AmRest Holdings SE

Q2 2026 sales were almost EUR 642 million, broadly flat versus Q2 2025. Q2 EBITDA was EUR 101 million, down from EUR 107.7 million last year, and EBITDA margin was 15.7% versus 16.8% a year ago; operating profit was about EUR 22 million with a 3.5% margin, and net profit was almost EUR 4 million. In the first half, revenue was more than EUR 1.2 billion excluding prior-year deconsolidation effects, SCM revenue declined 0.7% year over year, and EBITDA was EUR 177.7 million with a 14.4% margin versus 15.0% in H1 2025. Free cash flow improved to EUR 25.6 million from EUR -26.2 million in H1 2025, CapEx fell to 5.3% of sales by end-Q2, net financial debt was EUR 505 million, and leverage was 2.5x. For full-year 2026, management now expects revenue and profitability growth to be slightly positive rather than single-digit. They also said Taco Bell Poland should open three restaurants before year-end, with more openings next year.

Eduardo Zamarripa framed the quarter as one of mixed operating performance but meaningful strategic progress. He emphasized that AmRest is shifting toward capital discipline, selective investment, portfolio optimization, and better free-cash-flow conversion rather than growth for its own sake. He also highlighted the new financing agreement, the Taco Bell Poland launch, and the idea that the company is using its scale and infrastructure more selectively to create higher value per share.

Santiago Camarero said the quarter was characterized by stable sales, weaker operating leverage, and lower capital deployment. He pointed to Q2 revenue of almost EUR 642 million, EBITDA of EUR 101 million, CapEx of EUR 24 million versus almost EUR 39 million last year, and net financial debt of EUR 505 million with EUR 162 million of liquidity and almost EUR 91 million in available credit lines. He stressed that cash generation improved materially, with operating cash flow up EUR 17.5 million and investing cash outflows down EUR 15 million in Q2, while the company maintains a prudent leverage profile.

The main analyst questions focused on Taco Bell rollout, the persistence of weak sales in Czechia, Romania’s slowdown, and food cost pressure. Management said Taco Bell should have three openings in Poland before year-end and more next year, but kept the initial rollout controlled and return-focused. On Czechia, they said traffic remains under pressure from negative publicity and that recovery timing is difficult to predict; on Romania, they described the market as challenging but cyclical; on food costs, they said they are seeing some easing and do not expect short-term impact because of long-term purchasing coverage.