Jollibee Group Crystallizes Value in Vietnam; Highlands Coffee’s Vietnamese Founder to Acquire Control

The transaction values the Highlands Coffee platform at USD 800 million on a 100% equity basis, a substantial premium to the carrying value of the investment in the Jollibee Group’s books. The Jollibee Group retains a 49% economic interest, continued board representation, and participation in future value creation.

Metro Manila, Philippines, 23 September 2026 — Jollibee Foods Corporation (PSE: JFC), one of the largest Asian food service companies, disclosed today that its wholly owned subsidiary JSF Investments Pte. Ltd. has signed an agreement to sell an 11% interest in the Highlands Coffee business in Vietnam to Viet Thai International Joint Stock Company (“VTI”), for a total cash consideration of VND 2.3 trillion (approximately USD 88 million) plus adjustments.

The transaction values the Vietnam coffee platform at an implied 100% equity value of USD 800 million, representing a substantial premium to the carrying value of the investment in the Jollibee Group’s books. Following completion, the Jollibee Group will hold 49% of Highlands Coffee, alongside Viet Thai International at 51%.

This transaction is an arm’s-length validation of the value the Jollibee Group has built in Vietnam over the past decade. The consideration is payable in cash over an agreed payment period following completion. The consideration is also subject to an upward adjustment that allows the Group to participate in further value creation over the payment period, subject to an agreed cap.

Transaction at a Glance

Asset sold: an 11% equity interest in the Highlands Coffee business, with corresponding divestment in SF Vung Tau Joint Stock Company (“SFVT”), its holding entity.

Buyer: Viet Thai International Joint Stock Company (“VTI”), the founding shareholder of Highlands Coffee and the Jollibee Group’s joint venture partner in Vietnam since 2011, currently holding a 40% interest. Established in 1998 by David Thai, VTI is one of Vietnam’s largest consumer marketing and multi-unit retail operators. Mr. Thai continues to serve as Chief Executive Officer of Highlands Coffee. On completion, VTI will hold a controlling interest in the platform.

Consideration: VND 2.3 trillion (approximately USD 88 million) in cash, payable over an agreed payment period following completion, with an upward adjustment linked to the value of the shares over that period, subject to an agreed cap.

Implied valuation: USD 800 million equity value for 100% of Highlands Coffee

Basis of consideration: a multiples-based valuation anchored on standard valuation methodologies, normalized EBITDA, and the company’s growth profile.

Ownership after completion: Jollibee Group 49%; Viet Thai International 51%.

Governance: the Jollibee Group retains board representation in Highlands Coffee together with minority protections under the shareholders’ arrangements.

Conditions and timing: customary conditions precedent, including regulatory clearances and existing shareholder consents.

Use of proceeds: debt reduction, reinvestment in other high-growth platforms, and shareholder returns, consistent with the Group’s stated capital allocation priorities.

Strategic Rationale

The transaction follows the Jollibee Group’s stated approach to portfolio management: build a business, scale it, and optimize ownership once it is mature enough to attract external capital at an attractive valuation. Vietnam is one of the Group’s most developed coffee markets, and Highlands Coffee is one of its largest international brands by store count, which makes it the natural first platform to price externally. Pricing Highlands Coffee independently gives the Jollibee Group an arm’s-length, tangible value to carry into the intended listing of its international business.

David Thai, who founded Highlands Coffee in 1999 and has been JFC’s partner in the business since 2011, will continue as Chief Executive Officer. Highlands Coffee’s management team, brand direction, store operations, franchisee relationships, employees, and customer-facing experience will remain unchanged following the transaction. Increasing VTI’s stake deepens local ownership and leadership of a brand founded by a Vietnamese, and built for Vietnam, for Vietnamese consumers.

Management Commentary

“Vietnam is where we proved the Jollibee Group model can succeed internationally. Together with our partner, we transformed Highlands Coffee from a little over 50 stores at the time of our initial investment into a category leader with more than 1,000 stores today,” said Ernesto Tanmantiong, President and Chief Executive Officer of Jollibee Foods Corporation. “This transaction establishes an independent value for that work and deepens Vietnamese ownership of a Vietnamese brand. Highlands Coffee will continue to open stores, invest in its people, and grow, with the partner who founded it holding a larger share of what comes next.”

“Our capital allocation discipline is about visible, measurable value,” said Richard Chong Woo Shin, Global Chief Financial and Risk Officer, and Chief Executive Officer of JFC International at Jollibee Foods Corporation. “This transaction establishes an independent value for our Vietnam coffee platform at a substantial premium to its carrying value, secures VND 2.3 trillion (approximately USD 88 million) of contracted cash consideration for an 11% interest, and retains a 49% economic interest in a platform delivering high double-digit revenue growth and best-in-class store-level profitability and payback.”

“Highlands Coffee has grown into one of Vietnam’s most recognized and loved consumer brands by staying close to Vietnamese consumers and playing a meaningful role in everyday coffee culture,” said David Thai, Founder and Chief Executive Officer of Highlands Coffee. “With JFC’s continued partnership and Viet Thai International taking on a deeper leadership role, we are entering an important new chapter – one focused on strengthening Highlands Coffee for long-term growth while staying true to our Vietnamese roots and the customer connection and coffee experience that have defined the brand from the beginning.”