Amrest Holdings Se · GPW:EAT
Amrest — FY2024 Earnings Presentation
38 slides from Amrest's earnings presentation, Feb 28, 2025
Slide 1: Investors Presentation
Investors Presentation Full Year 2024 and Q4’24 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 2,099 22 brands restaurants countries 46% of the portfolio Fast casual restaurants 18% of the 5 660 portfolio 173 8 3 240 25 2 Casual dining restaurants 205 11 164 1 10 73 15% of the portfolio 26 2 27 Coffee 4 356 21%
Slide 3: 2024 Highlights
3 2024 Highlights Solid growth that leads to record sales levels and EBITDA generation Revenues EBITDA EUR 2,556.3m EUR 430.4m +5.1% growth vs last year +13.5% growth vs last year EBIT Dividend payment EUR 118.2m EUR 0.07 per share +14.2% growth vs last year For the first time in AmRest history New
Slide 4: 2024 Guidance review
4 2024 Guidance review 2024 Guidance 2024 Results Revenue +5.1% vs. FY23 High single digit growth Record EUR 2.6bn of revenues EBITDA +13.5% vs. FY23 Double digit growth Margin expanding 1.2 pp to 16.8% CAPEX EUR 194m > EUR 200m CAPEX optimization on track New openings +109 stores Similar level to 2
Slide 5: Strong sales support a steady growth in revenue per store
5 Strong sales support a steady growth in revenue per store FY’24 revenues amounted to EUR 2,556.3 million, up 5.1% compared to FY’23. Steady growth in the number of own restaurants and the sales per unit. Total AmRest sales (EURm) 12 months trailing average sales per equity store + 5.1% 1,450 2,000
Slide 6: Digital capabilities as driver of growth
6 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 665 57% <20% 2019 2020 2021 2022 2023 2024 2019 2023 2024 (Pre-Covid) (Pre-Covid) AmRest Dine in Sales coming from proprie
Slide 7: EBITDA margin expansion
7 EBITDA margin expansion EBITDA amounted to EUR 430.4 million in 2024, up 13.5% compared to 2023. EBITDA margin +1.2pp compared to last year, up to 16.8%. EBITDA [EURm] & EBITDA Margin 16.8% 15.3% 15.6% +13.5% 430 379 326 2022 2023 2024 Russia EBITDA margin excl. Russia EBITDA margin excluding Russ
Slide 8: EBIT margin expansion
8 EBIT margin expansion EBIT amounted to EUR 118.2 million in 2024, Adjusted EBIT amounted to EUR 159.3 million 14.2% increase compared to 2023. in 2024, 20.0% higher than in 2023. EBIT [EURm] & EBIT Margin Adjusted EBIT [EURm] & EBIT Margin 6.2% 5.5% 4.8% 4.6% 6% 210 4.3% 4.3% 4% +20.0% 160 +14.2%
Slide 9: FY´24 restaurant portfolio evolution
9 FY´24 restaurant portfolio evolution Total AmRest stores evolution 109 -37 -15 2,163 2,099 -121 2023 Openings Closures EQ Closures FZ PH France transfer 2024 Including relocation closures and openings.
