第二季業績。

Taco Bell represents 43% of our divisional operating profit, excluding Pizza Hut. The team delivered 7% same-store sales growth in the second quarter, meaningfully outperforming the QSR industry for the ninth quarter in a row. Digital sales mix reached 47%, up 5 percentage points year-over-year with more than half of the growth driven by Taco Bell's first-party loyalty channels. Overall, Q2 results reflect the strength of Taco Bell's strategy which combines compelling value, differentiated innovation, cultural relevance and broadening consumer occasions to drive consistent U.S. share gains.

Taco Bell 佔我們事業部營業利益的 43%，不含 Pizza Hut。團隊在第二季達成 7% 的同店銷售成長，連續第九個季度顯著優於 QSR 產業表現。數位銷售占比達到 47%，年增 5 個百分點，其中超過一半的成長由 Taco Bell 的第一方會員忠誠渠道所帶動。整體而言，第二季結果反映了 Taco Bell 策略的強勁實力；該策略結合具吸引力的價值主張、差異化創新、文化相關性，以及擴大消費者使用情境，以推動美國市場份額持續提升。

Turning to more recent developments. As you would expect, the brand has seen a meaningful near-term sales impact, which Roy will discuss in more detail. We expect the sales impact to be temporary and are encouraged by a few factors. Elevated uncertainty initially weighed on consumer demand. And since then, consumers have become increasingly aware that this is an industry-wide issue, not an issue specific to Taco Bell.

接著談談較近期的發展。如各位所預期，品牌在短期內確實看到顯著的銷售影響，Roy 將會更詳細說明。我們預期這項銷售影響將是暫時性的，且有幾項因素令我們感到鼓舞。一開始升高的不確定性對消費需求造成壓力。而自那之後，消費者愈來愈意識到這是全產業的問題，而非 Taco Bell 特有的問題。

The team's swift and transparent action reinforced trust in the brand. As evidence of those factors, Taco Bell's measures of social sentiment have already returned to pre-issue levels of positivity. Though we are still in the early days of recovery, Taco Bell is leveraging its magic formula, brand buzz, innovation, value and digital. Examples include last week's introduction of the new Pepper Jack Steak Burrito, which showcased the brand's ability to deliver craveable innovation at a compelling price point. Taco Bell also tapped into fans passion for iconic menu items through the last 2 Tuesday drops.

團隊迅速且透明的行動強化了對品牌的信任。作為上述因素的佐證，Taco Bell 的社群情緒指標已回到事件發生前的正向水準。雖然我們仍處於復甦初期，Taco Bell 正運用其「魔法公式」——品牌聲量、創新、價值與數位。例如，上週推出全新的 Pepper Jack 牛排捲餅（Steak Burrito），展現品牌以具吸引力的價格帶來令人垂涎的創新能力。Taco Bell 也透過最近兩次週二限時活動（Tuesday drops），切入粉絲對經典菜單品項的熱情。

With last week's $1 Enchirito followed by this week's $1 Mexican Pizza offer, which became our 2 highest-performing Tuesday drop promotions in brand history. By connecting directly with loyalty members through the app, the brand turned those offers into powerful fan moments. That is the magic formula at work. As a result, over the last 10 days, we have seen sales trends steadily improving. Taco Bell entered Q3 in its strongest position ever.

上週的 1 美元 Enchirito，接著是本週的 1 美元墨西哥披薩（Mexican Pizza）優惠，成為品牌史上表現最好的兩檔週二限時促銷。透過 App 直接與會員忠誠計畫成員連結，品牌將這些優惠轉化為強而有力的粉絲時刻。這正是「魔法公式」在發揮作用。因此，在過去 10 天，我們看到銷售趨勢持續改善。Taco Bell 以史上最強的態勢進入第三季。

And I'm confident the brand's core strengths, which have always made it a category of one, will return it to sales growth that meaningfully outpaces the broader QSR industry and fuel momentum well into the future. Moving on to Taco Bell International. The brand continues to build scale and relevance with strong same-store sales growth across many of its largest markets. The international business continues to replicate the U.S. strategy, introducing locally relevant value, craveable innovation and digital engagement.

我有信心，品牌的核心優勢——一直以來使其成為獨樹一幟品類的關鍵——將使其重回銷售成長，且顯著超越整體 QSR 產業，並在未來持續推升動能。接著談 Taco Bell 國際業務。品牌在多個最大市場中，憑藉強勁的同店銷售成長，持續擴大規模並提升相關性。國際業務持續複製美國策略，導入符合在地需求的價值主張、令人垂涎的創新，以及數位互動。

In the U.K., Taco Bell recently launched Baja Blast, marking the beverages first international launch, an important milestone in the journey to expand what is already the most distinctive brand-specific beverage in QSR. In its first week, the Baja Blast launch helped lift same-store sales by 14%, reinforcing the power of bringing Taco Bell's most distinctive innovation to more consumers around the world. Across all brands as part of our Raise the B.A.R. priorities, we are building deeper, more direct relationships with our consumers. Loyalty is a critical capability because today's consumers expect personalized experiences, relevant offers and seamless digital engagement from the brands they love.

在英國，Taco Bell 近期推出 Baja Blast，這是該飲料首次在國際市場上市，亦是擴展這款已是 QSR 中最具辨識度之品牌專屬飲料的重要里程碑。在上市第一週，Baja Blast 的推出帶動同店銷售提升 14%，再次印證將 Taco Bell 最具特色的創新帶給全球更多消費者的力量。在我們「Raise the B.A.R.」優先事項下，涵蓋所有品牌，我們正與消費者建立更深、更直接的關係。會員忠誠計畫是一項關鍵能力，因為當今消費者期待從他們喜愛的品牌獲得個人化體驗、相關優惠與無縫的數位互動。

When executed well, loyalty creates better experiences for consumers, stronger engagement with our brands and more powerful demand-driving tools for franchise partners. Globally, our brands have amazing loyalty programs in many markets. We're very pleased with the distinctiveness and effectiveness of those loyalty programs, but we still have a big opportunity to raise the bar. Our approach is to make existing loyalty programs even more distinctive and to launch, learn and refine in additional markets, recognizing that loyalty will come to life differently based on local consumer behavior and brand needs. To accelerate Taco Bell's owned digital performance, the team is strengthening its digital relationship with consumers through a redesigned app launching in Q3 that delivers a more intuitive and personalized member experience.

當執行得當時，會員忠誠計畫能為消費者創造更好的體驗、提升與我們品牌的互動，並為加盟夥伴提供更強大的需求驅動工具。在全球範圍內，我們的品牌在許多市場都擁有出色的會員忠誠計畫。我們對這些忠誠計畫的獨特性與有效性非常滿意，但仍有很大的提升空間。我們的做法是讓既有忠誠計畫更具差異化，並在更多市場推出、學習與優化，同時認知到忠誠計畫會因在地消費者行為與品牌需求不同而以不同方式落地。為加速 Taco Bell 自有數位表現，團隊將於第三季推出重新設計的 App，透過更直覺且更個人化的會員體驗，強化與消費者的數位關係。

New capabilities make it easier for consumers to discover menu items, personalize orders and customize favorites, while expanded build your own Luxe Box functionality and curated offers create more relevant experiences. Together, these enhancements will strengthen engagement with one of the industry's most digitally connected consumer bases. KFC is rapidly expanding its global loyalty program and by the end of the year, loyalty will be in markets representing over 75% of KFC system sales, excluding China, significantly expanding the brand's ability to engage consumers and drive frequency. This concerted effort to expand loyalty is helping our brands deepen consumer relationships today while building the capabilities needed to win with the next generation of consumers. Beyond our business performance, we had an important leadership update with Tracy Skeans, our Chief Operating Officer and Chief People and Culture Officer, announcing in June her plans to retire after more than 25 years at Yum!.

