AmRest Holdings S.E.

Investor Presentation • Aug 31, 2023

Investor Presentation

H1 / Q2 2023

1 st September 2023

AmRest is a leader restaurant operator in Europe

Celebrating AmRest 30th Anniversary

Q2'23 Summary

**Leverage ratio as (Net financial debt / EBITDA ) – pre IFRS16

Q2´23 strategic portfolio changes

Organic growth and non-organic adjustments resulting in a more efficient portfolio.

Strong sales and EBITDA momentum continues

* Margin excl. Russia

Half-year revenues amounted to EUR 1,169.9 million, up 18.9% compared to the same period of 2022. EBITDA amounted to EUR 172.0 million, up 15.4% compared to H1'22. Operating profit (EBIT) amounted to EUR 51.2 million, up 23.1%.

* EBIT (Operating profit), margin excl. Russia

Business dynamics continue to demonstrate the value

Quick service restaurants and coffee

Business dynamics continue to demonstrate the value

Fast casual and casual dining

Digital capabilities as driver of growth

Business dynamics continue to demonstrate the value of the continuous advances made in technology and digitalization.

• ➢ Dine-in recovery trend continues. ➢ Sales generated through digital channels were higher than those coming from other channels.

Data excluding Russia

Steady growth in revenue per store supports sales leverage

Portfolio optimization and commercial positioning are supporting sales increase and quality sales improvement.

*12mth trailing average sale per equity store calculated as 12 months (quarterly basis) restaurant sales divided by average number of equity restaurants at the end of each quarter taken for sales purposes

10

The elevated cost pressure continues

… so does our work to become more efficient

Source: European Commission (May 2023 forecast)

Efficiency push trough value added programs

The successful implementation of value-added initiatives is enabling to limit the impact of costs on customers and to continue to maintain an attractive price-value proposition compatible with the recovery of margins.

Additionally, during the second quarter of 2023, a slight reduction in the enormous cost pressure suffered during the last quarters has started to be seen.

FINANCIAL HIGHLIGHTS

H1'23 highlights and current trading

Q2'23 highlights and current trading

*excl. KFC RU

Q2'23 Revenues highlights

AmRest strong sales momentum continues. AmRest Group's quarterly revenue reached EUR 606.7 million, which is an all-time high consolidated revenues for a second quarter.

*excl. Russia

Q2'23 EBITDA highlights

Thanks to cost control, efficiency gains and the generation of more value-added transactions EBITDA increased to EUR 101.4m in Q2'23.

*excl. Russia

H1'23 Cash flow

Reporting period	H1'23	H1'22*
Restaurants	2,123	2,164
Equity openings Franchise openings	1,723 400	1,691 473
Revenue	1,169.9	983.7
EBITDA margin	172.0 14.7%	149.0 15.1%
Adjusted EBITDA margin	174.0 14.9%	150.4 15.3%
EBIT margin	51.2 4.4%	41.6 4.2%
Net profit	26.8	-33.0
margin	2.3%	(3.4%)
Profit/loss for the period from continuing operations	20.3	10.0
margin	1.7%	1.0%
Profit/loss for the period from discontinued operation	6.5	-43.0
margin	0.6%	(4.4%)
Net profit**	23.6	-35.5
margin	2.0%	(3.6%)
Net Operating CF	169.1	154.4
Net Investment CF	(12.9)	(47.8)
Net Financing CF	(127.1)	(79.7)

*H1'22 re-presented – excluding Russia business (excl. CF).

** Net profit attributable to the Parent

Net Operating cash flow generated during H1´23 up +9,5% vs the same period of last year.

Portfolio optimization strategy on track

H1'23 debt and cash evolution

Balance sheet strength reinforced.

• ➢ Leverage ratio stable at 1.9x
• ➢ Cash accumulation increases

Cash (EURm)	254.8
Leaverage ratio	1.9
Interest Coverage ratio	6.5

(*) Leverage ratio defined as Net financial debt / EBITDA. Net financial debt and EBITDA (pre-IFRS16).

Q2'23 financial debt profile

Balance financial debt structure and maturity profile.

New bilateral unsecured loans were granted by two leading European banks totaling EUR 56.5 million during H123.

* Financial debt excluding IFRS16

AmRest, a diversified multinational company

Business is distributed between four different segments for analysis purposes. Breakdown of Sales, EBITDA and unit count 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

Segment breakdown | CEE

Revenues amounted to EUR 334.4 million, representing 55.1% of the Group sales and a YoY growth of 19.7%.

Segment breakdown | WE

Revenues in this segment reached EUR 224.9 million, 9.8% higher than in Q2'22.

