Sfinks Polska

What Sfinks Polska does

Sfinks Polska S.A. is a publicly traded Polish casual dining operator, founded in 1993 and listed on the Warsaw Stock Exchange (ticker SFN / SFS, registered office in Zalesie Górne). The company operates 100+ restaurant locations across Poland primarily through franchise (97.1% franchise share at end-2025, 99% by Q1 2026), with SPHINX as the flagship casual dining concept contributing 97% of gastronomic revenue. Additional brands include Chłopskie Jadło (Polish traditional cuisine), Piwiarnia Warki (28-pub franchise network), The Burgers, Lepione & Pieczone, the Sphinx Cocktail Bar, and the newly launched Sphinx Hotel concept (Żabia Wola, with Rawicz in preparation).

The company generates revenue from multiple streams: franchise fees and royalties (now dominant given the near-complete franchise conversion), gastronomic sales at managed restaurants, the Aperitif Smart subscription/loyalty program (900k+ users, 30% discount subscription driving ~19% of gastronomic sales), branded ready-meal retail licensing (over 1 million units through Biedronka, Delikatesy Centrum, and ~400 FitBox vending machines), and emerging hotel revenue. Centralized procurement is anchored by a 2026-2032 Transgourmet Polska contract (minimum 175 mln zł, estimated 300-350 mln zł) and a 5-year Frito Lay Poland beverage deal (16 mln zł minimum) extended to December 2027. International expansion is structured as a master franchise with GRG (Egypt) covering Egypt and Saudi Arabia (signed 2024).

Financially, the company is in restructuring transition: 2025 reported consolidated revenue of 46.68 mln zł with EBITDA of 12.31 mln zł and a net loss of -7 mln zł. The headline revenue decline (from 75.57 mln zł in 2024) reflects franchise-conversion accounting (franchisee-level sales no longer consolidated) rather than unit-level deterioration, as gastronomic sales excluding Piwiarnia grew to 216 mln zł (+4.5% YoY). A 49.22 mln zł credit facility with Bank Ochrony Środowiska (BOŚ) was refinanced in February 2026 with principal due August 2028, and the group emerged from UPR (Uproszczone Postępowanie Restrukturyzacyjne) court-approved restructuring in April 2022, which cancelled 25.7 mln zł of receivables. In March 2026, Sfinks received a preliminary non-binding offer from a Malta-based investment fund to acquire the SPHINX brand business segment — if consummated, this would represent a decisive restructuring of the group's core asset.

Name

Sfinks Polska

Legal name

Sfinks Polska Spółka Akcyjna

Website

https://sfinks.pl

Company type

Public

Founded year

1993

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Sfinks Polska is a publicly traded Polish casual dining operator running 100+ mostly franchised restaurants under the flagship Sphinx brand, plus Chłopskie Jadło, Piwiarnia Warki, and The Burgers, with an Aperitif loyalty program serving 900k+ users and branded ready meals in retail.

Ownership category

akta.pro rank

Product category

Casual Dining Restaurants

NAICS

Limited-Service Restaurants (722513)

SIC

Retail-Eating & Drinking Places (5810)

akta.pro primary industry

Brasseries, Bistros & Trattorias (THAFACAI)

Keywords

• Casual dining restaurants
• Franchise restaurant operations
• Restaurant chain management
• Restaurant brand licensing
• Polish traditional cuisine

Headquarters

HQ city

Piaseczno

HQ country

Poland

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Marketing or Sales, Supply Chain, Personnel, Infrastructure, Technology or R&D

Revenue model

1. Franchise royalties and fees: Sfinks earns franchise fees and royalties from franchisee-operated restaurants. As franchise share reached 99% by Q1 2026, this has become the dominant revenue stream. Revenue from franchise fees in Q1 2026 was 9.46 mln zł. Franchise fees and related income constitute the core of consolidated revenues.
2. Restaurant operations (own managed restaurants): Revenue from restaurant sales at managed restaurants (excluding the Piwiarnia chain). These are company-operated locations that generate gastronomic revenue. In 2025, gastronomic revenue was 216 mln zł from managed chains excluding Piwiarnia. Unit-level sales for the company (standalone, Q1 2026) were 9.4 mln zł.
3. Aperitif Smart subscription: The Aperitif loyalty/marketing program sells subscription cards (Abonament) entitling holders to 30% discount in Sphinx restaurants. The program has over 900,000 users as of Q1 2026 and serves as both a marketing and a revenue tool.
4. Ready meals / convenience food licensing: Sfinks licenses its SPHINX brand for ready-to-eat meals sold in retail chains (Biedronka, Delikatesy Centrum) and through vending machines. Products include shoarma variants and other branded prepared foods. The company has sold approximately 1 million units of ready meals to date.

