Slides
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Q3 2025 Earnings Call
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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 in the relevant forward-looking statement and Jollibee Food Corporation gives no assurance that such forward-looking statements will prove to be correct or that such intentions will not change. All subsequent written and oral forward-looking statements attributable to Jollibee Food Corporation or persons acting on behalf of Jollibee Food Corporation are expressly qualified in their entirety by the above cautionary statements. Reminder to Participants of Jollibee Food Corporation’s Investor/Analyst Briefing
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Top of mind….
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1. How resilient were PH SSSG and margins amid weather disruption? 6.4 7.4 8.5 6.4 1.2 13.2 15.9 18.9 19.6 16.8 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 SSSG SWS G% 14 typhoons vs. 9 SPLY— deemed a seasonality Consumer demand still healthy Election spending Election spending Celebratory occasions (ie: end of school in Apr) Start of SY (Jun) Strong underlying demand and disciplined cost management enabled us to maintain healthy performance levels in the Philippines during Q3, despite temporary typhoon- related challenges. 9.4% -1.0% 0.3% -0.1% 8.6% Q3’24 OPM Q3’25 OPM GPM Δ Gaex Efficiency Others
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1. How resilient were PH SSSG and margins amid weather disruption? Natural shifts in consumers’ priorities tend to affect the seasonality of SSSG • Consumers redirect their spending: back-to-school shopping takes top priority • Digital channels help support sales during typhoons, but some regions could face temporary store closures 31.6% 11.3% 13.0% 5.4% 6.9% 9.1% 6.4% 7.4% 8.5% 6.4% 1.2% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Same Store Sales Growth Philippine Business School opening Aug 29, 2023 School opening Jul 29, 2024 9 typhoons Graduation in Apr School opening Jun 16, 2025 1 typhoon Base effects from Omicron surge LY 1 typhoon 14 typhoons
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13.7 16.7 24.6 HK/MO N. America EMEAA SWS G% 1,320 25 107 376 Philippines HK/MO N. America EMEAA 2: What progress has Jollibee International made? Establishing a foothold in global markets Outpacing Peers: Double-Digit International Growth Robust international growth, fueled by strong mainstream adoption, reinforces our strategy to expand beyond the Philippines SWS G% SSSG (%) Jollibee Brand HK/MO 13.7 13.2 N. America 16.7 11.9 EMEAA 24.6 11.9 Total International 20.1 12.0 Multi-brand Peers Yum Brands 5.0 3.0 Yum China 4.0 1.0 Restaurant Brands 6.9 4.0 Single-brand Peers McDonald's 8.0 3.6 Chipotle 7.5 0.3 Domino's 6.9 5.2
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2.a: Jollibee International: North America • Franchising updates: • Opened the first franchised Jollibee store last August—Queens Blvd., NY (USD ~17k ADS) • Building a high-performance franchise team to support successful execution, including onboarding of a VP for Franchising • 47 multi-unit development agreement already signed, ~30 new commitments in pipeline • Consistent strong ADS underscores JB US' strong unit economics and supports its franchising expansion strategy in the US • ADS continues to outperform the market • Jollibee US: USD 14,500 • Jollibee Canada: ~USD 12,000 (~CAD 16,700) • Innovative offerings: Angus Burger, Chicken Tenders, Botrista Signature Sips, Korean BBQ Chicken Joy, and premium sandwiches - fuel sustained sales momentum • Loyalty Program delivers 17% ROI and drives $1.2M incremental monthly sales; on track to 1Mn customers by year-end (~850k subscribers to date)
