AmRest (EAT) Q1 2025 earnings summary

Executive summary

• Revenue grew 4.7% year-over-year to EUR 620.2 million, marking a new first-quarter high despite macroeconomic volatility and inflationary pressures.

• Adjusted EBITDA rose 6.5% to EUR 87.8 million (14.2% margin), while reported EBITDA was EUR 81.7 million (13.2% margin).

• Net loss widened to EUR 8.7 million, mainly due to extraordinary costs from the disposal of a 51% stake in SCM/SEM and higher tax charges.

• 15 new restaurants opened, 18 closed, and 43 renovated, resulting in a portfolio of 2,096 units across 22 countries.

• Internalization of supply chain management following the SCM/SEM disposal is expected to drive future synergies and efficiency.

Financial highlights

• Revenue: EUR 620.2 million (+4.7% YoY); SSS index 100.9.

• Adjusted EBITDA: EUR 87.8 million (+6.5% YoY, 14.2% margin); EBITDA: EUR 81.7 million (+0.7% YoY, 13.2% margin).

• EBIT: EUR 13.0 million (2.1% margin), affected by EUR 5 million extraordinary costs from SCM/SEM deconsolidation.

• Net loss: EUR 8.7 million (vs. EUR 2.1 million loss in Q1 2024).

• CapEx: EUR 30.9 million, with focus on new openings, refurbishments, and IT/digitalization.

Outlook and guidance

• Same-store sales index for early May 2025 at 101.5, indicating sales acceleration.

• Management expects gradual recovery in working capital and cash flow in subsequent quarters.

• No financial forecasts published due to persistent high uncertainty from geopolitical and commercial tensions.

• Dividend decisions will depend on full-year results, as in previous years.

• Focus remains on digital sales and value-driven product innovation.