Net profit decline was driven by a combination of elevated operating expenses, especially payroll and other operating costs, stagnant sales due on the key market of activity of Sphera – Romania, a margin compression, and a 26.5% YoY drop in EBITDA, which reached RON 94.8 million. These challenges were further compounded by a strong base effect from 9M 2024, a continued consumer caution trend amid political and economic uncertainty and a more competitive QSR market.
The group added two new restaurants to its network in October: a Taco Bell unit in Bucharest’s Promenada Mall and a KFC Drive-Thru unit in Udine, Italy.
In the third quarter, despite stable top-line performance, pressure on margins and cost inflation, particularly on payroll, continued to erode the margins.
Nonetheless, the evolution in Q3 significantly improved versus the previous two quarters as the Group continued to implement tight cost-controlled measures to protect the margin
The restaurant operating profit decreased 14.2% YoY, to 46.4 million for Q3 2025 (while the increase vs previous quarter was 71.4%). EBITDA amounted to RON 43.6 million, down 12.9% (while the increase vs previous quarter was 65.5%).
Sales in Romania in Q3 2025 contributed to the total revenues with RON 346.6 million, registering a 0.2% YoY decrease, Italy with RON 52.2 million, a 3.3% YoY increase, and the Republic of Moldova with RON 7.1 million, a 24.8% YoY increase. The regional revenue mix shifted slightly compared to the prior year, with Italy and Moldova accounting for a larger share of total turnover, while Romania’s contribution declined marginally. Consequently, in Q3 2025, Romania accounted for 85.4% of total sales, Italy for 12.9%, and the Republic of Moldova for 1.7%.
(English version by Catalina Apostoiu)