SCHEDULE: JPMorgan Amends Yum! Brands Stake Disclosure

JPMorgan Chase & Co. filed an Amendment No. 2 to its Schedule 13G, disclosing a continued 5.5% beneficial ownership in Yum! Brands, Inc. as of September 30, 2025.

Summary

• JPMorgan Chase & Co. has filed an Amendment No. 2 to its Schedule 13G regarding its beneficial ownership in YUM! BRANDS, INC.
• As of September 30, 2025, JPMorgan Chase & Co. beneficially owns an aggregate of 15,380,354 shares of Yum! Brands' Common Stock.
• This ownership represents 5.5% of the class of securities.
• JPMorgan Chase & Co. holds sole voting power over 13,802,695 shares and shared voting power over 99,732 shares.
• The firm has sole dispositive power over 15,275,536 shares and shared dispositive power over 104,739 shares.
• The filing certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Yum! Brands.

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of passive beneficial ownership, indicating a neutral sentiment for the issuer. It does not contain performance results or strategic updates.

Positives

• The continued significant stake by a major financial institution like JPMorgan Chase & Co. may signal confidence in Yum! Brands' long-term prospects and stability.

Risks

• The filing itself does not detail specific risks for Yum! Brands, as it is an ownership disclosure.

Future Outlook

This filing does not provide any forward-looking statements or guidance regarding Yum! Brands' future performance or strategic direction.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11." (Certification by JPMorgan Chase & Co.)

Industry Context

This filing reflects a major financial institution's passive investment in a leading global quick-service restaurant company, a common practice for diversified portfolios seeking exposure to established consumer brands.

Stakeholder Impact

• Shareholders of Yum! Brands may view the continued significant stake by JPMorgan Chase & Co. as a positive signal of institutional confidence in the company.

Key Dates

Keywords

Yum! Brands, JPMorgan Chase, Beneficial Ownership, SEC Filing, Schedule 13G, Common Stock, Institutional Investor, Restaurant Industry