Compass Group (CPG) Q3 2025 TU earnings summary

Executive summary

• Delivered strong Q3 with 8.6% organic revenue growth, led by North America across all sectors, and upgraded FY25 profit guidance following better than expected M&A performance.

• Net new business remained within 4%-5% range, supported by client retention above 96%.

• Announced agreement to acquire Vermaat, a premium European food service business, for €1.5bn, pending regulatory approval, expected to accelerate sectorization and expansion in Europe.

• Upgraded full-year guidance for constant currency underlying operating profit growth towards 11%.

Financial highlights

• Organic revenue growth of 8.6% in Q3 year-over-year and 8.5% year-to-date.

• North America achieved 9.6% organic revenue growth in Q3; International at 6.6%.

• Underlying operating profit growth guidance raised to ~11% for the full year.

• Last 12 months new business signings at $3.7 billion, up 6-7% year-over-year.

• Q3 new business wins included 48% from first-time outsourcing.

Outlook and guidance

• Full-year organic revenue growth expected above 8%, with ongoing margin progression and better-than-expected M&A performance underpinning profit upgrade.

• Q4 expected to see moderation in North America volumes and improved international run rates.

• No share buybacks expected until at least 2027 due to leverage targets.