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<p dir="ltr"><b>LOUISVILLE, Ky., August 7, 2026</b> — Yum! Brands, Inc. (NYSE: YUM) (“Yum!” or the “Company”) today announced the completion of the sale of Pizza Hut in Mainland China (“Pizza Hut China”) to Yum China Holdings, Inc. (NYSE: YUMC; HKEX: 9987) (“Yum China”), for $1.2 billion. </p>
<p dir="ltr">The transaction with Yum China represents one of two previously announced definitive agreements to sell Pizza Hut for $2.7 billion in the aggregate, subject to certain purchase price adjustments relating to the sale of the Pizza Hut business outside of Mainland China. </p>
<p dir="ltr">Yum!’s transaction to sell Pizza Hut, excluding Mainland China, to LongRange Capital remains on track to close this month, subject to customary closing conditions, including receipt of required regulatory approvals. </p>
<p dir="ltr"><b>About Yum! Brands</b></p>
<p dir="ltr">Yum! Brands, Inc. and its subsidiaries franchise or operate more than 58,000 restaurants in 155 countries and territories under its iconic brands — KFC, Taco Bell, Pizza Hut and Habit Burger & Grill. KFC, Taco Bell and Pizza Hut are global leaders in the chicken, Mexican-inspired food and pizza categories, respectively. Habit is a fast-casual concept known for fresh, cooked-to-order food. </p>
<p dir="ltr">Fueled by Yum!’s Recipe for Good Growth, KFC, Taco Bell and Pizza Hut led Entrepreneur's 2026 Franchise 500 rankings and its Top Global Franchises 2025 list. In 2026, Yum!’s unrivaled culture and talent led it to be named one of TIME magazine’s list of Best Companies for Future Leaders for the third consecutive year. </p>
<p dir="ltr"> </p>
<p dir="ltr"><b>Forward-Looking Statements</b></p>
<p dir="ltr">This announcement contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding the anticipated consummation of the sale of the Pizza Hut business outside Mainland China. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on and reflect our current expectations, estimates, assumptions and/ or projections, our perception of historical trends and current conditions, as well as other factors that we believe are appropriate and reasonable under the circumstances. Forward-looking statements are neither predictions nor guarantees of future events, circumstances or performance and are inherently subject to known and unknown risks, uncertainties and assumptions that could cause our actual results to differ materially from those indicated by those statements. There can be no assurance that our expectations, estimates, assumptions and/or projections, including with respect to the future earnings and performance or capital structure of Yum! Brands, will prove to be correct or that any of our expectations, estimates or projections will be achieved. </p>
<p dir="ltr">Numerous factors could cause our actual results and events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: food safety and food- or beverage-borne illness concerns, including the impact of the July 2026 cyclospora outbreak; the impact of such outbreak on sales and pace of recovery; adverse impacts of public health conditions or other catastrophic or unforeseen events; the success and financial stability of our concepts’ franchisees; the success of our development strategy; anticipated benefits from past or potential future acquisitions, investments, other strategic transactions or initiatives, or our portfolio business model; the possibility that the sale of the Pizza Hut business will not close within the anticipated timeframe, or at all, or that we may not be able to realize the anticipated benefits of the sale of the Pizza Hut business; our significant exposure to the Chinese market; our global operations and related exposure to geopolitical instability, including the expansion or threatened expansion of restrictive trade policies and increasing anti-American sentiment; foreign currency risks and foreign exchange controls; our ability to protect the integrity or availability of IT systems or the security of confidential information and other cybersecurity risks; compliance with data privacy, data protection and emerging technology legal requirements; our ability to successfully and securely implement technology initiatives, including utilization of artificial intelligence; our increasing dependence on digital commerce and delivery platforms; the impact of social media; our ability to protect our trademarks or other intellectual property; shortages or interruptions in the availability and the delivery of food, equipment and other supplies; the loss of key