Americana Restaurants International: Q2 26 First Take: Solid delivery, decent beat to consensus; FY 26 guidance upgrade provides upside risk to consensus

研报英文原文证据摘录

Americana Restaurants International: Q2 26 First Take: Solid delivery, decent beat to consensus; FY 26 guidance upgrade provides upside risk to consensus

J P M O R G A N CEEMEA Equity Research

29 July 2026

Americana Restaurants

International

Q2 26 First Take: Solid delivery, decent beat to Overweight

consensus; FY 26 guidance upgrade provides upside 6015.SE, AMERICAN AB

risk to consensus Price (28 Jul 26):SRls2.09

MENA Consumer and Real Estate

Our Take: Americana Restaurants (AMR) reported Q2 26 results with net profit Taher Safieddine, CFA AC

of USD 84mn, up 40% YoY, 33% QoQ, and a solid 30% beat to Bloomberg (971) 4428-1654

consensus. The underlying print was supported by 11% YoY topline growth taher.safieddine@jpmorgan.com

coupled with a strong expansion in GPM/EBITDA margins to the tune of J.P. Morgan Securities plc

270bps/250bps YoY on the back of effective procurement, smart pricing, operating Vardhman Chhajed

leverage and improved unit economics in the home delivery channel. Revenue (91 22) 6157 5017

vardhman.v.chhajed@jpmchase.com

growth at 11% YoY was driven by a 4% YoY increase in store footprint to 2,746 J.P. Morgan India Private Limited

restaurants and c. 6% YoY growth in store yields. The company reported LFL

revenue growth of 6.3% during H1 26, implying a mid-single-digit print in Q2 26

(c. 5-6% vs. 6.7% in Q1 26), aided by the introduction of locally relevant product

offerings and ongoing menu innovation. GPM expanded by 270bps YoY and 90bps

QoQ to 56.6% in Q2 26, as higher input costs stemming from the ongoing regional

conflict and shipping route disruptions were more than offset by strategic

procurement initiatives and premium menu offerings. Further, operating leverage

benefits resulted in a 250bps YoY/160bps QoQ expansion in adjusted EBITDA