新功能讓消費者更容易探索菜單品項、個人化下單並自訂喜愛品項；同時，擴充的「自選 Luxe Box」功能與精選優惠可創造更貼近需求的體驗。這些強化將共同提升與業界數位連結度最高的消費者族群之一的互動。KFC 正快速擴展其全球會員忠誠計畫；至今年底（不含中國），忠誠計畫將覆蓋代表超過 75% KFC 系統銷售額的市場，顯著提升品牌與消費者互動並帶動來客頻次的能力。這項擴展忠誠計畫的整體性努力，正協助我們的品牌在當下深化消費者關係，同時建立贏得下一代消費者所需的能力。除了業務表現之外，我們也有一項重要的領導層更新：我們的營運長暨人員與文化長 Tracy Skeans 於 6 月宣布，計畫在 Yum! 服務超過 25 年後退休。

Throughout her career, Tracy has played an instrumental role in shaping our operational excellence model, strengthening our culture, developing our talent and helping position Yum! for long-term growth. I've had the privilege of working alongside Tracy for many years and I'm deeply grateful for her leadership, partnership and lasting impact on our company. I'm excited to share that Nai De Leon will become our Chief People and Culture Officer, effective November 1. Nai has a decade of experience working for and with Yum!, most recently as our Chief Talent and Centers of Excellence Officer, leading some of our most important organizational and strategic initiatives.

在她的職涯中，Tracy 在塑造我們的營運卓越模式、強化企業文化、培育人才，以及協助 Yum!奠定長期成長定位方面，扮演了關鍵角色。我有幸多年與 Tracy 並肩合作，對她的領導、夥伴關係以及對公司留下的深遠影響深表感謝。我也很高興分享，Nai De Leon 將自 11 月 1 日起擔任我們的人員與文化長。Nai 擁有十年為 Yum! 工作及與 Yum! 合作的經驗，最近擔任我們的人才長暨卓越中心長，領導多項最重要的組織與策略性計畫。

Across Yum!, we're also committed to creating positive impact on the communities we serve. We recently released our annual Global Citizenship and Sustainability Report spotlighting how we are integrating impact and sustainability into our growth strategy. 2025 was a year of progress across many of these efforts. Yum!, our brands and franchisees had a positive impact in the communities we serve, reaching 6.5 million people and providing the equivalent of nearly 47 million meals through donations. Before closing, I want to thank the Pizza Hut team members and franchise partners around the world for the role they have played in building one of the most iconic restaurant brands in the world.

在 Yum! 全體，我們也致力於為所服務的社區創造正向影響。我們近期發布年度《全球公民與永續報告》，聚焦我們如何將影響力與永續性整合進成長策略。2025 年在多項工作上都取得進展。Yum!、我們的品牌與加盟商在所服務的社區帶來正向影響，觸及 650 萬人，並透過捐贈提供相當於近 4,700 萬份餐點。在結束前，我想感謝全球的 Pizza Hut 團隊成員與加盟夥伴，感謝他們在打造全球最具代表性的餐飲品牌之一所扮演的角色。

Their passion, resilience and commitment have been central to Pizza Hut's legacy, and we are grateful for their partnership. Yum! will enter its next chapter of growth as a more focused company taking advantage of the long runway for development, category expansion and digital growth across our brands. We are focused on delivering the consistent high-quality growth investors expect from Yum!. As we continue to raise the bar, our message is straightforward.

他們的熱情、韌性與承諾一直是 Pizza Hut 傳承的核心，我們感謝他們的合作夥伴關係。Yum!將以更聚焦的公司姿態進入下一個成長篇章，把握我們各品牌在開店拓展、品類擴張與數位成長方面的長期跑道。我們專注於交付投資人對 Yum! 所期待的一貫高品質成長。在我們持續提高標準之際，我們的訊息很直接。

Yum! is built for dependable growth, disciplined execution and long-term value creation. We have clear opportunities to deepen consumer relevance, improve restaurant economics, scale Byte across more of our system and allocate capital to create sustained shareholder value. I'm proud of the progress our team has made this quarter, and I'm confident in our ability to keep building the world's most loved, trusted and connected restaurant brands. With that, Roy, over to you.

Yum!是為可預期的成長、紀律執行與長期價值創造而打造。我們有明確機會深化消費者相關性、改善餐廳經濟效益、將 Byte 擴展至系統中更多範圍，並進行資本配置以創造可持續的股東價值。我為團隊本季取得的進展感到自豪，也對我們持續打造全球最受喜愛、最值得信賴且連結度最高的餐飲品牌的能力充滿信心。接下來，Roy，交給你。

Thanks, Chris, and good morning, everyone. I'll begin with reviewing our second quarter results, excluding Pizza Hut. Before discussing the Pizza Hut transaction, Yum!'s balance sheet and liquidity position, recent trends and updated guidance. Beginning with the top line, excluding Pizza Hut, Yum! system sales grew 7%, driven by 6% unit growth and 4% same-store sales growth.

謝謝你，Chris，各位早安。我將先回顧我們第二季的業績表現（不含 Pizza Hut）。接著再談 Pizza Hut 交易、Yum! 的資產負債表與流動性狀況、近期趨勢以及更新後的財測指引。先從營收端（top line）開始，不含 Pizza Hut，Yum!系統銷售額成長 7%，主要由 6% 的門店數成長與 4% 的同店銷售成長所帶動。

Digital sales approached $9 billion and digital mix reached 61%, excluding Pizza Hut, reflecting steady growth across app, loyalty, kiosk and delivery channels. Thanks to Yum!'s technology investments over many years, we've seen steady annual increases in digital mix across brands, with second quarter digital mix for KFC, up 5 points to 67%, Taco Bell up 5 points to 47% and Habit up 9 points to 55%. Second quarter core operating profit grew 8% even after a quarterly drag of 3 percentage points from quarterly phasing of 2026 refranchising gains and store closure costs at Habit as we communicated last quarter. Taco Bell U.S. achieved restaurant level margins of 26.2%, a 170 basis point expansion year-over-year, reflecting strong sales leverage, P&L cost optimization and a 60 basis point benefit from acquired stores.

