Slides
Page 1
Investors Presentation Q3’25 results presentation
Page 2
…the world’s most reputable and iconic global brands. +44,000 employees 178 677 6 3 194 3514 5 241 11 26 101 170 73 27 28 2 2,110 restaurants 8 brands 22 countries 4 12 Saudi Arabia & UAE 85 China 2 Data as of 30 September 2025 30 M monthly clients served 47% of the portfolio Quick service restaurants 17% of the portfolio Fast casual restaurants 15% of the portfolio Casual dining restaurants 21% of the portfolio Coffee AmRest is a leading European listed restaurant operator, master franchiser and operator of some of…
Page 3
EBITDA EUR 111.2m 16.8% EBITDA margin Q3’25 Highlights Revenues EUR 660.5m +0.2% growth vs. last year/ +3.5% without disposals* EBIT EUR 42.3m 6.4% EBIT margin 3 *AmRest Group lost control of SCM as of 31 March 2025, following the sale of 51% of its previously held shares. ** Including relocation openings. Net profit EUR 15.8m 2.4% net profit margin Sales hit a historic record of EUR 660.5 million for a third quarter. Leverage 2.1x low end of internal target range New restaurants +16 gross openings +46 renovations **
Page 4
Committed to providing exceptional products and services to our clients 4 Summer, sport & street food Reinforcing coffee-first strategy Michelin-starred chef collaboration
Page 5
Summer recipes shines bright Elevating bar experience Ninjas’ power hit burger king Pizza cheeseburger cravings 5 Committed to providing exceptional products and services to our clients
Page 6
610.6 638.4 660.5 Q3'23 Q3'24 Q3'25 SCM Strong sales support a steady growth in revenue per store Q3’25 revenues amounted to EUR 660.5m representing 3.5% growth compared to the same period in 2024 when excluding revenues generated by businesses deconsolidated during the year. Steady growth in the number of own restaurants and sales per unit. 12 months trailing average sales per equity store + 3.5%+ 4.6% 12mth trailing average sale per equity store calculated as 12 months (quarterly basis) restaurant sales divided by average number of equity restaurants at the end of each quarter taken for sales purposes. Data excluding Russia. Total AmRest sales (EURm) excl. SCM 6 *AmRest Group lost control of SCM as of 31 March 2025, following the sale of 51% of its previously held shares. * * EUR 1,330 k 1,872 1,400 1,500 1,600 1,700 1,800 1,900 2,000 550 650 750 850 950 1,050 1,150 1,250 1,350 1,450 2019 (Pre-Covid) 2020 2021 2022 2023 2024 2025 Avg revenue per store Number of restaurants
Page 7
The Group's progress in digitization continues to support activity levels. Digital platforms are being leveraged to deliver personalized promotions and ensure convenience. Digital capabilities as driver of growth Total AmRest & dine-in sales evolution (EURm) **Sales coming from proprietary kiosks, mobile apps, web ordering platforms, as well as aggregators' and franchisors' platforms. Excluding casual dining restaurants. 7 Digital sales *Data excluding Russia and SCM. * ** <20% 51% 57% 62% 2019 (Pre-Covid) 2023 2024 Q3'25 YTD 661 2019 (Pre-Covid) 2020 2021 2022 2023 2024 2025 AmRest Dine in
Page 8
Restaurant portfolio Data as of 30 September 2025 8 Total Nº restaurants Underlying restaurant growth combined with strategic adjustments on non-performing business. Strategic adjustments / Non-performing businesses : • PH Russia (59 restaurants, May 2022) • PH Germany (86 restaurants, December 2022) • PH France (121 restaurants, October 2024) Sell of: • KFC Russia restaurants (213 restaurants, May 2023) 13% 13% 12% 12% 12% 11% 87% 87% 88% 88% 88% 89% 2,318 2,414 2,313 2,163 2,099 2,110 1,846 1,921 1,961 2,036 2,099 2,110 0 500 1,000 1,500 2,000 2,500 3,000 3,500 0 500 1,000 1,500 2,000 2,500 3,000 3,500 2020 2021 2022 2023 2024 Q3'25 Franchise Equity
Page 9
FINANCIAL HIGHLIGHTS
Page 10
Q3’25 highlights and current trading +3.5% Sales growth excl. SCM disposal* vs. Q3´24 99.8 SSS Index vs. Q3´24 € 660.5m Sales € 659.5m in Q3´24 Sales growth Current trading CAPEX New openings SSS Index YTD as of 31st October 2025 100.1 Profitability € 111.2m EBITDA 16.8% margin 10 EBIT 6.4% margin € 42.3m 16 New openings 21 in Q3’24 € 34.0m CAPEX € 44.3m in Q3’24 EBITDA Non-IRFS16 9.7% margin € 64.2m *AmRest Group lost control of SCM as of 31 March 2025, following the sale of 51% of its previously held shares.
