Jollibee Foods Corp. · PSE:JFC
Jollibee Foods — Q4 2025 Earnings Presentation
51 slides from Jollibee Foods's earnings presentation, March 2026
Slide 1: Q4 2025 Earnings Call
Jollibee Group Q4 2025 Earnings Call
Slide 2: Reminder to Participants of Investor/Analyst Briefing
Reminder to Participants of Jollibee Foods Corporation’s Investor/Analyst Briefing This earnings call may include forward-looking statements that are based on certain assumptions of Management and are subject to risks and opportunities or unforeseen events. Actual results could differ materially fro
Slide 3: Top of mind....
; | Top of mind....
Slide 4: Philippines Operations
Jollibee Group Philippines Operations
Slide 5: JFC Philippines Core Business Drivers
1a: JFC Philippines Core Business Drivers • Champion brands Jollibee, Mang Inasal, and Chowking contribute circa (c.) 90% of Philippines’ Systemwide Sales and Operating Income • Resilient top-line growth with outsized earnings delivery: JFC Philippines delivered +9.7% SWS growth in Q4’25, while Oper
Slide 6: JFC Philippines Core Business Driver #1: Jollibee
1b: JFC Philippines Core Business Driver #1: Jollibee • Jollibee Philippines: Market Leader with Strong Brand and Channel Momentum • Jollibee opened its 1,300th milestone store in Abulug, Cagayan, which was celebrated as the brand's northernmost store in the country; there are 1,341 Jollibee stores
Slide 7: JFC Philippines Core Business Driver #1: Jollibee
1b: JFC Philippines Core Business Driver #1: Jollibee • Jollibee Philippines: Market Leader with Strong Brand and Channel Momentum • Operating leverage remained a standout, as BU operating income grew 17% YoY*, supported by cost discipline and commissary efficiencies • Digital and convenience channe
Slide 8: Capturing Seasonal Demand—Jolly Christmas Campaigns
1b: Capturing Seasonal Demand—Jolly Christmas Campaigns Jollibee Bag Jollibee Christmas Jollibee Christmas Jolly Christmas Charms Campaign Big Order Service Stores Wave 2
Slide 9: Capturing Seasonal Demand: 300+ Christmas-themed stores nationwide
1b: Capturing Seasonal Demand: 300+ Christmas-themed stores nationwide With strong participation from both COO and FR stores highlighting strong systemwide engagement
Slide 10: Other Demand Drivers—Jollibee App
1b: Other Demand Drivers—Jollibee App 4.8 As of July 7 App Rating Android 4.2 million Total Downloads as of Dec 31 4.9/5 App Rating Apple Since September 2025 launch
Slide 11: JFC Philippines Core Business Driver #2: Mang Inasal
1c: JFC Philippines Core Business Driver #2: Mang Inasal • Mang Inasal: ~98% Franchised Store Base Underpinning Highly Scalable Format with Strong Unit Economics • Mang Inasal delivered consistent double-digit SWS growth (c.16% in FY), ending at c.21% in Q4, driven by disciplined and accelerated fra
Slide 12: JFC Philippines Core Business Driver #2: Mang Inasal
1c: JFC Philippines Core Business Driver #2: Mang Inasal • Mang Inasal: ~98% Franchised Store Base Underpinning Highly Scalable Format with Strong Unit Economics • Brand equity and reinvestment are reinforcing momentum, with renovated stores delivering SSSG of up to c.2x higher vs national average •
Slide 13: Mang Inasal: Product Superiority, Everyday Value
1c: Mang Inasal: Product Superiority, Everyday Value Product-led demand engine: Consistently scaling Core Bestsellers while sustaining excitement through LTOs Bestsellers Limited Time Offers (LTOs) Chicken Inasal Pork BBQ Family Fiesta Spicy Pork BBQ 4 Cheese Halo- Halo
Slide 14: Mang Inasal: Network scales to 606 stores
