AmRest (EAT) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was €588.7 million, down 1.5% year-over-year on a constant basis, with same-store sales index at 96.3.

• EBITDA reached €76.8 million (13.0% margin), down €4.9 million year-over-year; EBIT was €5.5 million (0.9% margin).

• Net loss attributable to shareholders was €17.2 million, compared to a €9.8 million loss in Q1 2025, reflecting seasonality and temporary headwinds.

• The portfolio included 2,129 restaurants across 22 countries, with 12 new openings and 49 renovations in Q1 2026, serving 30 million monthly customers.

• Cash flow from operating activities improved to €62.6 million, up €9.5 million year-over-year.

Financial highlights

• Revenue declined 1.5% year-over-year to €588.7 million; EBITDA margin was 13.0% (down from 13.2%).

• EBIT margin dropped to 0.9% from 2.1% in Q1 2025; net loss for the period was €17.3 million.

• Net cash from operating activities increased by €9.5 million, while investing cash outflows decreased by €15.6 million.

• CapEx for the quarter was €22 million, down from €30.9 million in Q1 2025, and as a percentage of sales decreased from 9% at end-2023 to 6% in Q1 2026.

• Net financial debt stood at €547.2 million, with leverage at 2.6x.

Outlook and guidance

• Focus remains on restoring sales momentum, increasing profitability through operational discipline, and maintaining strong cash generation.

• Management aims to deliver stronger free cash flow generation through 2026 and is optimistic about recovery in underperforming markets, especially Czechia.

• No formal forecasts of financial results have been issued.

• Temporary factors led to more cautious, convenience-driven consumer behavior, boosting delivery and digital sales above 60% of total.