Page 11
Q3’25 Revenue highlights Data excluding Russia and SCM. Quarterly revenue evolution (EURm) Quarterly SSS vs LY Sales hit a historic record of EUR 660.5 million for a third quarter. 11 660.5 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 99.8% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025
Page 12
EBITDA and EBIT margin evolution 12 EBITDA amounted to EUR 111.2 million in Q3 2025. EBITDA [EURm] & EBITDA Margin EBIT [EURm] & EBIT Margin 125.3 111.1 81.7 107.7 111.2 19.0% 16.7% 13.2% 16.8% 16.8% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Margin 60.3 34.3 13.0 34.4 42.3 9.1% 5.2% 2.1% 5.4% 6.4% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Margin EBIT amounted to EUR 42.3 million in Q3 2025. Gradual improvement across the year.
Page 13
Q3’25 P&L highlights ❑ Net equity restaurant count increased by 59 units during last 12 months. ❑ Number of franchise restaurants decreased, impacted by PH France business transfer. ❑ Profitability performance was influenced by several non-recurring factors (business deconsolidation and refunds collected during Q3´24). 13 ❑ Gradual CAPEX reduction continues. Reporting period Q3'25 Q3'24 Variation Restaurants 2,110 2,185 (75) Equity restaurants 1,872 1,813 59 Franchise restaurants 238 372 (134) Revenue 660.5 659.5 0.2% Revenue excl. SCM 660.5 638.4 3.5% EBITDA 111.2 125.3 (11.2%) margin 16.8% 19.0% (2.2pp) EBIT 42.3 60.3 (29.9%) margin 6.4% 9.1% (2.7pp) Net profit 15.8 28.2 (44.0%) margin 2.4% 4.3% (1.9pp) Reporting period Q3'25 Q3'24 Variation Net Operating CF 108.9 122.4 (13.5) Net Investment CF (32.3) (51.5) 19.2
Page 14
Q3’25 debt and cash evolution ❑ Leverage ratio at the low end of the internal target range defined. ❑ Efficient level of liquidity, in line with the Group´s needs. *Leverage ratio defined as Net financial debt / EBITDA (Non-IFRS16). **Net financial debt based on the bank agreement definition – borrowings at that time (no double counting) but excluding any obligations to any Group’s member and deducting available cash and cash equivalents. ***Facility B and RCF of existing syndicated loans, plus others unused granted facilities. Liquidity and leverage Cash (EURm) Available credit lines (EURm) Leverage ratio 144.5 215.6 2.1x Net financial debt evolution & cash position 14 * ** *** 106.2 229.6 227.5 153.0 144.5 616.4 425.4 397.4 468.3 503.1 2.9x 2.0x 1.8x 1.8x 2.1x (5.0) (3.0) (1.0) 1.0 3.0 5.0 7.0 9.0 - 100.0 200.0 300.0 400.0 500.0 600.0 700.0 2019 (Pre-Covid) 2022 2023 2024 2025 Cash Net Debt* Leverage
Page 15
Q3’25 financial debt profile Financial debt structure and maturity profile ❑ Stable and balanced funding profile 25% 75% PLN EUR Financial debt excluding IFRS 16 lease liabilities. Financial debt profile Financial debt maturity profile 15 5% 14% 13% 68% 2025 2026 2027 2028 99% 1% Bank Debt Other 16% 84% Short-Term Debt Long-Term Debt
Page 16
71% 26% 3% CEE WE China 64% 33% 3% CEE WE China AmRest, a diversified multinational company Business is distributed between three different geographical segments for analysis purposes. Breakdown of Sales, EBITDA and unit count for Q3’25 by segment: CEE including Poland, Czechia, Hungary, Romania, Bulgaria, Serbia, Croatia, Slovakia, Austria, Slovenia. WE including Spain, France, Germany, Portugal, Belgium, Switzerland, Luxembourg, UK, UAE, Saudi Arabia, Andorra. 59% 36% 4% CEE WE China 16 Sales by segment EBITDA by segment Number of units by segment
Page 17
677 241 26 101 170 73 27 28 2 Coffee 23% of the portfolio Segment breakdown | CEE 4 brands 1,255 restaurants 10 countries +8 Q3’25 gross openings 17 62% of the portfolio Quick service restaurants Fast casual restaurants 15% of the portfolio Revenues EUR 421.4m +7.8% vs. Q3’24 EBITDA EUR 86.1m -8.7% vs. Q3’24 20.4% margin -3.7 p.p. vs. Q3’24
