MANILA, Philippines – Jollibee Foods Corporation (JFC) is creating a standalone international company in preparation for a possible listing on a United States securities exchange by 2027, the fastfood giant announced on Tuesday, January 6.

In a disclosure to the Philippine Stock Exchange (PSE), JFC said its international operations and business will be separated from its Philippine counterpart through the establishment of Jollibee Foods Corporation International (JFCI). This new firm will encapsulate all operations and businesses outside of the Philippines.

JFC’s Philippine operations, meanwhile, will remain listed on the local bourse. The company explained that the spinoff will allow both entities to sharpen their strategic focus.

“Built on a capital-light model with significant whitespace for expansion, it is positioned to operate in markets that support companies pursuing international scale, innovation, and long-term global growth,” the fastfood giant owned by Tony Tan Caktiong said.

JFC added that it is already working on establishing the structure, process, and timing for the separation of the two business units and JFCI’s potential international listing. This may include any restructuring and asset transfers.

Jollibee Group’s global president and chief executive officer Ernesto Tanmantiong said the spin-off and its potential US listing will demonstrate the firm’s strength on the global change.

“As a proudly homegrown Philippine company, we carry our heritage and express our national pride into this next chapter of our journey. Our move toward an international listing demonstrates the strength of the Jollibee Group, a company with Filipino roots competing on the world stage,” he wrote in a statement.

According to Rappler’s stock market analyst Den Somera, the spin-off will unlock values for JFC that the Philippine market cannot due to its current limitations. However, it remains unclear how the assets will be split between the two firms. Nonetheless, he said “the plan is beneficial to JFC price in the short term.”

Like San Miguel’s split

Unicapital equity research analyst Jeri Alfonso likened JFC’s spinoff to San Miguel Brewery’s (SMB) split from the main San Miguel Corporation (SMC) conglomerate in 2007.

With the split, SMB gave investors the option to put their money in San Miguel’s brewery business, and provide the firm with more focused management.

“After the deal, JFC on the PSE will be a pure domestic play, making it more comparable to local peers like Max’s Group (MAXS) and Shakey’s (PIZZA),” Alfonso told Rappler in a Viber message.

While JFC’s share price is expected to drop due to the split, Alfonso believes the price will eventually adjust accordingly to fairly compensate existing investors.

“In addition to this, bear in mind JFC shareholders will get JFCI shares as a property dividend,” she pointed out.

According to JFC’s annual report, its international business units include the following:

• SuperFoods Group (which also operates Highlands Coffee)
• JFC China and Jollibee Group North America
• The Coffee Bean & Tea Leaf (CBTL)
• Milksha
• Tim Ho Wan
• Compose Coffee

Meanwhile, its Philippine business units include Jollibee Philippines, Mang Inasal, Greenwich, and Red Ribbon. It also includes its foreign franchised brands such as Burger King, Panda Express, Yoshinoya, and Tiong Bahru Bakery.

JFC posted a net income of just over P9 billion in the first nine months of 2025, with system-wide sales (SWS) of the Philippine business growing 5.5% in the third quarter. Its international business’ SWS also jumped 32.4% in the January-September 2025 period thanks to Compose Coffee and the strong performance of Jollibee’s international markets.

During the first nine months of 2025, Compose Coffee’s SWS surged 540.9% and CBTL’s revenues also grew 13.9%. Milksha, which JFC acquired in 2025, saw its SWS grow 5.9%, while Tim Ho Wan‘s system-wide sales contracted by 20.2%.

JFC share prices surged 14.5% to P210 apiece on Monday trade. – Rappler.com