AmRest Holdings S.E.

Investor Presentation • Nov 13, 2024

Investor Presentation Q3 2024

…the world's most reputable and iconic global brands.

650

22 countries

24

163

24

4 12

Data as of 30 September 2024

70

26

234

1 8

Q3'24 Highlights

Revenues	EBITDA
EUR 659.5m 4.2% vs. Q3'23	EUR 125.3m 13.0% vs. Q3'23	❑ Revenues of EUR 659.5 million, with a growth of 4.2% compared to Q3´23.
Leverage* ratio	EBIT	❑ EBITDA generation amounted EUR 125.3 million, up 13.0% year-on-year.
1.8x	EUR 60.3m	❑ EBIT stood at EUR 60.3 million.
	14.0% vs. Q3'23	❑ Leverage ratio stood at 1.8x, at the low end of the target range defined for the Group.
Restaurants		❑ 21 new restaurants opened during Q3.
21 new units

Commercial focus on value

Quick service restaurants and coffee

Delicious returns and interesting novelties

expertise Summertime in Burger King

Continues focus on coffee

Commercial focus on value

Fast casual and casual dining

Strong sales support a steady growth in revenue per store

Q3'24 revenues amounted to EUR 659.5 million, up 4.2% compared to Q3'23. Steady growth in the core business and in the equity restaurants operated.

* 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. Data excluding Russia

Digital capabilities as driver of growth

The Group's progress in digitization continues to support activity levels.

➢ Continues omnichannel strategy enhancement.

Data excluding Russia.

Q3´24 strategic portfolio changes

Organic growth and improve capital allocation focus with the transfer of underperformance businesses over the last years

• ➢ Past non-organic portfolio optimization changes impact:
  • ➢ PH RU 60 restaurants FY'21 Non-IFRS EBITDA EUR -1.4m
  • ➢ PH DE 83 restaurants FY'21 Non-IFRS EBITDA EUR -1.2m

Data supplemented by the relocation closures and openings. Data excluding Russia and PH & SBX Licence Germany.

EBITDA margin expansion

EBITDA amounted to EUR 125.3 million in Q3'24, up 13.0% compared to Q3'23.

1.5 p.p. EBITDA margin expansion.

FINANCIAL HIGHLIGHTS

Q3'24 Revenues highlights

AmRest strong sales momentum continues.

Group's quarterly revenue hit a new all-time high at EUR 659.5 million

Q3'24 EBITDA highlights

The EBITDA margin stood at 19.0%, 1.5 p.p. higher versus Q3'23.

The highest nominal figure in AmRest's history and up 13.0% year-on-year.

Q3'24 EBIT highlights

The EBIT margin stood at 9.1%, 0.7 p.p. higher versus Q3'23. In terms of adjusted* EBIT gradual recovery visible in 2024.

Q3'24 EBITDA highlights

Reporting period	Q3'24	Q3'23	Quarterly variation
Restaurants	2,185	2,115	70
Equity restaurants Franchise restaurants	1,813 372	1,738 377	75 (5)
Revenue	659.5	632.8	4.2%
EBITDA margin	125.3 19.0%	110.9 17.5%	13.0% 1.5pp
EBIT	60.3	52.9	14.1%
margin	9.1%	8.4%	0.7pp

Reporting period	Q3'24	Q3'23
Net profit	28.2	28.8
margin	4.3%	4.6%
Net Operating CF	122.4	93.2
Net Investment CF	(51.5)	(40.2)
Net Financing CF	(49.5)	(122.1)

• ❑ Net equity restaurant count increased by 75 units on the last year
• ❑ Decrease in 5 units the franchise number of restaurants impacted by France
• ❑ EBITDA margin expansion
• ❑ 31% increase in operating cash flow generation compared to last year

Portfolio optimization strategy on track

* Data since 2021 supplemented by the relocation closures and openings. Excluding special transactions.

Q3'24 debt and cash evolution

Prudent balance sheet

-

100.0

200.0

300.0

400.0

500.0

600.0

700.0

• ➢ Leverage ratio* stable at 1.8x
• ➢ Liquidity adjusted at efficient and prudent level for Group´s needs

Leverage ratio* monitoring Q3'24

Cash (EURm) SALES (Mill) > AOP	157.8
Available credit lines (EURm)** EBITDA (%) > AOP	213.3
Leverage ratio SALES (Mill) > AOP	1.8x

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

** Facility B and RCF of existing syndicated loans, plus others unused granted facilities.

Q3'24 financial debt profile

Financial debt structure and maturity profile

➢ Stable and healthy funding profile

AmRest, a diversified multinational company

Business is distributed between three different segments for analysis purposes. Breakdown of Sales, EBITDA and unit count for Q3'24 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. Others which covers among other corporate office expenses.

