Amrest Holdings Se · GPW:EAT
Amrest — Q2 2026 Earnings Presentation
34 slides from Amrest's earnings presentation, Sep 4, 2026
Slide 1: Investors Presentation Q2'26 results presentation
Investors Presentation Q2’26 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 2,133 22 48% of the brands restaurants countries portfolio AmRest is a leading Fast casual restaurants European listed 17% of the 4 restaurant operator, 694 portfolio 177 master franchiser 6 3 249 and operator of 28 Ca
Slide 3: H1 2026 Highlights: Financial performance dashboard
3 H1 2026 Highlights Financial performance dashboard Revenues New restaurants EUR 1,230.6m ** -0.7% vs. last year excluding disposals* +85 openings in the last 12 months +29 openings in H1´26 EBITDA EUR 177.7m Leverage 14.4% EBITDA margin / € 78.6m EBITDA Non-IFRS16 2.5x Prudent financial profile Po
Slide 4: Current trading confirming underlying growth
4 Current trading confirming underlying growth Revenues (exc. SCM subsidiaries) (EURm) EBITDA (EURm) and EBITDA Margin - 0.7% 15.0% 14.4% H1'25 H1'26 H1'25 H1'26 SCM ❑ Sales for H1’26 at Group level at EUR 1,230.6 million, 2.5% ❑ For H1’26, EBITDA at EUR 177.7 million, compared with EUR decrease com
Slide 5: H1 2026 Highlights: Strategic performance dashboard
5 H1 2026 Highlights Strategic performance dashboard Positive free cash flow evolution Novation agreement Supported by better cash generation and less intensive the extension of the Group’s syndicated financing increased investment effort. the Group´s financial flexibility. More selective approach t
Slide 6: Positive Free Cash Flow evolution
6 Positive Free Cash Flow evolution Improvement in Free Cash Flow generation is accelerating. (1) FCF generation (EURm) H1’26 H1’25 Operating CF excl. lease payments 81.3 60.3 Cash from investing activities 55.7 86.5 (1) Free Cash Flow 25.6 -26.2 H1'24 H1'25 H1'26 +51.8m EUR FCF excl. leases Investi
Slide 7: More selective approach to capital allocation
7 More selective approach to capital allocation ❑ CapEx reduction reflected a more selective approach to capital allocation. ❑ Equity opening path remained broadly stable. AmRest CapEx as % of total TTM sales* TTM Gross **new equity openings and renovations 10% 300 250 200 5% 150 100 50 0% 0 Q4 Q1 Q
Slide 8: Novation agreement
8 Novation agreement Strengthening the financing profile by extending maturity and reducing funding costs with the new bank agreement. Novation agreement - KEY AMENDMENTS Enhanced liquidity Additional funding Longer repayment Extended maturity Lower financing cost Updated covenant flexibility profil
Slide 9: Brand portfolio expansion
9 Brand portfolio expansion The introduction of Taco Bell in our portfolio offers a meaningful growth opportunity, leveraging the Group’s extensive operational experience and infrastructure. 3,500 3,000 Total Nº restaurants 2,318 2,414 2,313 2,163 2,099 2,139 2,133 2,500 2,139 2,133 2,036 2,099 1,92
Slide 10: Committed to providing exceptional products and services to our clients
10 Committed to providing exceptional products and services to our clients Balanced growth through Accelerating beverage Chef collaboration innovation, value and cultural performance and customer strengthens brand relevance engagement relevance
Slide 11: Committed to providing exceptional products and services to our clients
11 Committed to providing exceptional products and services to our clients The Adrien Cachot Effect: Driving relevance More reasons to choose May the force be with you Driving Recovery and Growth through innovation the Pizza Hut (and BK)
