AmRest (EAT) Q4 2025 earnings summary

Executive summary

• Revenues for FY2025 reached €2,558.1 million, up 2.4% year-on-year excluding deconsolidated businesses, 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 locations, operating 2,139 units across 22 countries.

• Digital channels accounted for 62% of total sales (excluding casual dining), reflecting strong omnichannel growth.

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

Financial highlights

• EBITDA margin for FY2025 was 15.9%; EBIT margin was 4.5%.

• Q4 revenues were €635.7 million, with EBITDA margin at 16.7%.

• Operating cash flow in Q4 was €109 million; CAPEX for FY2025 was €158 million, down from €194 million in 2024.

• Net financial debt at year-end was €518.3 million; leverage at 2.3x, within internal target range.

• Dividend of €0.07 per share (total €15 million) paid in December 2025.

Outlook and guidance

• 2026 guidance targets mid single-digit revenue and EBITDA growth, with stronger second half and strong free cash flow generation.

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

• Net restaurant growth to remain modest due to portfolio optimization and closures of underperforming units.

• Mid-term goal is to return to high single-digit growth and recover 2–3 percentage points in margin.

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