Interim report
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Interim Report for Q3 2025 AmRest Group 13 November 2025
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Contents Financial highlights (consolidated data) ............................................................................................................................................. 5 Part A. Directors’ Report for Q3 2025 ................................................................................................................................................. 6 Part B. Condensed Consolidated Interim Report for Q3 2025 ........................................................................................................ 18 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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Financial highlights (consolidated data) 9 MONTHS ENDED 3 MONTHS ENDED 30 September 2025 30 September 2024 30 September 2025 30 September 2024 Revenue 1,922.5 1,890.9 660.5 659.5 EBITDA* 300.7 319.2 111.2 125.3 EBITDA margin 15.6 % 16.9 % 16.8 % 19.0 % Adjusted EBITDA** 308.8 323.2 112.3 126.8 Adjusted EBITDA margin 16.1 % 17.1 % 17.0 % 19.2 % Profit from operations (EBIT) 89.7 83.8 42.3 60.3 EBIT margin 4.7 % 4.4 % 6.4 % 9.1 % Profit before tax 30.8 21.9 22.0 39.9 Profit/loss for the period 14.9 3.0 15.8 28.2 Net margin 0.8 % 0.2 % 2.4 % 4.3 % Net profit attributable to non-controlling interests 1.9 4.1 0.6 1.9 Net profit attributable to equity holders of the parent 13.0 (1.1) 15.2 26.3 Cash flows from operating activities 268.0 281.0 108.9 122.4 Cash flows from investing activities (118.8) (152.9) (32.3) (51.5) Cash flows from financing activities (157.4) (197.4) (65.0) (49.5) Total cash flows, net (8.2) (69.3) 11.6 21.4 Average weighted number of ordinary shares for basic earnings per shares (in thousands) 216,009 217,430 216,032 217,152 Average weighted number of ordinary shares for diluted earnings per shares (in thousands) 217,446 217,980 217,605 217,452 Basic earnings per share (EUR) 0.06 (0.01) 0.07 0.12 Diluted earnings per share (EUR) 0.06 (0.01) 0.07 0.12 Declared or paid dividend per share - - - - * EBITDA – Operating profit before depreciation, amortisation and impairment losses. **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. 30 September 2025 31 December 2024 Total assets 2,325.0 2,368.4 Total liabilities 1,933.7 1,980.0 Non-current liabilities 1,367.9 1,422.2 Current liabilities 565.8 557.8 Equity attributable to shareholders of the parent 384.9 372.6 Non-controlling interests 6.4 15.8 Total equity 391.3 388.4 Share capital 22.0 22.0 Number of restaurants 2,110 2,099 (all figures in EUR millions unless stated otherwise) 5 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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Part A. Directors’ Report for Q3 2025 The Group’s performance in Q3 2025 ................................................................................................................................................ 7 Significant events and transactions in Q3 2025 (till the date of approval of this Report) ........................................................... 16 Changes in the Parent Company’s Governing Bodies ..................................................................................................................... 16 Dividends paid and received ............................................................................................................................................................... 16 Shareholders of AmRest Holdings SE ................................................................................................................................................ 16 Changes in the number of shares held by members of the Board of Directors ........................................................................... 17 Transactions on own shares concluded by AmRest ......................................................................................................................... 17 Forecasts of financial results ................................................................................................................................................................ 17 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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The Group’s performance in Q3 2025 External Environment During the third quarter of the year, despite persistent trade tensions and geopolitical uncertainties, both global and European economies showed resilience, though Europe’s growth lagged the global average. Economic activity remained subdued across the major Western European economies. Growth was modest, supported by public investment and easing financial conditions, but constrained by weak external demand and cautious household spending. Inflation approached the ECB’s 2% target, allowing monetary policy to stabilize after earlier rate cuts. Disposable income growth was limited due to prior fiscal tightening and elevated living costs, keeping consumer confidence fragile. Focusing on the largest markets for AmRest, France’s economy grew modestly in Q3 2025, driven more by exports and industrial output than domestic demand. Private consumption increased by only 0.1% quarter-on- quarter, indicating continued household caution and the continuation of a very challenging environment for restaurant operators. In the case of Germany, its economy remained stagnant in Q3 2025, with projected annual GDP growth near zero and low consumer confidence. On the opposite side, Spain experienced one of the highest growth rates in the EU, supporting consumption growth thanks to strong employment and rising real incomes. In Eastern Europe, growth slowed significantly compared to previous quarter. Fiscal consolidation measures—such as VAT increases and subsidy reductions—curbed household consumption in several countries. Inflation remained above target in many economies, eroding real incomes. Central banks maintained restrictive stances to contain price pressures, despite signs of weakening domestic demand. The brightest spot was Poland, AmRest biggest market, where real wages increased due to strong nominal wage growth and declining inflation. Consumer confidence improved and restaurant chains reported sales growth, particularly in quick-service formats. In the case of China its economy stabilized at around 4.5% YoY growth, driven by manufacturing recovery and targeted fiscal stimulus. Household consumption improved slightly thanks to tax rebates and credit easing, but confidence remained fragile amid property sector stress and weak global trade. Revenues Group revenues hit a historic record of EUR 660.5 million for a third quarter, representing a 0.2% increase compared to the same period in 2024, or 3.5% growth when excluding revenues generated by businesses deconsolidated during previous quarters. The same-store sales (SSS) index closed the quarter at 99.8. As previously reported at the end of the first quarter, AmRest sold 51% of the shares held by AmRest Sp. z o.o. in SCM Sp. z o.o. (“SCM”). As a result of this transaction, AmRest Group lost control over SCM as of 31 March 2025, and recognized a loss of control in its financial statements. Given this context, the comparative performance of the business is influenced by changes in the consolidation perimeter. To provide a clearer view of the underlying business trends, this report presents throughout the analysis both, the actual reported evolution and on a constant perimeter basis. Sales growth in the third quarter was tempered by a challenging macroeconomic backdrop, marked by weak consumer confidence and constrained disposable income due to persistent cost-of-living pressures, limiting discretionary spending in the restaurant sector, which was more visible during the last part of the summer. These cyclical factors are perceived in AmRest as strategic opportunities for consolidating and strengthening long term brand loyalty. The Company is focus on meeting customer expectations, introducing tailored menu options that combine attractive price points with signature flavours, alongside alluring pricing strategies and bundled offers designed to maximize customer value. Digital platforms are being leveraged to deliver personalized promotions and ensure convenience. Operational efficiencies and supply chain optimization further support these initiatives. Comparative commercial performance was also influenced by several non-recurring factors. In addition to the previously mentioned impact of changes on the consolidation perimeter, Q3 2024 included extraordinary income of EUR 9.3 million for refunds collected, which had a direct effect on profitability. Regarding key consumption trends, digital channels continue to gain traction, accounting for more than 60% of total orders (excluding casual dining brands), driven by increased digital kiosk density in AmRest restaurants. In terms of consumption channels, delivery sales remained stable compared to previous quarters, representing approximately 18% of total sales. On a cumulative basis, sales for the three quarters of 2025 amounted to EUR 1,922.5 million, reflecting a 1.7% increase compared to the same period in 2024, or 3.7% growth excluding the SCM effect. (all figures in EUR millions unless stated otherwise) 7 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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Chart 1 AmRest Group's Q3 sales (in EUR millions) Chart 2 AmRest quarterly Group's sales (in EUR millions) The Group’s ordinary business profitability, measured by the EBITDA margin, stood at 16.8%, following the generation of EUR 111.2 million. This represents a decline of -11.2% compared to the figure achieved in Q3 2024. As noted previously, this evolution is impacted by the change in the consolidation perimeter and by the recognition of EUR 9.3 million by refunds collected during that period. In addition, increased cost pressures on certain raw materials and subdued sales growth have also contributed to the margin contraction. In terms of the Group’s operating profit (EBIT), it reached EUR 42.3 million, representing a margin of 6.4%. This