EAT
AmRest Holdings SE
Giełda Papierów Wartościowych w Warszawie · raport półroczny skonsolidowany (Condensed Consolidated Interim Financial Statements + Directors' Report) · publ. September 03, 2026
H1 2026 report
Przychody grupy w H1 2026 spadły o 2,5% r/r do 1 230,6 mln EUR, głównie przez wcześniejszą dekonsolidację SCM (bez tego efektu spadek to tylko 0,7%) oraz twardy spadek w Czechach po aferze wizerunkowej KFC.
Sentiment
●●●●●●
EAT
H1 2026 report
Revenue
1.23 bn EUR
— YoY
Net income
-13.8 m EUR
— YoY
EBITDA
177.7 m EUR
— YoY
Gross margin
11.03%
— YoY
Summary
Investment thesis
- Marża EBIT skurczyła się z 3,8% do 2,3%, a koszty finansowe (42,8 mln EUR) po raz pierwszy przewyższyły zysk operacyjny — pokrycie odsetek spadło do 0,65x, co przy tej skali zadłużenia jest sygnałem ostrzegawczym.
- Mimo słabszego P&L, jakość gotówkowa faktycznie się poprawiła: OCF wzrósł o 17% do 186,1 mln EUR, a FCF niemal się podwoił (130,0 mln EUR vs 77,9 mln EUR rok wcześniej), dzięki niższym capexom i lepszemu kapitałowi obrotowemu.
- Refinansowanie kredytu syndykowanego (Umowa Nowacyjna z 7 lipca 2026) wydłuża zapadalność do 2031 r., podnosi limit RCF o 100 mln EUR i obniża marżę — to realna poprawa profilu płynności, choć to zdarzenie po dniu bilansowym.
- Wejście w nową markę Taco Bell w Polsce (Q4 2026) to pierwszy nowy brand od lat — potencjalny katalizator wzrostu, ale na razie bez wpływu na liczby.
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Financials
BETA
EAT · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 641.9 | — | — | 1,230.6 | — | reported | — | 1.00 |
|
Revenue
Other
|
0 | — | — | 0 | — | reported | Other | 1.00 |
|
Revenue
CEE
|
771.99 | — | — | 771.99 | — | reported | CEE | 1.00 |
|
Revenue
Western Europe
|
416.93 | — | — | 416.93 | — | reported | Western Europe | 1.00 |
|
Revenue
China
|
41.67 | — | — | 41.67 | — | reported | China | 1.00 |
| Gross profit | 112.9 | — | — | 112.9 | — | reported | — | 1.00 |
| EBITDA | 100.9 | — | — | 177.7 | — | reported | — | 1.00 |
| EBIT | 22.3 | — | — | 27.8 | — | reported | — | 1.00 |
| EBT | 5.8 | — | — | -12.8 | — | reported | — | 1.00 |
| Net income | 3.4 | — | — | -13.8 | — | reported | — | 1.00 |
| EPS (basic) (EUR) | 0.02 | — | — | -0.06 | — | reported | — | 1.00 |
| EPS (diluted) (EUR) | 0.02 | — | — | -0.06 | — | reported | — | 1.00 |
| D&A | 144.7 | — | — | 144.7 | — | reported | — | 1.00 |
| Interest expense | 18.5 | — | — | 42.8 | — | reported | — | 1.00 |
| Income tax | 1.9 | — | — | 0.6 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 214.27 | — | — | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 217.15 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 11.03% | — | — | 11.03% | — | derived | — | 0.70 |
| EBITDA margin | 16.8% | — | — | 15% | — | derived | — | 0.70 |
| EBIT margin | 5.4% | — | — | 3.8% | — | derived | — | 0.70 |
| EBT margin | 0.7% | — | — | 0.7% | — | derived | — | 0.70 |
| Net margin | 1.2% | — | — | -0.1% | — | derived | — | 0.70 |
| D&A margin | 10.98% | — | — | 10.98% | — | derived | — | 0.70 |
| Cash | 145.6 | — | — | — | — | reported | — | 1.00 |
| Total debt | 659.2 | — | — | — | — | reported | — | 1.00 |
| Net debt | 513.6 | — | — | — | — | derived | — | 0.70 |
| Equity | 377.9 | — | — | — | — | reported | — | 1.00 |
