AmRest (EAT) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached a record EUR 661 million, up 0.2% year-over-year or 3.5% when adjusted for disposals and deconsolidated businesses.

• EBITDA was EUR 111.2 million (16.8% margin); operating profit EUR 42.3 million (6.4% margin); net profit EUR 15.8 million.

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

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

• Net profit attributable to equity holders was EUR 15.2 million, down from EUR 26.3 million in Q3 2024.

Financial highlights

• Sales rose 3.5% year-over-year excluding perimeter changes; reported growth was 0.2%.

• EBITDA margin held at 16.8%; EBIT margin at 6.4%; net profit margin at 2.4%.

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

• CapEx for Q3 was EUR 34 million, reflecting disciplined capital allocation.

• Net operating cash flow was EUR 108.9 million for the quarter; 9-month operating cash flow EUR 268.0 million.

Outlook and guidance

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

• Fewer new restaurant openings anticipated compared to previous year.

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

• No financial forecasts have been issued.