AmRest (EAT) Q4 2025 earnings summary

Executive summary

• FY2025 revenue reached €2,558.1 million, up 2.4% year-over-year excluding disposals, with EBITDA at €406.8 million (15.9% margin).

• Net profit rose to €18.2 million from €13.5 million in 2024, with profit attributable to shareholders at €16.1 million.

• Opened 92 new restaurants and renovated 213, bringing the total to 2,139 units across 22 countries.

• Disposed of a 51% stake in SCM, internalizing supply chain management for future synergies.

• Advanced digital transformation, with digital channels accounting for 62% of total sales and AI/analytics driving efficiency.

Financial highlights

• EBITDA margin for FY2025 was 15.9%; Q4 EBITDA was €106.2 million (16.7% margin).

• EBIT for FY2025 was €115.8 million (4.5% margin); adjusted EBITDA was €417.1 million (16.3% margin).

• Operating cash flow in Q4 was €109 million; net cash outflow from investing activities was €164.6 million.

• Dividend of €0.07 per share paid in December 2025, totaling €15.0 million.

• Leverage ratio at year-end was 2.3x, with net financial debt at €518.3 million and liquidity over €145 million.

Outlook and guidance

• 2026 guidance targets mid single-digit revenue and EBITDA growth, with stronger performance in the second half.

• Profitability and free cash flow generation anticipated to improve, with continued CapEx optimization and portfolio rationalization.

• Focus remains on disciplined growth, digitalization, and sustainability initiatives.