Page 18
94.2 78.3 62.4 78.9 86.1 24.1% 20.1% 17.0% 19.8% 20.4% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 EBITDA [EURm] & EBITDA Margin 390.9 389.6 366.5 399.5 421.4 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 CEE sales [EURm] ➢ Revenues reached EUR 421.4 million, with stable high single digit YoY growth of 7.8%. ➢ EBITDA at EUR 86.1 million, representing margin of 20.4%. Segment breakdown | CEE 18 Q3 2024 EBITDA includes EUR 9.3m retail tax refund in Poland +7.8% 16 17 18 18 18 1,185 1,210 1,219 1,231 1,237 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Store count Franchise Equity
Page 19
1786 3 194 351 4 5 11 4 12 UAE & Saudi Arabia 29% of portfolio Segment breakdown | WE Quick service restaurants 5 brands 770 restaurants 11 countries +4 Q3’25 gross openings Coffee 20% of portfolio Casual dining restaurants 29% of portfolio 2 19 Revenues EUR 219.2m -2.7% vs. Q3’24 EBITDA EUR 32.1m -3.0% vs. Q3’24 14.7% margin flat vs. Q3’24 Fast casual restaurants 22% of portfolio
Page 20
33.1 37.8 29.5 33.7 32.1 14.7% 16.4% 14.1% 15.3% 14.7% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 EBITDA [EURm] & EBITDA Margin 225.3 230.7 209.5 219.6 219.2 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 WE sales [EURm] ➢ Revenues reached EUR 219.2 million, a decrease of -2.7% compared to Q3’24. ➢ EBITDA reached EUR 32.1 million, representing a margin of 14.7% Segment breakdown | WE 20 -2.7% 225 222 218 218 214 120 550 562 559 554 556 1 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Store count Franchise PH France FZ Equity PH France EQ
Page 21
Segment breakdown | China 1 brand 85 restaurants 1 country Casual dining restaurants 100% of portfolio 85 21 Revenues EUR 19.9m -10.3% vs. Q3’24 EBITDA EUR 3.5m -20.5% vs. Q3’24 17.4% margin -2.2 p.p. vs. Q3’24 +4 Q3’25 gross openings
Page 22
4.4 4.2 4.0 5.2 3.5 19.7% 17.9% 18.4% 22.8% 17.4% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 EBITDA [EURm] & EBITDA Margin 22.2 23.4 21.9 22.6 19.9 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 China sales [EURm] ➢ Revenues reached EUR 19.9 million, representing a 10.3% decrease compared to the same period in 2024. ➢ The EBITDA generated amount to EUR 3.5 million, representing a margin of 17.4%. Segment breakdown | China 10 10 7 7 6 77 77 75 75 79 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Store count Franchise Equity 22 -10.3%
Page 23
APPENDIX
Page 24
4 12 Saudi Arabia & UAE 85 China Equity|Franchise *Other: Bulgaria, Serbia, Croatia, Slovakia, Austria, Slovenia, Portugal, Andorra, Belgium, Switzerland, Luxembourg, UK, UAE, Saudi Arabia Data as of 30 September 2025. Doesn't include Starbucks licensed stores in Germany AmRest footprint 178 677 194 3514 5 241 11 26 101 170 73 27 28 2 2 Store count by country 2,110 restaurants 8 brands 22 countries 24 6 3 393 - 134 15 44 - 91 - 662 15 136 - 15 - 33 - 57 - 241 - 106 - 22 3 - - 39 - 167 3 10 - 63 - 73 - 128 - 65 152 4 - - 2 197 154 24 - 154 - 178 - 70 - 88 36 158 36 79 6 79 6 40 - 3 - 10 - 41 - 4 2 19 22 117 24 897 - 174 18 97 - 445 - 69 154 111 58 79 6 - 2 1872 238 Other* France China Total Total Poland Hungary Germany Czechia Romania Spain
Page 25
