Americana Restaurants Back on the menu: Solid EPS momentum and attractive dividend at reasonable multiples… Remain OW

Research evidence excerpt

Americana Restaurants Back on the menu: Solid EPS momentum and attractive dividend at reasonable multiples… Remain OW

J P M O R G A N CEEMEA Equity Research

19 May 2026

Americana Restaurants Overweight

6015.SE, AMERICAN AB

Back on the menu: Solid EPS momentum and attractive Price (18 May 26):SRls1.87

dividend at reasonable multiples… Remain OW ▲Price Target (Dec-27):SRls2.41

Prior (Dec-27):SRls2.32

We reiterate our OW rating on Americana with a Dec-27 Price Target (PT) of AED

2.36/share (SAR 2.41/share on Tadawul line), implying upside potential of 30% to last Overweight

closing. Our OW thesis is driven by: 1) P&L recovery and profitability repair which AMR.AD, AMR UH

started in 2025 and expected to gain further traction into the medium-term driven by Price (18 May 26):Dh1.76

positive LFL sales trends, ongoing push on self-help initiatives, and further operating ▲Price Target (Dec-27):Dh2.36

margin expansion despite short-term pressure from higher home delivery share and Prior (Dec-27):Dh2.27

logistic costs; 2) Evidence of recovery across the portfolio in FY 25/Q1 26 as multiple

initiatives continue to bear fruit (expansion of digital channels including kiosks,

MENA Consumer and Real Estate

launch of loyalty programs, event-driven and dynamic pricing, brand-led product

innovation with focus on cultural relevance); 3) A confident messaging from Taher Safieddine, CFA AC

management with limited impact from the regional conflict on the portfolio thus far; (971) 4428-1654

taher.safieddine@jpmorgan.com

on track for FY 26E guidance of MSD% LFL growth and adjusted EBITDA/net J.P. Morgan Securities plc

margin expansion of c. 50-100bps YoY; 4) Upside risk to BBG consensus estimates

with JPMe 3%/5%/10% ahead on revenues/EBITDA/net profits over FY 26-28E