數位銷售額接近90億美元，且數位占比達61%（不含必勝客），反映出在App、會員忠誠、點餐機與外送通路的穩健成長。受惠於Yum!多年來的科技投資，我們看到各品牌的數位占比逐年穩定提升；第二季KFC的數位占比較去年提升5個百分點至67%，Taco Bell提升5個百分點至47%，Habit提升9個百分點至55%。第二季核心營業利益成長8%，即使如同我們上季所溝通，仍受到2026年再特許經營（refranchising）收益按季度認列時點所致的3個百分點拖累，以及Habit門店關閉成本的影響。Taco Bell美國達成餐廳層級利潤率26.2%，年增170個基點，反映強勁的銷售槓桿、損益（P&L）成本優化，以及併購門店帶來的60個基點助益。

Yum!'s ex special G&A was $223 million, up 2% year-over-year. On development, excluding Pizza Hut, Yum! opened 720 stores in the quarter. KFC delivered 660 gross new stores across 55 markets in Q2. The Middle East achieved a milestone this quarter, having reached 1,500 KFC restaurants, underscoring the strength of our franchise partners and the attractive KFC restaurant economics, including 2.5- to 3-year paybacks and approximately $1.5 million in average unit volumes.

Yum!不含特殊項目的G&A為2.23億美元，年增2%。在展店方面，不含必勝客，Yum!本季新開720家門店。KFC於第二季在55個市場新增660家門店（gross）。中東本季達成里程碑，KFC餐廳數量達到1,500家，凸顯我們加盟夥伴的實力與KFC餐廳具吸引力的經濟模型，包括2.5至3年的回收期，以及約150萬美元的平均單店營收（AUV）。

Other top contributors to KFC's unit growth in the quarter included China, India, Korea, Japan and Turkey. We expect KFC to deliver its best development year ever as franchise partners' confidence in KFC's long-term potential translates into faster store expansion. KFC continues to grow in both developed and highly underpenetrated markets that have a significant runway for unit expansion. Within more penetrated markets like South Africa and Australia, KFC is building greater store density, solidifying its local market leadership position. Within underpenetrated markets, that's considerable opportunity in India, Southeast Asia, West Africa and Brazil which together represent more than 1/3 of the world's population.

本季KFC門店成長的其他主要貢獻市場包括中國、印度、韓國、日本與土耳其。我們預期KFC將創下史上最佳展店年度，因加盟夥伴對KFC長期潛力的信心正轉化為更快的展店速度。KFC持續在已開發市場與滲透率仍偏低、具顯著展店空間的市場中成長。在南非與澳洲等較高滲透市場，KFC正提升門店密度，鞏固其在當地市場的領導地位。在滲透率偏低的市場中，印度、東南亞、西非與巴西合計擁有可觀機會，這些地區合計占全球人口超過三分之一。

KFC's restaurant density in those markets is only 1/5 that of its top 25 markets, representing a 20,000 unit opportunity.

KFC在上述市場的餐廳密度僅為其前25大市場的五分之一，代表約2萬家門店的機會。

Recent progress is encouraging. Notably in Brazil, where KFC achieved over 20% same-store sales growth in each of the past 3 quarters. As personal incomes rise, urbanization continues and demand for chicken grows, KFC believes the markets around the world offer compelling long-term development opportunities and sustainable system sales growth for the decades to come. Moving to Taco Bell development. The brand opened 25 gross units in the U.S.

近期進展令人鼓舞。尤其在巴西，KFC在過去3個季度每季同店銷售成長均超過20%。隨著個人所得提升、都市化持續，以及雞肉需求成長，KFC相信全球各市場在未來數十年將提供具吸引力的長期展店機會，並帶來可持續的系統銷售成長。接著談Taco Bell的展店。該品牌在美國新開25家門店（gross）。

during the quarter. Taco Bell is broadening its development pipeline across both traditional and nontraditional formats while improving build costs, simplifying restaurant design and enhancing unit economics to support attractive franchisee returns. Taco Bell has also expanded equity development opportunities through recent acquisitions with 24 sites registered to date across Georgia, South Carolina and Florida. Across Taco Bell's U.S. equity and franchise estate, we are encouraged that new store registrations are tracking above last year's pace.

於本季。Taco Bell正在傳統與非傳統店型上擴大展店管線，同時改善建置成本、簡化餐廳設計並提升單店經濟效益，以支持加盟主具吸引力的報酬。Taco Bell也透過近期併購擴大自營（equity）展店機會，目前已在喬治亞州、南卡羅來納州與佛羅里達州登記24個據點。在Taco Bell美國自營與加盟門店組合中，我們樂見新店登記數量的進度高於去年同期。

Internationally, Taco Bell saw strong same-store sales growth and is building scale in key markets, including India, the U.K. and Canada. The strategy remains unchanged, partner with experienced, well-capitalized franchise partners, strengthened restaurant level economics and build the brand with discipline. Sweden is a prime example. Since Taco Bell returned to Stockholm in November 2025, our local franchise partner has opened 4 more restaurants in rapid succession, including a restaurant that is now the best performing Taco Bell in Europe.

在國際市場，Taco Bell同店銷售強勁成長，並在印度、英國與加拿大等關鍵市場建立規模。策略維持不變：與具經驗、資本雄厚的加盟夥伴合作，強化餐廳層級經濟效益，並以紀律打造品牌。瑞典就是最佳例子。自Taco Bell於2025年11月重返斯德哥爾摩以來，我們的當地加盟夥伴迅速接連再開4家餐廳，其中一家目前已成為歐洲表現最佳的Taco Bell門店。

With that momentum, the franchise partner plans to open 5 more restaurants in Sweden this year and later expanding into Denmark.

在此動能帶動下，該加盟夥伴計畫今年在瑞典再開5家餐廳，並於之後擴展至丹麥。

Turning to technology. As part of raising the bar, we are focused on reaching the full potential of Byte, Yum!'s proprietary AI-enabled technology platform. Scaling Byte puts Yum! on a common technology foundation across every channel, simplifying operations and allowing teams in each market to manage menus, pricing, promotions and store hours across all our ordering channels via a single platform. This reduces operational execution risk, increases pricing and promotional agility and leads to a more consistent guest experience.

接著談科技。作為提高標準的一部分，我們聚焦於充分釋放Byte（Yum!自有、AI賦能的技術平台）的全部潛力。擴大Byte規模使Yum!在各通路建立共同的技術基礎，簡化營運，並讓各市場團隊可透過單一平台，在所有點餐通路上管理菜單、定價、促銷與營業時間。這可降低營運執行風險、提升定價與促銷的敏捷性，並帶來更一致的顧客體驗。

Byte integration also enables our brands to recognize loyalty members regardless of the channel they choose to order from while enabling more personalized experiences over time. This control allows us to innovate more quickly, scale innovations and own the data that gives us greater visibility into restaurant operations without being at the mercy of third parties. Voice AI is a great example of where the connected Byte platform has enabled Taco Bell U.S. to more quickly deploy the technology to over 900 restaurants. The number of Taco Bell restaurants using voice AI capabilities continues to grow, driven by our franchise partners, further cementing our leadership position in the restaurant industry.

