Amrest Holdings SeGPW: EAT

Other relevant information - La sociedad remite información financiera del primer semestre de 2026 (Half-yearly financial reports and audit reports/limited audit review) - Semi-annual report in english

Sep 3, 2026 at 5:54 PM UTC · Issued by AmRest Holdings SE

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AmRest Group Condensed consolidated interim report H1 2026

Report on limited review of condensed consolidated interim financial statements

To the shareholders of AmRest Holdings, SE

Introduction

We have performed a limited review of the accompanying condensed consolidated interim financial statements (hereinafter, the interim financial statements) of AmRest Holdings, SE (hereinafter, the Parent company) and its subsidiaries (hereinafter, the Group), which comprise the statement of financial position as at 30 June 2026, and the income statement, statement of comprehensive income, statement of changes in equity, statement of cash flows and re/ated notes, all condensea and consolidated, for the period of six months then ended. The Parent company's directors are responsible for the preparation of these interim financial statements in accordance with the requirements of International Accounting Standard (IAS) 34, Interim Financial Reporting, as adopted by the European Union, for the preparation of condensed interim financial statements, as provided in Article 12 of Royal Decree 1362/2007. Our responsibility is to express a conclusion on these interim financial statements based on our limited review.

Scope of review

Wa conducted our limited review in accordance with Internationa) Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A limited review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A limited review is substantially less in scope than an audit conducted in accordance with legislation governing the audit practice in Spain and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on these interim financial statements.

Conclusion

Based on our limited review, that cannot be considered as an audit, nothing has come to our attention that causes us to believe that the accompanying interim financial statements for the period of six months ended 30 June 2026 have not been prepared, in all material respects, in accordance with the requirements of International Accounting Standard (IAS) 34, Interim Financial Reporting, as adopted by the European Union, as provided in Article 12 of Royal Decree 1362/2007, for the preparation of condensed interim financial statements.

Emphasis of matter

We draw attention to note 3 to the interim financial statements, in which it is mentioned that these interim financial statements do not include all the information required in a complete set of consolidated financial statements prepared in accordance with International Financial Reporting Standards, as adopted by the European Union, and therefore the accompanying interim financial statements should be read together with the consolidated financial statements of the Group for the year ended

31 December 2025. Our conclusion is not modified in respect of this matter.

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Other matters

Consolidated interim directors' report

The accompanying consolidated interim directors' report for the period of six months ended

30 June 2026 contains the explanations which the Parent company's directors consider appropriate regarding the principal events of tnis period and their impact on the interim financial statements presented, of which it does not form part, as well as the information required under tne provisions of Article 15 of Royal Decree 1362/2007. We have verified that the accounting information contained in this directors' report is in agreement with that of the interim financial statements for the period of six months ended 30 June 2026. Our work as auditors is limited to checking the consolidated interim directors' report in accordance with the scope mentioned in this paragraph and does not include a review of information other than that obtained from AmRest Holdings, SE and its subsidiaries' accounting records.

Preparation of this review report

This report ha been prepared at the request of the Board of Directors in relation to the publication of the half-yearly fin ncial report required by Article 100 of Law 6/2023, of March 17, on Securities Markets and Investment S rvices.

Pricewaterho seCoopers Auditores, S.L.

IN5T)TUTO DE CENSDRES jURADOS DE CUENTAS

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Esteban Cobo Vatlés 3 September 2026

PRICEWATSRHOUSECOOPERS AUDITORES. S L.

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AmRest Holdings, SE and its subsidiaries

Condensed Consolidated Interim Financial Statements

for the period of 6 months ended 30 June 2026

AmRest Group

2 September 2026

AMREST GROUP Condensed Consolidated Interim Financial Statements

for the period of 6 months ended 30 June 2026

Contents

Condensed consolidated interim income statement for the period of 6 months ended 30 June 2026 ............................................................ 5

Condensed consolidated interim statement of comprehensive income for the period of 6 months ended 30 June 2026............................ 6

Condensed consolidated interim statement of financial position as of 30 June 2026 ........................................................................................ 7

Condensed consolidated interim statement of cash flows for the period of 6 months ended 30 June 2026.................................................. 8

Condensed consolidated interim statement of changes in equity for the period of 6 months ended 30 June 2026...................................... 9

Notes to the Condensed Consolidated Interim Financial Statements................................................................................................................... 10

General information on AmRest Group ......................................................................................................................................................... 10
Group Structure ................................................................................................................................................................................................ 11
Basis of preparation ........................................................................................................................................................................................ 12
Segment reporting ............................................................................................................................................................................................ 12
Operating costs and losses............................................................................................................................................................................. 14
Other operating income and expenses ......................................................................................................................................................... 14
Finance income and costs............................................................................................................................................................................... 15
Income taxes ..................................................................................................................................................................................................... 15
Property, plant and equipment........................................................................................................................................................................ 17
Leases.............................................................................................................................................................................................................. 17
Intangible assets ............................................................................................................................................................................................. 18
Goodwill............................................................................................................................................................................................................ 19
Net impairment of non-financial assets....................................................................................................................................................... 20
Trade and other receivables ......................................................................................................................................................................... 22
Cash and cash equivalents........................................................................................................................................................................... 23
Equity................................................................................................................................................................................................................ 23
Share-based payments.................................................................................................................................................................................. 25
Loans and borrowings.................................................................................................................................................................................... 26
Trade payables and other liabilities ............................................................................................................................................................ 28
Financial instruments..................................................................................................................................................................................... 28
Future commitments and contingent liabilities........................................................................................................................................... 28
Transactions with related entities................................................................................................................................................................. 29
Subsequent events......................................................................................................................................................................................... 30

Signatures of the Board of Directors .................................................................................................................................................................... 31

(all figures in EUR millions unless stated otherwise)

‌Condensed consolidated interim income statement for the period of 6 months ended 30 June 2026

Note		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	(61.5)	(61.4)
Occupancy, depreciation and other operating expenses	5	(386.8)	(375.7)
Franchise and other expenses	5	(21.2)	(41.7)
Gross profit/(loss)		112.9	139.2
General and administrative expenses	5	(89.3)	(92.1)
Net impairment losses on financial assets		0.4	0.9
Net impairment losses on non-financial assets	13	(5.6)	(4.3)
Other operating income and expenses	6	9.4	3.8
Profit/(loss) from operations		27.8	47.5
Finance income	7	2.2	3.2
Finance costs	7	(42.8)	(41.9)
Profit/(loss) before tax		(12.8)	8.8
Income tax expense	8	(0.6)	(9.7)
Profit/(loss) for the period		(13.4)	(0.9)

Profit/(loss) for the period		(13.4)	(0.9)
Attributable to:
Shareholders of the parent		(13.8)	(2.2)
Non-controlling interests		0.4	1.3

	6 MONTHS ENDED
	30 June 2026	30 June 2025
Basic earnings per ordinary share in EUR	(0.06)	(0.01)
Diluted earnings per ordinary share in EUR	(0.06)	(0.01)

The above condensed consolidated interim income statement should be read in conjunction with the accompanying notes.

AMREST GROUP Condensed Consolidated Interim Financial Statements

for the period of 6 months ended 30 June 2026 5

(all figures in EUR millions unless stated otherwise)

‌Condensed consolidated interim statement of comprehensive income for the period of 6 months ended 30 June 2026

Note	6 MONTHS ENDED
Note	30 June 2026	30 June 2025
Profit/(loss) for the period	(13.4)	(0.9)
Other comprehensive income/(loss)
Exchange differences reclassified on loss of control 6	-	4.3
Exchange differences on translation of foreign operations	5.7	(2.1)
Net investment hedges 16	(0.6)	0.3
Other comprehensive income/(loss) for the period	5.1	2.5
Total comprehensive income/(loss) for the period	(8.3)	1.6
Attributable to:
Shareholders of the parent	(8.9)	-
Non-controlling interests	0.6	1.6

The above condensed consolidated interim statement of comprehensive income should be read in conjunction with the accompanying notes.

AMREST GROUP Condensed Consolidated Interim Financial Statements

for the period of 6 months ended 30 June 2026 6

(all figures in EUR millions unless stated otherwise)

‌Condensed consolidated interim statement of financial position as of 30 June 2026

Note		30 June 2026	31 December 2025
Assets
Property, plant and equipment	9	660.9	683.6
Right-of-use assets	10	871.2	881.7
Goodwill	12	212.5	211.1
Intangible assets	11	238.0	240.4
Investment properties		2.8	2.9
Other non-current assets		23.3	23.7
Deferred tax assets	8	70.6	61.1
Total non-current assets		2,079.3	2,104.5
Inventories		33.4	34.0
Trade and other receivables	14, 20	55.0	58.4
Income tax receivables		9.2	9.5
Other current assets		12.5	9.5
Cash and cash equivalents	15 ,20	161.7	145.6
Total current assets		271.8	257.0
Total assets		2,351.1	2,361.5
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
Non-controlling interests		7.1	6.5
Total equity		371.4	377.9
Liabilities
Loans and borrowings	18, 20	571.3	557.1
Lease liabilities	10, 20	755.6	769.2
Provisions		17.1	17.4
Deferred tax liability	8	36.9	38.7
Other non-current liabilities and employee benefits	19	8.2	8.1
Total non-current liabilities		1,389.1	1,390.5
Loans and borrowings	18, 20	91.6	102.1
Lease liabilities	10, 20	194.0	193.7
Provisions		5.8	6.5
Trade payables and other liabilities	19, 20	289.7	286.2
Income tax liabilities		9.5	4.6
Total current liabilities		590.6	593.1
Total liabilities		1,979.7	1,983.6
Total equity and liabilities		2,351.1	2,361.5

The above condensed consolidated interim statement of financial position should be read in conjunction with the accompanying notes.

AMREST GROUP Condensed Consolidated Interim Financial Statements

for the period of 6 months ended 30 June 2026 7

(all figures in EUR millions unless stated otherwise)

‌Condensed consolidated interim statement of cash flows for the period of 6 months ended 30 June 2026

Note		6 MONTHS ENDED
Note		30 June 2026	30 June 2025
Cash flows from operating activities
Profit/(loss) for the period		(13.4)	(0.9)
Adjustments for:
Amortisation and depreciation	5	144.7	138.5
Net interest expense	7	41.2	41.1
Foreign exchange result	7	(0.5)	(2.4)
Result on disposal of property, plant and equipment and intangibles		(0.6)	(2.9)
Result on disposal of business	6	-	5.0
Impairment of non-financial assets	4, 13	5.6	4.3
Share-based payments	17	2.4	3.5
Tax expense	8	0.6	9.7
Other		(0.5)	(0.9)
Working capital changes:	15
Change in trade and other receivables and other assets		1.4	8.6
Change in inventories		0.8	(0.2)
Change in payables and other liabilities		9.5	(28.6)
Change in provisions and employee benefits		1.3	(0.8)
Cash generated from operations		192.5	174.0
Income tax paid		(6.4)	(14.9)
Net cash from operating activities		186.1	159.1
Cash flows from investing activities
Net cash outflows on sale of the business	6	-	(5.6)
Proceeds from the sale of property, plant and equipment, and intangible assets		0.4	0.3
Purchase of property, plant and equipment		(52.7)	(76.9)
Purchase of intangible assets	11	(3.4)	(4.3)
Net cash from investing activities		(55.7)	(86.5)
Cash flows from financing activities
Purchase of treasury shares	16	-	(5.1)
Proceeds from loans and borrowings	18	71.7	65.2
Repayment of loans and borrowings	18	(66.3)	(35.9)
Payments of lease liabilities including interests paid	10	(104.8)	(98.8)
Interest paid	18	(17.8)	(18.4)
Interest received	7	1.6	0.8
Dividends paid to non-controlling interest	16	-	(0.2)
Net cash from financing activities		(115.6)	(92.4)
Net change in cash and cash equivalents		14.8	(19.8)
Effect of foreign exchange rate movements		1.3	(0.9)
Balance sheet change of cash and cash equivalents		16.1	(20.7)
Cash and cash equivalents, beginning of period		145.6	139.6
Cash and cash equivalents presented as assets classified as assets held for sale, beginning of period		-	13.4
Total cash and cash equivalents, beginning of period		145.6	153.0
Total cash and cash equivalents, end of period		161.7	132.3

The above condensed consolidated interim statement of cash flows should be read in conjunction with the accompanying notes.

