Good afternoon, everyone. Thank you all for joining this third quarter and nine-month year-to-date update. Of course, a very good morning to all of you joining us from other parts of the world, from Europe and overseas from the U.S. as well. Without any further ado, we shall start now the update. Next slide, please. Just again, you've seen this before, but if you can bear with me just for 20 seconds while I read through this disclosure statement. This earnings call may include forward-looking statements that are based on certain assumptions of management and are subject to risks and opportunities for unforeseen events. Actual results could differ materially from those contemplated in the relevant forward-looking statement, and JFC Group gives no assurance that such forward-looking statements will prove to be correct, or that such intentions will not change.
All subsequent written and oral forward-looking statements attributed to the company or persons acting on behalf of the company are expressly qualifying their entirety by the above cautionary statements. So thank you for that. We shall now start with slide number one. It was a significantly positive quarter, and therefore, our nine months year-to-date, September continues to be, growing in a very robust and sustainable way. To begin with, we delivered the strongest quarter in the history of Jollibee's 45-year history at PHP 87 billion in system-wide sales across all of our businesses, both international and domestic. This also represents three consecutive quarters of posting an all-time best operating income. This, again, attests to the fact that we have a very strong and stable business fundamentals.
In terms of network expansion, we grew circa 6% right across the business, driven strongly by our coffee and tea segment, which I'll speak to a little bit later on. We remain at 57% franchise globally, with an overindex of 67% in Philippines and the rest of the. You may recall, last year, 2022, we had some significant gains that we posted in our P&L, due to our strategy to become asset light on lands, and we had gains on land disposals, and I'll speak to the numbers in Q3 as well as nine months. But extracting all that, this year was, in essence, without those gains, so you will see that it is organically strong contribution from the business.
Next slide, please. So let's start with system-wide sales. Again, the PHP 87 billion was a record high or represented just under 12% quarter 2022 to quarter 3 2023, like-for-like growth. We're proud to say that that growth really came from volume, or as we call here, TC, transaction count, which was up almost 5%. And of course, our AC, or average check, benefited from the price increases that we've taken last year, which carried forward into quarter 3 of this year. Just as a comparison, quarter 3, we've taken very minimal price increase, and so most of this gain is really due to our mix and menu management.
So in total, we had a same-store sales growth of 8.8% for the quarter, and of course, for the full year, was slightly higher index at 12.7, representing a very strong first quarter compared to last year first quarter, where the Philippines market was still locked down from COVID. That, of course, translates into a net operating income of PHP 4.3 billion for the quarter and nearly PHP 12 billion for the nine months that has passed. And that represents, again, just from pure business, near 43% growth versus the same quarter last year, and near 48% growth versus last year, nine months. And you can see on the bottom right here, our network continues to expand.
We now sit at 6,720 stores across near 34 countries, with 429 new stores opened this year. Just as a note, the 28 divested stores happened early this year, and those were related to Pho24, which was represented in earlier earnings call. We can move to the next slide. Let's start now looking through the P&L. Again, system-wide sales, the numbers explained. That's translated in our revenues of PHP 61.5 billion, which represented an 11% growth versus last year, and of course, year to date, higher index at 18% growth. We're also very proud that our middle of the P&L or gross profit remained very robust, delivering PHP 11.3 billion, which represented 18.8% growth versus last year, despite ongoing inflationary challenges that we face, both domestically and also internationally in markets like the U.S.
Operating income of PHP 4.3 billion again represents that 42.8% as disclosed in the prior slide. Our EBITDA growth of 5.1%, of course, as we all know, there's land gain impact, and it was PHP 2.4 billion in the third quarter. And year-to-date, that land gain impact that we enjoyed last year was PHP 5.3 billion. So adjusted for that, again, just from an adjusted point of view, our EBITDA is also growing at 48% and 38% respectively. Next slide, please. Oh, so continue on. Just wanna highlight a couple of important factors here. Our international business, albeit, is still relatively small in terms of profit contribution to our entire JFC portfolio, but nonetheless, happy to report that our operating margin of 3.3% is now the highest recorded margin percentage in the last five years.
