YUM: Material agreement · Acquisition or asset disposal · Company disclosure

Item 1.01 Entry into a Material Definitive Agreement. A&R MLA On August 7, 2026, in connection with the completion of the China Transaction (as defined in Item 2.01 below), YRI China Franchising, LLC (“ YRICF ”), a subsidiary of Yum! Brands, Inc. (the “ Company ”), entered into that certain Amended and Restated Master License Agreement (the “ A&R MLA ”) with Yum Restaurants Consulting (Shanghai) Company Limited (“ YCCL ”), a subsidiary of Yum China Holdings, Inc. (“ Yum China ”). The A&R MLA amends and restates the master license agreement that previously governed the parties’ relationship to remove all references to Pizza Hut or any future royalties payable in respect of the Pizza Hut brand in the People’s Republic of China (excluding Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan) (the “ PRC ”) in light of the completion of the China Transaction. With respect to the KFC and Taco Bell brands, the A&R MLA also, among other things, (i) provides YCCL the opportunity to earn certain incentives based on Yum China’s achievement of KFC system sales growth targets over the next 12 years, and (ii) establishes the terms on which the parties will work together to establish long-term growth plans for Taco Bell in the PRC. The foregoing description of the A&R MLA does not purport to be complete and is qualified in its entirety by reference to the full text of the A&R MLA, which is filed as Exhibit 10.1 hereto. Guaranty On August 7, 2026, in connection with the entry into the A&R MLA, Yum China executed and delivered a Guaranty (the “ Guaranty ”), pursuant to which Yum China guarantees to YRICF the performance of YCCL’s obligations under the A&R MLA, including, without limitation, YCCL’s payment obligations. The foregoing description of the G