Shakey’s Pizza Asia Ventures, Inc., one of the Philippines’ leading food service groups, today announced its unaudited financial results for the first nine months ended September 30, 2025, highlighting robust systemwide sales (SWS) growth fueled by aggressive network expansion.
Shakey’s achieved a 14% year-over-year (YoY) growth in systemwide sales (SWS) for the nine-month period, reaching Php 17.7 billion, demonstrating the resilience of its brand portfolio and the success of its global expansion strategy amidst a muted discretionary spending environment.
Revenues for the period amounted to Php 11.2 billion, marking a 12% increase versus the same period last year. This strong top-line performance was predominantly driven by new store openings, with SPAVI significantly accelerating its network footprint. The Company opened 188 new stores and outlets during the first nine months, expanding its total global store network to 2,807 units.
While same-store sales growth (SSSG) was largely flat at 1% for the nine months, the third quarter faced intensified macroeconomic and environmental challenges. Quarterly SWS increased by 12% YoY to Php 6.1 billion, again driven by network expansion, which included the opening of 89 new outlets in Q3.
However, the third quarter saw same-store sales soften by 2%, impacted by a series of typhoons and a shift in the academic calendar, with the 2025 graduation season moving from Q3 to Q2. Third-quarter revenues stood at Php 3.8 billion, up 9% YoY.
Vic Gregorio, PIZZA President and Chief Executive Officer, commented on the results: “Delivering double-digit growth was an uphill climb given the prevailing muted consumer demand for discretionary spending. Nonetheless, we are grateful that the strength and superior value proposition of our diversified portfolio of brands enabled us to weather a subdued market. We remain laser-focused on driving long-term growth by strategically scaling our network, while ensuring our core brands remain highly relevant and offer exceptional value and experience to our guests.”
In terms of profitability, the Company reported headline net income after tax (NIAT) of Php 570 million, translating to a net profit margin (NPM) of 5.1%.
Removing the impact of one-off transactions recorded in the second quarter, Core NIAT registered at Php 650 million, with a Core NPM of 5.8%.
Gross margin for the nine-month period softened by 170 basis points (bps) to 22.6%. This margin contraction was primarily influenced by continued strategic investments in network expansion, including renovations and pre-operating expenses for the robust pipeline of new stores, rather than solely rising input costs. These pressures were partially mitigated by disciplined cost management, resulting in a 70 bps improvement in operating expenses as a percentage of sales.
