Metro Manila, Philippines, November 10, 2023 – Jollibee Foods Corporation (PSE: JFC) – Financial Results for the Third Quarter and Nine Months Ended September 30, 2023

Jollibee Foods Corporation (JFC), one of the largest Asian food service companies, today reported its financial results of operations for the third quarter and nine months ended September 30, 2023, based on its Unaudited Consolidated Financial Statements.

JFC CEO, Ernesto Tanmantiong gave the following statement on JFC’s third quarter performance:

“We delivered another strong performance in the third quarter with a record-high operating profit of Php4.3 billion, increasing by 42.8% year-on-year from a revenue growth of 11.0%. This is JFC’s third consecutive quarter of record-high operating income. Both our Philippine and international businesses achieved strong operating profit growth reflecting the strength and resilience of our brands in an environment that remains volatile and challenging.

While we anticipate continued positive momentum in our business performance, we are maintaining our 2023 growth guidance for revenue (+10% to +15%), same store sales (+7% to +10%), operating income (+20% to +25%) and store network (+5%) as we recognize the ongoing macroeconomic and geopolitical volatility.”

Note: EBITDA, net income, and EPS for the third quarter and YTD September 2022 include one-off gains from land conveyance and sale of other properties which amounted to Php2.4Bn and Php5.3Bn, respectively.

For the quarter, system-wide sales of the Philippine business grew by 16.5%, with most brands growing by high double-digits. The international business increased by 5.4% with the China business growing by 2.6%, North America 7.5%, and EMEA Philippine brands 11.8%. SWS of JFC’s coffee and tea business increased by 2.7%.

Global same store sales (SSS) for the quarter increased by 8.8% driven by a 4.9% growth in transaction count or volume and a 3.7% growth in average check. Performance across regions/ brands was mixed. The Philippines grew by 13.0% driven by improvement in volume or transaction count (7.7%) and increase in average check (4.9%). International SSS% grew by 2.6%, led by Milksha (12.3%), EMEA Philippine brands (6.3%), North America (6.0%) and China (1.9%). SSS% of Highlands Coffee and CBTL fell 12.3% and 1.5%, respectively due to weak macros in Vietnam and increased competition in the coffee space.

JFC’s strong topline performance and robust gross profit margin of 18.3% (120 bps vs same period last year) produced a record operating income of Php4.3 billion for the quarter and a 7.0% operating income margin. This represents a year-on-year increase of 42.8% and a margin improvement of 160 bps. JFC’s operating income for YTD September stood at Php11.9 billion, +47.7% versus same period last year.

Net income attributable to equity holder of the Parent Company (NIAT) for the quarter increased by 13.6% to Php2.4 billion, despite a higher base as last year’s third quarter net income included a Php2.4 billion gain from land conveyance and disposals). For YTD September 2023, NIAT amounted to Php6.8 billion, 5.7% lower compared to the Php7.2 billion NIAT for YTD September 2022 which included a Php5.3 billion gain from land conveyance and disposals. Basic Earnings per share (EPS) grew by 7.8% to Php2.081 for the quarter and declined by 6.5% to Php5.815 for YTD September 2023.

JFC CFO, Richard Shin commented, “Our strong results for the quarter demonstrated JFC’s continued financial resilience highlighted by our record-high quarterly system-wide sales and operating income. While the external environment has not improved, we remain confident in our ability to deliver sustainable growth as we continue to focus on what we can control, invest in line with long-term strategy, prudently manage our expenses, and drive efficiencies in our organization.”

At the end of September 2023, JFC’s store network increased by 5.8% compared to a year ago. JFC operated 6,720 stores worldwide: Philippines (3,295) and International (3,425): 538 in China, 388 in North America, 330 in EMEA, 725 with Highlands Coffee mainly in Vietnam, 1,132 with CBTL and 312 with Milksha. Its largest brands by store outlets worldwide are Jollibee with 1,624, CBTL 1,132, Highlands Coffee 725, Chowking 612, and Mang Inasal 569.

Corporate Action

The JFC Board of Directors approved on November 10, 2023 the declaration of a regular cash dividend of Php1.23 per share of common stock for all shareholders of record as of November 24, 2023 (ex-dividend date of November 23, 2023). This will bring JFC’s regular cash dividend to a total of Php2.30 per share in 2023, the same amount declared and paid in 2022. Payment date will be on December 11, 2023.

Forward-Looking Statements Disclaimer

The foregoing disclosure contains 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 the JFC Group gives no assurance that such forward-looking statements will prove to be correct or that such intentions will not change. This Press Release discloses important factors that could cause actual results to differ materially from the JFC Group’s expectations. All subsequent written and oral forwardlooking statements attributable to the JFC Group or persons acting on behalf of the JFC Group are expressly qualified in their entirety by the above cautionary statements