The annual meeting of the stakeholders of Jollibee Foods Corporation is now called to order. In line with existing statutory requirements as provided under the revised Corporation Code and the issuances of the Securities and Exchange Commission, the Corporation is conducting its 2025 Annual Stakeholders Meeting virtually. Welcome, everyone, to this afternoon's live webcast. In accordance with the Corporation's bylaws, as Chairman of the Board of Directors, I am presiding over this meeting. In case of any internet connection issues during the proceedings, an officer of the Corporation will continue the proceedings. Will the Corporate Secretary please certify that notices have been sent to the stakeholders and that a quorum exists in this meeting to transact business. In my capacity as Corporate Secretary of Jollibee Foods Corporation, I hereby certify that in compliance with the requirements of the Securities and Exchange Commission, the notice of this meeting has been published in two newspapers of general circulation, Business World and The Manila Times, both in print and online, on June 5 and June 6, 2025. The notice of this meeting and the information statement were made available to our stakeholders and the public via disclosure through the PSE Edge system on May 16 and June 5, 2025, respectively. I certify that there are present in this meeting, in person or by proxy, stakeholders representing 878,643,471 shares, or 78.48%, which constitute more than the majority of the total issued and outstanding shares. This meeting is therefore competent to transact business for which it was called. Thank you, Mr. Tan Untiong, for certifying that we have a quorum to proceed with today's meeting. Good afternoon, everyone. I am Vem King, and I will be your host for this afternoon. We acknowledge the presence of the members of the Board of Directors, JFC's corporate officers, and other members of the management team who are with us today. For good order in this afternoon's meeting, please allow me to give you a summary of the rules and procedures observed in our online registration and voting and absentia system. These rules and procedures form part of the Corporation's information statement as its Annex A, which has been made publicly available via the Corporation's regulatory submissions and through the Corporation's website. Number one, only stockholders of record as of record date, May 28, 2025, shall be entitled to vote or be voted at this meeting via registration under the voting and absentia system or voting by proxy. Only those who have successfully registered through the online system or have submitted duly accomplished proxy forms as of June 17, 2025, shall participate in the meeting. Number two, stockholders were given until noon today to cast their votes on the matters included in the agenda. We have referred to the results of the tabulation for votes received as of June 18, 2025, as the basis in proceeding with this afternoon's meeting. The final results shall be reflected in the minutes of the meeting. Number three, stockholders were invited to submit their questions to the email corporatesecretary@jollibeegroup.com. Among the questions sent, we have selected the questions for this afternoon's program. Thank you. Let us now proceed to the approval of the minutes of the last annual meeting of the stockholders held on June 28, 2024. May we have the Corporate Secretary provide the voting results on this agenda item? For the foregoing agenda item mentioned by the Chairman, stockholders owning more than the majority of the total issued and outstanding shares gave their affirmative vote. We now proceed with the management's report. A copy of the President's message to our stockholders is included in the annual report that is posted in the Corporation's website. We have prepared a pre-recorded speech from our President and Chief Executive Officer to be followed by an audio-visual presentation. To our dear shareholders, a joyful afternoon. It is an honor to express my deepest gratitude for your unwavering trust and support for the Jollibee Group throughout the years. With your belief, we have achieved milestones we once only dreamed of. The year 2024 has been nothing short of extraordinary. It marked our third consecutive record-breaking triumph in both sales and profit, a testament to our relentless pursuit of excellence. Each achievement brings us closer to a goal that once seemed audacious: to triple our NIAT and grow our ROI capital to 20% in 2028. From the very start, we dared to dream big, dreams that have shaped the path of our company and inspired us to keep reaching higher. Fueled by passion, resilience, and unwavering commitment to bringing joy through superior taste, we have now set our sights on an even greater vision to stand among the top five restaurant companies in the world. It is a bold aspiration, but one that we are determined to turn into reality. I'm thrilled to share that our 2024 performance has moved us decisively forward on this journey. Our net income, attributable to equity holders of the parent company, surpassed the PHP 10 billion milestone, reaching an exceptional PHP 10.3 billion. This accomplishment is not just a numerical feat. It is a resounding testament to the strength of our strategies, the dedication of our incredible team, and the trust of every one of you, our valued stakeholders. But that's not all. We also achieved PHP 390.3 billion in system-wide sales, reflecting a 13% year-over-year growth, not only perfectly aligned with our guidance, but making it the