Slide 12: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 13: Q2'26 highlights
13 Q2’26 highlights Sales growth € 641.9m Flat 98.0 Sales Sales vs. Q2’25 SSS Index € 641.7m in Q2’25 vs. Q2’25 Profitability € 100.9m € 22.3m € 3.9m EBITDA EBIT Net profit € 50.6m EBITDA Non-IFRS16 3.5% margin € 7.8m in Q2’25 Portfolio CapEx 17 Gross openings € 24.1m CAPEX (13 Eq, 4 Fr) € 38.8m in
Slide 14: Q2'26 Revenue highlights
14 Q2’26 Revenue highlights Group sales stabilized during the quarter and the gap versus last year narrowed. Quarterly revenue evolution (EURm) Quarterly SSS vs LY 641.9 98.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 2023 2024 2025 2026
Slide 15: EBITDA and EBIT margin evolution
15 EBITDA and EBIT margin evolution EBITDA amounted to EUR 100.9 million in Q2’26. Q2’26 delivered EBIT of EUR 22.3m EBITDA [EURm] & EBITDA Margin EBIT [EURm] & EBIT Margin 18.3% 16.8% 5.4% 15.7% 3.5% 112.8 0.8% 107.7 100.9 34.4 22.3 4.9 Q2'24 Q2'25 Q2'26 Q2'24 Q2'25 Q2'26 Margin Margin
Slide 16: EBITDA value
16 EBITDA value Underlying business demostrated resilience despite the impact of disposals and operating cost pressures *Other: Royalties, Franchise and other expenses, Other operating income/expenses and SCM effect.
Slide 17: Q2'26 P&L highlights
17 Q2’26 P&L highlights Variation Reporting period Q2'26 Q2'25 ❑ Net cash from operating activities increased EURm by EUR 17.5m,+16.5% vs Q2’25. Net Operating CF 123.5 106.0 17.5 Net Investment CF (23.7) (38.9) 15.2 ❑ Investing cash outflows decreased by EUR 15.2 million. Reporting period Q2'26 Q2'2
Slide 18: Q2'26 debt and cash evolution
18 Q2’26 debt and cash evolution ❑ Leverage ratio(1) at prudent leverage. ❑ Efficient liquidity position, in line with the Group´s needs. (2) Net financial debt evolution & cash position 700 .0 616.4 9.0 Liquidity and leverage 600 .0 518.3 505.1 7.0 468.3 161.7 500 .0 5.0 Cash (EURm) 400 .0 3.0 (3)
Slide 19: AmRest, a diversified multinational company
19 AmRest, a diversified multinational company Business is distributed between three different geographical segments for analysis purposes. Breakdown of Sales, EBITDA and unit count for Q2’26 by segment: Sales by segment EBITDA by segment Number of units by segment 3% 4% 4% 34% 28% 36% 60% 63% 68% C
Slide 20: Q2'26 segment breakdown | CEE
20 Q2’26 segment breakdown | CEE 4 1,292 10 brands restaurants countries Revenues EUR 406.9m +1.8% vs. Q2’25 Quick service restaurants 694 62% of the portfolio 249 28 EBITDA EUR 76.4m 2 173 Fast casual restaurants 1 15 73 -3.2% vs. Q2’25 15% of the 31 portfolio 18.8% margin 26 -1.0 p.p. vs. Q2’25 Co
Slide 21: Q2'26 segment breakdown | CEE
21 Q2’26 segment breakdown | CEE ❑ Revenues reached EUR 406.9 million in Q2’26, up 1.8% YoY. ❑ EBITDA at EUR 76.4 million, representing a margin of 18.8%. CEE sales [EURm] EBITDA [EURm] & EBITDA Margin Store count 1.8% 19.8% 20.4% 19.9% 18.8% 16.2% 421.4 399.5 406.9 394.2 365.1 86.1 78.9 78.4 76.4 1
Slide 22: Q2'26 segment breakdown | WE
22 Q2’26 segment breakdown | WE 5 759 11 brands restaurants countries Revenues Quick service restaurants EUR 212.5m 4 29% of -3.2% vs. Q2’25 177 portfolio 6 3 EBITDA Casual dining restaurants 29% of 185 11 EUR 30.8m portfolio -8.7% vs. Q2’25 2 14.5% margin Fast casual restaurants -0.9 p.p. vs. Q2’25
Slide 23: Q2'26 segment breakdown | WE
23 Q2’26 segment breakdown | WE ❑ Revenues reached EUR 212.5 million, a decrease of 3.2% compared to Q2’25. ❑ EBITDA reached EUR 30.8 million, representing a margin of 14.5% Segment sales [EURm] EBITDA [EURm] & EBITDA Margin Store count -3.2% 15.3% 14.7% 15.1% 14.5% 12.2% 219.6 219.2 221.2 212.5 33.
