SSP Group (SSPG) H1 2026 earnings summary

Executive summary

• Delivered resilient H1 2026 performance with revenue up 6.2% year-over-year to £1,763m, driven by 5% like-for-like growth and 2% net gains.

• Underlying operating profit increased 18% to £50m, with margin up 30bps; EPS improved to 1.1p from a loss of 0.4p last year.

• Strong performance in UK, Asia Pac, and EMEA; US like-for-like sales recovered towards end of half, aided by airport security disruptions and spring break travel.

• Strategic restructuring in Continental Europe and European rail to exit underperforming units and focus on higher-return assets, with cost-saving initiatives and contract renegotiations.

• Disciplined capital spend and working capital improvements contributed to stronger cash flow focus.

Financial highlights

• Revenue grew 6.2% to £1,763m year-over-year; like-for-like sales up 5%.

• Underlying operating profit up 18% to £50m; operating margin expanded by 30bps to 2.8%.

• EPS improved to 1.1p from a loss of 0.4p last year; interim dividend increased to 1.6p per share.

• Free cash outflow before dividends and buyback was £176m, reflecting seasonal trends and planned outflows.

• Net debt/EBITDA at 2.2x, expected to return to 1.5x–2.0x by year-end.

Outlook and guidance

• FY26 EPS expected within consensus range of 13.6–14.8p, up from 11.9p in FY25, assuming stable operating environment.

• Free cash flow (pre-dividend, pre-buyback) target of over £100m for FY26 reaffirmed.

• ROCE targeted to improve from 18.7% in FY25, aiming for 20% medium-term.

• Capex for FY26 capped at £200m (approx. 5% of sales); ongoing focus on cash generation and capital discipline.

• Guidance assumes stable operating environment; risks include Gulf conflict, aviation fuel shortages, or travel sentiment decline.