SSP Group (SSPG) investor relations material

Executive summary

• Q4 sales grew 4% YoY on a constant-currency basis, including 4% like-for-like growth, despite travel disruption in parts of Asia and the Eastern Mediterranean.

• FY26 EPS is expected at ~£0.14, up 18% YoY at actual exchange rates and in line with market expectations.

• Stronger cash generation, returns on capital and leverage; a £50m share buyback was announced.

Financial highlights

• FY26 revenue is expected at £3.8bn, up 5% on a constant-currency basis, with 4% like-for-like growth and 1% net contract gains.

• FY26 operating profit is expected at ~£230m, slightly below plan; lower minority interest and tax charges support EPS.

• Post-interest free cash flow is expected at ~£70m; underlying cash generation is expected to improve ~£150m YoY.

• FY26 capital investment is expected at ~£170m, including project timing shifts into FY27 and partner capital contributions.

• Continental Europe operating margin is expected to rise to ~3% from 2.2% in FY25, against a medium-term target above 5%.

Trading performance

• North America Q4 sales rose 4%, with 2% like-for-like growth; initiatives outperformed the market despite weaker-than-expected passenger volumes.

• Continental Europe Q4 sales were flat, with 3% like-for-like growth; UK and Ireland like-for-like sales rose 9%, supported by strong summer trading.

• APAC, India and EEME sales increased 8% on net gains, while like-for-like sales rose 1%.

• Gulf passenger volumes reached 90% of prior-year levels; lower passenger volumes persisted across neighboring travel corridors.

• UK and Ireland sales rose 5% YoY; scheduled airport redevelopments drove net losses of 3%.