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Jollibee Foods

Two listed companies, From 2026

Spreading joy through superior taste
The Jollibee Group’s purpose

Two listed companies

The Jollibee Group runs 20 restaurant and coffee brands in 33 countries, from Jollibee and Mang Inasal in the Philippines to Compose Coffee in Korea and Smashburger in the United States. In 2026 it set out to split into two listed companies, one for the Philippines and one for everywhere else.,

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Spinning off the international business

  • JFCI in Hong KongList Jollibee Foods Corporation International, holding everything outside the Philippines, on the main board of the Hong Kong stock exchange, with JFC shareholders receiving its shares.
  • JFC in ManilaKeep Jollibee Foods Corporation listed on the Philippine Stock Exchange, with the Philippine business.
  • 1 September 2026Chose Hong Kong for the listing in September 2026, after announcing the separation in January, and named Richard Shin as JFCI’s chief executive.
  • 11 August 2026Philippine system-wide sales grew 5.7% and international system-wide sales 25.4%.

Most of the Group’s stores are outside the Philippines

At the end of June 2026 the Jollibee Group had 3,516 stores in the Philippines and 7,251 in other countries. Most of the stores abroad are coffee shops, and Compose Coffee in Korea alone has 3,098.

Stores at 30 June 2026. One cell is about 100 stores. The Philippines includes every brand there.

Margins recovered after prices rose in April

Higher costs for food, logistics, and supplies cut the Group’s margins in the first quarter of 2026. It raised prices from April and worked on productivity and sourcing. In June its operating margin was 9.1%, and its net income for the second quarter was the highest it has reported.

0%10%20%16.5%Gross margin0%10%20%5.2%Operating margin0%10%20%1.9%Net margin

Margins on revenue. Net margin is net income attributable to the parent’s shareholders. June is the month alone.

  1. Separate businesses with different profiles.

    The Jollibee Group is splitting a steady Philippine business from a faster-growing international one, so each can be run and valued on its own terms. We recommend asking whether one plan is trying to serve businesses that need different things from their owners.

  2. Let others fund the expansion.

    About 70% of the Group’s new stores are opened by franchisees, and China has gone from 14% franchised to 62%. We recommend deciding which parts of growth need your own capital, and which partners could fund faster.

  3. Put a price on what you have built.

    Selling 11% of Highlands Coffee set an outside value on the business of US$800 million, ahead of the international listing. We recommend testing the value of a mature business in the market before you need to rely on that value.

Sources

  1. 1. Jollibee Foods Corporation (2026). The Jollibee Group reports record Q2 2026 results. Jollibee Group press release, 11 August 2026. bucketeer-3eb16243-2c1c-43d2-be4e-1c2b3664d293.s3.amazonaws.com
  2. 2. Jollibee Foods Corporation (2026). JFC advances planned spinoff of international business; selects Hong Kong for proposed listing and names JFCI CEO. jollibeegroup.com, 1 September 2026. jollibeegroup.com
  3. 3. Jollibee Foods Corporation (2026). Jollibee Group crystallizes value in Vietnam; Highlands Coffee’s Vietnamese founder to acquire control. jollibeegroup.com, 23 September 2026. jollibeegroup.com

Headwater is not connected with the Jollibee Group. Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal, Yonghe King, Smashburger, Tim Ho Wan, Highlands Coffee, The Coffee Bean & Tea Leaf, Milksha, Compose Coffee, and Shabu All Day are trade marks of their owners. Updated 30 September 2026.

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