Amrest Holdings Se · GPW:EAT
Amrest — Q4 2025 Earnings Presentation
32 slides from Amrest's earnings presentation, Feb 27, 2026
Slide 1: Investors Presentation
Investors Presentation Full Year 2025 and Q4’25 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 2,139 22 47% of the brands restaurants countries portfolio AmRest is a leading Fast casual restaurants European listed 17% of the 5 restaurant operator, 692 portfolio 181 master franchiser 6 3 247 and operator of 26 Ca
Slide 3: 2025 Highlights
3 2025 Highlights The resilience of our business model and the discipline of our execution lead to... Revenues New restaurants EUR 2,558.1m +2.4% excluding revenues of businesses deconsolidated +92 gross openings ** during the year* +213 renovations EBITDA margin 15.9% Leverage Regional divergence –
Slide 4: 2025 Guidance Revision
4 2025 Guidance Revision 2025 Guidance 2025 Results +2.4% Core markets performance overcame Revenues Low- mid single digit vs. FY24* other regions challenges Cost of sales and labour pressure EBITDA margin Similar level to Q3’25 YTD 15.9% impacted margin EUR EUR 36m CAPEX reduction vs 2024, CAPEX <
Slide 5: 2026 Guidance
5 2026 Guidance 2026 Guidance Revenues Mid single digit growth EBITDA EURm Mid single digit growth Strong growth in free cash flow FCF EURm generation New openings Similar level to 2025 Leverage Low end of company target
Slide 6: Mid-Term Guidance
6 Mid-Term Guidance Mid-Term Outlook: Sales growth, Margin expansion and strong Cash generation. EBITDA Between 2-3 p.p. of margin Revenues High single digit growth Margin recovery Free cash Portfolio New brands incorporation Strong increase in FCF generation flow
Slide 7: Digital Transformation
7 Digital Transformation Accelerating Digital Transformation to Drive Efficiency, Engagement & Growth. Supporting almost all employees in Customer central services and advancing in the AI Agents Care Unified platform across all channels. processes used in restaurants. Digital Business Strengthen dat
Slide 8: Driving Traffic Through Smarter Analytics
8 Driving Traffic Through Smarter Analytics Leveraging analytics to shape menus that attract more customers and deliver stronger financial performance. Advanced, analytics-based, price clustering tailored to local demand and competition Pricing landscape. Simplified menu powered by analytics to stre
Slide 9: Restaurant Portfolio
9 Restaurant Portfolio 3,500 3,500 Underlying restaurant growth combined with strategic adjustments on non-performing business. 3,000 3,000 Total Nº 2,139 2,318 2,414 2,313 2,163 2,099 restaurants 2,500 2,500 2,099 2,139 1,961 2,036 Strategic adjustments / Non-performing 1,921 2,000 1,846 2,000busin
Slide 10: AmRest Sustainability Strategy
10 AmRest Sustainability Strategy Our sustainability agenda remains integral to how we build long term value. Our Food Our People Our environment ❑ Food safety ❑ Working conditions ❑ Circular economy ❑ Nutrition ❑ Equal treatment and ❑ Climate change opportunities for all Food Supply 5th edition of
Slide 11: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 12: FY'25 highlights
12 FY’25 highlights Sales growth € 2,558.1m +2.4% 99.5 Sales Sales growth excl. SCM SSS Index € 2,556.3m in 2024 disposal* vs. 2024 vs. 2024 Profitability € 406.8m € 115.8m € 18.2m EBITDA EBIT Net profit € 217.3m EBITDA Non-IFRS16 4.5% margin +35% growth vs 2024 Portfolio CapEx 92 Gross openings € 1
Slide 13: Q4'25 highlights
13 Q4’25 highlights Sales growth € 635.7m -1.2% 96.0 Sales Sales growth excl. SCM SSS Index € 665.3m in Q4´24 disposal* vs. Q4´24 vs. Q4´24 Profitability € 106.2m € 57.6m € 26.0m EBITDA EBITDA Non-IFRS16 EBIT 16.7% margin 9.1% margin 4.1% margin Cash flow € 109.0m € 45.8m Operating cash flow Investi
Slide 14: Digital capabilities as driver of growth
14 Digital capabilities as driver of growth Digital channels continue to gain traction and have become a primary route of sales for the Group. Total AmRest & dine-in sales* evolution (EURm) Digital sales** 636 62% 57% 51% <20% 2019 2020 2021 2022 2023 2024 2025 2019 2023 2024 2025 (Pre-Covid) (Pre-C
Slide 15: EBITDA and EBIT margin evolution
15 EBITDA and EBIT margin evolution EBITDA amounted to EUR 106.2 million in Q4’25. Q4’25 delivered EBIT of EUR 26.0m and a 4.1% margin, excluding business disposed during the year 7.9% increase would be reported. EBITDA [EURm] & EBITDA Margin EBIT [EURm] & EBIT Margin 16.7% 16.8% 16.8% 16.7% 6.4% 5.
