Shakey’s Pizza Asia Ventures Inc. (PSE: PIZZA), one of the biggest restaurant and kiosk chains in the Philippines, recently shared its financial results for the first three months of 2026. According to their SEC filing dated May 14, 2026, the company experienced both good and challenging news.

The Good News: Sales Are Growing

Think of systemwide sales as all the money earned from every Shakey’s restaurant and Potato Corner kiosk combined. This number grew by 14% compared to the same time last year, reaching 6.4 billion pesos. That’s like having 14 extra pesos for every 100 pesos they made before!

The company’s consolidated revenues (the money they officially record) also increased by 13% to reach 4.0 billion pesos. This growth happened mainly because SPAVI opened many new stores – 69 new locations during just this three-month period.

A Major Milestone: Over 3,000 Stores!

SPAVI achieved something really special – they now have 3,039 stores and outlets around the world. To celebrate, they opened their 3,000th store at Arca South in Metro Manila. Shakey’s also opened its 300th Philippine store in SM Zamboanga, showing they’re expanding beyond big cities.

Potato Corner, which SPAVI also owns, entered Laos during this period – that’s their 17th country! They also opened a special “XP store” at Trinoma Mall in Quezon City, which is bigger and has more menu items than regular kiosks.

About 16% of their stores (roughly 486 locations) are in other countries outside the Philippines.

The Challenge: Lower Profits

Even though sales went up, the company’s profits actually went down. Their core net income (the profit after removing one-time costs) dropped by 17% compared to last year. The headline net income fell even more – by 27% – to 134 million pesos.

Why did this happen? Imagine you’re saving money from your allowance, but you also need to spend money to buy supplies for a lemonade stand you’re building. SPAVI is doing something similar – they’re spending money to:

• Open new stores (expansion costs)
• Advertise and promote their food to attract customers
• Reorganize some of their stores to work better

What About Same-Store Sales?

Same-store sales means comparing how much money the stores that were already open last year are making now. This number stayed flat (didn’t go up or down much), which tells us that while new stores are helping, existing stores aren’t selling more than before.

According to the company, this happened because people are spending less money on eating out. The international conflict in the Middle East and economic uncertainty are making families more careful with their money.

Understanding the Numbers Better

SPAVI’s gross margins (how much profit they make from each peso of sales before other expenses) decreased from 21.3% to 20.1%. Their net profit margins (final profit after everything) went down from 5.1% to 3.3%.

However, their core EBITDA (a measure of how much cash the business generates) actually grew by 7%, showing that the basic business is still healthy – the lower profits are mainly because of their investment in growing.

What the CEO Says

Vic Gregorio, the President and CEO of SPAVI, explained that they expected 2026 to be difficult. He said they’re being more careful about where they open new stores, making sure each one will be profitable. They’re choosing locations with “higher hurdle rates,” which means they’re being pickier and only opening stores in the best spots.

The company is working on two strategies: cutting costs where they can in the short term, while building a stronger business for the long term. They believe their mix of casual dining restaurants (Shakey’s) and kiosks (Potato Corner) helps because kiosks do better when money is tight since they’re more affordable.

About Shakey’s Pizza Asia Ventures Inc.

SPAVI operates restaurant and kiosk chains primarily in the Philippines and other Asian markets. The company has 1,683,760,178 common shares outstanding and trades on the Philippine Stock Exchange under the ticker symbol PIZZA.

This article is based on the company’s official press release and disclosures filed with the Philippine Stock Exchange’s Electronic Disclosure Generation Technology (PSE EDGE) system. For the complete and official version of the announcement, readers may visit the PSE EDGE website and search for the company’s filing directly.