Financial statement Balance Sheet 25 Note 30 September 2025 31 December 2024 Assets Property, plant and equipment 663.1 649.6 Right-of-use assets 878.3 896.3 Goodw ill 210.7 212.5 Intangible assets 237.6 238.2 Investment properties 1.2 1.2 Other non-current assets 24.4 24.3 Deferred tax assets 63.6 57.6 Total non-current assets 2,078.9 2,079.7 Inventories 32.6 33.1 Trade and other receivables 55.7 76.1 Income tax receivables 2.5 2.3 Other current assets 10.8 8.6 Cash and cash equivalents 144.5 139.6 Assets classified as held for sale 5 - 29.0 Total current assets 246.1 288.7 Total assets 2,325.0 2,368.4 Note 30 September 2025 31 December 2024 Equity Share capital 9 22.0 22.0 Reserves 9 165.7 170.8 Retained earnings 9 200.0 187.0 Translation reserve 9 (2.8) (7.2) Equity attributable to shareholders of the parent 384.9 372.6 Non-controlling interests 9 6.4 15.8 Total equity 391.3 388.4 Liabilities Loans and borrow ings 11 542.6 580.9 Lease liabilities 764.3 781.1 Provisions 17.0 17.9 Deferred tax liability 35.9 34.9 Other non-current liabilities and employee benefits 8.1 7.4 Total non-current liabilities 1,367.9 1,422.2 Loans and borrow ings 11 100.8 36.5 Lease liabilities 190.7 188.8 Provisions 7.0 7.3 Trade payables and other liabilities 261.7 308.8 Income tax liabilities 5.6 6.5 Liabilities directly associated to assets held for sale 5 - 9.9 Total current liabilities 565.8 557.8 Total liabilities 1,933.7 1,980.0 Total equity and liabilities 2,325.0 2,368.4
Page 26
Financial statement Segment breakdown 26 * Adjusted EBITDA – EBITDA adjusted for non operative gain/loss as extraordinary results from acquisitions or divesting of business or assets, new openings expenses (Start-up costs). Amount % of sales Amount % of sales Revenue 660.5 100.0% 659.5 100.0% Poland 225.7 34.2% 207.7 31.5% Czechia 87.2 13.2% 83.8 12.7% Hungary 61.7 9.3% 56.0 8.5% Other CEE 46.8 7.1% 43.4 6.6% Total CEE 421.4 63.8% 390.9 59.3% Spain 92.2 14.0% 91.6 13.9% Germany 54.8 8.3% 51.7 7.8% France 64.2 9.7% 74.4 11.3% Other WE 8.0 1.2% 7.6 1.2% Western Europe (WE) 219.2 33.2% 225.3 34.2% China 19.9 3.0% 22.2 3.4% Other - - 21.1 3.2% EBITDA 111.2 16.8% 125.3 19.0% Poland 45.4 20.1% 53.2 25.6% Czechia 18.0 20.7% 19.5 23.3% Hungary 13.2 21.4% 12.1 21.7% Other CEE 9.5 20.2% 9.4 21.7% Total CEE 86.1 20.4% 94.2 24.1% Spain 19.7 21.3% 18.2 19.9% Germany 8.3 15.2% 7.4 14.3% France 3.3 5.1% 6.9 9.3% Other WE 0.8 11.2% 0.6 7.7% Western Europe (WE) 32.1 14.7% 33.1 14.7% China 3.5 17.4% 4.4 19.7% Other (10.5) - (6.4) (30.6%) 3 MONTHS ENDED 30 September 2025 30 September 2024 Amount % of sales Amount % of sales Adjusted EBITDA* 112.3 17.0% 126.8 19.2% Poland 45.8 20.3% 53.8 25.9% Czechia 18.1 20.7% 19.7 23.5% Hungary 13.5 21.9% 12.5 22.3% Other CEE 9.5 20.2% 9.5 22.1% Total CEE 86.9 20.6% 95.5 24.4% Spain 19.7 21.4% 18.3 19.9% Germany 8.4 15.4% 7.5 14.6% France 3.3 5.1% 6.9 9.3% Other WE 0.9 11.2% 0.6 7.7% Western Europe (WE) 32.3 14.8% 33.3 14.8% China 3.6 18.0% 4.4 19.8% Other (10.5) - (6.4) (30.6%) EBIT 42.3 6.4% 60.3 9.1% Poland 24.5 10.9% 34.2 16.5% Czechia 8.7 10.0% 11.4 13.6% Hungary 8.1 13.1% 7.4 13.3% Other CEE 4.5 9.5% 5.0 11.3% Total CEE 45.8 10.9% 58.0 14.8% Spain 10.2 11.1% 8.9 9.7% Germany 0.2 0.4% 0.2 0.5% France (2.8) (4.3%) 0.5 0.6% Other WE 0.1 1.0% (0.4) (4.7%) Western Europe (WE) 7.7 3.5% 9.2 4.1% China (0.4) (2.6%) (0.2) (0.7%) Other (10.8) - (6.7) (31.9%) 3 MONTHS ENDED 30 September 2025 30 September 2024
Page 27
Financial statement EBITDA bridge 27 Amount % of sales Amount % of sales Profit/(loss) for the period 15.8 2.4% 28.2 4.3% + Finance costs 21.2 3.2% 21.9 3.3% – Finance incom e (1.0) (0.2%) (1.4) (0.2%) +/– I ncom e tax expense 6.2 0.9% 11.7 1.8% + Depreciation and Amortisation 69.5 10.5% 64.7 9.8% + Impairment losses (0.5) (0.1%) 0.2 - EBITDA 111.2 16.8% 125.3 19.0% + Start-up expenses* 1.0 0.2% 1.5 0.2% Adjusted EBITDA 112.2 17.0% 126.8 19.2% * operating costs incurred by the company to open a restaurant but before a restaurant starts generating revenue. 30 September 2025 30 September 2024 3 MONTHS ENDED