And of course, our Philippine business continues to grow. It, it is still an engine for us, and once again, it's showing a very strong OI margin as well, 9.4%. Further down the the P&L, as we get to our net income, you'll see here, two and a half million for o h sorry, PHP 2.5 billion for the quarter, and 7.2 billion for nine months. Our NIAT, so, reducing tax and tax provisions, we're now sitting at PHP 6.8 billion for the nine month, and you can see our earnings per share increase as well. The columns here, noted and adjusted, just takes out the land gains so that we can see what the organic business growth rate looks like. It's rather quite phenomenal, given that we had a very strong Q2, Q3 and Q4 last year as well.
Next slide, please. Moving on now, a little bit deep dive on the top line. Our system-wide sales, you can see the trend going all the way back to pre-COVID. So we show years of 2018, 2019, of course, the COVID year impacts of 2021, and then, last year we started to report that we're coming out of it. Happy to report again that this quarter, Q3 of 2023, is yet a record high. All the bars marked in red are actually all-time highs, and the eight bars marked in black shows eight consecutive quarters of record highs versus the same quarter of previous years. Moving on to the next slide. Just take a little bit deeper dive look on the quality of our top-line deliverables.
We have here system-wide sales next to an RB or rolling base, which is the same as our same store sales growth. You can see, starting with the Philippines in the quarter, 16.5% SWS growth versus the same quarter last year. The significant contribution of that was actually our same store sales growth, which is to say that our stores are actually both with dine in and also with off-premise. It's to say that we are enjoying a continuous robust gain. Looking down at some of the other major markets, China, for example, you can see system-wide sales at 2.6%. We had a Forex unfavorable impact that negated quite a bit of our growth from new stores and our rolling base.
So, apart from Forex, you can see that actually we would had a much higher single digit growth in a very challenging macro market. North America, you can see the 7.5% combined or Jollibee brands versus Smashburger. Again, very strong RB growth rates there. We're doing very well in our, third biggest, sorry, your third biggest, priority market outside of the Philippines, meaning China and U.S. ahead of that. You can see Vietnam here with 15.1% system-wide sales. Again, two-thirds of that contributed by rolling base. CBTL, although we had a system-wide sales growth of 3.6% in the quarter, we are facing a little bit of, a challenge in some of our markets, and I'll explain a little bit later.
But, it's really, our- the opportunity for Coffee Bean & Tea Leaf in our company-owned stores in the U.S. still remains ahead of us. Once we cross that, we can see international parts of the business for CBTL still enjoying solid growth. SuperFoods, of course, is Highlands Coffee, and that's primarily in Vietnam. And 85% of our stores in Vietnam at the moment are company-owned with very good payback. But what's happened there is strong macros really starting from Q2, continuing to Q3, that's seen a softness in our RB. Having said that, compared to our competitors in the market, we're still ahead, and we've taken this opportunity also to expand our footprint, and hence gained circa 4% market share, since last reporting.
So we'll continue with that strategy to scale and grow, while the macros plays itself out. And we think by Q1 or Q2 of next year, we should have better macros in Vietnam. Milksha, our most recent acquisition, continues to be very strong for us. Moving on. Store network, it's just a summary, as I've mentioned, there are several pieces of this. 61% of our total footprint growth comes from our coffee and tea segments, so the three brands here, Coffee Bean & Tea Leaf, SuperFoods, and Milksha. Where the rest of the business, we continue to cautiously, as we have slightly different paybacks for restaurants versus coffee shops. We're, you know, cautiously evaluating where we put our capital and, of course, attacking in places, like Vietnam, where it makes sense for us to attack while there's an opportunity for us to gain greater footprint.
So this is what we're seeing. If we move on then to the next slide. So we'll get into the earnings KPIs. So what you see on this slide is quarter to date and year to date, operating income and, of course, our net income after tax. You can see international's growth both in the quarter and also year to date, in operating income and, NIAT. The slight decrease here that you see in the third quarter, as well as the full year, for Philippines, is really, again, due to the gain that we enjoyed last year on the sale of land. Extracting that, of course, we're growing in the Philippines, at a very healthy pace. Next slide. This is EBITDA by region and business categories.
Again, Philippines, and that softness in the movement from last year, that's a reflection of that PHP 2.4 billion that I mentioned in the quarter, and the PHP 5.3 billion that I mentioned for year to date. Adjusted for that, of course, we have a much much stronger EBITDA growth in the Philippines, as explained. China, you can see the impact of a one-time adjustment that we took in last year, third quarter, and that was related to our exiting of Dunkin'. We were a franchisee in China, and we decided that was not strategic for us, so we exited. And barring from that, on a normalized basis, China continues to, within the macro headwinds and difficulties, continues to show signs of improvement.