Segment breakdown | China

The reopening of the economy and increased mobility have allowed AmRest to regain the growth path of its operations in the country. Revenues generated during the second quarter of the year stood at EUR 26.7 million, 88.0% higher than in Q2'22.

26

AmRest footprint

Europe + ME

China

Data as of 30 June 2023

Store count by country

Equity | # Franchise

Country								Total
Poland	340	143	46	69	-	-	-	598
	-	15	-	-	-	-	-	15
Czechia	119	16	33	52	-	-	-	220
	-	-	-	-	-	-	-	-
Hungary	89	26	-	37	-	-	-	152
	-	-	-	-	-	-	-	-
Romania	-	-	10	55	-	-	-	65
	-	-	-	-	-	-	-	-
Spain	109	-	-	-	71	5	-	185
	-	-	-	-	157	-	-	160
Germany	25	-	-	126	-	-	-	151
	-	-	-	26	-	-	-	26
France	73	1	-	-	-	101	-	175
	-	126	-	-	-	39	-	165
China	-	-	-	-	-	-	76	76
	-	-	-	-	-	-	11	11
Other*	34	3	10	31	4	19	-	101
	-	-	-	-	-	23	-	23
Total	789	189	99	370	75	125	76	1723
	-	141	-	26	157	62	11	400

* Austria, Belgium, Bulgaria, Croatia, Luxembourg, Portugal, Saudi Arabia, Serbia, Slovakia, Slovenia, Switzerland, UAE, UK,

Balance Sheet

Assets	Q2'23	Q4'22	Diff	Equity and liabilities	Q2'23	Q4'22	Diff
Property, plant and equipment	484.8	501.5	-16.7	Total equity	383.2	331.2	52.0
Right-of-use assets	784.3	813.3	(29.0)
Goodwill	282.0	283.2	(1.2)	Interest-bearing loans and borrowings	542.2	551.5	(9.3)
Intangible assets	233.4	236.4	(3.0)	Lease liabilities	675.7	705.6	(29.9)
Investment properties	1.2	4.7	(3.5)	Provisions	17.4	18.7	(1.3)
Other non-current assets	22.8	24.0	(1.2)	Deferred tax liability	39.7	43.0	(3.3)
Deferred tax assets	47.5	44.5	3.0	Other non-current liabilities and employee benefits	6.0	3.8	2.2
Total non-current assets	1 856.0	1 907.6	(51.6)	Total non-current liabilities	1 281.0	1 322.6	(41.6)
Inventories	39.0	37.5	1.5	Interest-bearing loans and borrowings	92.1	102.2	(10.1)
Trade and other receivables	82.3	89.1	(6.8)	Lease liabilities	165.5	173.1	(7.6)
Income tax receivables	3.6	3.3	0.3	Provisions	4.8	4.4	0.4
Other current assets	13.7	13.1	0.6	Trade payables and other liabilities	311.9	340.0	(28.1)
Cash and cash equivalents	254.8	229.6	25.2	Income tax liabilities	10.9	6.7	4.2
Total current assets	393.4	372.6	20.8	Total current liabilities	585.2	626.4	(41.2)
				Total liabilities	1 866.2	1 949.0	(82.8)
TOTAL Assets	2 249.4	2 280.2	(30.8)	TOTAL Equity and Liabilities	2 249.4	2 280.2	(30.8)

Total liabilities	1 866.2	1 949.0	(82.8)