1c: Mang Inasal: Network scales to 606 stores (+7.3%*) Mang Inasal brand and box economics strength allows for larger Drive-Thru store format with higher ADS (+40% vs average stores) Sta. Maria Highway Norzagaray JP Nangka Sto. Tomas ADS 255K ADS 200K ADS 241K ADS 300K DT ADS 53K DT ADS 43K DT ADS 4
Slide 15: JFC Philippines Core Business Driver #3: Chowking
1d: JFC Philippines Core Business Driver #3: Chowking • Chowking Philippines: Profitability Recovery with Improving Brand Relevance • Clear market leader in the Filipino-Chinese segment in the Philippines • Chowking delivered c.6% SWS growth, supported by improved average check from upselling (+23%
Slide 16: JFC Philippines Core Business Driver #3: Chowking
1d: JFC Philippines Core Business Driver #3: Chowking • Chowking Philippines: Profitability Highest positive sentiment Recovery with Improving Brand Relevance 78% • In FY25, Chowking registered strongest sentiment scores (78%) • Menu and brand refresh is gaining traction, with the repositioned Chow
Slide 17: International Operations
Jollibee Group International Operations
Slide 18: Jollibee International Growth Outperforms Peers in Q4
3: Jollibee International Growth Outperforms Peers in Q4 Delivered Peer-Leading Core Topline Metrics SWS G% SSSG (%) Jollibee Brand Vietnam 50.8 33.3 HK/MO 20.6 10.9 US 20.3 12.9 Jollibee International Canada 13.4 11.6 Expansion Accelerates: EMEAA 19.2 4.8 Footprint Reaches 536 Multi-brand Peers Sto
Slide 19: Jollibee International - North America
3a: Jollibee International - North America • Organic Growth • Five consecutive years of positive Same Store Sales Growth (SSSG) • USD 15k Average Daily Sales (ADS) remains to be traffic-driven • Consecutive quarter growth at 11% in Q1 to 19% in Q4, landing to a 15% FY average • Franchising • Recentl
Slide 20: Jollibee International - Vietnam and EMEAA
3b: Jollibee International - Vietnam and EMEAA Vietnam Europe, Middle East, and Rest of Asia • Jollibee Vietnam remains a market leader in • Jollibee +19.2% SWS growth for the quarter terms of market share, revenue and profitability • Mainstream Patronage in key markets is very (with c.100% mainstre
Slide 21: Compose Coffee
4a. Compose Coffee • Market Recognition: o Ranked #1 in overall customer satisfaction among value coffee brands in a survey conducted by the Korea Consumer Agency • Bullish store network expansion and high-profile marketing initiatives drove SWS growth (+24.2% in Q4) o Q4 seasonal product launch sol
Slide 22: Highlands Coffee
4b. Highlands Coffee • With around 25 years of market leadership, Highlands Coffee remains to be the undisputed No. 1 and café chain leader in Vietnam • c.30% market share* and c.35% brand equity**; market share is c.2.5x+ of two nearest competitors combined • Superior expansion: 174 Gross Store ope
Slide 23: Coffee Bean and Tea Leaf (CBTL)
4c. Coffee Bean and Tea Leaf (CBTL) • Store Expansion • CBTL now in 23 markets; 90 out of 118 gross store openings in FY25 are franchised • Non-traditional expansion in US: Dallas Fort Worth (DFW) Airport, 2nd busiest airport in US based on traffic, opened last Nov’25 • South Asia with 39% gross ope
Slide 24: Smashburger Demonstrates Continued Progress Toward Financial Viability
5: Smashburger Demonstrates Continued Progress Toward Financial Viability • Smashburger topped Eat This, Not That!’s ranking of the best cheese smashburgers among national restaurant chains • High–Low strategy continues to drive results, Q3’25 to Q4’25 sequential improvements are as follows: • +7.1%
Slide 25: Is China's Recovery Proving Sustainable?