| Total assets | 2,361.5 | — | — | — | — | reported | — | 1.00 |
| Working capital | -336.1 | — | — | — | — | derived | — | 0.70 |
| Current assets | 257 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 593.1 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 1,390.5 | — | — | — | — | reported | — | 1.00 |
| Inventory | 34 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 24.1 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 92 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 451.5 | — | — | — | — | derived | — | 0.70 |
| Tangible equity | -73.6 | — | — | — | — | derived | — | 0.70 |
| CFO | 123.5 | — | — | 186.1 | — | reported | — | 1.00 |
| CapEx | 81.2 | — | — | 81.2 | — | reported | — | 1.00 |
| FCF | 77.9 | — | — | 77.9 | — | derived | — | 0.70 |
| FCF conversion | 41.13% | — | — | 41.13% | — | derived | — | 0.70 |
| CFO conversion | 84% | — | — | 84% | — | derived | — | 0.70 |
| Buybacks | 5.1 | — | — | 5.1 | — | reported | — | 1.00 |
| Current ratio | 0.43x | — | — | — | — | derived | — | 0.70 |
| Quick ratio | 0.38x | — | — | — | — | derived | — | 0.70 |
| Cash ratio | 0.25x | — | — | — | — | derived | — | 0.70 |
| Interest coverage | 1.13x | — | — | 1.13x | — | derived | — | 0.70 |
| Debt / equity | 1.74x | — | — | — | — | derived | — | 0.70 |
| Debt / assets | 0.28x | — | — | — | — | derived | — | 0.70 |
| Net debt / equity | 1.36x | — | — | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | -2.48% | — | — | -2.48% | — | derived | — | 0.70 |
| EBITDA growth (YoY) | -6.18% | — | — | -6.18% | — | derived | — | 0.70 |
| EBIT growth (YoY) | -41.47% | — | — | -41.47% | — | derived | — | 0.70 |
| Net income growth (YoY) | -527.27% | — | — | -527.27% | — | derived | — | 0.50 |
| EPS growth (YoY) | -500% | — | — | -500% | — | derived | — | 0.50 |
| FCF growth (YoY) | 66.88% | — | — | 66.88% | — | derived | — | 0.70 |
| Gross margin Δ (YoY) | -1.86 pp | — | — | -1.86 pp | — | derived | — | 0.70 |
| EBITDA margin Δ (YoY) | -0.6 pp | — | — | -0.6 pp | — | derived | — | 0.70 |
| EBIT margin Δ (YoY) | -1.5 pp | — | — | -1.5 pp | — | derived | — | 0.70 |
| Net margin Δ (YoY) | -1 pp | — | — | -1 pp | — | derived | — | 0.70 |
H1 2026 · Δ YoY
Revenue
641.9
—
641.9
—
- H1 2025
- —
- YTD 2026
- 1,230.6
- Δ YoY
- —
Revenue
Other
0
—
Other
0
—
- H1 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
Revenue
CEE
771.99
—
CEE
771.99
—
- H1 2025
- —
- YTD 2026
- 771.99
- Δ YoY
- —
Revenue
Western Europe
416.93
—
Western Europe
416.93
—
- H1 2025
- —
- YTD 2026
- 416.93
- Δ YoY
- —
Revenue
China
41.67
—
China
41.67
—
- H1 2025
- —
- YTD 2026
- 41.67
- Δ YoY
- —
Gross profit
112.9
—
112.9
—
- H1 2025
- —
- YTD 2026
- 112.9
- Δ YoY
- —
EBITDA
100.9
—
100.9
—
- H1 2025
- —
- YTD 2026
- 177.7
- Δ YoY
- —
EBIT
22.3
—
22.3
—
- H1 2025
- —
- YTD 2026
- 27.8
- Δ YoY
- —
EBT
5.8
—
5.8
—
- H1 2025
- —
- YTD 2026
- -12.8
- Δ YoY
- —
Net income
3.4
—
3.4
—
- H1 2025
- —
- YTD 2026
- -13.8
- Δ YoY
- —
EPS (basic)
(EUR)
0.02
—
0.02
—
- H1 2025
- —
- YTD 2026
- -0.06
- Δ YoY
- —
EPS (diluted)
(EUR)
0.02
—
0.02
—
- H1 2025
- —
- YTD 2026
- -0.06
- Δ YoY
- —
D&A
144.7
—
144.7
—
- H1 2025
- —
- YTD 2026
- 144.7
- Δ YoY
- —
Interest expense
18.5
—
18.5
—
- H1 2025
- —
- YTD 2026
- 42.8
- Δ YoY
- —
Income tax
1.9
—
1.9
—
- H1 2025
- —
- YTD 2026
- 0.6
- Δ YoY
- —
