Ibersol SGPS (IBS) Q2 2025 earnings summary

Executive summary

• Turnover reached €246.7 million for 6M 2025, up 17.8% year-over-year, with half of the growth from the KFC/NRS acquisition and 2.1% like-for-like growth.

• Consolidated EBITDA was €57.0 million, with a margin of 23.1%, up 4.2 p.p. from the prior year.

• Net profit from continued operations was €1.6 million, a decrease of €0.2 million year-over-year.

Financial highlights

• Gross margin improved to 76.6% of turnover, up 0.4 p.p. year-over-year.

• Personnel costs were 31.6% of turnover, down 0.4 p.p. from the prior year.

• Amortisation, depreciation, and impairment losses rose to €50.3 million, up €17.0 million year-over-year, mainly due to lease rights and NRS consolidation.

• Financial expenses and losses increased to €9.1 million, mainly from higher lease interest.

• Net debt (including leases) was €180.6 million, up €4.4 million from year-end 2024.

• Equity stood at €310.2 million, down €32.3 million due to dividends and share buybacks.

Outlook and guidance

• GDP growth forecasts for 2025: Portugal 1.6%, Spain 2.4%, both above the Eurozone average.

• Geopolitical risks and global trade shifts may impact consumer confidence, but southern Europe is expected to remain resilient due to tourism.

• Continued expansion planned for KFC, Taco Bell, and Pret a Manger brands.