Byte的整合也讓各品牌能在不論會員選擇何種下單通路時辨識忠誠會員，並隨時間推進提供更個人化的體驗。這種掌控力使我們能更快創新、擴大創新規模，並擁有數據，讓我們對餐廳營運有更高能見度，而不必受制於第三方。語音AI就是一個很好的例子：連結的Byte平台讓Taco Bell美國能更快速將該技術部署至超過900家餐廳。採用語音AI能力的Taco Bell餐廳數量在加盟夥伴推動下持續增加，進一步鞏固我們在餐飲業的領導地位。

Without a connected technology platform, the integration of voice AI into restaurants would be significantly more challenging and costly. Over the long term, we aspire for Byte to power the vast majority of Yum! system sales outside of China, creating greater operating leverage while delivering better experiences for our consumers, restaurant teams and franchise partners. AI is becoming an increasingly important force multiplier across Yum!, embedded in how we build software, serve consumers and operate restaurants. In our restaurants, we are expanding AI-powered capabilities, including enhancements to Byte coach that provide restaurant managers with personalized recommendations on the actions most likely to improve operational performance.

若沒有連結的技術平台，將語音AI整合進餐廳將顯著更具挑戰且成本更高。長期而言，我們期望Byte能驅動Yum!在中國以外地區絕大多數的系統銷售，創造更高的營運槓桿，同時為消費者、餐廳團隊與加盟夥伴帶來更佳體驗。AI正成為Yum!日益重要的倍增器，並嵌入我們打造軟體、服務消費者與營運餐廳的方式之中。在餐廳端，我們正擴大AI驅動的能力，包括強化Byte coach，為餐廳經理提供個人化建議，指出最可能提升營運績效的行動。

Looking ahead, we see opportunities to evolve these capabilities into real-time AI coaching that helps restaurant leaders make better decisions every day. At Yum!, every corporate employee has access to AI productivity tools with daily usage increasing more than 50% year-over-year. Teams have built more than 400 specialized AI agents to solve everyday business challenges. Collider, our in-house culture-based strategy and branding agency created Yum!'s global innovation database that combines AI, data science and predictive market research to identify opportunities for new menu items across our brands. It includes data on more than 7,000 food, beverage and marketing concepts across 35 countries and helps our brands identify emerging consumer preferences and accelerate innovation.

展望未來，我們看到機會將這些能力演進為即時AI教練，協助餐廳領導者每天做出更好的決策。在Yum!，每位企業員工都可使用AI生產力工具，且每日使用量年增超過50%。團隊已打造超過400個專門的AI代理（agents），用以解決日常業務挑戰。Collider（我們內部以文化為核心的策略與品牌代理機構）建立了Yum!全球創新資料庫，結合AI、資料科學與預測性市場研究，以辨識各品牌新菜單項目的機會。該資料庫涵蓋35個國家超過7,000個食品、飲料與行銷概念的數據，協助各品牌辨識新興消費者偏好並加速創新。

This tool complements our innovation teams with AI giving us the logic while team members bring the magic. Together, the global expansion of Byte and our growing AI capabilities reinforce technology as an important driver of growth and operational efficiency. Turning to Pizza Hut. As announced in June, Yum! entered into 2 definitive agreements to sell Pizza Hut for $2.7 billion in the aggregate to Yum China and Long-Range Capital with the potential of an additional $75 million in an earnout from Long-Range Capital by 2030.

此工具可補強我們的創新團隊：AI提供邏輯，而團隊成員帶來魔法。Byte的全球擴張與我們日益增長的AI能力，共同強化科技作為成長與營運效率的重要驅動力。接著談必勝客。如6月所宣布，Yum!已簽訂兩項具約束力的最終協議，將必勝客以合計27億美元出售予百勝中國（Yum China）與Long-Range Capital，並可能在2030年前自Long-Range Capital取得額外7,500萬美元的或有對價（earnout）。

We anticipate both transactions will close in August. Following the close, we will provide certain transition services to Pizza Hut ex China that include enterprise technology and finance, with the majority of those services to be phased out over the course of 2027. For the remainder of 2026, we anticipate $2.5 million in transition services related fees per month which will fully offset Yum! corporate G&A expenses previously allocated to the Pizza Hut division. Byte will continue to power Pizza Hut ex China under a separate commercial agreement that extends beyond and separate from any transition services.

我們預期兩筆交易將於8月完成交割。交割後，我們將向中國以外的必勝客提供若干過渡服務，包括企業級科技與財務服務，其中多數服務將在2027年期間逐步終止。就2026年剩餘期間而言，我們預期每月將有250萬美元的過渡服務相關費用，將可完全抵銷先前分攤至必勝客事業部的Yum!企業G&A費用。Byte將在一項獨立的商業協議下持續為中國以外的必勝客提供支援，該協議的期限超出且獨立於任何過渡服務安排。

Turning to our balance sheet and liquidity position. During the first half of the year, we repurchased approximately $670 million of shares funded by free cash flow and drawing on our revolver. We currently expect to use a portion of anticipated net proceeds of $2.3 billion expected from the Pizza Hut transactions to pay down our revolver balance, and the majority of the remainder will be set aside for share repurchases with timing subject to market conditions. Turning to guidance. Our reported results for the first half of the year, excluding Pizza Hut, met or exceeded every element of our algorithm.

接著談我們的資產負債表與流動性狀況。在上半年，我們以自由現金流並動用循環信貸額度（revolver）資金，回購了約6.7億美元的股票。我們目前預期，將把預計自 Pizza Hut 交易取得的23億美元預期淨收益中的一部分，用於償還循環信貸餘額，其餘大部分將保留用於股票回購，時點將視市場狀況而定。接著談財測指引。我們上半年（不含 Pizza Hut）的已報告結果，符合或超越我們演算法的每一項要素。

And coming into Q3, we were highly confident in achieving or exceeding every element of the algorithm for the full year. As we now assess recent trends, Taco Bell's U.S. same-store sales growth quarter-to-date through July 27 is negative 2%. Since the U.S. food safety industry issue became front and center only 2 weeks ago, we saw maximum impact to sales over the weekend of July 18.

而進入第三季時，我們對於全年達成或超越演算法的每一項要素非常有信心。但在我們目前評估近期趨勢之際，Taco Bell 美國同店銷售年增率截至7月27日的季初至今為負2%。由於美國食品安全產業事件是在僅僅兩週前才成為焦點，我們在7月18日那個週末看到對銷售的最大衝擊。

It is early days, but in the subsequent week, sales declines have moderated materially and we are seeing steady improvement in day-over-day sales trends. Despite the deleveraging impact of temporarily depressed sales volumes, we believe Taco Bell's third quarter equity store level margins will range between 19% and 21%. These restaurant margins reflect, first, lower but steadily improving sales. Second, investments in promotions to remind consumers of Taco Bell's incredible value; and third, the higher concentration of Taco Bell's equity footprint in more impacted markets. As Chris mentioned, our goal remains to return the brand to its pre-issue trajectory.