AMREST GROUP Condensed Consolidated Interim Financial Statements

for the period of 6 months ended 30 June 2026 8

(all figures in EUR millions unless stated otherwise)

‌Condensed consolidated interim statement of changes in equity for the period of 6 months ended 30 June 2026

Note		ATTRIBUTABLE TO THE SHAREHOLDERS OF THE PARENT
Note		Share capital	Reserves	Retained earnings	Translation reserve	Total	Non-controlling interest	Total equity
As of 1 January 2026		22.0	162.3	188.1	(1.0)	371.4	6.5	377.9
Profit/(loss) for the period		-	-	(13.8)	-	(13.8)	0.4	(13.4)
Other comprehensive income/(loss)	16	-	(0.6)	-	5.5	4.9	0.2	5.1
Total comprehensive income/(loss)		-	(0.6)	(13.8)	5.5	(8.9)	0.6	(8.3)
Share-based payments	16	-	1.8	-	-	1.8	-	1.8
As of 30 June 2026		22.0	163.5	174.3	4.5	364.3	7.1	371.4

Note		ATTRIBUTABLE TO THE SHAREHOLDERS OF THE PARENT
Note		Share capital	Reserves	Retained earnings	Translation reserve	Total	Non-controlling interest	Total equity
As of 1 January 2025		22.0	170.8	187.0	(7.2)	372.6	15.8	388.4
Profit/(loss) for the period		-	-	(2.2)	-	(2.2)	1.3	(0.9)
Other comprehensive income/(loss)	16	-	0.3	-	1.9	2.2	0.3	2.5
Total comprehensive income/(loss)		-	0.3	(2.2)	1.9	-	1.6	1.6
Loss of control	6	-	-	-	-	-	(11.1)	(11.1)
Dividends to non-controlling interests	16	-	-	-	-	-	(0.2)	(0.2)
Purchases of treasury shares	16	-	(5.1)	-	-	(5.1)	-	(5.1)
Share-based payments	16	-	2.8	-	-	2.8	-	2.8
As of 30 June 2025		22.0	168.8	184.8	(5.3)	370.3	6.1	376.4

The above condensed consolidated interim statement of changes in equity should be read in conjunction with the accompanying notes.

AMREST GROUP Condensed Consolidated Interim Financial Statements

for the period of 6 months ended 30 June 2026

(all figures in EUR millions unless stated otherwise)

‌Notes to the Condensed Consolidated Interim Financial Statements

‌General information on AmRest Group

AmRest Holdings SE ("The Company", "AmRest") was incorporated in the Netherlands in October 2000. Since 2008 the Company operates as European Company (Societas Europaea, SE). The Company is domiciled in Spain.

The Company's registered office is located at Paseo de la Castellana 163, 28046 Madrid, Spain as of 30 June 2026 and has not changed during the reporting period.

Hereinafter the Company and its subsidiaries shall be referred to as the "Group" or "AmRest Group".

The shares of AmRest Holdings SE are listed in the Warsaw Stock Exchange ("WSE") and in all four Spanish stock exchanges through the Spanish Automated Quotation System (Sistema de Interconexión Bursátil - SIBE).

The Group is one of the largest independent restaurant chain operators in Central and Eastern Europe. The Group is also conducting its operations in Western Europe and China. The Group's principal place of business is Europe.

The Group operates Kentucky Fried Chicken ("KFC"), Pizza Hut ("PH"), Burger King ("BK") and Starbucks ("SBX") restaurants through its subsidiaries in Poland, the Czech Republic (hereinafter Czechia), Hungary, Slovakia, Serbia, Croatia, Bulgaria, Romania, Germany, France, Austria, Slovenia and Spain, on the basis of franchise rights granted. Starting from October 2016 the Group as a master-franchisee has the right to grant a license to third parties to operate Pizza Hut Express and Pizza Hut Delivery restaurants (sub-franchise) in countries of Central and Eastern Europe, while ensuring a certain share of restaurants operated directly by AmRest.

In Spain, Portugal and Andorra the Group operates its own brand La Tagliatella. In China the Group operates its own brand Blue Frog. Both businesses are based on operating equity and franchise restaurants supported by the central kitchens located in Spain (La Tagliatella) and in China (Blue Frog) that produce and deliver products to the whole network.

In 2018 the Group acquired the Bacoa and Sushi Shop brands, as a result of which it operates licensed restaurants in Spain (Bacoa) and proprietary and franchise Sushi Shop restaurants in France, Belgium, Spain, Switzerland, United Kingdom, Luxembourg, United Arab Emirates and Saudi Arabia. Bacoa is a primarily premium burger concept in Spain and Sushi Shop is one of the major operators of the European chains of restaurants for sushi, sashimi and other Japanese specialities.

In May 2026, AmRest announced that it would begin operating Taco Bell restaurants in Poland, with the first openings expected in the fourth quarter of 2026.

The disposal of a 51% interest in SCM Sp. z o.o. ("SCM") was completed on 31 March 2025.

The table below summarizes key types of AmRest Group activities as of 30 June 2026, including the area where those activities are carried out and the name of the relevant franchisor (if applicable):

ACTIVITY PERFORMED THROUGH OWN BRANDS
Brand	Franchisor	Area of the activity
La Tagliatella	Own brand	Spain, Portugal, Andorra
Blue Frog	Own brand	China
Sushi Shop	Own brand	France, Spain, Switzerland, Luxembourg, UK
ACTIVITY WHERE AMREST HOLDS FRANCHISING RIGHTS (OWN BRAND OR BASED ON MASTER-FRANCHISE AGREEMENTS)
Brand	Franchisor	Area covered by the agreement
La Tagliatella	Own brand	Spain, Andorra
Blue Frog	Own brand	China
Sushi Shop	Own brand	France3, Belgium, United Arab Emirates, Saudi Arabia
Bacoa1	Own brand	Spain

SARL

Pizza Hut Express, Delivery Pizza Hut Europe Limited, Pizza Hut Europe

Hungary, Czechia, Poland, Slovakia

Area covered by the agreement

Franchisor

Brand

ACTIVITY WHERE AMREST IS A FRANCHISEE

KFC

YUM! Restaurants Europe Limited and its affiliates

Poland, Czechia, Hungary, Bulgaria, Serbia, Croatia, Spain, Germany, France, Austria, Slovenia

Pizza Hut Dine-In Pizza Hut Europe SARL Poland

Pizza Hut Express, Delivery Pizza Hut Europe SARL Poland, Czechia, Hungary, Slovakia

Burger King

Burger King Europe GmbH, Rex Concepts BK Poland S.A, and Rex Concepts BK Czech s.r.o.

Starbucks

2 Starbucks Coffee International, Inc/Starbucks EMEA Ltd., Starbucks Manufacturing EMEA B.V.

Poland, Czechia, Bulgaria, Slovakia, Romania

Poland, Czechia, Hungary, Romania, Bulgaria, Germany, Slovakia, Serbia

Taco Bell Taco Bell UK and Europe Limited Poland

Bacoa restaurants are currently operated under trademark license agreements.
AmRest, through AmRest Sp. z o.o. owns 82% and Starbucks owns 18% of the share capital of the companies in Poland (AmRest Coffee Sp. z o.o.), Czechia (AmRest Coffee s.r.o.) and Hungary (AmRest Kavezo Kft.). Upon occurrence of an event of default, both AmRest and Starbucks (as the case may be, acting as non-defaulting shareholder) will have the option to purchase all of the shares of the other shareholder (the defaulting shareholder) under the terms and conditions set forth in the corresponding agreements. Additionally, in the event of a deadlock, Starbucks will have an option to purchase all the shares of AmRest; if Starbucks does not exercise such option, then AmRest will have an option to purchase all the shares of Starbucks, in the terms and conditions set forth in the corresponding agreements. Finally, in the event of a change of control in AmRest Holdings, Starbucks will have the right to increase its participation in each of the companies up to 100%.
In October 2024, 21 Sushi Shop franchisees of the French network sued Sushi Shop Management before the Paris Commercial Court, claiming contractual breaches with respect to supplies, communication, know-how and assistance provided by the franchisor. Following the conclusion of the mediation proceedings, the court proceedings were resumed and the case was referred back to the court.

AMREST GROUP Condensed Consolidated Interim Financial Statements

for the period of 6 months ended 30 June 2026 10

(all figures in EUR millions unless stated otherwise)

Where AmRest acts as a franchisee, the agreements are signed for individual restaurants to operate under a franchised brand. The majority of the agreements are entered into for a 10-year period with the possibility of further extension. Under the agreements AmRest is required to pay an agreed initial fee when the restaurant opens, and variable royalties and marketing fees.

AmRest operates Starbucks stores under license agreements entered into per each country where the brand is present.

‌Group Structure

As of 30 June 2026, the Group comprised the following subsidiaries:

Company name

Registered office

Parent/non-controlling undertaking

Owner-ship interest

and total vote Date of effective control

		Holding activity
AmRest TAG S.L.U.	Madrid, Spain	AmRest Sp. z o.o.	100.00%	March 2011
AmRest China Group PTE Ltd	Singapore	AmRest Holdings SE	100.00%	December 2012
Bigsky Hospitality Group Ltd	Hong Kong, China	AmRest China Group PTE Ltd	100.00%	December 2012
New Precision Ltd	Birkirkara, Malta	AmRest China Group PTE Ltd	100.00%	December 2012
Horizon Consultants Ltd	Birkirkara, Malta	AmRest China Group PTE Ltd	100.00%	December 2012
Sushi Shop Group SAS	Courbevoie, France	AmRest TAG S.L.U.	100.00%	October 2018
AmRest France SAS	Courbevoie, France	AmRest Holdings SE	100.00%	December 2018
Sushi Shop Management SAS	Courbevoie, France	Sushi Shop Group SAS	100.00%	October 2018
Sushi Shop Luxembourg SARL	Luxembourg	Sushi Shop Group SAS	100.00%	October 2018
Sushi Shop Switzerland SA	Fribourg, Switzerland	Sushi Shop Management SAS	100.00%	October 2018
Restaurant, franchise and master-franchise activity
AmRest Sp. z o.o.	Wroclaw, Poland	AmRest Holdings SE	100.00%	December 2000
AmRest s.r.o.	Prague, Czechia	AmRest Holdings SE	100.00%	December 2000
AmRest Kft.	Budapest, Hungary	AmRest Sp. z o.o.	100.00%	June 2006
AmRest Sp. z o.o.			82.00%
AmRest Coffee Sp. z o.o.	Wroclaw, Poland	Starbucks Coffee International,Inc.	18.00%	March 2007
AmRest EOOD	Sofia, Bulgaria	AmRest Holdings SE	100.00%	April 2007
AmRest Sp. z o.o.			82.00%
Starbucks Coffee International,Inc.			18.00%
AmRest Sp. z o.o.			82.00%
AmRest Kávézó Kft.	Budapest, Hungary	Starbucks Coffee International,Inc.	18.00%	August 2007
AmRest d.o.o.	Belgrade, Serbia	AmRest Sp. z o.o.	100.00%	October 2007
Restauravia Food S.L.U.	Madrid, Spain	AmRest TAG S.L.U.	100.00%	April 2011
Pastificio Service S.L.U.	Madrid, Spain	AmRest TAG S.L.U.	100.00%	April 2011
AmRest Adria d.o.o.	Zagreb, Croatia	AmRest Sp. z o.o.	100.00%	October 2011
AmRest GmbH i.l.1	Cologne, Germany	AmRest TAG S.L.U.	100.00%	March 2012
AmRest Adria 2 d.o.o.	Ljubljana, Slovenia	AmRest Sp. z o.o.	100.00%	August 2012

