Jollibee Foods Corp. · PSE:JFC

Jollibee Foods — Q4 2024 Earnings Presentation

30 slides from Jollibee Foods's earnings presentation, Mar 18, 2025

  1. Slide 1: Jollibee Foods Corporation Q4 FY 2024 Earnings Call

    Jollibee Foods Corporation Q4 FY 2024 Earnings Call March 18th 2025

  2. Slide 2: Reminder to Participants of JFC's Investor/Analyst Briefing

    Reminder to Participants of JFC’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 from those contemplated

  3. Slide 3: Questions at the Forefront

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  4. Slide 4: Q #1: What strategies are you implementing to enhance shareholder value?

    Q #1: What strategies are you implementing to enhance shareholder value? Triple NIAT and grow ROIC to 20% Scale the business with five must wins through franchising Turnaround Build coffee and tea Expand Secure long-term Smashburger to a Grow and dominate segment through Jollibee International viabi

  5. Slide 5: Q #1: What strategies are you implementing to enhance shareholder value? SSSG

    Q #1: What strategies are you implementing to enhance shareholder value? SWS Store SSSG Growth Growth JFC 5.7 15.9 41.8 Yum Brands 1.0 8.0 5.0 Yum China -1.0 4.0 12.0 McDonald's 0.4 2.0 4.0 Restaurant Brands 2.5 5.6 3.4 Chipotle 5.4 13.1 23.6 Starbucks -4.0 -0.3 -4.9 Luckin Coffee -3.4 36.1 37.5

  6. Slide 6: Q #2: How is the business positioned to achieve its targets by 2028?

    Q #2: How is the business positioned to achieve its targets by 2028? Road to Tripling Net Income Attributable to Parent (NIAT) by 2028 NIAT in PHP Bn NIAT G% vs last year 45.0% 25.0 24 40.0% 20.0 19 35.0% 15 30.0% 15.0 26% 27% 26% 11.9 10.3 25.0% 10.0 8.8 20.0% 17.7% 5.0 15% 15.0% 0.0 10.0% FY23 FY2

  7. Slide 7: Q #3: How has the quality of profits in PH evolved in Q4'24?

    Q #3: How has the quality of profits in PH evolved in Q4’24? Key P&L Metrics Q4'24 Q4'23 G%vsLY Q4'22 G%vs'22 FY24 FY23 G%vsLY FY22 G%vs'22 Revenue 45.4 42.2 7.6% 39.1 16.2% 164.3 150.7 9.0% 129.7 26.7% Gross Profit 9.0 8.8 2.0% 7.8 15.2% 31.9 28.8 10.6% 24.2 31.7% Operating Profit 3.1 3.5 -12.9% 3.

  8. Slide 8: Philippine Domestic GPM & OPM Movements in Q4'24

    Philippine Domestic GPM & OPM Movements in Q4’24 Gross Profit Margin Bridge 21.0% 19.9% • FY GPM is 19.4%, +30bps vs. LY -0.2% -0.9% • Metro Manila Wage hike impact of +5.7% (+Php 35/day; from Php Php610 to Php 645) Q4'23 Cost of Inventories Store and Mfg Costs Q4'24 Operating Profit Margin Bridge 8

  9. Slide 9: Q #3: How has the quality of profits in PH evolved in Q4'24?

    Q #3: How has the quality of profits in PH evolved in Q4’24? Sequential ramp-up in A&P spend from Q1 to Q4. However, Q4 remain flattish vs prior year 3.0 15.0% 2.6 13.0% 2.5 2.4 11.0% 2.0 9.0% 1.5 1.4 1.5 7.0% 5.8% 5.8% 5.0% 1.0 0.8 3.3% 3.6% 3.0% 2.2% 0.5 1.0% - -1.0% Q4'23 Q1'24 Q2'24 Q3'24 Q4'24

  10. Slide 10: Q #4: Current perspective on Smashburger's performance and future potential

    Q #4: What is your current perspective on Smashburger’s performance and future potential? While 2024 presented challenges, we gained valuable insights that will guide our path forward: 1. ADS timeline adjustment: While the timeline has shifted, our goals remain firmly in place. 2. Menu relaunch: The