目前仍屬早期，但在接下來的一週，銷售下滑已明顯趨緩，我們也看到日對日的銷售趨勢持續改善。儘管暫時偏低的銷售量帶來去槓桿化（deleverage）影響，我們認為 Taco Bell 第三季自營（equity）門店層級利潤率將介於19%至21%。這些餐廳利潤率反映：第一，銷售較低但正穩步改善。第二，投入促銷以提醒消費者 Taco Bell 的超高性價比；第三，Taco Bell 自營版圖在受影響較大的市場占比更高。如 Chris 所提，我們的目標仍是讓品牌回到事件前的成長軌跡。

In closing, we are encouraged by the strength and resilience of our business as well as our progress against the Raise the B.A.R. priorities that support long-term growth. We remain focused on disciplined execution, improving franchisee economics and investing thoughtfully in capabilities that will drive the next phase of expansion. The Pizza Hut transactions reinforce our commitment to being disciplined allocators of capital with a relentless focus on long-term shareholder value creation. As we look ahead, we have much hard work to do but we remain confident in the future of Yum!.

最後，我們對業務的強勁與韌性，以及在支持長期成長的 Raise the B.A.R. 優先事項上的進展，感到鼓舞。我們仍專注於嚴謹執行、改善加盟商經濟性，並審慎投資於將推動下一階段擴張的能力建設。Pizza Hut 交易強化了我們作為資本配置者的紀律承諾，並以創造長期股東價值為不懈焦點。展望未來，我們還有許多艱鉅工作要做，但我們對 Yum! 的未來仍充滿信心。

And with that, operator, we are ready to take questions.

接下來，接線員，我們準備開始回答問題。

(Operator Instructions)

（接線員指示）

Dennis Geiger, UBS.

Dennis Geiger，瑞銀（UBS）。

Great. I wanted to ask a little bit more on Taco Bell. Very helpful color there, Roy, on kind of what you're seeing of late. But just wanted to get a sense for anything more on the latest trends, as you think about the recovery trajectory, maybe just thoughts on this industry food safety environment in general. Do you see it as unique to other food safety situations?

很好。我想再多問一些關於 Taco Bell 的問題。Roy，你剛才對近期觀察到的情況提供了很有幫助的補充說明。但我想了解一下，關於最新趨勢、你們對復甦軌跡的看法，以及整體產業食品安全環境的一些想法。你們是否認為這次情況與其他食品安全事件相比有其獨特性？

And then just anything else that you're doing to drive folks back if you've shifted plans around? Anything you can share on that front?

另外，若你們已調整計畫，還有沒有其他作法在推動顧客回流？這方面有什麼可以分享的嗎？

Yes. Thank you, Dennis. Why don't I just unpack a little bit the trends we're seeing because that was part of your question, and then I'll turn it over to Chris to talk about some of the initiatives we have in place that we're very excited about. As we reported, we had negative 2% quarter-to-date same-store sales through July 27. Just as a reminder, you may be aware Taco Bell is a period reporter.

是的。謝謝你，Dennis。我先稍微拆解一下我們看到的趨勢，因為那是你問題的一部分，接著我會把話題交給 Chris，談談我們已經在推進、且我們非常期待的一些措施。如我們所報告，截至7月27日季初至今同店銷售為負2%。提醒一下，你可能知道 Taco Bell 是採「分期」口徑（period reporter）進行報告。

So quarter-to-date includes a period of normal same-store sales growth from mid-June to mid-July, following which we saw a peak impact on July 18, which is in the second period of the quarter. And since then, we've been seeing a relatively steady recovery. And to give you a sense, and it's only been 10 days, as you know, a week later, if you take the average sales for the last 4 days, which includes the weekend and the first 2 days of this week, we are halfway back to sales levels of the prior year. So we take some comfort in the early momentum, and we're a few days in. And as we mentioned, our goal is to get back to the brand's pre-issue trajectory.

因此，季初至今包含了從6月中到7月中一段同店銷售正常成長的期間，之後我們在7月18日看到衝擊達到高峰，該日位於本季的第二個報告期。而自那之後，我們看到相對穩定的復甦。為了讓你有個概念——而且如你所知也才過了10天——一週後若以最近4天的平均銷售來看（包含週末以及本週前兩天），我們已回到前一年同期銷售水準的一半。因此，我們對初期動能感到些許安心，雖然目前才剛過幾天。如我們所提，我們的目標是回到品牌在事件前的成長軌跡。

Yes. Thanks, Roy. Dennis, let me start by just reiterating that our top priority is and always will be the safety and well-being of our consumers. With respect to the consumer sentiment, though, we've seen real improvement as consumers have understood better the nature of the issue and they understand that it is not a Taco Bell specific issue. If you think about signs of that engagement, our letter -- the Taco Bell team's letter to their fans on Instagram and TikTok, it was the highest engaged post of this year, one of the highest of all time.

是的。謝謝，Roy。Dennis，我先重申，我們的首要優先事項一直、也永遠會是消費者的安全與福祉。至於消費者情緒方面，隨著消費者更了解事件的性質，並理解這不是 Taco Bell 特有的問題，我們看到明顯改善。若看互動的跡象，我們的信——Taco Bell 團隊在 Instagram 和 TikTok 上寫給粉絲的信——是今年互動率最高的貼文，也是史上互動率最高的貼文之一。

Our measures of online sentiment, as we said, have returned to pre-issue levels of positivity. There's been no change in our measures of brand love. In fact, in some of those measures, there's even an increase in positivity in brand love. You've seen a significant decline in Taco Bell's share of the conversation related to this issue. And the best proof point is that consumers are coming back to the restaurants on a steady basis.

我們的線上情緒指標，如我們所說，已回到事件前的正向水準。我們衡量的品牌喜愛度沒有任何變化。事實上，在其中一些指標上，品牌喜愛度的正向程度甚至還有所提升。你也看到，與此事件相關的討論中，Taco Bell 的聲量占比已大幅下降。而最好的佐證是，消費者正穩定地回到餐廳。

We've seen steady improvement in those sales trends. If you think about what we're doing, we're driving the magic formula. We shared a little detail on last week's Tuesday drop. This week's Tuesday drop. The Mexican Pizza drop this Tuesday generated the most app traffic, the most app transactions, and the most loyalty acquisitions of any Tuesday drop ever.

我們看到這些銷售趨勢持續改善。若談我們正在做什麼，我們正在推動「魔法公式」。我們上週分享了一些關於上週二限時上新（Tuesday drop）的細節。而本週的 Tuesday drop。本週二的墨西哥披薩（Mexican Pizza）上新，創下歷來任何一次 Tuesday drop 中最高的 App 流量、最多的 App 交易筆數，以及最多的會員／忠誠計畫新增。

And in fact, we saw positive transaction growth on Tuesday. If you look to the remainder of Q3, you look into Q4, our team is focused on bringing fans back and we're seeing those fans respond well. In Q4, I'm really excited. You get a lot of elements of the magic formula that will be in place, cultural moments. You're seeing food innovation.

而且事實上，我們在週二看到交易量呈正成長。展望第三季剩餘時間以及進入第四季，我們的團隊專注於把粉絲帶回來，而我們也看到粉絲反應良好。到了第四季，我非常期待。你會看到「魔法公式」的許多要素到位，包括文化時刻（cultural moments）。你也會看到食品創新。

I'm excited about [decades] being in Q4. We took a vote earlier this year on what international item consumers would most want to see. You're going to see butter chicken in Q4. Of course, value is going to be a core part of how Taco Bell brings the magic formula to life and Taco Bell is known for value and our consumers care about it. There is no brand and no team better equipped to drive a recovery in this temporary sales impact than Taco Bell.

