AmRest achieves first-quarter sales of EUR 588.7 million in Q1’26

• The company’s EBITDA amounted to EUR 76.8 million, representing a 13.0% margin
• 12 new restaurants were opened in the quarter; AmRest ended Q1’26 operating 2,129 restaurants
• Spain remains the profitability anchor in Western Europe, sustaining EBITDA margins above 20%   

AmRest Group, a leading European multi-brand restaurant operator, delivered first-quarter revenues of EUR 588.7 million in Q1’26, underpinned by resilient operations and disciplined execution. The Group generated EBITDA of EUR 76.8 million with a 13.0% margin, and operated 2,129 restaurants in total after opening 12 new units in the quarter. 

Europe entered Q1 2026 with modest underlying growth momentum, although conditions weakened as the quarter progressed amid rising geopolitical tensions following the outbreak of the war in Iran. Inflation accelerated in March, driven mainly by energy, while consumer sentiment deteriorated notably towards the end of the period. In addition, adverse weather also weighed on activity early in the quarter across several markets, including Poland, Germany and France, while Spain experienced episodes of heavy rainfall and flooding in certain regions. Against this backdrop, sales performance across countries was mixed.

Profitability, Cash Flow and Financial Position

The Group generated EBITDA of EUR 76.8 million in Q1 2026, with an EBITDA margin of 13.0%, representing a decrease of EUR 4.9 million compared to the same period of 2025. Operating profit (EBIT) stood at EUR 5.5 million, corresponding to a margin of 0.9%.

Profitability was mainly impacted by weaker sales leverage in certain markets. While cost of food showed early signs of easing, partly reflecting the impact of procurement initiatives, with some categories benefiting from price relief after several quarters of cumulative inflation, this improvement was not sufficient to fully offset the operational pressure.   

The net loss attributable to the parent company’s shareholders in Q1 2026 amounted to EUR 17.2 million, compared with a loss of EUR 9.8 million in the prior year. This reflects the typical seasonality of the first quarter, compounded by temporary headwinds, including adverse weather conditions and a late-quarter deterioration in the macroeconomic environment linked to geopolitical tensions. 

Net cash from operating activities increased by EUR 9.5 million year on year to EUR 62.6 million, supported by disciplined cash management and working capital optimisation. Investing cash outflows decreased by EUR 15.6 million to EUR 32.0 million, reflecting AmRest’s continued focus on optimizing the resources required to deliver its refurbishment programs. During the period, the Group completed 49 restaurant renovations. This trend supports management’s objective of strengthening free cash flow generation through 2026.

This disciplined approach has also supported the Group’s prudent financial position. At the end of the quarter, leverage stood at 2.6x, supported by a solid liquidity position of over EUR 117 million in cash and a similar amount in available credit lines.

According to Eduardo Zamarripa, Chief Financial Officer of AmRest Holdings SE, “In the first quarter of the year we strengthened our commercial initiatives through a broad set of actions, including new menu development, product design enhancements, brand endorsements, and new beverage launches. These efforts were aimed at mitigating the temporary headwinds experienced during the period and accelerating commercial momentum in the coming quarters. At the same time, we focused on optimizing resources to continue our refurbishment programs sustaining high quality standards and reinforcing the customer appeal of restaurants operated by the Group.”

Performance across regions

In Central and Eastern Europe, revenues in Q1 2026 reached EUR 365.1 million, accounting for 62.0% of Group sales. Performance across the region was mixed, with Hungary and the Balkans delivering strong double-digit growth. Despite this uneven revenue performance, the segment demonstrated overall profitability resilience, with EBITDA reaching EUR 59.0 million and EBITDA margin of 16.2%. 

Revenues in Western Europe stood at EUR 204.4 million, while EBITDA reached EUR 24.9 million, resulting in a margin of 12.2%. Market performance remained highly heterogeneous across countries. France recorded a significant double-digit decline, reflecting a more challenging trading environment, while Spain remained broadly flat year on year and Germany grew by 4.6%, supported by continued momentum. Profitability also varied significantly across the region, with Spain remaining the main profitability anchor, sustaining margins above 20%, while Germany operated at the low end with a 4.3% EBITDA margin, reflecting limited operating leverage and a more pressured cost base. 

In China, revenues totalled EUR 19.2 million, representing a 12.5% year-on-year decline, or a 7.4% decrease in constant currency terms, with the depreciation of the Chinese yuan against the euro acting as a key headwind. The operating environment remained cautious, with softer consumption trends affecting discretionary spending. Despite the decline in sales, EBITDA reached EUR 3.1 million, delivering a solid EBITDA margin of 16.3%, underlining continued cost discipline and operational resilience.