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AmRest achieves an all-time revenues record for a year with EUR 2,431.6 million in 2023

  • Consolidated revenues reached EUR 2,431.6 million corresponding to FY2023, 14.3% growth YOY*, 14.3% growth YOY*, and the Company recorded a profit of EUR 50.9 million compared to EUR 6.6 million in 2022

  • The Group’s EBITDA in the year amounted to EUR 379.2 million, a YOY increase of 16.3%*

  • The Group opened 114 new restaurants

AmRest Group, a leading European multi-brand restaurant operator, continued growth trend in 2023 by achieving a new sales record amounting to EUR 2,431.6 million, a 14.3% increase compared to 2022*. The profit generated amounted to EUR 50.9 million, compared to EUR 6.6 million in 2022, of which EUR 44.4 million derived from continued operations and EUR 6.5 million from discontinued operations following the sale of the remaining business in Russia in May 2023. Additionally, in 4Q 2023 revenues reached EUR 628.9 million, 9.2% higher than last year*.

Despite the weakening of the European economy in 2023, impacted especially in the second half of the year by monetary tightening, high-cost pressures and, as a consequence, a slowdown in consumption, AmRest has adjusted its commercial positioning and financial profile to this challenging environment through the Company’s efficiency gain initiatives. 

As a result, AmRest’s EBITDA generation stood at EUR 379.2 million in FY2023, an increase of 16.3% compared to FY2022 and an EBITDA margin of 15.6% compared to 15.3% in FY2022. The operating profit (EBIT) amounted to EUR 103.5 million, despite recording EUR 41.2 million in impairments. EBIT margin stood at 4.3%. Concerning Q4 figures, the EBITDA for this period stood at EUR 96.2 million, up 17.7% compared to the same period of 2022*. The EBITDA growth and margin expansion are the result of economies of scale, efficiency gains and a moderation of cost pressures in the last months of the year.

Luis Comas, CEO of AmRest, stated “2023 marked the 30th anniversary of AmRest. During this period, the Company faced many challenges, yet our results have proven again the strength and resilience of our business model. This outstanding commercial dynamic is the result of our customer-centric culture focused on service excellence and listening to our clients, coupled with a strong people factor: highly experienced management team and a team of passionate professionals with a shared mission to win the hearts of our customers. We are committed to building on efficiency, deploying innovation and delivering high-quality products while sharing a common goal to ensure further profitable and sustainable growth.                                   

Improved financial risk profile

In 2023, AmRest improved its financial risk profile following the signing of a new EUR 800 million loan agreement and increasing both cash generation and equity accumulation. AmRest's equity increased by EUR 70 million in 2023, a 21.1% gain during the year, to EUR 401.2 million, on the back of the company’s strong results, while the Group’s net financial debt stood at EUR 397.4 million at the end of 2023. 

The Group's leverage ratio stood at 1.8x. In addition, AmRest's liquidity remains at very healthy levels at EUR 227.5 million, virtually unchanged from 2022. However, an additional capacity of EUR 254.5 million in unused credit lines is maintained.          

During the year, the Group's CAPEX level amounted to EUR 214.9 million, an increase of 44.5% compared to 2022. This record investment proves AmRest’s commitment to expanding its restaurant portfolio, renovation and modernisation of existing restaurants and advancement of the Group's technological capabilities.

Performance in the different business regions

All major regions where AmRest operates noted an upward trend during 2023. Central and Eastern Europe stand out for the best performance, with revenue amounting to EUR 1,342.1 million, which represents 55.2% of the Group sales, and a YoY growth of 18.4%. EBITDA generated was EUR 267.2 million, EUR 50.8 million more than in 2022, depicting an EBITDA margin of 19.9%. 

As for Western Europe, revenues in this segment amounted to EUR 902.8 million, 8.9% more than in 2022. EBITDA generated amounted to EUR 118.9 million, with an EBITDA margin of 13.2%.

Regarding China, revenues generated during the year stood at EUR 99.9 million, 20.9% higher than in 2022. The depreciation of the Yuan against the Euro significantly impacts the figures shown. In constant Euros, annual sales increased by 31%. Moreover, the EBITDA generated, EUR 20.5 million, represents a margin of 20.5%. 

In total, AmRest opened 114 restaurants during 2023, achieving its target to open more units than the 109 opened in 2022. With 54 restaurants closed as part of the portfolio optimisation, a net organic growth amounted to 60 units compared to 47 in 2022.

Social engagement

In 2023, AmRest continued to support social causes. More than 700,000 meals were donated to those in need through Harvest – the Company’s flagship food waste prevention program which has been run since 2016. Moreover, under its annual Foodsharing Day initiative, AmRest supported 150 children NGOs in 60 cities in 9 markets. The action engaged more than 350 AmRest volunteers. 

AmRest also strengthened its collaboration with the Too Good To Go food saving app. As a result, over one million food products were saved from being thrown away.

*  As a result of Russia business disposal, for comparative purposes, the Group's figures have been re-presented to reflect only continued operations.