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1 FY25 RESULTS EARNINGS PRESENTATION February 2026 BUILDING COMMUNITIES AROUND THE JOY OF FOOD
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2 Agenda & Presenters HARSH BANSAL CHIEF FINANCIAL OFFICER & CHIEF GROWTH OFFICER PUJEET PAREKH HEAD OF INVESTOR RELATIONS AMARPAL SANDHU CHIEF EXECUTIVE OFFICER 01 Business Updates 02 Financial Review 03 The Way Forward 05 Concluding Remarks and Q&A 04 Malak Al Tawouk Transaction
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3 Disclaimer Cautionary Statement Regarding Forward Looking Information This presentation includes statements that are, or may be deemed to be, "forward looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "plans", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places and include, but are not limited to, statements regarding the Company’s intentions, beliefs or current expectations concerning, amongst other things, results of operations, financial condition, liquidity, prospects, growth and strategies. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward looking statements are not guarantees of future performance and the actual results of operations, financial condition and liquidity, and the development of the industry in which the Company operates, may differ materially from those made in or suggested by the forward-looking statements set out in this presentation. Past performance of the Company cannot be relied on as a guide to future performance. The forward-looking statements contained in this document speak only as at the date of this document. The Company expressly disclaim any obligation or undertaking to update these forward-looking statements contained in the document to reflect any change in their expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law. No statement in this document is intended to be a profit forecast. As a result, you are cautioned not to place any undue reliance on such forward-looking statements. In addition, even if the results of operations, financial condition and liquidity of the Company, and the development of the industry in which the Company operates, are consistent with the forward-looking statements set out in this document, those results or developments may not be indicative of results or developments in subsequent periods. The payment of dividends by the Company is subject to consideration by the Board of Directors of the cash management requirements of the Company. In addition, the Company expects that when deciding on dividend distribution, the Board of Directors will also consider market conditions, the then current operating environment in the markets in which the Company operates, and the outlook for the Company’s business. 3
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4 BUSINESS UPDATES
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5 Source: Company information 1. Subject to shareholders approval at AGM Double Digit Growth Revenue vs. FY 24 +14.2% YoY Efficiency Throughout The Business Enhanced Market Presence Technology Initiatives Proposed Dividends1 +23.1% YoYEBITDA vs. FY 24 Gross Profit margin expansion Pizza Hut Oman integration expanding footprint “carpo” exclusive franchise agreement (stores opening mid-2026) Dividend for 2025 $201.6 million ($0.024 per share) 2025 – Driven by Innovation, Rooted in Community 2025 Wins Net Profit margin expansion Pizza Hut - OmanOrganic Net NSOs 159 Net New Openings 1.3% 1.5% 119 40 Welcoming Malak Al Tawook to AMR Portfolio 15M unified customer profiles (CDP) Setting up COE for IT in India +2,700 kiosks, removing in-store order friction
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6 Q4 25 Brands Initiatives – Power Brands Brand-led Innovation Driving Demand And Momentum, Supported By Brand Partnerships And Cultural Relevance
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7 Our Purpose in Action – Q4 Updates Egypt • Launch Education for All = Food for All Platform – A unifying platform for all our educational initiatives across the region, kicked off with a motivational welcome event for the new batch Dual Education program • 13th Batch of Dual Education Graduation from Capital University UAE • A Historic Milestone – Opened Four inclusive Pizza Hut Restaurants across Four Emirates: Dubai, Sharjah, Ajman & Fujairah Oman • KFC POD Store Opening KSA • 5th Pizza Hut POD Branch opening in Madina Creating Opportunities And Building Communities Around The Joy Of Food.
