Core Viewpoint - Jollibee Foods Corp. is advancing preparations for an overseas listing in the U.S. by splitting its expanding business into two independent entities [1] Group 1: Business Strategy - Jollibee has engaged domestic and international advisory teams to facilitate the separation of its local and international operations [2] - The local business will continue trading on the Philippine Stock Exchange, while the newly formed "Jollibee Foods Corp. International" will consolidate all global operations and serve as a potential core platform for the U.S. listing [2] - The international business is built on a "light asset" operational model, providing significant expansion potential and aligning with the capital market ecosystem for global growth [2] Group 2: U.S. Market Expansion - Since opening its first North American store in Daly City, California in 1998, Jollibee has deepened its presence in the U.S., operating 81 stores across 15 states by August 2025, with California accounting for over 40% of these [2] - U.S. stores have achieved 50 consecutive months of same-store sales growth, with average annual sales exceeding $4.3 million per store, and some locations surpassing $9 million [2] - Jollibee launched a U.S. franchising plan in March 2025, opening its first franchise store in Queens, New York, and signing multi-store development agreements in markets like Sacramento and Dallas-Fort Worth, aiming to expand to 350 stores in North America and achieve $1 billion in revenue by 2028 [3] Group 3: Strategic Timeline - The major strategic adjustment is set to be implemented by the end of 2027, considering market conditions and regulatory requirements for the subsequent listing and business integration [5]