Smashburger at 49 compared to the first quarter at much stronger number that we reported. Again, really, that was a lot of provisions and adjustments. So, on run rate is around what we're seeing here to slightly higher as we enter fourth quarter, peak season. The coffee and tea business here is a combination of several businesses, the three businesses that I mentioned, with Coffee Bean & Tea Leaf, as I explained, and the Highlands Coffee, I explained. Milksha is a very small part of that. So we have seen a softening in the quarter, but we know where the challenges are and where the opportunities are, and the team is, no doubt, fully focused on reversing that.
The rest of the world is all the other markets that's not mentioned here, meaning Europe, Vietnam, plus North America, our Asian brands there. We also report in here our FVTPL, the gain and losses from our fixed income instrument. So, we're seeing that the economy cycle out of that, as you can see by the strong growth numbers. Next slide, please. Key KPIs that I wanna leave the audience with here. Again, gross profit margin, once again, is food and packaging cost, as well as labor, as well as rent, and also all the costs behind supply chain and our commissaries.
When you add all that up, you see our gross profit margin increasing by 100 basis points, again, through cost efficiencies, as we are not passing on 100% of inflation to our consumers, with some moderate price increase in there. But essentially, mostly coming from efficiencies and holding our strategies around hedging and of our key raw materials and making sure we're very lean in terms of our overheads. Operating profit margin so sees the benefit of that, plus our overall overhead management. So we've increased from 5.4% now to 7%. Our net income after tax margin also slightly increased. Again, the 2022 number here in gray represents those one-time gains. Free cash flow, we're up again to 12.8%.
So I think it's important to point out that right across the board, all of our key profitability and cash KPIs continue to improve. Next slide, please. I've shown this slide previous earnings call as well, but once again, our cash position remains strong, increased from end of last fiscal year. Our investment in fixed income holdings, you can see that we continue to draw down some of it, but most of it is available as needed. Our bank loan position remains flat-ish, so our net debt has significantly come down from PHP 16.2 billion to PHP 11.8 billion. Of course, our working capital, an area where we're very focused, so our average collection continues to improve from 15 days to 12, creating better cash flow for us.
Inventory days has also come down as, we've locked in, supplies as needed, and so therefore, don't need as much safety stock, as we did last year when things were a little bit more uncertain. Days payable remains robust at 51. Again, it's a mix between making sure we get best pricing and offering good terms to our strategic vendors. Our current ratio has improved, our debt to equity has improved, and of course, our debt to EBITDA ratio also has improved. Moving on to the next one. Slightly busy slide, but I just want to focus you on a couple of key items. So quarter three, we're delivering a 12.8% free cash flow margin, and if you were to compare that to our operating profit margin, you can see that it's quite a robust number here.
Q3 of last year was at 10.9, and of course, rolling up now, we are running our business around 11% FCF margin rate. You can see the CapEx line at the bottom year to date. Although we have higher ceilings for available capital to be invested, we're being very cautious and investing wisely, so you can see 7.4 after nine months. So we'll be way below our guidance that we've given in the past. Next slide. Yep. Okay, in terms of guidance, we're still holding to our guidance of 15%-20% SWS, rolling base of 7-10. It is fair to note that year to date, September, we're slightly ahead of these targets. We're just being a bit cautious with some of the geopolitical potential risks that we're seeing in markets like China.
So, we plan to beat the guidance, of course, but again, just being a bit conservative in terms of the unknowns. Year to date, network expansion, pretty much right on track as well, but CapEx will be way below that ceiling of PHP 17-19 billion that we've reserved for investments. And we'll certainly not hold back from building stores, but we just want to be cautious on how we invest. Year to date, operating income growth of 48% is above our guidance of 20-25. So therefore, I think we can confidently say, barring any catastrophes in Q4, we believe that we will exceed the guidance of 20%-25%. Okay, I think that's it for the slides. We shall now open it up to Q&A.
Hello, Richard. So we've been getting questions from the audience, primarily concerning about, year-to-date, guidance. So from the audience, why didn't you upgrade your revenue and operating profit growth guidance for the full year? Given the strength, trend year-to-date, will Q4 be weaker than usual?
