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Ibersol SGPS (IBS) investor relations material
Ibersol SGPS Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for the first half of 2026 reached €260.0 million, up 5.4% year-over-year, with like-for-like growth of 4.4% driven by a stronger Q2 and easing consumer concerns.
Consolidated EBITDA was €59.0 million (22.7% margin), slightly higher than last year, but margin declined by 0.4 p.p.
Net profit from continued operations was -€0.1 million, down from €1.6 million in the prior year.
The group expanded by acquiring 10 KFC restaurants in Galicia and continued its brand expansion strategy.
Financial highlights
Turnover increased to €260.0 million from €246.7 million, a 5.4% rise year-over-year.
Gross margin improved by 1.0 p.p. to 77.6% due to a favorable sales mix and selective price adjustments.
EBITDA rose to €59.0 million, but the EBITDA margin fell to 22.7% from 23.1% year-over-year.
Operating income was €8.9 million, up €2.2 million from the previous year.
Net financial result was -€9.1 million, €1.5 million more negative than last year, mainly due to higher lease interest.
Outlook and guidance
GDP growth forecasts for 2026: 1.8% in Portugal and 2.3% in Spain, both slightly lower than 2025.
Geopolitical instability and inflation above 2% continue to impact consumer confidence and margins.
Renovation of Barcelona Airport concessions expected to negatively impact margins during construction closures, with completion targeted by end-2026 and 2027.
Expansion plans for KFC, Taco Bell, and Pret A Manger brands will continue, with new airport tenders under evaluation.
- Turnover up 11.6% to €529.5M, EBITDA margin 25%, net income €15.2M, dividend €0.70/share.IBS
Q4 2025 - Turnover up 13.4% to €474.3M, EBITDA up 29.9%, but net profit down to €11.0M.IBS
Q4 2024 - Turnover up 4.7%, EBITDA margin at 21.7%, net loss narrows, expansion continues.IBS
Q1 2026 - Turnover up 14% to €394.8M, EBITDA margin 25.3%, net profit €11.7M, net debt down.IBS
Q3 2025 - Turnover up 17.8% to €246.7M, EBITDA margin 23.1%, net profit €1.6M, equity impacted by CAPEX and buybacks.IBS
Q2 2025 - Turnover up 11.7% to €346.4M, EBITDA margin 20.1%, net profit €9.1M, expansion ongoing.IBS
Q3 2024 - Turnover and EBITDA up, but net profit down as airport concessions and expansion drive results.IBS
Q2 2024 - Turnover up 17.8% to €115.8M, but net profit declined to -€3.5M on higher costs.IBS
Q1 2025
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