AmRest Coffee s.r.o. Prague, Czechia August 2007

Frog King Food&Beverage Shanghai, China		Bigsky Hospitality Group Ltd	100.00%	December 2012
Blue Frog Food&Beverage Shanghai, China		New Precision Ltd	100.00%	December 2012
Management (Shanghai) Ltd. Shanghai Kabb Western Restaurant Shanghai, China		Horizon Consultants Ltd.	100.00%	December 2012
Ltd
AmRest Skyline GmbH i.l.2	Cologne, Germany	AmRest TAG S.L.U.	100.00%	October 2013
AmRest Coffee EOOD	Sofia, Bulgaria	AmRest Sp. z o.o.	100.00%	June 2015
AmRest Coffee S.R.L.	Bucharest, Romania	AmRest Sp. z o.o.	100.00%	June 2015
AmRest Food S.R.L.	Bucharest, Romania	AmRest Sp. z o.o.	100.00%	July 2019
AmRest s.r.o.			99.00%
AmRest Sp. z o.o.			1.00%
AmRest Coffee Deutschland AmRest Kaffee Sp. z o.o.			23.00%
Sp. z o.o. & Co. KG	Munich, Germany	AmRest TAG S.L.U.	77.00%	May 2016
AmRest DE Sp. z o.o. & Co. KG	Munich, Germany	AmRest Kaffee Sp. z o.o.	100.00%	December 2016
Kai Fu Food and Beverage Management (Shanghai) Co. Ltd	Shanghai, China	Blue Frog Food&Beverage Management Co. Ltd	100.00%	December 2016
LTP La Tagliatella Portugal, Lda	Lisbon, Portugal	AmRest TAG S.L.U.	100.00%	February 2017
AmRest AT GmbH	Vienna, Austria	AmRest Sp. z o.o.	100.00%	March 2017
AmRest Topco France SAS	Courbevoie, France	AmRest France SAS	100.00%	May 2017
AmRest Opco SAS	Courbevoie, France	AmRest France SAS	100.00%	July 2017
AmRest Coffee SRB d.o.o.	Belgrade, Serbia	AmRest Holdings SE	100.00%	November 2017
AmRest Chamnord SAS	Courbevoie, France	AmRest Opco SAS	100.00%	March 2018
AmRest SK s.r.o.	Bratislava, Slovakia	AmRest s.r.o.	100.00%	April 2018
Sushi Shop Restauration SAS	Courbevoie, France	Sushi Shop Management SAS	100.00%	October 2018
Sushi House SA	Luxembourg	Sushi Shop Luxembourg SARL	100.00%	October 2018
Sushi Shop London LTD	London, UK	Sushi Shop Group SAS	100.00%	October 2018
Sushi Shop Belgique SA	Bruxelles, Belgium	Sushi Shop Group SAS	100.00%	October 2018

Management Ltd

AmRest Coffee SK s.r.o. Bratislava, Slovakia December 2015

AMREST GROUP Condensed Consolidated Interim Financial Statements

for the period of 6 months ended 30 June 2026 11

(all figures in EUR millions unless stated otherwise)

Company name	Registered office	Parent/non-controlling undertaking	Owner-ship interest D	ate of effective control
Sushi Shop Louise SA	Bruxelles, Belgium	Sushi Shop Belgique SA	100.00%	October 2018
Sushi Shop UK LTD	Charing, UK	Sushi Shop Group SAS	100.00%	October 2018
Sushi Shop Anvers SA	Bruxelles, Belgium	Sushi Shop Belgique SA	100.00%	October 2018
Sushi Shop Geneve SA	Geneva, Switzerland	Sushi Shop Switzerland SA	100.00%	October 2018
Sushi Shop Lausanne SARL	Lasanne, Switzerland	Sushi Shop Switzerland SA	100.00%	October 2018
Sushi Shop Madrid S.L.U.	Madrid, Spain	Sushi Shop Management SAS	100.00%	October 2018
Sushi Shop Zurich GmbH	Zurich, Switzerland	Sushi Shop Switzerland SA	100.00%	October 2018
Sushi Shop Nyon SARL	Nyon, Switzerland	Sushi Shop Switzerland SA	100.00%	October 2018
Sushi Shop Vevey SARL	Vevey, Switzerland	Sushi Shop Switzerland SA	100.00%	November 2019
Sushi Shop Fribourg SARL	Fribourg, Switzerland	Sushi Shop Switzerland SA	100.00%	November 2019
Sushi Shop Yverdon SARL	Yverdon, Switzerland	Sushi Shop Switzerland SA	100.00%	November 2019
Sushi Shop Morges SARL	Morges, Switzerland	Sushi Shop Switzerland SA	100.00%	October 2020
AmRest Franchise Sp. z o.o.	Wrocław, Poland	AmRest Sp. z o.o.	100.00%	December 2018
Financial services and others for the Group
AmRest LLC	Wilmington, USA	AmRest Sp. z o.o.	100.00%	July 2008
AmRest Work Sp. z o.o.	Wroclaw, Poland	AmRest Sp. z o.o.	100.00%	March 2012
La Tagliatella SAS	Courbevoie, France	AmRest TAG S.L.U.	100.00%	March 2014
AmRest Kaffee Sp. z o.o.	Wroclaw, Poland	AmRest Sp. z o.o.	100.00%	March 2016
AmRest Estate SAS	Courbevoie, France	AmRest Opco SAS	100.00%	September 2017
AmRest Leasing SAS	Courbevoie, France	AmRest Opco SAS	100.00%	September 2017
AmRest Global S.L.U.	Madrid, Spain	AmRest Holdings SE	100.00%	September 2020
Supply services for restaurants operated by the Group

and total vote

AmRest Foodservice Sp. z o.o. Wroclaw, Poland AmRest Sp. z o.o. 100.00% December 2024

1) On 25 November 2016 AmRest TAG S.L.U., the sole shareholder of AmRest GmbH, decided to liquidate this company. The liquidation process had not been completed as of the date of authorization of these condensed consolidated interim financial statements.

2) On 12 October 2023 AmRest TAG S.L.U., the sole shareholder of AmRest Skyline GmbH, decided to liquidate this company. The liquidation process had not been completed as of the date of authorization of these condensed consolidated interim financial statements.

‌Basis of preparation
These condensed consolidated interim financial statements for the period of 6 months ended 30 June 2026 have been prepared in accordance with IAS 34 "Interim Financial Reporting" and other provisions of the financial reporting applicable in Spain. They were authorised for issue by the Company's Board of Directors on 2 September 2026.
Unless disclosed otherwise, the amounts in these condensed consolidated interim financial statements are presented in euro (EUR), rounded to full millions with one decimal place.
This interim report does not include all the information and disclosures required in the annual financial statements and should therefore be read in conjunction with the consolidated financial statements for the year ended 31 December 2025. The accounting policies applied in preparing these condensed consolidated interim financial statements are consistent with those used in the Group's consolidated financial statements for the year ended 31 December 2025, except for the adoption of new standards, interpretations, and amendments effective as of 1 January 2026, which have not had a material impact on this interim report. The Group has not early adopted any other standards, interpretations, or amendments that have been issued but are not yet effective.
The preparation of these condensed consolidated interim financial statements required the use of accounting estimates which by nature rarely equal actual results. Management also exercised judgement in applying the Group's accounting policies. Estimates and judgements are continually evaluated and are based on professional experience and various factors, including expectations of future events considered reasonable under the circumstances. Revisions to estimates are recognised prospectively, and actual results may differ from those estimates.
These condensed consolidated interim financial statements have been prepared on the assumption that the Group will continue to operate as a going concern.
‌Segment reporting
AmRest, as a leading European multi-brand restaurant operator with activities across multiple markets and various restaurant concepts, is subject to continuous oversight by the Board of Directors. The Board regularly evaluates the Group's management and reporting practices and introduces adjustments when necessary, particularly in response to structural changes arising from strategic decisions.
The Group prepares various management reports in which its business activities are presented from different perspectives. Operating segments are determined based on internal management reports reviewed by the Board of Directors when making strategic decisions. The Board of Directors assesses the Group's performance based on geographical divisions, as detailed in the table below.
Own restaurant and franchise businesses are analysed in three operating segments, presenting the Group's performance by geographical area. Geographical areas are identified based on similarities in products and services, characteristics of the production process, customer base, as well as economic similarities (i.e. exposure to the same market risks). The fourth segment comprises non-restaurant activities. Details of the operations included in each segment are presented below.
AMREST GROUP Condensed Consolidated Interim Financial Statements
for the period of 6 months ended 30 June 2026 12

(all figures in EUR millions unless stated otherwise)
Segment Description
Restaurant operations and franchise activity in:
- Poland - KFC, Pizza Hut, Starbucks, Burger King,
- Czechia - KFC, Pizza Hut, Starbucks, Burger King,
- Hungary - KFC, Pizza Hut, Starbucks,
  Central and Eastern Europe (CEE)
  Western Europe
- Bulgaria - KFC, Starbucks, Burger King,
- Croatia, Austria, Slovenia - KFC,
- Slovakia - Starbucks, Pizza Hut, Burger King,
- Romania - Starbucks, Burger King,
- Serbia - KFC, Starbucks.
  Restaurant operations together with supply chain and franchise activity in:
- Spain - KFC, La Tagliatella, Sushi Shop, Bacoa,
- France - KFC, Sushi Shop,
- Germany - Starbucks, KFC,
- Portugal and Andorra - La Tagliatella,
- Belgium, Switzerland, Luxembourg, United Kingdom and other countries with activities of Sushi Shop.
China • Blue Frog operations in China.
Segment Other includes global support functions such as e.g. Executive Team, Global Finance, IT, Global Human Resources, Treasury and Investors Relations. Segment Other also includes expenses related to M&A transactions not finalised during the period, whereas expenses related to finalised
Other
mergers and acquisitions are allocated to applicable segments. Additionally, Other includes non-restaurant businesses performed by AmRest Holdings SE, AmRest Global S.L.U, SCM Sp. z o.o. and SCM s.r.o. (until March 2025), AmRest Foodservice Sp. z o.o. and other minor entities performing holding and/or financing services.
When analysing the results of individual operating segments, the Board of Directors focuses primarily on EBITDA, which is not a measure defined under IFRS Accounting Standards.
Segment information has been prepared in accordance with the accounting policies applied in these condensed consolidated interim financial statements.
6 MONTHS ENDED

Segment measures and the reconciliation to profit/(loss) from operations for the period of 6 months ended 30 June 2026 and 2025 are presented below:

30 June 2026	CEE	Western Europe	China	Other	Total
Restaurant sales	771.4	386.8	40.4	-	1,198.6
Franchise and other sales	0.6	30.1	1.3	-	32.0
Segment revenue	772.0	416.9	41.7	-	1,230.6
EBITDA	135.4	55.7	7.5	(20.9)	177.7
Depreciation and amortisation	85.8	50.2	8.0	0.7	144.7
Net impairment losses on financial assets	0.1	(0.5)	-	-	(0.4)
Net impairment losses on other assets	3.0	2.5	0.1	-	5.6
Profit/(loss) from operations	46.5	3.5	(0.6)	(21.6)	27.8
*Capital investment	35.4	10.2	0.5	-	46.1

6 MONTHS ENDED

*Capital investment comprises additions and acquisitions in property, plant and equipment and intangible assets.