Segment breakdown | CEE

• ➢ Revenues reached EUR 390.9 million, with YoY growth of 10.4%.
• ➢ EBITDA at EUR 94.2 million growing at 19.4% YoY and margin reaching 24.1%.

Segment breakdown | WE

• ➢ Revenues reached EUR 225.3 million, a decrease of -2.4% compared to 2023.
• ➢ EBITDA reached EUR 33.1 million, representing a margin of 14.7%.

Segment breakdown | China

• ➢ Sales severely affected by consumption slowdown reached EUR 22.2 million with a -13.1% decline.
• ➢ The EBITDA generated amounted to EUR 4.4 million, representing a healthy margin of 19.7%.

APPENDIX

Restaurant portfolio

Data as of 30 September 2024 Data doesn't include Starbucks licensed stores in Germany

AmRest footprint

Store count by country

Country									Total
Poland	374	138	46	77	-	-	-	-	635
	-	15	-	-	-	-	-	-	15
Czechia	127	16	33	58	-	-	-	-	234
	-	-	-	-	-	-	-	-	-
Hungary	99	23	-	39	-	-	-	-	161
	-	2	-	-	-	-	-	-	2
Romania	-	-	10	60	-	-	-	-	70
	-	-	-	-	-	-	-	-	-
Spain	127	-	-	-	68	4	-	-	199
	-	-	-	-	157	-	-	2	159
Germany	25	-	-	136	-	-	-	-	161
	-	-	-	-	-	-	-	-	-
France	72	1	-	-	-	96	-	-	169
	-	120	-	-	-	38	-	-	158
China	-	-	-	-	-	-	77	-	77
	-	-	-	-	-	-	10	-	10
Other*	35	3	10	37	4	18	-	-	107
	-	-	-	-	2	26	-	-	28
Total	859	181	99	407	72	118	77	-	1813
	-	137	-	-	159	64	10	2	372

Balance Sheet

Note	30 September 2024	31 December 2023
Assets
Property, plant and equipment	618.3	580.4
Right-of-use assets	878.4	825.6
Goodw ill	212.1	253.3
Intangible assets	236.1	236.7
Investment properties	1.2	1.2
Other non-current assets	24.0	23.0
Deferred tax assets 7	66.1	55.0
Total non-current assets	2,036.2	1,975.2
Inventories	34.3	34.9
Trade and other receivables	76.9	102.4
Income tax receivables	1.8	1.3
Other current assets	11.9	10.4
Cash and cash equivalents	157.8	227.5
Total current assets	282.7	376.5
Total assets	2,318.9	2,351.7

Note	30 September 2024	31 December 2023
Equity
Share capital 8	22.0	22.0
Reserves 8	170.3	174.1
Retained earnings 8	192.6	193.7
Translation reserve 8	-6.9	(4.4)
8 Equity attributable to shareholders of the parent	378.0	385.4
8 Non-controlling interests	15.1	15.3
Total equity 8	393.1	400.7
Liabilities
Loans and borrow ings 10	600.1	571.4
Lease liabilities	760.5	715.9
Provisions	15.1	17.8
Deferred tax liability 7	35.2	35.2
Other non-current liabilities and employee benefits	7.3	6.2
Total non-current liabilities	1,418.2	1,346.5
Loans and borrow ings 10	19.2	52.5
Lease liabilities	178.1	171.1
Provisions	7.3	6.2
Trade payables and other liabilities	286.1	362.9
Income tax liabilities	16.9	11.8
Total current liabilities	507.6	604.5
Total liabilities	1,925.8	1,951.0
Total equity and liabilities	2,318.9	2,351.7

Segment breakdown Q3'24

		3 MONTHS ENDED
		30 September 2024		30 September 2023
	Amount	% of sales	Amount	% of sales
Revenue	659.5	100.0%	632.8	100.0%
Poland	207.7	31.5%	179.9	28.4%
Czechia	83.8	12.7%	83.4	13.2%
Hungary	56.0	8.5%	51.1	8.1%
Other CEE	43.4	6.6%	39.7	6.3%
Total CEE	390.9	59.3%	354.1	56.0%
Spain	91.6	13.9%	86.7	13.7%
Germany	51.7	7.8%	57.5	9.1%
France	74.4	11.3%	78.8	12.5%
Other WE	7.6	1.2%	7.9	1.2%
Western Europe (WE)	225.3	34.2%	230.9	36.5%
China	22.2	3.4%	25.6	4.0%
Other	21.1	3.2%	22.2	3.5%
EBITDA	125.3	19.0%	110.9	17.5%
Poland	53.2	25.6%	37.9	21.1%
Czechia	19.5	23.3%	20.1	24.2%
Hungary	12.1	21.7%	11.8	23.0%
Other CEE	9.4	21.7%	9.1	22.9%
Total CEE	94.2	24.1%	78.9	22.3%
Spain	18.2	19.9%	16.6	19.2%
Germany	7.4	14.3%	12.2	21.2%
France	6.9	9.3%	4.4	5.5%
Other WE	0.6	7.7%	1.0	12.6%
Western Europe (WE)	33.1	14.7%	34.2	14.8%
China	4.4	19.7%	5.6	22.0%
Other	(6.4)	(30.6%)	(7.8)	(35.3%)