Slide 10: Strategic portfolio exit
10 Strategic portfolio exit Organic growth and improve capital allocation focus with the transfer of underperformance businesses over the last years. 2024 PH France business transfer as of 31st October ➢ 121 stores (1 equity and 120 sub-franchise) ➢ Q3’24 YTD Non-IFRS EBITDA EUR -1.8m Past strategic
Slide 11: 2025 Guidance
11 2025 Guidance Sales Profitability Revenues EBITDA Margin Mid single digit growth Similar level to 2024 Investments Risk Profile CAPEX Leverage < EUR 200m Low end of company target Restaurants New Openings Similar level to 2024
Slide 12: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 13: FY'24 highlights
13 FY’24 highlights Sales growth € 2,556.3m Sales +5.1% Sales growth 100.9SSS Index € 2,431.6 in 2023 vs. 2023 vs. 2023 EBITDA EBIT € 430.4m +13.5% EBITDA growth 193.9 CapEx EBITDA € 379.2 in 2023 vs. 2023 CapEx 214.9 in 2023 Portfolio 109 Gross openings (97 Eq, 12 Fr) Same store sales – comparable
Slide 14: Q4'24 highlights and current trading
14 Q4’24 highlights and current trading Sales growth € 665.3m Sales +5.8% Sales growth 100.8 SSS Index € 628.9 in Q4´23 vs. Q4´23 vs. Q4´23 EBITDA EBIT € 111.1m +15.5% EBITDA growth 73.4 CapEx EBITDA € 96.2 in Q4’23 vs. Q4’23 CapEx 107.5 in Q4’23 Current 101.6 trading SSS Index YTD as of 24th Februa
Slide 15: Q4'24 Revenue highlights
15 Q4’24 Revenue highlights AmRest strong sales momentum continues. Group's quarterly revenue hit a new all-time high at EUR 665.3 million Quarterly revenue evolution (EURm) Quarterly SSS vs LY 665 101% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2022 202
Slide 16: Q4'24 EBITDA highlights
16 Q4’24 EBITDA highlights The EBITDA margin stood at 16.7%, 1.4 p.p. higher versus Q4’23. In EUR terms 15.5% growth year-on-year. EBITDA [EURm] & EBITDA Margin 17.7% 19.0% 16.7% 15.3% 13.7% 125.3 112.8 111.1 96.2 81.1 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 EBITDA Margin
Slide 17: Q4'24 EBIT highlights
17 Q4’24 EBIT highlights The EBIT margin stood at 5.2%, versus negative one in Q4’23. Excluding SSG Goodwill impairment - adjusted EBIT margin improved by 0.6pp year-on-year. EBIT [EURm] & EBIT Margin Adjusted EBIT [EURm] & Adjusted EBIT Margin 20% 118. 0 15% 98.0 9.1% 9.1% 7.2% 5.2% 10% 78.0 4.6% 5
Slide 18: FY'24 highlights
18 FY’24 highlights Yearly Reporting period FY'24 FY'23 variation Restaurants 2,099 2,163 (64) ❑ Net equity restaurant count increased by 58 Equity restaurants 1,849 1,791 58 units in the last year Franchise restaurants 250 372 (122) Revenue 2,556.3 2,431.6 5.1% ❑ Number of franchise restaurants dec
Slide 19: Portfolio optimization strategy on track
19 Portfolio optimization strategy on track Portfolio optimization 35 47 -12 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2024 Openings Closures Net openings (ex. M&A) Data including relocation closures and openings. Excluding special transactions.
Slide 20: Q4'24 debt and cash evolution
20 Q4’24 debt and cash evolution Prudent balance sheet ➢ Leverage ratio* continues to decrease from 1.84x to 1.82x at the end of 2024. ➢ Liquidity adjusted at efficient levels with the Group´s needs. Net financial debt evolution & cash position 700.0 20.0 616.4 Leverage ratio* monitoring Q4’24 600.0
Slide 21: Q4'24 financial debt profile
21 Q4’24 financial debt profile Financial debt structure and maturity profile ➢ Stable and balanced funding profile Financial debt maturity profile Financial debt maturity profile 68% 6% 3% 26% 74% 13% 13% 94% 97% 6% Short-Term Debt Bank Debt PLN EUR Long-Term Debt Other 2025 2026 2027 2028 Financia
Slide 22: AmRest, a diversified multinational company
22 AmRest, a diversified multinational company Business is distributed between three different segments for analysis purposes. Breakdown of Sales, EBITDA and unit count for FY’24 by segment: Sales by Segment EBITDA by Segment Number of units by Segment 4% 3% 4% 4% 35% 58% 30% 66% 37% 59% CEE WE Chin
Slide 23: Segment breakdown 2024 | CEE