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8 Source: Company information 1. New stores include 46 gross , 40 net new stores pertaining to Pizza Hut in Oman 2. Includes consideration paid to acquire the subsidiary operating Pizza Hut in Oman 3. Subject to Approval at AGM RESTAURANT PORTFOLIO 2,749 stores +216 1 +159 1 REVENUES $2,508.8m 14.2% increase (vs. FY 24) LFL increase (vs. FY 24) EBITDA $595.6m 23.1% increase (vs. FY 24) NET PROFIT $219.1m 38.0% increase (vs. FY 24) CAPEX2 $125.2m 5.0% of revenue FY 25 Performance Dashboard 9.7% Cash Dividends3 $201.6m 91.99% of Net Profit
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9 119 Organic Net New Stores Added In FY 25 Inline With Revised Guidance Source: Company information Restaurant openings (2021A – 2025A) Restaurant portfolio evolution (1 Jan 25 – 31 Dec 25) 164 220 300 213 170 46 2021A 2022A 2023A 2024A 2025A 110 173 252 155 1591 Gross restaurants openings Net restaurants openings No. of restaurants 2,590 170 (51) 2,709 40 2,749 141 44 29 7 01-Jan-25 Gross Openings Closures 31-Dec-25 PH Oman 31-Dec-25 Power Brands Growth/Niche Brands PH Oman Other Brands Gross new stores added by acquisition of Pizza hut business Oman Organic Store Portfolio Evolution +119 1. Includes 40 stores from Pizza Hut Oman acquisition post 6 closures
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10 FINANCIAL REVIEW
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11 (23) (22) 2,509 2,197 205 152 FY'24 LFL Growth NSO Growth¹ Closures & Others³ FX Impact² FY'25 14.2% Revenue Growth YoY Driven By LFL Sales Growth And Portfolio Expansion Revenue mix4 Channel mix4 Source: Company information 1. Revenue contribution from stores opened for less than or equal to 12 months 2. FX impact mainly due to Kazakhstan, Egypt and Lebanon 3. Others include rentals, Lebanon hyperinflation impact and logistics 4. Sum might not add up to 100% due to rounding 17% 21% 44% 9% 8% 1% 13% 16% 48% 8% 15% 1% Dine-in Takeaway Home Delivery Drive thru Kiosks Others FY24 FY25 FY 24 FY 25 <1% 6% 94% <1% 6% 94% % of stable pegged currency 83% 83% 589 (3) 669 44 38 1 Q4'24 LFL Growth NSO Growth¹ Closures & Others³ FX Impact² Q4'25 +14.2% Revenue bridge (Q4 24 to Q4 25), $m Revenue bridge (FY 24 to FY 25), $m +13.6% Other Brands Growth/Niche Power Brands
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12 7.8% Lfl Growth in Q4 2025, Driven By Brand Initiatives And Pricing Strategies Source: Company information 1. Total Sales Growth in Q4 2025 vs. Q4 2024 2. Q4 2025 sales Includes $3.5M generated from Pizza Hut stores in Oman 3. Same store sales growth in Q4 2025 vs. Q4 2024 Revenue by Power Brands (Q4 24 to Q4 25), $m Total 12.8% 8.0% 23 27 Q4 24 Q4 25 589 669 Q4 24 Q4 25 77 88 Q4 24 Q4 25 98 112 Q4 24 Q4 25 355 400 Q4 24 Q4 25 13.6% 7.8%16.9% 13.5%14.1% 6.2%13.8% 7.4% 2 YoY Growth1 LfL Growth3
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13 FY25 Strong Momentum Throughout The Year With Overall 9.7% Lfl Growth Source: Company information 1. Total Sales Growth in FY 2025 vs. FY 2024 2. FY 2025 sales Includes $13.1 M generated from Pizza Hut stores in Oman 3. Same store sales growth in FY 2025 vs. FY 2024 Revenue by Power Brands (FY 24 to FY 25), $m Total 12.7% 9.3% 87 94 FY 24 FY 25 2,197 2,509 FY 24 FY 25 275 330 FY 24 FY 25 367 433 FY 24 FY 25 1,325 1,494 FY 24 FY 25 14.2% 9.7%9.0% 6.9%19.9% 11.2%17.9% 12.6% 2 YoY Growth1 LfL Growth3
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14 Y-o-Y Inventory Cost Reduction Driven By Procurement Discipline, Supply Chain Efficiency, And Pricing Initiatives Cost of inventory1 evolution 32.0% 31.1% 29.2% 28.5% 29.6% 28.9% 29.1% 29.4% 29.2% 29.2% 28.5% 27.1% FY 22 FY 23 FY 24 FY 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Source: Company information 1. Refers to cost of materials, filing and packing materials. Calculated as % of revenue 2. Change % calculated as cost of inventory % in current quarter vs. same quarter last year 3. Changes on the graphs 0.3 % due to rounding Change2 % (2.7%) Q2 24 vs. Q2 23 Q3 24 vs. Q3 23 (1.7%) Q4 24 vs. Q4 23 0.2% Q1 25 vs. Q1 24 (0.4%) Q2 25 vs. Q2 24 0.4%3 Q3 25 vs. Q3 24 (0.6%) Q4 25 vs. Q4 24 (2.3%)
