EAT GPW mWIG40 Periodic report · PAP Biznes
AmRest Holdings SE (EAT) · H1 2026 results and valuation
Share price: 9.70 zł · 2026-11-10
AmRest Holdings SE operates a portfolio of restaurant brands, including franchised and own brands, in 22 countries. The company manages a network of restaurants providing food and beverage services to consumers across Europe. Sources: Half-year report (2026-09-03) · Wikipedia
Results H1 2026 vs H1 2025 · year over year · published 3 Sep 2026 and 4 Sep 2025
Net loss widened year on year. The report's language is unchanged.
1 · Numbers
Loss widened
Net income vs H1 2025
Net income -13.8M vs -2.2M
Revenue −2.5%
Why Net income fell primarily due to a lower EBITDA contribution combined with the impact of depreciation, amortization, and impairment charges, alongside reduced operating leverage from lower sales and transaction volumes in several markets.
2 · How the report reads
Unchanged
Language tone vs last period
Report language: restrained for a company report — about as upbeat as in H1 2025.
Weak signal: formal report language, not a call.
3 · What stood out
AmRest announced in May 2026 that it will begin operating Taco Bell restaurants in Poland, with the first locations expected to open in the fourth quarter of 2026.
Valuation
Is AmRest Holdings SE undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.
Current price
9.70 zł
close of 2026-11-10
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+23.3% for 10 yrs
Fair value / share
-3.75 zł
Buy below
-2.81 zł
Price vs fair value
n/a
Price vs buy-below price
n/a
Read between the lines
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Figure
The Company received a refund of EUR 9.5 million for a retail sales tax overpayment in August 2024.
Source quote
“As a result, the Company received a refund of the retail sales tax overpayment in August 2024 amounting to EUR 9.5 million.”
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Figure
Sales and business intelligence systems increased to EUR 20.6 million from EUR 20.2 million as of 31 December 2025, while key monies remained at EUR 18.1 million.
Source quote
“Other intangible assets include key monies in the amount of EUR 18.1 million (EUR 18.1 million as of 31 December 2025), sales and business intelligence systems of EUR 20.6 million (EUR 20.2 million as of 31 December 2025) as well as exclusivity rights and other items.”
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Figure
In October 2024, 21 Sushi Shop franchisees in France sued Sushi Shop Management over alleged contractual breaches regarding supplies, communication, know-how, and assistance.
Source quote
“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.”
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Figure
AmRest Kft. received notification on 24 November 2025 regarding the initiation of a full-scope tax audit.
Source quote
“On 24 November 2025, AmRest Kft. received official notification regarding the initiation of a full-scope tax audit.”
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Figure
Total cash outflow for leases reached EUR 117.3 million during the six months ended 30 June 2026.
Source quote
“Total cash outflow for leases amounted to EUR 117.3 million during the period of 6 months ended 30 June 2026.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: H1 2026. Ring: H1 2025.
Restrained for a company report — about as upbeat as in H1 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.
Sentences that drove the tone
“The strategic commitment of the company is to look for formulas to accelerate growth but always aiming for a sustainable and profitable growth opportunities.”
“AmRest is therefore focusing its R&D efforts not only on product innovation, but also on the development and deployment of automation, technology, and analytics tools that generate actionable insights, improve...”
“AmRest’s strategy of pursuing profitable and sustainable growth through disciplined capital allocation and the scalable expansion of its operating platform.”
Full figures
EUR · PAP Biznes report (2026-09-03), consolidated statement; H1 vs the same period a year earlier (restated); net income to parent shareholders
| Metric | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Revenue | 1.23B | 1.26B | −2.5% |
| Gross profit | 112.9M | 139.2M | −18.9% |
| Operating income | 27.8M | 47.5M | −41.5% |
| Net income | -13.8M | -2.2M | Loss widened |
| EPS | -0.06 | -0.01 | Loss widened |
| P/E today 108.7 | 127.4 | 89.3 | +38.1 |
Topics
Topics are drawn from the full report text, not management commentary.
Most discussed now
- Bacoa is passionate about using premium ingredients, proving every day that fast food can also be good food with the...
- Personnel is understood to be those executives who report directly to the executive chairman or the chief executive officer of...
- The principal amendments introduced by the Novation Agreement include: reorganization of the tranche structure, including an increase in…
- New Nonetheless, the region showed signs of improving underlying momentum, particularly in France.
- Burger King restaurants are operated on a franchise basis.
Faded since H1 2025
- Fading Diluted EPS is calculated by dividing net profit attributable to shareholders of the parent by the weighted average number of...
- Fading The brand’s famous menu includes pizza based on iconic PAN dough – fluffy inside, crunchy on the outside.
- Fading During the second quarter of the year, international economic dynamics were primarily shaped by escalating trade tensions.
- Fading Provides services and therefore is out of scope of the retail sales tax.
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Zmiana na stanowisku Prezesa Zarządu (Chief Executive Officer) · ESPI 10/2026
Luis Comas will step down as CEO of AmRest on January 31, 2027, and María Elena Pato-Castel will take over the position on February 1, 2027.
- prezentacja inwestorska · ESPI 9/2026
Revenues reached EUR 1,230.6m with a 14.4% EBITDA margin, while operating cash flow increased by EUR 27.0m compared to the previous year.
- Telekonferencja z inwestorami dotycząca wyników za pierwszą połowę 2026 roku. · ESPI 8/2026
The AmRest Holdings SE investor conference regarding H1 2026 results will take place on September 4, 2026, at 2:00 pm CEST.
- Half-year report · ESPI periodic · routine
- Zawarcie umowy nowacji, zmiany i przedłużenia umowy finansowania · ESPI 7/2026
The Company entered into a novation agreement including an increase of the revolving tranche to EUR 100,000,000, a two-year grace period, and the possibility of establishing additional financing lines worth up to EUR 300,000,000.
- Prezentacja inwestorska · ESPI 6/2026
Q1 2026 revenues reached EUR 588.7m, representing a 1.5% decrease compared to last year (excluding disposals), with an EBITDA margin of 13%.
- Telekonferencja z inwestorami dotycząca wyników za I kwartał 2026 roku. · ESPI 5/2026
AmRest Holdings SE scheduled an investor conference regarding Q1 2026 results for May 8, 2026, at 2:00 pm CEST.
- Uchwały podjęte przez Zwyczajne Walne Zgromadzenie Akcjonariuszy · ESPI 4/2026 · routine