23 Segment breakdown 2024 | CEE 4 1,228 10 Revenues brands restaurants countries EUR 1,484.5m +10.6% vs. FY’23 Quick service restaurants 660 61% of the portfolio 240 EBITDA 25 2 EUR 305.1m 164 Fast casual restaurants 1 10 73 16% of the 26 +14.2% vs. FY’23 portfolio 27 23% of the Coffee +65 EBITDA ma
Slide 24: Segment breakdown | CEE
24 Segment breakdown | CEE ➢ Revenues reached EUR 389.6 million, with YoY growth of 11.5%. ➢ EBITDA at EUR 78.3 million growing at 8.9% YoY and margin reaching 20.1%. CEE sales [EURm] EBITDA [EURm] & EBITDA Margin Store count +11.5% 24.1% 20.6% 20.0% 20.1% 17.5% 390.9 389.6 368.8 349.5 94.2 335.3 78
Slide 25: Segment breakdown 2024 | WE
25 Segment breakdown 2024| WE 5 784 11 Revenues 2024 brands restaurants countries EUR 898.5m Quick service restaurants 5 -0.5% vs. FY’23 29% of 173 portfolio 8 3 EBITDA Fast casual restaurants 205 11 23% of portfolio EUR 135.4m +13.9% vs. FY’23 2 Casual dining restaurants 29% of 356 portfolio 4 EBIT
Slide 26: Segment breakdown | WE
26 Segment breakdown | WE ➢ Revenues reached EUR 230.7 million, a decrease of -1.6% compared to 2023. ➢ EBITDA reached EUR 37.8 million, representing a margin of 16.4%. ➢ Decrease in franchise restaurants due to PH France transfer. Segment sales [EURm] EBITDA [EURm] & EBITDA Margin Store count -1.6%
Slide 27: Segment breakdown 2024 | China
27 Segment breakdown 2024 | China Revenues 2024 1 87 1 brand restaurants country EUR 92.4m -7.6% vs. FY’23 Casual dining restaurants 100% of EBITDA portfolio EUR 18.7m 87 -9.0% vs. FY’23 +8 EBITDA margin FY’24 gross openings 20.2% -0.3pp vs. FY’23
Slide 28: Segment breakdown | China
28 Segment breakdown | China ➢ Revenues reached EUR 23.3 million, showed a modest but promising growth of 3.0% compared to the same period in 2023. ➢ The EBITDA generated amounted to EUR 4.2 million, with +1.4pp margin expansion up to 17.9%. Segment sales [EURm] EBITDA [EURm] & EBITDA Margin Store c
Slide 29: Appendix
de APPENDIX
Slide 30: Restaurant portfolio
30 Restaurant portfolio 2007-2010 2011-2015 2016-YTD New brands Starbucks, Burger King La Tagliatella, Blue Frog Bacoa, Sushi Shop Slovakia, Portugal, Slovenia, New Spain, France, Andorra, Croatia, Austria, Belgium, Switzerland, markets Russia, Bulgaria, Serbia Germany, China, Romania, Luxembourg, U
Slide 31: AmRest footprint
31 AmRest footprint Store count by country 8 2,099 22 brands restaurants countries Total 5 660 173 Poland 383 - 135 15 45 - 82 - 645 15 8 3 240 Czechia 134 - 15 - 33 - 58 - 240 - 25 Hungary 100 - 22 3 39 - 161 3 2 205 11 164 1 73 Romania 10 - 63 - 73 - 10 26 Spain 127 - 68 155 4 - - 2 199 157 2 27 G
Slide 32: Financial statement
32 Financial statement Balance Sheet Note 31 Decem ber 2024 31 Decem ber 2023 Equity Share capital 19 22.0 22.0 Reserves 19 170.8 174.1 Retained earnings 187.0 193.7 Translation reserve 19 -7.2 (4.4) Equity attributable to shareholders of the parent 372.6 385.4 Note 31 Decem ber 2024 31 Decem ber 20
Slide 33: Financial statement
33 Financial statement Segment breakdown Q4’24 3 MONTHS ENDED 3 MONTHS ENDED 31 Decem ber 2024 31 Decem ber 2023 31 Decem ber 2024 31 Decem ber 2023 Amount % of sales Amount % of sales Amount % of sales Amount % of sales Revenue 665.3 100.0% 628.9 100.0% Adjusted EBITDA 113.8 17.1% 99.5 15.8% Poland
Slide 34: Financial statement
34 Financial statement EBITDA bridge 3 MONTHS ENDED 31 Decem ber 2024 31 Decem ber 2023 Amount % of sales Amount % of sales Profit/(loss) for the period 10.5 1.6% (4.8) (0.8%) + Finance costs 22.6 3.4% 14.3 2.3% – Finance income (0.7) (0.1%) (3.5) (0.6%) +/– Income tax expense 2.0 0.3% (6.5) (1.0%)
Slide 35: Financial statement
35 Financial statement P&L YEAR ENDED YEAR ENDED Note 31 Decem ber 2024 31 Decem ber 2023 Note 31 Decem ber 2024 31 Decem ber 2023 Continuing operations Discontinued operations Restaurant sales 5,6 2,397.0 2,265.9 Profit/loss for the period from discontinued operation 30 0.0 6.5 Franchise and other
Slide 36: Restaurant portfolio
36 Restaurant portfolio Shareholder structure** Other Shareholders, PTE Allianz Polska SA, 18.43% Listing details 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 37: Glossary
37 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 (Star
Slide 38: 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