Food Delivery Brands increases adjusted EBITDA by 187% in Q2 2021 to 9 million euros

  • Chain sales amounted to 270 million euros in this period, 32% more than in the same quarter of the previous year.
  • The Group's adjusted EBITDA grew by 187% in the second quarter of the year compared to 2020, reaching EUR 8.8 million.
  • The results demonstrate the strength of the Group's business model and the actions implemented by its new CEO, Jacobo Caller, aimed at boosting expansion and reinforcing its transformation and innovation capabilities.

Madrid, 05 August 2021 - Food Delivery Brands, the world's leading pizza delivery company with a presence in 33 countries, today presented its financial results for the second quarter of 2021, which confirm the positive evolution of the business and the strength of its recovery, with a sustained increase in sales in an environment still affected by restrictions linked to the pandemic.

During the first six months of the year, the Group's chain sales amounted to EUR 524 million, up 8% year-on-year (+12% at constant exchange rates). In the second quarter, sales amounted to EUR 270 million, 32% more than in the same period of 2020 (+36% at constant exchange rates), reflecting the gradual and sustained recovery of its activity. This positive sales performance was also reflected in the Group's income statement, with revenues up 23% to €92 million in the second quarter.

In line with the Group's objectives, adjusted EBITDA* in the first half amounted to €14.8 million, up 114% year-on-year, of which almost €9 million was in the second quarter, 187% more than in the same period of 2020. Despite this still uncertain environment, subject to the evolution of the pandemic and which could have a one-off impact in some of the regions in which it operates, the company reaffirms its commitment to the targets set for the financial year 2021 and expects to achieve an adjusted EBITDA* of between €39m and €41m.

The results for the second quarter of the year reflect the impact of the measures implemented by the company's new management, following the appointment of Jacobo Caller as the new CEO on 1 March. These actions have given the Group's corporate structure greater agility and flexibility to face the challenges of the QSR sector and with the aim of consolidating its leadership, strengthening its presence in its key markets and improving its profitability in the medium term.

"In recent months, we have been working on updating our business model to improve the Group's efficiency, as well as driving forward our expansion plan. In the first six months of the year we have already opened 35 new shops, a figure that will increase substantially during the second half of the year as we complete the projects already underway," says Jacobo Caller, CEO of Food Delivery Brands. "These changes will put us in a strong position to take advantage of the market opportunities that will arise as a result of the recovery in economic activity and changes in consumer habits, and consolidate our current growth path.

During the first quarter of the year, the company closed its new financing, which combines ICO loans with new contributions by the partners. As a result, the company has the resources to tackle its expansion plan and maintain sufficient liquidity to manage the business. At the end of June, the group's liquidity amounted to 70 million euros.

Digital and industrial capacity building and expansion plan

The company is carrying out a major expansion plan focused on Iberia and Latam, with a special focus on Mexico. Following the adjustment of the shop network during 2020 as a result of the pandemic, 35 new shops have been opened in various countries up to the end of June, a figure that will increase significantly in the coming quarters as the planned development plan is completed and with which it expects to reach more than 100 new units in 2021. To this end, the company is investing in new shop models aimed at delivery and take-away, with lighter investment formats and seeking greater capillarity.

Likewise, in order to continue consolidating its leadership in the home-delivered food market, the company is expanding its industrial capacities with the construction of a new dough factory in Mexico, which joins the 4 that the Group currently has in Spain, Colombia, Chile and Ecuador, as well as new production lines in Spain to supply the incremental demand of the brands it operates, as well as supply opportunities outside the current perimeter.