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2.a: Jollibee International: North America Jollibee US amplifies brand equity and market reach through high-profile partnership with Golden State Warriors…
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2.a: Jollibee International: North America … and with international K-pop sensation Katseye Collab Launch Day Highlights: • Less than 30 mins after launch, Black Box Tees sold out • Tanks and Tees sold out mid- afternoon of launch day • 660 million impressions
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• Outstanding double-digit SWS growth (+40.7%) and SSSG (25.5%) from Jollibee Vietnam • Leading Vietnam with 22% market share and outperforming rivals in revenue and profit growth even with leaner footprint (3 rd in store count) • Robust mainstream acceptance (~100% non- Filipino customers) of Jollibee in Vietnam provides a compelling magnet for potential franchise partners (securing franchise permits - currently underway) • Superior FSC ratings and successful brand- building initiatives • Competitive store payback period of ~3 years Market share based on Q2 2025 22.0% 21.5% 13.4% Jollibee Lotteria KFC …but leading in market share 46 62 224 234 268 Texas Chicken Popeyes Jollibee KFC Lotteria Third in store count...2.b: Jollibee International - Vietnam
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9.9 10.2 10.2 11.5 11.2 2.4 2.4 2.6 2.5 2.81.4 1.4 1.4 1.5 1.54.0 6.7 6.1 7.8 11.5 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 SWS CBTL Highlands Coffee Milksha Compose Coffee 3: How is Coffee and Tea positioned to sustain leadership? +48.8% +58.8% +62.2% +68.8% +53.4%G% vs LY 1,271 928 354 2,906 ~77% FR ratio for Coffee and Tea, led by Compose Coffee, CBTL CBTL Highlands Coffee Milksha Compose Coffee Double-digit high-teens EBITDA growth 0.8 0.9 0.6 0.7 0.1 0.10.5 0.7 Q3 2024 Q3 2025 EBITDA CBTL Highlands Coffee Milksha Compose Coffee 2.3 1.9 +18.7%
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00 00 0000 3.a Coffee and Tea - Highlands Coffee and CBTL • From Vietnam’s top café brand to the global authority in Vietnamese specialty coffee deeply embedded in Robusta heritage and social coffee culture • Proprietary sourcing and roasting with vertical integration from farm to cup • Highlands Coffee’s network remains majorly company-owned amid attractive payback periods (40%++ cash-on-cash returns) • Current footprint: 928 stores, 96% in Vietnam—clear runway for global expansion • Highly traffic-driven same store sales growth (10.4% SSSG; 9.0% Traffic Growth), translating to a strong double-digit operating income growth Highlands Coffee Coffee Bean and Tea Leaf • Now present in 24 markets worldwide, with recent strategic expansion into the Maldives - strengthening our global footprint and unlocking new growth opportunities • Expanded global footprint with 73 new stores YTD—55 franchised, including first entry into the Maldives • Digital engagement accelerates: over 1 Million registered members on Malaysia’s Mobile App, driving loyalty and data-driven growth • Robust 9.1% SSSG and 27.8% SWS G% in Malaysia during the quarter is supported by app acceleration
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3.b Coffee value accretion continues Impactful collaboration with BTS V, sustained expansion momentum drive performance 0.9 1.5 3.1 3.9 4.5 4.0 6.7 6.1 7.8 11.5 Q3'24* Q4'24 Q1'25 Q2'25 Q3'25 Revenue SWS Sales uplift from campaign exceeded internal targets coupled with aggressive store rollout of ~300 franchised store openings YTD (1 new store/day) Revenue +413% YoY SWS +190% YoY *Aug 16-Sep 30