Go-to-market motion3 records

Distribution channels6 records

Marketing channels7 records

Core offering

Sfinks Polska S.A. is a Polish restaurant operator that manages a portfolio of casual dining brands — led by SPHINX — primarily through a franchise model that reached 97-99% of the network by 2025-2026. The company earns franchise fees and royalties from franchisee-operated restaurants, sells the Aperitif Smart subscription loyalty program, and licenses its SPHINX brand for ready meals sold through retail chains and vending machines.

Product overview

Sfinks Polska S.A. is a Polish restaurant chain operator managing multiple dining concepts primarily through a franchise model (97.1% franchise as of 2025). The portfolio includes Sphinx as the flagship casual dining brand generating 97% of revenues, alongside Chłopskie Jadło (Polish traditional cuisine), Piwiarnia Warki pubs (franchise network of 28 pubs), The Burgers, Hotel Sphinx, and Sphinx Cocktail Bar. The company generates revenue from franchise fees, gastronomic sales from managed restaurants, the Aperitif loyalty program (offering Aperitif Smart subscription with 30% discounts), branded ready meals sold through retail channels, and is developing a hotel business under the Sphinx brand. The company is also exploring international expansion through master franchise agreements in Egypt and Saudi Arabia.

Differentiator

Problem solved

Functional benefit

Brands

• SPHINX: Flagowa marka restauracji casual dining, największa sieć w grupie odpowiadająca za 97% przychodów gastronomicznych
• Chłopskie Jadło
• Piwiarnia Warki
• Sphinx Hotel
• Aperitif
• Aperitif Smart

Products and services

• SPHINX Restaurant Chain The flagship casual dining restaurant chain of Sfinks Polska, operating since 1995 with 100+ franchise locations across Poland. Offers international cuisine including steaks, seafood, shoarma, seasonal ingredients, and over 30 cocktails at mid-range prices; generates 97% of Sfinks's gastronomic revenues.
• Chłopskie Jadło Restaurant Chain Polish traditional cuisine restaurant chain featuring regional Polish dishes and comfort food, operating alongside SPHINX within the Sfinks Polska network.
• Piwiarnia Warki Pub Chain A network of 28 pubs operated under franchise agreements, branded Piwiarnia Warki. Generates revenue through franchise fees; gastronomic revenue not consolidated at the group level per contract terms.
• Hotel Sphinx Hotel service under the Sphinx brand with an associated restaurant. First location in Żabia Wola; second location being prepared in Rawicz.
• The Burgers Virtual burger brand available for delivery and takeaway, also being tested in physical franchise locations as a sister brand to SPHINX.
• Lepione & Pieczone Restaurant concept for dumplings and baked goods, operating under the Chłopskie Jadło brand umbrella.
• Aperitif Loyalty Program and Aperitif Smart Subscription Marketing and sales platform functioning as a loyalty program with 900,000+ users; includes the Aperitif Smart subscription offering 30% discount in Sphinx restaurants. Members spend 9%+ more per visit and the program drives 19% of total gastronomic sales.
• SPHINX Branded Ready Meals SPHINX branded ready-to-eat meals (shoarma variants and other branded prepared foods) distributed through retail chains Biedronka and Delikatesy Centrum and through FitBox vending machines. Approximately 1 million units sold.
• SPHINX Master Franchise Program (International) International master franchise program licensing the SPHINX brand, operational system, and know-how to a regional partner (GRG) for development across Egypt and Saudi Arabia.
• Sphinx Cocktail Bar Cocktail bar service offered within the Sphinx restaurant network, featuring a dedicated cocktail menu.

