Amrest Holdings Se · GPW:EAT
Amrest — Q3 2024 Earnings Presentation
32 slides from Amrest's earnings presentation, Nov 13, 2024
Slide 1: Investor Presentation Q3 2024
Investor Presentation Q3 2024
Slide 2: The world's most reputable and iconic global brands
…the world’s most reputable and iconic global brands. Quick serice restaurants 44% of 8 2 185 22 brands restaurants countries portfolio Fast casual restaurants 5 650 23% of 161 9 portfolio 3 234 24 2 327 11 163 1 8 70 Casual dining restaurants 24 14% of 2 portfolio 26 358 4 Coffee 19% of China UAE &
Slide 3: Q3'24 Highlights
Q3’24 Highlights Revenues EBITDA EUR 659.5m EUR 125.3m ❑ Revenues of EUR 659.5 million, with a growth of 4.2% 4.2% vs. Q3’23 13.0% vs. Q3’23 compared to Q3´23. ❑ EBITDA generation amounted EUR 125.3 million, up Leverage* ratio EBIT 13.0% year-on-year. ❑ EBIT stood at EUR 60.3 million. 1.8x EUR 60.3m
Slide 4: Commercial focus on value
Commercial focus on value Quick service restaurants and coffee Delicious returns and Continues focus on coffee interesting novelties Summertime in Burger King expertise
Slide 5: Commercial focus on value
Commercial focus on value Fast casual and casual dining Everyday, Easy, All New Brunch New Image, Sushi Shop France Take away! Menu New Branding website re-launched
Slide 6: Strong sales support a steady growth in revenue per store
Strong sales support a steady growth in revenue per store Q3’24 revenues amounted to EUR 659.5 million, up 4.2% compared to Q3’23. Steady growth in the core business and in the equity restaurants operated. Total AmRest sales (EURm) 12 months trailing CASHaverage sale> per FLOW Mill AOPequity store*
Slide 7: Digital capabilities as driver of growth
Digital capabilities as driver of growth The Group's progress in digitization continues to support activity levels. SupportedSupported by continues digital actions by continues Total AmRest CASH & dine-in FLOW sales Mill evolution > AOP (EURm) CASH FLOW Milldigital > AOP actions 659 ➢ Digital Menubo
Slide 8: Q3'24 strategic portfolio changes
Q3´24 strategic portfolio changes Organic growth and improve capital allocation focus with the transfer of underperformance businesses over the last years TotalCASH number of Mill FLOW restaurants > AOP Organic CASH FLOWchanges Mill > AOP 2024 business transfer 19 20 as of 31st October 8 PH France 2
Slide 9: EBITDA margin expansion
EBITDA margin expansion EBITDA amounted to EUR 125.3 million in Q3’24, up 13.0% compared to Q3’23. 1.5 p.p. EBITDA margin expansion. EBITDA CASH [EURm] & EBITDA FLOW Margin* Mill > AOP EBIT CASH [EURm] & EBIT FLOW MillMargin* > AOP 19% 18% 17% 9% +13% 8% 7% +14% 125 60 111 53 95 39 Q3'22 Q3'23 Q3'24
Slide 10: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 11: Q3'24 highlights and current trading
Q3’24 highlights and current trading Sales growth € 659.5m +4.2% 99.2 Sales Sales growth SSS Index € 632.8 in Q3´23 vs. Q3´23 vs. Q3´23 EBITDA EBIT € 125.3m +13.0% 44.3 CapEx EBITDA EBITDA growth CapEx € 110.9 in Q3’23 vs. Q3’23 43.4 in Q3’23 Current trading 100.4 SSS Index YTD as of 10th November
Slide 12: Q3'24 Revenues highlights
Q3’24 Revenues highlights AmRest strong sales momentum continues. Group's quarterly revenue hit a new all-time high at EUR 659.5 million QuarterlyCASH revenues FLOWevolution Mill > AOP(EURm) Quarterly CASH FLOW SSS vs>LY Mill AOP 659.5 99% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1
Slide 13: Q3'24 EBITDA highlights
Q3’24 EBITDA highlights The EBITDA margin stood at 19.0%, 1.5 p.p. higher versus Q3’23. The highest nominal figure in AmRest's history and up 13.0% year-on-year. EBITDACASH [EURm] & EBITDA FLOW Margin Mill > AOP 18% 18% 19% 15% 14% 125.3 110.9 112.8 96.2 81.1 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 EBITDA Mar
Slide 14: Q3'24 EBIT highlights
Q3’24 EBIT highlights The EBIT margin stood at 9.1%, 0.7 p.p. higher versus Q3’23. In terms of adjusted* EBIT gradual recovery visible in 2024. EBITCASH [EURm] & EBIT Margin Adjusted EBIT*CASH [EURm] & Adjusted FLOW Mill > AOP FLOW Mill > AOPEBIT Margin 9% 9% 8% 8% 7% 5% 3% 60.3 3% 60.3 52.9 52.9 1%
Slide 15: Q3'24 EBITDA highlights
Q3’24 EBITDA highlights Quarterly Reporting period Q3'24 Q3'23 variation Restaurants 2,185 2,115 70 Equity restaurants 1,813 1,738 75 Franchise restaurants 372 377 (5) Revenue 659.5 632.8 4.2% EBITDA 125.3 110.9 13.0% margin 19.0% 17.5% 1.5pp EBIT 60.3 52.9 14.1% margin 9.1% 8.4% 0.7pp Reporting per
Slide 16: Portfolio optimization strategy on track
Portfolio optimization strategy on track Portfolio optimization* CASH FLOW Mill > AOP 8 21 -13 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2022 2023 2024 Openings Closures Net openings (ex. M&A) * Data since 2021 supplemented by the relocation closures and openings. Excluding special transacti
