AmRest Holdings SE (ARHOF) Q3 2025 Earnings Call Transcript

Operator

Good afternoon, everyone, and welcome to the AmRest Q3 2025 Results Call. My name is Brika, and I will be coordinating your call today. [Operator Instructions]

I would now like to hand you over to your host, Lukasz Wachelko to begin. So please go ahead, Lukasz.

Lukasz Wachelko
Wood & Company Financial Services, a.s., Research Division

Good afternoon, ladies and gentlemen. My name is Lukasz Wachelko, I’m presenting Wood & Company. And I have again a pleasure of moderating the call with management of AmRest to present to you the results of the first quarter of this year. The company is being represented by CFO, Mr. Eduardo Zamarripa; and IR and Strategic Director, Mr. Santiago Camarero Aguilera. Guys, the mic is yours.

Eduardo Zamarripa
Chief Financial Officer

Thank you, Lucas. Good afternoon and thank you for joining us in today’s third quarter 2025 AmRest results presentation. It is my pleasure to share with you an update of AmRest situation at the end of the quarter. During the third quarter of the year, despite ongoing trade tensions and geopolitical uncertainty, both global and European economies showed resilience through Europe’s lagged the global average.

Across Western Europe, activity stayed muted. Growth was modest, helped by public investment and easier financial conditions, but weighted down by weak exports and cautious consumer spending. Inflation moved closer to the ECB 2% target, allowing monetary policy to stabilize after an earlier rate cut. However, disposable income growth remained limited due to past fiscal tightening and high living costs, keeping