AmRest achieves sales of EUR 641.9 million and a net profit of EUR 3.9 million for the second quarter

• Broadly stable year on year, sales for the second quarter amounted to EUR 641.9 million, while for the first half of 2026 the figure reached EUR 1,230.6 million 
• EBITDA generation amounted to EUR 100.9 million in Q2 2026, which represents a margin of 15.7%, and to EUR 177.7 million for H1 2026, with a 14.4% margin
• 29 new restaurants were opened in the first half of the year; AmRest ended the period operating 2,133 restaurants
• AmRest has announced a partnership with Taco Bell to launch the brand in Poland

AmRest Group, a leading European multi-brand restaurant operator, maintained a stable pace in the second quarter of the year, posting sales of EUR 641.9 million, virtually unchanged from the same period in 2025. For the first half of 2026, Group revenue amounted to EUR 1,230.6 million, representing a decrease of 2.5%. When excluding the SCM deconsolidation at the end of March 2025, the Group revenue merely decreased by 0.7%.

Despite a demanding consumer environment and continued pressure on customer traffic in several markets, AmRest delivered resilient sales in the second quarter. At the same time, stronger operating cash flow, more selective capital allocation and the extension of the Group’s syndicated financing increased its financial flexibility. During this period, digital channels remained a central part of the Group’s customer proposition, representing nearly 60% of sales, with delivery distribution accounting for 19%.

As a result, the Group generated EBITDA of EUR 100.9 million in Q2 2026, compared with EUR 107.7 million in Q2 2025, with a 15.7% margin. For the first half of the year, EBITDA amounted to EUR 177.7 million, compared with EUR 189.4 million in H1 2025, with a corresponding EBITDA margin of 14.4%. 

Profitability was mainly impacted by lower sales and transaction volumes in markets such as Czechia, Romania and Germany, together with a higher labour cost ratio and the timing of marketing expenditure. These pressures were partly offset by strong momentum in Hungary, improving profitability in France, lower franchise and other expenses, disciplined management of general and administrative costs, and higher other operating income.

Along these lines, the Group reported a net profit of EUR 3.9 million for the second quarter, of which EUR 3.4 million was attributable to shareholders of the parent company, while for the first six months there was recorded a net loss of EUR 13.4 million, of which EUR 13.8 million was attributable to shareholders of the parent company.

Improved cash flow and financial position

During the first half of the year, cash generation showed clear progress, with an increase to EUR 186.1 million, compared with EUR 159.1 million in H1 2025. In the second quarter alone, cash flow from operating activities amounted to EUR 123.5 million, EUR 17.5 million above the second quarter of 2025. Cash outflow from investing activities decreased to EUR 55.7 million, from EUR 86.5 million in H1 2025. Consequently, total net cash flow improved to a positive EUR 14.8 million (vs. EUR 19.8 million in the corresponding period of 2025).

Net financial debt decreased by EUR 13.2 million during the first half, to EUR 505.1 million. The net debt to EBITDA ratio stood at 2.5x, remaining within management’s internal target.

Investment activity and restaurant portfolio

Capital expenditure amounted to EUR 46.1 million in H1 2026, EUR 23.6 million below the corresponding period of the previous year. This reduction reflected a more selective approach to capital allocation, with an increased focus on execution, cash generation and investment returns.

During the first half of the year, AmRest opened 29 new restaurants and completed 103 renovations. On 30th June 2026, the Group operated 2,133 restaurants across 22 countries. Moreover, AmRest has announced the launch of Taco Bell in Poland, with the first restaurant openings planned for the last quarter of the year. This new partnership will be built on AmRest’s strong local platform and proven capabilities in restaurant development, supply chain, digital and delivery. 

According to Eduardo Zamarripa, Chief Financial Officer of AmRest Holdings SE, “AmRest has proved once again the resilience of its business model despite a demanding consumer environment. This strategy supports AmRest’s ability to manage the current trading environment while retaining capacity for selective investment towards restaurants, formats and capabilities that enhance customer value, digital convenience and sustainable long-term returns. The planned launch of Taco Bell in Poland is consistent with this approach, as it allows AmRest to introduce an additional global brand while leveraging infrastructure and capabilities already established in one of the Group’s core markets.”

Strong performance in Central and Eastern Europe drives Group revenue

Central and Eastern Europe remained the Group’s largest region, representing 63.4% of Q2 2026 sales. Revenue increased by 1.8% to EUR 406.9 million, but EBITDA declined to EUR 76.4 million, and margin decreased by 1.0 percentage point to 18.8%. On a cumulative basis, revenues reached EUR 772.0 million, marking growth of 0.8%, while EBITDA amounted to EUR 135.4 million, while the margin declined by 0.9 percentage points to 17.5%.

Revenues in Western Europe stood at EUR 212.5 million, down 3.2%, and EBITDA of EUR 30.8 million, with a margin of 14.5%. While the reported EBITDA was below the prior year, the comparison was affected by a one-off gain recorded in Germany in Q2 2025 following the sale of a restaurant. The region showed signs of improving underlying momentum, particularly in France where profitability recovery is progressing slightly faster than anticipated. For H1 2026, Western Europe generated approximately EUR 416.9 million in revenue and EUR 55.7million in EBITDA, with a margin of 13.4%.   

In China, revenues totalled EUR 22.5 million in Q2 2026, broadly stable year over year. The segment generated Q2 EBITDA of EUR 4.4 million, compared with EUR 5.3 million in the prior-year period, with a 19.8% margin, representing a solid level of profitability, despite a soft demand environment. On a cumulative basis, H1 2026 revenue amounted to EUR 41.7 million, down 6.6%, and H1 2026 EBITDA reached EUR 7.5 million, while the margin contracted from 20.6% to 18.2%.