AmRest achieves first-quarter sales of EUR 620.2 million in Q1’25, up 4.7% compared to Q1’24

• The company’s EBITDA amounted to EUR 81.7 million, 0.7% higher than Q1’24 representing a margin of 13.2%
   
• 15 new restaurants were opened in the quarter and 43 units renovated
   
• In Spain, the EBITDA margin rose by 1.9 percentage points to reach 21.5%

AmRest Group, a leading European multi-brand restaurant operator, continued its growth by achieving first-quarter sales amounting to EUR 620.2 million in Q1’25, an increase of 4.7% compared to the same period of 2024. In terms of comparable same-store sales, the index closed the quarter at 100.9, while the total number of transactions increased by 2.3%.

Despite the volatile macroeconomic environment and the cumulative effect of inflationary pressures over the last two years, revenues grew at healthy levels. AmRest continues to serve a price-conscious consumer with a focus on value-driven experience and technological advances to remain competitive and preserve margins. Regarding the main consumer trends, sales through digital channels demonstrated growth, reaching 62% of total orders received.

In this scenario, the Group's ordinary business profitability, adjusted EBITDA margin excluding extraordinary items, stood at 14.2% after generating EUR 87.8 million with a 6.5% growth. At the end of the quarter, AmRest Sp. z o.o. disposed of its 51% interest in SCM Sp. z o.o. (‘SCM’) through the execution of a share purchase agreement with its former 49% partner. The main goal of this transaction was enabling AmRest to conduct all supply chain management and product quality assurance services internally going forward, providing an opportunity to identify potential additional synergies to leverage future business growth. The result of de-consolidation reported as other operating costs stood at EUR 5.0 million.
The Group's EBITDA obtained was EUR 81.7 million, which is 0.7% higher than in the same period of 2024. The EBITDA margin reached 13.2%.

AmRest's quarterly results are highly seasonal, with the first quarter of the year typically showing lower levels of commercial activity. During the period, the improvement in ordinary operating results and lower financial costs were offset by the recording of extraordinary negative results following the sale of the stake in SCM and an increase in the tax charges. In this context, Group's net profit for the first quarter of 2025 stood at EUR -8.7 million, compared to EUR -2.1 million in 2024.

Strong debt profile

AmRest's leverage ratio stood at 2.0x, at the low end of the target range defined for the Group. In addition, The Company’s liquidity at the end of the quarter amounted to EUR 122.8 million. The Group considers that this level of liquidity, together with additional liquidity lines and credit facilities amounting to EUR 219.9 million, constitutes an efficient level in line with the Group's needs. CAPEX for the period amounted to EUR 30.9 million.
Finally, during this period, the Company opened 15 new units, while a total of 43 units were renovated. The quarter closed with a portfolio of 2,096 restaurants managed by AmRest.

According to Eduardo Zamarripa, Chief Financial Officer of AmRest Holdings SE, “This first quarter has once again demonstrated strength and adaptability of AmRest business model. By responding to our customers’ needs and focusing on offering an attractive value-for-money proposition, we responded to global challenges and maintained solid performance of our Company. Our ongoing investment in new openings and refurbishing our restaurants further reflects our commitment to long-term, sustainable growth.”
 

Performance in different markets

Central and Eastern Europe maintained the biggest growth, with revenues amounting to EUR 366.5 million, a growth of 9.3% compared to the same quarter of 2024, representing 59.1% of Group sales. EBITDA generated aggregated EUR 62.4 million with a growth of 6.1%, which represents an EBITDA margin of 17.0%

Revenues in Western Europe stood at EUR 209.5 million, representing a decrease of -4.2% compared to the first quarter of 2024. However, EBITDA rose to EUR 29.5 million, representing an annual increase of 6.2% and an EBITDA margin of 14.1%, 1.4 percentage points higher than in Q1 2024.     Specifically in Spain, the expansion of margins has been particularly notable and rose by 1.9 percentage points to reach 21.5%.

In China, revenue generated during the first quarter of 2025 amounted to EUR 21.9 million, representing an increase of 1.4% compared to the same period in 2024. Despite the positive activity figures recorded during the period, consumers remained very cautious on discretionary spending. EBITDA stood at EUR 4.0 million, practically the same level as in 2024. This represents an EBITDA margin of 18.4% and a decline of 0.5 percentage points.