Delayed delivery – initiate on £30s at UW: Wagamama (WAGABD)

Research evidence excerpt

Delayed delivery – initiate on £30s at UW: Wagamama (WAGABD)

FICC Research

Credit Research

16 July 2026

Wagamama (WAGABD)

Delayed delivery – initiate on £30s

at UW

Wagamama is a leading casual dining chain in the UK.

Fundamental Credit Research

Leverage has risen while demand in core markets is Karine Elias

weakening and discretionary sales look vulnerable. We think +971 43 621017 karine.elias@barclays.com

near-term risks such as lower covers, weaker sales and Barclays Bank, DIFC

increased promotions are not fully priced in. We initiate at Credit Strategy Research

UW on the £30s. Madhu Sriram

+44 (0) 20 7773 2575

madhu.sriram@barclays.com

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• Within the UK casual dining market, Wagamama operates in the faster growing Asian cuisine

segment, being the leading pan-Asian proposition of national reach by number of venues.

Casual dining has seen a rapid increase due to the value offered and the speed of service at

convenient locations; however, volumes declined in 2025. The chain consists of popular

award-winning pan-Asian-inspired noodle restaurants based in the UK and a growing

international presence (in the US and internationally via franchises). Wagamama opened its

first restaurant in 1992 in London’s Bloomsbury and now operates 167 restaurants in the UK

and 6 in the US (as of Q1 26). The company also has 54 franchises as of Q1 26 and 1 JV site. In