Ibersol SGPS (IBS) Q4 2025 earnings summary

Executive summary

• Achieved robust growth in 2025 despite macroeconomic and sectoral challenges, with turnover up 11.6% year-over-year to €529.5M from continuing operations, driven by expansion in Portugal, Spain, and Angola, and strong performance in the Counters segment, notably KFC and Taco Bell.

• EBITDA rose to €132.5M (25.0% margin), up from €95.7M (20.2%) in 2024, with net income from continuing operations at €15.2M, compared to €11.0M in 2024.

• Continued disciplined investment in new openings and renovations, with CAPEX of €37.2M and a focus on sustainability, digitalization, and people development.

Financial highlights

• Turnover from continuing operations: €529.5M (+11.6% YoY); EBITDA: €132.5M (+38.4% YoY); Net income: €15.2M (+38.4% YoY).

• Gross margin improved by 1.0 p.p. to 77.2% of turnover; EBITDA margin increased by 4.8 p.p. to 25.0%.

• Net debt reduced to €167.3M (down €8.9M YoY); equity at €317.0M (down €25.6M YoY due to dividend distribution and share buybacks).

• Dividend of €0.70/share proposed, totaling €28.5M.

Outlook and guidance

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

• Continued expansion planned for KFC, Taco Bell, and Pret A Manger; new Barcelona Airport concession to begin in May 2026, with restructuring expected to complete in 2027.

• Inflation and geopolitical risks remain, but tourism and southern European markets show resilience.