Quantifiable outcome

• Restaurant conversion to Sphinx brand typically increases bill count, average bill value, and reduces food cost variance through central purchasing and recipe standardization
• +4 more outcomes

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Transgourmet PolskacoreOthers · 1 January 2025Expanded supply agreement with Transgourmet Polska, a major foodservice distributor, covering a significantly larger number of restaurants. New contract runs 2026-2032 with minimum value of 175 mln zł, estimated at 300-350 mln zł over the contract period. Transgourmet replaces the previous logistics partner as the main food supply partner.
• GRG for Development and Projects Management Egyptian Shareholding CompanycoreChannel Partner/ Reseller/ Distributor · 1 January 2024Master franchise agreement signed in 2024 for the development of the SPHINX restaurant brand in Egypt and Saudi Arabia. Sfinks licenses its brand, operational system, and know-how to this Egyptian partner for the expansion of Sphinx restaurants in the MENA region.
• Frito Lay PolandminorOthers · 1 January 2022Five-year beverage supply contract extended to December 2027. Frito Lay Poland supplies Pepsi, Mirinda, 7up, Toma, and Lipton to all Sfinks restaurant chains. Contract value: minimum 16 mln zł net turnover; auto-extends if target not met.
• FitBoxminorChannel Partner/ Reseller/ Distributor · 1 January 2022FitBox is a vending machine operator with ~400 machines in Poland. SPHINX branded ready meals are sold through FitBox's vending network.
• Rebel Tang (Blow Burgers)minorStrategic or Co-development Partner · 1 January 2022Virtual restaurant brand Blow Burgers (by Rebel Tang) partnered with SPHINX restaurants for fulfillment. Burgers available for takeaway in ~69 SPHINX locations and 8 Rebel Tang partner locations across 39 cities. Available November-December 2022.
• EurocashminorChannel Partner/ Reseller/ Distributor · 1 January 2021Eurocash distributes SPHINX branded ready meals (shoarma) through Delikatesy Centrum and later Biedronka stores. This partnership enabled Sfinks to launch its convenience food line in January 2021.
• AvikominorOthers · 1 January 2012Two-year central supply contract for fries, potato slices and potato products to Sphinx and Chłopskie Jadło restaurants, signed in 2012.
• SuperFood360minorStrategic or Co-development PartnerSfinks holds a 10.8% equity stake in SuperFood360, a company offering employee benefit services. Tadeusz Kościński, Supervisory Board member, also serves on SuperFood360's supervisory board. The stake was increased in 2024.

Scale indicators10 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• Starbucks: Global coffee chain with Polish presence operated by AmRest. Comparable to Sfinks as a large loyalty-driven beverage-led chain but with global scale and a different price tier.
• Burger King: Global QSR brand present in Poland via AmRest. Competes with Sfinks's The Burgers and casual-dining lunch/dinner occasions, but as a larger global franchise system rather than a Polish specialist.
• McDonald's Corporation: Global QSR leader with a major Polish presence operated through AmRest. Overlaps with Sfinks in customer occasion and franchise economics but operates a much broader global footprint.
• Yum! Brands: Parent of KFC, Pizza Hut, Taco Bell, and Habit Burger. Operates in Poland through franchisees (AmRest) and competes with Sfinks's casual-dining and ready-meal offerings, but at a much larger global scale.
• Restaurant Brands International: Parent of Burger King, Tim Hortons, Popeyes, and Firehouse Subs. Competes with Sfinks's casual/QSR portfolio in Poland and CEE through master franchisees, with broader international scale.
• Domino's Pizza: Global QSR pizza franchise system with delivery-led economics comparable to Sphinx's aggregator-channel sales (~10% of total). Competes for casual-dining and at-home meal occasions in Poland.

Direct peers

• Bobby Burger: Polish casual-dining burger chain with multi-location presence. Comparable to Sfinks as a Polish casual-dining brand competing for similar mid-range, family/friends dining occasions.
• Green Caffe Nero: Polish coffee-shop chain operating a network of company-owned and franchised cafés. Comparable to Sfinks as a Poland-based, multi-unit food and beverage chain building loyalty-driven consumer engagement.
• AmRest Holdings SE: Europe's largest restaurant franchise operator, headquartered in Poland and listed on the Warsaw Stock Exchange (EAT). Operates KFC, Pizza Hut, Starbucks, and Burger King in Poland and across CEE under franchise, with the same multi-brand, franchise-driven business model as Sfinks.
• North Fish: Polish casual-dining chain specializing in seafood. Operates a multi-location restaurant network in Poland comparable to Sphinx in target customer, price tier, and dining occasion.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@sphinxrestauracje
• Facebookfacebook.com/sfinks
• Instagraminstagram.com/sphinxrestauracje

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sfinks Polska