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Compose Coffee’s OI climbed to 31% while hitting 3,000** store mark, reinforcing its growth trajectory 3.c Baseline absolute earnings contribution was preserved post-3P transition amidst margin softness* 54.1% -3.0% -37.0% 2.6% -2.8% 13.8% 3Q 2024 Bean Prices Inflation 4P to 3P Acctg Adjustment GaEx Improvement A&P 3Q 2025 Compose Coffee Margin Analysis: *Reported margin dip driven solely by accounting treatment - core business performance remains robust 1. Bean Inflation – manageable relative to market (up to ~41%) 2. High-impact BTS V campaign unlocked 4x revenue and 2x systemwide sales uplift **Gross/Cumulative openings
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3.c Illustrative transition impact from 4PL to 3PL In 2025, Compose Coffee transitioned from a 4PL to a 3PL logistics model, in line with prevailing industry practice in Korea. Under 3PL, Compose Coffee now takes ownership of inventories, which results in higher reported revenues but a mechanically lower gross margin percentage due to the recognition of logistics and handling costs within COGS. Importantly, the shift does not change the underlying economics: All else being equal, EBIT remains neutral as the incremental supply chain costs are fully offset by the corresponding increase in revenue capture. Illustrative data only for discussion 4PL 3PL Abs ∆ G% 4PL 3PL ∆ Revenue 120 220 100 83.3% 100% 100% - Product 100 200 100 100.0% 83% 91% 7.6 Royalties 5 5 0 0.0% 4% 2% 1.9- Franchise Fees 15 15 0 0.0% 13% 7% 5.7- COGS 30 130 100 333.3% 25% 59% 34.1 Gross Profit 80 80 0 0.0% 67% 36% 30.3- Product 70 70 0 0.0% 58% 32% 26.5- Royalties 5 5 0 0.0% 4% 2% 1.9- Franchise Fees 5 5 0 0.0% 4% 2% 1.9- Operating Expenses 10 10 0 0.0% 8% 5% 3.8- EBIT 70 70 0 0.0% 58% 32% 26.5- Absolutes Margins There are no variances in the line items presented below.
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3.d Coffee and tea business holds firm despite price pressures Global Coffee Prices*: ~43% Coffee Inflation Impact to Product GPM: Coffee Bean and Tea Leaf 1.7% Compose Coffee 3.0% Highlands Coffee 0.5% Coffee and cocoa prices are expected to decline next year as bumper harvests boost global surpluses, though agricultural markets remain increasingly vulnerable to geopolitical risks, according to a new Rabobank report. - Bloomberg, 13 Nov 2025
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4: Smashburger’s defined roadmap to financial viability—c.15% profit loss improvement vs. LY Business Fundamentals: • Named Restaurant Ground Beef Marketer of the Year by Certified Angus Beef. • Chowhound crowned Smashburger’s Chocolate Shake #1 • Featured by Eat This, Not That! among top fast-food burgers with 100% pure ingredients • National Cheeseburger Day drove +47% organic sales growth and +66% traffic uplift • Summer of Smash delivered +12.5%* organic growth uplift; further S&B and Rental margins improving with increased sales leverage • High–Low strategy drives incremental transactions +16.7%* while preserving margin • Newly introduced value menu comprise ~1/5 of menu pointing to strength with which “value” resonated with many consumers *vs. pre-promo period
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Franchising: • Volumes from non-traditional (non- trad) locations enable our franchisee achieve 20%++ EBITDA margins; non- trad locations comprise ~18% of store network (44% of franchised stores) and 30% SWS, respectively • Opened 2 more value-accretive non- trad locations in Q3’25 (Detroit Airport and Colorado Naval Base), with 13 more on the pipeline in active stages of development • Refranchising of ~100 corporate stores entails a 1:2 build:buy ratio, with a buyback provision in place. Hence, pipeline of ~200 incremental franchise units immediately realized upon sale 4: Smashburger’s defined roadmap to financial viability—c.15% profit loss improvement vs. LY
