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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
AmRest
AmRest (EAT) investor relations material
AmRest Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary4 Sep, 2026
Executive summary
Operated 2,133 restaurants across 22 countries and 8 brands as of June 30, 2026, serving 30 million customers monthly; 29 new openings and 35 closures in H1 2026.
Portfolio diversified across quick service (48%), coffee (21%), fast casual (17%), and casual dining (14%).
Strategic focus shifted from scale to returns, prioritizing capital allocation to proven high-return areas.
Launched Taco Bell in Poland, with first opening expected in Q4 2026 and more planned.
Strong cash conversion and disciplined cost management supported liquidity and operational efficiency.
Financial highlights
H1 2026 revenue was €1,230.6 million, down 0.7% year-over-year excluding disposals and deconsolidated SCM business.
EBITDA for H1 2026 was €177.7 million (14.4% margin), down from €189.4 million (15.0%) in H1 2025.
Free cash flow improved by €51.8 million year-over-year in H1 2026, reaching €25.6 million.
Q2 2026 revenue was €641.9 million, flat year-over-year; EBITDA €100.9 million (15.7% margin), operating profit €22.3 million (3.5% margin), net profit €3.9 million.
CapEx for H1 2026 was €46.1 million, down from €69.7 million in H1 2025; Q2 2026 CapEx was €24.1 million.
Outlook and guidance
2026 revenue and profitability growth now expected to be slightly positive, revised down from single-digit growth due to slower recovery in consumer traffic and operating leverage.
Focus on restoring profitable traffic growth, enhancing value, and accelerating digital conversion.
Launch of Taco Bell in Poland and enhanced financing arrangements expected to support future growth.
Amended financing structure provides greater liquidity, a more favorable debt maturity profile, and increased flexibility for growth initiatives.
Confidence maintained in core platforms and ongoing strategic actions.
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Latest events from AmRest
- Record FY23 revenue and EBITDA; Q4 EBIT turned negative.EAT
Q4 2023 - Revenue fell 1.5% YoY, EBITDA margin at 13.0%, net loss widened to €17.2 million.EATQ1 2026
- Flat revenue and higher net profit as CEE growth offset margin pressures and higher leverage.EATQ4 2025
- Record Q3 revenue and resilient CEE growth offset by margin pressure and lower net profit.EATQ3 2025
- Revenue up 2.5% to EUR 1.26bn, EBITDA margin 15.0%, CEE leads growth.EATQ2 2025
- Record Q3 revenue and EBITDA, improved leverage, and CEE outperformance amid macro risks.EATQ3 2024
- Record H1 2024 sales and margin gains, but impairments led to net losses.EATQ2 2024
- Revenue up 4.7%, adjusted EBITDA up 6.5%, net loss EUR 8.7m on SCM/SEM exit; CEE led growth.EATQ1 2025
- Record revenue, margin expansion, and first dividend highlight robust 2024 performance.EATQ4 2024
Next AmRest earnings date
Q3 202613 Nov, 2026
AmRest
Next AmRest earnings date
Q3 202613 Nov, 2026
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Frequently asked questions
AmRest Holdings SE operates and franchises restaurant brands across Europe and other international markets. It manages casual dining and quick service restaurant chains under brands such as KFC, Starbucks, and Pizza Hut. The company is headquartered in Madrid, Spain, and its shares are listed on the BME.