Shares (basic)
(m units)
214.27
—
214.27
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Shares (diluted)
(m units)
217.15
—
217.15
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
11.03%
—
11.03%
—
- H1 2025
- —
- YTD 2026
- 11.03%
- Δ YoY
- —
EBITDA margin
16.8%
—
16.8%
—
- H1 2025
- —
- YTD 2026
- 15%
- Δ YoY
- —
EBIT margin
5.4%
—
5.4%
—
- H1 2025
- —
- YTD 2026
- 3.8%
- Δ YoY
- —
EBT margin
0.7%
—
0.7%
—
- H1 2025
- —
- YTD 2026
- 0.7%
- Δ YoY
- —
Net margin
1.2%
—
1.2%
—
- H1 2025
- —
- YTD 2026
- -0.1%
- Δ YoY
- —
D&A margin
10.98%
—
10.98%
—
- H1 2025
- —
- YTD 2026
- 10.98%
- Δ YoY
- —
Cash
145.6
—
145.6
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
659.2
—
659.2
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
513.6
—
513.6
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
377.9
—
377.9
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
2,361.5
—
2,361.5
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
-336.1
—
-336.1
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
257
—
257
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
593.1
—
593.1
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
1,390.5
—
1,390.5
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
34
—
34
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
24.1
—
24.1
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
92
—
92
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
451.5
—
451.5
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
-73.6
—
-73.6
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
123.5
—
123.5
—
- H1 2025
- —
- YTD 2026
- 186.1
- Δ YoY
- —
CapEx
81.2
—
81.2
—
- H1 2025
- —
- YTD 2026
- 81.2
- Δ YoY
- —
FCF
77.9
—
77.9
—
- H1 2025
- —
- YTD 2026
- 77.9
- Δ YoY
- —
FCF conversion
41.13%
—
41.13%
—
- H1 2025
- —
- YTD 2026
- 41.13%
- Δ YoY
- —
CFO conversion
84%
—
84%
—
- H1 2025
- —
- YTD 2026
- 84%
- Δ YoY
- —
Buybacks
5.1
—
5.1
—
- H1 2025
- —
- YTD 2026
- 5.1
- Δ YoY
- —
Current ratio
0.43x
—
0.43x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.38x
—
0.38x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.25x
—
0.25x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
1.13x
—
1.13x
—
- H1 2025
- —
- YTD 2026
- 1.13x
- Δ YoY
- —
Debt / equity
1.74x
—
1.74x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.28x
—
0.28x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
1.36x
—
1.36x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-2.48%
—
-2.48%
—
- H1 2025
- —
- YTD 2026
- -2.48%
- Δ YoY
- —
EBITDA growth (YoY)
-6.18%
—
-6.18%
—
- H1 2025
- —
- YTD 2026
- -6.18%
- Δ YoY
- —
EBIT growth (YoY)
-41.47%
—
-41.47%
—
- H1 2025
- —
- YTD 2026
- -41.47%
- Δ YoY
- —
Net income growth (YoY)
-527.27%
—
-527.27%
—
- H1 2025
- —
- YTD 2026
- -527.27%
- Δ YoY
- —
EPS growth (YoY)
-500%
—
-500%
—
- H1 2025
- —
- YTD 2026
- -500%
- Δ YoY
- —
FCF growth (YoY)
66.88%
—
66.88%
—
- H1 2025
- —
- YTD 2026
- 66.88%
- Δ YoY
- —
Gross margin Δ (YoY)
-1.86 pp
—
-1.86 pp
—
- H1 2025
- —
- YTD 2026
- -1.86 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-0.6 pp
—
-0.6 pp
—
- H1 2025
- —
- YTD 2026
- -0.6 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-1.5 pp
—
-1.5 pp
—
- H1 2025
- —
- YTD 2026
- -1.5 pp
- Δ YoY
- —
Net margin Δ (YoY)
-1 pp
—
-1 pp
—
- H1 2025
- —
- YTD 2026
- -1 pp
- Δ YoY
- —