Vietnam’s largest coffee chain reaches a new profit peak, with Philippines conglomerate holding a 60% stake

Highlands Coffee, Vietnam’s largest coffee chain, has recorded a new profit high, according to the Q3/2025 business results released by Jollibee Foods Corporation (JFC) of the Philippines — the parent company of Highlands Coffee.

Founded in 1999 by entrepreneur David Thai (Thai Phi Diep), Highlands Coffee initially operated as a packaged coffee brand, focusing on high-quality roasted and ground coffee. Following strong market reception, the brand opened its first café in Ho Chi Minh City in 2002, marking its entry into the retail coffee segment.

Ảnh: Highlands Coffee

In Q3/2025, Highlands Coffee reported EBITDA of approximately PHP 666 million, equivalent to more than VND 297 billion. This represents the highest quarterly EBITDA level in the past two years, up 17.1% year-on-year. Notably, Q3/2023 marked the first time JFC disclosed separate financial figures for Highlands Coffee in its consolidated reports.

On a nine-month cumulative basis, Highlands Coffee recorded EBITDA of around PHP 1.91 billion (approximately VND 852 billion), up 9.5% YoY. The brand contributed nearly 29% of EBITDA within JFC’s coffee and tea segment, and accounted for 6.1% of the group’s total EBITDA.

As of end-September 2025, Highlands Coffee operated 928 outlets, an increase of 78 stores compared with the end of the previous year. The network comprised 800 company-owned stores and 128 franchised outlets, underscoring the brand’s continued expansion across Vietnam.

In 2012, Jollibee Foods Corporation acquired Highlands Coffee through a transaction with Viet Thai International Group (VTI Group), the company founded by David Thai.

Notably, VTI Group announced changes to its business registration in mid-2025, revealing a charter capital of VND 326.6 billion. The ownership structure shifted from 100% domestic private capital to 73% domestic private capital and 27% foreign ownership, reflecting increasing foreign participation in the group.

According to disclosures by Jollibee Foods Corporation (JFC), the Philippine conglomerate currently holds a 60% equity stake in SF Vung Tau Joint Stock Company (SF Vung Tau JSC). SF Vung Tau JSC is the entity that owns 100% of Highlands Coffee Service Joint Stock Company, the operator of the Highlands Coffee chain in Vietnam.

Since the end of 2015, a change in business registration filings showed that SF Vung Tau JSC increased its charter capital from VND 19.9 billion to VND 53.1 billion. Alongside this capital increase, the company’s ownership structure shifted, with domestic private capital declining from 100% to 51%, and foreign ownership emerging at 49%.

In 2016, Jollibee Foods Corporation first announced plans to pursue an initial public offering (IPO) of the Highlands Coffee chain on Vietnam’s stock market.

According to BusinessMirror, following the IPO, Jollibee was expected to raise its ownership in Highlands Coffee to 60%, while Viet Thai International Group (VTI) would reduce its stake to 40%. With Jollibee holding more than 51% ownership, the company operating the coffee chain would formally become a subsidiary of Jollibee. As part of the arrangement, VTI was to receive an additional USD 30 million loan from JSF.

However, in July 2019, the transaction was postponed, with Jollibee not disclosing the reasons for the delay.

More recently, in June 2025, Mr. Tim Seltzer, Chief Financial Officer of Highlands Coffee, shared updates regarding the company’s IPO plans. According to his remarks, Highlands Coffee is considering a public listing within the next 18 to 24 months.

According to Nhịp sống thị trường - Markettimes

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