AmRest Holdings S.E.

Investor Presentation • Feb 28, 2025

Investors Presentation

Full Year 2024 and Q4'24 results presentation

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

Data as of 31 December 2024

5 12

Saudi Arabia & UAE

173

11

660

22 countries

25

164

26

73

27

240

2

1 10

2024 Highlights

Solid growth that leads to record sales levels and EBITDA generation

*Including relocation openings.

2024 Guidance review

+13.5% vs. FY23 High single digit growth Revenue +5.1% vs. FY23 2024 Guidance 2024 Results EUR 194m Double digit growth EBITDA > EUR 200m CAPEX Similar level to 2023 New openings Low end of company target Leverage +109 stores Leverage reduction continues due to growth in results 1.82x Record EUR 2.6bn of revenues Margin expanding 1.2 pp to 16.8% CAPEX optimization on track 60% of new openings in CEE region

Strong sales support a steady growth in revenue per store

FY'24 revenues amounted to EUR 2,556.3 million, up 5.1% compared to FY'23. Steady growth in the number of own restaurants and the sales per unit.

12 months trailing average sales per equity store

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.

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

Sales coming from proprietary kiosks, mobile apps, web ordering platforms, as well as aggregators' and franchisors' platforms. Excluding casual dining restaurants.

EBITDA amounted to EUR 430.4 million in 2024, up 13.5% compared to 2023. EBITDA margin +1.2pp compared to last year, up to 16.8%.

EBITDA margin excluding Russia.

EBIT margin expansion

EBIT amounted to EUR 118.2 million in 2024, 14.2% increase compared to 2023.

Adjusted EBIT amounted to EUR 159.3 million in 2024, 20.0% higher than in 2023.

-40

10

60

110

160

210

FY´24 restaurant portfolio evolution

Including relocation closures and openings.

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

2024 PH France business transfer as of 31st October

• ➢ 121 stores (1 equity and 120 sub-franchise)
• ➢ Q3'24 YTD Non-IFRS EBITDA EUR -1.8m

Past strategic portfolio adjustments:

• ➢ PH RU 60 restaurants FY'21 Non-IFRS EBITDA EUR -1.4m
• ➢ PH DE 83 restaurants FY'21 Non-IFRS EBITDA EUR -1.2m

FINANCIAL HIGHLIGHTS

FY'24 highlights

Same store sales – comparable change in restaurant sales in one period from the same prior year period for restaurants. Additionally, 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. Calculated in EUR terms. Portfolio gross openings including relocation openings.

Q4'24 highlights and current trading

Data excluding Russia.

AmRest strong sales momentum continues.

Group's quarterly revenue hit a new all-time high at EUR 665.3 million

Q4'24 EBITDA highlights

The EBITDA margin stood at 16.7%, 1.4 p.p. higher versus Q4'23. In EUR terms 15.5% growth year-on-year.

Q4'24 EBIT highlights

The EBIT margin stood at 5.2%, versus negative one in Q4'23.

Excluding SSG Goodwill impairment - adjusted EBIT margin improved by 0.6pp year-on-year.

FY'24 highlights

Reporting period	FY'24	FY'23	Yearly variation
Restaurants	2,099	2,163	(64)
Equity restaurants Franchise restaurants	1,849 250	1,791 372	58 (122)
Revenue	2,556.3	2,431.6	5.1%
EBITDA margin	430.4 16.8%	379.2 15.6%	13.5% 1.2pp
EBIT	118.2	103.5	14.2%
margin	4.6%	4.3%	0.3pp
Adjusted EBIT	159.3	132.7	20.0%
margin	6.2%	5.5%	0.7pp

Reporting period	FY'24	FY'23
Net profit	13.5	50.9
margin	0.5%	2.1%
Net Operating CF	408.5	370.5
Net Investment CF	(214.5)	(133.0)
Net Financing CF	(268.5)	(233.5)

• ❑ Net equity restaurant count increased by 58 units in the last year
• ❑ Number of franchise restaurants decreased by 33%, impacted by PH France transfer
• ❑ EBITDA margin expansion by 1.2pp
• ❑ EUR 38 million increase in operating cash flow generation compared to last year

Adjusted EBIT (Operating profit) excluding SSG Goodwill impairment.

Portfolio optimization strategy on track

Data including relocation closures and openings. Excluding special transactions.

Q4'24 debt and cash evolution

Prudent balance sheet

-

100.0

200.0

300.0

400.0

500.0

600.0

700.0

• ➢ Leverage ratio* continues to decrease from 1.84x to 1.82x at the end of 2024.
• ➢ Liquidity adjusted at efficient levels with the Group´s needs.

Net financial debt evolution & cash position

Leverage ratio* monitoring Q4'24

Cash** (EURm)	153.0
Available credit lines (EURm)****	212.8
Leverage ratio	1.8x

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

(15.0)

(10.0)

(5.0)

-

5.0

10.0

15.0

20.0

**Cash – including cash and cash equivalents presented as assets classified as assets held for sale. ***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.

