YUM: Leadership change · Company disclosure · Other company developments

Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers Aaron Powell, the Chief Executive Officer of the Pizza Hut business of Yum! Brands, Inc. (the “ Company ”), resigned from his position as Pizza Hut CEO and all other positions with the Company effective September 1, 2026, in connection with the closing of the Pizza Hut Transaction (as defined below). Item 7.01 Regulation FD Disclosure On September 1, 2026, the Company issued a press release announcing the completion of the Pizza Hut Transaction (as defined below). A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information in this Item 7.01, including Exhibit 99.1, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “ Exchange Act ”), or otherwise subject to liabilities under that section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended or the Exchange Act, regardless of any general incorporation language in such filings. Item 8.01 Other Events On September 1, 2026, the Company completed the previously announced sale to Toppings TopCo, LLC, a Delaware limited liability company (“ Purchaser ”), of its global Pizza Hut business (other than the Pizza Hut business in the People’s Republic of China (excluding the Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan)) in exchange for $1,488,000,000 in cash, subject to certain adjustments as provided in that certain Equity Purchase Agreement, dated as of June 16, 2026, by and between the Company and Purchaser (together with transactions contemplated thereby, the “