Thank you for the question. Let me break that into domestic Philippines, where we have, I guess, a more mature business and a clearer read. We are not slowing down whatsoever, and the reason for that is because, again, I think we've taken the right pricing strategies to ensure that we don't lose volume elasticity. We're also seeing dine-in coming back, and at the same time, due to consumer convenience, we're seeing our digital channels also growing in terms of absolute pesos. So Philippines looks robust, and Q4 will deliver yet another strong quarter, and that's consistent with prior years, where Q4 was traditionally one of our stronger quarters due to seasonality. It's the rest of the world that I just wanna make sure that we don't, you know, over celebrate before the end of December.
We're just being cautious in some of our markets. That's the reason why we haven't taken the guidance up, but I can perhaps use the language saying we have all intent on beating our guidance.
All right. Thank you, Richard, for that. There's a question here about price increases. So they were saying if we compare the third quarter for this year versus last year, and what was included in this quarter in equity in net earnings of PHP 420 million, and is this expected to be recurring?
Yes. So let me address the price increase. We're looking at our basket of goods, inflation rate, compared to December of last year, so we're just looking at the incrementals on every quarter. So of course, from that perspective, it's not as challenging as it was in Q2, Q3, and Q4 last year, where we had extreme inflation. Having said that, Philippines, in particular, continues to be in an inflationary environment. We've taken less than 1% price increase in Q3. And if you look at our gross profit margin and how we've increased that, that is then again to say that we are, we keep on pushing through our process of procurement, supply chain, commissary efficiencies, better buying, and that's how we're getting the bottom line profit. So it's not coming from pricing per se.
In fact, I would say pricing is a smaller contribution versus volume and efficiencies. The rest of the world, if I take U.S. as an example, the inflation index is slightly different for our business, so we've taken slightly higher price increase in the U.S., but nonetheless, again, not up for inflation. So, we're not going backwards on our margins in any of our businesses, but we're also not profiting from price increase to the bottom line. So it's, it's robust and, as I say, sustainable through volume.
Great. All right, and in relation to that question, can you share indications for the fourth quarter this year in performance, both in the Philippines and as well in other countries?
Again, I think, I have to just make sure that I caution this very carefully, because on any forecast forwards, I do want the investors to understand that there's always risk. Having said that, we do not see any reasons in the Philippines that our fourth quarter will slow down versus our third quarter. And again, with seasonality, it should prove to be yet another very strong quarter, both from a quarter-on-quarter basis, but also Q4 versus last year's Q4. That's on the top line. On the bottom line, again, as a reminder to all, last year, fourth quarter, we had a catch-up on our A&P in fourth quarter.
That's to say that first quarter of last year, we underspent our A&P because of the lockdown in the Philippines, and I, I demonstrated that through the quarterly percentages and the rest of it. I also wanna assure everyone who's dialed in today, that we are not spending less A&P dollars year to date. On an absolute dollar basis, we have spent 15% more A&P in our first nine months than we did last year. So as a percentage, we may see some ups and downs, but in aggregate, nine months, we've maintained that spend level quite well. So apart from that, there were no big call-outs last year, and this year we think it'll be a normalized fourth quarter. Should be a robust and strong fourth quarter.
Mm-hmm. All right. So, it says here from the questions from the audience, they're asking, "Are you seeing any spending stress from the inflationary environment, and are you still on track to your store opening target for 2023? Which brands provide the growth in store network?
I think it's probably in the best interest of all companies to be very cost conscious, in particular capital allocation, where CapEx, you know, has an impact, not only for the period but also for several years out. So, we're very analytical with our CapEx spending. We look at payback, we look at return on invested capital, we look at categories, we look at opportunities to franchise where that opportunity presents itself. So, having said that, we are managing our costs very tightly, but we're not holding back on investment. Again to reiterate A&P, we've spent 15% more than we did last year, so we're continuing to spend behind the brands. We're spending behind digital, we're spending behind technology. Anything consumer-facing, we are investing.
And of course, the last part of the question around store network, international continues to get more of our investment dollars as we need to catch up. I've said this before, but on a unit basis, of one product, international business will always have a higher margin dollar and also higher margin percentage. So we need to make sure international contributes to the bottom line, so we invest accordingly. The real opportunity as our brand gets stronger and bigger, is to mix between our company-owned store expansion and, of course, our franchise opportunities. And so the four areas that we're prioritizing for our capital investment, I won't say it by brands necessarily, by category, so coffee and tea category, led by CBTL. We're also prioritizing the chicken category, of course, led by Jollibee, both in the Philippines and international.