is a decline of 2.7 percentage points (p.p.) in margin terms with respect to Q3 2024. (all figures in EUR millions unless stated otherwise) 8 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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On a cumulative basis, EBITDA for the first 9 months of the year totalled EUR 300.7 million, corresponding to a margin of 15.6%. Cumulative operating profit reached EUR 89.7 million, with a margin of 4.7%, reflecting an increase of 0.3 percentage points compared to the same period in 2024. Chart 3 AmRest Group's Q3 EBITDA (in EUR millions) Chart 4 AmRest Group's Q3 EBIT (in EUR millions) (all figures in EUR millions unless stated otherwise) 9 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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The Group’s net profit attributable to the equity holders of the parent amounted to EUR 15.2 million during the quarter, compared to EUR 26.3 million recorded in the same period of 2024. The total profit on the quarter stood at EUR 15.8 million. On a cumulative basis, the Group reported a profit of EUR 14.9 million for the first three quarters of the year, ahead of the EUR 3.0 million generated in the same period during 2024. Operating cash flow generation during the quarter reached 108.9 million, while CAPEX needs were decreased to EUR 34 million, representing a reduction of EUR 10.0 million compared to the previous year. The Group’s leverage ratio stood at 2.1x at the end of the quarter, almost at the same level that on previous quarter. This leverage ratio is at the low end of the Group’s internal management target, which is considered prudent by management to support future investments aimed at accelerating both organic and inorganic growth. The Group’s gross financial debt, as defined in the banking agreements, amounted to EUR 647.7 million at the end of the period. On a net basis, net financial debt totalled EUR 503.1 million. The financial covenants established for AmRest under the financing agreement stipulate that the adjusted consolidated net debt/EBITDA ratio must remain below 3.5x, and the debt service coverage ratio must exceed 1.5x. Both ratios are calculated in accordance with the definitions set out in the loan agreement and on a non-IFRS16 basis. Additionally, the Group is required to maintain a shareholders’ equity ratio above 8%. All these conditions were duly met by AmRest at the end of the reporting period. Chart 5 Net financial debt evolution and cash position *Net Debt non-IFRS16 including operating lease liabilities. (all figures in EUR millions unless stated otherwise) 10 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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The number of restaurants managed by AmRest at the end of the third quarter of the year amounted to 2,110 units, following the opening of 16 new restaurants and the closure of 9. In cumulative terms, openings during the first 9 months of the year amounted to 52 units and closures to 41 of which 13 were franchised. Number of AmRest Group restaurants at 31 December 2020-2024 and 30 September 2025 Total number of AmRest Group restaurants was impacted by non-organic portfolio changes: 1. Non performing businesses/strategic adjustments: • PH Russia (59 restaurants, May 2022) • PH Germany (86 restaurants, December 2022) • PH France (121 restaurants,October 2024) 2. Sell of KFC Russia restaurants (213 restaurants, May 2023) Revenues and profitability by segments Central and Eastern Europe (CEE) During the third quarter, the region delivered sales of EUR 421.4 million, representing a 7.8% year-over-year increase and accounting for 63.8% of the Group’s total revenue. By country, Hungary posted double-digit growth of 10.3%, while Poland also achieved strong performance with an 8.7% rise in revenues. Regional EBITDA reached EUR 86.1 million for the quarter, corresponding to a margin of 20.4%. This figure reflects an 8.7% decline compared to the same period last year; however, the prior-year comparison includes EUR 9.3 million in refunds collected. Excluding this non-recurring effect, EBITDA growth stood at 1.3%. On a year-to-date basis, revenues totalled EUR 1,187.4 million, up 8.8%, while EBITDA amounted to EUR 227.4 million, with a margin of 19.2%. The restaurant portfolio in the region comprised 1,255 units at the end of the quarter, following 8 openings and 2 closures. Cumulative openings for the year reached 35, with 8 closures. (all figures in EUR millions unless stated otherwise) 11 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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Western Europe (WE) Sales in the region during the third quarter totalled EUR 219.2 million, reflecting a 2.7% decline compared to the same period in 2024. Performance varied significantly across markets: Germany delivered solid growth of 6.0%, Spain maintained last year’s level, while France continued to face challenges, posting a 13.8% decrease due to subdued consumer confidence. EBITDA for the quarter reached EUR 32.1 million, corresponding to a margin of 14.7%, in line with the prior year. Year-to-date sales amounted to EUR 648.3 million, down 3.0% year-on-year, while cumulative EBITDA stood at EUR 95.3 million, with a margin of 14.7%, remaining broadly stable versus 2024. The restaurant portfolio closed the period with 770 units, following 4 openings and 6 closures during the quarter. On a cumulative basis, 10 restaurants were opened and 24 units were closed in the first nine months of the year. China Sales in the region totalled EUR 19.9 million for the quarter, representing a decline of 10.3% in nominal terms. On a constant currency basis, the decrease was limited to 4.8%. This performance reflects the impact of a challenging macroeconomic environment and a global slowdown in consumer spending, which weighed on business generation. To mitigate macroeconomic headwinds, the Company is accelerating initiatives focused on value-driven menu innovation, strengthening digital engagement, and optimizing operational efficiency. These measures aim to protect margins and reinforce brand relevance in a more price-sensitive environment EBITDA for the quarter amounted to EUR 3.5 million, corresponding to a margin of 17.4%. For the first nine months of the year, cumulative sales reached EUR 64.5 million, down 4.5% year-on-year, or 3.5% on a constant currency basis. EBITDA for the period stood at EUR 12.7 million, delivering a margin of 19.7%. At the end of the quarter, the Blue Frog portfolio comprised 85 restaurants, following the opening of 4 new units and the closure of 1. Year-to-date, 7 restaurants have been opened and 9 have been closed. (all figures in EUR millions unless stated otherwise) 12 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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Table 1. Revenues and margins generated in the particular markets for the 9 months ended 30 September 2025 and 2024 9 MONTHS ENDED 30 September 2025 30 September 2024 Amount % of sales Amount % of sales Revenue 1,922.5 100.0 % 1,890.9 100.0 % Poland 628.5 32.7 % 572.1 30.3 % Czechia 256.6 13.3 % 245.4 13.0 % Hungary 171.0 8.9 % 159.6 8.4 % Other CEE 131.3 6.8 % 117.9 6.2 % Total CEE 1,187.4 61.8 % 1,095.0 57.9 % Spain 269.0 14.0 % 267.6 14.2 % Germany 152.2 7.9 % 145.6 7.7 % France 202.3 10.5 % 230.7 12.2 % Other WE 24.8 1.3 % 23.9 1.3 % Western Europe (WE) 648.3 33.7 % 667.8 35.3 % China 64.5 3.4 % 68.9 3.6 % Other 22.3 1.2 % 59.2 3.1 % EBITDA 300.7 15.6 % 319.2 16.9 % Poland 115.5 18.4 % 117.2 20.5 % Czechia 54.5 21.2 % 54.8 22.3 % Hungary 33.8 19.8 % 32.3 20.3 % Other CEE 23.6 18.0 % 22.5 19.1 % Total CEE 227.4 19.2 % 226.8 20.7 % Spain 57.9 21.5 % 53.8 20.1 % Germany 23.6 15.5 % 20.0 13.7 % France 10.7 5.3 % 22.9 9.9 % Other WE 3.1 12.9 % 0.9 3.6 % Western Europe (WE) 95.3 14.7 % 97.6 14.6 % China 12.7 19.7 % 14.4 21.0 % Other (34.7) (156.0) % (19.6) (33.2) % Adjusted EBITDA 308.8 16.1 % 323.2 17.1 % Poland 116.9 18.6 % 119.1 20.8 % Czechia 54.7 21.3 % 55.1 22.5 % Hungary 34.3 20.1 % 33.0 20.7 % Other CEE 23.9 18.1 % 22.7 19.3 % Total CEE 229.8 19.4 % 229.9 21.0 % Spain 58.0 21.5 % 54.0 20.2 % Germany 23.9 15.7 % 20.6 14.1 % France 10.7 5.3 % 22.9 9.9 % Other WE 3.2 12.9 % 0.8 3.6 % Western Europe (WE) 95.8 14.8 % 98.3 14.7 % China 12.9 20.0 % 14.6 21.1 % Other (29.7) (133.2) % (19.6) (33.2) % EBIT 89.7 4.7 % 83.8 4.4 % Poland 52.1 8.3 % 63.0 11.0 % Czechia 26.9 10.5 % 30.0 12.2 % Hungary 18.8 11.0 % 18.6 11.6 % Other CEE 8.6 6.6 % 9.5 8.1 % Total CEE 106.4 9.0 % 121.1 11.1 % Spain 28.7 10.7 % 23.7 8.8 % Germany (2.1) (1.4) % (1.3) (0.9) % France (8.6) (4.2) % (37.6) (16.3) % Other WE 1.0 4.1 % (2.6) (10.7) % Western Europe (WE) 19.0 2.9 % (17.8) (2.6) % China (0.1) (0.2) % 0.9 1.2 % Other (35.6) (159.8) % (20.4) (34.5) % (all figures in EUR millions unless stated otherwise) 13 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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Table 2. Revenues and margins generated in the particular markets for 3 months ended 30 September 2025 and 2024 3 MONTHS ENDED 30 September 2025 30 September 2024 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) % 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) % (all figures in EUR millions unless stated otherwise) 14 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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Table 3. Reconciliation of the net profit and adjusted EBITDA for 9 months ended 30 September 2025 and 2024 9 MONTHS ENDED 30 September 2025 30 September 2024 Amount % of sales Amount % of sales Profit/(loss) for the period 14.9 0.8% 3.0 0.2% + Finance costs 63.1 3.3% 64.9 3.4% – Finance income (4.2) (0.2)% (3.0) (0.2)% +/– Income tax expense 15.9 0.8% 18.9 1.0% + Depreciation and Amortisation 208.1 10.8% 191.2 10.1% + Impairment losses 2.9 0.2% 44.2 2.3% EBITDA 300.7 15.6% 319.2 16.9% + Start-up expenses* 3.1 0.2% 4.0 0.2% + SCM loss of control effect 5.0 0.3% - -% Adjusted EBITDA 308.8 16.1% 323.2 17.1% * operating costs incurred by the company to open a restaurant but before a restaurant starts generating revenue. Table 4. Reconciliation of the net profit and adjusted EBITDA for 3 months ended 30 September 2025 and 2024 3 MONTHS ENDED 30 September 2025 30 September 2024 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 income (1.0) (0.2)% (1.4) (0.2)% +/– Income 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. Alternative Performance Measures (APM) description APM are metrics used by the company to describe operational or financial performance taking into account some key information or constituent and adjusting them based on the purpose of such measure. AmRest identifies the following Alternative Performance Measures in the Directors’ Report: 1. Like-for-like or Same Store Sales (“LFL” or “SSS”) – represents revenue growth from comparable restaurants (restaurants that have been operating for a period of longer than 12 months). The measure shows the ability of a restaurant or a brand to increase its sales organically, It can be totalled the most accurately by taking the last twelve months core revenue growth minus the last twelve months net equity openings growth. 