AmRest: Hungarian revenue rises by 14.5%

AmRest’s Hungarian revenue rose by 14.5% and EBITDA by 17.5% in the third quarter of 2026 compared with the same period a year earlier. Hungarian business publication Világgazdaság reported the results of the company, which operates KFC, Pizza Hut and Starbucks outlets, on 14 November. Beyond the figures, its dual role is particularly relevant to those interested in Hungary’s franchise market: it operates restaurants and, in the case of Pizza Hut, is also responsible for developing the country’s franchise network.

EBITDA grew faster than revenue

Hungarian revenue increased from €61.7 million in the third quarter of 2025 to €70.6 million. Alongside this 14.5% year-on-year revenue growth, EBITDA rose from €13.2 million to €15.5 million, an increase of 17.5%.

Taken together, the two measures show that EBITDA grew faster than revenue. This is an important distinction from a report of rising sales alone: this earnings measure for the Hungarian business also improved, and at a faster rate.

However, EBITDA is not the same as profit after tax. It stands for earnings before interest, tax, depreciation and amortisation, and should not be interpreted as profit available to shareholders. The figures are reported in euros, so the comparison also reflects performance measured in euros.

The published figures represent the combined results of AmRest’s Hungarian operations. They do not show the individual performance of KFC, Pizza Hut or Starbucks, so the 14.5% revenue increase cannot be attributed to any one brand as its own growth rate. Nor do the figures describe the financial performance of any individual restaurant or franchise partner.

Hungary’s share of group revenue increased

Hungary accounted for 10.6% of AmRest’s total revenue in the third quarter, compared with 9.3% a year earlier. The Hungarian business therefore not only generated more revenue but also contributed a larger share of the company’s total.

The difference between the two figures is 1.3 percentage points. This represents an increase in Hungary’s share of group revenue, not another revenue growth rate. The 14.5% increase and the 10.6% share therefore answer two different questions: how much Hungarian revenue grew, and how much it contributed to total company revenue.

For those considering Hungary’s franchise market, this is a meaningful market indicator, but not a general picture of every network operating in the country. One multi-brand company’s quarterly performance is no substitute for assessing individual concepts, locations and franchise businesses. The results are best treated as a company-level benchmark rather than a growth yardstick applicable to every hospitality outlet.

Three brands, different franchise roles

According to the official company figures reported by Világgazdaság, AmRest operates more than 170 outlets in Hungary. Of the three brands, KFC has the largest Hungarian network, with more than 100 restaurants across the country, operated by AmRest.

The company also operates Starbucks coffee shops in Budapest and several major cities elsewhere in Hungary. For Pizza Hut, its restaurant operations are accompanied by a separate franchise responsibility: AmRest is the brand’s master franchisee in Hungary.

This role includes responsibility for expanding the network and supporting sub-franchisees. AmRest’s involvement with Pizza Hut in Hungary therefore extends beyond operating its own restaurants to playing a central role in developing the franchise partner network.

This distinction matters because a shared corporate operator does not automatically mean that all three brands offer the same opportunities for prospective franchisees. The master franchise role described for Pizza Hut should not be assumed to apply to KFC or Starbucks. Nor should the financial growth of the Hungarian business itself be interpreted as a new franchise offer or an announcement that the company is recruiting partners.

Group-wide openings must be considered separately

AmRest opened 44 new restaurants in the first nine months of the year and had 2,136 company-operated outlets at the end of September. These figures cover the company as a whole, rather than openings and restaurant numbers in Hungary.

The reporting periods also differ: the changes in Hungarian revenue and EBITDA compare the third quarter with the same quarter a year earlier, while the 44 openings cover nine months. Together, these figures provide a picture of the company’s operations, but they do not establish a direct link between Hungarian revenue growth and new restaurant openings.

Practical takeaway: when considering a franchise opportunity, look beyond positive company results and assess both the relevant brand’s franchise terms and the financial viability of the specific outlet. AmRest’s growth in Hungary provides useful background, but it is no substitute for an outlet-level business plan.