AmRest closed the first nine months of 2026 with net losses attributable to shareholders of the parent company of 15.8 million euros, compared with the profit of 13 million recorded in the same period of the previous fiscal year, according to information reported this Thursday to the Comisión Nacional del Mercado de Valores (CNMV).
The group’s revenue fell by 1.2% between January and September to 1,899 million euros, while the consolidated net result, which includes non-controlling interests, showed red figures of 14.9 million, compared with the gains of 14.9 million recorded one year earlier.
The accumulated gross operating result (Ebitda) reached 283.4 million euros, 5.8% lower than the 300.7 million of the same period in 2025, with an Ebitda margin that narrowed to 14.9%, versus 15.6% the prior year.
Operating profit stood at 61.5 million euros, representing a 31.4% decline, while adjusted Ebitda fell 7.4% to 286 million euros, with a margin of 15.1%, compared with 16.1% a year earlier.
The company detailed that the year-on-year comparison of revenue is conditioned by the deconsolidation of the SCM business at the end of March 2025. If this item is excluded, sales remained virtually stable, in a year marked by a weaker commercial environment in the first half of the year and a gradual improvement in the third quarter.
Accumulated profitability was weighed down by lower sales volumes and transactions in some markets, as well as by higher labor costs and other operating expenses. In addition, net income was impacted by non-recurring costs associated with the refinancing, with an accounting effect of 8.1 million euros, and by foreign exchange rate volatility.
Reduces its debt to 499.2 million
At the close of September, AmRest reported net financial debt of 499.2 million euros, which implies a decrease of 19.1 million compared with the start of the fiscal year. The leverage ratio stood at 2.5 times, excluding the effect of the accounting standard IFRS 16.
Net cash flow generated by operating activities amounted to €278.9 million in the first nine months, above the €268 million for the same period in 2025. The group also had €168.4 million in cash and cash equivalents, as well as €254.3 million in available and undrawn credit lines.
In the Spanish market, accumulated revenue reached €268.1 million, versus €269 million a year earlier, while EBITDA stood at €56.5 million, slightly below the €57.9 million of the comparable period.
Quarterly sales up and result in the red
Between July and September, AmRest recorded losses attributable to shareholders of the parent company of €2 million, compared with the profit of €15.2 million obtained in the third quarter of 2025. The consolidated net result for the quarter was also negative, with losses of €1.5 million, versus gains of €15.8 million a year earlier.
Quarterly turnover amounted to €668.4 million, 1.2% higher. The comparable sales index stood at 99.2, compared with 98.0 in the second quarter, which shows a reduction in the gap versus the previous year.
EBITDA for the quarter fell by 5%, to €105.6 million, with a margin of 15.8%, one percentage point lower than that recorded a year earlier. Operating profit dropped to €33.7 million, versus €42.3 million in the third quarter of 2025.
The business performance varied by country, with a solid performance in Poland and China and strong momentum in Hungary. In this latter market, quarterly revenue increased by 14.5% and EBITDA advanced by 17.5%, while in the Czech Republic there was a decline of 10.1% in sales and of 44.7% in EBITDA.
Prepares Taco Bell’s launch in Poland
On 7 July, AmRest formalized a novation of its financing agreements that extended the final maturity until June 2031, with the possibility of two additional one-year extensions, subject to approval by the financing entities. The new financial framework also includes a two-year grace period and a reduction of the applicable interest margin.
In parallel, the group moved forward with preparations for the launch of Taco Bell in Poland, whose first openings are scheduled for the fourth quarter of this year. At the end of September, AmRest operated 2,136 restaurants, after carrying out 44 gross openings in the first nine months, of which 15 were concentrated in the third quarter.