  11. Slide 11: Average Daily Sales (ADS) targets remain the same

    Average Daily Sales (ADS) targets remain the same In USD absolutes ~3,700 4,000 4,500 6,000 Store NOI Company Mid-term FY’24 ADS Positive NOI Positive ADS Target 11

  12. Slide 12: Q #5: What's driving the decline of JB-NA's EBITDA in Q4'24?

    Q #5: What’s driving the decline of JB-NA’s EBITDA in Q4’24? in Php Bn Q4 2024 Q4 2023 %vs. LY FY 2024 FY 2023 %vs. LY NA - Asian Brands 0.6 0.9 -37.9% 3.0 2.4 28.0% • EBITDA dipped by Php347Mn due to timing of royalties recognition (Q4’23: Php648Mn); FY JB-NA EBITDA grew by +28% • ~Php425Mn increas

  13. Slide 13: Jollibee US has the highest Unit Level Economics

    Jollibee US has the highest Unit Level Economics Store Store NOI ADS (USD) Idx vs PH EBITDA Margin % Margin % Philippines 5,684 10% 12% Vietnam 1,760 0.3x 14% 15% 2-pc Cjoy 2-pc C-joy w/ PH vs US Value Meal 1 side and Drink Singapore 7,741 1.4x 6% 8% C-Joy per Unit PHP/Unit Index vs PH UAE 7,406 1.3

  14. Slide 14: Jollibee's proven brand equity driving growth

    Jollibee’s proven brand equity driving growth Strong SWS and SSS Growth across regions Store Network 18% of Global Store Network PH 140 213 HK & Macau 103 N. America 24 1,279 Vietnam EMEA & Other Asia SSSG 16.8 SWS G% 36.1 13.2 11.6 24.5 7.9 8.1 18.0 12.7 11.4 PH HK & Macau N. America Vietnam EMEA &

  15. Slide 15: Q #6: How is CBTL progressing and performing overall?

    Q #6: How is CBTL progressing and performing overall? The Americas, Rest of World SSSG driven by transaction, ticket size growth in Q4’24 SWS Revenues 12.0 40.0 10.0 10.2 30.0 10.1 9.9 21.1 9.6 18.2 9.0 35.0 8.9 10.0 9.2 8.0 7.4 30.0 10.0 25.6 7.0 5.4 8.0 25.0 6.0 5.0 5.3 5.2 (10.0) 4.6 20.0 6.0 16.

  16. Slide 16: Q #6: How is CBTL progressing and performing overall?

    Q #6: How is CBTL progressing and performing overall? FY Revenues steadily on the rise with EBITDA Margin at 14.0% SWS Revenues 65.0 40.0 40.0 1,479.5 33.0 34.7 35.0 30.0 16.0 55.0 20.0 11.9 15.6 13.9 30.0 45.0 39.0 - 7.2 10.0 20.6 25.0 33.7 35.0 30.1 (20.0) 18.0 16.8 (10.0) 20.0 25.0 22.6 (40.0) 15

  17. Slide 17: Q #6: How is CBTL progressing and performing overall? EBITDA – Coffee and Tea

    Q #6: How is CBTL progressing and performing overall? EBITDA – Coffee and Tea Q4 Q4 % FY FY % in Php Bn 2024 2023 vs. LY 2024 2023 vs. LY Coffee and Tea CBTL 0.7 0.3 146.1% 2.9 1.9 55.7% Highlands Coffee 0.6 0.6 9.2% 2.3 2.2 4.5% Milksha 0.1 0.1 42.3% 0.3 0.2 20.8% Compose Coffee 0.5 - 100.0% 1.0 -

  18. Slide 18: Financial Highlights

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  19. Slide 19: 2024 FY delivers against 5-year plan

    2024 FY delivers against 5-year plan Note: Percentages are versus SPLY unless stated otherwise SWS Revenues SSSG Gross Profit Php51.7Bn Php390.3Bn Php269.9Bn +5.7% +14.2% +13.0% +10.6% Traffic: +5.1% Check: +0.5% 19.2% Margin Net Operating Income NIAT Free Cash Flow Php16.9Bn Php10.3Bn Php22.5Bn +17

