AmRest (EAT) Q4 2024 earnings summary

Executive summary

• Achieved record revenues of €2,556.3 million in 2024, up 5.1% year-over-year, with EBITDA rising 13.5% to €430.4 million and EBIT up 14.2% to €118.2 million.

• Distributed first-ever dividend of €0.07 per share, reflecting progress in value generation and financial stability.

• Opened 109 new restaurants and completed 251 renovations, with a net decrease in total stores due to strategic portfolio exits, including the transfer of 121 Pizza Hut restaurants in France.

• Digital sales accounted for 57% of total sales, with strong organic growth in directly operated restaurants and continued focus on technological innovation and omnichannel retailing.

Financial highlights

• Full-year EBITDA margin expanded by 1.2 percentage points to 16.8%; EBIT margin rose to 4.6%.

• Adjusted EBIT (excluding goodwill impairment) reached €159.3 million, up 20% year-over-year.

• Net profit for 2024 was €13.5 million, down from €51 million in 2023, due to higher impairments, discontinued operations, increased financial costs, and a higher tax rate.

• Operating cash flow reached €408.5 million, up €38 million year-over-year.

• Net financial debt at year-end was €397.4 million, with leverage reduced to 1.82x EBITDA.

Outlook and guidance

• 2025 revenue expected to grow mid-single digits amid challenging economic and political conditions in Europe.

• EBITDA margin anticipated to remain at 2024 levels, with continued focus on efficiency and revenue management to offset cost pressures.

• Investment and new store openings projected to be similar to 2024, with leverage maintained at the lower end of the 2–2.5x target range and CAPEX planned below €200 million.