personnel or failure to successfully transition senior management, labor shortages and increased labor costs, including as a result of state and local legislation related to wages and working conditions; changes in food prices and other operating costs; our corporate reputation, the value and perception of our brands and changes in consumer preferences such as wellness trends; evolving expectations and requirements with respect to social and environmental sustainability matters; adverse effects of severe weather and climate change; pending or future litigation and legal claims or proceedings; changes in, or non-compliance with, legal requirements; tax matters, including changes in tax rates or laws, impositions of new taxes, tax implications of our restructurings, or disagreements with taxing authorities; changes in consumer discretionary spending and macroeconomic conditions, including inflationary pressures and interest rate conditions; competition within the retail food industry; and risks relating to our level of indebtedness. In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. The forward-looking statements included in this announcement are only made as of the date of this announcement and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances. </p>
<p dir="ltr">You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions “Risk Factors” and “Forward-Looking Statements” in our most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q) for additional detail about factors that could affect our financial and other results.</p>
<p dir="ltr"> </p>
<p dir="ltr">Analysts are invited to contact:</p>
<p dir="ltr">Matt Morris, Head of Investor Relations, at 888/298-6986</p>
<p dir="ltr"> </p>
<p dir="ltr">Members of the media are invited to contact:</p>
<p dir="ltr">Lori Eberenz, Director of Public Relations, at 502/874-8200</p>
<p dir="ltr">High-resolution images are available in the <a href="https://www.yum.com/wps/portal/yumbrands/Yumbrands/media-library" >Yum! Brands Media Library</a></p>
<p>KFC's global creative momentum was on full display at the June 2026 Cannes Lions International Festival of Creativity.</p>
<p>The brand earned eight Lions across three markets this year, with KFC Canada taking home one Gold and three Silver Lions for its "Kyle F*cking Connor" campaign, KFC Thailand snagging two Bronze Lions and one Shortlist for “The Kaprao Criminals” and KFC MENA earning a Bronze Lion for "Om Bdr – 12th Ingredient." The wins showcased how KFC's globally recognized brand can inspire ideas rooted in local culture while resonating on one of the world's biggest creative stages.<iframe width="560" height="315" style="display: table; margin-left: auto; margin-right: auto;" src="https://www.youtube.com/embed/-aBoMg6aIQA?si=gfJWPFgrGQPsFzwC" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="allowfullscreen"></iframe></p>
<p>Created with Toronto-based agency Courage, KFC Canada's campaign turned Winnipeg Jets forward Kyle Connor's fan-given nickname, often abbreviated as "KFC," into a natural extension of the brand's sponsorship of the team. Rather than simply placing its logo alongside the action, KFC became part of the conversation through branded buckets, fan experiences and social content, earning a Gold Lion in Brand Experience & Activation and three Silver Lions across additional categories.</p>
<p>Meanwhile, KFC Thailand’s “The Kaprao Criminals” campaign brought the brand’s signature humor and cultural fluency to Cannes, earning two Bronze Lions and one Shortlist for an idea rooted in a distinctly local truth: Thailand’s deep love for authentic kaprao. Created with Wolf BKK, the spot playfully spotlighted the “wrong” versions of the beloved dish, turning a familiar food debate into a memorable brand moment that only KFC Thailand could own. The recognition underscored KFC’s ability to transform local cultural insight into globally celebrated creativity, further building on Thailand’s growing track record of award-winning work for the brand.</p>
<p><iframe width="560" height="315" style="display: table; margin-left: auto; margin-right: auto;" src="https://www.youtube.com/embed/CIN0cXeX2Kk?si=5ymBse6vCxa6j6Cn" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="allowfullscreen"></iframe></p>
<p>Another win for KFC came from Saudi Arabia. The market’s Bronze Lion-winning campaign embraced a consumer trend already taking shape across the nation. After fans began posting videos of themselves adding local cook Om Bdr's Srar Hail seasoning to KFC chicken, the brand partnered with her to make it KFC's "unofficial 12th herb and spice." The limited-time collaboration sold out in less than three weeks and became KFC Saudi Arabia's most popular promotion.</p>
