Americana Restaurants (6015.SE): 2Q26 First Take: Beat underpinned by better than expected margins; guidance revised upwards

Research evidence excerpt

Americana Restaurants (6015.SE): 2Q26 First Take: Beat underpinned by better than expected margins; guidance revised upwards

Equity Research

29 July 2026 | 10:26AM GST

Americana Restaurants (6015.SE): 2Q26 First Take: Beat underpinned by

better than expected margins; guidance revised upwards

Americana Restaurants reported 2Q26 results with revenue of US$715mn; up c.11% Harsh Mehta

+971(4)376-3405 |

yoy (up c.10% qoq), broadly in-line with GSe and c.1% above Visible Alpha harsh.mehta@gs.com

Goldman Sachs International

Consensus Data. Net Income came in at US$84mn, up 40% yoy (up c.33% qoq). Clean

Vaishnavi Gupta

net income came in at US$86mn (up c.38% yoy) and came in 22% above GSe and +1(332)245-7817 |

29% above consensus; clean net margins came in at 12.0% (up c.230bp yoy) and vaishnavi.x.gupta@gs.comGoldman Sachs India SPL

above GSe and consensus estimates of 9.9%/9.4%.

Our View: We see the results as positive for the stock beating GS/Consensus

expectations on margins. Despite the conflict in the region that impacted

tourism and population (affecting consumption in key markets like UAE), the

company maintained LFL growth momentum in 2Q (at 6.3%yoy). Overall LFL

sales growth, better procurement have led to margins recovering back to

pre-boycott levels as we reiterated recently which we see as a key catalyst for

the stock along with management’s focus on strategic initiatives such as

expansion of Malak Al Tawook brand (moving into Arabic cuisine/diversifying

from Western brands), Strategic partnerhisp with Adnoc Distribution and

launching Carpo in Qatar to expand into premium retail category.

Dividend: Board announced a dividend of US$0.012 per share for 1H26.

Outlook: Management explained that it remains focused on delivering sustainable,