highest year ever in our history. This incredible performance was driven by robust momentum across our core markets, resulting in our Philippine business achieving a 7.5% same-store sales growth, and our international businesses experiencing a 2.8% same-store sales growth. Disciplined execution and operational excellence gave us big strides of our profitability, resulting in a 60 basis point expansion in gross profit margin to 19.2%, and a 40 basis point improvement in operating income margin to 6.3%, and a 17.2% year-on-year increase in operating profit to PHP 16.9 billion, which is a record-breaker as well. With our focus on enhancing efficiencies, optimizing supply chains, and strengthening our financial foundation, we delivered strong returns to our shareholders, highlighted by a cash dividend of PHP 2.97 per share, representing a 29.1% increase from the previous year. Our stock also performed well, closing at PHP 269, a 7% increase year-on-year, significantly outperforming the Philippine Stock Exchange Index, which rose by 1.2%. Beyond the financial achievements, 2024 was also marked by our brands, Jollibee, Chowking, and Mang Inasal, being recognized by Brand Finance as three of the most valuable restaurant brands in the ASEAN 500 2024. The Jollibee brand was also recognized by Brand Finance as the second fastest-growing restaurant brand and fifth strongest brand in the world, outperforming larger international competitors and being the only ASEAN and Philippine brand to make the list. Our international growth continues to be a key pillar of our strategy. In 2024, we opened 674 new stores across regions, 536 of which are outside the Philippines, bringing our signature brands to more communities around the world. We are particularly excited about the strengthened presence of our flagship brand, Jollibee, in key cities across North America and EMEA, reinforcing brand equity and customer loyalty. This year, Jollibee was voted number one among the best fried chicken by USA Today. By the end of 2024, we celebrated the milestone of having 200 stores in Vietnam, a testament to the brand's deep connection with diverse cultures across the globe. At the same time, we made significant progress in executing our strategy for our coffee and tea business. After completing the acquisition of Compose Coffee in August 2024, this segment now has over 5,000 stores, with 78% operated under a franchise model. During the year, the coffee and tea segment opened 361 stores and grew system-wide sales by 37%, with Compose Coffee contributing 22.6%. We ended 2024 with over 9,700 stores worldwide, a 41.8% increase, with 69% operated by franchisees. Each new store stands as a testament to our brand's growing appeal and the dedication of our teams and franchisees. As our footprint expands, we have also strengthened the foundation that connects our brands. We have also unified our diverse portfolio of brands under a shared purpose and vision, reinforcing our identity with our evolved corporate brand name, Jollibee Group. This allows each brand to leverage its unique strengths while aligning under a unified purpose, spreading joy through superior taste. This purpose guides our actions and decisions and inspires us to do our best. We are committed to bringing the joy of taste to our consumers with every meal, creating moments of happiness through superior flavors. For our franchisees, investors, and employees, we deliver the joy of success, building profitable, sustainable growth, and creating opportunities for all. As we expand, our purpose drives our shared journey toward a brighter, more impactful future. We are also proud of the progress we have made in embedding sustainability into our operations through our Joy for Tomorrow agenda. In 2024, we conducted 11,788 food safety audits to uphold the highest standards across our restaurants. We believe that it is with this stringent quality that we can deliver superior taste in every store, in every serving, every single day. We have made significant strides in minimizing our environmental impact. Our manufacturing sites in the Philippines, which represent the majority of our global commissary operations, achieved a 32% reduction in energy use, a 33% reduction in water consumption, and a 44% cumulative reduction in waste per metric ton of products produced compared to our 2020 baseline. Additionally, 62% of waste from these sites was disposed of through sustainable methods and diverted from the landfills, with the Mang Inasal Marilao Commissary maintaining its zero waste to landfill status in 2024. Through partnerships with local government units and the dedication of our employee volunteers, we also planted 21,500 mangrove propagules, contributing to coastal restoration and resilience. Our people are at the heart of our success, and we are fully committed to making our teams thrive. We were honored to receive recognition for these efforts in 2024. For the third time, we earned the Gallup Exceptional Workplace Award, and for the second time, we were recognized by Time Magazine as one of the best companies of 2024. We were also named Employer of the Year by the People Management Association of the Philippines, following a highly stringent selection process among the country's top companies. Additionally, our Farmer Entrepreneurship Program, the flagship initiative of the Jollibee Group Foundation, received the Entrepreneurship Development Program Award and the Social Welfare Award at the regional ESG Business Awards. It also earned a spot in the 2024 Steward Leadership 25 list. These