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AmRest (EAT) investor relations material
AmRest Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Operated 2,133 restaurants across 22 countries and 8 brands as of June 30, 2026, serving 30 million customers monthly and opening 17 new restaurants in Q2'26.
Q2'26 revenue was €641.9m, flat year-over-year, with a same-store sales index of 98.0% compared to Q2'25.
EBITDA for Q2'26 was €100.9m (15.7% margin), down 6.3% from Q2'25; net profit for Q2'26 was €3.9m.
Strategic focus shifted from scale to returns, prioritizing capital allocation to proven, high-return areas.
Portfolio diversified across quick service (48%), coffee (21%), fast casual (17%), and casual dining (14%).
Financial highlights
H1 2026 revenue was €1,230.6m, down 0.7% year-over-year excluding disposals; EBITDA was €177.7m (14.4% margin), down from 15% in H1 2025.
Free cash flow improved by €51.8m year-over-year in H1'26, reaching €25.6m.
Operating cash flow increased by €27.0m and investing cash outflow dropped by €31m versus last year.
Net financial debt reduced by €13.2m to €505.1m; net debt/EBITDA at 2.5x.
Liquidity at period end was €161.7m, with additional credit facilities of €90.5m.
Outlook and guidance
2026 revenue and profitability growth now expected to be slightly positive, revised down from single-digit growth.
Focus on selective capital allocation, execution, cash generation, and investment returns.
The launch of Taco Bell in Poland and enhanced financing arrangements are expected to support future growth.
Cautious view on pace of commercial recovery, especially in pressured markets.
- Revenue fell 1.5% YoY, EBITDA margin at 13.0%, net loss widened to €17.2 million.EAT
Q1 2026 - Revenue rose 2.4%, net profit increased, and CEE growth offset margin pressure.EAT
Q4 2025 - Record Q3 revenue and resilient CEE growth offset by margin pressure and lower net profit.EAT
Q3 2025 - Revenue up 2.5% to EUR 1.26bn, EBITDA margin 15.0%, CEE leads growth.EAT
Q2 2025 - Record Q3 revenue and EBITDA, improved leverage, and CEE outperformance amid macro risks.EAT
Q3 2024 - Record H1 2024 sales and margin gains, but impairments led to net losses.EAT
Q2 2024 - Revenue up 4.7%, adjusted EBITDA up 6.5%, net loss EUR 8.7m on SCM/SEM exit; CEE led growth.EAT
Q1 2025 - Record revenue, margin expansion, and first dividend highlight robust 2024 performance.EAT
Q4 2024
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