AmRest Holdings SE

For 2025, AmRest reported like-for-like revenue growth of 2.4% year-on-year to almost EUR 2.6 billion, EBITDA of EUR 407 million with a 15.9% margin, and profit of EUR 18 million versus EUR 13.5 million last year. CapEx was EUR 158 million, down from EUR 194 million in 2024, and the company paid a EUR 15 million dividend. In Q4, revenues were EUR 636 million, up 1% year-on-year; EBITDA was EUR 106 million with an EBITDA margin close to 17%; EBITDA non-IFRS 16 was almost EUR 58 million; and operating profit was EUR 26 million. Management guided to mid-single-digit growth in 2026, a stronger second half than first half, better profitability, strong free cash flow generation, similar gross openings to 2025, more closures of underperforming sites, and leverage kept at the low end of the target range.

The CEO framed 2025 as a year of disciplined execution in a tough consumer and geopolitical environment, and emphasized that AmRest is building a more integrated, efficient platform. He highlighted strategic work such as the SCM disposal, internalizing supply chain and quality assurance, and continued investment in digital and analytics tools to improve decision-making and productivity. His tone was cautiously optimistic, stressing that the company expects momentum to build through 2026 and that midterm growth and margin recovery remain achievable.

The CFO focused on the financial resilience of the business and the details behind the quarterly and full-year numbers. He said Q4 revenue was EUR 636 million, EBITDA was EUR 106 million, EBITDA non-IFRS 16 was almost EUR 58 million, operating profit was EUR 26 million, and operating cash flow was EUR 109 million versus investing cash flow below EUR 46 million. He also noted year-end net financial debt of EUR 518 million, leverage of 2.3x, liquidity over EUR 146 million, and more than EUR 140 million of unused committed lines, while saying capex should remain at similar levels to 2025 and that capital allocation will stay disciplined.

Analysts focused on whether Hungary’s strong growth was one-off, the Czechia sales hit from food-safety allegations, expected capex for 2026-2027, dividend policy, and which markets may see closures. Management said Hungary’s growth was not a one-off and reflected sustained customer confidence, while Czechia is seeing a gradual recovery and no systemic food-safety issues were found after multiple audits and inspections. On capex and dividends, the CFO said spending should stay similar to 2025 and that dividends will depend on cash flow generation and board decisions rather than a fixed policy.