Segment breakdown Q2'23

		3 MONTHS ENDED					3 MONTHS ENDED
	30 June 2023		30 June 2022 Restated*			30 June 2023		30 June 2022 Restated*
	Amount	% of sales	Amount	% of sales		Amount	% of sales	Amount	% of sales
Revenue	606.7	100.0%	520.3	100.0%	Adjusted EBITDA	102.6	16.9%	81.8	15.7%
Poland	165.2	27.2%	144.0	27.7%	Poland	31.7	19.1%	27.9	19.4%
Czechia	81.9	13.5%	70.3	13.5%	Czechia	19.6	24.0%	16.8	23.9%
Hungary	51.0	8.4%	36.0	6.9%	Hungary	10.3	20.3%	6.5	18.0%
Other CEE	36.3	6.0%	28.9	5.5%	Other CEE	7.4	20.3%	6.9	24.1%
Total CEE	334.4	55.1%	279.2	53.7%	Total CEE	69.0	20.6%	58.1	20.8%
Spain	81.6	13.5%	74.0	14.2%	Spain	16.3	20.0%	16.1	21.7%
Germany	53.6	8.8%	44.0	8.5%	Germany	10.9	20.5%	7.1	16.2%
France	80.9	13.3%	75.8	14.6%	France	3.8	4.7%	3.2	4.3%
Other WE	8.8	1.5%	11.0	2.1%	Other WE	1.0	10.9%	1.4	12.8%
Western Europe (WE)	224.9	37.1%	204.8	39.4%	Western Europe (WE)	32.0	14.2%	27.8	13.6%
China	26.6	4.4%	14.2	2.7%	China	5.8	21.8%	0.7	5.0%
Other	20.8	3.4%	22.2	4.3%	Other	(4.2)	$(20.4)\%$	(4.8)	$(21.5)\%$
EBITDA	101.4	16.7%	80.9	15.5%	EBIT	36.8	6.1%	28.9	5.6%
Poland	31.4	19.0%	27.6	19.2%	Poland	14.4	8.7%	17.0	11.8%
Czechia	19.6	23.9%	16.7	23.7%	Czechia	12.5	15.4%	9.9	14.2%
Hungary	10.2	20.0%	6.4	17.8%	Hungary	6.8	13.3%	3.1	8.6%
Other CEE	7.3	20.2%	6.8	23.7%	Other CEE	2.7	7.3%	3.1	10.7%
Total CEE	68.5	20.5%	57.5	20.6%	Total CEE	36.4	10.9%	33.1	11.9%
Spain	15.8	19.4%	15.8	21.3%	Spain	3.2	3.9%	8.7	11.7%
Germany	11.0	20.4%	7.1	16.0%	Germany	5.3	9.9%	0.8	1.9%
France	3.8	4.7%	3.2	4.3%	France	(3.5)	$(4.3)\%$	(3.9)	(5.2)%
Other WE	1.0	10.9%	1.4	12.8%	Other WE	(0.9)	$(10.3)\%$	(0.3)	(2.2)%
Western Europe (WE)	31.6	14.0%	27.5	13.4%	Western Europe (WE)	4.1	1.8%	5.3	2.6%
China	5.5	21.0%	0.7	4.6%	China	0.9	3.4%	(4.5)	$(31.6)\%$
Other	(4.2)	$(20.4)\%$	(4.8)	$(21.5)\%$	Other	(4.6)	$(22.1)\%$	(5.0)	$(22.6)\%$

EBITDA bridge

	3 MONTHS ENDED
		30 June 2023	30 June 2022 Re-presented**
	Amount	% of sales	Amount	% of sales
Profit/(loss) for the period	18.8	3.1%	9.0	1.7%
+ Finance costs	17.1	2.8%	13.1	2.5%
- Finance income	(4.9)	(0.8)%	(0.3)	(0.1)%
+/- Income tax expense	5.8	0.9%	7.2	1.4%
+ Depreciation and Amortisation	58.7	9.7%	55.2	10.6%
+ Impairment losses	5.9	1.0%	(3.4)	(0.6)%
EBITDA	101.4	16.7%	80.8	15.5%
+ Start-up expenses*	1.2	0.2%	0.9	0.2%
+/- Effect of SOP exercise method modification	$\overline{\phantom{a}}$	۰	-	$\overline{\phantom{a}}$
Adjusted EBITDA	102.6	16.9%	81.7	15.7%

P&L

		6 MONTHS ENDED
	Note	30 June 2023	30 June 2022
			Re-presented
Continuing operations
Restaurant sales		1089.9	916.7
Franchise and other sales		80.0	67.0
Total revenue	5	1 169.9	983.7
Restaurant expenses:
Food and merchandise	6	(317.4)	(259.6)
Payroll and other employee benefits	6	(269.3)	(237.0)
Royalties	6	(53.6)	(44.1)
Occupancy, depreciation and other operating expenses	6	(335.5)	(292.7)
Franchise and other expenses	6	(62.1)	(50.6)
Gross Profit		132.0	99.7
General and administrative expenses	6	(78.5)	(70.5)
Net impairment losses on financial assets		(1.2)	(1.0)
Net impairment losses on other assets	13	(5.1)	4.1
Other operating income/expenses	6	4.0	9.3

Factsheet

Shareholder structure** Listing details

Listing venues: Warsaw (since 2005) Madrid (since 2018) ISIN: ES010537500 Shares issued: 219.6m

* 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). ** last update as of 30 June 2023

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 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 transaction) and effect of SOP exercise method modification (difference in accounting cost of employee benefits accounted under cash settled versus equity settled option plan).
• EBIT Earnings before interest and taxation
• 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.

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.

This Presentation may not be reproduced in any form, used or further distributed to any other person or published, in whole or in part, for any purpose without the express and prior written consent of AmRest. 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 forwardlooking 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.