30 June 2025	CEE	Western Europe	China	Other	Total
Restaurant sales	765.6	397.9	42.7	-	1,206.2
Franchise and other sales	0.3	31.2	1.9	22.3	55.7
Segment revenue	765.9	429.1	44.6	22.3	1,261.9
EBITDA	141.3	63.2	9.2	(24.3)	189.4
Depreciation and amortisation	78.6	50.7	8.7	0.5	138.5
Net impairment losses on financial assets	(0.3)	(0.6)	-	-	(0.9)
Net impairment losses on other assets	2.4	1.8	0.1	-	4.3
Profit/(loss) from operations	60.6	11.3	0.4	(24.8)	47.5
*Capital investment	49.9	18.3	1.5	-	69.7

*Capital investment comprises additions and acquisitions in property, plant and equipment and intangible assets.

AMREST GROUP Condensed Consolidated Interim Financial Statements

for the period of 6 months ended 30 June 2026 13

(all figures in EUR millions unless stated otherwise)

‌Operating costs and losses

The table below presents an analysis of operating expenses by nature for the period of 6 months ended 30 June 2026 and 2025:

	6 MONTHS ENDED
	30 June 2026	30 June 2025
Food, merchandise and other materials	353.4	376.5
Payroll	326.3	317.3
Social security and employee benefits	69.8	71.1
Royalties	61.5	61.6
Utilities	59.0	55.9
Marketing expenses	58.5	58.2
Delivery fees	51.9	50.6
Other external services	60.5	60.4
Occupancy cost	11.2	13.0
Depreciation of right-of-use assets	79.7	77.7
Depreciation of property, plant and equipment	59.3	55.5
Amortisation of intangible assets	5.7	5.3
Other	10.2	11.7
Total cost by nature	1,207.0	1,214.8

Summary of operating expenses by functions for the period of 6 months ended 30 June 2026 and 2025:

	6 MONTHS ENDED
	30 June 2026	30 June 2025
Restaurant expenses	1,096.5	1,081.0
Franchise and other expenses	21.2	41.7
General and administrative expenses	89.3	92.1
Total costs by function	1,207.0	1,214.8

‌Other operating income and expenses

Other operating income and expenses for the period of 6 months ended 30 June 2026 and 2025 are presented below:

	6 MONTHS ENDED
	30 June 2026	30 June 2025
Supply chain services	5.3	1.9
Gains on disposal and liquidation of non-current assets	0.6	2.9
Refunds, compensations and insurance claims	2.2	1.1
Reversal (creation) of provisions	0.1	0.1
Losses on business disposals	-	(5.0)
Other income	1.2	2.8
Total other operating income and expenses	9.4	3.8

Disposal of SCM business in 2025

In March 2025 the Group disposed 51% of the shares which AmRest Sp. z o.o. held in SCM Sp. z o.o. ("SCM"). Certain assets linked to the supply chain management and quality assurance (QA) services provided to date by SCM to the AmRest Group, together with the team providing such services, were transferred to AmRest Group. SCM was a Polish, 51% owned subsidiary and a parent entity of SCM s.r.o., Czechia subsidiary.

As a result of the transaction AmRest Group lost control of SCM and SCM s.r.o. as of 31 March 2025 and accounted for the loss of control.

For the period of 3 months ended 31 March 2025, the Group consolidated results of SCM business. Total revenues of SCM operations recognised during that period amounted to EUR 22.3 million and operating costs amounted to EUR 20.0 million.

AMREST GROUP Condensed Consolidated Interim Financial Statements

for the period of 6 months ended 30 June 2026 14

(all figures in EUR millions unless stated otherwise)

The accounting effect of de-consolidation was recognised as other operating expenses. The details of the calculation of the de-consolidation result recognised are presented below:

	6 MONTHS ENDED
	30 June 2025
Net consideration received	9.4
Carrying amount of net assets sold	(21.2)
Non-controlling interests derecognised	11.1
Result on de-consolidation before reclassification of exchange differences	(0.7)
Exchange differences reclassified on loss of control	(4.3)
Result on de-consolidation reported as other operating expenses	(5.0)
The transaction resulted in a net investing cash outflow of EUR 5.6 million for the Group. Details are presented below:
	6 MONTHS ENDED
	30 June 2025
Net cash received on disposal of business	9.4
De-consolidated cash of disposed business	15.0
Net cash outflow on de-consolidation	(5.6)

‌Finance income and costs

Finance income and costs for the period of 6 months ended 30 June 2026 and 2025 are presented below:

	6 MONTHS ENDED
	30 June 2026	30 June 2025
Interest income	(1.6)	(0.8)
Net gain from exchange differences	(0.5)	(2.4)
Other	(0.1)	-
Total finance income	(2.2)	(3.2)

	6 MONTHS ENDED
	30 June 2026	30 June 2025
Interest expense	18.8	19.8
Interest expense on lease liabilities	24.0	22.0
Other	-	0.1
Total finance cost	42.8	41.9

‌Income taxes

	6 MONTHS ENDED
	30 June 2026	30 June 2025
Current tax	(11.9)	(14.7)
Deferred tax	11.3	5.0
Income tax expense recognised in the income statement	(0.6)	(9.7)

Deferred tax asset
Opening balance	61.1	57.6
Closing balance	70.6	63.5

Deferred tax liability
Opening balance	38.7	34.9
Closing balance	36.9	35.8
Change in deferred tax assets/liabilities	11.3	5.0

AMREST GROUP Condensed Consolidated Interim Financial Statements

for the period of 6 months ended 30 June 2026 15

(all figures in EUR millions unless stated otherwise)

Reconciliation between the income tax expense and the income tax expense/(tax income) calculated by multiplying the domestic tax rates of the respective countries by the profits/(losses) before tax of particular entities for the period of 6 months ended 30 June 2026 and 2025:

	6 MONTHS ENDED
	30 June 2026	30 June 2025
Profit/(loss) before tax	(12.8)	8.8
Income tax expense/(tax income) calculated by multiplying the domestic tax rates of the respective countries by the profits/(losses) before tax of particular entities	(5.6)	(0.8)
Tax losses for the current period for which no deferred tax asset was recognised	3.9	3.6
Effect of local taxes reported as income tax	1.8	1.6
Permanent differences and changes in estimates	0.8	3.0
Utilization of tax losses and change of assumptions on deferred tax asset from tax losses related to previous years	(0.3)	(0.3)
Tax effect of the disposal of the SCM business	-	2.6
Income tax expense	0.6	9.7

International Tax Reform - Pillar Two Model Rules

In 2021, 136 countries agreed on the OECD's two-pillar international tax reform, including Pillar Two, which introduces a 15% global minimum effective tax rate. Spain implemented this through Law 7/2024, published on 21 December 2024, establishing a top-up tax for multinational and domestic groups with revenues above EUR 750.0 million. The law applied retroactively from 31 December 2023. AmRest, as a large multinational group, is subject to this regime.

For the purposes of the Global Minimum Tax regulations approved in Spain, the Mexican entity Grupo Far-Luca, S.A. de

C.V. is considered the ultimate parent company. Due to the fact, that Mexico has not implemented the Global Minimum Tax regulations as of 30 June 2026, AmRest Holdings SE prepares the safe harbour computations for the AmRest Group entities, including in its Global Minimum Tax perimeter those entities owned by the ultimate parent company, which operate in the same jurisdictions as AmRest.

To determine the potential impacts of Global Minimum Tax, AmRest management has performed the analysis of the application of Transitional Safe Harbours, that has been established according to the Law in line with OECD guidelines and EU Directive. These transitional safeguards are intended to facilitate adaptation to Pillar Two regulations and would be applicable for AmRest for fiscal years 2024-2026. In January 2026, OECD published "Side-by-Side Package", which extends the Transitional Safe Harbours through 2027. In addition, a new permanent Safe Harbour - the Simplified ETR -will be introduced and applicable from fiscal year 2026 onward. Therefore, if any of these transitional safe harbours are met in all countries where AmRest operates, the additional amount to be paid (top-up tax) will be zero.

Based on management's assessment of the Transitional Safe Harbours, the application of the Pillar Two legislation in the jurisdictions in which the AmRest Group operates does not have a material impact on the Group's current tax expense for the fiscal year 2026.

Regarding deferred taxes, AmRest Group applies the IAS 12 exception from recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

Tax risks and uncertain tax positions

Tax settlements of AmRest entities are subject to several tax inspections which were described in detail in the note "Tax risks and uncertain tax position" to the consolidated financial statements for the year ended 31 December 2025. Update for the period of 6 months ended 30 June 2026 is presented below.

Tax proceedings in Poland

On 12 March 2024, the Supreme Administrative Court confirmed that AmRest Sp. z o.o. provides services and, consequently, falls outside the scope of the Polish retail sales tax. As a result, the Company received a refund of the retail sales tax overpayment in August 2024 amounting to EUR 9.5 million.

Following receipt of the overpayment refund, the Company initiated proceedings to recover statutory interest for the delay in repayment. On 5 March 2025, the Tax Authorities issued a negative decision denying the claim for delay interest. The Company appealed this decision on 18 March 2025, however, on 1 August 2025, the second-instance Tax Authorities upheld the position of the first-instance authority. Consequently, the Company decided to challenge the decision before the Administrative Court.

Subsequently, on 9 June 2026, the Company received an additional refund of EUR 3.0 million related to the retail sales tax case, including EUR 1.9 million in tax refund and EUR 1.1 million in delay interest.

Tax inspections in Hungary

On 24 November 2025, AmRest Kft. received official notification regarding the initiation of a full-scope tax audit. As of the date of this report, no formal decision has been issued.

In the Group's opinion, there are no other material contingent liabilities concerning pending audits and tax proceedings, other than those stated above.

