AmRest (EAT) Q2 2026 earnings summary

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.