我也很期待第四季的[decades]。我們今年稍早針對消費者最想看到哪一款國際品項進行投票。你會在第四季看到奶油雞（butter chicken）。當然，「超值」將是 Taco Bell 讓魔法公式落地的核心部分；Taco Bell 以超值著稱，而我們的消費者也很在意這一點。在這次暫時性的銷售衝擊中，沒有任何品牌、也沒有任何團隊，比 Taco Bell 更有能力推動復甦。

David Palmer, Evercore.

David Palmer，Evercore。

A question on KFC and thanks for your comments on your prepared remarks. It feels like KFC's management has been pretty active and maybe increasingly bullish on the long-term system-wide sales. And I'm just wondering if you might help us sort of imagine what's cooking there. It sounds like digital is something that is working, reengineering the box to help returns for franchisees. So we're seeing 2% same-store sales growth or so, 7% unit growth has been pretty steady.

一個關於 KFC 的問題，也謝謝你在開場發言中的評論。感覺 KFC 的管理團隊一直相當積極，並且可能對長期的系統整體銷售（system-wide sales）愈來愈樂觀。我想請你們幫我們想像一下那邊到底在醞釀什麼。聽起來數位化是有效的，還有重新設計餐盒（box）以提升加盟商回報。因此我們看到同店銷售成長約2%，而7%的店數成長也一直相當穩定。

I'm wondering how you're thinking about those? Are those good assumptions going forward? Or might we see upside, particularly on the comps. You made some very bullish comments on Brazil and EM opportunity, but you might have room for improvement in some of the developed markets, which are relatively flat. So just wondering how you're thinking about that.

我想了解你們是如何看待那些事項的？這些在未來仍是好的假設嗎？或者我們是否可能看到上行空間，特別是在同店表現（comps）方面。你們對巴西與新興市場（EM）的機會發表了一些非常看多的評論，但在一些相對持平的已開發市場，你們或許仍有改善空間。所以想請教你們對此的思考。

Yes. Thanks, David. If we think about the KFC business, you know that it's a global powerhouse. And the KFC brands has been growing ahead of the market for many years, and it's based on its structural advantages, it's driven by the fact that we have category tailwinds. Chicken is the fastest-growing protein, projected to be one of the fastest growing categories into the future around the globe.

是的。謝謝你，David。如果我們談到 KFC 業務，你知道它是全球性的強勢品牌。KFC 品牌多年來一直跑贏市場成長，這建立在其結構性優勢之上，並且受惠於品類順風。雞肉是成長最快的蛋白質，預計在未來於全球仍將是成長最快的品類之一。

We've got a first-mover advantage in many markets. We've got strong franchise partners. What you're seeing, Scott Mezvinsky and the leadership team do right now is really bring the Raise the B.A.R. strategy to life. If you think about battling for the future consumer, just a couple of months ago, we introduced the new brand visual identity.

我們在許多市場具備先行者優勢。我們有強大的加盟夥伴。你現在看到 Scott Mezvinsky 與領導團隊正在做的，是把「Raise the B.A.R.」策略真正落地。如果你想想為未來消費者而戰，就在幾個月前，我們推出了全新的品牌視覺識別。

You're going to be seeing that come to life in our imaging and as the brand presents itself around the globe. You've heard us talk about leveraging the learnings from Saucy to improve our tender formulation. We're going to have larger tenders, more craveable tenders. We're bringing the range of sauces, drips and -- sorry, sauces, dips and rubs to life to give more flavors to our consumers. You're seeing beverages starting to roll Kwench in the U.K.

你將會看到它在我們的店面形象（imaging）以及品牌在全球的呈現方式中逐步落地。你也聽到我們談到運用 Saucy 的學習來改良我們的雞柳配方。我們會推出更大、更令人垂涎的雞柳。我們也會把各式醬料、沾醬與—抱歉—醬料、沾醬與乾粉（rubs）做出更完整的呈現，為消費者帶來更多風味選擇。你也看到飲料業務開始在英國推出 Kwench。

and Australia. So all of those are about winning the consumer, accelerating restaurant economics. We've got strong restaurant economics in many markets. We can make improvements though. We want every brand country combination to be moving to that 5-year payback or better over time through leveraging Yum!'s scale.

以及澳洲。所以這些舉措都是為了贏得消費者、加速餐廳經濟效益。我們在許多市場的餐廳經濟效益很強。但我們仍能再提升。我們希望每一個「品牌×國家」組合，隨時間推進都能朝向 5 年回本期或更佳的水準，透過運用 Yum! 的規模優勢。

And of course, we'll be increasingly bringing the benefits of Byte and our digital capabilities to markets around the globe and KFC. That will help us power the loyalty programs that we talked about in the speech to life. You put it all together, the aspiration is to drive faster growth. We've had strong unit development. That same-store sales number, though, our history there, we are dissatisfied with it.

當然，我們也會愈來愈多地把 Byte 與我們的數位能力帶到全球各市場與 KFC。這將幫助我們把演講中提到的會員忠誠計畫真正推動起來。把這些加總起來，我們的願景是推動更快的成長。我們的展店（unit development）一直很強。不過，對於同店銷售這個數字，就我們過去的表現而言，我們並不滿意。

And we think we can achieve higher and stronger same-store sales growth and higher and stronger AUVs. So that is our objective in the long run for KFC. It's going to take some time to come to life because you got 150 countries. But you are seeing it start to deliver proof points in markets like the U.K., Korea, Japan and Brazil. We're looking forward to the future.

我們認為可以達成更高、更強的同店銷售成長，以及更高、更強的單店平均營收（AUV）。因此，這就是我們對 KFC 長期的目標。這需要一些時間才能全面落地，因為你們知道我們有 150 個國家。但你已經開始在英國、韓國、日本與巴西等市場看到一些驗證點（proof points）。我們對未來充滿期待。

Brian Bittner, Oppenheimer.

Brian Bittner，Oppenheimer。

I wanted to dive into the fact that Taco Bell's digital sales are 47% of the business now, which I imagine is way above average versus other drive-through QSRs. Can you help us understand how digital has become so high for the Taco Bell brand? I know you talked about strong first-party, but maybe you can unpack the components of digital mix? And how much has digital been a driver of comps over the last several quarters and years?

我想深入了解 Taco Bell 的數位銷售目前已占業務的 47%，我想這應該遠高於其他得來速 QSR 的平均水準。你能否協助我們理解，Taco Bell 的數位占比為何能達到這麼高？我知道你提到強大的第一方能力，但也許你可以拆解一下數位組合的構成？另外，過去幾季與幾年，數位在同店（comps）上帶動了多少？

Yes, look, Taco Bell has an incredible digital capability. You'll remember that in 2018, we had a 1% digital mix in Taco Bell. So it's a dramatic change to that 47% today. We have a very strong first-party capability in Taco Bell. I really think it speaks to the power of loyalty and the unique nature of Taco Bell's loyalty programs.

