Jollibee Foods Corp. (JFC) said its plan to spin off its international business for a possible listing on a U.S. stock exchange could strengthen growth prospects by giving overseas operations access to deeper capital markets, broader investor reach and clearer valuation.
During a virtual press briefing Wednesday, Jollibee chief finance officer Richard Shin said US capital markets have a deep investor base with experience in valuing global consumer and restaurant growth companies.
“U.S. listing provides greater market depth because of capital and liquidity and offers broader analyst coverage and research intensity,” Shin said.
Shin noted the U.S. has the highest market capitalization and that food and beverage companies listed there have been rewarded with better multiples and valuations. He pointed out that the top five food and beverage companies by market capitalization are listed in the United States.
Shin said Jollibee’s overseas business is ready to stand alone following recent global expansion.
“The proposed structure supports more efficient capital allocation and strategy execution, potentially driving sustainable returns and valuation re-rating over time,” Shin said.
As of the end of September 2025, Jollibee’s store count reached 10,300, of which 6,800 are overseas. Systemwide sales for the international business grew 25.5 percent, while revenues jumped 25.4 percent.
Shin said roughly 40 percent of the group’s cash profit comes from its international operations.
“So, many reasons to believe that international is ready to be a standalone, and the potential is there to continue,” Shin said.
However, he noted that the domestic business remains attractive with significant room for expansion.
“The Philippines business is a vibrant, robust business that continues to grow in a very dynamic consumer market,” Shin said. “We’re far from saturated in the Philippines, so this is still a very dynamic and growth business.”
