Amrest Holdings Se · GPW:EAT
Amrest — H1 2025 Earnings Presentation
33 slides from Amrest's earnings presentation, Sep 5, 2025
Slide 1: Investors Presentation H1'25 results presentation
Investors Presentation H1’25 results presentation
Slide 2: The world's most reputable and iconic global brands
…the world’s most reputable and iconic global brands. Quick service restaurants 8 2,103 22 brands restaurants countries 47% of the portfolio AmRest is a leading European listed Fast casual restaurants restaurant operator, 17% of the portfolio 5 176 675 master franchiser 7 3 241 and operator of 26 so
Slide 3: H1'25 Highlights
3 H1’25 Highlights Operating results double last year figure after lower impairment needs Revenues Adjusted EBITDA ** EUR 1,261.9m EUR 196.5m +2.5% growth vs. last year/ +3.9% without flat vs last year disposals* EBIT Leverage EUR 47.5m 2.1x 3.8% EBIT margin vs 1.9% in H1’24 low end of internal targ
Slide 4: Commercial focus on value
4 Commercial focus on value Quick service restaurants and coffee Strategic product innovations and viral campaigns breakfast like a king! Seasonal innovations strategy
Slide 5: Commercial focus on value
5 Commercial focus on value Fast casual and casual dining New products Drink in the Fresh look, Innovative recipes enhancements Moment signature dishes
Slide 6: Strong sales support a steady growth in revenue per store
6 Strong sales support a steady growth in revenue per store H1’25 revenues amounted to EUR 1,261.9m, +2.5% compared to H1’24, +3.9% without disposals*. Steady growth in the number of own restaurants and sales per unit. Total AmRest sales* (EURm) excl. SCM 12 months trailing average sales per equity
Slide 7: Digital capabilities as driver of growth
7 Digital capabilities as driver of growth The Group's progress in digitization continues to support activity levels. Total AmRest & dine-in sales* evolution (EURm) Digital sales** 642 62% 57% 51% <20% 2019 2020 2021 2022 2023 2024 2025 2019 2023 2024 H1'25 (Pre-Covid) (Pre-Covid) AmRest Dine in *Da
Slide 8: Restaurant portfolio
8 Restaurant portfolio 3,500 3,500 Underlying restaurant growth combined with strategic adjustments on non-performing business. 3,000 3,000 Total Nº 2,318 2,414 2,313 2,163 2,099 2,103 restaurants 2,500 2,500 Strategic adjustments / Non-performing 2,000 2,099 2,103 2,000 businesses : 2,036 1,921 1,9
Slide 9: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 10: H1'25 highlights and current trading
10 H1’25 highlights and current trading Sales growth € 1,261.9m +2.5% 101.0 Sales Sales growth SSS Index € 1,231.5m in H1´24 vs. H1´24 vs. H1´24 Profitability € 189.4m € 95.5m € 47.5m EBITDA EBITDA Non-IRFS16 EBIT 15.0% margin 7.6% margin 3.8% margin Current trading CAPEX 101.0 € 69.7m 36 New SSS In
Slide 11: Q2'25 highlights and current trading
11 Q2’25 highlights and current trading Sales growth € 641.7m +0.4% 100.9 Sales Sales growth SSS Index € 638.9m in Q2´24 vs. Q2´24 vs. Q2´24 +3.9% excl. SCM Profitability € 107.7m € 61.2m € 34.4m EBITDA EBITDA Non-IFRS16 EBIT 16.8% margin 9.5% margin 5.4% margin CAPEX New € 38.8m 21 openings CAPEX N
Slide 12: Q2'25 Revenue highlights
12 Q2’25 Revenue highlights Second quarter results positively affected by seasonality, however growth was moderated due to increasing economic uncertainty and reciprocal tariffs disputes. Quarterly revenue evolution (EURm) Quarterly SSS vs LY 641.7 101% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q
Slide 13: EBITDA margin expansion
13 EBITDA margin expansion EBITDA amounted to EUR 107.7 million in Adjusted EBITDA amounted to EUR 108.7 Q2 2025. million in Q2 2025. EBITDA [EURm] & EBITDA Margin Adjusted* EBITDA [EURm] & Adj. EBITDA Margin 19.0% 19.2% 17.7% 200 20.0% 16.7% 16.8% 17.8% 180 17.1% 16.9% 18.0% 13.2% 160 14.2% 16.0% 1
Slide 14: EBIT margin expansion
14 EBIT margin expansion EBIT amounted to EUR 34.4 million in Q2´25 corresponding to a 5.4% margin, an improvement of 4.6 percentage points versus the second quarter of 2024, driven by a significant reduction in impairment charges. EBIT [EURm] & EBIT Margin Net cash provided by operating activities
Slide 15: Q2'25 P&L highlights
15 Q2’25 P&L highlights Reporting period Q2'25 Q2'24 Variation ❑ Net equity restaurant count increased by 57 units Restaurants 2,103 2,177 (74) during last 12 months. Equity restaurants 1,860 1,803 57 Franchise restaurants 243 374 (131) ❑ Number of franchise restaurants decreased, Revenue 641.7 638.
