Insider Spotlight
- Jollibee’s international business generated 49.1 percent of third-quarter systemwide sales as overseas growth outpaced the Philippine operations.
- Third-quarter profit improved, but attributable earnings for the first nine months of 2026 remained 6.1 percent below the previous year.
- The global unit now holds roughly two-thirds of Jollibee’s stores as the company prepares for a potential Hong Kong listing by late 2027.
Tycoon Tony Tan Caktiong’s Jollibee Foods Corp. is heading toward its proposed Hong Kong listing with an international business growing faster than its Philippine operations.
International markets contributed 49.1 percent of group systemwide sales in the third quarter, compared with 50.9 percent from the Philippines.
The shift came during Jollibee’s fastest sales-growth quarter of 2026, although profit increased more slowly and nine-month earnings remained below last year.
“Our international business outpaced the group’s systemwide sales growth, with strong double-digit growth for Jollibee led by Vietnam and North America,” said JFC CEO Ernesto Tanmantiong.
“In the Philippines, we have identified 1,500 potential trade areas for 2027–2030, offering a long-term opportunity to reach more consumers and sustain growth,” he added.
International operations lead Q3 growth
Jollibee Group chief financial officer Richard Shin said profitability improved through the year despite costs associated with the planned international spin-off.
“We grew both operating income and [net income after tax] year on year despite significant expenses associated with the planned international spin-off and other specified items recognized during the quarter,” Shin said.
International systemwide sales rose 19.1 percent during the July-to-September quarter, ahead of the Philippine business’s 12.5 percent increase.
Vietnam powers overseas surge, PH stores hold their edge
Jollibee Vietnam led the overseas growth with a 50.6 percent sales increase, while Highlands Coffee grew 40.7 percent and Jollibee North America rose 18.9 percent.
The Philippine business remained stronger at existing locations, recording 6.7 percent same-store sales growth compared with 2.5 percent internationally.
Together, the two businesses lifted third-quarter systemwide sales by 15.6 percent to P133 billion and consolidated revenue by 14.9 percent to P87.7 billion.
Nine-month earnings still trail 2025
Third-quarter operating income rose 11 percent to P5.7 billion, while net income attributable to shareholders increased 7.4 percent to P3.3 billion.
For the first nine months of 2026, operating income fell 1.3 percent and attributable net income declined 6.1 percent despite systemwide sales growing 13.5 percent.
Jollibee said third-quarter attributable net income would have grown 19.4 percent on a management-adjusted basis after excluding specified items, including about P194 million in expenses related to the international spin-off.
The company earlier said it was preparing for a potential Hong Kong listing by late 2027.
As of September 2026, Jollibee operated 7,413 international stores and 3,530 Philippine locations, placing roughly two-thirds of its worldwide network inside the business intended for Hong Kong.
—Edited by Miguel R. Camus
