Thank you, Łukasz. Good afternoon, everyone, and thank you for joining.

We appreciate your time and your continued interest in AmRest. I'm Eduardo Zamarripa, and I'm joined today by Santiago Camarero, our Head of Strategy and Investor Relations.

Before we begin, I would like to frame the first half of the year in a simple way. AmRest has the scale, leading brands, and a strong operation platform.

Our priority is to convert those assets into higher and more predictable value per share. That means concentrating capital where returns are proven, taking corrective actions where performance is below our expectations, and converting lower investment intensity into sustainable free cash flow.

The trading environment remains demanding. Consumers are cautious.

Restaurant traffic is under pressure in several markets, and performance across our portfolio is uneven. We are not satisfied with every element of the results.

However, this should not hide the progress we are making in the areas that define the group's financial capacity: cash generation, capital disciplines, and portfolio quality. So let's please turn to slide two.

AmRest is a leading listed restaurant operator in Europe and a trusted operating partner for some of the world's most reputable and iconic global brands. June 30, 2026, we operated 2,133 restaurants across eight brands and 22 countries, supported by more than 44,000 employees and serving approximately 30 million customers every month.

Our portfolio is diversified across four complementary restaurant categories. Quick service restaurants represent 48% of the portfolio, coffee 21%, fast casual 17%, and casual dining 14%.

This provides exposure to different consumer occasions, price points, and channels. But scale alone is not the investment case.

The strategic value lies in the operating infrastructure behind this footprint: restaurant development, supply chain, digital and delivery capabilities, brand management, and local teams with deep market experience. Our objective and effort is to utilize these platforms more effectively, directing growth towards the brands and geographies where we can demonstrate attractive economic and sustainable returns.

This is a large and diversified platform, but our decision framework is increasingly focused on returns rather than scale for its own sake. Moving to slide three.

This slide summarizes the financial performance for the first half of the year. Revenues amounted to more than EUR 1.2 billion, excluding the effect of business deconsolidation in the previous year.

SCM revenue decreased by 0.7% year-over-year. EBITDA reached EUR 177.7 million, representing a margin of 14.4%.

However, the most important positive development was cash generation. Operating cash flow decreased by EUR 27 million.

At the same time, investing cash outflow decreased by almost EUR 31 million. Nonetheless, we have also maintained the development of the portfolio with 29 openings in the first half of the year and 85 openings over the last 12 months.

Finally, leverage remained at approximately 2x EBITDA. The key message for me is that while the P&L reflects concentrated pressure in selected markets, cash generation and financial flexibility are moving in the right direction.

This distinction matters because it demonstrates the underlying capacity of our platform. Moving to slide four, please.

Here we can find the reported first half performance into context. Revenue, excluding the SCM business they consolidated last year, declined by 0.7%.

EBITDA amounted almost EUR 178 million, and the margin was 14.4%, compared with 15% in the first half of 2025. However, the downside was highly concentrated.

Excluding Czechia and the disposal, revenue increased by approximately 2%. On the same basis, EBITDA margin increased 0.4 percentage point to an EBITDA margin of 14.9%.

Czechia is an important market, and we are fully focused on restoring the business. Purpose is to show the isolated effect of this market.

Most of our core platforms remain healthy and continue to demonstrate their earnings capacity. If we now go to slide five, please.

This slide brings together four strategic developments that support our investment thesis. First, free cash flow evolution is moving into the right direction, supported by both stronger operating cash flow and less intensive investment effort.

Second, we continue to apply a more selective approach to capital allocation, with greater focus on execution, cash generation, and investment returns. Third, shortly after the reporting period, we completed the novation amendment and extension of our syndicated financial agreement, materially increasing our financial flexibility.

Fourth, and the last point, we expanded our brand portfolio by announcing the launch of Taco Bell in Poland. This is not growth for growth.

It is our commitment for a disciplined introduction of a new leader global QSR brand in our largest market, using infrastructure and capabilities that we have already in place. All these aspects are a key support the group's future growth and our long-term value creation objective.