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

Q4'24 financial debt profile

Financial debt structure and maturity profile

➢ Stable and balanced funding profile

Financial debt excluding IFRS 16 lease liabilities.

AmRest, a diversified multinational company

Business is distributed between three different segments for analysis purposes. Breakdown of Sales, EBITDA and unit count for FY'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 2024 | CEE

Segment breakdown | CEE

• ➢ Revenues reached EUR 389.6 million, with YoY growth of 11.5%.
• ➢ EBITDA at EUR 78.3 million growing at 8.9% YoY and margin reaching 20.1%.

Segment breakdown | WE

26

• ➢ Revenues reached EUR 230.7 million, a decrease of -1.6% compared to 2023.
• ➢ EBITDA reached EUR 37.8 million, representing a margin of 16.4%.
• ➢ Decrease in franchise restaurants due to PH France transfer.

Segment breakdown 2024 | China

Segment breakdown | China

• ➢ Revenues reached EUR 23.3 million, showed a modest but promising growth of 3.0% compared to the same period in 2023.
• ➢ The EBITDA generated amounted to EUR 4.2 million, with +1.4pp margin expansion up to 17.9%.

APPENDIX

Data as of 31 December 2024 Data doesn't include Starbucks licensed stores in Germany

AmRest footprint

Store count by country								8 brands	2,099 restaurants	22 countries
									Total		5		660
Poland	383 -	135 15	45 -	82 -					645 15		8	173 3
Czechia	134 -	15 -	33 -	58 -					240 -				240 25
Hungary	100 -	22 3		39 -					161 3		205	2 11	164
Romania			10 -	63 -					73 -				1 73 10
Spain	127 -				68 155	4 -		- 2	199 157				26
Germany	24 -			149 -					173 -		2		27
France	72 -					96 37			168 37	4	356
China							77 10		77 10
Other*	38 -	3 -	10 -	40 -	4 2	18 26			113 28
Total	878 -	175 18	98 -	431 -	72 157	118 63	77 10	- 2	1849 250		China		Saudi Arabia & UAE

Equity|Franchise *Other: Bulgaria, Serbia, Croatia, Slovakia, Austria, Slovenia, Portugal, Andorra, Belgium, Switzerland, Luxembourg, UK, UAE, Saudi Arabia Data as of 31 December 2024. Doesn't include Starbucks licensed stores in Germany

Balance Sheet

	Note	31 December 2024	31 December 2023
Assets
Property, plant and equipment	11	649.6	580.4
Right-of-use assets	12	896.3	825.6
Goodw ill	14	212.5	253.3
Intangible assets	13	238.2	236.7
Investment properties	18	1.2	1.2
Other non-current assets	18	24.3	23.0
Deferred tax assets	10	57.6	55.0
Total non-current assets		2,079.7	1,975.2
Inventories	18	33.1	34.9
Trade and other receivables	16, 27	76.1	102.4
Income tax receivables		2.3	1.3
Other current assets	18	8.6	10.4
Cash and cash equivalents	17	139.6	227.5
Assets classified as held for sale	30	29.0
Total current assets		288.7	376.5
Total assets		2,368.4	2,351.7

	Note	31 December 2024	31 December 2023
Equity
Share capital	19	22.0	22.0
Reserves	19	170.8	174.1
Retained earnings		187.0	193.7
Translation reserve	19	-7.2	(4.4)
Equity attributable to shareholders of the parent		372.6	385.4
Non-controlling interests	20	15.8	15.3
Total equity		388.4	400.7
Liabilities
Loans and borrow ings	22, 27	580.9	571.4
Lease liabilities	12	781.1	715.9
Provisions	25	17.9	17.8
Deferred tax liability	10	34.9	35.2
Other non-current liabilities and employee benefits	26	7.4	6.2
Total non-current liabilities		1,422.2	1,346.5
Loans and borrow ings	22, 27	36.5	52.5
Lease liabilities	12	188.8	171.1
Provisions	25	7.3	6.2
Trade payables and other liabilities	26	308.8	362.9
Income tax liabilities		6.5	11.8
Liabilities directly associated to assets held for sale	30	9.9
Total current liabilities		557.8	604.5
Total liabilities		1,980.0	1,951.0
Total equity and liabilities		2,368.4	2,351.7

Segment breakdown Q4'24

		3 MONTHS ENDED
		31 December 2024		31 December 2023
	Amount	% of sales	Amount	% of sales
Revenue	665.3	100.0%	628.9	100.0%
Poland	200.9	30.2%	173.0	27.5%
Czechia	88.8	13.3%	84.4	13.4%
Hungary	55.8	8.4%	52.2	8.3%
Other CEE	44.1	6.6%	39.9	6.4%
Total CEE	389.6	58.6%	349.5	55.6%
Spain	97.8	14.7%	93.0	14.8%
Germany	51.2	7.7%	53.1	8.4%
France	74.0	11.1%	80.5	12.8%
Other WE	7.7	1.2%	7.9	1.3%
Western Europe (WE)	230.7	34.7%	234.5	37.3%
China	23.3	3.5%	22.7	3.6%
Other	21.7	3.3%	22.2	3.5%
EBITDA	111.1	16.7%	96.2	15.3%
Poland	39.2	19.5%	36.6	21.2%
Czechia	19.9	22.5%	18.5	21.9%
Hungary	10.7	19.1%	8.3	16.0%
Other CEE	8.5	19.3%	8.5	21.1%
Total CEE	78.3	20.1%	71.9	20.6%
Spain	21.8	22.3%	21.1	22.7%
Germany	11.7	23.0%	8.0	15.0%
France	2.2	3.0%	0.2	0.2%
Other WE	2.1	27.1%	0.0	0.6%
Western Europe (WE)	37.8	16.4%	29.3	12.5%
China	4.2	17.9%	3.7	16.5%
Other	(9.2)	(42.4%)	(8.7)	(39.2%)

