TH International Limited

TH International reported second-quarter 2026 results with a non-GAAP EPADS loss of $0.25 and revenue of $40.3 million, down 21.7% year over year. System sales totaled RMB347.8 million, or USD51.3 million, a 15.1% decrease from the same quarter of 2025. The company opened a net total of two new stores, comprising 15 net new made-to-order stores and 13 net closures of non-MTO stores. Company owned and operated store contribution was RMB12.6 million, or USD1.9 million, compared to RMB27.2 million a year earlier, with a contribution margin of 5.7% versus 9.6% in the prior-year quarter. Registered loyalty club members reached 37.1 million as of June 30, 2026, up 41.7% year over year.

Tims China announced its unaudited financial results for the second quarter of 2026, with total revenues falling 21.7% year-over-year to RMB273.4 million (USD40.3 million) and net loss widening to RMB97.4 million (USD14.4 million) from RMB75.9 million a year earlier. The company attributed the revenue decline to proactive closures of underperforming stores and a 17.3% drop in same-store sales for company owned and operated stores, while net new store openings totaled just two as it closed 13 non-MTO stores and opened 15 MTO stores. Registered loyalty club members grew 41.7% year-over-year to 37.1 million, and the company said it closed an initial tranche of US$15.8 million in additional senior secured convertible notes issued to Tim Hortons Restaurants International GmbH in July 2026. Tims China also announced a joint membership campaign with China Southern Airlines launched on August 13, 2026.