Five Guys Europe's EBITDA slips to £53m as beef costs and a weak first half bite

Five Guys Europe's 2025 accounts show a second straight year of lower earnings, BigHospitality reports. The premium burger chain trades from nearly 300 restaurants in five countries: the UK, Spain, France, Portugal and Germany.

The numbers (year to 31 December 2025) - Revenue up 3% to £576m (2024: £560m) - EBITDA plus pre-opening costs down to £53m from £58m - Operating profit £24.3m, from £29.1m - Loss for the year £41.3m, slightly better than £43m, which the company blames on depreciation and other charges that don't involve cash; it says the business generates cash - 292 restaurants at year end, up from 281

What drove it Like-for-like sales fell in the first half, which the directors described as a particularly challenging trading environment. Beef prices rose sharply over the same period before levelling off in the second half and into 2026. A larger estate partly offset both. The company says like-for-likes then improved significantly, helped by better conditions and its own trading initiatives, and it plans to keep rolling out in the UK and Europe.

What it means for operators: even a scaled premium-burger brand couldn't fully absorb a protein spike in a soft half. Groups with beef-heavy menus should revisit buying cover and price-review timing now prices have settled, and treat new openings as a support for the top line rather than a fix for falling like-for-likes.