Slide 16: Q4'25 debt and cash evolution
16 Q4’25 debt and cash evolution ❑ Leverage ratio* at the low end of the internal target range defined. ❑ Efficient liquidity position, in line with the Group´s needs. Net financial debt** evolution & cash position 700.0 616.4 9.0 600.0 Liquidity and leverage 518.3 7.0 500.0 468.3 425.4 397.4 5.0 Ca
Slide 17: AmRest, a diversified multinational company
17 AmRest, a diversified multinational company Business is distributed between three different geographical segments for analysis purposes. Breakdown of Sales, EBITDA and unit count for Q4’25 by segment: Sales by segment EBITDA by segment Number of units by segment 3% 3% 4% 35% 29% 36% 62% 68% 60% C
Slide 18: Q4'25 segment breakdown | CEE
18 Q4’25 segment breakdown | CEE 4 1,283 10 brands restaurants countries Revenues EUR 394.2m +1.2% vs. Q4’24 Quick service restaurants 692 62% of the portfolio 247 26 EBITDA EUR 78.4m 2 172 Fast casual restaurants 1 13 73 +0.1% vs. Q4’24 15% of the 30 portfolio 19.9% margin 27 -0.2 p.p. vs. Q4’24 23
Slide 19: Q4'25 segment breakdown | CEE
19 Q4’25 segment breakdown | CEE ❑ Revenues reached EUR 394.2 million in Q4’25, up 1.2% YoY. ❑ EBITDA at EUR 78.4 million, with margin at 19.9%, broadly in line with prior year. CEE sales [EURm] EBITDA [EURm] & EBITDA Margin Store count +1.2% 20.1% 19.8% 20.4% 19.9% 17.0% 421.4 389.6 399.5 394.2 366
Slide 20: Q4'25 segment breakdown | WE
20 Q4’25 segment breakdown | WE 5 771 11 brands restaurants countries Revenues Quick service restaurants EUR 221.2m 5 29% of -4.1% vs. Q4’24 181 portfolio 6 3 EBITDA Casual dining restaurants 29% of 190 11 EUR 33.5m portfolio -11.6% vs. Q4’24 2 15.1% margin Fast casual restaurants -1.3 p.p. vs. Q4’2
Slide 21: Q4'25 segment breakdown | WE
21 Q4’25 segment breakdown | WE ❑ Revenues reached EUR 221.2 million, a decrease of -4.1% compared to Q4’24. ❑ EBITDA reached EUR 33.5 million, representing a margin of 15.1% WE sales [EURm] EBITDA [EURm] & EBITDA Margin Store count -4.1% 16.4% 14.1% 15.3% 14.7% 15.1% 230.7 219.6 219.2 221.2 209.5 3
Slide 22: Q4'25 segment breakdown | China
22 Q4’25 segment breakdown | China 1 85 1 brand restaurants country Revenues EUR 20.3m -13.4% vs. Q4’24 Casual dining restaurants 100% of EBITDA portfolio EUR 3.7m 85 -11.5% vs. Q4’24 18.3% margin +0.4 p.p. vs. Q4’24
Slide 23: Q4'25 segment breakdown | China
23 Q4’25 segment breakdown | China ❑ Revenues reached EUR 20.3 million, representing a 13.4% decrease compared to the same period in 2024. ❑ The EBITDA generated amount to EUR 3.7 million, representing a margin 18.3%. China sales [EURm] EBITDA [EURm] & EBITDA Margin Store count -13.4% 22.8% 17.9% 18
Slide 24: Appendix
de APPENDIX
Slide 25: AmRest footprint
25 AmRest footprint Store count by country 8 2,139 22 brands restaurants countries 5 692 Total 181 6 Poland 404 - 135 15 44 - 94 - 677 15 3 247 Czechia 139 - 15 - 33 - 60 - 247 - 26 2 Hungary 106 - 22 5 - - 39 - 167 5 190 11 172 1 73 13 Romania 10 - 63 - 73 - 30 Spain 129 - 65 153 4 - - 2 198 155 2
Slide 26: Financial statement
26 Financial statement Balance Sheet Note 31 Decem ber 2025 31 Decem ber 2024 Equity Share capital 20 22.0 22.0 Reserves 20 162.3 170.8 Retained earnings 188.1 187.0 Translation reserve 20 (1.0) (7.2) Equity attributable to shareholders of the parent 371.4 372.6 Note 31 Decem ber 2025 31 Decem ber 2
Slide 27: Financial statement
27 Financial statement Segment breakdown 3 MONTHS ENDED 3 MONTHS ENDED 31 Decem ber 2025 31 Decem ber 2024 31 Decem ber 2025 31 Decem ber 2024 Amount % of sales Amount % of sales Amount % of sales Amount % of sales Revenue 635.7 100.0% 665.3 100.0% Adjusted EBITDA* 108.3 17.0% 113.8 17.1% Poland 212
Slide 28: Financial statement
28 Financial statement EBITDA bridge 3 MONTHS ENDED 31 Decem ber 2025 31 Decem ber 2024 Amount % of sales Amount % of sales Profit/(loss) for the period 3.3 0.5% 10.5 1.6% + Finance costs 21.7 3.4% 22.6 3.4% – Finance income (2.4) (0.4%) (0.7) (0.1%) +/– Income tax expense 3.6 0.6% 2.0 0.3% + Deprec
Slide 29: Financial statement
29 Financial statement P&L YEAR ENDED Note 31 Decem ber 2025 31 Decem ber 2024 Restaurant sales 2,466.4 2,397.0 Franchise and other sales 91.7 159.3 Total revenue 5,7 2,558.1 2,556.3 Restaurant expenses: Food and merchandise 8 (677.0) (656.3) Payroll and other employee benefits 8 (635.3) (606.4) Roy
Slide 30: Restaurant portfolio
30 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 31: Glossary
31 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 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