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15 Strong Q4 2025 Performance vs. Q4 2024 On All Metrics With Major Enhancement In Profitability 4 Wall EBITDA (Q4 24 to Q4 25), $m EBITDA (Q4 24 to Q4 25), $m Net Profit (Q4 24 to Q4 25), $m Source: Company information +32.3% +36.2% +102.4% Margin (% of revenues) YoY growth 171 226 29.0% 33.8% 50 70 90 110 130 150 170 190 210 230 250 Q4 24 Q4 25 133 181 22.6% 27.1% - 20 40 60 80 100 120 140 160 180 200 Q4 24 Q4 25 41 84 7.0% 12.5% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% Q4 24 Q4 25
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16 FY 25 Showed Double-digit Growth, Fueled By Topline Momentum And Fixed-cost Leverage 4 Wall EBITDA (FY 24 to FY 25), $m EBITDA (FY 24 to FY 25), $m Net Profit (FY 24 to FY 25), $m Source: Company information +19.2% +23.1% +38.0% Margin (% of revenues) YoY growth 635 757 28.9% 30.2% 100 200 300 400 500 600 700 800 FY 24 FY 25 484 596 22.0% 23.7% - 100 200 300 400 500 600 700 FY 24 FY 25 159 219 7.2% 8.7% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% FY 24 FY 25
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17 1.8% Increase In Normalized Net Profit Margin In FY25 Driven by Business Model Efficiency And Fixed Cost Leverage Net profit bridge (FY 24 to FY 25), $m 7.2% 7.2% 9.0% 8.7% Source: Company information 1. One-offs mainly include marketing relief received ($10.4 million) partially offset by impairment losses in Q4 FY24 ($8.5 million) 2. Others mainly include increase in G&A costs ; depreciation and amortization ; depreciation and interest expense on leases and decrease of minority interest recovery 3. Mainly includes settlement of legacy legal and tax cases 4. Increase in applicable tax rates in key markets vs. 2024 (UAE – Increased from 9% to 15% ; Kuwait & Bahrain increased from 0% to 15% ; Qatar – increased from 10% to 15%) 159 (2) 157 99 226 7 (14) 219 (30) FY24A FY24 One–offs¹ FY24 Normalized Revenue Growth Others² FY25 Normalized FY25 One–offs³ Incr. Pillar II Tax FY25 A +$69M +44% Growth Net Profit Margin 4 +1.8%
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18 Prudent Capital Allocation And Disciplined Store Expansion, Preserving A Healthy 3.1-year Payback Source: Company information New restaurant openings1 by brands Brand New Restaurants openings Avg. Capex / restaurant ($k) Payback (years) 147 502 2.3 54 436 2.9 71 338 4.9 67 134 > 5 years Others2 55 348 > 5 years Total 394 379 3.1 Key metrics by restaurants1 37% 14% 18% 17% 14% KFC Hardee's Pizza Hut Krispy Kreme Other 1. Gross stores opened from 1 Oct 2023 to 30 Sep 2025 and are currently in operation ; P&L performance till Dec 2025, annualized for forecast periods 2. Others Include Wimpy, Baskin Robbins, TGIF, Peet’s Coffee, Costa Coffee and Chicken Tikka
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19 Net Working Capital Improved And Measured Capital Deployment Source: Company information Net Working Capital $m 1. Capex amount includes the consideration paid to acquire subsidiary that operates pizza hut in Oman and the corresponding new stores have been included in the store count Gross Capex $m 115 125 FY 24 FY 25 216 5.0% 213 5.2% (248) (9.9%) (195) (8.9%) 134 155 110 128 (440) (531) 31-Dec-24 31-Dec-25 Inventory Receivables Payables NWC NWC % of revenues Gross capex (% of revenues) No. of new restaurants openedGross Capex 1
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THE WAY FORWARD
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21 2026 Guidance Source: Company information Cost Efficiencies Revenue Growth ✓ Mid Single Digit LfL growth ✓ Win brand love and trust through local relevance and communication Category Expansion ✓ 120 – 130 net NSO rollout in 2026; including new brands ✓ NSOs focused on high performing BMUs1 and scale-up of new brands NSO Guidance Profitabilty Outlook ✓ Gross margin slightly better than 2025 ✓ Double Digit Growth in EBITDA and Net Income (margins in-line with 2025 or slightly better) ✓ Maximizing ROI from kiosks, apps, loyalty, and personalization. ✓ Use unified customer profiles to reduce blanket discounting. Digital Leadership ✓ Explore organic and inorganic avenues to onboard world-class brands in the Arabic categories in the region ✓ Drive inventory cost savings with menu reengineering and supplier negotiations ✓ Streamline G&A via restructuring and offshoring low-value-add roles 211. Brand Market Units
