Ibersol SGPS (IBS) Q4 2024 earnings summary

Executive summary

• Achieved 13.4% year-over-year growth in turnover from continuing operations, reaching €474.3M, driven by expansion, delivery channel growth (+18%), and integration of new KFC units in Spain.

• EBITDA rose 29.9% to €95.7M, with margin up to 20.2% of turnover, but net profit from continuing operations declined to €11.0M due to higher amortization, depreciation, and financial expenses.

• Significant investments in new restaurant openings, especially KFC, Taco Bell, and Pret A Manger, and airport concessions in Spain.

• Continued focus on sustainability, digitalization, and operational excellence, with strong brand expansion in Portugal, Spain, and Angola.

Financial highlights

• Turnover from continuing operations: €474.3M (vs. €418.2M in 2023, +13.4%).

• EBITDA: €95.7M (vs. €73.7M in 2023, +29.9%).

• Net profit from continuing operations: €11.0M (vs. €14.6M in 2023, -24.7%).

• Gross margin: 76.2% (+0.2 p.p. year-over-year).

• Net debt (including leases): €176.2M (vs. €67.3M in 2023).

• Dividend distribution: €20.8M (€0.50/share).

Outlook and guidance

• 2025 GDP growth forecast: 2.3% for Portugal, 2.7% for Spain, both above Eurozone average.

• Completion of airport restaurant conversions to definitive formats expected by May 2025.

• Continued expansion of KFC, Taco Bell, and Pret A Manger brands.

• Anticipated resilience in southern European markets due to tourism and rising disposable income, despite geopolitical uncertainties.