	3 MONTHS ENDED
	30 September 2024		30 September 2023
	Amount	% of sales	Amount	% of sales
Adjusted EBITDA	126.8	19.2%	112.5	17.8%
Poland	53.8	25.9%	38.4	21.3%
Czechia	19.7	23.5%	20.3	24.4%
Hungary	12.5	22.3%	11.8	23.1%
Other CEE	9.5	22.1%	9.4	23.4%
Total CEE	95.5	24.4%	79.9	22.6%
Spain	18.3	19.9%	17.0	19.7%
Germany	7.5	14.6%	12.3	21.3%
France	6.9	9.3%	4.4	5.6%
Other WE	0.6	7.7%	1.0	12.6%
Western Europe (WE)	33.3	14.8%	34.7	15.0%
China	4.4	19.8%	5.7	22.6%
Other	(6.4)	(30.6%)	(7.8)	(35.3%)
EBIT	60.3	9.1%	52.9	8.4%
Poland	34.2	16.5%	22.7	12.6%
Czechia	11.4	13.6%	12.7	15.3%
Hungary	7.4	13.3%	7.8	15.3%
Other CEE	5.0	11.3%	4.9	12.2%
Total CEE	58.0	14.8%	48.1	13.6%
Spain	8.9	9.7%	7.5	8.7%
Germany	0.2	0.5%	5.9	10.3%
France	0.5	0.6%	(1.6)	(2.0%)
Other WE	(0.4)	(4.7%)	0.1	1.2%
Western Europe (WE)	9.2	4.1%	11.9	5.2%
China	(0.2)	(0.7%)	1.0	3.9%
Other	(6.7)	(31.9%)	(8.1)	(36.8%)

EBITDA bridge

	3 MONTHS ENDED
	30 September 2024		30 September 2023
	Amount	% of sales	Amount	% of sales
Profit/(loss) for the period	28.2	4.3%	28.8	4.6%
+ Finance costs	21.9	3.3%	17.4	2.7%
– Finance income	(1.4)	(0.2%)	2.5	0.4%
+/– Income tax expense	11.7	1.8%	4.1	0.6%
+ Depreciation and Amortisation	64.7	9.8%	58.5	9.2%
+ Impairment losses	0.2	0.0%	(0.4)	(0.1%)
EBITDA	125.3	19.0%	110.9	17.5%
+ Start-up expenses*	1.5	0.2%	1.6	0.3%
Adjusted EBITDA	126.8	19.2%	112.5	17.8%

* operating costs incurred by the company to open a restaurant but before a restaurant starts generating revenue.

P&L

			9 MONTHS ENDED		9 MONTHS ENDED
	Note	30 September 2024	30 September 2023		Note	30 September 2024	30 September 2023
Continuing operations				Discontinued operations
Restaurant sales		1,772.8	1,679.6	Profit/loss for the period from discontinued operation	13.0	0.0	6.5
Franchise and other sales		118.1	123.1
Total revenue	4.0	1,890.9	1,802.7	Profit/loss for the period		3.0	55.7
Restaurant expenses:				Attributable to:
Food and merchandise	5.0	-485.2	-479.3	Shareholders of the parent		-1.1	50.7
Payroll and other employee benefits	5.0	-453.3	-410.5	Non-controlling interests		4.1	5.0
Royalties	5.0	-89.5	-83.2
Occupancy, depreciation and other operating expenses	5.0	-537.2	-506.6
Franchise and other expenses	5.0	-88.3	-95.3
Gross Profit		237.4	227.8
General and administrative expenses	5.0	-126.8	-123.3
Net impairment losses on financial assets		-0.8	-1.2
Net impairment losses on non-financial assets		-43.4	-4.7
Other operating income/expenses	5.0	17.4	5.4
Profit/loss from operations		83.8	104.0
Finance income	6.0	3.0	5.5
Finance costs	6.0	-64.9	-49.2
Profit/loss before tax		21.9	60.3
Income tax expense	7.0	-18.9	-11.1
Profit/loss for the period from continuing operations		3.0	49.2

Restaurant portfolio

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 2024

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.

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 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.