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; 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.