AmRest (EAT) Q2 2025 earnings summary

Executive summary

• H1 2025 revenues reached EUR 1,262 million, up 2.5% year-over-year, with EBIT margin improving to 3.8% from 1.9% in H1 2024.

• Adjusted EBITDA was EUR 196.5 million (15.6% margin), flat year-over-year, and EBIT was EUR 47.5 million, nearly doubling the prior year.

• Net profit for Q2 was EUR 7.8 million, reversing a EUR 23 million loss from the prior year, but H1 net loss was EUR -0.9 million due to extraordinary items in Q1.

• Digital orders accounted for 62% of total orders, reflecting strong digital adoption and operational efficiency.

• The Group operated 2,103 restaurants across 22 countries at period end, with 36 openings and 32 closures in H1 2025.

Financial highlights

• Q2 2025 revenue was EUR 641.7 million (+0.4% YoY), with EBITDA at EUR 107.7 million (16.8% margin) and EBIT at EUR 34.4 million (5.0% margin).

• H1 sales index stood at 101, indicating stable performance across comparable units.

• Operating cash flow in Q2 was EUR 106 million, up 20% year-over-year, offsetting negative seasonality from Q1.

• CAPEX for H1 2025 was EUR 69.7 million, mainly for new restaurant openings and refurbishments.

• Net financial debt stood at EUR 521.2 million, with a leverage ratio of 2.1x, at the low end of the internal target range.

Outlook and guidance

• Guidance for 2025 is maintained, with some potential delays in new store openings shifting to H1 2026.

• Management maintains a prudent leverage target to support future organic and inorganic growth.

• Focus remains on value, digital engagement, cost control, and disciplined capital allocation.

• Investment priorities include expanding the restaurant network, enhancing digital and operational capabilities, and pursuing potential acquisitions.