Slide 16: Q2'25 debt and cash evolution
16 Q2’25 debt and cash evolution ❑ Leverage ratio* at the low end of the internal target range defined. ❑ Efficient level of liquidity, in line with the Group´s needs. Net financial debt** evolution & cash position 700.0 20.0 616.4 Liquidity and leverage 600.0 15.0 521.2 500.0 468.3 10.0 Cash (EURm)
Slide 17: Q2'25 financial debt profile
17 Q2’25 financial debt profile Financial debt structure and maturity profile ❑ Stable and balanced funding profile Financial debt profile Financial debt maturity profile 68% 2% 14% 25% 75% 86% 14% 13% 98% 6% PLN EUR Short-Term Debt Bank Debt 2025 2026 2027 2028 Long-Term Debt Other Financial debt e
Slide 18: AmRest, a diversified multinational company
18 AmRest, a diversified multinational company Business is distributed between three different geographical segments for analysis purposes. Breakdown of Sales, EBITDA and unit count for Q2’25 by segment: Sales by segment EBITDA by segment Number of units by segment 4% 4% 4% 34% 29% 37% 59% 62% 67% C
Slide 19: Segment breakdown | CEE
19 Segment breakdown | CEE 4 1,249 10 brands restaurants countries Revenues EUR 399.5m +8.3% vs. Q2’24 Quick service restaurants 675 61% of the portfolio 241 26 EBITDA EUR 78.9m 2 166 Fast casual restaurants 1 10 73 +7.0% vs. Q2’24 16% of the 28 portfolio 19.8% margin 27 -0.2 p.p. vs. Q2’24 23% of t
Slide 20: Segment breakdown | CEE
20 Segment breakdown | CEE ➢ Revenues reached EUR 399.5 million, with stable high single digit YoY growth of 8.3%. ➢ EBITDA at EUR 78.9 million growing at 7.0% YoY and margin reaching 19.8%. CEE sales [EURm] EBITDA [EURm] & EBITDA Margin Store count +8.3% 24.1% 20.0% 20.1% 19.8% 17.0% 399.5 390.9 38
Slide 21: Segment breakdown | WE
21 Segment breakdown | WE 5 772 11 brands restaurants countries Revenues Quick service restaurants EUR 219.6m 5 29% of -1.9% vs. Q2’24 176 portfolio 7 3 EBITDA Fast casual restaurants 23% of 196 11 EUR 33.7m portfolio -8.2% vs. Q2’24 2 15.3% margin Casual dining restaurants -1.0 p.p. vs. Q2’24 29% o
Slide 22: Segment breakdown | WE
22 Segment breakdown | WE ➢ Revenues reached EUR 219.6 million, a decrease of -1.9% compared to Q2’24. ➢ EBITDA reached EUR 33.7 million, representing a margin of 15.3% EBITDA [EURm] & EBITDA Margin WE sales [EURm] Store count -1.9% 1 1 16.4% 14.7% 16.4% 15.3% 14.1% 230.7 223.8 225.3 554 550 219.6 3
Slide 23: Segment breakdown | China
23 Segment breakdown | China 1 82 1 brand restaurants country Revenues EUR 22.6m -9.6% vs. Q2’24 Casual dining restaurants 100% of EBITDA portfolio EUR 5.2m 82 -13.6% vs. Q2’24 22.8% margin -1.1 p.p. vs. Q2’24 +3 Q2’25 gross openings
Slide 24: Segment breakdown | China
