Food Delivery Brands increases its sales by 21.5% in the third quarter of 2021 and expects to close the year exceeding its profit forecasts.

  • The Group's adjusted EBITDA in the first 9 months of the year doubled year-on-year in 2020 to €27.3m and grew 86% in the third quarter year-on-year in 2020 to €12.5m.
  • The company recorded a total of 69 openings so far this year, 34 in the third quarter, and expects to close the year with more than 100 new shops thanks to an ambitious expansion plan.

Madrid, 16 November 2021 - Food Delivery Brands, the world's leading pizza delivery company with a presence in 33 countries, today presented its financial results for the third quarter of 2021, confirming the upward trend in sales and the gradual recovery of the business following the pandemic and once practically all the restrictions in the different markets have been overcome.

In the first nine months of the year, Group chain sales amounted to EUR 817 million, 12.5% more than in the previous year (+15.7% at constant exchange rates). In the third quarter, sales amounted to €292 million, 21.5% higher than in the same period of 2020 (+21.9% at constant exchange rates) and only 2% at constant exchange rates below the levels reached in 2019, before the start of the pandemic.This positive sales performance was also reflected in the Group's income statement, with revenues up 9.5% to €281 million in the first nine months of the year.

In Spain and Portugal, sales continued to grow steadily in the third quarter, up 4.2% year-on-year. This sustained and continued recovery in sales, together with the forecasts of a reactivation of consumption during the last quarter and the end of the restrictions, leads the company to foresee the recovery of pre-pandemic sales levels before the end of the year.

The results in Latin America also clearly reflect the easing of restrictions and the recovery in consumption. Sales in this market grew 47% (at constant exchange rates) in the third quarter compared to the same period of 2020. Of note was Mexico, a strategic market for the Group, where sales in the third quarter already exceeded 2019 levels in local currency.

"In both Spain and Latin America we see a clear trend of recovery, once the restrictions due to the pandemic have been overcome. There are markets, such as Ireland, Colombia and Mexico, that are already above the 2019 figures and in Spain we will reach them before the end of the year. We expect a very positive last quarter with a strong increase in sales thanks to the end of the restrictions and the reactivation of consumption during the Christmas period", says Jacobo Caller, CEO of Food Delivery Brands.

In line with the Group's targets, adjusted EBITDA* in the first nine months of the year amounted to EUR 27.3 million, up 100% year-on-year, of which EUR 12.5 million was in the third quarter, 86% more than in the same period of 2020.

The company expects to exceed its initial adjusted EBITDA forecast for 2021, which it had preliminarily estimated to be in the range of €39m to €41m, despite the potential risk of inflation and its effects on economic activity and consumption.

Expansion plan and new shop formats

The company is carrying out a major expansion plan focused on Iberia and Latin America, with a special focus on Mexico, one of its strategic markets. During the first nine months of the year, the Group registered a total of 69 openings, of which 34 in the third quarter. Given the strength and recovery of the business and sales, the company plans to continue with its expansion plan, intensifying the pace of new shop openings in the last quarter to close the year with a total of more than 100 new stores.

Food Delivery Brands' action plan to meet the new market challenges also includes the deployment of new digital capabilities, with the group's digital transformation and technology investment a priority for the company, as well as the repositioning of its brands to appeal to younger consumers.

The growing importance of delivery and take-away services shows a very clear change in consumer trends. In fact, 100% of the new openings, mainly in Iberia, Mexico and other Latin American countries where the group operates with master franchisees, are smaller and more convenient shop formats, with less dependence on local consumption and offering a better consumer experience for services in demand such as delivery and take away.