6: Is China’s Recovery Proving Sustainable? • Highest monthly store opening in December for Yonghe King (32 franchised stores vs. monthly ave. of ~10) • Recently opened Super Value Model stores achieved c.2-year payback, particularly those located in residential, transportation, and tourism location
Slide 26: Tim Ho Wan
Tim Ho Wan
Slide 27: Key Tim Ho Wan Updates Post-acquisition
7: Key Tim Ho Wan Updates Post-acquisition • Right to Win: “Taste of Hong Kong” brand positioning as the world’s largest authentic dimsum player from Hong Kong • Hong Kong footprint doubled to 10 stores in ~1 yr (recent 4 store openings delivering 1.5 yr payback, all profitable) • Transportable mode
Slide 28: Successful Irvine, US Store Opening
7: Successful Irvine, US Store Opening High customer traffic at opening, with long queues and fully occupied dining areas
Slide 29: Recent Strategic Actions to Unlock Shareholder Value Across Global Portfolio
8. Recent Strategic Actions to Unlock Shareholder Value Across Global Portfolio 06Jan2026: Contemplated Spin Off and US Listing of JFC International Business 13Feb2026: JFC to acquire Korea’s No. 1 Hot Pot Brand (Shabu All Day) With expected annualized uplift of +2% in Revenues, +8% in EBIT, and
Slide 30: Financial Highlights
Financial Highlights
Slide 31: Summary of Q4'25 Key Metrics
Summary of Q4’25 Key Metrics SSSG Stores SWS Revenues Q4'25 Q4’25 Q4’25 +5.2% 10,341 Php122.3Bn Php80.9Bn +5.9% +12.0% +9.8% TC +2.1% AC +3.1% Opened Closed 1,187* 612 Gross Profit Net Operating Income NIAT Q4’25 Q4'25 Q4'25 Php14.8Bn Php4.1Bn Php2.2Bn +2.7% +41.9% +20.1% 18.3% Margin 5.1% Margin 2.
Slide 32: JFC vs. Peers' Q4 2025 Performance
JFC vs. Peers’ Q4 2025 Performance JFC continues to largely overperform vs. peers SWS NIAT Store RBSSSG (%) NOI Growth Growth Growth Growth JFC 5.2 12.0 41.9 20.1 5.9 Yum Brands 3.0 5.0 12.3 26.5 3.2 McDonald's 5.7 11.0 10.0 7.3 4.3 Restaurant Brands 3.1 5.8 -2.2 -56.4 2.9 Chipotle -2.5 4.9 1.1 -0.3
Slide 33: JFC Group Metrics—Key Metrics Snapshot
JFC Group Metrics—Key Metrics Snapshot Key P&L Metrics Q4'25 Q4'24 G%vsLY Q4'23 G%vs'23 FY25 FY24 G%vsLY FY23 G%vs'23 Revenue 80.9 73.7 9.8% 66.7 21.3% 305.1 269.9 13.0% 244.1 25.0% Operating Profit 4.1 2.9 41.9% 2.5 65.2% 20.1 16.9 19.3% 14.4 39.8% EBITDA 9.9 8.4 18.7% 9.3 6.2% 41.8 36.7 13.8% 33.8
Slide 34: Higher Current Taxes and DTAs Reflect Earnings Growth and Stock Price Movement
Higher Current Taxes and DTAs Reflect Earnings Growth and Stock Price Movement • Current provision increase of Php 0.5Bn due to tax provision on operating income increase of Php1.2 Bn in Q4 2025 • Deferred income tax credit decrease Php 0.7Bn mainly due to: • Php 0.4Bn decline in intrinsic value of
Slide 35: Cost Efficiencies Reflecting Disciplined Cost Controls
Cost Efficiencies Reflecting Disciplined Cost Controls Q4 2025 G&A and A&P as % of Revenues significantly improved (13.2% vs. 15.6% SPLY), leading to Php 800 Mn in savings coming from: 1. -Php 500 Mn GaEx and provisions 2. -Php 300 Mn A&P spending, stemming from internal process improvements resulti
Slide 36: EBITDA Mix Shifts: 64% Philippines / 36% International
EBITDA Mix Shifts: 64% Philippines / 36% International Q4 Q4 FY FY in Php Bn %vs. LY % Mix %vs. LY % Mix 2025 2024 2025 2024 Philippines 7.2 5.8 23.1% 72% 26.9 24.0 12.3% 64% N/M China, ex-THW (Note 1) (0.2) 0.6 -140.2% -2.3% 0.3 1.1 -69.4% 0.8% North America 0.6 0.2 246.4% 6.0% 2.6 2.6 flat 6.2% NA
Slide 37: EBITDA Notes
EBITDA Notes Note 1 China: Non-recurring store closure costs (48 store closures) in line with strategic direction to scale through asset light franchisee model and focus on residential trade area and impact of IFRS adjustments Note 2 CBTL: Non-recurring Php 139Mn one-off provision for legacy labor r
Slide 38: Cash Flow and Financing Costs
Cash Flow and Financing Costs
