SSP Group (SSPG) Q4 2026 TU earnings summary

Trading performance

• Q4 sales grew 4% on a constant-currency basis, including 4% LFL growth; UK strength offset subdued passenger volumes in APAC and EEME.

• Q4 LFL growth was 2% in North America, 3% in Continental Europe, 9% in UK & Ireland, and 1% in APAC & EEME.

• North American sales rose 4%, with 2% LFL growth, despite TSA passenger data running 2%–3% lower YoY through summer.

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

• Gulf passenger volumes recovered to 90% of prior-year levels, while Eastern Mediterranean, Asia-Pacific and Indian traffic remained affected by lower volumes.

FY 2026 financial outlook

• Revenue is expected at £3.8bn, up 5% YoY at constant currency, including 4% LFL growth and 1% net contract gains.

• Operating profit is expected at ~£230m, slightly below plan; EPS is expected at ~14p, up 18% YoY at actual exchange rates and in line with market expectations, supported by lower minority-interest and tax charges.

• Post-interest free cash flow is expected at ~£70m versus prior guidance of £100m; underlying cash generation is expected to improve ~£150m YoY.

• Capital investment is expected to total £170m; returns on capital are expected to strengthen materially from 18.7% in FY 2025.

• Continental Europe operating margin is expected to reach ~3% from 2.2% in FY 2025, with a medium-term target above 5%.

Outlook and guidance

• FY 2027 detailed guidance is due with preliminary results in early December; planning assumes continued geopolitical uncertainty and growth in sales, profit and cash generation.

• Future capital expenditure planning is ~5% of sales to support growth and renewal.

• Full-year FY 2026 results are scheduled for 8 December 2026.