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Ibersol SGPS (IBS) investor relations material
Ibersol SGPS Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary27 Nov, 2025
Executive summary
Turnover for the first nine months of 2025 reached €394.8 million, up 14.0% year-over-year, driven by acquisitions, like-for-like growth, and expansion, with significant contributions from the integration of KFC units and new airport concessions.
Consolidated EBITDA rose to €99.7 million (25.3% margin), a 43% increase, with about half of the margin improvement due to accounting changes for Barcelona airport contracts.
Net profit from continuing operations was €11.7 million, up €2.6 million from the prior year.
Financial highlights
Gross margin improved by 0.6 p.p. to 76.7% of turnover, supported by higher aggregator sales.
Personnel costs decreased to 30.1% of turnover, down 0.5 p.p. year-over-year.
External supplies and services costs fell to 22.4% of turnover, mainly due to IFRS16 application; adjusted for this, costs rose 0.6 p.p. due to higher aggregator commissions and royalties.
Amortisation, depreciation, and impairment losses increased by €24.4 million to €76.4 million, mainly from Barcelona contracts and NRS acquisition.
Net financial result was negative €11.3 million, mainly due to higher lease interest.
Outlook and guidance
GDP growth forecasts for 2025: Portugal 1.9%, Spain 2.6%, both above the Eurozone average.
Expansion to continue for KFC, Taco Bell, and Pret a Manger brands.
Ongoing geopolitical risks and trade tensions may impact consumer confidence, but southern European markets expected to remain resilient due to tourism.
Quantify IFRS16 impact on EBITDA margin?
What is the organic growth rate for Counters?
What is the status of Barcelona Airport tender?
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Next Ibersol SGPS earnings date
Q4 202529 Apr, 2026
Next Ibersol SGPS earnings date
Q4 202529 Apr, 2026
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Frequently asked questions
Ibersol SGPS SA is a Portuguese company operating in the food service and hospitality sector, primarily through the management of restaurant chains across Portugal and Spain. The company’s portfolio includes a mix of self-owned and franchised brands, encompassing fast food, casual dining, and cafeteria concepts. Ibersol manages well-known international and proprietary brands, providing a variety of dining options that range from quick-service meals to full-service restaurant experiences. Serving diverse customer segments, the company operates in shopping centers, highway service areas, and stand-alone locations. The company is headquartered in Porto, Portugal, and its shares are listed on the Euronext Lisbon.
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