2. EBITDA – One of Key Performance Indicators for the Group. It is a close indicator of the cash profitability on operations and consists of profit from operations excluding amortisation and depreciation costs as well as impairments. Reconciliation of the measure is provided in tables 3 or 4. 3. Adjusted EBITDA – Measures profitability performance without non operative gain/loss as extraordinary results from acquisitions or divesting of business or assets, startup costs (operating costs incurred by the Group to open a restaurant but before a restaurant starts generating revenue), indirect tax adjustments, M&A related expenses (all material expenses connected with successful acquisitions, covering all professional services, legal, financial, and other directly connected with a transaction) an. It allows to present profitability for restaurants that already generate revenue and without some unusual costs related to M&A/ de-M&A or tax adjustments. Reconciliation of this APM is provided in tables 3 or 4. 4. EBITDA margin – EBITDA divided by Total Revenue. 5. EBIT margin – EBIT divided by Total Revenue. 6. CAPEX – investments capitalized during the period on Property, Plant and Equipment, and on intangible assets. 7. Net financial debt: this is the main metric used by management to measure the Company's level of indebtedness. It is composed of interest-bearing loans and borrowings minus cash and cash equivalents. (all figures in EUR millions unless stated otherwise) 15 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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8. Net debt – measures the level of external financing provided for the business as a sum of balance sheet positions of loans and borrowings, including financial lease liabilities Non-IFRS 16, net of available cash and cash equivalents, and guarantees. 9. Leverage ratio - measures the level of EBITDA calculated according to the financing agreements with the banks to net debt. It is a generally accepted level that shows indebtedness of a company relative to its ability to generate cash and profits from operations. Significant events and transactions in Q3 2025 (till the date of approval of this Report) During the period covered by this Report there were no significant events or transactions. Changes in the Parent Company’s Governing Bodies During the period covered by this Report there were no changes with respect to the composition of AmRest's Board of Directors. As at30 September 2025 the composition of the Board of Directors was as follows: ■ Mr. José Parés Gutiérrez ■ Mr. Luis Miguel Álvarez Pérez ■ Ms. Romana Sadurska ■ Mr. Pablo Castilla Reparaz ■ Mr. Emilio Fullaondo Botella ■ Ms. Mónica Cueva Díaz ■ Ms. Begoña Orgambide García ■ Carlos Fernández González (Honorary chairman, non-Board member) ■ Eduardo Rodríguez-Rovira (Secretary, non-Board member) ■ Mauricio Gárate Meza (Vicesecretary, non-Board member) On the day of preparation of this Report the composition of the Board of Directors remains the same. Dividends paid and received In the period covered by this report the Group has paid dividend to minority shareholder, Starbucks Coffee International,Inc. in the amount of EUR 0.6 million. Shareholders of AmRest Holdings SE During the period covered by this Report there were no changes with respect to the Company’s shareholder structure. Shareholder Number of shares and votes at the Shareholders’ meeting % of shares and votes at the Shareholders’ meeting FCapital Dutch S.L.* 147,203,760 67.05 % Artal International SCA 11,612,680 5.29 % Nationale-Nederlanden PTE SA 10,742,600 4.89 % PTE Allianz Polska SA 9,531,792 4.34 % Other Shareholders 40,463,351 18.43 % * Mr. Carlos Fernández González indirectly controls the majority of the shareholding and voting rights in FCapital Dutch, S.L. (direct shareholder of the stake appearing in the above table). (all figures in EUR millions unless stated otherwise) 16 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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Changes in the number of shares held by members of the Board of Directors No member of the current Board of Directors of AmRest holds any shares or stock options of the company and during the period covered by this report there were no changes. Transactions on own shares concluded by AmRest In the period between 1 July 2025 and 30 September 2025 , AmRest purchased 1,153,789 own shares with a total nominal value of EUR 115,378.9 and representing 0.5255% of the share capital for a total price of approx. EUR 4.0 million (PLN 17.2 million). Also, in the period between 1 January 2025 and 30 September 2025 , the LTI 2022 was evaluated and converted into shares. In the same period the vesting of 20% of LTI 2021 and 60% of LTI 2022 took place. During this period, the Company disposed of a total of 775,067 own shares with a total nominal value of EUR 77,507 and representing 0.3530% of the share capital to entitled participants. The shares were transferred to the entitled participants free of charge. As of 30 September 2025 AmRest held 4,615,954 own shares with a total nominal value of EUR 461,595 and representing 2.1024% of the share capital. The subsidiaries of AmRest Holdings SE do not hold any Company’s shares. Forecasts of financial results The Company has not issued any forecasts of financial results. (all figures in EUR millions unless stated otherwise) 17 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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Part B. Condensed Consolidated Interim Report for Q3 2025 Condensed consolidated interim income statement for the period of 9 months ended 30 September 2025 .......................... 19 Condensed consolidated interim statement of comprehensive income for the period of 9 months ended 30 September 2025 .......................................................................................................................................................................................................... 20 Condensed consolidated interim statement of financial position as of 30 September 2025 ...................................................... 21 Condensed consolidated interim statement of cash flows for the period of 9 months ended 30 September 2025 ............... 22 Condensed consolidated interim statement of changes in equity for the period of 9 months ended 30 September 2025 ... 23 Notes to the condensed consolidated interim report ........................................................................................................................ 24 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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Condensed consolidated interim income statement for the period of 9 months ended 30 September 2025 9 MONTHS ENDED 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 Note 30 September 2025 30 September 2024 Basic earnings per ordinary share in EUR 10 0.06 (0.01) Diluted earnings per ordinary share in EUR 10 0.06 (0.01) The above condensed consolidated interim income statement should be read in conjunction with the accompanying notes. (all figures in EUR millions unless stated otherwise) 19 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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Condensed consolidated interim statement of comprehensive income for the period of 9 months ended 30 September 2025 9 MONTHS ENDED Note 30 September 2025 30 September 2024 Profit/loss for the period 14.9 3.0 Other comprehensive income/loss Exchange differences reclassified on loss of control 5 4.3 - Exchange differences on translation of foreign operations 0.5 (2.5) Net investment hedges 9 0.1 0.6 Other comprehensive income/loss for the period 4.9 (1.9) Total comprehensive income/loss for the period 19.8 1.1 Attributable to: Shareholders of the parent 17.5 (3.0) Non-controlling interests 2.3 4.1 The above condensed consolidated interim statement of comprehensive income should be read in conjunction with the accompanying notes. (all figures in EUR millions unless stated otherwise) 20 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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Condensed consolidated interim statement of financial position as of 30 September 2025 Note 30 September 2025 31 December 2024 Assets Property, plant and equipment 663.1 649.6 Right-of-use assets 878.3 896.3 Goodwill 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 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 borrowings 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 borrowings 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 The above condensed consolidated interim statement of financial position should be read in conjunction with the accompanying notes. (all figures in EUR millions unless stated otherwise) 21 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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Condensed c onsolidated interim statement of cash flows for the period of 9 months ended 30 September 2025 9 MONTHS ENDED Note 30 September 2025 30 September 2024 Cash flows from operating activities Profit/loss for the period 14.9 3.0 Adjustments for: Amortisation and depreciation 4, 6 