Jollibee Foods Corporation (JFC) reported record fourth-quarter earnings and a strong full-year 2025 performance in its audited financial results released in March, underscoring the growing role of its overseas operations as it advances plans to spin off its international business.
Systemwide sales rose 16.6% in 2025, driven by demand across markets, while the coffee and tea segment—a smaller but faster-growing part of the business—outpaced the broader portfolio with a 44.9% surge. The group said the segment has become a key contributor to expansion, alongside continued growth in its core restaurant brands.
Fourth-quarter momentum remained robust, with systemwide sales reaching a record ₱122.3 billion, reflecting sustained consumer demand and network expansion across both domestic and international markets.
The results highlight a broader shift in Jollibee’s business mix, with international operations accounting for the majority of its store network and increasingly driving growth. As of end-September 2025, the company had 6,859 stores abroad, including 535 in China; 355 in North America; 410 across Europe, the Middle East, Africa and Australasia; and 928 Highlands Coffee outlets mainly in Vietnam.
Against this backdrop, Jollibee is moving forward with a plan to carve out its international operations into a standalone entity, Jollibee Foods Corporation International (JFCI), with a targeted U.S. listing by 2027, according to chief financial officer Richard Shin.
The company is reviewing the transaction structure for the planned listing, with internal teams and external advisers assessing how shares in the new entity will be distributed. Shin said existing shareholders are expected to receive shares in the international unit proportional to their current holdings, effectively giving them ownership in two separately listed companies.
“The final mechanics of the distribution and trading agreements will depend on the approved transaction structure. Distribution and trading will be subject to tax, regulatory, and legal requirements. There’s a whole slew of micro questions that sit underneath this,” Shin told reporters during a virtual media briefing held earlier this year. “Needless to say, that’s very much part of our work stream that we’re working through with our internal teams, as well as our external advisers on this spinoff.”
The planned separation is intended to give investors a clearer view of the company’s two distinct businesses: a mature but still growing Philippine operation, and a faster-expanding international unit with a different risk and return profile.
“Success for the international business post-listing would be defined by improved transparency, disciplined capital allocation, execution against its growth strategy, and the ability to engage an investor base aligned with its risk-return profile, rather than being measured against any single short-term financial metric,” Shin said.
Jollibee’s Philippine business will remain listed on the Philippine Stock Exchange, underscoring that the move does not involve a delisting or relocation of its core operations. “Philippine business will, of course, remain listed on the Philippine Stock Exchange, so we will not delist. We will not move our entire business and operations overseas in terms of a listing. We will not privatize. We will not do any of that,” Shin said.
The 2027 target reflects the complexity of separating operations and preparing two independent companies, including regulatory approvals, financial reporting readiness, financing considerations, and market conditions, all of which could affect the final timeline.
Operationally, the transition is not expected to disrupt customers, stores, or franchisees, although transactions between the two entities will be conducted on an arm’s-length basis. “Will this affect store operations, customers, or franchisees? No impact and customers will continue to enjoy the same products, service, and brand experience across the JFC brands, all JFC brands. No immediate changes to store operations or franchise arrangements,” Shin said.
Jollibee continues to expand its global footprint alongside its planned restructuring, supported by a diversified portfolio of wholly owned and franchised brands across markets. Its core brands include Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal, Yonghe King, Hong Zhuang Yuan, Smashburger, and Tim Ho Wan, complemented by franchised operations such as Burger King, Panda Express, and Yoshinoya in the Philippines.
The group has also been scaling its presence in the fast-growing beverage segment, with stakes in Compose Coffee, The Coffee Bean and Tea Leaf, SuperFoods Group, and Milksha, alongside membership interests in Tortazo LLC and Botrista.
As part of its North Asia expansion, Jollibee in January agreed to acquire South Korea-based All Day Fresh Co. Ltd., operator of the 169-store Shabu All Day hot pot chain, for about $87 million, or roughly ₱5.09 billion, through its subsidiary Jolli-K Co. Ltd. The deal, subject to closing and financing conditions, will be consolidated into its financial statements upon completion.
The international business—spanning China, North America, Europe, the Middle East, Africa, and Southeast Asia—is expected to form the core of the planned U.S.-listed entity, reflecting its growing contribution to the group’s overall performance.
Stay updated—follow Philippines Today on Facebook and Instagram, and subscribe on YouTube for more stories.