Jollibee Food Corporation, which operates over 10,000 restaurants globally, plans to spin off its international operations and business from its Philippine business. It will list the international business as an independent company on the U.S. stock exchange, the company said in a filing on Tuesday with the Philippine Stock Exchange.
Jollibee is currently working with advisors to define the structure, processes and timing for the separation and the U.S. listing. The transaction is expected to be completed in late 2027.
The new Jollibee Foods Corporation International will manage all business and operations outside of the Philippines and include a portfolio of international concepts across various categories and geographies. The company will operate with a capital-light model.
Jollibee’s international business has proven lucrative for the company, helping boost same-store sales 12% during the third quarter, according to an earnings presentation. Comparatively, its Philippine business posted same-store sales growth of 1% during the quarter, though the company attributed this slow growth to impacts from 14 typhoons, an anomalously high number of storms. As of the third quarter, its international business had 1,828 units in operation across multiple global markets.
The chicken chain’s international business has “significant whitespace expansion” and “is positioned to operate in markets that support companies pursuing international scale, innovation, and long-term global growth,” according to the regulatory filing.
North America, where the Jollibee brand has 107 units, is a high-growth market. Jollibee opened its first franchised unit in New York in late August, and is seeing $17,000 in average daily sales, which would equate to $6.2 million in annualized sales. The brand has 47 multi-unit development agreements signed and has about 30 more commitments in the pipeline, according to the presentation. The company began franchising in the U.S. last March.
The company said its average daily sales per store in the U.S. is $14,500. Its strong sales momentum is driven by its menu offerings, which include an angus burger, chicken tenders, Botrista Signature Sips, Korean BBQ chicken and premium sandwiches. Its loyalty program, which launched in 2024, has resulted in a 17% return on investment and drives $1.2 million in incremental monthly sales. As of the third quarter, it was on track to enroll 1 million customers in its loyalty program by the end of 2025.
Jollibee also is growing its Coffee Bean and Tea Leaf brand, which has over 1,200 units across 24 global markets, according to the presentation. The brand expanded its global footprint with 73 new stores year-to-date, including 55 franchised units. The international portfolio also includes Highlands Coffee, a top coffee brand in Vietnam, and the brands Milksha and Compose Coffee. All of its coffee brands posted systemwide sales growth during the third quarter.
But not all of the company’s North American operations have been running smoothly. Smashburger has sustained losses and same-store sales declines for several quarters, but is on the road to profitability, Woo Chong, Jollibee’s CFO, chief risk officer and corporation information officer, said during an earnings presentation.
The brand saw some wins during the third quarter, including a 47% lift of organic sales and 66% boost on traffic during its National Cheeseburger Day promotion, according to an earnings presentation. Smashburger introduced a value menu that accounts for about one-fifth of its menu mix. The brand’s same-store sales are improving from a negative 9.9% in the second quarter to a negative 4.7% in the third quarter, according to the presentation.
Jollibee will maintain its listing on the Philippine Stock Exchange for its home market operations.