208.1 191.2 Net interest expense 7 62.0 59.9 Foreign exchange result 7 (3.0) 2.6 Result on disposal of property, plant and equipment and intangibles (2.9) (1.2) Result on disposal of business 5 5.0 - Impairment of non-financial assets 4 4.3 43.4 Share-based payments 12 4.7 5.2 Tax expense 8 15.9 18.9 Other (1.2) (1.2) Working capital changes: Change in trade and other receivables and other assets 16.1 22.6 Change in inventories 0.5 0.3 Change in payables and other liabilities (33.6) (36.6) Change in provisions and employee benefits (1.2) (1.7) Cash generated from operations 289.6 306.4 Income tax paid (21.6) (25.4) Net cash from operating activities 268.0 281.0 Cash flows from investing activities Net cash outflows on acquisition - (0.3) Net cash outflows on sale of the business 5 (5.6) - Proceeds from the sale of property, plant and equipment, and intangible assets 4.0 1.1 Purchase of property, plant and equipment (111.3) (148.2) Purchase of intangible assets (5.9) (5.5) Net cash from investing activities (118.8) (152.9) Cash flows from financing activities Purchase of treasury shares 9 (9.2) (9.0) Proceeds from loans and borrowings 11 157.8 41.3 Repayment of loans and borrowings 11 (133.3) (47.4) Payments of lease liabilities including interests paid (145.1) (137.3) Transaction costs paid 11 - (8.2) Interest paid 11 (28.2) (34.8) Interest received 1.2 2.3 Dividends paid to non-controlling interest (0.6) (4.3) Net cash from financing activities (157.4) (197.4) Net change in cash and cash equivalents (8.2) (69.3) Effect of foreign exchange rate movements (0.3) (0.4) Balance sheet change of cash and cash equivalents (8.5) (69.7) Cash and cash equivalents, beginning of period 139.6 227.5 Cash and cash equivalents presented as assets classified as assets held for sale, beginning of period 13.4 - Total cash and cash equivalents, beginning of period 153.0 227.5 Total cash and cash equivalents, end of period 144.5 157.8 The above condensed consolidated interim statement of cash flows should be read in conjunction with the accompanying notes. (all figures in EUR millions unless stated otherwise) 22 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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Condensed consolidated interim statement of changes in equity for the period of 9 months ended 30 September 2025 ATTRIBUTABLE TO THE SHAREHOLDERS OF THE PARENT Note Share capital Reserves Retained earnings Translation reserve Total Non- controlling interest Total equity As of 1 January 2025 22.0 170.8 187.0 (7.2) 372.6 15.8 388.4 Profit/loss for the period - - 13.0 - 13.0 1.9 14.9 Other comprehensive income/loss 9 - 0.1 - 4.4 4.5 0.4 4.9 Total comprehensive income/loss - 0.1 13.0 4.4 17.5 2.3 19.8 Loss of control 5 - - - - - (11.1) (11.1) Dividends to non-controlling interests - - - - - (0.6) (0.6) Purchases of treasury shares 9 - (9.2) - - (9.2) - (9.2) Share-based payments 9 - 4.0 - - 4.0 - 4.0 As of 30 September 2025 22.0 165.7 200.0 (2.8) 384.9 6.4 391.3 ATTRIBUTABLE TO THE SHAREHOLDERS OF THE PARENT Note Share capital Reserves Retained earnings Translation reserve Total Non- controlling interest Total equity As of 1 January 2024 22.0 174.1 193.7 (4.4) 385.4 15.3 400.7 Profit/loss for the period - - (1.1) - (1.1) 4.1 3.0 Other comprehensive income/loss 9 - 0.6 - (2.5) (1.9) - (1.9) Total comprehensive income/loss - 0.6 (1.1) (2.5) (3.0) 4.1 1.1 Dividends to non-controlling interests - - - - - (4.3) (4.3) Purchases of treasury shares 9 - (9.0) - - (9.0) - (9.0) Share-based payments 9 - 4.6 - - 4.6 - 4.6 As of 30 September 2024 22.0 170.3 192.6 (6.9) 378.0 15.1 393.1 The above condensed consolidated interim statement of changes in equity should be read in conjunction with the accompanying notes. (all figures in EUR millions unless stated otherwise) 23 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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Notes to the condensed consolidated interim report 1. General information on AmRest Group AmRest Holdings SE (“The Company”, “AmRest”) was incorporated in the Netherlands in October 2000. Since 2008 the Company operates as European Company (Societas Europaea, SE). The Company is domiciled in Spain. Paseo de la Castellana 163, 28046 Madrid, Spain is the Company’s registered office as of 30 September 2025 and has not changed during the reporting period. Hereinafter the Company and its subsidiaries shall be referred to as the “Group” or “AmRest Group”. The shares of AmRest Holdings SE are listed on the Warsaw Stock Exchange (“WSE”) and in all four Spanish stock exchanges through the Spanish Automated Quotation System (Sistema de Interconexión Bursátil – SIBE). The Group is the largest independent chain restaurant operator in Central and Eastern Europe. The Group is also conducting its operations in Western Europe and China. The Group’s principal place of business is Europe. The Group operates Kentucky Fried Chicken (“KFC”), Pizza Hut (“PH”), Burger King (“BK”) and Starbucks (“SBX”) restaurants through its subsidiaries in Poland, the Czech Republic (hereinafter Czechia), Hungary, Slovakia, Serbia, Croatia, Bulgaria, Romania, Germany, France, Austria, Slovenia and Spain, on the basis of franchise rights granted. Starting from October 2016 the Group as a master-franchisee has the right to grant a license to third parties to operate Pizza Hut Express and Pizza Hut Delivery restaurants (sub-franchise) in countries of Central and Eastern Europe, while ensuring a certain share of restaurants operated directly by AmRest. In Spain, Portugal and Andorra the Group operates its own brand La Tagliatella. In China the Group operates its own brand Blue Frog. Both businesses are based on operating equity and franchise restaurants supported by the central kitchens located in Spain (La Tagliatella) and in China (Blue Frog) that produce and deliver products to the whole network. In 2018 the Group acquired the Bacoa and Sushi Shop brands, as a result of which it operates licensed restaurants in Spain (Bacoa) and proprietary and franchise Sushi Shop restaurants in France, Belgium, Spain, Switzerland, United Kingdom, Luxembourg, United Arab Emirates and Saudi Arabia. Bacoa is a primarily premium burger concept in Spain and Sushi Shop is one of the major operators of the European chains of restaurants for sushi, sashimi and other Japanese specialities. In December 2024, the Group signed an agreement to sell 51% of SCM Sp. z o.o. ("SCM") shares to R&D Sp. z o.o. which was completed on 31 March 2025. Further details are presented in note 5. The table below summarizes key types of AmRest Group activities as of 30 September 2025 , including the area where those activities are carried out and the name of the relevant franchisor (if applicable): ACTIVITY PERFORMED THROUGH OWN BRANDS Brand Franchisor Area of the activity La Tagliatella Own brand Spain, Portugal, Andorra Blue Frog Own brand China Sushi Shop Own brand France, Spain, Switzerland, Luxembourg, United Kingdom ACTIVITY WHERE AMREST IS A FRANCHISOR (OWN BRAND OR BASED ON MASTER-FRANCHISE AGREEMENTS) Brand Franchisor Area covered by the agreement La Tagliatella Own brand Spain, Andorra Blue Frog Own brand China Sushi Shop Own brand France3, Belgium, United Arab Emirates, Saudi Arabia Bacoa1 Own brand Spain Pizza Hut Express, Delivery Pizza Hut Europe Limited, Pizza Hut Europe S.a.r.l Hungary, Czechia, Poland, Slovakia ACTIVITY WHERE AMREST IS A FRANCHISEE Brand Franchisor Area covered by the agreement KFC YUM! Restaurants Europe Limited and its affiliates Poland, Czechia, Hungary, Bulgaria, Serbia, Croatia, Spain, Germany, France, Austria, Slovenia Pizza Hut Dine-In Pizza Hut Europe Limited Poland Pizza Hut Express, Delivery Pizza Hut Europe Limited Poland, Czechia, Hungary, Slovakia Burger King Burger King Europe GmbH, Rex Concepts BK Poland S.A,and Rex Concepts BK Czech S.R.O. Poland, Czechia, Bulgaria, Slovakia, Romania Starbucks2 Starbucks Coffee International, Inc/Starbucks EMEA Ltd., Starbucks Manufacturing EMEA B.V. Poland, Czechia, Hungary, Romania, Bulgaria, Germany, Slovakia, Serbia 1) Bacoa restaurants are currently operated under trademark license agreements. 2) AmRest, through AmRest Sp. z o.o. owns 82% and Starbucks owns 18% of the share capital of the companies in Poland (AmRest Coffee Sp. z o.o.), Czechia (AmRest Coffee s.r.o.) and Hungary (AmRest Kavezo Kft.). Upon occurrence of an event of default, both AmRest and Starbucks (as the case may be, acting as non-defaulting shareholder) will have the option to purchase all of the shares of the other shareholder (the defaulting shareholder) in the terms and conditions foreseen in the corresponding agreements. In the event of a deadlock, Starbucks will have, in the first place, the option to purchase all the shares of AmRest and, if Starbucks does not exercise that option, AmRest will have the option to purchase all the shares of Starbucks, in the terms and conditions foreseen in the corresponding agreements. In the event of a change of control in AmRest Holdings, Starbucks will have the right to increase its participation in each of the companies up to 100%. 3) In October 2024, 21 Sushi Shop franchisees of the French network sued Sushi Shop Management before the Paris Commercial Court, claiming contractual breaches with respect to supplies, communication, know-how and assistance provided by the franchisor.Sushi Shop Management recently agreed to the franchisees’ request to enter into a conciliation procedure to find a solution to their disputes. (all figures in EUR millions unless stated otherwise) 24 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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Where AmRest acts as a franchisee, the agreements are signed for individual restaurants to operate under a franchised brand. The majority of the agreements are entered into for a 10-year period with the possibility of further extension. Under the agreements AmRest is required to pay an agreed initial fee when the restaurant opens, and variable royalties and marketing fees. AmRest operates Starbucks stores under license agreements entered into per each country where the brand is present. 