Ibersol SGPS (IBS) Q3 2025 earnings summary

Executive summary

• Turnover for the first nine months of 2025 reached €394.8 million, up 14.0% year-over-year, driven by acquisitions, like-for-like growth, and expansion, with significant contributions from the integration of KFC units and new airport concessions.

• Consolidated EBITDA rose to €99.7 million (25.3% margin), a 43% increase, with about half of the margin improvement due to accounting changes for Barcelona airport contracts.

• Net profit from continuing operations was €11.7 million, up €2.6 million from the prior year.

Financial highlights

• Gross margin improved by 0.6 p.p. to 76.7% of turnover, supported by higher aggregator sales.

• Personnel costs decreased to 30.1% of turnover, down 0.5 p.p. year-over-year.

• External supplies and services costs fell to 22.4% of turnover, mainly due to IFRS16 application; adjusted for this, costs rose 0.6 p.p. due to higher aggregator commissions and royalties.

• Amortisation, depreciation, and impairment losses increased by €24.4 million to €76.4 million, mainly from Barcelona contracts and NRS acquisition.

• Net financial result was negative €11.3 million, mainly due to higher lease interest.

Outlook and guidance

• GDP growth forecasts for 2025: Portugal 1.9%, Spain 2.6%, both above the Eurozone average.

• Expansion to continue for KFC, Taco Bell, and Pret a Manger brands.

• Ongoing geopolitical risks and trade tensions may impact consumer confidence, but southern European markets expected to remain resilient due to tourism.