Jollibee Foods (JFC) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered double-digit system-wide sales and revenue growth, with system-wide sales up 18.9% and revenues up 14.6% year-over-year, driven by strong performance across core brands and geographies.

• International operations, including Compose Coffee and Tim Ho Wan, contributed significantly to growth, with international SWS up 29.5%.

• The Philippines remains the largest contributor, showing robust growth and resilience against inflation and competition.

• Store network expanded by 44.3% year-over-year to 9,935 locations, with 205 new stores opened and 94 closed in Q1.

• Management remains focused on operational efficiency, margin protection, and quality growth from existing and new stores.

Financial highlights

• System-wide sales reached Php103.2B (+18.9% YoY); revenues at Php70.2B (+14.6% YoY); gross profit at Php13.0B (+16.3% YoY).

• Gross profit margin hit a record Q1 high of 18.6%, up 30 bps year-over-year.

• Operating profit margin was 6.8% (Php4.8B), up 17.6% year-over-year.

• EBITDA grew 9.2% to Php9.8B, with international EBITDA up 9.3%.

• Net income attributable to equity holders fell 8.1% to Php2.4B due to higher below-the-line items.

Outlook and guidance

• Q1 performance exceeded FY2025 guidance for system-wide sales, revenue, and operating income growth.

• FY2025 targets: 8–12% SWS growth, 4–6% revenue growth, 700–800 new stores, Php18–21B capex, and 10–15% operating income growth.

• Management confident in achieving or exceeding 15% net profit growth for FY25 and reaffirms full-year guidance.

• Store growth on track at 4.2% (organic, excluding Compose).

• Proactive management of macroeconomic and financial headwinds remains a focus.