Slides
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Investors Presentation Q2’26 results presentation
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…the world’s most reputable and iconic global brands. +44,000 employees 177 694 6 3 185 3484 4 249 11 28 151 173 73 26 31 2 2,133 restaurants 8 brands 22 countries 4 15 Saudi Arabia & UAE 82 China 2 Data as of 30 June 2026 30 M monthly clients served 48% of the portfolio Quick service restaurants 17% of the portfolio Fast casual restaurants 14% 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…
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EBITDA EUR 177.7m 14.4% EBITDA margin / € 78.6m EBITDA Non-IFRS16 H1 2026 Highlights Revenues EUR 1,230.6m -0.7% vs. last year excluding disposals* Positive free cash flow evolution Operative cash flow increased by EUR 27.0m and Investing cash flow decreased by EUR 30.8m vs last year 3 *AmRest Group lost control of SCM as of 31st March 2025, following the sale of 51% of its previously held shares. ** Including relocation openings. *** Operating cash flow excl. lease payments reduced by cash flow in investing activities. Financial performance dashboard Leverage 2.5x Prudent financial profile New restaurants +85 openings in the last 12 months +29 openings in H1´26 ** ***
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H1'25 H1'26 SCM Current trading confirming underlying growth Revenues (exc. SCM subsidiaries) (EURm) 4 EBITDA (EURm) and EBITDA Margin - 0.7% ❑ Sales for H1’26 at Group level at EUR 1,230.6 million, 2.5% decrease compared to H1’25, ❑ or 0.7% decreased excluding the effect of the de- consolidated SCM business unit, ❑ excluding Czechia and business disposal, Group sales increased by 2%. 15.0% 14.4% H1'25 H1'26 ❑ For H1’26, EBITDA at EUR 177.7 million, compared with EUR 189.4 million in H1’25. ❑ EBITDA margin at 14.4% vs. 15.0% in the previous year. ❑ excluding Czechia and business disposal, EBITDA margin increased to 14.9%, 0.4pp higher than LY.
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More selective approach to capital allocation with an increased focus on execution, cash generation and investment returns. H1 2026 Highlights Positive free cash flow evolution Supported by better cash generation and less intensive investment effort. 5 Strategic performance dashboard Brand portfolio expansion Incorporating a new QSR global brand with the launch of Taco Bell in Poland. Novation agreement the extension of the Group’s syndicated financing increased the Group´s financial flexibility.
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Positive Free Cash Flow evolution Improvement in Free Cash Flow generation is accelerating. FCF generation (EURm) 6 H1’26 Free Cash Flow Operating CF excl. lease payments 25.6 81.3 -26.2 60.3 H1’25 Cash from investing activities 55.7 (1) 86.5 +51.8m EUR YoY improvement (1) (1) Operating cash flow excl. lease payments reduced by cash flow in investing activities. H1'24 H1'25 H1'26 FCF excl. leases Investing CF Operating CF w/o leases
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❑ CapEx reduction reflected a more selective approach to capital allocation. ❑ Equity opening path remained broadly stable. More selective approach to capital allocation AmRest CapEx as % of total TTM sales 7 TTM Gross new equity openings and renovations *Data excluding Russia and SCM. ** Gross openings including relocation openings. * ** 0% 5% 10% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 0 50 100 150 200 250 300 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 Gross openings Renovations
