Highlands Coffee posts highest profit in 2 years, eyes IPO in Vietnam

Highlands Coffee’s earnings before interest, tax, depreciation and amortization (EBITDA) reached approximately 666 million Philippine pesos (US$11.3 million) in the third quarter of 2025, up 17.1 percent year on year, according to the latest financial report from Jollibee Foods Corporation (JFC), the Philippines' largest fast-food company.

The Vietnamese brand contributed nearly 29 percent of JFC’s coffee and tea segment earnings and accounted for around 6.1 percent of the group’s total profit.

Growth was driven by a 17.2-percent year-on-year increase in same-store sales, calculated only from outlets operating for at least 15 months.

In the first nine months of 2025, Highlands Coffee reached EBITDA of about 1.9 billion Philippine pesos ($32.2 million), up 9.5 percent from the same period last year. JFC did not release detailed revenue figures.

As of September, the chain was operating 928 stores in Vietnam and overseas, including company-owned locations and franchises.

It opened 109 stores and closed 31 during the first nine months, while also expanding its franchise network in the Philippines.

Founded in 2002 by David Thai (Thai Phi Diep), Highlands Coffee is owned by Viet Thai International Company.

In 2011, Jollibee spent $25 million acquiring a 49-percent stake in Viet Thai International Company and 60 percent of its Hong Kong operations through its subsidiary JSF.

Highlands Coffee is majority-owned by SuperFoods Group, a subsidiary of JSF.

JFC, chaired by Filipino billionaire Tony Tan Caktiong, operates more than 1,700 outlets worldwide, including the U.S.-based Coffee Bean & Tea Leaf chain.

The Filipino group previously planned to list Highlands Coffee on Vietnam’s stock exchange.

In 2022, JFC considered selling a 10-15-percent stake in Highlands Coffee at a valuation of $800 million.

Earlier this year, David Thai reaffirmed plans for an IPO, though no timeline has been set.

In June, Tim Seltzer, chief financial officer of Highlands Coffee, said the company aims to carry out an IPO within the next 18-24 months.