Ibersol SGPS (IBS) Q1 2025 earnings summary

Executive summary

• Turnover reached €115.8M in Q1 2025, up 17.8% year-over-year, driven by KFC unit integration and expansion; like-for-like growth was 2.5%, adjusted to 6% after calendar effects.

• EBITDA rose to €24.5M (21.1% margin), up from €17.4M (17.7%) in Q1 2024; net profit was -€3.5M, a decrease of €2.7M year-over-year, mainly due to higher amortization and lease interest.

• Operating income from continuing operations was -€0.6M, down €1.6M year-over-year, largely due to increased amortizations under IFRS16 for Barcelona concessions.

Financial highlights

• Gross margin improved to 76.3% of turnover (+0.2 p.p. year-over-year); EBITDA margin rose 3.5 p.p. to 21.1%.

• Excluding IFRS16, EBITDA margin was 5.3%, down 0.6 p.p. year-over-year, reflecting higher energy, aggregator commissions, and royalties.

• Net financial result was -€3.9M, mainly due to increased lease interest; financial expenses rose to €4.6M.

• Net debt (including leases) stood at €176.9M, up €0.7M from year-end 2024; gearing stable at 34%.

• CAPEX was €7.8M, focused on new openings, renovations, and ongoing investments.

Outlook and guidance

• Economic growth forecasts for 2025: Portugal +2.3%, Spain +2.7%, both above Eurozone average.

• Geopolitical risks and global conflicts continue to create uncertainty, but southern European markets are expected to remain resilient due to tourism.

• Completion of Madrid and Lanzarote airport concession conversions expected by end of May 2025; continued expansion of KFC, Taco Bell, and Pret a Manger brands planned.