Figaro Culinary Group Inc. (FCG), a listed café and restaurant chain operator, has secured the approval of the Securities and Exchange Commission (SEC) for the spin-off of its Angel’s Pizza business—its fastest-growing unit and top revenue generator.

In a disclosure to the Philippine Stock Exchange (PSE) on Friday, July 24, FCG said it is undertaking a corporate restructuring involving the transfer of the Angel’s Pizza business from Figaro Coffee Systems Inc. (FCSI) to Angel’s Pizza Inc. (API) through an asset-for-share swap.

Last Nov. 20, 2025, FCG said its board of directors had approved the proposed corporate restructuring under which the Angel’s Pizza-related assets of FCSI, the company’s operating subsidiary, would be transferred to API, a new entity created for this purpose, in exchange for shares in API.

Following the completion of the planned corporate restructuring, API will own and operate the Angel’s Pizza business, while FCSI will wholly own API.

FCSI and API signed the deed of exchange covering the transfer of certain assets related to FCSI’s Angel’s Pizza business to API in exchange for shares in API on Nov. 25 last year.

In the first quarter of 2026, FCG reported that Angel’s Pizza generated revenues of ₱1.07 billion, up from ₱942 million in the same period last year, while the FCSI generated revenues of ₱55.85 million and Tien Ma, its Chinese restaurant chain, contributed ₱35.9 million to total revenues.

Systemwide sales for the first three months of 2026 increased by 12 percent from the same period last year, primarily driven by a 16-percent increase in aggregator sales compared with the same period in 2025.

Same-store sales were maintained at last year’s level despite the worsening economy brought about by the industrywide decline in sales resulting from the global crises caused by the United States (US)-Iran war.

However, this was cushioned by the opening of eight new stores during the quarter, bringing the total number of stores to 239 as of March 31, 2026.

Likewise, FCG’s consolidated revenues improved by 15 percent to ₱1.5 billion from ₱1.3 billion in the same period last year.

Gross profit improved by 0.04 percentage point (ppt), primarily because of the 16-percent increase in aggregator sales volume, which provided higher margins and lower cost of goods sold (COGS) due to lower utilization of direct labor costs, while Foodpanda’s sales contribution increased by 48 percent from the same period last year.

Operating costs increased by 19 percent due to higher service commissions and promotional expenses during the period.

Net income margin (NIM) declined by 0.8 ppt to seven percent from 7.8 percent as a result of higher overhead costs arising from expanded operating capacity following the opening of new stores. - James A. Loyola