Moving to slide six, we have information that is central to our message today because it shows the financial conversion already taking place. Free cash flow defined as operating cash flow excluding lease payments less investment cash flow improved from EUR -26.2 million in the first half of 2025 to EUR +25.6 million in the first half of 2026.

This represents a year-on-year improvement of almost EUR 52 million. The improvement reflects a stronger working capital discipline, better cash conversion, and disciplined CapEx.

Many things are moving in the right directions. Nevertheless, the direction is clear.

The combination of operational cash flow discipline and lower investment intensity is translating into substantially better free cash flow. For us, this is a strategic shift.

Growth will continue where returns are attractive, but free cash flow and value creation per euro invested are critical in our decision metric. Moving to slide seven, please.

You can see the continued normalization of investment intensity. CapEx as a percentage of sales declined for almost 10%-5.3% by the end of the second quarter of 2026.

At the same time, our gross opening trajectory of equity stores has remained broadly stable, while the number of renovations has moderated following the accelerated post-COVID catchup program. This is not simply a reduction in investments.

It's a transition towards better investments where we are most selected in new development, prioritizing projects with the strongest risk-adjusted returns and using portfolio optimization as an active capital allocation tool. Moving to slide eight.

Following the reporting period, we strengthened the group's financial profile of the group through the novation of our syndicated financial agreement. The new agreement increases the revolving credit facility up to EUR 100 million, changes repayments from quarterly to semi-annual, and introduces a two-year grace period.

It extends final maturity to June 2031 with two optional one-year extensions subject to lenders approval and reduces the applicable interest margin. It also amends selected financial covenants and provides the possibility to establish additional accordion facilities.

The agreement is supported by eight banks partners across five countries. It provides a longer and more efficient maturity profile, lower funding cost, and greater liquidity hedges.

This additional flexibility should not be interpreted as a change in our financial discipline. Its value thus gives us the capacity to manage volatility, execute portfolio actions, and finance selective opportunities without compromising a prudent leverage profile.

If we go to slide nine, here we show how the portfolio has evolved and how we think about short term future growth. At the end of June, AmRest operated 2,133 restaurants consisting of 1,891 equity restaurants and 242 franchise restaurants.

Over recent years, we have combined organic development with strategic adjustments, including divestments in Pizza Hut Russia, Pizza Hut Germany, Pizza Hut France, the sale of KFC Russia, and other businesses with no restaurant count as of yet but no less important from the strategic perspective. This action demonstrate that the perimeter is not static.

We have been taking significant strategic decisions by actively reshaping the portfolio, we are creating the capacity to introduce new, fresh, attractive businesses with a stronger growth potential and compelling long-term economics. We will grow where returns are attractive, renew restaurants where investment supports customers' experience and cash generation, and optimize our exit activities where long-term value creation is limited.

The planned launch of Taco Bell Poland fits this framework. Their first restaurants are expected to open in the fourth quarter of 2026.

Poland is our largest market, and we can leverage existing development, supply chain, digital delivery, and operating capabilities. Our approach is controlled initial exposure, close monitor of unit economics, and expansion based on proven returns.

These give us meaningful upside potential while maintaining capital discipline. With this, let's jump to slide 10, and let me share with you some of the commercial flavors from our brands.

In a cautious consumer environment, our brands stay relevant through a balanced mix of innovation, value, and consumer engagement. At KFC, we combine product innovation with clear value.

Double Down returned as a distinctive chicken leg platform, while the new protein shake expanded the brand into new consumption occasions. At the same time, offers such as Originals Box, Tuesday Bucket, and selected 50% promotions supported affordability and traffic across markets.

At La Tagliatella, we reinforced its premium positioning through an exclusive collaboration with Michelin star Chef Pepe Domínguez. The partnership brought together the brand's Italian heritage and contemporary culinary creativity, helping refresh the proposition and strengthening customer interest.

