Five Guys Europe has reported another fall in EBITDA in its 2025 results.
The premium burger chain, which operates close to 300 sites across the UK, France, Spain, Germany and Portugal, saw a decline in like-for-like sales in the first half of the year ended 31 December 2025, which it said reflected a ‘particularly challenging trading environment’.
It also noted that the cost of beef increased ‘significantly’ during the first half of the year before stabilising in the second and into 2026.
The beef inflation along with the like-for-like sales decline resulted in Five Guys’s EBITDA + pre-opening costs for the year falling from £58m to £53m, with operating profit down to £24.3m from £29.1m the year before.
It comes after low consumer confidence and inflationary pressures hit the group’s EBITDA in 2024.
The group noted that headwinds were partially offset by an increase in site numbers over FY25.
At year end, the group operated 292 sites, up from 281 in 2024.
Revenue across the business increased 3% to £576m (2024: £560m) over the year, with Five Guys saying like-for-like sales improved ‘significantly’ in the second half of the year and into 2026, reflecting both an improvement in trading conditions and a series of initiatives implemented by the business.
The group’s loss for the year was £41.3m, a slight improvement on the £43m reported the year before.
Five Guys said the loss was driven by depreciation and other non-cash charges, but the business is cash generating.
The directors continue to believe there are strong growth prospects in the premium burger market and intend to continue the roll-out of Five Guys in the UK and Europe.