JFC setting up foreign unit; eyes US listing by 2027

January 7, 2026 | 12:00am

MANILA, Philippines — Asian fast food giant Jollibee Foods Corp. (JFC) is eyeing to set up an international unit that would be listed by late 2027 in the US as part of the strategy to attract more investors.

JFC yesterday announced its plan to separate its international operations from the local business, with the intent of listing it before a stock exchange in the US next year.

JFC said running two units, one locally and another internationally, would create an opportunity for investors to choose the business profile most aligned with their growth plans.

On one hand, there is JFC, the flagship entity, promising to deliver stable earnings on the back of the strongest fast food brand in the country. Listed on the Philippine Stock Exchange (PSE), JFC operates 3,445 stores locally as of September 2025.

On the other hand, there will be Jollibee Foods Corp. International (JFCI), the proposed spinoff tasked to manage overseas branches. JFCI is designed to become a capital-light entity expanding in multiple categories and geographies globally.

To date, JFC manages 6,859 stores abroad, with hundreds of units in various regions, including China, Europe, Middle East, Africa, Asia and North America.

JFC tapped local and international advisors to develop the corporate structure and US listing of JFCI, with the goal of wrapping up the spinoff process by late-2027.

China Bank Capital Corp. managing director Juan Paolo Colet said JFCI could end up becoming larger than JFC, but investors have to note the risks faced in entering fresh markets.

“We expect some excitement around JFC as investors speculate on JFCI’s listing valuation. JFCI will be seen as having a comparatively higher growth potential given the sheer size of the global consumer space, but that also comes with associated higher risks of breaking into new markets,” Colet said.

Once the transaction is complete, current JFC investors will receive shares in JFCI corresponding to their prevailing interest in JFC. Shareholders may hold or sell separately based on the investment book they are managing.

From January to September 2025, JFC’s net income went up by two percent to P8.65 billion due to the double-digit spike in systemwide sales, lifted by the 19 brands under the Jollibee Group.

JFC’s most popular product Chickenjoy is enjoying a loyal fanbase locally and abroad, having been voted as the best fried chicken in the US for two years in a row by USA Today.

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