AMREST GROUP Condensed Consolidated Interim Financial Statements

for the period of 6 months ended 30 June 2026 16

(all figures in EUR millions unless stated otherwise)

‌Property, plant and equipment

The tables below present changes in the value of property, plant and equipment for the period of 6 months ended 30 June 2026 and 2025:

2026	Leasehold improvements, land, buildings	Restaurants equipment and vehicles	Furniture and other assets	Assets under construction	Total
PPE as of 1 January	365.6	220.8	60.8	36.4	683.6
Additions	3.0	3.2	0.4	36.1	42.7
Depreciation (Note 5)	(25.9)	(24.3)	(9.1)	-	(59.3)
Impairment (Note 13)	(3.7)	(0.6)	(0.2)	-	(4.5)
Disposals, liquidations	(0.1)	(0.3)	(0.1)	-	(0.5)
Transfers	16.4	15.2	8.4	(40.5)	(0.5)
Exchange differences	(0.4)	(0.2)	-	-	(0.6)
PPE as of 30 June	354.9	213.8	60.2	32.0	660.9
Gross book value	827.0	560.2	188.5	32.0	1,607.7
Accumulated depreciation and impairments	(472.1)	(346.4)	(128.3)	-	(946.8)
Net book value	354.9	213.8	60.2	32.0	660.9

2025	Leasehold improvements, land, buildings	Restaurants equipment and vehicles	Furniture and other assets	Assets under construction	Total
PPE as of 1 January	334.4	212.2	54.2	48.8	649.6
Additions	0.5	2.8	0.3	61.8	65.4
Depreciation (Note 5)	(24.0)	(23.1)	(8.4)	-	(55.5)
Impairment (Note 13)	(1.1)	(0.5)	0.4	-	(1.2)
Disposals, liquidations	(0.1)	(0.9)	(0.2)	(0.2)	(1.4)
Transfers	28.4	16.6	9.1	(55.1)	(1.0)
Exchange differences	1.4	1.1	0.2	0.4	3.1
PPE as of 30 June	339.5	208.2	55.6	55.7	659.0
Gross book value	766.8	522.2	172.7	56.3	1,518.0
Accumulated depreciation and impairments	(427.3)	(314.0)	(117.1)	(0.6)	(859.0)
Net book value	339.5	208.2	55.6	55.7	659.0

Depreciation was charged as follows:

	6 MONTHS ENDED
	30 June 2026	30 June 2025
Costs of restaurant operations	57.9	54.0
Franchise expenses and other	0.4	0.5
General and administrative expense	1.0	1.0
Total depreciation	59.3	55.5

‌Leases

The Group leases approximately 1.9 thousand properties for the operation of its restaurants. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions, depending on local lease practices and legal frameworks. Additionally, in some countries, the Group leases vehicles, equipment, as well as properties for administration or storage purposes.

The tables below present the reconciliation of the right-of-use assets and lease liabilities for the period of 6 months ended 30 June 2026 and 2025:

Right-of-use assets Lease liabilities

2026	Restaurant properties	Other To	tal right-of-use assets	Total liabilities
As of 1 January	859.7	22.0	881.7	962.9
Additions - new contracts	23.7	1.3	25.0	24.9
Remeasurements, modifications	44.1	1.0	45.1	44.2
Depreciation (Note 5)	(76.0)	(3.7)	(79.7)	-
Impairment (Note 13)	(1.0)	-	(1.0)	-
Interest expense (Note 7)	-	-	-	24.0
Payments	-	-	-	(104.8)
Exchange differences	0.1	-	0.1	(1.6)
As of 30 June	850.6	20.6	871.2	949.6

AMREST GROUP Condensed Consolidated Interim Financial Statements

for the period of 6 months ended 30 June 2026 17

(all figures in EUR millions unless stated otherwise)

Right-of-use assets Lease liabilities

2025	Restaurant properties	Other To	tal right-of-use assets	Total liabilities
As of 1 January	872.6	23.7	896.3	969.9
Additions - new contracts	21.7	1.9	23.6	23.4
Remeasurements, modifications	46.7	0.6	47.3	46.5
Depreciation (Note 5)	(74.2)	(3.5)	(77.7)	-
Impairment (Note 13)	(3.1)	-	(3.1)	-
Interest expense (Note 7)	-	-	-	22.0
Payments	-	-	-	(98.8)
Exchange differences	2.3	-	2.3	(0.3)
Disposals, liquidations	-	(0.3)	(0.3)	(0.3)
As of 30 June	866.0	22.4	888.4	962.4

The following table presents the remaining contractual maturities of lease payments at the reporting date. The amounts are gross and undiscounted and include contractual interest payments:

	30 June 2026	31 December 2025
Up to 1 year	199.6	198.7
Between 1 and 3 years	329.0	322.1
Between 3 and 5 years	222.5	220.4
Between 5 and 10 years	287.2	286.9
More than 10 years	183.5	189.5
Total contractual lease payments	1,221.8	1,217.6
Future finance costs of leases	272.2	254.7
Total lease liabilities	949.6	962.9

Depreciation was charged as follows:

	6 MONTHS ENDED
	30 June 2026	30 June 2025
Costs of restaurant operations	76.3	74.5
General and administrative expenses	3.4	3.2
Total depreciation	79.7	77.7

The Group recognised rent expenses from short-term leases of EUR 0.4 million, leases of low-value assets of EUR

3.2 million and variable lease payments of EUR 8.9 million during the period of 6 months ended 30 June 2026.

In the comparative period, the Group recognised rent expenses from short-term leases of EUR 0.4 million, leases of low-value assets of EUR 3.4 million and variable lease payments of EUR 10.3 million.

Total cash outflow for leases amounted to EUR 117.3 million during the period of 6 months ended 30 June 2026. Out of that EUR 104.8 million was presented in financing activity as repayment of lease liabilities and EUR 12.5 million in operating activity as lease payments not included in the lease liabilities.

In the comparative period, total cash outflow for leases amounted to EUR 112.9 million. Out of that EUR 98.8 million was presented in financing activity as repayment of lease liabilities and EUR 14.1 million in operating activity as lease payments not included in the lease liabilities.

‌Intangible assets

The tables below present changes in the value of intangible assets for the period of 6 months ended 30 June 2026 and 2025:

2026 Own brands		Licenses for franchise brands	Relations with franchisees and customers	Other intangible Total assets
IA as of 1 January	152.7	23.3	18.6	45.8	240.4
Additions	-	0.4	-	3.0	3.4
Amortisation (Note 5)	(0.1)	(2.0)	(1.2)	(2.4)	(5.7)
Impairment (Note 13)	-	-	-	(0.1)	(0.1)
Disposals, liquidations	-	(0.1)	-	-	(0.1)
Transfers	-	0.4	-	0.1	0.5
Exchange differences	-	-	-	(0.4)	(0.4)
IA as of 30 June	152.6	22.0	17.4	46.0	238.0
Gross book value	156.0	58.9	51.9	99.0	365.8
Accumulated amortisation and impairments	(3.4)	(36.9)	(34.5)	(53.0)	(127.8)
Net book value	152.6	22.0	17.4	46.0	238.0

AMREST GROUP Condensed Consolidated Interim Financial Statements

for the period of 6 months ended 30 June 2026 18

(all figures in EUR millions unless stated otherwise)

2025 Own brands		Licenses for franchise brands	Relations with franchisees and customers	Other intangible Total assets
IA as of 1 January	153.2	23.7	21.0	40.3	238.2
Additions	-	0.4	-	3.9	4.3
Amortisation (Note 5)	(0.1)	(2.1)	(1.2)	(1.9)	(5.3)
Impairment (Note 13)	-	(0.1)	-	0.1	-
Transfers	-	2.8	-	(1.8)	1.0
Exchange differences	(0.2)	0.3	-	-	0.1
IA as of 30 June	152.9	25.0	19.8	40.6	238.3
Gross book value	155.8	56.9	51.9	91.8	356.4
Accumulated amortisation and impairments	(2.9)	(31.9)	(32.1)	(51.2)	(118.1)
Net book value	152.9	25.0	19.8	40.6	238.3

Amortisation was charged as follows:

	6 MONTHS ENDED
	30 June 2026	30 June 2025
Costs of restaurant operations	2.6	2.6
Franchise expenses and other	0.9	0.9
General and administrative expense	2.2	1.8
Total amortisation	5.7	5.3

Other intangible assets include key monies in the amount of EUR 18.1 million (EUR 18.1 million as of 31 December 2025), sales and business intelligence systems of EUR 20.6 million (EUR 20.2 million as of 31 December 2025) as well as exclusivity rights and other items.

‌Goodwill

Goodwill recognised on business combinations is allocated to the group of CGUs that are expected to benefit from the synergies of the business combination.

2026	1 January	Impairment Exchange	30 June
Sushi Shop (all markets)	70.7	- -	70.7
Spain - La Tagliatella and KFC	91.4	- -	91.4
China - Blue Frog	18.9	- 1.1	20.0
France - KFC	14.0	- -	14.0
Germany - Starbucks	8.6	- -	8.6
Hungary - KFC	3.2	- 0.3	3.5
Romania - Starbucks	2.4	- -	2.4
Czechia - KFC	1.5	- -	1.5
Poland - Other	0.4	- -	0.4
Total	211.1	- 1.4	212.5
2025	1 January	Impairment Exchange	30 June
Sushi Shop (all markets)	70.7	- -	70.7
Spain - La Tagliatella and KFC	91.4	- -	91.4
China - Blue Frog	20.5	- (2.0)	18.5
France - KFC	14.0	- -	14.0
Germany - Starbucks	8.6	- -	8.6
Hungary - KFC	3.0	- -	3.0
Romania - Starbucks	2.5	- -	2.5
Czechia - KFC	1.4	- -	1.4
Poland - Other	0.4	- -	0.4
Total	212.5	- (2.0)	210.5

The tables below present goodwill allocated to particular levels on which it is monitored by the Group. In all cases it is not higher than the operating segment level:

differences

Impairment test procedures, assumptions used and tests' results are disclosed in note 13.

AMREST GROUP Condensed Consolidated Interim Financial Statements

for the period of 6 months ended 30 June 2026 19

(all figures in EUR millions unless stated otherwise)

‌Net impairment of non-financial assets

Details of impairment losses recognised:

Note	6 MONTHS ENDED
Note	30 June 2026	30 June 2025
Net impairment of property, plant and equipment 9	4.5	1.2
Net impairment of intangible assets 11	0.1	-
Net impairment of right-of-use assets 10	1.0	3.1
Net impairment losses of non-financial assets	5.6	4.3

Restaurant level tests

The Group periodically reviews the carrying amounts of its non-financial non-current assets to determine whether any indication of impairment exists. If such an indication is identified, the asset's recoverable amount is estimated for the purpose of impairment testing. The determination of the recoverable amounts requires applying significant judgement and estimates.

The recoverable amount of an asset is determined at the level of a single restaurant as the smallest unit (or set of assets) generating cash flows that are largely independent of the cash inflows generated by other assets or groups of assets. Restaurant assets include amongst others property, plant and equipment, intangible assets and right-of-use assets. Impairment indicators defined by the Group are described in note 34 of Group's consolidated financial statements for the year ended 31 December 2025.

Impairment indicators are reviewed and respective impairment tests for restaurants are performed twice a year.

The recoverable amount of the cash-generating unit (CGU) is determined based on a value in use calculation for the remaining useful life, determined by lease expiry date or restaurant closure date (if confirmed), using the discount rate for each individual country.

Cash flow projections are prepared for individual restaurants. As a starting point, the Group uses the most recent budgets and forecasts prepared at the brand level in the respective countries. These assumptions are then adjusted, where necessary, to reflect the best estimate of expected cash flows for the restaurants under review. Individual projections for sales and costs may depend on the restaurant's main revenue streams (which differ for take-away, dine-in, or food court locations), cost pressures in various markets, supply-chain factors, and planned marketing activities.

The main assumptions used to determine the value in use were:

sales growth projections dependent on sales mix and sales channels for a given restaurant,
EBITDA margin,
projections period (useful life of rental agreement),

a discount rate based on the weighted average cost of capital.