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Enhanced liquidity € +100m Novation agreement Strengthening the financing profile by extending maturity and reducing funding costs with the new bank agreement. 8 Novation agreement - KEY AMENDMENTS Extended maturity to June 2031 Longer repayment profile 2y grace period Updated covenant Amendment of selected financial covenants Increase in Revolving Credit Facility (RCF) to finance the Group circulating capital needs Quarterly repayments replaced with semi- annual repayments with two optional one-year extensions subject to lenders' approval. Lower financing cost Reduction of applicable interest margin Additional funding flexibility Up to € 300m ‘Accordion’ facilities Countries 5 8 Banking partners Poland, Spain, Czechia, France, Netherlands
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Brand portfolio expansion Data as of 30 June 2026 9 Strategic adjustments / Non-performing businesses : • PH Russia (59 restaurants, May 2022) • PH Germany (86 restaurants, December 2022) • PH France (121 restaurants, October 2024) Total Nº restaurants 13% 13% 12% 12% 12% 11% 11% 87% 87% 88% 88% 88% 89% 89% 2,318 2,414 2,313 2,163 2,099 2,139 2,133 1,846 1,921 1,961 2,036 2,099 2,139 2,133 0 500 1,000 1,500 2,000 2,500 3,000 3,500 2020 2021 2022 2023 2024 2025 H1'26 Franchise Equity The introduction of Taco Bell in our portfolio offers a meaningful growth opportunity, leveraging the Group’s extensive operational experience and infrastructure. Mexican-inspired menu One of most trendy brands among generation Z The first restaurant expected to open in Q4 2026 Sell of: • KFC Russia restaurants (213 restaurants, May 2023)
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Committed to providing exceptional products and services to our clients 10 Balanced growth through innovation, value and cultural relevance Accelerating beverage performance and customer engagement Chef collaboration strengthens brand relevance
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The Adrien Cachot Effect: Driving Recovery and Growth Driving relevance through innovation May the force be with you (and BK) More reasons to choose the Pizza Hut 11 Committed to providing exceptional products and services to our clients
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FINANCIAL HIGHLIGHTS
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Q2’26 highlights Flat Sales vs. Q2’25 98.0 SSS Index vs. Q2’25 € 641.9m Sales € 641.7m in Q2’25 Portfolio CapEx Gross openings (13 Eq, 4 Fr) 17 Same store sales – comparable change in restaurant sales in one period from the same prior year period for restaurants. Addition ally, if a restaurant is closed for significant period of time the restaurant is excluded from the comparable sales calculation. Both equity and franchise restaurants are included. Calcula ted in EUR terms. Portfolio gross openings including relocation openings. 13 Sales growth Profitability Net profit € 7.8m in Q2’25 € 3.9m€ 100.9m EBITDA € 50.6m EBITDA Non-IFRS16 EBIT 3.5% margin € 22.3m € 24.1m CAPEX € 38.8m in Q2’25 *AmRest Group lost control of SCM as of 31 March 2025, following the sale of 51% of its previously held shares.
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Q2’26 Revenue highlights Data excluding Russia and SCM. Quarterly revenue evolution (EURm) Quarterly SSS vs LY Group sales stabilized during the quarter and the gap versus last year narrowed. 14 641.9 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 98.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026
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EBITDA and EBIT margin evolution 15 EBITDA amounted to EUR 100.9 million in Q2’26. EBITDA [EURm] & EBITDA Margin EBIT [EURm] & EBIT Margin Q2’26 delivered EBIT of EUR 22.3m 112.8 107.7 100.9 18.3% 16.8% 15.7% Q2'24 Q2'25 Q2'26 Margin 4.9 34.4 22.3 0.8% 5.4% 3.5% Q2'24 Q2'25 Q2'26 Margin
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EBITDA value 16 Underlying business demostrated resilience despite the impact of disposals and operating cost pressures *Other: Royalties, Franchise and other expenses, Other operating income/expenses and SCM effect.