Page 28
Financial statement P&L 28 Note 30 September 2025 30 September 2024 Restaurant sales 1,848.5 1,772.8 Franchise and other sales 74.0 118.1 Total revenue 4 1,922.5 1,890.9 Restaurant expenses: Food and merchandise 6 (507.6) (485.2) Payroll and other employee benefits 6 (475.9) (453.3) Royalties 6 (94.8) (89.5) Occupancy, depreciation and other operating expenses 6 (566.0) (537.2) Franchise and other expenses 6 (53.6) (88.3) Gross Profit 224.6 237.4 General and administrative expenses 6 (138.2) (126.8) Net impairment gains/ (losses) on financial assets 1.4 (0.8) Net impairment losses on non-financial assets (4.3) (43.4) Other operating income/expenses 6 6.2 17.4 Profit/loss from operations 89.7 83.8 Finance income 7 4.2 3.0 Finance costs 7 (63.1) (64.9) Profit/loss before tax 30.8 21.9 Income tax expense 8 (15.9) (18.9) Profit/loss for the period 14.9 3.0 Attributable to: Shareholders of the parent 13.0 (1.1) Non-controlling interests 1.9 4.1 9 MONTHS ENDED
Page 29
FCapital Dutch S.L.***, 67.05% Nationale-Nederlanden PTE SA, 4.89% FYNVEUR S.C.A.**; 5.29% PTE Allianz Polska SA, 4.34% Other Shareholders, 18.43% Restaurant portfolio *Last update as of 30 September 2025 **Artal International, S.C.A. transferred its entire stake in AmRest Holdings, SE (5.289%) to its wholly-owned subsidiary FYNVEUR, S.C.A. ***FCapital Dutch S.L. is the subsidiary of Finaccess Capital, S.A. de C.V. Grupo Finaccess SAPI de CV is the direct majority shareholder of Finaccess Capital, S.A. de C.V. and a subsidiary of Grupo Far-Luca, S.A. de C.V. The direct majority shareholder of Grupo Far-Luca, S.A. de C.V., Mr. Carlos Fernández González, is a honorary chairman of AmRest (non-Board member) Listing venues: Warsaw (since 2005) Madrid (since 2018) ISIN: ES010537500 Shares issued: 219.6m 29 Shareholder structure* Listing details
Page 30
Glossary ▪ EBITDA – It is a close measure of profitability on operations and consist of profit from operations excluding amortization and depreciation costs as well as impairments. ▪ EBITDA margin –EBITDA divided by total revenue ▪ Adjusted EBITDA - EBITDA adjusted for non operative gain/loss as extraordinary results from acquisitions or divesting of business or assets, new openings expenses (Start-up costs), M&A expenses; all material expenses connected with successful acquisition covering professional services (legal, financial, other) directly connected with a transaction and gain/loss on sale of shares/entities. ▪ EBIT margin –EBIT divided by total revenue ▪ Same Store Sales (“SSS”) – represents revenue growth from comparable restaurants (restaurants that have been operating for a period of longer than 12 months) ▪ Eq – Equity restaurants. ▪ Fr – Franchise restaurants. ▪ Leverage ratio defined as Net Debt/EBITDA. ▪ Net financial debt - Long-term interest-bearing loans and borrowings + short-term interest-bearing loans and borrowings – cash & cash equivalents ▪ Interest paid ratio = EBITDA/ total interest paid. ▪ Interest paid refers to the total interest charges. ▪ Digital sales – own channels, aggregators/third parties and self-service kiosks ▪ CAPEX – investments capitalized during the period on Property, Plant and Equipment, and on intangible assets. 30
Page 31