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5: Updates on China • SSSG continued to accelerate sequentially at 8.0% in Q3’25 (vs. -8.3% in Q1’25 and 3.9% in Q2’25) as operational efficiencies and cost controls are delivering, bolstering confidence that momentum can be carried on for the rest of the year. • Super Value Model is setting the stage for a more sustainable, profitable recovery—with lower rent, stronger Dine-In mix, and below 2-year payback supporting scalable franchise expansion (focused on residential trade areas); 35 franchised stores rolled out to-date [of the 70 franchised stores opened YTD] • Flagship product share-of-business (SOB) of 53% (+2ppt YoY) driven by flavor upgrades and execution excellence. • 600 bps improvements in Food, Service, Cleanliness ratings vs. LY Further progress proves momentum is building
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Strategic Focus: Hong Kong & U.S. as Priority Growth Markets • Hong Kong: Core market delivering strong post-acquisition profitability, with two new stores in Sha Tin and Tai Koo achieving payback in under 2 years vs. ~2 year THW system average and target • US: Attractive whitespace: no clear #1 player offering quality at good value – upcoming Irvine opening positions brand for growth and franchising with strong early performance • Rest of World: Transition from unit franchise agreement to exclusive territory rights with proven and capable partner; most recent notable opening is in Lalaport Japan, one of Japan’s largest retail complexes with ~52million visitors annually Quality and Synergies: • HK and SG deliver exceptional customer satisfaction with 4.8+ Google ratings • Preserving THW’s strengths while leveraging JFC best practices to unlock synergies • Applying integration learnings to empower franchisees, driving consistency and efficiency across the network Capital-Light Growth Model • Post-integration efficiencies drive 20% CapEx savings via global sourcing • Margin optimization for scalable model: Operational leverage and automation will unlock stronger yields and profitability as we scale 6: Tim Ho Wan positioned for scalable global opportunities EBITDA cash contribution increased by 4x and 3x for Q3’25 and YTD’25, respectively
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7: Capital Allocation Growth Investments o Franchising gives us superior return on enterprise capital and hence direction (Jollibee, Mang Inasal, Yonghe King, Smashburger, Coffee Bean & Tea Leaf, Compose Coffee, Tim Ho Wan) o CapEx allocation to company-owned stores with high payback periods (Jollibee, Highlands Coffee, Coffee Bean & Tea Leaf, Tim Ho Wan) o Q3 CapEx Php4.9Bn [Php10.5Bn YTD]; 77% new stores franchised o Asset-light growth & synergy capture o Strengthening brandfolio and unit economics Leverage and Financing o $396Mn Perpetual Bond (matured Jan 2025) refinanced at 5.3% (avoided step-up to 6.4%) o Disciplined capital management: ~2.5x Debt-to-EBITDA with substantial headroom to support future investments o Strategic dividends received worth 12.5% of acquisition price within the first year (Compose Coffee) Return to Shareholders o Php3.44 FY2025 dividend (+15.8% YoY) o Executive KPI linked to share price and ROIC Driving shareholder value; On track to triple NIAT, and grow ROIC to 20% by 2028
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Financial Highlights