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Malak al Tawouk Transaction
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23 The Malak Al Tawouk Brand • Founded in 1996 in Beirut, MAT is a family-owned Lebanese-QSR built around the Tawouk sandwich and other Lebanese street-food staples • With ~45 stores currently operating in Lebanon, brand went international in 2019 with UAE launch, and now operating globally across GCC, France and Canada. • Hero offering is boneless grilled chicken (Tawouk), complemented by thoughtfully curated menu of fresh salads, rice bowls and more. History Menu Mix High focus on wraps, sandwiches and salad bowls built around a “Tawouk” core Focus on low-capex store formats Brand Positioning Target Audience Group of friends Families Working Individuals Value led Generous portions with affordable pricing Arab QSR Authentic Lebanese street-food Trendy/Youthful Modern, energetic brand identity Source: Company information Wraps 35% Burgers 11% Sandwiches 12% Tawouk/Grills 15% Salad Bowls 20% Sides/Drinks 7% Store Format Store Evolution 1 2 4 5 6 8 9 10 12 14 17 19 23 27 29 33 39 47 53 60 65 70 1996 2003 2004 2005 2006 2007 2008 2010 2011 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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24 Rationale For AMR and Transaction Highlights AMR x MAT – Why it works • Unlocks Arabic QSR segment for AMR • Expand customers’ share of stomach • Bolts on to AMR’s core QSR platform Strategic Fit Attractive Commercials • Best-in-class AUVs • Low payback periods Quick Pan-GCC Scalability • Small-box, low-capex store formats • Strong initial footprint in AMR’s key counties Strong Brand Equity • Flagship brand in authentic Arabic QSR • Value-led approach: generous portions with affordable pricing Transaction Highlights • AMR secures exclusive 75-year rights to develop and operate Malak Al Tawouk across 13 MENA and CIS markets. Brand owners to continue operating Lebanon business. • AMR will be the sole operator and developer of the MAT brand in these geographies. • AMR to acquire 100% of the existing MAT franchisees in the UAE (7 stores) and KSA (3 stores). • Existing MAT franchises generate annualized revenue of ~$21.1 million, pre-IFRS EBITDA of ~$2.3 million, and net income of ~$1.7 million. • Acquisition valued at $20.8 million (12.0x P/E), funded through internal cash reserves. 1 2 3 4 5
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CONCLUDING REMARKS AND Q&A
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Investor.Relations@americanarestaurants.com THANK YOU Americana Restaurants IR App Capital Markets Day Ritz-Carlton, Dubai, JBR 17 April 2026
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APPENDIX
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28 Portfolio Evolution – FY 25 (1 Jan 25 – 31 Dec 25) Source: Company information 1. Includes PHT Oman opening and closures Morocco 55 Egypt 450 KSA 766 Oman 101 Lebanon 17 Jordan 57 Iraq 42 Kuwait 276 UAE 652 Bahrain 77 Qatar 109 Kazakhstan 147 28 No. of restaurants – by country and brands Openings & closures – FY 251 No. of restaurants – by brand/category 72 65 32 18 29 15 17 7 11 7 KFC Pizza Hut Hardee's Krispy Kreme Growth/Niche Openings Closures KSA UAE Kuwait Egypt Others Total 312 237 81 174 342 1,146 154 102 62 40 99 457 110 168 – 95 85 458 169 93 36 43 54 395 Growth/Niche Brands 21 52 96 96 25 290 Other Brands – – 1 2 – 3 Total 766 652 276 450 605 2,749
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29 Store Closures In FY 25 Store Closures – FY 25 (1 Jan 25 – 31 Dec 25) Source: Company information 1. Calculated as store closures during FY 25 divided by total stores per category as of 31 Dec 25 2. Include One TGIF, two Wimpy, one Chicken Tikka and three Costa Coffee Stores Brand Closures % of total stores1 FY 25 Power brands 50 2.0% Growth / Niche Brands2 7 2.4% Total 57 2.1%
