Equity Snap: Americana Restaurants (AMR UH): 2Q26: Robust quarter with strong gross margin

研报英文原文证据摘录

Equity Snap: Americana Restaurants (AMR UH): 2Q26: Robust quarter with strong gross margin

29 July 2026

Equity Snap: Americana Equities Hotels Restaurants & Leisure

Restaurants (AMR UH)

2Q26: Robust quarter with strong gross margin United Arab Emirates

◆ Strong gross margin and controlled costs help deliver c40% Bulent Yurdagul*

yoy growth in net income in 2Q26 Head of EEMEA Consumer Research HSBC Bank Middle East Limited, DIFC

bulentyurdagul@hsbc.com

+971 569445882

Americana Restaurants (AMR UH, AED2.05, Hold, TP AED2.25)

Ankur Agarwal*, CFA

(Priced as of 28 Jul 2026) Senior Analyst, MENA Consumer, TMT & Transport

HSBC Bank Middle East Limited, Dubai branch

Revenue up by 11% yoy: 2Q26 revenue growth was c2% above HSBCe and c4% ankurpagarwal@hsbc.com

ahead of Bloomberg consensus. +971 4 423 6558

Neerav Agarwal*

Strong gross margin continues, reaching 56.6% in 2Q26, +266bps yoy, driven by Analyst, EEMEA Consumer

HSBC Securities and Capital Markets (India) Private

strategic procurement initiatives and premium menu offerings. Limited

neerav.kumar.agarwal@hsbc.co.in

Selling and marketing expenses as a percentage of sales came in flat yoy, +91 0 80 30012510

however stronger gross margin drives EBIT to USD105m, +39% yoy. EBIT came in

c21% above HSBCe and 31% above consensus. * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

Adjusted EBITDA of USD188m in 2Q26 came in c11% above HSBCe and c14%

above consensus. EBITDA margin expanded by 246bps yoy to 26.3%, supported by

operating leverage and better unit economics of home delivery channel.

Net profit ahead by 25% vs HSBCe: Net profit came in at USD84m, increasing by

c40% yoy, and c25% ahead of HSBCe (c29% above Bloomberg consensus), driven