Jollibee has announced plans to spin off its international operations for a potential listing on a US stock exchange by 2027. This move aims to unlock higher valuation by adopting an asset-light model similar to McDonald’s. The international segment already shows strong growth, contributing roughly 40% of EBITDA from overseas.
In January 2026, Jollibee Foods Corporation announced plans to separate its international operations into a new entity in preparation for a possible listing on a US stock exchange by 2027. Philippine operations would remain listed locally. Management framed the decision as a way to unlock value that the Philippine market could not fully recognize, allowing global investors to directly price Jollibee’s international ambitions.
Jollibee’s international operations now deliver real growth and profits, with double-digit same-store sales across major regions including North America, Europe, the Middle East, Africa, and parts of Asia. In the first nine months of 2025, Jollibee posted net income of just over ₱9 billion, while system-wide sales outside the Philippines surged more than 30%. Compose Coffee’s system-wide sales surged more than five-fold, and The Coffee Bean & Tea Leaf posted double-digit revenue growth. International same-store sales growth reached double digits, with total international system-wide sales growth at 20% and same-store growth at 12%.
Despite this momentum, Jollibee is still financed like a restaurant operator—lease-heavy, capital-intensive, and exposed to operating volatility—which caps its valuation at roughly 9-11 times EBITDA. To match McDonald’s, where over 90% of stores are franchised with margins approaching 50%, Jollibee must pivot to an asset-light, franchise-led model prioritizing cash flow. The company generates roughly ₱270 billion in consolidated revenues and ₱45-47 billion in EBITDA, with net debt including lease liabilities approaching ₱90-95 billion.
The spin-off is expected to serve as a forcing mechanism for this shift, potentially transforming Jollibee into a global consumer platform with emerging-market roots and developed-market discipline.