Except for discount rates, the Group does not disclose quantitative ranges for the main assumptions used in restaurant impairment tests. The amounts assigned to each of these parameters reflect the Group's experience, adjusted for expected changes during the forecast period and further refined for local specifics and the characteristics of each individual restaurant. Restaurant impairment tests are performed for numerous, individually small operating units, and disclosing detailed assumptions for each test would not provide meaningful or decision-useful information to users of the financial reports.

Discounts rates applied are shown in the table below:

Post-tax discount rate

Implied pre-tax discount rate

	30 June 2026	30 June 2026	31 December 2025	30 June 2025
Spain	8.8%	11.7%	12.0%	12.6%
Germany	7.1%	10.1%	9.8%	10.7%
France	7.7%	10.3%	10.2%	10.8%
Poland	9.6%	11.9%	11.3%	11.9%
Czechia	8.2%	10.4%	10.4%	10.7%
Hungary	11.7%	12.9%	12.7%	13.1%
China	7.9%	10.5%	10.0%	10.6%
Romania	12.1%	14.4%	14.6%	14.0%
Serbia	12.7%	15.0%	15.3%	15.3%
Bulgaria	11.2%	12.5%	12.0%	11.6%
Croatia	9.6%	11.8%	11.5%	11.7%
Slovakia	9.4%	12.4%	11.3%	11.7%
Portugal	9.3%	11.4%	11.2%	11.6%
Austria	7.7%	10.0%	9.9%	10.7%
Slovenia	8.5%	10.9%	11.2%	11.7%
Switzerland	6.0%	7.5%	7.2%	7.8%
Luxembourg	7.2%	9.6%	9.4%	10.1%
United Kingdom	7.9%	10.5%	10.4%	11.0%

The implied pre-tax discount rate was determined as post-tax discount rate grossed-up by the standard tax rate applicable in each country.

AMREST GROUP Condensed Consolidated Interim Financial Statements

for the period of 6 months ended 30 June 2026 20

(all figures in EUR millions unless stated otherwise)

Details of impairment losses recognised for each category of assets (property, plant and equipment, right-of-use assets, intangible assets or goodwill) are presented in notes 9, 10, 11 and 12.

Recognised impairment losses do not relate to any individual significant items, but to numerous restaurants tested in the year.

Summary of impairment tests results on the level of restaurants for the period of 6 months ended 30 June 2026 is presented in the table below:

HY 2026	Impairment losses	Impairment reversals	Net/Total
Number of units tested			240
Units with impairment/reversal recognised	46	21
Impairment of property, plant and equipment and intangible assets	(7.1)	2.5	(4.6)
Impairment of right-of-use assets	(2.2)	1.2	(1.0)
Five highest individual impairment losses/reversals totalled	(3.6)	2.2
Average impairment losses/reversal per restaurant	(0.2)	0.2

Summary of impairment tests results on the level of restaurants for the period of 6 months ended 30 June 2025 is presented in the table below:

HY 2025 Impairment losses Impairment reversals Net/Total

Number of units tested			229
Units with impairment/reversal recognised	49	36
Impairment of property, plant and equipment and intangible assets	(6.7)	5.5	(1.2)
Impairment of right-of-use assets	(4.3)	1.2	(3.1)
Five highest individual impairment losses/reversals totalled	(4.2)	3.1
Average impairment losses/reversal per restaurant	(0.2)	0.2

Business (goodwill) level tests

The impairment tests are performed annually for businesses where goodwill is allocated. Goodwill is tested together with intangibles (including those with indefinite useful lives), property plant and equipment and right-of-use assets allocated to tested group of cash generating units (CGUs) representing the business to which goodwill is allocated.

Annual mandatory impairment tests for goodwill are made in fourth quarter. Goodwill impairment tests are also performed when impairment indicators (arising from internal or external sources of information) are identified.

The recoverable amount is assessed using the discounted cash flows method, assuming organic growth of the business. Cash flow projections are based on financial budgets that require judgment and other estimates that include, among others, sales levels, EBITDA margin levels, and the discount and growth rates at long-term.

The recoverable amount is determined using a present value technique (discounted cash flow). The cash flows are derived from the most recent budgets and plans for next years and forecasts for the following years. The fifth year normalized projections are used to extrapolate cash flows into the future if the fifth year represents a steady state in the development of the business. The adjustments may be necessary to reflect the expected development of the business (normalization of cash flows). Growth rates do not exceed the long-term average growth rate for the products, industries, or country or market in which the asset is used.

The recoverable amount is most sensitive to the discount rate used, growth rate used for extrapolation purposes, the weighted average budgeted EBITDA margins and restaurant sales growth. EBITDA margin represents EBITDA divided by total sales. The weighted average budgeted EBITDA margin is calculated as an average for the 5 years projection period

i.e. without any impact of the residual value element. Budgeted revenues are used as weights. Average restaurant sales growth refers to arithmetical average growth rates for restaurant sales reflected in impairment models.

Following approach towards determination of key assumptions is used by the Group:

discount rate represents the current market assessment of the risks specific to business, calculated using weighted average cost of capital formula based on market inputs,
growth rate (for residual value) is based on forecasts included in industry reports,
budgeted EBITDA margin is based on past performance and expectations for the future,
sales growth rate is based on past performance and expectations of market development and current industry trends in future.
The Group carries out a sensitivity analysis for the impairment tests performed. The sensitivity analysis examines the impact of changes in below factors assuming other factors remain unchanged:
discount rate applied,
weighted average budgeted EBITDA margin,
growth rate for residual value,
restaurant sales growth.

The objective of such a sensitivity analysis is to determine if reasonable possible changes in the main financial assumptions would lead to an impairment loss being recognised.

For discount rate, growth rate for residual value, and weighted average budgeted EBITDA margin, a reasonable possible change was determined as 10% of the input data. Consequently, each impairment test has a different level of a reasonable change in inputs, which can be determined by multiplying the base input data used in the impairment test by 10%. Additionally the Group performs sensitivity analysis on the expected changes in restaurant sales growths. In that case Group determines reasonable change individually for each business tested. Usually this is in a range of 3-5% decrease of estimated sales revenues in each year of projection.

AMREST GROUP Condensed Consolidated Interim Financial Statements

for the period of 6 months ended 30 June 2026 21

(all figures in EUR millions unless stated otherwise)

Test results for HY 2026

Impairment indicators were identified for three units: Sushi Shop Group, France - KFC and China - Blue Frog, and impairment tests were performed. No impairment was recognised.

The main input assumptions used in tests performed as of 30 June 2026 were as follows:

HY 2026	Post-tax discount rate	Implied pre-tax discount rate	Growth rate for residual value	Average restaurant sales growth 2027-2031	Weighted average budgeted EBITDA margin
Sushi Shop (all markets)	7.7%	9.0%	1.8%	4.3%	13.7%
France - KFC	7.7%	8.6%	1.8%	4.3%	13.6%
China - Blue Frog	7.9%	9.0%	1.8%	7.4%	20.2%

Implied discount rate was calculated individually for each goodwill impairment test.

The sensitivity analysis performed for all units, except for Sushi Shop Group showed that reasonably possible change in any of the key assumptions used would not lead to the recognition of impairment losses.

Results of the sensitivity analysis for Sushi Shop Group business unit

The table presents the scenario where changes in assumptions would lead to the potential impairment. For the remaining scenarios, no impairment risk was identified.

Input/change in input	Impairment loss
Discount rate - in model post-tax discount rate (7.7%)
+5% of base value	(6.5)
+10% of base value	(16.5)
Weighted average budgeted EBITDA margin value - in model (13.7%)
-5% of base value	(9.5)
-10% of base value	(23.7)

Comparative information for the goodwill impairment tests performed during half-year 2025

Impairment indicators were identified for two units: Sushi Shop Group and France - KFC, and impairment tests were performed. No impairment was recognised.

The main input assumptions used in tests performed as of 30 June 2025 were as follows:

HY 2025

Post-tax discount

rate

Implied pre-tax discount rate

Growth rate for residual value

Average restaurant sales growth 2026-2030

Weighted average budgeted EBITDA

margin

Sushi Shop (all markets)

8.1%

9.5%

1.9%

3.9%

15.2%

France - KFC

8.1%

9.2%

1.9%

4.1%

13.9%

Implied discount rate was calculated individually for each goodwill impairment test performed.

For all units, the recoverable amount exceeded the carrying amount and no impairment loss was recognised. The sensitivity analysis performed for all units, except for Sushi Shop showed that reasonably possible change in any of the key assumptions used would not lead to the recognition of impairment losses.

Results of the sensitivity analysis for Sushi Shop Group business unit

The table presents the scenario where changes in assumptions would lead to the potential impairment. For the remaining scenarios, no impairment risk was identified.

Input/change in input Impairment loss

Discount rate - in model post-tax discount rate (8.1%)

+10% of base value (6.4)

Weighted average budgeted EBITDA margin value - in model (15.2%)

-10% of base value (14.3)

‌Trade and other receivables

As of 30 June 2026 and 31 December 2025 the balances of trade and other receivables were as follows:

	30 June 2026	31 December 2025
Trade receivables	20.8	24.1
Other tax receivables	20.8	25.6
Credit cards, coupons and food aggregators receivables	23.0	18.9
Other	1.3	1.9
Allowances for receivables	(10.9)	(12.1)
Total	55.0	58.4

AMREST GROUP Condensed Consolidated Interim Financial Statements

for the period of 6 months ended 30 June 2026 22

(all figures in EUR millions unless stated otherwise)

‌Cash and cash equivalents

Cash and cash equivalents as of 30 June 2026 and 31 December 2025 are presented in the table below:

	30 June 2026	31 December 2025
Cash at bank	146.5	130.2
Cash in hand	9.8	10.1
Cash equivalents	5.4	5.3
Total cash	161.7	145.6

Reconciliation of working capital changes for the period of 6 months ended 30 June 2026 and 2025 is presented in the table below:

2026	Change in trade and other receivables	Change in inventories	Change in other assets	Change in payables and other liabilities	Change in other provisions and employee benefits
Balance sheet change	3.4	0.6	(2.6)	3.6	(1.0)
Change in investment liabilities	-	-	-	9.9	-
Transfer between categories	-	-	-	(2.3)	2.3
Exchange differences	0.1	0.2	0.5	(1.7)	-
Working capital changes	3.5	0.8	(2.1)	9.5	1.3

2025	Change in trade and other receivables	Change in inventories	Change in other assets	Change in payables and other liabilities	Change in other provisions and employee benefits
Balance sheet change	8.9	(0.1)	(1.5)	(40.0)	(0.9)
Change in investment liabilities	-	-	-	11.5	-
Change in investment receivables	3.5	-	-	-	-
Loss of control	(1.7)	-	-	1.2	-
Exchange differences	-	(0.1)	(0.6)	(1.3)	0.1
Working capital changes	10.7	(0.2)	(2.1)	(28.6)	(0.8)

‌Equity

Share capital

There were no changes in share capital of the Company in the period of 6 months ended 30 June 2026 and 30 June 2025.

All shares issued are subscribed and fully paid. The par value of each share is EUR 0.1. As of 30 June 2026 and 31 December 2025 the Company had 219,554,183 shares issued.