24 Segment breakdown | China ➢ Revenues reached EUR 22.6 million, representing a 10% decrease compared to the same period in 2024. ➢ The EBITDA generated amount to EUR 5.2 million, representing a margin of 22.8%. Segment sales [EURm] EBITDA [EURm] & EBITDA Margin Store count -9.6% 23.9% 22.8% 25.1 1
Slide 25: Appendix
de APPENDIX
Slide 26: AmRest footprint
26 AmRest footprint Store count by country 8 2,103 22 brands restaurants countries Total 5 675 176 7 Poland 391 - 135 15 44 - 90 - 660 15 3 241 Czechia 136 - 15 - 33 - 57 - 241 - 26 2 Hungary 102 - 22 3 - - 39 - 163 3 196 11 166 1 73 10 Romania 10 - 63 - 73 - 28 Spain 127 - 65 153 4 - - 2 196 155 2
Slide 27: Financial statement
27 Financial statement Balance Sheet Note 30 June 2025 31 Decem ber 2024 Equity Share capital 16 22.0 22.0 Reserves 16 168.8 170.8 Retained earnings 16 184.8 187.0 Translation reserve 16 (5.3) (7.2) Equity attributable to shareholders of the parent 370.3 372.6 Note 30 June 2025 31 Decem ber 2024 Non
Slide 28: Financial statement
28 Financial statement Segment breakdown 3 MONTHS ENDED 3 MONTHS ENDED 30 June 2025 30 June 2024 30 June 2025 30 June 2024 Amount % of sales Amount % of sales Amount % of sales Amount % of sales Revenue 641.7 100.0% 638.9 100.0% Adjusted EBITDA* 108.7 16.9% 114.0 17.8% Poland 209.4 32.6% 190.9 29.9%
Slide 29: Financial statement
29 Financial statement EBITDA bridge 3 MONTHS ENDED 30 June 2025 30 June 2024 Amount % of sales Amount % of sales Profit/(loss) for the period 7.8 1.2% (23.1) (3.6%) + Finance costs 21.2 3.3% 20.7 3.2% – Finance income 0.9 0.1% (0.6) (0.1%) +/– Income tax expense 4.6 0.7% 7.9 1.2% + Depreciation and
Slide 30: Financial statement
30 Financial statement P&L 6 MONTHS ENDED Note 30 June 2025 30 June 2024 Restaurant sales 1,206.2 1,155.1 Franchise and other sales 55.7 76.4 Total revenue 4 1,261.9 1,231.5 Restaurant expenses: Food and merchandise 6 (330.7) (317.8) Payroll and other employee benefits 6 (313.2) (298.0) Royalties 6
Slide 31: Restaurant portfolio
31 Restaurant portfolio Shareholder structure* Other Shareholders, Listing details PTE Allianz Polska SA, 18.43% 4.34% Warsaw (since 2005) Listing venues: Madrid (since 2018) FYNVEUR S.C.A.**; 5.29% ISIN: ES010537500 FCapital Dutch S.L.***, 67.05% Shares issued: 219.6m Nationale-Nederlanden PTE SA,
Slide 32: Glossary
32 Glossary ▪ EBITDA – It is a close measure of profitability on operations and consist of profit from operations excluding amortization and depreciation costs as well as impairments. ▪ EBITDA margin –EBITDA divided by total revenue ▪ Adjusted EBITDA - EBITDA adjusted for non operative gain/loss as
Slide 33: Disclaimer
DISCLAIMER This Presentation regarding AMREST HOLDINGS, SE (“AmRest” or the “Company”) has been prepared for information purposes only and it is not regulated information or information which has been subject to prior registration or control by the Spanish Securities Market Commission. “Presentation