YUM: Material agreement · Other company developments

Item 1.01 Entry into a Material Definitive Agreement. Sale of Global Pizza Hut Business General On June 16, 2026, Yum! Brands, Inc. (the “ Company ”) entered into that certain Equity Purchase Agreement (the “ Purchase Agreement ”) with Toppings TopCo, LLC, a Delaware limited liability company (“ Purchaser ”). Pursuant to the terms of the Purchase Agreement, and subject to the terms and conditions set forth therein, the Company has agreed to sell to Purchaser its global Pizza Hut business (other than the Pizza Hut business in the People’s Republic of China (excluding Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan) (the “ PRC ”)), consisting of the development, ownership, operation, franchising and licensing of “Pizza Hut” and “Telepizza” branded restaurants that sell pizza and related food and beverage items, as well as certain related technology assets (the “ Business ”, and the transactions contemplated by the Purchase Agreement, the “ Transaction ”). The Transaction is structured as a sale of all of the equity interests in Pizza Hut US HoldCo LLC, Pizza Hut International, LLC, Pizza Hut Services, LLC, Pan Pizza Restaurants UK Limited, PH South Africa Holdings B.V., Pizza Hut MENAPAK S.à r.l. and PH North America LLC, following the completion of certain reorganization transactions, as described below. Purchase Price The aggregate purchase price for the Transaction is $1,488,000,000 in cash, subject to certain adjustments as provided in the Purchase Agreement. The Company is also eligible to receive additional contingent consideration of $75,000,000 (the “ Earn-Out Amount ”) if the financial performance of the Business meets certain targets in any of the fiscal years ending December 31, 2027, December 31, 2028 or December 31, 202