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<p>This year's recognition builds on KFC's recent success at Cannes. In 2025, <a href="https://global.kfc.com/press-releases/kfc-thailand-wins-historic-gold-in-film-at-cannes-lions-2025-for-let-there-be-cake" >KFC Thailand earned a Gold Lion in Film for "Let There Be Cake,"</a> marking Yum! Brands' first-ever Gold Lion in the Film category. In recent years, campaigns from the United Kingdom, Australia, Thailand, Canada and Saudi Arabia have all demonstrated KFC's ability to adapt iconic brand assets to local culture in meaningful ways.</p>
<p>KFC's influence at Cannes extended beyond the awards stage. Christophe Poirier, KFC global chief concept officer, spoke across various panels, including a session with leaders from Kantar and JKR, <a href="https://www.yum.com/wps/portal/yumbrands/Yumbrands/news/company-stories-article/Behind+the+bucket+How+KFC+cooked+up+its+new+brand+experience" >the creative agency behind KFC’s recent visual identity evolution</a>. During the panel at the Canva Creative Cabana, Poirier and fellow panelists unpacked the strategy behind KFC’s brand evolution while KFC tenders and sauces were served to attendees.</p>
<p><img src="/wps/wcm/connect/yumbrands/b699f2ec-1017-4f55-a987-90b178433b77/1/Image+%2835%29.jpg?MOD=AJPERES" alt="" width="620" title="" style="display: block; margin-left: auto; margin-right: auto;" /></p>
<p>Suhayl Limbada, chief marketing officer of KFC India, joined the festival's official <a href="https://www.canneslions.com/festival/programme/cmos-in-the-spotlight-kfc-mastercard-the-coca-cola-company-westpac-banking-corporation-e1-73666" >"CMOs in the Spotlight" session</a> alongside executives from Mastercard, The Coca-Cola Company and Westpac Banking Corporation to discuss how CMOs are using creativity to drive business growth. Meanwhile, leaders from <a href="https://www.canneslions.com/festival/programme/building-brand-lore-rethinking-fame-for-a-fragmented-world-e1-70906" >KFC Spain presented the Festival Talk "Building Brand Lore: Rethinking Fame for a Fragmented World,"</a> sharing how the brand builds cultural relevance through a steady stream of locally meaningful ideas.</p>
<p>Taco Bell also helped shape some of the festival's biggest conversations about creativity, technology and the future of consumer brands. At Sport Beach, Taco Bell Global Chief Brand Officer Taylor Montgomery participated in a panel on building a winning brand alongside Megan Rapinoe, CMO of NY Liberty and a Netflix advertising executive. He also participated in <a href="https://variety.com/2026/biz/news/cannes-lions-variety-in-c-suite-canva-conversations-1236790288/" >Variety's C-Suite Conversations</a>, sharing Taco Bell's "Liberate Taco Tuesday" campaign as an example of culture-driven marketing powered by strong cultural insights.</p>
<p><img src="/wps/wcm/connect/yumbrands/b699f2ec-1017-4f55-a987-90b178433b77/2/Variety-Canva-CannesLions-062326-29.jpg?MOD=AJPERES" alt="" width="620" title="" style="display: block; margin-left: auto; margin-right: auto;" /></p>
<p><a href="https://shellypalmer.com/cannes-lions-2026-breakfast/" >Dane Mathews, Taco Bell's global chief Digital & Technology officer, joined a Shelly Palmer fireside conversation</a> with Uber Advertising CMO Kristi Argyilan to discuss how Taco Bell is using AI to improve restaurant operations, enhance the team member experience and create a more seamless customer journey. He later joined Zoom CMO Kimberly Storin for a Deloitte-hosted panel examining AI's role in building stronger brands and delivering meaningful business outcomes.</p>
<p><img src="/wps/wcm/connect/yumbrands/b699f2ec-1017-4f55-a987-90b178433b77/3/Dane+Cannes+1.png?MOD=AJPERES" alt="" width="620" title="" style="display: block; margin-left: auto; margin-right: auto;" /></p>
<p>Additional Taco Bell leaders participated in discussions hosted by Publicis Media, Spark Foundry and commerce media partners, reinforcing the brand's reputation for blending creativity, culture and innovation.</p>
<p>From award-winning campaigns to executive thought leadership, Yum! Brands demonstrated that creativity extends far beyond advertising. Whether earning Lions, sharing insights from the festival stage or exploring how AI can strengthen brand experiences, KFC and Taco Bell continue to show how bold ideas can deepen consumer connections and drive business growth. Cannes 2026 offered a glimpse of what's next.</p>
