Burger King France : la croissance ne suffit pas encore à dégager des profits
The analysis of financial statements filed with the INPI by the 26 main franchised Burger King companies reveals a paradox: the network is growing quickly, but is not yet generating consolidated profits.
Total Revenue: €338 million in 2024
| Year | Cumulative Revenue | Cumulative Net Profit | Number of Filings |
|---|---|---|---|
| 2024 | €338.8 million | -€32.0 million | 26 |
| 2023 | €314.1 million | -€4.3 million | 25 |
| 2022 | €220.8 million | +€8.6 million | 25 |
| 2021 | €155.0 million | -€15.6 million | 20 |
| 2020 | €116.5 million | -€18.1 million | 20 |
| 2019 | €127.8 million | -€9.2 million | 16 |
| 2018 | €90.7 million | -€7.2 million | 12 |
Source: INPI RNE. The perimeter expands over time as new franchised companies file their accounts as the network develops.
Reading: Three Distinct Phases
2016-2019: Launch Phase — The first franchisees bear the losses related to opening investments (build-out, equipment, commercial ramp-up). Margins are structurally negative.
2020-2021: Covid Shock — Like the entire sector, Burger King experiences a slowdown in consumer activity in office areas, transportation, and shopping centers. Public aid (PGE, partial unemployment) is entirely absorbed by operating losses.
2022: Return to Equilibrium — The first consolidated positive balance sheet since the brand’s return (+€8.6 million cumulatively). The lifting of restrictions and post-Covid customer loyalty give the network a breathing space.
2023-2024: Losses Resume Despite Growth — Revenue continues to increase (+8% between 2023 and 2024) but profits do not follow. Food and energy inflation erodes gross margins, and continued openings weigh down amortization charges.
Pivot Company: Burger King Restaurants (801363227)
This is the strategic holding company of the network, owned by the Bertrand group. Its figures reflect the overall dynamics:
| Year | Revenue | Net Profit | Net Margin |
|---|---|---|---|
| 2024 | €155.3 million | -€25.6 million | -16.5% |
| 2023 | €136.0 million | +€1.1 million | 0.8% |
| 2022 | €94.9 million | +€10.4 million | 11.0% |
| 2021 | €64.6 million | -€18.2 million | -28.1% |
| 2020 | €38.1 million | -€13.4 million | -35.1% |
Burger King Restaurants has tripled in size in three years (+155% between 2021 and 2024) but its net margin has fallen to concerning levels in 2024. The total balance sheet reaches €284 million, a sign of heavy industrial investments (acquisitions, shop fronts, equipment).
What to Conclude for a Restaurateur or Investor?
- The franchise entry fee is high but the brand has a measurable brand presence (surveys, spontaneous traffic).
- The first years of a BK are structurally not expected to be profitable. A realistic business plan should anticipate 2-3 years of losses before break-even.
- Actors already established in fast food (groups owning 5+ restaurants) structurally have a greater chance of successfully integrating a BK than independent restaurateurs.
To explore the geographic presence of the network and identify areas where there are opportunities for new locations, consult our Burger King France map.
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