DISCLAIMER This Presentation regarding AMREST HOLDINGS, SE (“AmRest” or the “Company”) has been prepared for information purposes only and it is not regulated information or information which has been subject to prior registration or control by the Spanish Securities Market Commission. “Presentation” means this document, its contents or any part of it, as well as any oral presentation, any question or answer session and any written or oral material discussed or distributed during meetings carried out in connection with this document. The Presentation is intended to be used and must be used for informational purposes of the recipient (the “Recipient”). By accepting these Presentation, the Recipient agrees that it will maintain its confidentiality and neither it nor its agents, representatives, officers or employees will copy, reproduce or distribute to others these Presentation, in whole or in part, at anytime without the prior written consent of the Company and it will keep confidential all information contained herein or otherwise made available in connection with any analysis of the Company. Failure to comply with this obligation may constitute a violation of applicable securities laws and/or may result in civil, administrative or criminal penalties. Neither AmRest nor any of its employees, officers, directors, advisers, representatives, agents or affiliates shall have any liability whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation. Neither this Presentation nor any part of it constitutes a contract, nor may it be used for incorporation into or construction of any contract or agreement. This Presentation may include forward-looking statements about AmRest’s industry, business strategy, goals and expectations concerning its market position, future operations, margins, profitability, capital expenditures, capital resources and other financial and operating information. The words “believe”, “expect”, “expectations”, “anticipate”, “intends”, “estimate”, “forecast”, “project”, “will”, “may”, “should” and similar expressions may identify forward-looking statements. Other forward-looking statements can be identified from the context in which they are made. These forward-looking statements are based on numerous assumptions regarding the present and future business strategies of AmRest and the environment in which AmRest expects to operate in the future and do not represent, by their own nature, any guarantee of future fulfilment. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of AmRest, or industry results, to be materially different from those expressed or implied by these forward-looking statements. Forward-looking statements should not be taken as forecasts or promises and they should not be taken as implying any indication, assurance or guarantee that the assumptions on which such forward-looking statements have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the Presentation. As a result, you should not place undue reliance on these forward-looking statements as a prediction of actual results or otherwise. These forward-looking statements are only valid on the date on which they were made. AmRest does not assume any obligation to publicly update or review the forward-looking statements to adapt them to events or circumstances taking place after the date hereof, including changes in AmRest's business, changes in its business development strategy or any other circumstances under or out AmRest’s control. The information in this Presentation, which does not purport to be comprehensive, has not been independently verified, applies only as of the date of this Presentation and is not intended to give any assurances as to future results. AmRest expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the information, including any financial data and