AmRest (EAT) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue rose 4.7% year-over-year to EUR 620.2 million, marking a new first-quarter high, with SSS at 100.9 and transactions up 2.3%.

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

• Net loss was EUR 8.7 million, impacted by extraordinary items, SCM deconsolidation, and higher tax charges, with margin at -1.4%.

• 15 new restaurant openings and 43 renovations in the quarter, with 2,096 restaurants at quarter-end.

• The group completed the disposal of its 51% stake in SCM/SEM, internalizing supply chain management.

Financial highlights

• Revenue: EUR 620.2m (+4.7% YoY); Adjusted EBITDA: EUR 87.8m (+6.5%, 14.2% margin); EBITDA: EUR 81.7m (+0.7%, 13.2% margin).

• EBIT: EUR 13.0m (2.1% margin), down from EUR 18.6m (3.1%) in Q1'24, affected by extraordinary results.

• Net loss: EUR 8.7m, compared to EUR 2.1m loss in Q1'24.

• CapEx was EUR 30.9m, with 15 new restaurant openings and 18 closures.

• Net financial debt increased to EUR 528.1m, with a leverage ratio of 2.0x.

Outlook and guidance

• Management expects continued positive sales trends, with further recovery anticipated after Q1, but highlights persistent high uncertainty due to geopolitical and commercial tensions.

• Internalized supply chain management and digitalization are expected to support future growth and operational efficiencies.

• No financial forecasts published; dividend decisions will depend on full-year results.