2026 half year results announcement

RESILIENT FIRST HALF PERFORMANCE

SSP Group plc (“SSP” or “the Group”), a leading global travel food and beverage operator, issues its results for the half year ended 31 March 2026.

Financial Highlights (underlying pre-IFRS 16, unless otherwise stated)

• Revenue: £1.8bn, up 6% (on a constant currency basis) incl. LFL growth of 5% and net gains of 2%
• Operating profit: £50m at actual FX rates; £52m on a constant currency basis, up 18% with margin accretion of 30 bps YoY
• Free cash flow⁵: £(176)m (pre-dividend and pre-buy back) after £(124)m seasonal & planned one-off working capital outflows and capex of £93m (£130m LY)
• Net Debt/EBITDA⁶: 2.2x; expected to be at lower end of 1.5-2.0x guided range at FY
• EPS: 1.1p, up by 1.5p from loss per share of (0.4)p LY; includes benefit of targeted reduction in minority interest
• Proposed interim dividend: 1.6p (LY: 1.4p)
• Capital allocation: £100m share buyback now c.60% complete; 4% of share capital bought back
• IFRS operating profit: £63m (LY: £15m); YoY increase largely reflects lower net charge for non-underlying items

‘Focus 26’ plan to accelerate shareholder value delivery progressing well

• Like-for-like sales in Q2 sustained at 5% (Q1:5%), with group-wide trading momentum (incl. LFL improvement in North America from 1% in Q1 to 3% in Q2) offsetting the impact of Middle East conflict in the quarter
• Enhanced operational disciplines driving further Group margin improvement; e.g. in Continental Europe, we delivered operating profit improvement of 70bps and are on track to deliver >3.0% operating margin in the year
• Programme of activity to drive cash conversion progressing well including driving stronger operating standards, working capital initiatives and disciplined allocation of FY capital investment of <£200m
• Next phase underway following wide-ranging review of Continental European Rail business⁷; intention to exit approximately a third of estate; proposed focus on larger units and higher returning concepts; reduction in future capital requirements
• Board continues to consider options to create value for SSP shareholders in line with delivery of TFS free float requirement by July 2028; precise timing subject to market conditions
• Based on trading for first six weeks of H2 (LFL +3%) and assuming that the current operating environment remains substantially unchanged through H2, our FY26 EPS expectations remain within the market consensus⁸ range of 13.6-14.8p (post-buyback);  we continue to expect free cash flow (pre-dividend, pre-buyback) of >£100m, and further year-on-year progress in ROCE

Patrick Coveney, Group CEO, said:

“This has been a period of resilience and progress for SSP. We're pleased to have delivered good trading and profit improvements against a challenging backdrop for the global travel sector in the half, underlining the strength of our geographically diversified business model and disciplined operational execution across our portfolio.

The external environment is uncertain given current events in the Middle East, where I’d especially like to thank our colleagues for their remarkable focus and commitment during this period. That said, our strategy and priorities are unchanged. While we recognise there is of course more to do, through our ‘Focus26’ plan, we continue to strengthen operational performance across the Group, with clear initiatives underway to drive sustainable improvements in profitability, cash generation and returns on capital.

Having concluded the wide-ranging review of our rail business in Continental Europe, we are starting to implement our plans. I'm confident these will deliver a smaller, more profitable and more cash generative business in this region over time.

Our teams remain focused on what we can control - delivering for our customers, supporting our partners, and executing great operational discipline. Taken together, and given overall good trading at the start of the second half, we remain confident in our prospects for the remainder of the year.”

Full Year Outlook

The Group as a whole is currently trading solidly, with LFL growth of 3% in the first 6 weeks of H2 (from 1 April to 10 May), as compared to 5% LFL growth delivered in both Q1 and Q2. Assuming the current operating environment remains substantially unchanged through H2, and at today’s FX rates, our expectations for FY26 EPS remain within the market consensus⁸ range of 13.6p – 14.8p (post-buyback). On the same basis we also continue to expect to improve free cash flow (pre-dividend, pre-buyback) to >£100m in FY26, and as we tightly manage our capital allocation, we expect further progress in ROCE towards our medium-term target of 20%. However, if the operating environment were to deteriorate e.g. due to a resumption of the conflict in the Middle East, a material further decline in the availability of aviation fuel, or a marked softening of consumer travel sentiment, it would inevitably impact our full year performance.

Passenger numbers in the UK, North America and Continental Europe – which taken together comprise slightly more than 80% of group sales – have remained largely unaffected by the Middle East conflict to date. However, passenger flows in our hubs in the Asia PAC & EEME region (excl. the Gulf) – which comprise c.14% of our sales – were impacted in the first 6 weeks of H2 due to a drop in connecting flights as well as by lower local traffic. As a result, LFL sales performance in the Asia PAC & EEME region (excl. the Gulf) has reduced from 14% in March to 0% in the first 6 weeks of H2. In the Gulf, our operations (comprising c.2% of group sales) are running on average at 60% of usual capacity. More detail on regional sales performance can be found on page 8.

Visibility to the resolution of this conflict continues to be limited and we are monitoring developments closely. However, our focus remains on what we can control, including accelerating the actions we are taking to drive performance through our ‘Focus 26’ operational plan and through delivery of profit protection plans in the directly affected region. While mindful of the uncertainty surrounding the conflict and its likely duration, we are confident that the diversification of our global footprint and the resilience of our operating model will help alleviate any adverse effects on our trading.

We remain confident in our prospects for long-term growth and returns given our leading positions in structurally attractive markets.

Additional technical guidance, including the latest currency impacts, can be found in the supplementary detail section on page 9.

Full details can be found in the press release here.