And we got Better Burger, Smashburger. There, we're very cautious. We do not plan to open any more or a lot more of company-owned stores in the future, but rather really accelerate our franchising strategy there. And lastly, our Chinese category is led by Tim Ho Wan, and it's still a smaller brand compared to the others, but we are investing behind that brand as well.
Okay. Given that we're still in the topic of international expansion, what is Jollibee's long-term strategy for international business?
I think we have to be careful because there are many market opportunities. One could argue Southeast Asia possibly could rank right on top because the nature of our brand, the familiarity of, the products that we sell, such as fried chicken. But at the same time, I think we've got to prioritize the largest TAMs, which is the U.S. and China. So we continue to have the same strategy of investment for China, scale long term through franchising and expansion in the U.S. through Jollibee brand, getting Smashburger franchise, and CBTL, growing. So we continue to have the same focus.
Okay. And, another from the audience, how do you see the Jollibee growth model evolving going forward? Will it continue to generate strong operating growth profit in the foreseeable future? And how do you see margins trending?
Yeah. For us at Jollibee, it's equally important, these two factors are equally important: sustainable growth as well as profitable growth. So, that's why I talked a lot about margin rates and, and, financial KPIs and the rest of it, including cash. So we don't wanna build businesses based on, a lot of upfront investments and very little return, so we're trying to balance, between that. And, and again, one, strategy to balance that is the franchise model, where we can go very capital light but start to enjoy right away the royalties and, and other, income flows. So, I think that's a better growth model than, perhaps, you know, another mega, M&A, et cetera. So for that reason, we're very focused on organic growth, for the next few years.
So, Reese, I think you're on mute.
Great. Thank you. Now there's a question here about Highlands. So why is Jollibee doing well in Vietnam while Highlands Coffee is doing, you know, I wouldn't say well here? How does the macro affect these two businesses separately?
Yeah, great question. Let me talk a little bit about Vietnam. I think everyone understands from a consumer opportunity point of view, Vietnam is very similar to Philippines in population and, you know, average median age, et cetera, et cetera. Vietnam, arguably, in the midterm run, will benefit more from the manufacturing base, switching out of China. So Vietnam is actually a very exciting market, and we are very fortunate that Jollibee, with 170 stores there now, is a very close number two in the market. We're very confident that we will be number two soon, and of course, we aspire to be number one, a very profitable number two as well.
Having said that, it's in food, and it services certain, certain basic needs, so we are seeing double-digit growth in Vietnam for those reasons, despite the macros. Whereas Highlands Coffee, a slightly different strategy in that, one would argue that it's possibly a 100,000 coffee shop market if you count all the various local brands and different types of stores. We have about 700 stores. That is to say, even if we get to 10,000 stores, that's only 10% of that market. So the upside of Highlands Coffee is tremendous because the sector is very, very interesting. And it's not overseas players. It's really dominated by the locals, of which Highlands Coffee happens to be a strong number one.
Again, earlier I mentioned we picked up 4% market share, which is quite significant in that market. So we'll continue to increase our footprint, but it's, in some ways, it's a discretionary spend, whereas people need to eat, some people may cut back a little bit. So what we're seeing is, on a like-for-like basis with competition, we're declining slower than they are due to the macros, but it's still a very profitable business and continues to have very strong box economics.
All right. Cool. Now people are curious about optimal gearing target. So would you like, c an you share more about this? Any plans in reducing current debt levels and concerns, issues with high interest rates?
Sure. Thank you for that question. The way I look at it, by design or luck, we find ourselves to be very fortunate in that we have fixed terms, meaning long tenures beyond this year, and our total obligations. So if I add in our preferred, shares, and if I add in our, perps, which sometimes, you can argue it's accounted for as equity, when you add all that as obligations, we're running around 86% fixed rate, and that fixed rate happens to be around 4%-4.3%, which is significantly lower than our borrowing rate. So for that reason, I think, everyone would agree that unless there's a real compelling reason, there is no reason to pay down debt, because it's actually a very effective cost, or cost.
Our returns on our stores in our coffee business, we go up as high as 48% ROIC. In our food business, we can be running around, you know, 33% ROIC. So therefore, we will continue to have the right level of leverage. So when we look at the optimal levels of capital structure, et cetera, factoring in our cost of equity as well, or total cost of WACC, we find ourselves actually to be in a very good place. So although we want to be conservative for unknown, we also want to make sure that we have enough leverage, because it's a good return on that leverage for the shareholders.