是的，你看，Taco Bell 具備非常出色的數位能力。你會記得在 2018 年，Taco Bell 的數位占比只有 1%。所以到今天的 47% 是非常戲劇性的變化。我們在 Taco Bell 擁有非常強的第一方能力。我認為這真正反映了會員忠誠的力量，以及 Taco Bell 忠誠計畫的獨特性。

The Taco Bell fandom wants to be a part of the conversation. We go far beyond just an earn-and-burn type program. The Taco Bell program is about building a real connection with our fans. If you think about these exclusive offers, the Tuesday drops, the things about the program that make our fans feel really special and connected to the brand. I think that's why -- they want to use the app.

Taco Bell 的粉絲文化（fandom）希望成為對話的一部分。我們遠遠不只是那種單純「累積點數再兌換」的計畫。Taco Bell 的計畫是要與粉絲建立真正的連結。如果你想想那些獨家優惠、週二限時掉落（Tuesday drops），以及讓粉絲感到非常特別、與品牌緊密相連的各種設計。我想這就是為什麼——他們想用 App。

That's why they want to use the kiosk, when they're in the store. They want to identify themselves when they're going through the drive-through to ensure that they're part of that loyalty program. Of course, our digital -- Taco Bell has been powered by Byte, and we think it's a real proof point for how Byte can drive performance on both top line and bottom line for our business. It's part of why Taco Bell has grown ahead of QSR for so many quarters now and it's part of how we have kept our restaurant margin so strong for our franchise partners despite the inflation that the industry has seen over the last few years.

這也是為什麼他們在店內時想使用自助點餐機（kiosk）。他們在得來速通道時也想表明身分，以確保自己是忠誠計畫的一員。當然，我們的數位——Taco Bell 是由 Byte 所驅動的，我們認為這是 Byte 如何同時推動營收端與獲利端表現的有力驗證點。這也是 Taco Bell 多個季度以來持續跑贏 QSR 成長的原因之一，也是在過去幾年產業面臨通膨的情況下，我們仍能為加盟夥伴維持強勁餐廳利潤率的一部分原因。

Brian Harbour, Morgan Stanley.

Brian Harbour，Morgan Stanley。

I wanted to ask about KFC also, please. I guess, I'm curious like some of this feels like it's more of an evolution for the U.S., but I mean you talk about many of these things being global. So how much of the sort of the product evolution will be brought to other markets. Are there some specific investments that you're asking franchisees to make related to kind of brand image or I don't know if anything with store image is going to change. Like how extensive is this going to be? And I guess, over what time will this evolution occur?

我也想請教 KFC。我想，我好奇的是，其中一些聽起來更像是美國市場的演進，但你們又談到許多事情是全球性的。那麼，這類產品演進有多少會帶到其他市場？你們是否會要求加盟商在品牌形象方面做一些特定投資，或者我不知道，是否會有任何店面形象的改變？這會做到多大規模？另外，這個演進大概會在多長時間內發生？

Yes. Let me be clear. When we talk about raising the bar at KFC, we're talking about that as a global initiative. 88% of our KFC system sales are outside of the U.S. That's where the majority of the business is -- the UK will actually be our lead market on many of these initiatives. That will be the first to bring the brand visual identity to life. They'll be the first with tenders and sauces. They're one of the lead along with Australia on Kwench. So it's really the global business where these will be coming to life.

是的。我先說清楚。當我們談到 KFC 的「Raise the bar」，我們指的是一項全球性倡議。我們 KFC 系統銷售額的 88% 來自美國以外。業務的大部分在那裡——英國實際上將在許多倡議上成為我們的領先市場。他們會最先把品牌視覺識別落地。他們會最先推出雞柳與醬料。他們也是 Kwench 的領先市場之一，與澳洲並列。所以，這些舉措真正會在全球業務中落地。

And that is what Scott Mezvinsky and his general managers are driving. The reason it will take some time to come to life and the reason it will take some time for us to see the impact is that you've got to bring it to life across 150 countries. We're giving consistent playbooks, but we also know in the KFC business, you've got to tailor those to be relevant to the consumers in each and every market, but this is a global aspiration.

而這正是 Scott Mezvinsky 與他的各地總經理正在推動的。之所以需要一些時間才能落地、也需要一些時間我們才能看到影響，是因為你必須在 150 個國家推行。我們會提供一致的作戰手冊（playbooks），但我們也知道在 KFC 業務中，你必須因地制宜，讓它對每一個市場的消費者都具備相關性；但這是一個全球性的願景。

John, JPMorgan.

John，JPMorgan。

The question is on G&A and maybe going beyond '26, even '27, obviously, you guys announcing the sale of Pizza Hut is a very big deal, and I think there were some comments on G&A that were held back not knowing exactly what you would do with that brand.

問題是關於 G&A（一般及行政費用），以及可能延伸到 2026 年之後、甚至 2027 年。顯然，你們宣布出售 Pizza Hut 是一件非常重大的事，我想先前在 G&A 方面有一些評論之所以保留，是因為當時還不確定你們會如何處理那個品牌。

So as we have an opportunity to really rethink Yum! and a post Pizza Hut environment once some of the shared services are over, how should we begin to think about whether it's G&A as a percentage of system sales or revenue, or maybe even in dollar terms considering -- especially considering some of the significant opportunities that AI is bringing to enterprise level and also understanding some of the cost recovery that you're getting from Byte.

因此，既然我們有機會真正重新思考 Yum!以及在部分共享服務結束後、處於後 Pizza Hut 的環境中，我們應該如何開始思考：是以 G&A 佔系統銷售額或營收的百分比來看，還是甚至以美元金額來看——尤其是考量到 AI 為企業層級帶來的一些重大機會，同時也理解你們從 Byte 所獲得的一些成本回收。

So as we kind of think about the important question about mapping G&A maybe in '28, which I think would give you enough time to really think about redesigning the organization, how should we begin to think about how you're thinking about that significant opportunity that you may have from an efficiency and an effectiveness perspective.

因此，當我們思考到把 G&A 映射到可能在 2028 年的這個重要問題（我認為這會給你足夠時間去真正思考重塑組織），我們應該如何開始理解你們對於這個可能在效率與效能面帶來的重大機會，是怎麼在思考的？

Thanks, John. I'll take that one. Look, thanks for the question. Look, historically, as you know, we've been good stewards of G&A. If you look over the last 3 years, I think our G&A, you'll find is flat, while we grew units and system sales around the world.

謝謝你，John。這題我來回答。聽著，謝謝你的提問。聽著，歷史上，如你所知，我們一直是 G&A 的良好管理者。如果你看過去 3 年，我想你會發現我們的 G&A 是持平的，同時我們在全球擴張了門店數並提升了系統銷售額。

Even year-to-date, system sales in the first half of the year are up 7% and G&A, if you back out FX and acquisition related to G&A, G&A has been flat. We expect no change to our disciplined pro forma for Pizza Hut. The 1.7% G&A percent of system sales, we believe, is still relevant, and we will continue to expect operating leverage on system sales growth going forward.

