Ibersol: 2024 Results and Strategy after Burger King Sale
- Administrateur
- Oct 17, 2024
- 2 min read
Ibersol, a major player in fast food and concessions in Spain and Portugal, underwent a significant transformation after selling its Burger King franchise in 2022. This strategic shift allowed the company to focus on other brands such as KFC, Pizza Hut, Taco Bell, and its airport concessions and catering activities. This move has enabled Ibersol to optimize its portfolio and adapt to new market trends in the food service industry.
2024 First-Half Financial Results
In the first half of 2024, Ibersol recorded revenues of €209.4 million, an increase of 8.7% compared to the same period in 2023. The EBITDA rose significantly to €39.5 million, a 30.7% increase. This growth was driven by the expansion of its concession activities and the continued success of its franchises like KFC and Taco Bell.
However, the net profit from continuing operations decreased to €1.8 million, mainly due to the investments required for new airport concession contracts, some of which are still in the conversion phase.
Burger King Sale and Strategic Diversification
The sale of the Burger King restaurants in November 2022 enabled Ibersol to focus on its key brands and concessions. This transaction, worth €260 million, generated a capital gain of €160 million, significantly strengthening the company’s financial position.
Since then, Ibersol has opened several KFC and Taco Bell outlets and plans to launch the first Pret A Manger in Portugal by the end of 2024.
Growth in Concessions and Operational Challenges
The airport concessions and catering segments remain central to Ibersol’s strategy, with revenues growing by 18% in the first half of 2024. This increase was largely due to the rise in passenger traffic at Spanish airports, where Ibersol operates multiple concession restaurants. However, challenges remain, particularly with some concessions still operating in provisional formats, limiting their full sales potential.
Conclusion
Ibersol continues to strengthen its position in the Iberian market through successful diversification following the sale of Burger King. The 2024 first-half results show solid growth, driven by the group’s international brands and concession operations. With new openings planned and a commitment to innovation, Ibersol is well-positioned to meet evolving consumer demands in the fast-food and concessions market.
You will find in the attachment to this article the presentation file of the company.
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