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SWS Q3’25 Php115.1Bn +16.8% Revenues Q3’25 Php76.4Bn +12.8% SSSG Q3'25 +3.1% TC +0.6% AC +2.5% Stores 10,304 +7.4% Opened 812* Closed 274 Gross Profit Q3’25 Php14.1Bn +8.5% 18.4% Margin Net Operating Income Q3'25 Php5.2Bn +7.3% 6.8% Margin NIAT Q3'25 Php3.0Bn +8.0% 4.0% Margin Summary of Q3’25 Key Metrics Note: 754 newly opened, plus 58 acquired THW stores Percentages are vs. SPLY unless otherwise stated
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Summary of 9M’25 Key Metrics Note: Percentages are vs. SPLY unless otherwise stated SWS 9M'25 Php332.8Bn +18.4% SSSG 9M'25 +4.7% TC +2.8% AC +1.8% Revenues 9M'25 Php224.2Bn +14.3% Gross Profit 9M’25 Php41.9Bn +12.5% 18.7% Margin Net Operating Income 9M'25 Php16.0Bn +14.6% 7.1% Margin NIAT 9M'25 Php8.7Bn +2.2% 3.9% Margin
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JFC Group Metrics—Key Metrics Snapshot in Php billions unless otherwise stated, margin changes are expressed in %pt change *
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Gross Profit Peer Analysis Leading the market in absolute gross profit growth compared to last year - underscoring operational excellence and sustained profitability *Growth in absolute Gross Profit vs LY G%* JFC - Global 8.5% JFC - International 22.7% McDonald's 6.1% Starbucks -9.2% Chipotle 3.3% Yum Brands 6.8% Restaurant Brands 5.3%
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Healthy SSSG for PH and Intl as China sustains recovery G% vs. LY SWS SSSG New Stores Acquisition Forex Q2'25 Q1'25 Philippines 5.5 1.2 4.3 - - China 4.2 8.0 (3.7) - (0.1) 3.9 (8.3) North America 5.8 5.3 0.6 - (0.1) NA Asian Brands 12.6 9.8 3.0 - (0.1) Smashburger (8.6) (4.7) (3.8) - (0.1) (9.9) (8.0) EMEA PH Brands 22.3 10.7 11.8 - (0.1) Jollibee Vietnam 40.7 25.5 19.2 - (4.0) Jollibee & Chowking EMEAA 14.0 4.9 7.2 - 1.9 CBTL 13.4 4.1 9.5 - (0.1) SuperFoods 17.2 10.4 10.8 - (4.0) Milksha 8.3 0.0 0.6 - 7.6 Compose Coffee 190.0 - 190.0 - - Tim Ho Wan (China) (13.6) (5.7) (7.7) - (0.1) (14.1) (17.1) Tim Ho Wan (Global) - - - 100.0 - International 32.4 6.2 22.4 4.4 (0.5) Global 16.8 3.1 12.1 1.8 (0.2) Q3'25 SSSG
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Resilient domestic consumer demand drives PH growth G% vs. LY SWS SSSG New Stores Acquisition Forex Philippines 9.5 5.3 4.2 - - China (0.8) 1.2 (1.8) - (0.1) North America 2.0 2.6 (0.8) - 0.2 NA Asian Brands 9.6 7.6 1.8 - 0.2 Smashburger (12.5) (7.6) (5.1) - 0.2 EMEA PH Brands 20.0 8.0 12.1 - (0.0) Jollibee Vietnam 36.7 20.7 18.8 - (2.8) Jollibee & Chowking EMEAA 12.4 2.9 7.9 - 1.6 CBTL 13.9 4.0 9.8 - 0.2 SuperFoods 13.2 6.5 9.6 - (2.8) Milksha 5.9 2.6 0.3 - 3.0 Compose Coffee 540.9 - 540.9 - - Tim Ho Wan (China) (20.2) (12.9) (7.2) - (0.1) Tim Ho Wan (Global) - - - 100.0 - International 31.6 3.7 23.4 4.6 (0.1) Global 18.4 4.7 11.9 1.8 (0.0) 9M'25
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00 00 0000 EBITDA Mix Shifts: 60% Philippines/ 40% International in Php Bn Q3 2025 Q3 2024 % vs. LY % Mix 9M 2025 9M 2024 % vs. LY % Mix Philippines 6.6 5.6 17.0% 60% 19.8 18.2 8.8% 62% China, ex-THW 0.3 0.001 25765.5% 3.1% 0.6 0.5 5.8% 1.8% North America 0.9 0.8 19.1% 8.2% 2.0 2.4 -16.5% 6.3% NA - Asian Brands 1.1 1.0 11.6% 9.9% 2.8 2.5 14.3% 8.8% Smashburger (0.2) (0.2) 14.8% -1.7% (0.8) (0.0) -2042.2% -2.5% EMEA 0.5 0.4 35.4% 4.9% 1.6 1.2 34.0% 5.0% Coffee and Tea 2.3 1.9 18.7% 21.0% 7.1 4.6 53.0% 22.2% CBTL 0.9 0.8 5.5% 7.8% 2.7 2.2 23.6% 8.5% Highlands Coffee 0.7 0.6 17.1% 6.1% 1.9 1.7 9.5% 6.0% Milksha 0.1 0.1 15.0% 0.8% 0.2 0.2 4.3% 0.7% Compose Coffee 0.7 0.5 43.5% 6.3% 2.2 0.5 364.5% 7.0% Tim Ho Wan 0.03 (0.01) 407.4% 0.2% 0.08 (0.03) 323.9% 0.2% Total International 4.4 4.0 10.2% 40% 12.2 10.2 18.7% 38% Total EBITDA 11.0 9.6 14.2% 100.0% 31.9 28.4 12.4% 100.0% Not shown in the chart: Non-operational items Total International G% includes Non-operational items N/M N/M N/M N/MN/M N/M N/M N/M N/M