2. Group Structure As of 30 September 2025, the Group comprised the following subsidiaries: Holding activity AmRest TAG S.L.U.5 Madrid, Spain AmRest Sp. z o.o. 100.00% March 2011 AmRest China Group PTE Ltd Singapore AmRest Holdings SE 100.00% December 2012 Bigsky Hospitality Group Ltd Hong Kong, China AmRest China Group PTE Ltd 100.00% December 2012 New Precision Ltd Birkirkara, Malta AmRest China Group PTE Ltd 100.00% December 2012 Horizon Consultants Ltd. Birkirkara, Malta AmRest China Group PTE Ltd 100.00% December 2012 GM Invest SRL5 Brussels, Belgium AmRest TAG S.L.U. 100.00% October 2018 Sushi Shop Group SAS Courbevoie, France GM Invest SRL 9.47% October 2018 AmRest TAG S.L.U. 90.53% AmRest France SAS Courbevoie, France AmRest Holdings SE 100.00% December 2018 Sushi Shop Management SAS Courbevoie, France Sushi Shop Group SAS 100.00% October 2018 Sushi Shop Luxembourg SARL Luxembourg Sushi Shop Group SAS 100.00% October 2018 Sushi Shop Switzerland SA Fribourg, Switzerland Sushi Shop Management SAS 100.00% October 2018 Restaurant, franchise and master-franchise activity AmRest Sp. z o.o. Wroclaw, Poland AmRest Holdings SE 100.00% December 2000 AmRest s.r.o. Prague, Czechia AmRest Holdings SE 100.00% December 2000 AmRest Kft Budapest, Hungary AmRest Sp. z o.o. 100.00% June 2006 AmRest Coffee Sp. z o.o. Wroclaw, Poland AmRest Sp. z o.o. 82.00% March 2007 Starbucks Coffee International,Inc. 18.00% AmRest EOOD Sofia, Bulgaria AmRest Holdings SE 100.00% April 2007 AmRest Coffee s.r.o. Prague, Czechia AmRest Sp. z o.o. 82.00% August 2007 Starbucks Coffee International,Inc. 18.00% AmRest Kávézó Kft Budapest, Hungary AmRest Sp. z o.o. 82.00% August 2007 Starbucks Coffee International,Inc. 18.00% AmRest d.o.o. Belgrade, Serbia AmRest Sp. z o.o. 100.00% October 2007 Restauravia Food S.L.U. Madrid, Spain AmRest TAG S.L.U. 100.00% April 2011 Pastificio Service S.L.U. Madrid, Spain AmRest TAG S.L.U. 100.00% April 2011 AmRest Adria d.o.o. Zagreb, Croatia AmRest Sp. z o.o. 100.00% October 2011 AmRest GmbH i.l.1 Cologne, Germany AmRest TAG S.L.U. 100.00% March 2012 AmRest Adria 2 d.o.o. Ljubljana, Slovenia AmRest Sp. z o.o. 100.00% August 2012 Frog King Food&Beverage Management Ltd Shanghai, China Bigsky Hospitality Group Ltd 100.00% December 2012 Blue Frog Food&Beverage Management (Shanghai) Ltd. Shanghai, China New Precision Ltd 100.00% December 2012 Shanghai Kabb Western Restaurant Ltd Shanghai, China Horizon Consultants Ltd. 100.00% December 2012 AmRest Skyline GmbH i.l.2 Cologne, Germany AmRest TAG S.L.U. 100.00% October 2013 AmRest Coffee EOOD Sofia, Bulgaria AmRest Sp. z o.o. 100.00% June 2015 AmRest Coffee S.R.L. Bucharest, Romania AmRest Sp. z o.o. 100.00% June 2015 AmRest Food S.R.L. Bucharest, Romania AmRest Sp. z o.o. 100.00% July 2019 AmRest Coffee SK s.r.o. Bratislava, Slovakia AmRest s.r.o. 99.00% December 2015 AmRest Sp. z o.o. 1.00% AmRest Coffee Deutschland Sp. z o.o. & Co. KG Munich, Germany AmRest Kaffee Sp. z o.o. 23.00% May 2016 AmRest TAG S.L.U. 77.00% AmRest DE Sp. z o.o. & Co. KG Munich, Germany AmRest Kaffee Sp. z o.o. 100.00% December 2016 Kai Fu Food and Beverage Management (Shanghai) Co. Ltd Shanghai, China Blue Frog Food&Beverage Management Co. Ltd 100.00% December 2016 LTP La Tagliatella Portugal, Lda Lisbon, Portugal AmRest TAG S.L.U. 100.00% February 2017 AmRest AT GmbH Vienna, Austria AmRest Sp. z o.o. 100.00% March 2017 AmRest Topco France SAS4 Courbevoie, France AmRest France SAS 100.00% May 2017 AmRest Delco France SAS4 Courbevoie, France AmRest Topco France SAS 100.00% May 2017 AmRest Opco SAS Courbevoie, France AmRest France SAS 100.00% July 2017 AmRest Coffee SRB d.o.o. Belgrade, Serbia AmRest Holdings SE 100.00% November 2017 AmRest Chamnord SAS Courbevoie, France AmRest Opco SAS 100.00% March 2018 AmRest SK s.r.o. Bratislava, Slovakia AmRest s.r.o. 100.00% April 2018 Company name Registered office Parent/non-controlling undertaking Owner-ship interest and total vote [%] Date of effective control (all figures in EUR millions unless stated otherwise) 25 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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Sushi Shop Restauration SAS Courbevoie, France Sushi Shop Management SAS 100.00% October 2018 Sushi House SA Luxembourg Sushi Shop Luxembourg SARL 100.00% October 2018 Sushi Shop London Pvt LTD London, UK Sushi Shop Group SAS 100.00% October 2018 Sushi Shop Belgique SA Bruxelles, Belgium Sushi Shop Group SAS 100.00% October 2018 Sushi Shop Louise SA Bruxelles, Belgium Sushi Shop Belgique SA 100.00% October 2018 Sushi Shop UK Pvt LTD Charing, UK Sushi Shop Group SAS 100.00% October 2018 Sushi Shop Anvers SA Bruxelles, Belgium Sushi Shop Belgique SA 100.00% October 2018 Sushi Shop Geneve SA Geneva, Switzerland Sushi Shop Switzerland SA 100.00% October 2018 Sushi Shop Lausanne SARL Lasanne, Switzerland Sushi Shop Switzerland SA 100.00% October 2018 Sushi Shop Madrid S.L.U. Madrid, Spain Sushi Shop Management SAS 100.00% October 2018 Sushi Shop Zurich Gmbh Zurich, Switzerland Sushi Shop Switzerland SA 100.00% October 2018 Sushi Shop Nyon SARL Nyon, Switzerland Sushi Shop Switzerland SA 100.00% October 2018 Sushi Shop Vevey SARL Vevey, Switzerland Sushi Shop Switzerland SA 100.00% November 2019 Sushi Shop Fribourg SARL Fribourg, Switzerland Sushi Shop Switzerland SA 100.00% November 2019 Sushi Shop Yverdon SARL Yverdon, Switzerland Sushi Shop Switzerland SA 100.00% November 2019 Sushi Shop Morges SARL Moudon, Switzerland Sushi Shop Switzerland SA 100.00% October 2020 AmRest Franchise Sp. z o.o. Wroclaw, Poland AmRest Sp. z o.o. 100.00% December 2018 Financial services and others for the Group AmRest LLC Wilmington, USA AmRest Sp. z o.o. 100.00% July 2008 AmRest Work Sp. z o.o. Wroclaw, Poland AmRest Sp. z o.o. 100.00% March 2012 La Tagliatella SAS Courbevoie, France AmRest TAG S.L.U. 100.00% March 2014 AmRest Kaffee Sp. z o.o. Wroclaw, Poland AmRest Sp. z o.o. 100.00% March 2016 AmRest Estate SAS Courbevoie, France AmRest Opco SAS 100.00% September 2017 AmRest Leasing SAS Courbevoie, France AmRest Opco SAS 100.00% September 2017 AmRest Global S.L.U. Madrid, Spain AmRest Holdings SE 100.00% September 2020 Supply services for restaurants operated by the Group AmRest Foodservice Sp. z o.o.3 Wroclaw, Poland AmRest Sp. z o.o. 100.00% December 2024 Company name Registered office Parent/non-controlling undertaking Owner-ship interest and total vote [%] Date of effective control 1) On 25 November 2016 AmRest TAG S.L.U., the sole shareholder of AmRest GmbH, decided to liquidate this company. The liquidation process had not been completed as of the date of authorization of this condensed consolidated interim report. 2) On 12 October 2023 AmRest TAG S.L.U., the sole shareholder of AmRest Skyline GmbH, decided to liquidate this company. The liquidation process had not been completed as of the date of authorization of this condensed consolidated interim report. 3) On 3 December 2024 AmRest Sp. z o.o. acquired 100% shares of Gunsana Sp. z o.o. for the purchase price below EUR 0.1 million. In 2025 the name of the company was changed to AmRest Foodservice Sp. z o.o. 4) The merger between AmRest Topco France SAS and AmRest Delco France SAS was registered on 2 September 2025. The surviving entity is AmRest Topco France SAS. Upon registration, the merger has a retroactive effect from 1 January 2025. 5) The merger process between GM Invest SRL and AmRest TAG S.L.U. has started, with the project plan registered in the Madrid Mercantile Registry on 11 July 2025. The surviving entity will be AmRest TAG S.L.U. Other changes to the Group Structure that occurred in 2025: • On 23 January 2025, the Court has registered the merger between AmRest DE Sp. z o.o. & Co. KG and AmRest Pizza GmbH. From that date, AmRest Pizza GmbH has ceased to exist. Yet, its rights and obligations were, from a trade law perspective and on the basis of the date of AmRest Pizza GmbH’s closing balance sheet, retroactively transferred to AmRest DE Sp. z o.o. & Co. KG as successor company effective from 1 October 2024. • In December 2024, the Group signed an agreement that was subject to the fulfilment of certain conditions, which were completed on 31 March 2025. As a result, 51% of the shares which AmRest Sp. z o.o. holds in SCM Sp.z o.o. were sold to R&D Sp. z o.o. This transaction resulted in the AmRest Group losing control over SCM Sp. z o.o. and SCM s.r.o. Details in the note 5. • On 31 October 2024 AmRest TAG S.L.U., the sole shareholder LTP La Tagliatella II Franchise Portugal Lda, decided to liquidate this company. On 18 February 2025 the company was deregistered. 3. Basis of preparation Accounting figures presented in this condensed consolidated interim report were prepared in accordance with the International Financial Reporting Standards as adopted by the European Union (“IFRS”). Unless disclosed otherwise, the amounts in this condensed consolidated interim report are presented in euro (EUR), rounded off to full millions with one decimal place. This interim report does not include all the information and disclosures required in the annual financial report. Accordingly, this report should be read in conjunction with the consolidated financial statements for the year ended 31 December 2024. The accounting policies adopted in the preparation of this condensed consolidated interim report are consistent with those followed in the preparation of the Group’s consolidated financial statements for the year ended 31 December 2024, except for the adoption of new standards, interpretations, and amendments to standards effective as of 1 January 2025 which do not have material impact on the interim report of the Group. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. The preparation of this condensed consolidated interim report required the use of accounting estimates which by nature rarely equal actual results. Management also exercised judgement in applying the Group’s accounting policies. Estimates and judgements are continually evaluated and are based on professional experience and various factors, including expectations of future events considered reasonable under the circumstances. Revisions to estimates are recognised prospectively, and actual results may differ from those estimates. The Group has prepared this condensed consolidated interim report on the basis that it will continue to operate as a going concern. (all figures in EUR millions unless stated otherwise) 26 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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4. Segment reporting AmRest as a Group of dynamic developing entities running operations in many markets and various restaurant concepts is under constant analysis of the Board of Directors. The Board is also constantly reviewing the way business is analysed and adjusts it accordingly to changes in the Group’s structure as a consequence of strategic decisions. Group produces various reports, in which its business activities are presented in a variety of ways. Operating segments are set on the basis of management reports used by the Board when making strategic decisions. The Board of Directors analyses the Group’s performance by geographical breakdown in divisions described in the table below. Own restaurant and franchise business is analysed in three operating segments presenting Group’s performance in geographic breakdown. Geographical areas are identified based on the similarity of products and services, similar characteristics of the production process and of the customer base, and economic similarities (i.e. exposure to the same market risks). Fourth segment includes in general non-restaurant business. Details of the operations included in each segment are presented below: Central and Eastern Europe (CEE) Restaurant operations and franchise activity in: • Poland – KFC, Pizza Hut, Starbucks, Burger King, • Czechia – KFC, Pizza Hut, Starbucks, Burger King, • Hungary – KFC, Pizza Hut, Starbucks, • Bulgaria – KFC, Starbucks, Burger King, • Croatia, Austria, Slovenia – KFC, • Slovakia – Starbucks, Pizza Hut, Burger King, • Romania – Starbucks, Burger King, • Serbia – KFC, Starbucks. Western Europe Restaurant operations together with supply chain and franchise activity in: • Spain – KFC, La Tagliatella, Sushi Shop, Bacoa, • France – KFC, Sushi Shop, • Germany – Starbucks, KFC, • Portugal and Andorra – La Tagliatella, • Belgium, Switzerland, Luxembourg, United Kingdom and other countries with activities of Sushi Shop. China • Blue Frog operations in China. Other Segment Other includes global support functions such as e.g. Executive Team, Global Finance, IT, Global Human Resources, Treasury and Investors Relations. Segment Other also includes expenses related to M&A transactions not finalised during the period, whereas expenses related to finalised merger and acquisition are allocated to applicable segments. Additionally, Other includes non-restaurant businesses performed by AmRest Holdings SE, AmRest Global S.L.U, SCM Sp. z o.o., SCM s.r.o. and AmRest Foodservice Sp. z o.o. and other minor entities performing holding and/or financing services. Segment Description When analysing the results of particular business segments the Board of Directors draws attention primarily to EBITDA reached, which is not an IFRS measure. The segment information has been prepared in accordance with the accounting policies applied in these condensed consolidated interim report. Segment measures and the reconciliation to profit/loss from operations for the period of 9 months ended 30 September 2025 and 2024 are presented below: 9 MONTHS ENDED 30 September 2025 CEE Western Europe China Other Total Restaurant sales 1,186.8 599.7 62.0 - 1,848.5 Franchise and other sales 0.6 48.6 2.5 22.3 74.0 Segment revenue 1,187.4 648.3 64.5 22.3 1,922.5 EBITDA 227.4 95.3 12.7 (34.7) 300.7 Depreciation and amortisation 118.9 75.6 12.7 0.9 208.1 Net impairment losses on financial assets (0.3) (1.1) - - (1.4) Net impairment losses on other assets 2.4 1.8 0.1 - 4.3 Profit/loss from operations 106.4 19.0 (0.1) (35.6) 89.7 *Capital investment 72.5 28.8 2.6 - 103.9 *Capital investment comprises additions and acquisition in property, plant and equipment and intangible assets. (all figures in EUR millions unless stated otherwise) 27 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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9 MONTHS ENDED 30 September 2024 CEE Western Europe China Other Total Restaurant sales 1,094.3 612.3 66.2 - 1,772.8 Franchise and other sales 0.7 55.5 2.7 59.2 118.1 Segment revenue 1,095.0 667.8 68.9 59.2 1,890.9 EBITDA 226.8 97.6 14.4 (19.6) 319.2 Depreciation and amortisation 105.2 71.8 13.4 0.8 191.2 Net impairment losses on financial assets - 0.8 - - 0.8 Net impairment losses on other assets 0.5 42.8 0.1 - 43.4 Profit/loss from operations 121.1 (17.8) 0.9 (20.4) 83.8 *Capital investment 87.6 28.7 3.0 1.2 120.5 *Capital investment comprises additions and acquisition in property, plant and equipment and intangible assets. 5. Loss of control Disposal of SCM business In December 2024, the Group signed an agreement that was subject to the fulfilment of certain conditions which were met on 31 March 2025. By the means of the agreement, 51% of the shares which AmRest Sp. z o.o. held in SCM Sp. z o.o. ("SCM") were sold to R&D Sp. z o.o. Additionally, certain assets linked to the supply chain management and quality assurance (QA) services provided to date by SCM to the AmRest Group, together with the team providing such services, were transferred over to AmRest Group. SCM was a Polish, 51% owned subsidiary and a parent entity of SCM s.r.o., Czechia subsidiary. As a result of the transaction AmRest Group lost control over the SCM and SCM s.r.o. as of 31 March 2025 and accounted for the result on loss of control. Based on an analysis of the facts and circumstances related to the transaction, the Group assessed that the sale did not meet the definition of discontinued operations. The comparative information was not re-presented. For the 3 month period ended 31 March 2025, the Group has been consolidating results of SCM business. Total revenues of SCM operations recognized during that period in consolidated interim report amounted to EUR 22.3 million and operating costs amounted EUR 20.0 million. The accounting effect of de-consolidation was recognized as of 31 March 2025 as other operating expenses. The details of calculation of result on de-consolidation recognised for the period of 9 months ended 30 September 2025 are presented below: 9 MONTHS ENDED EN 30 September 2025 Net consideration received 9.4 Carrying amount of net assets sold (21.2) Non-controlling interests derecognised 11.1 Result on de-consolidation before reclassification of exchange differences (0.7) Exchange differences reclassified on loss of control (4.3) Result on de-consolidation reported as other operating costs (5.0) Details of major classes of assets, liabilities and non-controlling interest balance of disposed business are presented in the table below: Property, plant and equipment 3.3 Inventories 2.6 Trade and other receivables 10.8 Cash and cash equivalents 15.0 Other current and non-current assets 0.8 Assets (A) 32.5 Trade payables and other liabilities 10.3 Tax and lease liabilities 1.0 Liabilities (L) 11.3 Net assets 21.2 Non-controlling interest related to disposed business (NCI) 11.1 Net carrying amount (A-L-NCI) 10.1 31 March 2025 The transaction resulted in net EUR 5.6 million investing cash outflow for the Group. Details are presented below: 30 September 2025 Net cash received on disposal of business 9.4 De-consolidated cash of disposed business 15.0 Net cash outflow on de-consolidation (5.6) 9 MONTHS ENDED (all figures in EUR millions unless stated otherwise) 28 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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Assets and liabilities comprising the sold business were classified as assets held for sale as of 31 December 2024 . Details of major classes of assets held for sale and liabilities associated with assets held for sale as of 31 December 2024 are presented in the table below: 31 December 2024 Property, plant and equipment 3.1 Inventories 2.8 Trade and other receivables 9.0 Cash and cash equivalents 13.4 Other current and non-current assets 0.7 Assets classified as held for sale (A) 29.0 Trade payables and other liabilities 9.4 Tax and lease liabilities 0.5 Liabilities directly associated to assets held for sale (L) 9.9 Non-controlling interest related to disposal group (NCI) 10.0 Net carrying amount (A-L-NCI) 9.1 6. Operating and other income/costs Analysis of operating expenses by nature: Food, merchandise and other materials 569.4 575.5 Payroll 480.6 452.5 Social security and employee benefits 105.8 107.4 Royalties 95.0 91.5 Utilities 85.7 87.0 Marketing expenses 88.1 82.8 Delivery fees 75.2 69.9 Other external services 91.7 84.8 Occupancy cost 19.7 21.8 Depreciation of right-of-use assets 116.4 108.9 Depreciation of property, plant and equipment 83.7 75.2 Amortisation of intangible assets 8.0 7.1 Other 16.8 15.9 Total cost by nature 1,836.1 1,780.3 9 MONTHS ENDED 30 September 2025 30 September 2024 Summary of operating expenses by functions: 9 MONTHS ENDED 30 September 2025 30 September 2024 Restaurant expenses 1,644.3 1,565.2 Franchise and other expenses 53.6 88.3 General and administrative expenses 138.2 126.8 Total costs 1,836.1 1,780.3 Other operating income and expenses Other operating income and expenses for the period of 9 months ended 30 September 2025 amounted to EUR 6.2 million and were impacted mainly by gains from the disposal of non-current assets, supply chain service revenues, and refunds from claims and insurance compensations. These positive impacts were partially offset by EUR (5.0) million loss related to the disposal of the SCM business, which was completed at the end of the first quarter of 2025. Other income and expenses for the period of 9 months ended 30 September 2024 amounted to EUR 17.4 million and were mainly positively impacted by a retail tax refund of EUR 9.3 million and VAT refund of EUR 2.0 million. Additional items reported under this category included gains from the disposal of non-current assets, revenues from supply chain services, and government grants. (all figures in EUR millions unless stated otherwise) 29 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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7. Finance