即使以年初至今來看，上半年系統銷售額成長 7%，而 G&A——如果把外匯與併購相關的 G&A 影響剔除——G&A 也是持平。我們預期對 Pizza Hut 的嚴謹備考（pro forma）不會有變動。我們認為 G&A 佔系統銷售額 1.7% 仍然適用，並且我們將持續預期在系統銷售額成長下，未來能帶來營運槓桿。

We obviously, as you pointed out, have some work to do next year and the year after as the TSAs roll off, but that is really the smaller question. The bigger question is the one you brought up, and we ask ourselves and where we will be spending time is how do we allocate resources to invest in our teams and our capabilities to raise the bar and drive higher top line growth while staying within the framework and metrics that we think are reasonable and disciplined G&A targets. AI certainly plays a role in that, but there's lots of other things we're thinking through as we look to raise the bar.

如你所指出，隨著 TSA（過渡服務協議）在明年及後年到期，我們確實還有一些工作要做，但那其實是比較小的問題。更大的問題是你提出的這個，我們也在自問、並且將投入時間思考的是：我們如何配置資源，投資於團隊與能力，拉高標準並推動更高的營收成長，同時仍維持在我們認為合理且具紀律的 G&A 目標框架與指標之內。AI 當然在其中扮演角色，但當我們希望拉高標準時，還有許多其他事情正在推演。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

Roy, just on Taco Bell, I appreciate the strong 2Q trends and the new action plan you shared to get back on track to reach $3 million volumes by 2030. But just to further level set the investment community's expectations within that quarter-to-date down 2%, you talked about obviously one period of continued strength. And does that imply trends are somewhere down 20 over the last 2 weeks since publicity started recognizing you saw a nice step up week-over-week from the action plan that you quickly put in?

Roy，關於 Taco Bell，我肯定你們第二季強勁的趨勢，以及你們分享的、為了回到正軌並在 2030 年達到每店 300 萬美元營收（volumes）的新行動計畫。但為了進一步讓投資界對於本季迄今下滑 2% 的情況建立基準，你提到顯然有一段期間仍維持強勢。那是否意味著，在媒體開始關注後的過去兩週，趨勢大約下滑 20% 左右；而且你們迅速推出行動計畫後，是否看到週對週有不錯的改善幅度？

Yes. Look, first thing on the recent trends, as we shared, look, the peak impact was on July 18. I would say that since then, we've seen a steady improvement in trends and the last 4 days are well within the 20%. So I think if you look at it over the last 10 days, you'll find us on both sides of that. But currently, we're well within that.

是的。聽著，先談近期趨勢，如我們所分享的，影響高峰是在 7 月 18 日。我會說，自那之後，我們看到趨勢穩定改善，且最近 4 天的表現已明顯在 20% 的範圍之內。所以我認為如果你看過去 10 天，你會發現我們在那個水準的上下都有出現。但目前，我們已明顯在那個範圍之內。

Operator, we have time for one more question.

接線員，我們還有時間再問一題。

Gregory Francfort, Guggenheim Securities.

Gregory Francfort，Guggenheim Securities。

Actually, just -- I wanted to ask about Kwench. I know it's maybe specific, but just maybe what drove this program on the beverage platform globally. Are you -- do you guys maybe under-index on beverages across your system? And in the early indications, early test markets, Australia and I think the UK was the other one. How much of a lift are you seeing? Is that noticeable to the overall AUVs noticeable to the comp?

其實我想問一下 Kwench。我知道這可能比較特定，但想請教是什麼驅動你們在全球飲料平台上推出這個計畫。你們在整個系統的飲料品類是否相對低配（under-index）？在早期跡象、早期測試市場（澳洲以及我想英國是另一個）中，你們看到多大的拉升？這對整體 AUV（平均單店營收）或對同店（comp）是否有明顯影響？

Yes. Look, Kwench is really driven by insights that have come from Collider, the taste of the future consumer, there's an increasing demand for unique crafted beverages. And we want to be there to meet that demand. And as we think about that in the US, you've seen us talk a lot about Live Más Café and the pilots that we're leading there in Taco Bell, which are showing a lot of promise on how that's coming to life and how it's serving consumers. But think about the global breadth of KFC with more than 30,000 restaurants outside the US, we need a relevant beverage offering to be able to bring to that next generation of consumers there.

是的。聽著，Kwench 主要是由 Collider 所帶來的洞察所驅動——也就是未來消費者的口味趨勢，對獨特、手作調製飲品的需求正在增加。我們希望能在那裡滿足這個需求。當我們在美國思考這件事時，你也看到我們談了很多 Live Más Café，以及我們在 Taco Bell 推動的試點，這些都展現出很大潛力，說明它如何落地、以及如何服務消費者。但如果你看 KFC 的全球廣度——在美國以外有超過 30,000 家餐廳——我們需要一個具相關性的飲料產品組合，才能帶給那裡的下一代消費者。

Kwench is that. We've got a lot of testing with consumers in a number of markets. It's a manageable CapEx. We've got a couple of different packages depending on the AUVs in a particular market and where we think the consumer demand will be. Obviously, our franchisees wouldn't invest in it unless they believe there's a return.

Kwench 就是這樣的方案。我們在多個市場進行了大量的消費者測試。資本支出（CapEx）是可控的。我們也有幾種不同的方案包，會依特定市場的 AUV 以及我們判斷的消費者需求而定。顯然，除非加盟商相信有回報，否則他們不會投資。

And what we're seeing right now in terms of the impact on same-store sales and incrementality relative to that investment, tells us that this is a go in the U.K. and Australia. We'll continue to learn and refine, but it's all about battling for that future consumer. So thank you all for your time this morning. If I sum it up, Yum!'s had an incredible first half of 2026.

而我們目前看到的結果——就同店銷售的影響，以及相對於該投資所帶來的增量效益——告訴我們，這在英國與澳洲是可行的。我們會持續學習並精進，但這一切都是為了爭奪未來消費者。所以謝謝各位今天早上的時間。如果我做個總結，Yum!在 2026 年上半年表現非常出色。

We had great momentum coming into the second half. The Pizza Hut transaction is on track. That will position Pizza Hut for even greater success in the future and it will position Yum! for greater success in the future because of the focus we'll be able to put on our 3 remaining brands. We've talked a lot here about KFC where we're raising the bar across our global business.

我們帶著很強的動能進入下半年。Pizza Hut 的交易進展順利。這將使 Pizza Hut 在未來取得更大的成功，也將使 Yum!在未來更成功，因為我們能把更多焦點放在剩下的三個品牌上。我們在這裡談了很多 KFC，以及我們如何在全球業務全面拉高標準。

We're seeing that strategy come to life and we are on track for another year of record development. Taco Bell has been navigating this industry-wide issue, but we have an incredibly strong brand there. We have an incredibly strong team. The sales impact will be temporary, and we appreciate our fans who are coming back and showing their love for Taco Bell. The long-term future of Yum! is incredibly bright. Thank you very much.

我們看到這個策略正在落地，我們也正朝著再創開店發展紀錄的一年邁進。Taco Bell 一直在應對這個全產業的議題，但我們擁有非常強大的品牌。我們有一支非常強的團隊。銷售的影響將是暫時的，我們也感謝粉絲們回來並展現對 Taco Bell 的支持。Yum! 的長期未來非常光明。非常感謝。

Ladies and gentlemen, that concludes today's call. Thank you for joining. You may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。