Restaurant Brands Iberia, which operates under the Burger King, Popeyes and Tim Hortons brands in Spain and Portugal, has closed 2023 with sales of 1.12 billion euro in its own restaurants, marking an increase of 35% compared to 2022.
The group’s EBITDA (pre-tax earnings) increased by 47.4%, raising the EBITDA margin on sales from 20.9% to 22.8%. Furthermore, the group’s Net Financial Debt amounted to 936 million euro, an increase of 12% compared to the previous year.
In terms of expansion, the group has reached a total of 905 restaurants after opening 85 new establishments, with 70 in Spain and 15 in Portugal, and making 15 acquisitions. The company has invested more than 150 million euro in 2023, focused mainly on openings, digitalisation and sustainability.
The workforce has grown by more than 3,000 people, reaching more than 25,000 employees. Including employment generated indirectly through its franchisees, the group supports more than 32,000 jobs in Spain and Portugal.
Restaurant Brands Iberia sales
Luis Herault, the CEO of RB Iberia, points out: “2023 has been a key year for the consolidation of our leadership in the Iberian market, both in terms of economic results and strategic achievements. The solid, consistent and sustained growth strategy that the company has promoted in recent years has turned RB Iberia into a model of success within the sector and the group, reaching the top 3 in the world in sales and restaurants. Growing is in our DNA, which is why we are now focused on becoming the leading QSR company in Southern Europe. We have a great opportunity to replicate our successful model in other markets, such as Italy, to continue growing and generating a positive economic and social impact.”
In terms of sustainability, RB Iberia has reduced the emissions of its restaurants by 30% compared to the previous year and uses 70% renewable energy in its operations. In addition, it has 70% electric motorcycles and more than 80% from national suppliers.
The group’s total income, including franchises and its own, reached 1,7 billion euro, 17% more than the previous year. The company highlights that Burger King Spain reported a 30% increase in sales, reaching 1,4 billion euro with 948 restaurants. Burger King Portugal increased its sales from 200 million euro in 2022 to 239 million in 2023. Popeyes has grown significantly, with a 58% increase in its total sales, going from 60 to 95 million euro.