	3 MONTHS ENDED
	31 December 2024		31 December 2023
	Amount	% of sales	Amount	% of sales
Adjusted EBITDA	113.8	17.1%	99.5	15.8%
Poland	40.1	20.0%	37.9	21.9%
Czechia	20.5	23.1%	19.0	22.6%
Hungary	10.9	19.6%	8.8	16.8%
Other CEE	8.8	20.0%	8.6	21.5%
Total CEE	80.3	20.6%	74.3	21.3%
Spain	21.8	22.3%	21.5	23.3%
Germany	12.3	24.1%	8.2	15.4%
France	2.2	3.0%	0.2	0.2%
Other WE	2.1	27.1%	0.1	0.6%
Western Europe (WE)	38.4	16.7%	30.0	12.8%
China	4.3	18.1%	3.9	17.0%
Other	(9.2)	(42.4%)	(8.7)	(39.2%)
EBIT	34.3	5.2%	(0.5)	(0.1%)
Poland	17.4	8.7%	18.9	10.9%
Czechia	10.4	11.7%	10.7	12.7%
Hungary	5.2	9.2%	3.9	7.5%
Other CEE	3.0	6.9%	4.1	10.4%
Total CEE	36.0	9.2%	37.6	10.8%
Spain	11.0	11.3%	7.9	8.5%
Germany	1.0	1.9%	3.3	6.3%
France	(5.2)	(7.0%)	(37.1)	(46.1%)
Other WE	1.5	19.1%	(1.6)	(20.3%)
Western Europe (WE)	8.3	3.6%	(27.5)	(11.7%)
China	(0.6)	(2.7%)	(1.6)	(7.2%)
Other	(9.4)	(43.5%)	(9.0)	(40.8%)

EBITDA bridge

	3 MONTHS ENDED
	31 December 2024		31 December 2023
	Amount	% of sales	Amount	% of sales
Profit/(loss) for the period	10.5	1.6%	(4.8)	(0.8%)
+ Finance costs	22.6	3.4%	14.3	2.3%
– Finance income	(0.7)	(0.1%)	(3.5)	(0.6%)
+/– Income tax expense	2.0	0.3%	(6.5)	(1.0%)
+ Depreciation and Amortisation	68.8	10.3%	61.5	9.8%
+ Impairment losses	7.9	1.2%	35.2	5.6%
EBITDA	111.1	16.7%	96.2	15.3%
+ Start-up expenses*	2.7	0.4%	3.3	0.5%
Adjusted EBITDA	113.8	17.1%	99.5	15.8%

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

P&L

		YEAR ENDED
	Note	31 December 2024	31 December 2023
Continuing operations				Discontinued operations
Restaurant sales	5,6	2,397.0	2,265.9
Franchise and other sales		159.3	165.7
Total revenue	5,6	2,556.3	2,431.6
Restaurant expenses:				Attributable to:
Food and merchandise	7	(656.3)	(644.3)
Payroll and other employee benefits	7	(606.4)	(555.3)
Royalties	7	(121.3)	(112.5)
Occupancy, depreciation and other operating expenses	7	(725.1)	(682.4)
Franchise and other expenses	7	(124.1)	(128.9)
Gross Profit		323.1	308.2
General and administrative expenses	7	(176.8)	(170.6)
Net impairment losses on financial assets	27	(1.3)	(2.6)
Net impairment losses on non-financial assets	15	(50.9)	(38.6)
Other operating income/expenses	8	24.1	7.1
Profit/loss from operations		118.2	103.5
Finance income	9	3.7	9.0
Finance costs	9	(87.5)	(63.5)
Profit/loss before tax		34.4	49.0
Income tax expense	10	(20.9)	(4.6)
Profit/loss for the period from continuing operations		13.5	44.4

		YEAR ENDED
Note		31 December 2024	31 December 2023
Discontinued operations
Profit/loss for the period from discontinued operation	30	0.0	6.5
Profit/loss for the period		13.5	50.9
Attributable to:
Shareholders of the parent		8.5	44.9
Non-controlling interests		5.0	6.0

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 31 December 2024

***Artal International, S.C.A. transferred its entire stake in AmRest Holdings, SE (5.289%) to its wholly-owned subsidiary FYNVEUR, S.C.A.

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.