At Starbucks, the brand delivered strong results from its spring and summer beverage platforms. Protein lattes' launch in April added close to 3 percentage points to the beverage sales mix, with no visible cannibalization of existing promotional activity.

The Starbucks Rewards also continue to build momentum, reaching more than 15% of transactions. Together, these results show the value of relevant innovations supported by a stronger loyalty engagement.

Moving to slide 11, the same formula of novation, value, and local relevance supported progress across the rest of the portfolio. Sushi Shop showed a clear improvement in second quarter led by France and supported by a stronger execution across most European markets.

The Adrien Cachot collaboration became the brand's best performing chef partnership to date. Switzerland and Luxembourg markets remain strong, while Spain and Belgium improved sequentially.

At Blue Frog, we launched Flavors of China, combining regional Chinese inspiration with the brand's Western casual dining identity. The platform strengthened local relevance and gave customers fresh reason to engage with the brand.

In Pizza Hut, we focused on two clear customer needs: value and excitement. Boss Box offered an accessible complete meal with a K-Wave menu used Korean and Spanish flavors to encourage trial.

Both initiatives were brought together under The Feed Good Times, reinforcing Pizza Hut as a brand that combines good food, convenience, and shared locations. Finally at Burger King, we continued to sharpen its value proposition together with attracting collaborations, as it has seen successful premiere of The Mandalorian.

With this, Santi, if you can cover the financial main highlights, please.

Thank you, Eduardo, and good afternoon everyone. Before moving into the detailed financial section, let me place the second quarter results in their broader strategic context.

Second quarter does not present a uniform picture. At group level, revenue was really stable, but the headlight results combined resilience performance across most of the portfolio with significant pressure concentrated in a limited number of markets.

This distinction is important, not for looking away from the areas requiring improvement, but to understand where earnings capacity remains intact and where decisive actions are needed. In this environment, our priority is not to push volumes very fast; it is to recover profitability, profitable traffic, hotel restaurant level economics, and to ensure that every euro of capital supports sustainable returns.

The quarter should therefore be read through three lenses. The first one, the quality of the underlying portfolio.

Second, the corrective actions in underperforming markets. And finally, the stronger conversion of earnings into cash.

At the same time, it is important that we remain realistic. Same-store sales were below last year.

Consumer demand remains cautious, and weaker traffic reduced operating leverage in selected markets. Restoring that operating leverage is the key management priority that we have.

Let us now move to slide 13 with the financial highlights of the quarter, please. Here you can see that sales were stable and the portfolio development continued while profitability reflected weaker operating leverage.

At the same time, capital deployment was materially lower. With this backdrop, sales reached almost EUR 642 million, broadly flat compared with the second quarter of 2025, while the same-store sales index was 98.

EBITDA amounted to EUR 101 million, and the non-IFRS EBITDA was EUR 50.6 million. The operative profit reached about EUR 22 million, representing a margin of 3.5%.

And net profit was almost EUR 4 million. We opened 17 restaurants during the quarter including 13 equity restaurants and four franchise units.

CapEx was EUR 24 million compared with almost EUR 39 million in the same period of last year. Moving to page 14, we find the recent trajectory of revenue and same-store sales.

Revenue increased sequentially from EUR 589 million in Q1 to EUR 642 million in Q2. This is supported by the normal seasonality of our business.

However, on a year-on-year basis, sales were greatly flat. The same-store sale index improved from 96 in the first quarter to 98 in the second quarter.

This sequential movement is encouraging but we should remain cautious. Comparable sales were still below last year, and the recovery was uneven across different markets.

Therefore, the appropriate conclusion is not that the challenges have disappeared, but the group sales stabilized during the quarter and the gap versus last year narrowed. If we go to slide 15, please.

This page summarizes the evolution of EBITDA and EBIT and how margins progress into the second Q. EBITDA decreased from EUR 107.7 million in Q2 2025 to almost EUR 101 million in Q2 2026.

