AmRest (EAT) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached a record EUR 661 million, up 3.5% year-over-year excluding perimeter changes and disposals, despite macroeconomic headwinds and weak consumer confidence in key markets.

• EBITDA was EUR 111.2 million (16.8% margin), EBIT EUR 42.3 million (6.4% margin), and net profit EUR 15.8 million, with net profit declining due to absence of prior year one-offs and non-recurring items.

• Opened 16 new restaurants and renovated 46 units, with a net equity restaurant count up by 59 units over 12 months and 2,110 restaurants operated at quarter-end.

Financial highlights

• EBITDA margin held at 16.8% for the quarter; non-IFRS EBITDA (excluding leases) was EUR 64.8 million (9.7% margin).

• Operating profit reached EUR 42.3 million (6.4% margin), a decline from 9.1% in Q3 2024; net profit dropped 44% year-over-year.

• Net financial debt at EUR 503 million; leverage at 2.1x, at the low end of the target range.

• CapEx for Q3 was EUR 34 million, reflecting disciplined capital allocation and a EUR 10 million reduction year-over-year.

• Digital orders accounted for over 60% of total transactions, supporting operational efficiency and ticket growth.

Outlook and guidance

• Revenue and profitability guidance revised to reflect current market conditions; expect low single-digit sales growth and EBITDA margin slightly above current YTD (15.6%) for full year 2025.

• Restaurant openings for 2025 projected to be below last year's numbers.

• Management maintains a prudent leverage target to support future organic and inorganic growth.

• No financial forecasts have been issued.