income and costs Finance income and costs for the period of 9 months ended 30 September 2025 and 2024 are presented below: 9 MONTHS ENDED 30 September 2025 30 September 2024 Interest income 1.2 2.5 Net gain from exchange differences 3.0 - Other - 0.5 Total finance income 4.2 3.0 9 MONTHS ENDED 30 September 2025 30 September 2024 Interest expense 29.5 34.2 Interest expense on lease liabilities 33.5 27.8 Net cost from exchange differences - 2.6 Other 0.1 0.3 Total finance cost 63.1 64.9 8. Income taxes Reconciliation between the income tax expense and the income tax calculated by multiplying the domestic tax rates of the respective countries by the profits before tax of particular entities: 9 MONTHS ENDED 30 September 2025 30 September 2024 Profit before tax 30.8 21.9 Income tax calculated by multiplying the domestic tax rates of the respective countries by the profits before tax of particular entities 1.8 (1.4) Tax losses for the current period for which no deferred tax asset was recognised 5.4 3.7 Permanent differences and changes in estimates 4.2 3.2 Effect of local taxes reported as income tax 2.6 2.6 Tax effect of disposal of SCM business 2.6 - Utilization of tax losses and change of assumptions on deferred tax asset from tax losses related to previous years (0.7) 0.5 Impairment of goodwill - 10.3 Income tax expense 15.9 18.9 Tax risks and uncertain tax positions Tax returns of AmRest entities are subject to several tax inspections which were widely described in the note “Tax risks and uncertain tax position” to the consolidated financial statements for the year 2024. Update for the period of 9 months ended 30 September 2025 is presented below. Tax inspections in Poland • VAT proceeding for periods from April 2018 to September 2018: in September 2022, the Tax Authorities in Wroclaw initiated a tax audit on VAT rates in AmRest Sp. z o.o. for the referred periods and the total VAT liability assessed by the Tax Authorities amounts to EUR 2.2 million (PLN 9.8 million). In December 2023 the Company submitted the complaint to the Local Administrative Court. In April 2024 the Court suspended the proceeding. On the grounds of the Supreme Administrative Court resolution (number I FPS 1/24), in December 2024 the Court revoked the decision initially issued by the Tax Authorities and sent the case to the Tax Authorities to finalize the proceeding. Finally, on 7 May 2025, Tax Authorities in Wroclaw revoked their decision. • Retail sales tax: on 12 March 2024, the Supreme Administrative Court confirmed that AmRest Sp. z o.o. provides services and therefore is out of scope of the retail sales tax. The retail sales tax overpayment was received in August 2024 amounting to EUR 9.5 million (PLN 41.0 million). After receiving the overpayment, the Company started the proceedings aimed at obtaining a refund for delay interest. On 5 March 2025 the Tax Authorities issued a negative decision and refused to pay the delay interest. On 18 March 2025 the Company submitted the appeal to the second-instance Tax Authorities, that on 1 August upheld the negative decision of the first-instance. The Company decided to challenge the decision before the Administrative Court. Tax inspections in Germany In April 2025, German tax authorities initiated a tax audit to AmRest Skyline GmbH covering all taxes for fiscal years 2019-2021. In September 2025, the final tax assessment has been received by the Company and, due to the immaterial amount, the Company has proceed with the payment in October 2025. The Group’s risk assessment regarding tax risks and uncertainties has not changed since the authorization of the consolidated financial statements for 2024. Therefore, as of 30 September 2025 and as of the date of authorization of this condensed consolidated interim report, no new provisions were created. In Group’s opinion, there are no other material contingent liabilities concerning pending tax audits and tax proceedings. (all figures in EUR millions unless stated otherwise) 30 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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9. Equity Share capital Share capital consists of ordinary shares. All shares issued are subscribed and fully paid. The par value of each share is EUR 0.1. There were no changes in share capital of the Company in the period of 9 months ended 30 September 2025 . As of 30 September 2025 and 31 December 2024 the Company had 219,554,183 shares issued. (all figures in EUR millions unless stated otherwise) 31 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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Reserves The structure of Reserves is as follows: 2025 Share premium Outstanding share-based payments Settled share- based payments Treasury shares Hedges valuation Transactions with NCI Total Reserves As of 1 January 236.3 24.2 (36.1) (18.4) (3.6) (31.6) 170.8 Net investment hedges - - - - 0.1 - 0.1 Total comprehensive income - - - - 0.1 - 0.1 Purchases of treasury shares - - - (9.2) - - (9.2) Value of disposed treasury shares - - (4.7) 4.7 - - - Share-based payments - reclassifications - (4.6) 4.4 - - - (0.2) Share-based payments - remeasurements - 4.7 - - - - 4.7 Share-based payments - tax withholding requirements - - (0.5) - - - (0.5) Total share-based payments - 0.1 (0.8) 4.7 - - 4.0 Total distributions and contributions - 0.1 (0.8) (4.5) - - (5.2) As of 30 September 236.3 24.3 (36.9) (22.9) (3.5) (31.6) 165.7 2024 Share premium Outstanding share-based payments Settled share- based payments Treasury shares Hedges valuation Transactions with NCI Total Reserves As of 1 January 236.3 18.8 (35.4) (9.9) (4.1) (31.6) 174.1 Net investment hedges - - - - 0.6 - 0.6 Total comprehensive income - - - - 0.6 - 0.6 Purchases of treasury shares - - - (9.0) - - (9.0) Value of disposed treasury shares - (2.0) 2.0 - - - Share-based payments - reclassifications - (1.5) 1.4 - - - (0.1) Share-based payments - remeasurements - 5.2 - - - - 5.2 Share-based payments - tax withholding requirements - - (0.5) - - - (0.5) Total share-based payments - 3.7 (1.1) 2.0 - - 4.6 Total distributions and contributions - 3.7 (1.1) (7.0) - - (4.4) As of 30 September 236.3 22.5 (36.5) (16.9) (3.5) (31.6) 170.3 (all figures in EUR millions unless stated otherwise) 32 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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Share premium Share premium reflects the surplus over the nominal value of the share capital increase and additional contributions to equity without issue of shares made by shareholders prior to becoming a public entity. There were no transactions within share premium in the period of 9 months ended 30 September 2025 and 2024. Treasury shares As of 30 September 2025 the Group had 4,615,954 treasury shares for a total purchase value of EUR 22.9 million. As of 31 December 2024 the Group had 2,927,790 treasury shares for a total purchase value of EUR 18.4 million. Transactions with NCI This item reflects the impact of accounting for transactions with non-controlling interests (NCI). In the period of 9 months ended 30 September 2025 and 2024 there were no transactions reflected in this equity position. Hedges valuation The Group is exposed to foreign currency risk associated with its investments in foreign subsidiaries, which is managed by applying net hedge investment strategies. Part of the debt of the Group’s bank loan was taken by AmRest Holdings in PLN, as a hedging instrument for the net investment in Polish subsidiary. In the period of 9 months ended 30 September 2025 and 2024 the value of the net investment hedge amounted to PLN 508.0 million. Another part of the debt was taken by AmRest Sp. z o.o. in EUR, as a hedging instrument for the net investment in its Spanish subsidiaries. In the period of 9 months ended 30 September 2025 and 2024 the value of the net investment hedge amounted to EUR 156.0 million. In the period of 9 months ended 30 September 2025 and 2024 the hedges were fully effective. For all net investment hedges, exchange gains or losses arising from the translation of liabilities that are hedging instruments are charged to other comprehensive income. In the period of 9 months ended 30 September 2025 the total hedge valuation recognised in other comprehensive income amounted to EUR 0.1 million. In the period of 9 months ended 30 September 2024 the total hedge valuation recognised in other comprehensive income amounted EUR 0.6 million. Translation reserves The balance of translation reserves depends on the changes in the foreign exchange rates. The total change in translation reserves attributable to shareholders of the parent for the period of 9 months ended 30 September 2025 amounted to EUR 4.4 million. The most significant impact resulted from the recycling of the translation reserve on loss of control amounting to EUR 4.3 million, as disclosed in note 5. Other changes in the translation reserves balance were driven by fluctuations in the Chinese yuan of EUR (3.9) million, Czech crown of EUR 1.7 million and Hungarian forint of EUR 1.7 million. The total change in translation reserves attributable to shareholders of the parent for the period of 9 months ended 30 September 2024 amounted to EUR (2.5) million. The most significant changes resulted from fluctuations in the Hungarian forint of EUR (1.3) million, Czech crown of EUR (0.8) million, Polish zloty of EUR (0.2) million and Chinese yuan of EUR 0.1 million. Non-controlling interests For the period of 9 months ended 30 September 2025 the Group de-consolidated SCM Sp. z o.o. and SCM s.r.o. and accounted for the loss of control over non-controlling interests in the amount of EUR (11.1) million. Details are presented in note 5. 10. Earnings per share Table below presents calculation of basic and diluted earnings per share ("EPS") for the period of 9 months ended 30 September 2025 and 2024. Basic EPS is calculated by dividing net profit attributable to shareholders of the parent by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing net profit attributable to shareholders of the parent by the weighted average number of ordinary shares outstanding during the year, adjusted by the weighted average number of ordinary shares that would be issued on conversion of all dilutive potential ordinary shares into ordinary shares. 