YUM BRANDS INC

Yum! Brands, Inc. operates over 63,000 restaurants across 155 countries and territories, primarily under four concepts: KFC, Taco Bell, Pizza Hut, and Habit Burger & Grill. The company's KFC, Taco Bell, and Pizza Hut brands are global leaders in the chicken, Mexican-inspired food, and pizza categories, respectively. Habit Burger & Grill is a fast-casual restaurant concept that specializes in made-to-order chargrilled burgers and sandwiches. As of December 31, 2025, 97% of the company's units are operated by independent franchisees or licensees. While Yum! Brands does not directly own or operate any restaurants, units owned or operated by its subsidiaries are referred to as Company-owned. In 2025, the company initiated a review of strategic options for the Pizza Hut brand, aiming to create value for Yum!, Pizza Hut, and its franchise partners by leveraging Pizza Hut's brand equity, experienced franchise partners, and scale in the pizza market. This review is intended to conclude in 2026.