And the EBITDA margin declined from 16.8%-15.7%. The operating profit amounted EUR 22 million, compared with EUR 34 million last year, and the margin was 3.5%.

The main driver of this decrease in profitability was lower operating leverage in markets affected by weaker sales and transaction volumes, particularly Czechia, Romania, and Germany. These effects were partially offset by strong performance in Hungary and also by improving profitability in France.

In this situation, our operational priority is to recover traffic while improving labor productivity and maintaining rigorous control on every semi-variable cost line. In this regard, we bring you in slide 16 how to translate the margin movement into its principal components.

The starting point is Q2 2025 EBITDA margin. Food and merchandise costs were almost flat year-on-year.

However, the pressure was concentrated in payroll and Social Security costs, together with pressure from occupancy, depreciation, and other operating expenses. General and administrative costs remained disciplined, that together with other operating items, partially mitigated the decline.

Moving to slide 17. These tables put the income statement and the cash flow side by side.

Revenue was barely flat, while EBITDA declined, reflecting the operating leverage dynamics that we have just discussed. On the other side, cash performance was considerably more constructive.

Net cash from operating activities increased by EUR 17.5 million and investing cash outflows decreased by EUR 15 million. Finally, the net equity restaurant count increased by 31 units over the last 12 months, showing that the groups continue to develop while reducing investment intensity.

Moving to slide 18, we find the debt and liquidity evolution. First, the balance sheet remains prudent and with a high liquidity buffer.

At the end of June, net financial debt was EUR 505 million, compared with EUR 580 million at the end of 2025. On the other hand, liquidity reached EUR 162 million and all available credit lines amounted almost EUR 91 million.

The leverage ratio was 2.5x, which remains consistent with a prudent financial profile. This position, combined with the financing novation explained earlier, give us additional capacity to absorb volatility and execute selective portfolio decisions.

The objective is not to use flexibility indiscriminately, but to preserve optionality while maintaining financial discipline. Going into slide 19, we can find the breakdown of revenue, EBITDA, and the number of restaurants we have in each geography.

These segments comprise businesses in 22 countries where, once again, we have observed very different commercial dynamics. Turning to slides 20 and 21, we present the key metrics for Central and Eastern Europe, our largest segment.

CEE remained the group's largest region, representing more than 63% of the group sales. Revenue increased by almost 2% to EUR 407 million.

But EBITDA declined to EUR 76.4 million, with a margin decrease by 1 percentage point to 18.8 percentage points. The region combines strong underlying growth in selected core markets, as the case of Poland or Hungary, with a material concentration of downside in Czechia and Romania.

The restaurant portfolio reached 1,292 units at the end of the period following the gross opening of 20 restaurants during the first half of the year. Moving to slides 22 and 23, we bring you the information of our Western European business.

Western Europe generated revenue of EUR 212.5 million in the quarter, down 3.2%, and generated an EBITDA of almost EUR 31 million, with a margin of 14.5%. While the reported EBITDA was below the previous year, the comparison was affected by some one-off gains recorded in Q2 2025.

Again, this comparison, the real shows signs of improving underlying momentum, especially in the case of France, that performed slightly ahead of expectations. The improvement indicates that the operational and commercial measures implemented are gaining traction, with the recovery increasingly visible in profitability even before a full normalization of sales has been achieved.

The restaurant portfolio closed the period with 759 units, following the gross opening of eight restaurants during the first half of the year. Finally, in slides 24 and 25, we bring you the numbers of China.

China generated quarterly revenues of EUR 22.5 million, broadly stable compared with Q2 2025. Nonetheless, despite this stability, the underlying sales environment remained challenging during the quarter.

The EBITDA reached EUR 4.4 million, compared with EUR 5.3 million in the last year. Consequently, the EBITDA margin declined from 22.8%-19.8%.

Nevertheless, the business continued to deliver a solid level of profitability with an EBITDA margin close to 20%, despite a soft demand environment. The results were recorded against a still challenging consumer backdrop.