Slide 24: Q2'26 segment breakdown | China
24 Q2’26 segment breakdown | China 1 82 1 brand restaurants country Revenues EUR 22.5m -0.8% vs. Q2’25 Casual dining restaurants 100% of EBITDA portfolio EUR 4.4m 82 -14.0% vs. Q2’25 19.8% margin -3.0 p.p. vs. Q2’25
Slide 25: Q2'26 segment breakdown | China
25 Q2’26 segment breakdown | China ❑ Revenues reached EUR 22.5 million, representing a 0.8% decrease compared to the same period in 2025. ❑ The EBITDA generated amount to EUR 4.4 million, representing a margin 19.8%. Segment sales [EURm] EBITDA [EURm] & EBITDA Margin Store count -0.8% 22.6 22.8% 22.
Slide 26: Appendix
de APPENDIX
Slide 27: AmRest footprint
27 AmRest footprint Store count by country 8 2,133 22 brands restaurants countries Country Total 4 694 Poland 407 - 131 16 44 - 96 - - - - - - - - - 678 16 177 6 3 249 Czechia 140 - 15 - 33 - 61 - - - - - - - - - 249 - 28 Hungary 106 - 22 7 - - 38 - - - - - - - - - 166 7 2 185 11 173 1 73 Romania -
Slide 28: Financial statement: Balance Sheet
28 Financial statement Balance Sheet Note 30 June 2026 31 Decem ber 2025 Equity Share capital 16 22.0 22.0 Reserves 16 163.5 162.3 Retained earnings 174.3 188.1 Translation reserve 16 4.5 (1.0) Equity attributable to shareholders of the parent 364.3 371.4 Note 30 June 2026 31 Decem ber 2025 Non-cont
Slide 29: Financial statement: Segment breakdown
29 Financial statement Segment breakdown 3 MONTHS ENDED 3 MONTHS ENDED 30 June 2026 30 June 2025 30 June 2026 30 June 2025 Amount % of sales Amount % of sales Amount % of sales Amount % of sales Revenue 641.9 100.0% 641.7 100.0% Adjusted EBITDA* 101.8 15.9% 108.7 16.9% Poland 217.9 33.9% 209.4 32.6%
Slide 30: Financial statement: EBITDA bridge
30 Financial statement EBITDA bridge 3 MONTHS ENDED 30 June 2026 30 June 2025 Amount % of sales Amount % of sales Profit/(loss) for the period 3.9 0.6% 7.8 1.2% + Finance costs 18.5 2.9% 21.2 3.3% – Finance income (2.0) (0.3%) 0.9 0.1% +/– Income tax expense 1.9 0.3% 4.6 0.7% + Depreciation and Amor
Slide 31: Financial statement: P&L
31 Financial statement P&L 6 MONTHS ENDED Note 30 June 2026 30 June 2025 Restaurant sales 1,198.6 1,206.2 Franchise and other sales 32.0 55.7 Total revenue 4 1,230.6 1,261.9 Restaurant expenses: Food and merchandise 5 (324.4) (330.7) Payroll and other employee benefits 5 (323.8) (313.2) Royalties 5
Slide 32: Shareholder structure and listing details
32 Restaurant portfolio Shareholder structure* Other Shareholders, 23.32% Listing details Warsaw (since 2005) Listing venues: Madrid (since 2018) PTE Allianz Polska SA**; 4.34% ISIN: ES010537500 FCapital Dutch S.L.***, 67.05% Shares issued: 219.6m FYNVEUR S.C.A., 5.29% *Last update as of 30 June 202
Slide 33: Glossary
33 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 34: 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