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SSP Group (SSPG) investor relations material
SSP Group Trading Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Trading Update summary9 Oct, 2025
Q4 and Full-Year Financial Performance
Q4 sales grew 4% year on year on a constant currency basis, with like-for-like sales up 2% and net contract gains of 3%.
Full-year revenue reached approximately £3.7bn, up 8% year on year, with operating profit expected at £230m, an 11% increase, and operating margin at 6.2%.
Earnings per share for the year expected at 11.5p at actual exchange rates (up 15% YoY) and 12.3p on a constant currency basis, in line with market expectations.
Group return on capital anticipated to strengthen from last year's 17.7%.
Leverage (Net Debt/EBITDA) expected to reduce to about 1.6x, driven by strong free cash flow and disciplined capital investment.
Regional and Operational Highlights
North America saw 4% sales growth, now present in 56 airports, with strong profit and margin performance despite a 2% like-for-like decline.
UK and Ireland sales rose 7%, led by strong rail channel performance and M&S partnership recovery post-cyber incident.
Asia Pacific & Middle East sales increased 12%, with strong growth in Australia and Malaysia, partially offset by weaker performance in India and the Middle East.
Continental Europe sales declined 3%, impacted by exits and weak demand, especially in France and Germany.
Exit from unprofitable units in Germany and Italy to improve regional returns.
Strategic Initiatives and Capital Allocation
£100m share buyback announced and launched, reflecting strong cash generation and confidence in future outlook.
Capital investment for FY26 planned at less than £200m, with focus on higher-return regions and reduced investment in Continental Europe.
Recent acquisitions in the US, Australia, and Indonesia are performing above expectations, with IRRs above 20%.
Performance improvement initiatives for 2026 include profitable sales growth, cost efficiencies, and enhanced free cash generation.
Group-wide overhead cost reduction program implemented in H2 FY25 will support progress in FY26.
Europe margin confidence for FY26?
Buyback's role in valuation gap?
North America LFL strategy and airport focus?
Elaborate on France/Germany turnaround challenges
What metrics supported the £100M buyback?
Why did US like-for-like sales decline?
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Frequently asked questions
SSP Group plc is a UK-based multinational company specializing in food and beverage services for the travel industry. The company operates a diverse portfolio of restaurants, cafes, and bars in airports, railway stations, and other travel hubs across the globe. SSP Group partners with well-known international, local, and proprietary brands to provide dining options tailored to travelers. Its operations span multiple regions, including Europe, North America, Asia, and the Middle East. The company is headquartered in London, England, and its shares are listed on the London Stock Exchange (LSE).
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