Yum! terminates Turkey franchise agreements; 537 restaurants closing; expects ~$60M charge

YUM BRANDS INC

Terminated franchise agreements with IS Gida A.S. in Turkey; 283 KFC and 254 Pizza Hut restaurants expected to close.
Re-acquired master franchise rights in Germany for KFC and Pizza Hut in December 2024.
Anticipates pre-tax special charge of ~$60M in Q4 2024 (Germany acquisition + Turkey termination costs).
Loss of royalties from Turkey closures will have no material impact on core operating profit in 2025+.
Unit count reduction reflected at end of Q1 2025; company reaffirms global unit growth trajectory.

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