Jollibee Foods (JFC) Q4 2024 earnings summary

Executive summary

• Delivered double-digit system-wide sales and revenue growth in Q1 2025 and FY24, with strong performance across core brands, international markets, and the coffee and tea segment.

• Net income attributable to parent rose 17.7% year-over-year to Php10.3 billion, breaching the Php10-billion mark.

• Store network expanded by 41.8% to 9,766, driven by Compose Coffee acquisition and 674 new store openings.

• Philippines remains the largest contributor, showing resilience against inflation and competitive pressures.

• International businesses, including North America and Tim Ho Wan, posted robust growth and operational improvements.

Financial highlights

• System-wide sales reached Php390.3 billion in 2024, up 13% year-over-year; Q1 2025 system-wide sales exceeded PHP 100 billion, up 19% year-over-year.

• Revenues for FY24 increased 10.6% to Php269.9 billion; Q1 2025 revenues reached PHP 70 billion, a 14.6% increase year-over-year.

• Gross profit grew 16.3% to PHP 13 billion in Q1 2025, with a record Q1 gross margin of 18.6%; FY24 gross margin at 19.2%.

• Operating profit margin was 6.8% in Q1 2025, with operating profit at PHP 4.8 billion, up 17.6%; FY24 operating margin at 6.3%.

• EBITDA for FY24 grew 8.7% to Php36.7 billion; Q1 2025 EBITDA grew 9.2% year-over-year.

Outlook and guidance

• 2025 guidance: system-wide sales growth of 8%-12%, same store sales growth of 4%-6%, store network growth of 4%-8% (700–800 new stores), and operating income growth of 10%-15%.

• CapEx for 2025 planned at Php18–21 billion.

• On track to triple NIAT by 2028, with international business targeted to contribute 50% of profit.