Americana Restaurants: Turning a corner

研报英文原文证据摘录

Americana Restaurants: Turning a corner

Investment summary: a higher quality

growth story

Americana delivered a materially stronger than expected 2Q26, with double-digit

revenue growth, substantial operating leverage and a sharp improvement in profitability.

The results reinforce that 2024 earnings trough is behind the company and that the

recovery is broadening from sales normalisation into structurally higher margin and cash

generation.

We think the central concerns around Americana investment case over the past two

years has been wether the company could keep strong growth trajectory after the post-

protests recovery is completed and wether it could recover lost profitability while

continuing to invest in value, delivery and brand relevance. In addition, potential

negative impact on margins from expanding delivery channel has always remained a

concern, based on our conversations with investors. We think 2Q26 suggests that the

key concerns have probably been exaggerated and the company presents rather clean

growth story and further strategic growth optionality from new agreements as well as

further operating leverage gain potential. In addition, 2Q26 (yet again) confirms that

Americana is able not only to defend its margins while share of home delivery in revenue

mix keeps growing, but also improve margins partially helped by improved unit

economics in delivery.

We separately flag new strategic growth opportunities which remain outside of the

current consensus numbers: Malak Al Tawouk (MAT) acquisition completed on 9 July

2026 and agreement with ADNOC Distribution. Arabic concept takes up to 25-30%

share of total restaurant spend in GCC countries, we estimate based on Euromonitor

data, hence developing MAT brand creates new sizable growth opportunities for

Americana.