  20. Slide 20: Capital allocation decisions to grow ROIC

    Capital allocation decisions to grow ROIC With Unrealized Gains/Losses in Php Bn Q4'24 Q4'23 %G FY'24 FY'23 %G NIAT 1.9 1.9 -4.8% 10.3 8.8 17.7% Acquisition Premium on Titan 0.6 0.0 0.6 0.0 Unrealized gain/loss on financial assets 0.0 -0.4 -0.2 -0.5 NIAT ex-One-Offs 2.4 1.5 53.8% 10.7 8.2 29.9% With

  21. Slide 21: JFC Group – Key Metrics Snapshot

    JFC Group – Key Metrics Snapshot Key P&L Metrics Q4'24 Q4'23 G%vsLY Q4'22 G%vs'22 FY24 FY23 G%vsLY FY22 G%vs'22 Revenue 73.7 66.7 10.5% 61.5 19.7% 269.9 244.1 10.6% 211.9 27.4% Gross Profit 14.4 13.1 10.1% 11.2 28.4% 51.7 45.3 14.2% 37.0 39.9% Operating Profit 2.9 2.5 16.4% 1.9 55.0% 16.9 14.4 17.2%

  22. Slide 22: JFC achieves double-digit Revenue & Operating Income growth quarterly

    JFC achieves double-digit Revenue & Operating Income growth quarterly Revenues SSSG % 80.0 73.7 20.0% 8.0 7.4 70.0 66.7 67.2 67.7 18.0% 7.0 61.3 16.0% 5.5 5.7 5.7 60.0 14.0% 6.0 5.4 50.0 5.0 11.3% 12.0% 40.0 10.6% 10.1% 10.5% 10.0% 4.0 8.0% 30.0 3.0 6.0% 20.0 2.0 4.0% 10.0 1.0 2.0% 0.0 0.0% 0.0 Q4'2

  23. Slide 23: JFC Group EBITDA

    JFC Group EBITDA in Php Bn Q4 2024 Q4 2023 %vs. LY FY 2024 FY 2023 %vs. LY Philippines 5.8 6.1 -4.1% 24.0 22.0 9.0% China 0.5 1.3 -56.9% 1.0 2.3 -54.0% North America 0.2 1.2 -85.1% 2.6 2.9 -10.3% NA - Asian Brands 0.6 0.9 -37.9% 3.0 2.4 28.0% Smashburger (0.4) 0.2 -268.4% (0.4) 0.5 -182.6% EMEA 0.4

  24. Slide 24: Free Cashflow

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  25. Slide 25: Free Cash Flow

    Free Cash Flow in Php Mn FY 2024 FY 2023 Ex-Compose Coffee FY 2024 Revenues 269,942 244,107 267,547 EBITDA 36,746 33,815 35,662 EBITDA Margin 13.6% 13.9% 13.3% Adjustments: Marked-to-market gain (loss) on FVTPL 179 531 179 Foreign Exchange gain - net -802 -107 -802 Underlying EBITDA 37,369 33,390 36

  26. Slide 26: Fortified Balance Sheet

    Fortified Balance Sheet Balance Sheet amounts in Php Bn (unless stated otherwise) FY24 FY23 Cash and Cash Equivalents and Short-term Investments 29.4 33.9 Financial Assets at FVTPL 0.2 7.9 Bank Loans 57.1 51.4 Net Debt 27.5 9.7 Working Capital Metrics (in days) Average Collection Period 13 14 Invent

  27. Slide 27: Financial Leverage Position

    Financial Leverage Position Debt to EBITDA 3 1.5 1.6 Q4 2023 Q4 2024 Financial Covenant (Maximum) Total Liabilities to Equity 3 1.8 1.8 Q4 2023 Q4 2024 Financial Covenant (Maximum) Debt Service Coverage Ratio 5.6 2.4 1.3 Q4 2023 Q4 2024 Financial Covenant (Minimum) 27

  28. Slide 28: Guidance

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  29. Slide 29: Continuing momentum with our 2025 Guidance

    Continuing momentum with our 2025 Guidance Store Network Growth Systemwide Sales Growth 4% to 8% 700 to 800 new stores 8% to 12% Capex Php18-21Bn Same Store Sales Growth Operating Income Growth 4% to 6% 10% to 15% 29

  30. Slide 30: Jollibee Foods Corporation

    Jollibee Foods Corporation Q4 FY 2024 Earnings Call March 18th 2025

Jollibee Foods — Q4 2024 Earnings Presentation on 6ix