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Q2’26 P&L highlights ❑ Net equity restaurant count increased by 31 units during last 12 months. ❑ Profitability performance was pressured by sales leverage. 17 ❑ Net cash from operating activities increased by EUR 17.5m,+16.5% vs Q2’25. ❑ Investing cash outflows decreased by EUR 15.2 million. Reporting period Q2'26 Q2'25 Variation EURm Net Operating CF 123.5 106.0 17.5 Net Investment CF (23.7) (38.9) 15.2 Reporting period Q2'26 Q2'25 Variation Restaurants (No) 2,133 2,103 30 Equity restaurants 1,891 1,860 31 Franchise restaurants 242 243 (1) Revenue (EURm) 641.9 641.7 0.0% EBITDA (EURm) 100.9 107.7 (6.3%) margin 15.7% 16.8% (1.1pp) EBIT (EURm) 22.3 34.4 (35.3%) margin 3.5% 5.4% (1.9pp)
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106.2 153.0 145.6 161.7 616.4 468.3 518.3 505.1 2.9x 1.8x 2.3x 2.5x (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) 2024 2025 Q2'26 Cash Net Debt** Leverage Q2’26 debt and cash evolution ❑ Leverage ratio at prudent leverage. ❑ Efficient liquidity position, in line with the Group´s needs. (1) Leverage ratio defined as Net financial debt / EBITDA (Non-IFRS16). (2) 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. (3) Facility B and RCF of existing syndicated loans, plus others unused granted facilities. Liquidity and leverage Cash (EURm) Available credit lines (EURm) Leverage ratio 161.7 90.5 2.5x Net financial debt evolution & cash position 18 (1) (2) (3)
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68% 28% 4% CEE WE China 63% 34% 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 Q2’26 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. 19 Sales by segment EBITDA by segment Number of units by segment 60% 36% 4% CEE WE China
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694 249 28 151 173 73 26 31 2 Coffee 23% of the portfolio Q2’26 segment breakdown | CEE 4 brands 1,292 restaurants 10 countries 20 62% of the portfolio Quick service restaurants Fast casual restaurants 15% of the portfolio Revenues EUR 406.9m +1.8% vs. Q2’25 EBITDA EUR 76.4m -3.2% vs. Q2’25 18.8% margin -1.0 p.p. vs. Q2’25
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78.9 86.1 78.4 59.0 76.4 19.8% 20.4% 19.9% 16.2% 18.8% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 EBITDA [EURm] & EBITDA Margin 399.5 421.4 394.2 365.1 406.9 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 CEE sales [EURm] ❑ Revenues reached EUR 406.9 million in Q2’26, up 1.8% YoY. ❑ EBITDA at EUR 76.4 million, representing a margin of 18.8%. Q2’26 segment breakdown | CEE 21 1.8% 18 18 20 22 23 1,231 1,237 1,263 1,261 1,269 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Store count Franchise Equity
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1776 3 185 348 4 4 11 4 15 UAE & Saudi Arabia 29% of portfolio Q2’26 segment breakdown | WE Quick service restaurants 5 brands 759 restaurants 11 countries Coffee 20% of portfolio Casual dining restaurants 29% of portfolio 2 22 Revenues EUR 212.5m -3.2% vs. Q2’25 EBITDA EUR 30.8m -8.7% vs. Q2’25 14.5% margin -0.9 p.p. vs. Q2’25 Fast casual restaurants 22% of portfolio
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219.6 219.2 221.2 204.4 212.5 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Segment sales [EURm] 33.7 32.1 33.5 24.9 30.8 15.3% 14.7% 15.1% 12.2% 14.5% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 EBITDA [EURm] & EBITDA Margin ❑ Revenues reached EUR 212.5 million, a decrease of 3.2% compared to Q2’25. ❑ EBITDA reached EUR 30.8 million, representing a margin of 14.5% Q2’26 segment breakdown | WE 23 -3.2% 218 214 212 213 214 554 556 559 549 545 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Store count Franchise Equity