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Cash Flow & Balance Sheet
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Free Cash Flow Revenues 76.4 67.7 224.2 196.2 - - EBITDA 11.0 9.6 31.9 28.4 EBITDA Margin 14.4% 14.2% 14.2% 14.5% Income before working capital 10.8 9.1 32.2 28.1 Income before working capital 14.2% 13.4% 14.3% 14.3% Working Capital inflow / (outflow) (0.8) (2.9) (3.9) (1.3) Net cash generated from operations 10.0 6.2 28.3 26.8 Net cash generated from operations 13.1% 9.1% 12.6% 13.7% CAPEX, Net of disposals (4.8) (2.6) (10.2) (7.6) Net CAPEX / Sales -6.3% -3.9% -4.6% -3.9% Free Cash Flow from Operations 2.4 2.2 13.5 16.6 Lease Payments (3.0) (2.5) (8.7) (8.0) Free Cash Flow excl. Lease Payments (0.6) (0.3) 4.9 8.6 Free Cash Flow from Operations 3.2% 3.2% 6.0% 8.4% Free Cash Flow Margin less Lease Payments -0.7% -0.5% 2.2% 4.4% 9M 2025 9M 2024Q3 2024in Php Bn Q3 2025 As amended 17 Nov 2025
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Guidance
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00 00 0000 FY2025 Guidance SWS Growth 8% to 12% 18.4% (ahead) Store Network Growth 700 to 800 new stores | 4% to 8% Operating Income Growth 10% to 15% RB Growth 4% to 6% Capex Php18Bn to 21Bn 4.7% (within) 754 gross opens (ahead) 6.7% (Organic); 5.5% vs. FY24 Php10.5Bn (ahead) 14.6% (within high end) Still on track to meet FY guidance despite temporary softness in Q3
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What sets Jollibee Group apart Leading Philippine food service company with consistent double-digit top- and bottom-line growth (4-yr view), driven by a strong local base and global expansion We reaffirm our unwavering commitment to value creation - driving strategies that crystallize long-term shareholder value Focused capital allocation and portfolio optimization to maximize value Executive KPIs directly linked to shareholder value and share price performance On track to meet FY 2025 guidance; aiming to triple NIAT and reach 20% ROIC by 2028 through disciplined execution Sustained Growth. Shared Value. Strong Execution
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Leading Filipino company consistently achieving double-digit topline and bottomline growth in Php billions unless otherwise stated 6,351 6,720 9,598 10,304 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 Store Network (absolute) 4yr CAGR: 15.1% 77.8 87.0 98.5 115.1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 SWS 4yr CAGR: 22.3% 55.4 61.5 67.7 76.4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 Revenues 4yr CAGR: 19.7% 17.1% 18.3% 19.1% 18.4% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 Gross Profit Margin 3.0 4.3 4.8 5.2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 NOI 4yr CAGR: 52.9%
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Thank You!
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Annex
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3Q SSSG Composition Same Store Sales Transaction Count Average Check (SSS) (TC) (AC) % Growth vs Q3 2024 Philippines 1.2% -3.5% 4.9% People's Republic of China 8.0% 26.6% -14.6% North America 5.3% 3.3% 2.0% Europe, Middle East, Asia (EMEAA) 10.7% 12.0% -1.2% Coffee Bean & Tea Leaf 4.1% 4.8% -0.7% Highlands Coffee 10.4% 9.0% 1.3% Milksha 0.0% -3.4% 3.6% Compose Coffee - - - Tim Ho Wan (China) -5.7% 10.5% -14.7% International 6.2% 10.4% -3.9% Total Global 3.1% 0.6% 2.5% Region/Brand