any forward-looking statements contained in this Presentation, and will not publicly release any revisions that may affect the information contained in this Presentation and that may result from any change in its expectations, or any change in events, conditions or circumstances on which these forward- looking statements are based or any change in whichever other events or circumstances arising on or after the date of this Presentation. In addition, this Presentation may contain information derived from publicly-available sources and AmRest accepts no responsibility whatsoever and makes no representation or warranty expressed or implied for the fairness, accuracy, completeness or verification of such information and it assumes no obligation to keep such information updated, correct it in the case that any deficiency, error or omission is detected. Moreover, in reproducing these contents, AmRest may introduce any changes it deems suitable, may omit partially or completely any of the elements of this document, and in case of any deviation between such a version and this one, AmRest assumes no liability for any discrepancy. Certain financial and statistical information contained in this Presentation is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding. Certain management financial and operating measures included in this Presentation have not been subject to a financial audit or have been independently verified by a third party. In addition, certain figures contained in this Presentation, which have also not been subject to financial audit, may be combined and pro forma figures. The financial information contained herein may also include items which are not defined under the International Financial Reporting Standards as adopted by the European Union (IFRS-EU) and which are considered to be “alternative performance measures”. Other companies may calculate such financial information differently or may use such measures for different purposes, limiting the usefulness of such measures as comparative measures. Such financial information must be considered only in addition to, and not as a substitute for or superior to, financial information prepared in accordance with IFRS-EU. IMPORTANT INFORMATION: This Presentation does not constitute or form part of any purchase, sales or exchange offer, nor is it an invitation to draw up a purchase, sales or exchange offer, or advice on any stock issued by AmRest. In particular, this Presentation and the information contained herein do not form part of or constitute (i) an offer to acquire or subscribe shares, in accordance with the Spanish Securities Market Act and its implementing regulation or (ii) an offer to purchase, sell or exchange securities, a solicitation of any offer to purchase, sell or exchange securities or a solicitation of any kind of voting rights in any other jurisdiction. The information contained in this Presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice and the information does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. You are solely responsible for forming your own opinion and conclusions on such matters and for making your own independent assessment of the information included in this Presentation. You are solely responsible for seeking independent professional advice and for any action taken on the basis of the information contained herein. No responsibility or liability is accepted by any person for any of the information or for any action taken by you or any of your officers, employees, agents or associates on the basis of the information included in this Presentation.