Slide 39: Free Cash Flow
Free Cash Flow in Php Bn FY 2025 FY 2024 Revenues 305.1 269.9 EBITDA 41.8 36.7 EBITDA Margin 13.7% 13.6% Adjustments: Marked-to-market gain (loss) on FVTPL 0.0 0.2 Foreign Exchange gain - net (0.1) (0.8) Underlying EBITDA 41.9 37.4 Underlying EBITDA Margin 13.7% 13.8% Income before working capital c
Slide 40: Financing Cost (Debt and Senior Perps) Q4
Financing Cost (Debt and Senior Perps) Q4 ‘25 vs Q4 ‘24 Amounts in PHP millions 44 Increase in financing 90 cost were driven by: Business • Refinancing of 86 operations 9 1,060 (104) growth (33) perpetual bond (3.9%) 969 Compose Coffee PHP debt PHP Acq. Funding repayments Interest depreciation throu
Slide 41: Financing Cost (Debt and Senior Perps) FY
Financing Cost (Debt and Senior Perps) FY ‘25 vs FY ‘24 Amounts in PHP millions 308 379 21 4,240 Business (327) 386 operations (121) PHP PHP debt growth Interest depreciation Compose Coffee repayments Rate 3,594 Acq. Funding Decrease Perpetual Bond of Loans Refinancing FY FY Inc/ 2024 2025 (Dec) Per
Slide 42: Financial Leverage Position
Financial Leverage Position Debt to EBITDA 4 1.6 2.1 Q4 2024 Q4 2025 Financial Covenant Increase in D/EBITDA (Maximum) and D/E is driven by the refinancing of equity- Total Liabilities to accounted Perpetual Equity 4 Bond into debt- 1.8 2.6 accounted Senior Bonds. Q4 2024 Q4 2025 Financial Covenant
Slide 43: Guidance
Guidance
Slide 44: FY2025 Guidance
FY2025 Guidance FY 2025 Results SWS Growth 8% to 12% 16.6% (ahead) SSSG 4% to 6% 4.8% (within) Store Network Growth 1,126 gross opens (ahead) 700 to 800 new stores | 4% to 8% 5.2% (Organic); 5.9% vs. FY24 Capex Php18Bn to 21Bn Php15.5Bn (achieved) Operating Income Growth 10% to 15% 19.3% (ahead)
Slide 45: FY2026 Guidance
FY2026 Guidance Positioned for growth, maintaining previously outlined strategic path SWS Growth 8% to 12% SSSG 4% to 6% 1,200 to 1,300 (gross openings) Store Network Growth 5% to 10% (net) Capex Php13Bn to 16Bn Operating Income 15% to 18% Growth Disclaimer: FY2026 guidance reflects current operatin
Slide 46: US-Iran War: Protecting our People and Assets in the Middle East
US-Iran War: Protecting our People and Assets in the Middle East JFC is operating with heightened vigilance, strict neutrality, and full compliance with local authorities to ensure employee safety, business continuity, and brand protection amid regional tensions Brand Supply Chain Operational People
Slide 47: US-Iran War: Supply Chain Resiliency
US-Iran War: Supply Chain Resiliency Supply Inventory and Demand Supplier and visibility and buffer strategy shaping and logistics rapid decision- for critical product diversification making items continuity Weekly supply risk Increase safety • Expand dual-/multi- Prepare menu/recipe watchlist stock
Slide 48: US-Iran War: Managing Impact of Inflation
US-Iran War: Managing Impact of Inflation Transportation team is implementing a series of strategic initiatives focused on operational efficiency, digitalization, and network optimization. Collectively, these programs are designed to significantly reduce the cost per transaction while sustaining ser
Slide 49: Q4 Key Takeaways (1/2)
Q4 Key Takeaways (1/2) • Resilient Revenue driven by superior-tasting food, affordability, and value-driven demand • Systemwide sales growth remained traffic-led, reflecting strong brand relevance across markets • Both Domestic and International markets performed well, with double-digit growth in Ph
Slide 50: Q4 Key Takeaways (2/2)
Q4 Key Takeaways (2/2) • Earnings-led growth with Balance Sheet discipline • EBITDA growth of +14% outpaced debt growth of just +11% (incl. leases), underscoring disciplined growth and efficient capital deployment • Cash rose +19%, ahead of debt growth, reflecting improvement on free cash flow and p
Slide 51: Thank You!
Thank You! Jollibee Group NS