milestones reflect our dedication to fostering a joyful workplace and empowering the communities we serve. As we step into 2025, we remain focused on strategic growth and innovation. We plan to open 700-800 new stores across our brands and regions, supported by a capital expenditure allocation of PHP 18 billion-PHP 21 billion for expansion and operational improvements. We aim to achieve an 8%-12% growth in system-wide sales, driven by a 4%-6% same-store sales growth and a 4%-8% increase in our store network size. Our expansion efforts will continue in North America, EMEA, and Asia, further strengthening our leadership in the global food service industry. Before I end, let me give you an update on the Jollibee Group's performance for the first quarter of 2025. We had a strong start to the year, delivering 14.6% revenue growth and a 17.6% increase in operating income. The Jollibee Group's system-wide sales rose by 18.9%, with our Philippine business growing by 11.9% and our international business accelerating by 29.5%. While our net income attributable to equity holders of the parent company was slightly lower year-over-year due to higher below-the-line items, including other expenses, interest expense, and tax provisions, our core operations remain solid and continue to demonstrate strong momentum for sustained growth. As we move forward, we carry with us the unwavering confidence that our solid foundation, remarkable teams, and clear sense of purpose will continue to drive us toward our ambitious long-term goals. Together, we will seize new opportunities, delight countless consumers, and extend the joy of superior taste to even more communities across the globe. Your trust and support have been instrumental in turning our bold dreams into reality and in fueling our purpose of spreading joy through every sip and every bite we serve. You are an essential part of this extraordinary journey, and for that, we extend our heartfelt gratitude. Thank you for believing in us, for standing by us, and for sharing our vision. Together, the future is brighter than ever, and the best is yet to come. The Jollibee Group marked 2024 as its third consecutive record-breaking year for sales and profit. Driven by innovation, resilience, and commitment to spreading joy through superior taste, our brands have achieved historic milestones that reflect the trust and loyalty we've built with our consumers and the hard work of our people and partners involved in our journey. This year, we have evolved our corporate brand name to Jollibee Group, which reinforces our identity, aligns with our global aspirations, and represents a unified portfolio of diverse brands under a shared purpose and vision. In 2024, our flagship brand, Jollibee, defied limits and soared to new heights, becoming the second fastest-growing and fifth strongest restaurant brand in the world. Chickenjoy was hailed as the best among the best fried chicken by USA Today. It achieved double-digit global system-wide sales growth and robust same-store sales growth, with Jollibee Philippines achieving its highest system-wide sales in its entire history. Over 136 global stores were added, highlighted by the opening of its 200th store in Vietnam. Jollibee has solidified its presence in 17 countries, bringing its global store network to 1,759. Tim Ho Wan made headway in China, expanding our network of stores and bringing the taste of authentic Cantonese cuisine to more cities while upgrading its product offerings. 2024 also marked a significant milestone, with Jollibee Group announcing the full acquisition of the Tim Ho Wan brand in November, with a network of 77 stores across 11 markets offering high-quality dim sum at affordable pricing. Tim Ho Wan is poised to be another key pillar within Jollibee Group's portfolio of brands. Smashburger gave its better burgers a fresh look as it relaunched its new branding and menu, maintaining culinary craftsmanship with its certified Angus beef burgers. Chowking leaped forward in 2024 as it received recognition after recognition thanks to its reinvention and innovative marketing. Its system-wide sales grew by double digit and was recognized as the top three most valuable restaurant brand in the ASEAN region. Red Ribbon continued its sustained growth and bolstered its foundation in 2024 by elevating and reinventing its core product offering and aggressive marketing. Its Philippine region saw significant leaps in its sales and profit, fueled by successful product initiatives and a brand relaunch that inspired people to make every day special. 2024 was Mang Inasal's most ihaltastic year yet. The brand has achieved record sales growth and its best-ever performance. Its iconic products, Chicken Inasal, Pork Barbecue, and Extra Creamy Halo-Halo, led the way, each crowned number one in its category. Mang Inasal was named the strongest and fastest-growing brand by Brand Finance and solidified its spot among the country's top QSRs. The brand celebrated its 21st year with tie-ups, nationwide expansion, first drive-thru store, and 27 major business awards locally and internationally. Greenwich proudly achieved its highest-ever top line and profitability in its entire history, sealing its position as the number one pizza chain in the Philippines. Our foreign franchise brands, Burger King, Panda Express, and Yoshinoya, recorded positive performance in 2024. Burger King Philippines saw a remarkable year marked by commendable sales growth, store openings, and a steadfast commitment to the highest food safety standards. Panda Express launched its first-ever brand-building campaign, doubling down on its bold flavors and American-Chinese roots, enhancing imagery while delivering quality service. Yoshinoya developed its branded employee engagement and introduced new products and bestseller campaigns. Originating from Singapore, Common Man Coffee Roasters, with its signature brunch and specialty coffee, and Tiong Bahru Bakery, known for French pastries, particularly its flaky, buttery croissants and artisanal breads, were the latest additions to the growing brand portfolio. Jollibee Group's China brands, Yonghe King and Hong Zhuang Yuan, continued their strong expansion momentum in the region. Yonghe King's franchise growth continues. 