战略调整成效初显，Tims天好咖啡发布2026年Q1业绩The strategic adjustment has shown initial results, and Tims Tianhao Coffee has released its Q1 2026 performance
Recently, Tim Hortons, a globally renowned chain coffee brand, conducted business in China (hereinafter referred to as "Tim Hortons China"); NASDAQ: THCH has officially released its financial report for the first quarter of 2026. Data shows that the company's total revenue in the first quarter reached RMB 256.7 million, with system sales of RMB 322.9 million. Against the backdrop of intense competition in the coffee industry, this report card reveals the interim results of the company's strategic adjustment from "scale priority" to "quality priority".
1、 Steady implementation of strategic adjustments, continuous improvement of cost optimization and revenue structure
From the perspective of core financial indicators, Tims Tianhao China continues to promote the development strategy of improving quality and efficiency in this quarter. The company's self operated stores generated a revenue of 207.2 million yuan and contributed a profit margin of 1.8%. Other income reached 49.5 million yuan, a year-on-year increase of 7.7%, and other income profit increased by 14.0%, indicating that the profitability of the non self operated business sector is accelerating.
In terms of cost control, the cost and expenses of self owned stores in the first quarter of 2026 decreased by 15.2% compared to the same period in 2025, including a 23.9% decrease in food and packaging costs, a 16.2% decrease in rent and property management fees, and a 10.4% decrease in labor costs. The marketing expenses at the headquarters level have also decreased significantly by 43.7% compared to the same period in 2025. The above data confirms the effectiveness of Tims' refined operation in China, with significant improvements in cost control and resource allocation efficiency.
It is worth mentioning that Tim Hortons China recently announced the signing of a final agreement with Tim Hortons Restaurants International GmbH to issue priority secured convertible bonds with a maximum principal amount of $55 million. The additional bonds will be merged into a single series with the $89.9 million original bonds to be issued in December 2025, enjoying equal repayment rights and consistent terms in terms of interest rates, conversion prices, maturity dates, and guarantee arrangements. According to the plan, this funding will be disbursed in four phases, with the first phase of 15.8 million US dollars expected to be issued in the third quarter of 2026, and the final phase landing in the first quarter of 2027. The proceeds raised will mainly be used to further expand the store network and meet the operating capital and expenses needs of the company and its subsidiaries.
2、 Deepening franchise business, optimizing and adjusting stores in parallel
In the first quarter of 2026, Tims Tianhao China will continue to make efforts in the layout of franchise stores, becoming the core engine driving other revenue growth.
In the first quarter, Tims China officially launched a nationwide franchise roadshow, systematically showcasing brand advantages, operational standards, and profit models to potential partners. At the same time, an upgraded version of the franchise support policy will be launched, covering multi-dimensional measures such as "multi store incentives", "high operating rebate points", and "opening support gift packages". From the actual effect, these strategies have attracted numerous high-quality franchise partners to join, and have also contributed stable cash flow and profitability to the company.
According to the financial report, as of March 31, 2026, the total number of Tims stores in China reached 1026, including 541 self operated stores and 485 franchise stores. The proportion of franchise stores has increased to 47%, an increase of 3 percentage points compared to the same period last year. Our stores cover 93 cities across the country, and our network density and breadth have increased simultaneously. The company continues to promote the upgrading and transformation of on-site production stores, with a total of 765 such stores, accounting for 75%, effectively improving dining efficiency and consumers' on-site experience.
Not only that, Tims Tianhao China has also simultaneously promoted the closure and adjustment of inefficient stores. The management expects that this round of adjustment will be basically completed in the second quarter of 2026, and the net number of new stores is expected to return to the upward trend by then. This strategy of "advancing and retreating" not only avoids the cost pressure caused by blind expansion, but also leaves room for high-quality development in the future.
3、 Product innovation activates user pool, with a membership size of 35.93 million
In the first quarter of 2026, Tims Tianhao China will also take a dual approach in product and marketing to drive strong growth in registered membership.
In terms of product innovation, Tims Tianhao China has focused on three major directions: seasonal, healthy, and local flavors, and has completed multiple rounds of product launches covering the entire category. The Spring Apple series ranks first among all series in terms of repurchase rate due to its fresh taste and seasonal resonance; The '0 Sugar, 0 Fat' rose series precisely captures the attention of young consumers towards healthy drinks today. These new products are not just a combination of SKU quantities, but also drive repeat purchases and customer engagement through high-frequency new releases.
At the marketing level, Tims China focuses on social scenes and young circles, and has launched a new customer acquisition cooperation with Didi APP. In a single quarter, it successfully recruited 4 million new members, a nearly threefold increase compared to the same period last year. As of March 31, 2026, the total number of registered brand members has reached 35.93 million, a year-on-year increase of 42.9%, with outstanding member stickiness performance. During the reporting period, nearly 50% of trading members were under the age of 30, and the brand's penetration among Generation Z and young white-collar workers is steadily increasing.
Shortly before the performance release, Tims Tianhao China also completed key management adjustments, with former CEO Lu Yongchen promoted to group chairman and Zhang Guohua appointed as CEO. At the performance communication meeting, CFO Li Dong clearly stated that the company will focus on five major directions at this stage: achieving stable and sustainable revenue growth, improving store level profitability, optimizing cost structure, accelerating franchise expansion, and achieving EBITDA profitability.
It can be foreseen that with the upgrading of management and the gradual arrival of funds from brand shareholders, Tims Tianhao China will form a clearer collaborative rhythm in store expansion, profit improvement, and user operation, and further consolidate its solid foundation in the Chinese coffee market.