Ibersol SGPS (IBS) Q4 2025 earnings summary

Executive summary

• Achieved 11.6% year-over-year turnover growth to €529.5M, driven by expansion in Portugal, Spain, and Angola, and strong performance in the Counters segment, especially KFC and Taco Bell brands.

• EBITDA rose 38.4% to €132.5M, with margin up to 25.0%, aided by accounting changes for Barcelona Airport contracts.

• Net income from continuing operations increased to €15.2M, up from €11.0M in 2024.

• Opened 22 new restaurants and completed 33 renovations, with total units reaching 562.

• Maintained a strong focus on sustainability, diversity, and employee development, with over 346,000 training hours and 36 nationalities represented.

Financial highlights

• Turnover from continuing operations: €529.5M (vs. €474.3M in 2024).

• EBITDA: €132.5M (vs. €95.7M in 2024), margin 25.0%.

• Net income: €15.2M (vs. €11.0M in 2024).

• Gross margin improved to 77.2% of turnover.

• Personnel costs decreased to 30.4% of turnover despite wage pressures.

• Net debt reduced to €167.3M, with gearing at 35%.

• CAPEX: €37.2M, mainly for expansion and renovations.

Outlook and guidance

• 2026 GDP growth forecasts: Portugal 1.8%, Spain 2.2%, Eurozone 0.8%.

• Geopolitical risks and inflation remain key uncertainties; tourism remains resilient.

• New Barcelona Airport concession starts May 2026, with restructuring to be completed by 2027.

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