

AmRest achieves an all-time revenues record for a year with EUR 2,556.3 million in 2024
- Consolidated revenues reached EUR 2,556.3 million corresponding to FY2024, 5.1% growth YOY, and the Company recorded a profit of EUR 13.5 million
- Record high EBITDA of EUR 430.4 million, up 13.5 % compared to 2023.
- First dividend payment in AmRest’s history in the amount of EUR 15.2 million
- Annual sales in Spain, grew by almost 8%
- In Q4’24 AmRest also achieved record quarter sales of EUR 665.3 million
AmRest Group, a leading European multi-brand restaurant operator, continued its growth trend in 2024 by achieving new historical records for revenues amounting to EUR 2,556.3 million, a 5.1% increase compared to 2023. Additionally, in Q4’24 revenues stood at EUR 665.3 million with an increase of 5.8% compared to the same period in 2023. This sale figure also marks a quarterly record high for AmRest and shows an acceleration in the pace of growth compared to previous quarters, driven by a significant increase of 4.9% in the number of transactions.
During 2024, the economic growth of the countries where AmRest operates has shown significant divergences. In the Central and Eastern European markets, economic growth was robust, fuelled by stronger consumption, increased purchasing power and lower interest rates. In contrast, in Western Europe growth has been much more modest, with some countries, such as Germany, facing negative growth rates or almost stagnation, as in the case of France. However, the economic evolution registered in the main markets for AmRest, Poland and Spain, stands out positively, where the Company has been able to capitalize on this economic growth in a solid increase, both in income and profitability.
In this challenging environment, AmRest’s EBITDA generation stood at EUR 430.4 million, an increase of 13.5% compared to 2023. This figure represents also a historical record and implies that the EBITDA margin rose 1.2 percentage points to 16.8%. From a fourth-quarter perspective, EBITDA reached EUR 111.1 million, after increasing by 15.5% compared to the same period in 2023, which represents an expansion of 1.4 percentage points in terms of EBITDA margin, which stood at 16.7%.
The profit generated during the year reached EUR 13.5 million, compared to EUR 50.9 million in 2023. Despite the improvement in operating results, the fall in profit was due to four main factors: the booking of higher impairments in the goodwill associated with Sushi Shop, the case of discontinued operations in 2023, the increase in financial costs due to higher interest rates and a higher effective tax rate. In the last quarter of the year, profit for the period amounted to EUR 10.5 million compared to EUR -4.8 million losses in Q4 2023.
AmRest’s first dividend distribution
The Group's strong progress in generating cash flow has allowed it to make the first dividend payment in AmRest's history, in the amount of EUR 15.2 million. The cash flow generated from operating activities during the year amounted to EUR 408.5 million, which represents an increase of EUR 38.0 million compared to 2023. CAPEX incurred during the year amounted to EUR 193.9 million.
The Group's leverage continues to decrease from 1.84x to 1.82x at the end of 2024. This is at the lower end of the target set by the Company, to be able to face new investments focused on accelerating growth, both organic and non-organic.
Luis Comas, CEO of AmRest, stated: “The record revenue and EBITDA figures presented corroborate the effectiveness of the Group's strategy of positioning towards sustainable and profitable growth. We’ve been able to achieve these results thanks to optimization of processes, adopting technology-driven efficiency and rethinking work models, ultimately translating into an improved customer experience, with the help of our passionate employees. 2024 marks the year of our first dividend distribution, our way of acknowledging the continuous support of or stakeholders.”
In addition, AmRest ended 2024 with a portfolio of 2,099 restaurants after opening 109 units, transferring to YUM the 121 Pizza Hut restaurants in France (120 sub-franchisees) and closing in total 52, which includes 6 sub-franchise units prior to the transaction. A significant effort has been made in terms of renovations, with a total of 251 restaurants having been remodelled during the year.
Performance in the different business regions
Central and Eastern Europe stand out for the best performance, representing a new record in sales and EBITDA generation in nominal terms. Annual sales in this segment amounted to EUR 1,484.5 million, representing 58.1% of Group sales and a year-on-year growth of 10.6%. The EBITDA generated reached EUR 305.1 million, this is EUR 38.0 million more than in 2023, representing an EBITDA margin that surpasses the 20% threshold, standing at 20.6%. Noteworthy is the positive evolution recorded in Poland, the Group’s largest market, with sales and EBITDA growing by more than 15% and by 25.5%, respectively. In the Q4’24, revenues in the region amounted to EUR 389.6 million, 11.5% higher than in the same quarter of 2023. EBITDA was EUR 78.3 million, representing an EBITDA margin of 20.1%.
As for Western Europe, revenues in this segment amounted to EUR 898.5 million for full year 2024, which implies a small drop of -0.5% vs 2023. However, the EBITDA generated amounted to EUR 135.4 million after increasing by 13.9%, representing an EBITDA margin expansion of 1.9 percentage points that stands at 15.1%. During the whole year, there were significant performance differences among countries: while annual sales in Spain, AmRest´s second biggest market, grew by almost 8%, sales in Germany and France decreased by more than 5% on both cases. Nonetheless, the positive generation of EBITDA in the French market is noteworthy, with an EBITDA margin of 8.2% after increasing by 4.5 percentage points, corroborating the success of the value strategies implemented in the market. Fourth-quarter sales in the region stood at EUR 230.7 million, a decrease of -1.6% vs. Q4’23, while EBITDA reached EUR 37.8 million after increasing by 29.2%, this is an EBITDA margin of 16.4%, 3.9 percentage points higher than last year.
Regarding China, revenues generated during the year stood at EUR 92.4 million, -7.6% lower than in 2023. The depreciation of the Yuan against the Euro impacted this performance. In local currency, annual sales decreased by -6.1%. On the other hand, the EBITDA generated, EUR 18.7 million, represents a margin of 20.2% almost repeating the 2023 margin of 20.5%. Nonetheless, revenues in the fourth quarter, which reached EUR 23.3 million, showed a modest but promising growth of 3.0% compared to the same period in 2023. The EBITDA amounted to EUR 4.2 million, with a margin expansion of 1.4 percentage points that stands at 17.9%.