Right, right. Now, they're asking now more about EBITDA weakness. So, they're looking for more reasons. Is this something you can share with us, please?
Yeah. One of the trends we're seeing, Reese, that's quite interesting, if I was to look at just third quarter this year and third quarter last year, in some of our businesses, for example, Smashburger, where we haven't really built out new stores, is we're starting to see the depreciation add back, which is part of EBITDA. We're starting to see that coming down. So the add back from depreciation is unfavorable this year because we have less stores to add back versus what we saw last year. So, I think that's one. Now, if you go a line above EBITDA and you look at EBIT, earnings before interest and tax, we start to see that places like China were trending nicely into the positive zone.
So, I think we have to really look at the reason why each of the business EBITDA is trending the way it is. Philippines is very easy. You take out the PHP 5.3 billion land gain sales, and you'll see that our EBITDA is growing at very strong double digits.
Right. Thanks for the clarification on the Q3 EBITDA. Seems like many investors are very interested in that one.
Mm-hmm. Absolutely.
Now, stepping back on the consumption, so they were asking, what do you think is driving consumption for the domestic businesses? Considering that consumers are seeing weak sales volumes?
Yeah. I think if you take a step back, and look at what business we're in, we're in the business to serve great-tasting, affordable, proteins and, you know, other, elements of food for families. So when you're seeing the dine-in coming back, you're actually seeing families coming back to really have meals. So I think it's just some fundamental stuff that's working in our favor. We're also seeing a very robust, overseas, remittances continuing to come in. And, you know, you can see during some, holidays or seasonality, and you will see it again in Christmas, et cetera, is that, this helps as well, the Philippine markets. The way I think we handled our pricing was also fair to the consumers. I think, they appreciate that, and we continue to innovate.
So by that I mean if there is a segment that is requiring a lot more price-balanced meals, we are offering that through our Mix & Match program, which we started back in June, and we continue to do it. So this is not a promotion. It's really to address the needs of what people need. So for me, the basics of providing really tasty, affordable food, along with how we're managing the consumer needs, both channel and menu selection and innovation, seems to be the reason why we're still holding on to the number one position.
Right. Great. Now, diving back into EBITDA, some audience are kind of curious about the Rest of the World by region. They were asking if you could break down the PHP 1.8 billion EBITDA in Rest of the World, again, by region.
Yeah. So let me describe what's in there first. So it's North America, Asian brands or Jollibee brands other than Smashburger. It's all of rest of Asia. It's, tip of my tongue, just lost it. Europe, and it's Middle East and Africa. And again, we booked our, earlier I mentioned to you, our FVTPL, so our fixed income instrument, the gain on mark-to-market translation or valuation, that gets booked in there as well. Those are the components, and if I was to rank, the biggest contribution to that big swing from negative last year to 1.8 this year, it would be the fact that our FVTPL losses last year have disappeared, and we're starting to see consistent gains, and it's our Europe business doing much better and rest of Asia doing and growing. So, those would be the three highlights.
All right. Now, there's another question here about breaking in into the Korean food market. Is this something that company has in mind?
Yes. I think Asia is a very interesting place to further explore. So you can break that down into Southeast Asia. You can look at even Australia as part of Asia Pacific. So we're looking into all possibilities. Of course, the two that sticks out at the moment, which has a very proportionately high index of QSRs and coffee, is Korea. Japan, of course, we understand as well. They're very competitive markets, and we think we probably have other easier market entries. Korea's on the list, but I would not call that a priority for us at the moment because of the competitiveness to crack that market.
All right. Thank you. And, quite frankly, we're having a lot of questions right now, but i n the interest of time, we encourage everyone to send their questions to ir@jollibee.com.ph. That ends our Q&A session for today's briefing. Thank you for joining us today.
Thank you very much.
Thank you so much to all of our featured listed companies, Metropolitan Bank & Trust Company, Figaro Coffee Group, and Jollibee Foods Corporation. Ladies and gentlemen, this wraps up our PSE and Bloomberg Investor Day one, and for our second and final day tomorrow, we will be joined by my colleague, Nathan Naidu, analyst of Southeast Asia, Asia E-commerce from Bloomberg Intelligence. You will hear from five listed companies tomorrow, Citicore Energy REIT Corporation, Megaworld Corporation, Cebu Landmasters, MerryMart Consumer Corp., Balai ni Fruitas Inc., and take care. I'll see all of you tomorrow.