88 out of the 90 new stores opened in 2024 are franchised. It also continued to leverage its expertise in preparing its natural, authentic, and freshly ground signature soy milk and its homemade youtiao, which both earned accolades in several Chinese cities. Hongjiang Yan's commitment to continue serving legacy and culture in every dish and providing an enjoyable dining experience earned it a spot in several national food rankings. Our coffee and tea segment has seen tremendous growth, opening 361 stores and growing the segment's system-wide sales by 37%. For Coffee Bean and Tea Leaf, it was a year of growth, innovation, and transformation as it opened its 200th store not only in Malaysia but also reached its 200th branch in the Philippines. Coffee Bean and Tea Leaf also excitedly launched its improved loyalty app in the U.S. The brand continues to grow, with plans to extend its footprint to North America and the Maldives. Highlands Coffee and Milksha experienced significant growth in system-wide sales and store network in 2024. To continue its leadership in the Vietnamese specialty coffee category, Highlands Coffee has opened the state-of-the-art Highlands Kai Mep roasting facility. Milksha continued its expansion outside of Taiwan, opening stores in Japan's Kumamoto City. 2024 marked a significant milestone for the Jollibee Group as we officially entered the South Korean market through the acquisition of Compose Coffee, bringing into its fold one of South Korea's fastest-growing coffee chains and one of the widest networks across the country. Known for its premium quality and value-for-money offerings, as well as strong brand affinity among younger consumers, Compose Coffee strengthens our presence in the coffee and tea category and opens up exciting opportunities in a dynamic new market. Fueled by the strength of our diverse brand portfolio and the unwavering support of our employees, franchisees, stakeholders, and loyal consumers, we continue to achieve collective success as we live out our purpose. Together, we're ready to seize new opportunities, delight more consumers, and spread the joy of superior taste and shared success to even more communities around the world. That concludes the management report for the year ended 2024. The next agenda item is the approval of the annual report and the audited financial statements for the year ended December 31, 2024. May we have the Corporate Secretary provide the voting results on the agenda item? For the foregoing agenda item mentioned by the Chairman, stockholders owning more than the majority of the total issued and outstanding shares gave their affirmative votes. The next item in the agenda is the approval and ratification of the actions by the Board of Directors and officers of the corporation since the last annual stockholders' meeting on June 28, 2024. May we have the Corporate Secretary provide the voting results on this agenda item? For the foregoing agenda item mentioned by the Chairman, stockholders owning more than the majority of the total issued and outstanding shares gave their affirmative votes. The next item in the agenda is the election of the members of the board of directors. Mr. Chairman, following our bylaws, the nominees included in the final list of candidates submitted to me by the nomination committee are Dr. Tony Tan Caktiong, William Tan Untiong, Ernesto Tanmantiong, Antonio Chua Poe Eng, Carl Brian Ang Tan Caktiong, retired Chief Justice Artemio V. Panganiban, Cesar V. Purisima as Independent Director, Kevin Go as Independent Director, E. Ron Zong as Independent Director. In compliance with statutory requirements, information on the candidates is included in the corporation's information statement. Considering that the board has nine seats and only nine candidates have been nominated, the Corporate Secretary is hereby ordered to cast all votes in favor of all those nominated, except for proxies with specific voting instructions, and that the set nine candidates be declared elected for the ensuing term. Thus, the following are elected as members of the Board of Directors: Dr. Tony Tan Caktiong, William Tan Untiong, Ernesto Tanmantiong, Antonio Chua Poe Eng, Carl Brian Ang Tan Caktiong, retired Chief Justice Artemio V. Panganiban, Cesar V. Purisima as Independent Director, Kevin Go as Independent Director, E. Ron Zong as Independent Director. I take this occasion to thank Mr. Ang Cho Sit for his long and invaluable service to the Jollibee Group. Mr. Ang was a member of the board since June 1978. We likewise welcome Mr. Carl Brian Ang Tan Caktiong as the newest member of the board of directors. The organizational meeting of the newly elected directors shall be held immediately after this meeting. We shall proceed to the next item in the agenda: the appointment of external auditors for the fiscal year ending 2025. We wish to inform