Rex Concepts (REXA) Q2 2026 earnings summary

Executive summary

• Revenue grew 61.4% year-over-year to PLN 391.4 million for H1 2026, with strong performance in Poland and Czechia, while Romania faced macro headwinds.

• 44 new restaurant openings year-to-date, with 10 in Q2 and 22 in H1; on track for 70+ in FY26 and 80+ in FY27.

• Adjusted EBITDA (excluding LTIP) nearly doubled year-over-year, driven by margin expansion and operational efficiencies.

• IPO completed, raising PLN 448 million gross, significantly strengthening liquidity and capital position.

• Burger King and Popeyes brands showed strong momentum, supported by marketing campaigns and new product launches.

Financial highlights

• Q2 2026 sales reached PLN 209.5m, up 58% from PLN 132.2m in Q2 2025; H1 2026 restaurant sales were PLN 381.5m, up 64.1% year-over-year.

• Adjusted EBITDA (ex LTIP) was PLN 23.2m in Q2 and PLN 37.5m in H1, up 158.2% year-over-year; margin improved to 11.1% in Q2 and 9.6% in H1.

• Net loss widened to PLN -23.7m in Q2 and PLN -55.7m in H1, mainly due to expansion costs and central functions.

• Cash and cash equivalents at period end were PLN 458.3m, up from PLN 131.4m at year-end 2025, boosted by IPO proceeds.

• G&A ratio (ex LTIP) decreased to 8.1% of revenue in Q2, down 1.4 p.p. year-over-year.

Outlook and guidance

• On track to open at least 70 new restaurants in 2026 and 80+ in 2027.

• Targeting 3x revenue growth from 2025 to 2027 and at least double 2027 revenue by 2028-2030.

• Long-term 4-wall EBITDA margin goal in the low to mid-20s percent; gradual improvement expected.

• Management expects continued revenue growth from new openings and maturation of locations.

• Lease payments expected at 6.0-9.5% of revenue mid-term; CAPEX per new restaurant guided at PLN 3.0-3.8m.