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Q2’26 segment breakdown | China 1 brand 82 restaurants 1 country Casual dining restaurants 100% of portfolio 82 24 Revenues EUR 22.5m -0.8% vs. Q2’25 EBITDA EUR 4.4m -14.0% vs. Q2’25 19.8% margin -3.0 p.p. vs. Q2’25
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5.2 3.5 3.7 3.1 4.4 22.8% 17.4% 18.3% 16.3% 19.8% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 EBITDA [EURm] & EBITDA Margin 22.6 19.9 20.3 19.2 22.5 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Segment sales [EURm] ❑ Revenues reached EUR 22.5 million, representing a 0.8% decrease compared to the same period in 2025. ❑ The EBITDA generated amount to EUR 4.4 million, representing a margin 19.8%. Q2’26 segment breakdown | China 25 -0.8% 7 6 6 6 5 75 79 79 78 77 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Store count Franchise Equity
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APPENDIX
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4 15 Saudi Arabia & UAE 82 China Equity|Franchise *Other: Bulgaria, Serbia, Croatia, Slovakia, Austria, Slovenia, Portugal, Andorra, Belgium, Switzerland, Luxembourg, UK, UAE, Saudi Arabia. Data as of 30 June 2026. Doesn't include Starbucks licensed stores in Germany. AmRest footprint 177 694 185 3484 4 249 11 28 151 173 73 26 31 2 2 Store count by country 2,133 restaurants 8 brands 22 countries 27 6 3 Country 407 - 131 16 44 - 96 - - - - - - - - - 678 16 140 - 15 - 33 - 61 - - - - - - - - - 249 - 106 - 22 7 - - 38 - - - - - - - - - 166 7 - - - - 10 - 63 - - - - - - - - - 73 - 129 - - - - - - - 62 151 4 - - - - 2 195 153 24 - - - - - 153 - - - - - - - - - 177 - 69 - - - - - - - - - 82 34 - - - - 151 34 - - - - - - - - - - - - 77 5 - - 77 5 47 - 3 - 10 - 43 - 4 2 18 25 - - - - 125 27 922 - 171 23 97 - 454 - 66 153 104 59 77 5 - 2 1891 242 Romania Total Poland Czechia Hungary Spain Germany France China Other* Total
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Financial statement Balance Sheet 28 Note 30 June 2026 31 December 2025 Assets Property, plant and equipment 9 660.9 683.6 Right-of-use assets 10 871.2 881.7 Goodw ill 12 212.5 211.1 Intangible assets 11 238.0 240.4 Investment properties 2.8 2.9 Other non-current assets 23.3 23.7 Deferred tax assets 8 70.6 61.1 Total non-current assets 2,079.3 2,104.5 Inventories 33.4 34.0 Trade and other receivables 14, 20 55.0 58.4 Income tax receivables 9.2 9.5 Other current assets 12.5 9.5 Cash and cash equivalents 15 ,20 161.7 145.6 Total current assets 271.8 257.0 Total assets 2,351.1 2,361.5 Note 30 June 2026 31 December 2025 Equity Share capital 16 22.0 22.0 Reserves 16 163.5 162.3 Retained earnings 174.3 188.1 Translation reserve 16 4.5 (1.0) Equity attributable to shareholders of the parent 364.3 371.4 Non-controlling interests 7.1 6.5 Total equity 371.4 377.9 Liabilities Loans and borrow ings 18, 20 571.3 557.1 Lease liabilities 10, 20 755.6 769.2 Provisions 17.1 17.4 Deferred tax liability 8 36.9 38.7 Other non-current liabilities and employee benefits 19 8.2 8.1 Total non-current liabilities 1,389.1 1,390.5 Loans and borrow ings 18, 20 91.6 102.1 Lease liabilities 10, 20 194.0 193.7 Provisions 5.8 6.5 Trade payables and other liabilities 19, 20 289.7 286.2 Income tax liabilities 9.5 4.6 Total current liabilities 590.6 593.1 Total liabilities 1,979.7 1,983.6 Total equity and liabilities 2,351.1 2,361.5
