One of Vietnam’s largest coffeehouse chains, Highlands Coffee, has reported its strongest third-quarter profit in two years as preparations for an initial public offering (IPO) continue to progress.
The brand’s EBITDA reached about US$11.3 million in the Q3, a 17.1 per cent year-on-year increase.
It contributed nearly 29 per cent of parent company Jollibee Food Corp’s coffee and tea segment earnings, and more than six per cent of its overall profit.
As of the end of September 2025, the chain was operating a total of 928 stores in Vietnam and overseas. The growth has been fostered by a 17.2 per cent increase in same-store sales, which covers locations that have been active for a minimum of 15 months.
In the first nine months of the year, it has opened 109 new stores and closed 31.
Jollibee acquired a controlling stake in Highlands for US$25 million back in 2012, however CEO David Thai is on record as stating the brand functions as a Vietnamese business, with JFC acting as an investor and strategic advisor.
IPO plans were initially announced in 2016 but postponed in 2019. Its renewed plan to revive the IPO was first reported in April 2025.
