AmRest achieves all-time record for the third quarter with EUR 660.5 million sales in Q3 2025
- EBITDA generated during the third quarter of the year amounted to EUR 111.2 million,
with a 16.8% margin - For the first three quarters of the year, the Group recorded a profit of EUR 14.9 million,
an improvement over EUR 3.0 million achieved during the same period in 2024 - By the end of the quarter, AmRest operated 2,110 restaurants after opening 16 new units during the period
AmRest Group, a leading European multi-brand restaurant operator, reported record revenues of EUR 660.5 million for the third quarter of 2025, representing a 3.5% compared to the same period in 2024 when excluding revenues generated by businesses deconsolidated during the year. On a cumulative basis, sales for the three quarters of 2025 amounted to EUR 1,922.5 million, reflecting a 1.7% increase compared to the same period in 2024, or 3.7% growth excluding the deconsolidation effect.
Sales growth in the third quarter was moderated by a challenging macroeconomic environment, with weak consumer confidence limiting discretionary restaurant spending, especially towards the end of summer. AmRest views these cyclical conditions as an opportunity to consolidate brand loyalty. Thus, the Company remains focused on meeting customer expectations by introducing tailored menu options at attractive prices, along with compelling bundle offers. Digital platforms are being leveraged to personalise promotions, while ongoing operational and supply chain efficiencies support these initiatives.
In this scenario, AmRest’s ordinary business profitability, measured by the EBITDA margin, stood at 16.8%, after a generation of EUR 111.2 million, registering a year-on-year decline of -11.2%. This evolution is impacted by business deconsolidation, through the termination of the collaboration agreement between AmRest and SCM, as the latter acquired 51% of shares formerly held by AmRest. As a result, the prior-year comparison includes EUR 9.3 million in refunds collected, which had a one-off positive impact on Q3 2024 profitability.
Increased cost pressures on certain raw materials, such as beef and poultry, contributed to the margin contraction. On a cumulative basis, EBITDA totalled EUR 300.7 million, corresponding to a margin of 15.6%. Cumulative operating profit reached EUR 89.7 million, with a margin of 4.7%, reflecting an increase of 0.3 percentage points compared to the same period in 2024.
The strong sales during the third quarter of 2025 contributed to generate a net profit of EUR 15.8 million, of which EUR 15.2 million was net profit attributable to the shareholders of the parent company, compared to EUR 26.3 million recorded in the same period of 2024. The accumulative figure stood at EUR 14.9 million for the first nine months of the year, ahead of the EUR 3.0 million generated in the same period during 2024.
Stable debt profile
The Group’s leverage ratio closed the quarter at 2.1x, almost at the same level as on Q2 2025. This remains at the lower end of the Group’s internal target range, which management considers prudent to support future investments aimed at accelerating both organic and inorganic growth.
Finally, during this period, the Company opened 16 new restaurants and closed 9. In cumulative terms, openings during the first three quarters of the year amounted to 52 units and closures to 41, 13 of which were franchised. The number of restaurants managed by AmRest at the end of the third quarter of the year amounted to 2,110 units.
According to Eduardo Zamarripa, Chief Financial Officer for AmRest Holdings SE, “Despite a challenging macroeconomic environment, our third-quarter results demonstrate the resilience and adaptability of AmRest. We continue to focus on meeting customer expectations through tailored menu options, strengthened digital engagement, and operational efficiencies. The increasing traction of digital channels, alongside stable delivery sales, underlines the effectiveness of our strategy. These initiatives, together with the sustained performance across our markets, reinforce our commitment to profitable and sustainable growth.”
Robust regional performance drives Group growth
Central and Eastern Europe continue driving the Group’s growth, with revenues amounting to EUR 421.4 million representing a 7.8% year-over-year increase and accounting for 63.8% of the Group’s total revenue. By country, Hungary posted double-digit growth of 10.3%, while Poland also achieved strong performance with an 8.7% rise in revenues. Excluding the non-recurring effect of business deconsolidation, year-on-year EBITDA growth stood at 1.3% with EUR 86.1 million for the quarter, corresponding to a margin of 20.4%.
Sales in Western Europe totalled EUR 219.2 million. Performance varied significantly across markets: Germany delivered solid growth of 6.0%, Spain maintained last year’s level, while France continued to face challenges. Year-to-date sales amounted to EUR 648.3 million, while cumulative EBITDA stood at EUR 95.3 million, with a margin of 14.7%, remaining broadly stable versus 2024.
In China, sales generated during the third quarter of 2025 amounted to EUR 19.9 million, representing a decline of 10.3% in nominal terms. On a constant currency basis, the decrease was limited to 4.8%. EBITDA for the quarter amounted to EUR 3.5 million, corresponding to a margin of 17.4%.