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Financial statement Segment breakdown 29 * 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 641.9 100.0% 641.7 100.0% Poland 217.9 33.9% 209.4 32.6% Czechia 73.7 11.5% 88.1 13.7% Hungary 69.4 10.8% 57.8 9.0% Other CEE 45.9 7.1% 44.2 6.9% Total CEE 406.9 63.4% 399.5 62.3% Spain 88.7 13.8% 90.4 14.1% Germany 51.0 7.9% 52.2 8.1% France 64.0 10.0% 68.3 10.7% Other WE 8.8 1.4% 8.7 1.4% Western Europe (WE) 212.5 33.1% 219.6 34.2% China 22.5 3.5% 22.6 3.5% Other - - 0.0 - EBITDA 100.9 15.7% 107.7 16.8% Poland 45.8 21.0% 39.5 18.9% Czechia 8.6 11.7% 19.9 22.5% Hungary 15.0 21.6% 11.7 20.3% Other CEE 7.0 15.1% 7.8 17.7% Total CEE 76.4 18.8% 78.9 19.8% Spain 19.2 21.7% 19.6 21.7% Germany 5.3 10.5% 10.4 19.9% France 4.6 7.2% 2.6 3.8% Other WE 1.7 18.3% 1.1 12.9% Western Europe (WE) 30.8 14.5% 33.7 15.3% China 4.4 19.8% 5.2 22.8% Other (10.7) - (10.1) - 3 MONTHS ENDED 30 June 2026 30 June 2025 Amount % of sales Amount % of sales Adjusted EBITDA* 101.8 15.9% 108.7 16.9% Poland 46.2 21.2% 40.0 19.1% Czechia 8.7 11.8% 19.9 22.5% Hungary 15.0 21.7% 11.8 20.5% Other CEE 7.2 15.6% 8.0 17.9% Total CEE 77.1 19.0% 79.7 19.9% Spain 19.2 21.7% 19.6 21.7% Germany 5.4 10.7% 10.5 20.2% France 4.6 7.2% 2.6 3.8% Other WE 1.7 18.4% 1.1 12.9% Western Europe (WE) 30.9 14.5% 33.8 15.4% China 4.5 19.9% 5.3 23.2% Other (10.7) - (10.1) - EBIT 22.3 3.5% 34.4 5.4% Poland 21.6 9.9% 17.0 8.1% Czechia (1.9) (2.6%) 10.4 11.8% Hungary 8.9 12.8% 6.8 11.7% Other CEE 1.2 2.6% 2.8 6.3% Total CEE 29.8 7.3% 37.0 9.3% Spain 9.3 10.4% 9.7 10.7% Germany (4.8) (9.4%) 1.1 2.1% France (2.1) (3.3%) (4.5) (6.6%) Other WE 0.9 10.5% 0.6 7.1% Western Europe (WE) 3.3 1.5% 6.9 3.1% China 0.3 0.9% 0.9 4.0% Other (11.1) - (10.4) - 3 MONTHS ENDED 30 June 2026 30 June 2025
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Financial statement EBITDA bridge 30 Amount % of sales Amount % of sales Profit/(loss) for the period 3.9 0.6% 7.8 1.2% + Finance costs 18.5 2.9% 21.2 3.3% – Finance incom e (2.0) (0.3%) 0.9 0.1% +/– I ncom e tax expense 1.9 0.3% 4.6 0.7% + Depreciation and Amortisation 73.1 11.4% 69.3 10.8% + Impairment losses 5.5 0.9% 3.9 0.6% EBITDA 100.9 15.7% 107.7 16.8% + Start-up expenses* 0.9 0.1% 1.0 0.2% Adjusted EBITDA 101.8 15.9% 108.7 16.9% * operating costs incurred by the company to open a restAUrant but before a restAUrant starts generating revenue. 30 June 2026 30 June 2025 3 MONTHS ENDED
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Financial statement P&L 31 Note 30 June 2026 30 June 2025 Restaurant sales 1,198.6 1,206.2 Franchise and other sales 32.0 55.7 Total revenue 4 1,230.6 1,261.9 Restaurant expenses: Food and merchandise 5 (324.4) (330.7) Payroll and other employee benefits 5 (323.8) (313.2) Royalties 5 (61.5) (61.4) Occupancy, depreciation and other operating expenses 5 (386.8) (375.7) Franchise and other expenses 5 (21.2) (41.7) Gross profit/(loss) 112.9 139.2 General and administrative expenses 5 (89.3) (92.1) Net impairment losses on financial assets 0.4 0.9 Net impairment losses on non-financial assets 13 (5.6) (4.3) Other operating income and expenses 6 9.4 3.8 Profit/(loss) from operations 27.8 47.5 Finance income 7 2.2 3.2 Finance costs 7 (42.8) (41.9) Profit/(loss) before tax (12.8) 8.8 Income tax expense 8 (0.6) (9.7) Profit/(loss) for the period (13.4) (0.9) Attributable to: Shareholders of the parent (13.8) (2.2) Non-controlling interests 0.4 1.3 6 MONTHS ENDED
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Restaurant portfolio *Last update as of 30 June 2026. **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). On February 2, 2026, Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A. reduced its share of voting rights in AmRest Holding SE to below 3% (2.998%) following the disposal of 4 million shares. Listing venues: Warsaw (since 2005) Madrid (since 2018) ISIN: ES010537500 Shares issued: 219.6m 32 Shareholder structure* Listing details FCapital Dutch S.L.***, 67.05% FYNVEUR S.C.A., 5.29% PTE Allianz Polska SA**; 4.34% Other Shareholders, 23.32%
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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. 33
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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.