Slide 17: Q3'24 debt and cash evolution
Q3’24 debt and cash evolution Prudent balance sheet ➢ Leverage ratio* stable at 1.8x ➢ Liquidity adjusted at efficient and prudent level for Group´s needs Net financialCASH debt FLOW evolution Mill >&AOP cash position 700.0 20.0 616.4 Leverage ratio* monitoring Q3’24 600.0 15.0 Cash (EURm) SALES (Mi
Slide 18: Q3'24 financial debt profile
Q3’24 financial debt profile Financial debt structure and maturity profile ➢ Stable and healthy funding profile Financial * debt*Mill structure Financial debt* maturity profile CASH FLOW > AOP CASH FLOW Mill > AOP 67% 3% 4% 26% 74% 97% 96% 14% 13% 6% 1% Short-Term Debt Bank Debt PLN EUR Long-Term De
Slide 19: AmRest, a diversified multinational company
AmRest, a diversified multinational company Business is distributed between three different segments for analysis purposes. Breakdown of Sales, EBITDA and unit count for Q3’24 by segment: Sales by Segment EBITDA by Segment Number of units by Segment 4% 3% 3% 4% 25% 34% 59% 41% 72% 55% CEE WE China O
Slide 20: Segment breakdown | CEE
Segment breakdown | CEE ➢ Revenues reached EUR 390.9 million, with YoY growth of 10.4%. ➢ EBITDA at EUR 94.2 million growing at 19.4% YoY and margin reaching 24.1%. Segment sales Segment [EURm] sales [EURm] EBITDA [EURm] & EBITDA Margin Store count -0.5% +10% 390.9 22% 24% 21% 20% 18% 230.9 234.5 22
Slide 21: Segment breakdown | WE
Segment breakdown | WE ➢ Revenues reached EUR 225.3 million, a decrease of -2.4% compared to 2023. ➢ EBITDA reached EUR 33.1 million, representing a margin of 14.7%. Segment sales [EURm] EBITDA [EURm] & EBITDA Margin Store count -2% 15% 16% 15% 12% 13% 230.9 234.5 223.8 225.3 218.7 36.7 538 552 550
Slide 22: Segment breakdown | China
Segment breakdown | China ➢ Sales severely affected by consumption slowdown reached EUR 22.2 million with a -13.1% decline. ➢ The EBITDA generated amounted to EUR 4.4 million, representing a healthy margin of 19.7%. Segment sales [EURm] EBITDA [EURm] & EBITDA Margin Store count -13% 22% 24% 19% 20%
Slide 23: Appendix
de APPENDIX
Slide 24: Restaurant portfolio
Restaurant portfolio 2007-2010 2011-2015 2016-YTD New Starbucks, Burger King La Tagliatella, Blue Frog Bacoa, Sushi Shop brands Slovakia, Portugal, Slovenia, New Spain, France, Andorra, Croatia, Austria, Belgium, Switzerland, Russia, Bulgaria, Serbia markets Germany, China, Romania, Luxembourg, UK,
Slide 25: AmRest footprint
AmRest footprint Store count by country 8 2 185 22 brands restaurants countries Country Total Poland 374 - 138 15 46 - 77 - - - - - - - - - 635 15 Czechia 127 - 16 - 33 - 58 - - - - - - - - - 234 - 5 650 9 161 Hungary 99 - 23 2 - - 39 - - - - - - - - - 161 2 3 234 24 Romania - - - - 10 - 60 - - - -
Slide 26: Financial statement
Financial statement Note 30 Septem ber 2024 31 Decem ber 2023 Balance Sheet Equity Share capital 8 22.0 22.0 Reserves 8 170.3 174.1 Retained earnings 8 192.6 193.7 Translation reserve 8 -6.9 (4.4) Equity attributable to shareholders of the parent 8 378.0 385.4 Note 30 Septem ber 2024 31 Decem ber 20
Slide 27: Financial statement
Financial statement Segment breakdown Q3’24 3 MONTHS ENDED 3 MONTHS ENDED 30 Septem ber 2024 30 Septem ber 2023 30 Septem ber 2024 30 Septem ber 2023 Amount % of sales Amount % of sales Amount % of sales Amount % of sales Revenue 659.5 100.0% 632.8 100.0% Adjusted EBITDA 126.8 19.2% 112.5 17.8% Pola
Slide 28: Financial statement
Financial statement EBITDA bridge 3 MONTHS ENDED 30 Septem ber 2024 30 Septem ber 2023 Amount % of sales Amount % of sales Profit/(loss) for the period 28.2 4.3% 28.8 4.6% + Finance costs 21.9 3.3% 17.4 2.7% – Finance income (1.4) (0.2%) 2.5 0.4% +/– Income tax expense 11.7 1.8% 4.1 0.6% + Depreciat
Slide 29: Financial statement
Financial statement P&L 9 MONTHS ENDED 9 MONTHS ENDED Note 30 Septem ber 2024 30 Septem ber 2023 Note 30 Septem ber 2024 30 Septem ber 2023 Continuing operations Discontinued operations Restaurant sales 1,772.8 1,679.6 Profit/loss for the period from discontinued operation 13.0 0.0 6.5 Franchise and
Slide 30: Restaurant portfolio
Restaurant portfolio Shareholder CASH FLOWstructure** Mill > AOP Other Shareholders, Listing CASH FLOW details Mill > AOP PTE Allianz Polska SA, 18.54% 4.34% Warsaw (since 2005) Listing venues: Madrid (since 2018) Artal International S.C.A., 5.18% ISIN: ES010537500 FCapital Dutch S.L.*, 67.05% Share
Slide 31: Glossary
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 new openings expenses (Start-u
Slide 32: 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