China's economy continued to be supported by policy easing exports and industrial production. However, consumer demand remains subdued, with retail sales growing at a considerably slower pace than headline GDP.

Finally, the number of restaurants managed by Blue Frog in the region at the end of the quarter was 80 units, following the opening of one restaurant. With this, I pass the mic to you, Eduardo.

Thank you, Santi. Before we move to questions, let me close with our outlook for the remainder of 2026.

When we presented our expectations for the year, we anticipated single-digit growth in both revenue and profitability. Based on the first half performance, the slower recovery of consumer traffic in selected markets, and the continuing pressures on operating leverage, we now expect revenue and profitability growth for 2026 to be slightly positive rather than growing at a single-digit rate.

This is a consequence of a more cautious view of the pace of commercial recovery, particularly in the markets currently under pressures. At the same time, the view does not alter our confidence in the quality of our core platforms or the strategic actions already underway.

With that, Santi and I are ready to take your question.

Well, Łukasz, this is something very relevant as we were mentioning previously. Launching a new brand in one of our strongholds.

We consider that is a key priority for us, and this will reinforce the portfolio that we have over there. The idea is that before year-end, we could be opening three restaurants in Poland and a higher number next year.

So every year we will increase the number of openings over there, but what I can advance you is that this year we should be having these three openings. Łukasz Wachełko Head of Consumer and Industrials and Deputy Head of Research Poland Okay.

Thank you. I have a question regarding Free Market.

Third market for Czech Republic. Well, you have some issues with bad PR [inaudible] since autumn last year, and it still continues.

Sales were down 16% in the second quarter. Do you see that the third quarter is bringing that to an end?

When should we expect problems to be over? Or you are already reaching the low base effects.

Thank you, Łukasz, for raising that topic. As you mentioned, in the Czech market situation, the sales remain under pressure impacted, as you were saying, of this negative publicity.

The customer traffic has been affected despite the execution of AmRest comprehensive KFC growth plan during the first half of the year. We are reinforcing the branch operational excellence: food quality, food safety standards; leveraging digital tools employee training, and restaurant-level initiatives.

Sales have not been recovered to pre-COVID levels as you were mentioning. We are keeping up a very important strategic initiative and focusing on the regulatory.

On the recovery of the market. So we expect that with the new topics and new activities that we are performing in the market, the plan would allow the recovery of the customer traffic and sales.

Timing difficult to tell, Łukasz. Łukasz Wachełko Head of Consumer and Industrials and Deputy Head of Research Poland Great.

Thank you. What about Romania?

We are seeing from all the peers of yours that the market is slowing down. How do you see the dynamics within this market This is a challenging one.

Łukasz, as you said, we are suffering in that market, but that is something that is happening to some other peers. Hopefully everything is a cycle.

We expect that this cycle ends soon, and we can go back to the path recovery as soon as possible. Łukasz Wachełko Head of Consumer and Industrials and Deputy Head of Research Poland Thank you.

Last of mine in this batch, food prices. Do you see any pressure on the food prices in the region or seeing deflation?

How does the food cost look from your perspective?

In this sense, you have seen that in the latest quarter, we have been benefiting by some easing in terms of the cost pressure. It is true that although still not reflected in our books, expectations for next year if the conflict in the Middle East continue, it is going to put some pressure.

What I can tell you is that it still is not something that is affecting us, and in the short term, we do not expect any affectations due to the long-term purchases that we have for the year. Łukasz Wachełko Head of Consumer and Industrials and Deputy Head of Research Poland Okay, thank you.

Do we have any questions from the room? I do not want to monopolize the call.

If we don't have further questions, thank you very much for your participation in the conference call, and hopefully we see you soon in one of our restaurants in Europe. Thank you very much and have a good weekend.

Thanks. Łukasz Wachełko Head of Consumer and Industrials and Deputy Head of Research Poland Thank you.