AmRest Holdings SE (EATN) Q2 2026 Earnings Report

The call presented a mixed picture. AmRest reported materially improved free cash flow, lower investment intensity, reduced net debt, enhanced financing flexibility, continued restaurant openings, and resilience in several core markets and brands. However, revenue was broadly flat or slightly down, EBITDA and margins declined, comparable sales remained below the prior year, Czechia and Romania continued to face challenges, China profitability weakened, and full-year 2026 growth expectations were reduced from single-digit growth to slightly positive growth. The positive cash generation and balance-sheet developments were significant, but the operating performance and outlook remained uneven.

For the remainder of 2026, AmRest now expects revenue and profitability growth to be “slightly positive rather than growing at a single-digit rate,” versus its prior expectation of “single-digit growth” in both revenue and profitability; it expects to open three Taco Bell restaurants in Poland “before year-end” and “a higher number next year,” while the timing of Czech market recovery is “difficult to tell,” Romania’s cycle is expected to “end soon,” and in the short term it does not expect “any affectations” from food-cost pressures, although expectations for next year could put “some pressure” on costs if the conflict in the Middle East continues.