...November 29, 2023 Burger King France (BKF) exhibited robust first-nine-months results despite challenging economic conditions. Systemwide sales for the past 12 months reached 1.9 billion, 18% higher than full-year 2022's 1.6 billion. Year to date, systemwide sales reached 1.4 billion, translating into 529 million of revenue and 24% year-on-year growth. This was underpinned by the partial contribution of the BK La Reunion network acquisition, coupled with the group's high pace of expansion, with 43 openings over the past 12 months. The company's post-IFRS-16 EBITDA for the period stood at 173 million, translating into a 33.0% margin, only 100 basis points lower than the same period in 2022, driven by higher utility and staff costs, with food costs starting to stabilize. We expect results at end-2023 and into 2024 to remain robust on continued network expansion with limited like-for-like growth. Based on this resilient earnings performance, we expect BKF to slightly outperform our April 2023...