9 MONTHS ENDED EPS calculation 30 September 2025 30 September 2024 Net profit attributable to shareholders of the parent (EUR millions) 13.0 (1.1) Weighted average number of ordinary shares for basic EPS (in thousands) 216,009 217,430 Weighted average number of ordinary shares for diluted EPS (in thousands) 217,446 217,980 Basic earnings per share attributable to the ordinary equity holders of the company (EUR) 0.06 (0.01) Diluted earnings per share attributable to the ordinary equity holders of the company (EUR) 0.06 (0.01) (all figures in EUR millions unless stated otherwise) 33 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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Reconciliation of weighted average number of ordinary shares for basic EPS: 9 MONTHS ENDED Weighted average number of ordinary shares (in thousands) 30 September 2025 30 September 2024 Shares issued at the beginning of the period 219,554 219,554 Effect of treasury shares held (3,711) (2,234) Effect of share-based payments vested 166 110 Weighted average number of ordinary shares for basic EPS 216,009 217,430 Reconciliation of weighted average number of ordinary shares for diluted EPS: 9 MONTHS ENDED Weighted average number of ordinary shares for diluted EPS (in thousands) 30 September 2025 30 September 2024 Weighted average number of ordinary shares for basic EPS 216,009 217,430 Effect of share-based payments unvested 1,437 550 Weighted average number of ordinary shares for diluted EPS 217,446 217,980 The intrinsic value of the vested SOP and MIP options is included in the calculation of basic EPS from the date on which options vest. The LTI plans are included in the calculation of basic EPS if vested and if the performance conditions are met at the reporting date. The intrinsic value of unvested SOP and MIP options is included in the calculation of diluted EPS to the extent to they are dilutive. The unvested LTI plans are included in the calculation of diluted EPS if performance conditions are met at the reporting date and to the extent to which are dilutive. Details relating to the share-based payments are disclosed in note 12. Instruments that could potentially dilute basic earnings per share in the future, but were antidilutive as of 30 September 2025 included 8,558 thousand of options for SOP and MIP plans and 4,068 thousand of shares for LTI plans ( 8,751 thousand of options for SOP and MIP plans and 2,657 thousand of shares for LTI plans as of 30 September 2024). 11. Loans and borrowings The Group had the following balances of loans and borrowings: Non-current Syndicated bank loan 542.6 574.8 Other bank loans - 6.1 Total non-current 542.6 580.9 Current Syndicated bank loan 81.9 17.7 Other bank loans 18.9 18.8 Total current 100.8 36.5 Total 643.4 617.4 30 September 2025 31 December 2024 Key characteristics of loans and borrowings: Currency Country Loans/bonds Effective interest rate Final maturity 30 September 2025 31 December 2024 EUR Poland, Spain Syndicated bank loan 3M EURIBOR+margin 2028 463.3 431.7 PLN Poland, Spain Syndicated bank loan 3M WIBOR+margin 2028 161.2 160.8 EUR Spain Bilateral loans 3M EURIBOR+margin 2026 10.1 5.0 EUR France State supported loan (SSL) Fixed 2026 6.8 14.5 EUR Spain State supported loan (SSL) Fixed 2026 1.9 5.4 EUR Germany Bank loans/overdrafts Euro Short-Term Rate (€STR)+margin 2026 0.1 - Total 643.4 617.4 The Group is required to meet certain ratios as agreed with financing institutions. Those covenants were met as of 30 September 2025. Tables below present the reconciliation of loans and borrowings for the period of 9 months ended 30 September 2025 and 2024: (all figures in EUR millions unless stated otherwise) 34 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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2025 Syndicated bank loan SSD Bonds Bilateral loans SSL loans Other borrowings Total As of 1 January 592.5 - 5.0 19.9 - 617.4 Repayments - - (122.5) (10.8) - (133.3) New loans 30.2 - 127.5 - 0.1 157.8 Interest expense 29.2 - 0.1 0.2 - 29.5 Payment of interests (27.6) - - (0.6) - (28.2) Exchange differences 0.2 - - - - 0.2 As of 30 September 624.5 - 10.1 8.7 0.1 643.4 2024 Syndicated bank loan SSD Bonds Bilateral loans SSL loans Other borrowings Total As of 1 January 549.5 35.9 2.5 35.0 1.0 623.9 Repayments - (35.5) - (11.9) - (47.4) New loans 40.0 - - - 1.3 41.3 Interest expense 32.1 1.4 - 0.6 0.1 34.2 Payment of interests (32.1) (1.8) - (0.8) (0.1) (34.8) Exchange differences 2.1 - - - - 2.1 As of 30 September 591.6 - 2.5 22.9 2.3 619.3 In January 2025, as part of the Syndicated Group loan agreement, AmRest Sp. z o.o. drew EUR 30.2 million from Tranche B. The loan matures on 11 December 2028. In March a revolving credit facility with BBVA Bank was signed for credit limit of EUR 35.0 million. The facility matures on 11 December 2025. Movements for the period of 9 months ended 30 September 2025 for Bilateral loans relate to Group's credit lines. The Group draws and repays amounts under the credit limits assigned. As of 30 September 2025 , the outstanding balance amounted to EUR 10.0 million. In December 2023, upon signing the Syndicated Bank Loan agreement, the Group incurred various transaction costs directly attributable to the issuance of that loan were deducted from the initial fair value of the new debt and are included in the calculation of the amortized cost of the borrowing. The payment of EUR 8.2 million of those transaction costs was made during the period of 9 months ended 30 September 2024 and was presented as a financial outflow in the condensed consolidated interim statement of cash flows. Available credit limits The Group had the following unused credit limits and available tranches as of 30 September 2025 and 31 December 2024: 30 September 2025 31 December 2024 Available Tranche B of Syndicated bank loan 2023 40.0 70.0 Syndicated bank loan 2023 credit line 130.0 130.0 Credit lines Spain 35.0 - Credit line Poland 4.7 4.7 Credit line Germany 5.9 5.8 Credit line Czechia - 2.3 Total 215.6 212.8 Collaterals on borrowings The Syndicated Bank Loan is jointly and severally guaranteed by the Borrowers (AmRest Holdings SE and AmRest Sp. z o. o.) and other Group companies, in particular, AmRest s.r.o., AmRest Coffee Deutschland Sp. z o. o. & Co.KG, AmRest DE Sp. z o. o. & Co.KG, AmRest Kft, AmRest Coffee S.R.L, AmRest Tag S.L.U., Restauravia Food S.L.U., Pastificio Service S.L.U. Additionally, pledge on the shares of Sushi Shop Group and AmRest France SAS has been established as security for the bank financing. 12. Share-based payments In January 2025 a sub-plan for French entities was approved under LTI 2024 plan. The fair value of the sub-plan amounted to EUR 0.9 million. There were no additional options granted under existing programs. The LTI 2022 reached the grant date on 31 May 2025, was evaluated and converted into shares. Grant date fair value of share for LTI 2022 was determined as EUR 3.79. At the same date the first tranche of the plan vested. The LTI 2021 reached the grant date on 31 May 2024, was evaluated and converted into shares. Grant date fair value of share for LTI 2021 was determined as EUR 6.0. At the same date the first tranche of the plan vested. Second tranche of LTI 2021 vested on 31 May 2025. During the period of 9 months ended 30 September 2025 , the treasury shares of EUR 4.7 million were transferred with tax withholding requirement of EUR 0.5 million. During the period of 9 months ended 30 September 2024 , the treasury shares of EUR 2.0 million were transferred with tax withholding requirement of EUR 0.5 million. The Board of Directors approved alternative cash settlement of the second tranche of LTI 2021 and of the first tranche of LTI 2022 for selected part of these plans. Employees received the cash equivalent of vested shares. As a result, the modification of part of LTI 2021 and 2022 has been reclassified as employee benefits in the amount of EUR 0.2 million. (all figures in EUR millions unless stated otherwise) 35 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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The third tranche of LTI 2021, as well as the second and third tranches of LTI 2022, remain unvested. LTI 2023 and LTI 2024 are fully unvested. The costs recognised in connection with the share based programs amounted to EUR 4.7 million and EUR 5.2 million for the period of 9 months ended 30 September 2025 and 2024 respectively. 13. Future commitments and contingent liabilities As in the previous reporting period, the Group’s future liabilities are derived mainly from the franchise agreements, development agreements and master franchise agreements. Group restaurants are operated in accordance with franchise, development and master franchise agreements with YUM! and subsidiaries of YUM!, Burger King Europe GmbH, Rex Concepts BK Poland S.A, Rex Concepts BK Czech S.R.O., Starbucks Coffee International, Inc. and its affiliates. In accordance with these agreements, the Group may be obliged to meet certain development commitments as well as to make the renovations required to maintain the identity, reputation and high operating standards of each brand. More details in note 1 and 34 (Material accounting policies) in the Group’s Consolidated Financial Statements for the year ended 31 December 2024. Commitments regarding credit agreement are described in note 11. 14. Events after the reporting period There were no significant subsequent events after the reporting date. (all figures in EUR millions unless stated otherwise) 36 AMREST GROUP INTERIM REPORT for the period of 9 months ended 30 September 2025
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This Interim Report has been approved by resolution of the Board of Directors following the recommendation of the Audit Committee. Madrid, 13 November 2025 38 AMREST GROUP Consolidated Interim Directors' Report for the period of 9 months ended 30 September 2025
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AmRest Holdings SE 28046 Madrid, Spain CIF A88063979 | +34 91 799 16 50 | amrest.eu