Jollibee says overseas business has reached ‘scale and maturity’ for next growth phase

Insider Spotlight

• Jollibee said its international business has reached the scale and maturity to drive its next phase of growth.
• The Philippines remains a major growth market, with only about 15 percent penetration in provincial municipalities.
• Beyond new stores, Jollibee sees growth from delivery, digital channels, menu innovation and deeper customer engagement.

Homegrown fast food giant Jollibee Foods Corp. said its international business is becoming a bigger driver of future growth, a strategy the company highlighted during its annual stockholders’ meeting on Friday.

The international business accounts for nearly half of the group’s global systemwide sales, reflecting its growing importance as Jollibee expands across multiple markets and restaurant concepts.

Management’s view

“Looking ahead, I remain optimistic about the opportunities before us,” Jollibee founder and chair Tony Tan Caktiong said in his message to shareholders on Friday.

“Strong brands, disciplined expansion, and the dedication of our teams across many markets position the Jollibee Group to continue building a resilient and globally competitive organization,” he added. 

“As we move into 2026, our focus remains clear: to grow profitably, operate responsibly, and build a company that creates enduring value,” JFC global president and CEO Ernesto Tanmantiong said.

JFC’s global growth story

In the first quarter, international systemwide sales grew 13.5 percent, faster than the Philippines’ 8 percent.

Jollibee noted in a separate statement the international business “has reached a scale and maturity that provides multiple pathways to unlock value over time”. 

Moreover, overseas operations increased their share of global systemwide sales to 44.5 percent from 43.2 percent a year earlier.

“The business is well positioned to capture attractive global growth opportunities,” Jollibee said in the statement. 

 International growth strategy 

The update comes as Jollibee continues to evaluate plans to separately list its international business overseas, with the United States and Hong Kong emerging as possible venues.

“The strategic review is intended to evaluate opportunities to further support the growth ambitions of the international business and enhance long-term shareholder value,” the company said in a statement.

Philippines remains strong growth driver

Jollibee, however, said the Philippines remains a major growth engine despite its expanding global footprint.

“While it has strong nationwide presence, its market penetration in many provincial municipalities remains relatively low at approximately 15 percent, creating substantial opportunity to bring its brands closer to more consumers across the country,” Jollibee said.

Beyond store expansion, Jollibee sees growth opportunities in delivery, digital channels, new dayparts, menu innovation and deeper customer engagement.

Stock price under pressure

Jollibee shares have fallen nearly 27 percent since the start of the year as investors weighed margin pressures and weaker first-quarter earnings. 

Although first-quarter systemwide sales climbed 10.3 percent, net income attributable to equity holders fell 38.8 percent to about P1.5 billion as higher costs weighed on profitability. 

—Edited by Miguel R. Camus