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30 Free Cash Flows And Movement In Cash & Cash Equivalents Source: Company information Free Cash Flow (FCF) 1. Net Cash from Investing activities is without (increase)/decrease in short term fixed deposits $m FY 24 FY 25 EBITDA 484 596 Hyper Inflation Effect <1 1 Net Capex (113) (124) Change in Non-current Portion of Trade Payables (17) (17) Tax (21) (36) Change in NWC (27) 26 Change in Non-current Portion of Trade Receivables (<1) (3) Lease Payments (211) (233) Total 95 209 Conversion % 35% 58% Movement in Cash & Cash Equivalents $m 121(80) 433 589 (104) (102) (409) (366) 2024A 2025A Net Cash From Operating Activities Net Cash From Investing activities Net Cash From Financing Activities Net Cash Change
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31 Post IFRS-16 basis EBITDA To Net Profit Reconciliation $k FY 24 FY 25 Net profit attributable to shareholders of the company 158,759 219,123 Minority (Non-Controlling Interest) (7,355) (673) Income tax (including Pillar II), and Zakat 20,727 35,651 Finance cost (net) excluding finance costs on lease liabilities (12,642) (12,240) Depreciation and amortization (excluding depreciation related to RoU assets)1 94,343 101,500 Depreciation on RoU assets 183,810 205,566 Finance costs on lease liabilities 32,319 40,867 Impairment charges 13,724 5,810 EBITDA 483,685 595,604 Source: Company information 1. Calculated as: Charge for the year (PPE) plus amortization of intangible assets, and depreciation of investment properties
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32 Key Definitions EBITDA: EBITDA is defined as Net profit for the year plus finance cost (net), plus income tax and zakat, plus depreciation and amortisation expenses, impairment charges 4 –wall EBITDA: 4-Wall EBITDA is defined as Revenue minus cost of revenues, minus selling and distribution (S&D) expenses (both excluding depreciation and amortization). Free cash flow: Free Cash Flow (FCF) defined as EBITDA (post adding back hyperinflation adjustment) less capital expenditure, income tax and zakat, change in net working capital, change in non- current portion of trade payables and Trade Receivables, and lease payments (including both principal and interest on lease liabilities) Free cash flow conversion: Free Cash Flow (FCF) over EBITDA less lease payments (including both principal and interest on lease liabilities) Avg. payback: The payback investment period is calculated by dividing the initial investment by the annual cumulative cash inflow generated over 10 years. No discount rate have been assumed for all markets except Egypt. Equation is to compare the initial investment capex against the forecasted annual net cash flow over the period of 10 years Gross capex: Gross capex defined as purchase of property and equipment plus purchase of intangible assets, payments for key money and includes the initial franchisor fees Growth / Niche brands: Refers to Baskin Robbins, TGIF, Chicken Tikka, Wimpy, Costa Coffee, Peet’s Coffee Tax: Income tax and zakat LfL: Like for like revenues growth denotes the percentage increase/decrease in the revenues for those AMR restaurants which have generated monthly revenues over the 12-month period in a given financial year and excludes revenues of those restaurants which have not generated revenues for more than 6 consecutive month Net capex: Defined as Gross capex less proceeds from sale of property and equipment. Gross capex defined as purchase of property and equipment plus purchase of intangible assets, payments for key money and includes the initial franchisor fees Net NSO: Net new restaurant openings are defined as gross openings less closures Net profit: Refers to Net Profit attributable to the shareholders of the Company NSO: Refers to New Store Openings for the period Power brands: Refers to KFC, Hardee’s, Pizza Hut, and Krispy Kreme Others (revenue): Includes revenue from Fish Market and Grand Cafe, as well as revenue from non-material items Other channel revenues: Includes Car Hops, Catering, Sales Office/Food Supply, Kiosks and other revenues Other countries: Includes Morocco, Qatar, Iraq, Bahrain, Kazakhstan, Jordan, Lebanon and Oman Stable pegged currencies: Refers to revenues generated in KSA, UAE, Kuwait, Qatar, Bahrain, Oman and Jordan Source: Company information 32