AMREST GROUP Condensed Consolidated Interim Financial Statements

for the period of 6 months ended 30 June 2026 23

(all figures in EUR millions unless stated otherwise)

Reserves

The structure of Reserves is as follows:

2026	Share premium	Outstanding share-based payments	Settled share-based payments	Treasury shares	Hedges valuation	Transactions	Total Reserves
As of 1 January	236.3	23.6	(36.7)	(26.2)	(3.1)	(31.6)	162.3
Net investment hedges	-	-	-	-	(0.6)	-	(0.6)
Total comprehensive income	-	-	-	-	(0.6)	-	(0.6)
Value of disposed treasury shares	-	-	(3.9)	3.9	-	-	-
Share-based payments - reclassifications	-	(3.2)	3.2	-	-	-	-
Share-based payments - remeasurements	-	2.3	-	-	-	-	2.3
Share-based payments - tax withholding requirements	-	-	(0.5)	-	-	-	(0.5)
Total share-based payments	-	(0.9)	(1.2)	3.9	-	-	1.8
Total distributions and contributions	-	(0.9)	(1.2)	3.9	-	-	1.8
As of 30 June	236.3	22.7	(37.9)	(22.3)	(3.7)	(31.6)	163.5

with NCI

2025	Share premium	Outstanding share-based payments	Settled share-based payments	Treasury shares	Hedges valuation	Transactions	Total Reserves
As of 1 January	236.3	24.2	(36.1)	(18.4)	(3.6)	(31.6)	170.8
Net investment hedges	-	-	-	-	0.3	-	0.3
Total comprehensive income	-	-	-	-	0.3	-	0.3
Purchases of treasury shares	-	-	-	(5.1)	-	-	(5.1)
Value of disposed treasury shares	-	-	(1.7)	1.7	-	-	-
Share-based payments - reclassifications	-	(2.2)	2.0	-	-	-	(0.2)
Share-based payments - remeasurements	-	3.5	-	-	-	-	3.5
Share-based payments - tax withholding requirements	-	-	(0.5)	-	-	-	(0.5)
Total share-based payments	-	1.3	(0.2)	1.7	-	-	2.8
Total distributions and contributions	-	1.3	(0.2)	(3.4)	-	-	(2.3)
As of 30 June	236.3	25.5	(36.3)	(21.8)	(3.3)	(31.6)	168.8

with NCI

AMREST GROUP Condensed Consolidated Interim Financial Statements

for the period of 6 months ended 30 June 2026 24

Share premium

Share premium reflects the surplus over the nominal value of the share capital increase and additional contributions to equity without issuance of shares made by shareholders.

There were no transactions within share premium in the period of 6 months ended 30 June 2026 and 2025.

Treasury shares

As of 30 June 2026 the Group had 5,035,988 treasury shares for a total purchase value of EUR 22.3 million. As of 31 December 2025 the Group had 5,659,048 treasury shares for a total purchase value of EUR 26.2 million.

Transactions with NCI

This item reflects the impact of accounting for transactions with non-controlling interests (NCI). During the period of 6 months ended 30 June 2026 and 2025 there were no transactions reflected in this equity position.

Net investment hedges

The Group is exposed to foreign currency risk associated with its investments in foreign subsidiaries, which is managed by applying net hedge investment strategies.

Part of the Group's bank loan debt was taken by AmRest Holdings in PLN as a hedging instrument for the net investment in its Polish subsidiary. As of 30 June 2026 the carrying amount of liabilities designated as net investment hedge amounted to PLN 457.3 million (31 December 2025: PLN 491.2 million).

Another part of the debt was taken by AmRest Sp. z o.o. in EUR, as a hedging instrument for the net investment in its Spanish subsidiaries. As of 30 June 2026 the carrying amount of liabilities designated as net investment hedge amounted to EUR 140.4 million (31 December 2025: EUR 150.8 million).

During the period of 6 months ended 30 June 2026 and 2025 the hedges were fully effective.

For all net investment hedges, exchange gains or losses arising from the translation of liabilities designated as hedging instruments are recognised in other comprehensive income. For the period of 6 months ended 30 June 2026 the total hedge valuation recognised in other comprehensive income amounted to EUR (0.6) million (2025: EUR 0.3 million).

No amounts were reclassified from other comprehensive income to profit or loss during the period of 6 months ended 30 June 2026 and 2025.

Translation reserve

The balance of translation reserves depends on changes in foreign exchange rates.

The total change in translation reserves attributable to shareholders of the parent during the period of 6 months ended 30 June 2026 amounted to EUR 5.5 million. The most significant impact was due to changes in the Hungarian forint of EUR 3.8 million, Chinese yuan of EUR 2.5 million, Romanian leu of EUR (0.3) million, Polish zloty of EUR (0.2) million.

The total change in translation reserves during the period of 6 months ended 30 June 2025 amounted to EUR 1.9 million. The most significant impact was due to the recycling of the translation reserve on loss of control in amount of EUR 4.3 million, disclosed in note 6. Other changes in the translation reserves balance resulted from fluctuations in the Chinese yuan of EUR (4.1) million, Czech crown of EUR 0.8 million and Hungarian forint of EUR 0.8 million.

Non-controlling interests

There were no significant transactions or events related to non-controlling interests during the period of 6 months ended 30 June 2026. In the period of 6 months ended 30 June 2025 the Group de-consolidated SCM Sp. z o.o. and SCM s.r.o. and accounted for the loss of control over non-controlling interests in the amount of EUR 11.1 million. Details are presented in note 6.

‌Share-based payments

There were no material changes to the Group's share-based payment arrangements during the period of 6 months ended 30 June 2026.

The LTI 2023 reached the grant date on 31 May 2026, and the award was converted into shares. The grant date fair value was determined at EUR 2.50 per share.

The LTI 2022 reached the grant date on 31 May 2025, and the award was converted into shares. The grant date fair value was determined at EUR 3.79 per share.

LTI plans for participants domiciled in China are cash-settled.

The tables below present the number of shares (in thousands) for programs that reached their grant date during the period of 6 months ended 30 June 2026 and 2025:

HY 2026	Grant Date	Tranche	Vesting date	Granted shares	Vested shares	Unvested shares
		1	31 May 2026	1,303	1,303	-
LTI 2023	31 May 2026	2	31 May 2027	434	-	434
		3	31 May 2028	434	-	434
			Total	2,171	1,303	868

HY 2025	Grant Date	Tranche	Vesting date	Granted shares	Vested shares	Unvested shares
		1	31 May 2025	983	983	-
LTI 2022	31 May 2025	2	31 May 2026	328	-	328
		3	31 May 2027	328	-	328
			Total	1,639	983	656

AMREST GROUP Condensed Consolidated Interim Financial Statements

for the period of 6 months ended 30 June 2026 25

The tables below present a reconciliation of the movements in the number of shares under the LTI 2021, LTI 2022 and LTI 2023 plans during the period of 6 months ended 30 June 2026 and 2025:

2026 (thousands of shares)	LTI 2023	LTI 2022	LTI 2021
Outstanding as of 1 January	-	680	163
Converted to shares	2,171	-	-
Transferred to participants	(573)	(170)	(74)
Forfeited	-	(22)	(5)
Outstanding as of 30 June	1,598	488	84
Vested	730	196	84
Unvested	868	292	-
2025 (thousands of shares)		LTI 2022	LTI 2021
Outstanding as of 1 January		-	328
Converted to shares		1,639	-
Transferred to participants		(338)	(60)
Forfeited		-	(4)
Modified (settled in cash)		(42)	(6)
Outstanding as of 30 June		1,259	258
Vested		603	116
Unvested		656	142

The costs recognised in connection with the share-based programs amounted to EUR 2.4 million and EUR 3.5 million for the period of 6 months ended 30 June 2026 and 2025, respectively.

‌Loans and borrowings

The Group had the following balances of loans and borrowings:

	30 June 2026	31 December 2025
Non-current
Syndicated bank loan	571.3	557.1
Total non-current	571.3	557.1
Current
Syndicated bank loan	87.0	87.5
Other bank loans	4.6	14.6
Total current	91.6	102.1
Total	662.9	659.2

Key characteristics of loans and borrowings:

Currency	Country	Loans	Effective interest rate	Final maturity	30 June 2026	31 December 2025
EUR	Poland, Spain	Syndicated bank loan 2023	3M EURIBOR+margin	2028	513.9	486.9
PLN	Poland, Spain	Syndicated bank loan 2023	3M WIBOR+margin	2028	144.4	157.7
EUR	Spain	Credit lines/Bilateral loans	3M EURIBOR+margin	2026	-	6.4
EUR	France	State supported loan (SSL)	Fixed	2026	-	5.2
EUR	Spain	State supported loan (SSL)	Fixed	2026	-	1.1
EUR	Germany	Bank loans/overdrafts	Euro Short-Term Rate (€STR)+margin	2026	4.6	1.9
Total					662.9	659.2

The tables below present the reconciliation of loans and borrowings for the period of 6 months ended 30 June 2026 and 2025:

2026	Syndicated bank loan 2023	Credit lines/ Bilateral loans	SSL loans	Other borrowings	Total
As of 1 January	644.6	6.4	6.3	1.9	659.2
Repayments	(44.8)	(10.4)	(6.1)	(5.0)	(66.3)
Loan taken and credit lines used	60.0	4.0	-	7.7	71.7
Interest expense	18.4	-	0.4	-	18.8
Payment of interests	(17.2)	-	(0.6)	-	(17.8)
Exchange differences	(2.7)	-	-	-	(2.7)
As of 30 June	658.3	-	-	4.6	662.9

AMREST GROUP Condensed Consolidated Interim Financial Statements

for the period of 6 months ended 30 June 2026 26

2025	Syndicated bank loan 2023	Credit lines/ Bilateral loans	SSL loans	Other borrowings	Total
As of 1 January	592.5	5.0	19.9	-	617.4
Repayments	-	(27.5)	(8.4)	-	(35.9)
Loan taken and credit lines used	30.2	35.0	-	-	65.2
Interest expense	19.8	-	-	-	19.8
Payment of interests	(17.9)	-	(0.5)	-	(18.4)
Exchange differences	1.1	-	-	-	1.1
As of 30 June	625.7	12.5	11.0	-	649.2

During the period of 6 months ended 30 June 2026, under the Syndicated Group loan agreement, AmRest Sp. z o.o. and AmRest Holdings SE drew down EUR 10.0 million and EUR 50.0 million, respectively, under the Revolving Facility tranche, with a maturity date in December 2028.

In the comparative period, under the Syndicated Group loan agreement, AmRest Sp. z o.o. drew down EUR 30.2 million from Tranche B in January 2025. The loan matures in December 2028.

Available credit limits

The Group had the following unused credit limits and available tranches as of 30 June 2026 and 31 December 2025:

	30 June 2026	31 December 2025
Syndicated bank loan 2023 credit line	70.0	130.0
Credit line Poland	9.2	4.7
Credit line Germany	1.3	4.1
Credit line Spain	10.0	3.6
Total	90.5	142.4

Novation Agreement

Subsequent to the reporting date, on 7 July 2026, AmRest entered into a novation, amendment and extension agreement (the "Novation Agreement") in respect of the financing agreement originally dated 11 December 2023, as subsequently amended.

The lenders party to the Novation Agreement comprise substantially the same parties with the exception of Banco Santander Polska that has been replaced by Erste Bank Polska due to the sale by Banco Santander of its Polish business, i.e., Banco Bilbao Vizcaya Argentaria, S.A. ("BBVA"), BNP Paribas Bank Polska S.A., Bank Polska Kasa Opieki S.A., Česká Spořitelna, a.s., Coöperatieve Rabobank U.A., ING Bank Śląski S.A., Powszechna Kasa Oszczędności Bank Polski S.A., Banco Santander, S.A. and Erste Bank Polska S.A. (collectively, the "Lenders"). BBVA and ING act as Sustainability Coordinators, while Banco Santander acts as Facility Agent.

