Tims China releases transcript of Q2 2026 earnings call

TH International released its Q2 2026 earnings call transcript from Aug. 18, attended by CEO John Cheung, CFO Albert Li, Patty Yu.

• Q2 revenue was RMB 273.4 million, down 21.7% year-over-year; system sales were RMB 347.8 million, down 15.1%.
• Same-store sales fell 17.8% as transactions dropped 16.3%; management cited reduced delivery subsidies, underspent marketing, tighter discounting.
• Adjusted corporate EBITDA margin was -7.6% versus 0.6% a year earlier; company-owned store contribution margin slipped to 5.7%.
• Management flagged higher marketing spend from September; store growth is set to shift to a balanced company-owned and franchised mix, with no targets given.