Krispy Kreme, Inc. ( DNUT ) traded higher on Wednesday after the doughnut maker opened its first shop in Spain and mapped additional international growth for 2025.

The Madrid debut extends the brand’s global footprint and leverages a capital-light model through a minority interest joint venture.

Krispy Kreme launched its first Hot Light Theater Shop in Madrid on Oct. 2, partnering with Glaseados Originales S.L.

The company plans to open two more Madrid shops before the end of the year and more than 50 locations across Spain over the next four years, including five Hot Light Theater Shops that will double as retail experiences and production hubs.

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CEO Signals Efficient Expansion

Chief executive officer Josh Charlesworth said the Spain launch underscores the appeal of the franchise-led model and local execution. “We’re thrilled to introduce Krispy Kreme’s iconic, fresh-made doughnuts to Spain,” he said, adding that partnering with Glaseados Originales strengthens the brand’s ability to scale efficiently while pursuing “sustainable, profitable growth.”

Krispy Kreme will add two shops in São Paulo before the end of 2025 through its joint venture with Ipiranga’s AmPM—one full-format site showcasing the brand’s new design and one kiosk for high-traffic convenience.

The menu will feature core offerings with local twists, such as dulce de leche and cinnamon sugar.

In October, the company plans to open its first location in Tashkent, Uzbekistan, through its franchise partner, Food Town Logistics-Group, LLC, which aims to open more than 70 shops over the next five years.

Management expects this approach to quickly build brand awareness, reach new customers, and support profitability as Krispy Kreme deepens its presence in Europe and Latin America.

Beyond near-term openings in Spain and Brazil, Krispy Kreme intends to pace rollouts in key cities including Barcelona and Valencia, with additional expansion contemplated in Málaga, Zaragoza and Bilbao. Uzbekistan represents a new frontier for the brand as it targets high-growth, underserved markets with enthusiastic demand for premium sweet treats.

Price Action: DNUT shares were trading 1.58% higher at $3.545 as of the last check on Wednesday.

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