The principal amendments introduced by the Novation Agreement include:

reorganization of the tranche structure, including an increase in the revolving credit facility by up to EUR 100 million;
amendment of the amortization schedule from quarterly repayments to semi-annual repayments, together with a two-year grace period;
extension of the final maturity date to June 2031, with the option of two additional one-year extensions subject to the Lenders' approval;
reduction of the applicable interest margin;
amendment of certain financial covenants; and
introduction of the possibility to establish one or more additional accordion facilities across several tranches for an aggregate amount of up to EUR 300 million.

As a result of the Novation Agreement, the syndicated bank loan would be classified in its entirety as a non-current financial liability after the reporting date.

Covenants

The Group is required to meet certain ratios as agreed with financing institutions. Those covenants are tested at the end of each quarter. The covenants established in financing agreement monitor: relation between total net debt and EBITDA, and relation between EBITDA and financial charges. All of the above ratios are calculated according to the definitions included in the financing agreement, on a non-IFRS16 basis.

The covenants were met as of 30 June 2026.

The carrying amount of loans and borrowings subject to the covenants amounted to EUR 658.3 million as of 30 June 2026 (EUR 644.6 million as of 31 December 2025).

Collaterals for borrowings

The Syndicated Bank Loan is jointly and severally guaranteed by the Borrowers (AmRest Holdings SE and AmRest Sp. z o.o.) and other Group companies, in particular, AmRest s.r.o., AmRest Coffee Deutschland Sp. z o.o. & Co.KG, AmRest DE Sp. z o.o. & Co.KG, AmRest Kft., AmRest Coffee S.R.L, AmRest Tag S.L.U., Restauravia Food S.L.U., Pastificio Service S.L.U.

Additionally, pledge on the shares of Sushi Shop Group and AmRest France SAS has been established as security for the bank financing.

AMREST GROUP Condensed Consolidated Interim Financial Statements

for the period of 6 months ended 30 June 2026 27

‌Trade payables and other liabilities

Trade payables and other liabilities as of 30 June 2026 and 31 December 2025 are presented below:

	30 June 2026	31 December 2025
Trade payables	88.7	92.0
Accruals and uninvoiced deliveries	64.3	50.8
Employee payables	25.5	22.8
Employee related accruals	23.5	25.5
Accrual for holiday leave	19.2	16.9
Social insurance payables	15.1	18.1
Other tax payables	28.4	28.5
Other financial payables	4.8	4.9
Investment payables	6.7	16.6
Contract liabilities - initial fees, loyalty programs and gift cards	11.0	11.3
Deferred income	9.0	5.2
Other payables	1.7	1.7
Total trade payables and other liabilities	297.9	294.3

	30 June 2026	31 December 2025
Current	289.7	286.2
Non-current	8.2	8.1
Total trade payables and other liabilities	297.9	294.3

‌Financial instruments

The following tables present the carrying amounts of financial assets and financial liabilities. The Group assessed that the fair values of cash and cash equivalents, rental deposits, trade and other receivables, trade and other payables, as well as current loans approximate their carrying amounts largely due to the short-term maturities of these instruments. Fair values of non-current rental deposits and loans do not materially differ from their carrying amounts. Trade and other receivables and liabilities presented below exclude balances relating to taxes and employee settlements.

As of 30 June 2026 and 31 December 2025 the Group did not have equity instruments measured at fair value. There were no transfers between fair value hierarchy levels during the period of 6 months ended 30 June 2026 and in year 2025.

The classification of key classes of financial assets and liabilities with their carrying amounts is presented below:

30 June 2026	Note	Financial assets at amortised cost	Financial liabilities at amortised cost
Financial assets not measured at fair value
Rental deposits		23.2	-
Trade and other receivables	14	34.2	-
Cash and cash equivalents	15	161.7	-
Financial liabilities not measured at fair value
Loans and borrowings	18	-	662.9
Lease liabilities	10	-	949.6
Trade payables and other liabilities	19	-	166.2
31 December 2025	Note	Financial assets at amortised cost	Financial liabilities at amortised cost
Financial assets not measured at fair value
Rental deposits		24.0	-
Trade and other receivables	14	32.8	-
Cash and cash equivalents	15	145.6	-
Financial liabilities not measured at fair value
Loans and borrowings	18	-	659.2
Lease liabilities	10	-	962.9
Trade payables and other liabilities	19	-	166.0

‌Future commitments and contingent liabilities
Consistent with prior reporting periods, the Group's future liabilities are derived mainly from the franchise agreements, development agreements and master franchise agreements. The Group restaurants are operated in accordance with franchise, development and master franchise agreements with YUM! and subsidiaries of YUM!, Burger King Europe GmbH, Rex Concepts BK Poland S.A., Rex Concepts BK Czech s.r.o., Starbucks Coffee International, Inc. and its affiliates. In accordance with these agreements, the Group may be obliged to meet certain development commitments as well as to make the renovations required to maintain the identity, reputation and high operating standards of each brand. More details are provided in notes 1 and 34 (Material accounting policies) in the Group's Consolidated Financial Statements for the year ended 31 December 2025. Commitments regarding credit agreement are described in note 18.
AMREST GROUP Condensed Consolidated Interim Financial Statements
for the period of 6 months ended 30 June 2026 28

‌Transactions with related entities

Significant shareholders

As of 30 June 2026 and 31 December 2025, FCapital Dutch, S.L. was the largest shareholder of AmRest and held 67.05% of its shares and voting rights. Grupo Far-Luca, S.A. de C.V. is the ultimate parent of the Group. There were no transactions with FCapital Dutch, S.L., Grupo Far-Luca, S.A. de C.V. during the period of 6 months ended 30 June 2026 and 2025.

Transactions with group entities of significant shareholders

The balances arising from the transactions carried out with Group entities of significant shareholders were as follows:

	30 June 2026	31 December 2025
Cash equivalents	5.4	5.3

	6 MONTHS ENDED
	30 June 2026	30 June 2025
Interest income	0.1	0.1

Transactions with related parties are carried out at market conditions were not material and are in the ordinary course of the business.

Transactions with members of the Board of Directors and Senior Management Personnel

The remuneration of the Board of Directors and Senior Management Personnel (for these purposes, Senior Management Personnel is understood to be those executives who report directly to the executive chairman or the chief executive officer of the Company, and also for these purposes, the person responsible for Internal Audit) paid by the Group was as follows:

	6 MONTHS ENDED
	30 June 2026	30 June 2025
Remuneration of the members of the Board of Directors	0.4	0.4
Remuneration of Senior Management Personnel:
- Remuneration received by the Senior Executives*	2.3	2.8
- Share-based payment plans	0.7	0.4
Remuneration of Senior Management Personnel	3.0	3.2
Total compensation paid to Key Management Personnel	3.4	3.6

* Includes the total amount of the variable remuneration in cash (Short-Term Incentive Program) that is recognised in the year it is paid.

The Directors' Remuneration Policy, which was approved at the General Shareholders' Meeting held on 12 May 2022, remained in force until 31 December 2025. On 8 May 2025 the General Shareholders' Meeting of the Company approved a new Directors' Remuneration Policy, which came into effect on 1 January 2026, and will remain in force until 31 December 2028.

As of 30 June 2026 and 31 December 2025, the Group had no outstanding balances with the Senior Management Personnel, except for the accrual and payment of annual bonuses to be paid in the first half of the following year.

As of 30 June 2026 and 31 December 2025 there were no material liabilities to former Senior Management Personnel. As of 30 June 2026 and 31 December 2025, the members of the Board of Directors had no life insurance, health insurance or pension fund at the Company's expense (except for the Executive Chairman, whose life and general health insurance premiums are paid by the Company as part of his remuneration, as described in the Annual Report on Directors' Remuneration for the year ended 31 December 2025).

The Group has arranged a third-party liability insurance policy covering the directors and managers of the group companies.

The Group has not granted any advances, loans or credits in favour of the Board Members or the Senior Management.

Members of the Board of Directors do not participate in Stock Option (SOP), Management Incentive (MIP) and LTI Plans. Senior Management Personnel participates in share-based payments plans (details below and in note 17).

The tables below present reconciliation of the movement in the number of shares of LTI plans, for Group's Senior Management Personnel, for the period of 6 months ended 30 June 2026 and 2025.

2026 (thousands of shares)	LTI 2023	LTI 2022	LTI 2021
Outstanding as of 1 January	-	95	25
Converted to shares on grant date	316	-	-
Transferred to participants	(170)	(39)	(22)
Outstanding as of 30 June	146	56	3
Vested	19	5	3
Unvested	127	51	-

AMREST GROUP Condensed Consolidated Interim Financial Statements

for the period of 6 months ended 30 June 2026 29

2025 (thousands of shares)	LTI 2022	LTI 2021
Outstanding as of 1 January	-	53
Converted to shares on grant date	237	-
Transferred to participants	(135)	(24)
Change in Group's Senior Management Personnel	-	(3)
Outstanding as of 30 June	102	26
Vested	7	1
Unvested	95	25

‌Subsequent events

Subsequent to the reporting date, on 7 July 2026, AmRest entered into a novation, amendment and extension agreement (the Novation Agreement) in relation to the financing agreement dated 11 December 2023. Further details of the Novation Agreement are disclosed in Note 18 "Borrowings". As a result of the Novation Agreement, the syndicated bank loan would be classified in its entirety as a non-current financial liability after the reporting date.

AMREST GROUP Condensed Consolidated Interim Financial Statements

for the period of 6 months ended 30 June 2026 30

‌Signatures of the Board of Directors

José Parés Gutiérrez

Chairman of the Board

Luis Miguel Álvarez Pérez

Vice-Chairman of the Board

Begoña Orgambide García

Member of the Board

Romana Sadurska

Member of the Board

Pablo Castilla Reparaz

Member of the Board

Mónica Cueva Díaz

Member of the Board

Emilio Fullaondo Botella

Member of the Board

Madrid, 2 September 2026

AMREST GROUP Condensed Consolidated Interim Financial Statements for the period of 6 months ended 30 June 2026

AmRest Holdings SE

28046 Madrid, Spain

CIF A88063979 | +34 91 799 16 50 | amrest.eu

Consolidated Interim Directors' Report

for the period of 6 months ended 30 June 2026

AmRest Group

2 September 2026

AmRest Group

Consolidated Interim Directors' Report

for the period of 6 months ended 30 June 2026

Contents

Financial highlights (consolidated data) ............................................................................................................................................. 5

Group Business Overview .................................................................................................................................................................... 6

Financial situation of the Group ........................................................................................................................................................... 7

Brands operated by the Group............................................................................................................................................................. 17

Key investments..................................................................................................................................................................................... 18

Planned investment activities............................................................................................................................................................... 20

Significant events and transactions in H1 2026 ................................................................................................................................ 20

External Debt .......................................................................................................................................................................................... 21

Shareholders of AmRest Holdings SE................................................................................................................................................ 21

Changes in the Parent Company's Governing Bodies..................................................................................................................... 21

Changes in the number of shares held by members of the Board of Directors........................................................................... 21

Transactions on own shares concluded by AmRest......................................................................................................................... 22

Dividends paid and received ............................................................................................................................................................... 22

Subsequent events ................................................................................................................................................................................ 22

Factors impacting the Group's development ..................................................................................................................................... 22

Basic risks and threats the Group is exposed to............................................................................................................................... 23

Activity in Research and Development area...................................................................................................................................... 26

Signatures of the Board of Directors................................................................................................................................................... 28

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