everyone that the audited financial statements for the fiscal year ending December 31, 2024, were prepared by the corporation and reviewed by the auditing firm Sycip Gorres Velayo and Company. May we have the corporate secretary provide the voting results on this agenda item? For the foregoing agenda item mentioned by the chairman, stockholders owning more than the majority of the total issued and outstanding shares gave their affirmative votes. Thank you, Mr. Tan Untiong. Prior to the meeting, our stockholders sent their questions and feedback to the corporate secretary@jollibeegroup.com email address. Among the questions sent, we have selected the following questions for this afternoon's program. The first question is addressed to our Global President and Chief Executive Officer, Mr. Ernesto Tanmantiong. Mr. Tanmantiong, what strategies are in place to ensure the continuous growth of the business both domestically and internationally? We have identified five key focus areas that will drive our growth. Number one, sustaining market dominance in the Philippines. We remain deeply committed to strengthening our leadership position in our home market by meeting evolving customer needs and consistently serving delicious food. Number two, expanding Jollibee internationally. Our flagship brand, Jollibee, will continue to lead the way as we enter new markets and grow our footprint in existing ones. Number three, scaling our coffee and tea business. The Coffee Bean and Tea Leaf will spearhead our efforts in capturing opportunities within the global coffee and tea market. Number four, securing long-term viability and success in China. We will optimize our portfolio, positioning Yonghe King as a key value player in China. Number five, turning around Smashburger. Unlocking Smashburger's full potential is a key priority as we position it to become a significant growth driver in the better burger category. Our strategy is also anchored in four global brand categories. It's led by a key brand. We have also identified our pillar markets for growth, which remain to be in the Philippines, United States, and China, with rapid expansion in Southeast Asia. To accelerate our growth, we're expanding our global footprint through franchising and heavily investing in digital transformation. Equally important, we are committed to maintaining strong governance, ethical practices, and sustainability on top of our underlying drive to spread joy through superior taste. Thank you, Mr. Tan Mantiong. The second question is addressed to our Global Chief Financial Officer, Mr. Richard Shin. Mr. Shin, can you provide more insights into the contributions of each product segment to overall performance? Which segments are driving growth, and where are you seeing challenges? We have four segments starting first with chicken. In the chicken segment, we have our flagship brand, Jollibee, with presence in 17 markets and a strong brand, Mang Inasal, in the Philippines. The segment remains a robust contributor, accounting for a significant portion of the Jollibee Group's system-wide sales and operating income. Growth was primarily driven by strong consumer demand in response to delicious food quality and marketing efforts, coupled with store expansion via franchising. The second segment is coffee and tea. The coffee and tea segment accounts for circa 20% of the group's system-wide sales and also contributes to profits. We have four main brands within this segment, each known for its delicious beverage offerings, namely The Coffee Bean and Tea Leaf, Highlands Coffee, Milksha, and our recently acquired Compose Coffee, which has already delivered incrementally both in sales and income. Our coffee brands' gross margins have been robust despite the rising coffee bean prices. Having multiple coffee brands in this segment allows us to explore the potential synergies, especially in coffee bean sourcing and procurement, as well as compete in different markets. Third, Chinese cuisine. China is facing macroeconomic challenges, which has adversely affected our operations and prompted us to shift strategies. Jollibee Group remains committed nonetheless to remain in China with focus on our key brand, Yonghe King, which is now positioned into the value segment. We launched a new super value model with a revamped store model format. Menu pricing and it is better suited for a value segment player. We are seeing improvement signals, particularly in Yonghe King's delivery same-store sales growth, which gives strong indication that the value positioning is working. Finally, the fourth category, better burgers. There are several learnings from Smashburger. While it remains unprofitable for now, we have put in place initiatives that will position Smashburger to unlock category potential with a clear path to a financially viable network model that is franchise-based and driven by a strong craveable menu offer. Our diverse four lead categories have been established not only to focus on the high potential categories within our more diverse portfolio, but also to help the company manage its overall performance. Thank you, Mr. Shin. Again, we would like to thank our Global President and Chief Executive Officer, Mr. Ernesto Tanmantiong, and our Global Chief Financial Officer, Mr. Richard Shin, for answering the questions of our stockholders. Your insights and continued commitment to shareholder engagement are greatly appreciated. There being no other matters in the agenda, I hereby adjourn this meeting. Thank you for everyone's participation and a very joyful afternoon.