Ssp Group Plc · LSE:SSPG
Ssp — FY2025 Earnings Presentation
39 slides from Ssp's earnings presentation, Dec 4, 2025
Slide 1: Preliminary Results 2025
Preliminary Results 2025 Patrick Coveney, Group CEO Geert Verellen, Group CFO Satya Menard, Continental Europe CEO 4 December 2025
Slide 2: Agenda
Agenda Introduction Patrick Coveney Financial review Geert Verellen Business review Patrick Coveney and Satya Menard Outlook Patrick Coveney Q&A Juniper| Gatwick Airport
Slide 3: Key takeaways
Key takeaways Good growth in FY25 Pivoting to more cash Actions to improve returns • Sales growth +8%; EPS generative model on capital are working growth +25% • £80m free cashflow 1; • ROCE up 100bps to 18.7% • Three of our four regions leverage at 1.6x • Significant tightening of trading well • £10
Slide 4: 'Focus 26': Creating value for shareholders at pace
‘Focus 26’: Creating value for shareholders at pace 1 Drive profitable sales growth 2 Increase operating profit margin in C. Europe to >3% Focused Operational Plan 3 Deliver group-wide cost efficiencies 4 Build returns on recent investments 5 Strengthen cash flow Towards the An increase in An increa
Slide 5: Financial review
Food Court | Helsinki Airport Financial review Geert Verellen Group CFO 5 45
Slide 6: Financial Highlights
Financial Highlights REVENUE (£m) OPERATING PROFIT (£m) EPS (p) +8% +13% +25% 3,433 3,639 223 11.9 206 10.0 2024 2025 2024 2025 2024 2025 FREE CASH FLOW 1 (£m) NET DEBT: EBITDA FULL -YEAR DIVIDEND (p) 1.7x 80 1.6x +20% -203 593 4.2 574 3.5 2024 2025 2024 2025 2024 2025 Note: All figures expressed on
Slide 7: FY sales growth 8% with 4% like-for-like growth
FY sales growth 8% with 4% like -for-like growth First 8 weeks of FY25 Constant FX FY26 Total Revenue Net (constant YoY % growth LFL contract gains Acquisitions Other 1 TOTAL currency) North America - 6% 2% - 8% 6% Continental Europe 2% 1% - (2)% 1% 1% UK & ROI 7% 1% - - 8% 8% APAC & EEME 10% 8% 13%
Slide 8: Like-for-like sales growth strengthening in all regions in first 8 weeks of FY26
Like -for-like sales growth strengthening in all regions in first 8 weeks of FY26 LFL sales growth 14% 13% 12% 10% 9% 8% 7% 8% 7% 6% 6% 5% 4% 4% 3% 3% 2% 2% 2% 2% 1% 0% -2% (2)% -4% UK & ROI Continental Europe APAC & EEME North America Total Group H1 H2 First 8 weeks FY26 8
Slide 9: Underlying operating profit £223m, up 13%
Underlying operating profit £223m, up 13% Underlying Operating Profit £m YoY Growth % Operating Profit % of sales (Pre-IFRS 16) Actual currency Constant Currency Constant Currency YoY %pts change North America 93 20% 11.1% 1.1% Continental Europe 26 35% 2.1% 0.5% UK & ROI 81 12% 8.4% 0.3% APAC & EEM
Slide 10: Group EPS of 11.9p, up 19% at actual FX rates
Group EPS of 11.9p, up 19% at actual FX rates YoY % growth Constant Actual £m FY 2025 FY 2024 Currency Currency Revenue 3,638.5 3,433.2 7.8% 6.0% Operating Profit 222.8 205.6 12.5% 8.4% Margin (%) 6.1% 6.0% 30bps 10bps Net Financing Cost (38.4) (32.9) (16.7)% Share of Associates 8.4 5.6 50% Profit B
Slide 11: Minority interest charge of £60m, 5% lower year-on-year
Minority interest charge of £60m, 5% lower year -on-year Pre-IFRS 16 Underlying Operating profit Minority Interest JV FY 2025 FY 2024 % change FY 2025 FY 2024 % change £m participation 1 North America 93 81 15% 35 31 13% c.30% Continental Europe 26 18 44% - - - - UK & ROI 81 73 12% - - - - APAC & EE
Slide 12: Non underlying items, primarily impairments and restructuring costs
Non underlying items, primarily impairments and restructuring costs Reconciliation of non-underlying items H1 2025 H2 2025 FY 2025 Commentary Underlying Operating Profit 45.4 177.4 222.8 Goodwill impairment 0 (32.3) (32.3) £116.8m impairments primarily relate to Germany, Fixed asset impairment
Slide 13: Cash inflow of £80m resulting in leverage improvement
Cash inflow of £80m resulting in leverage improvement £m Free cash inflow (before dividend) £80m 1.7x 1.6x Net debt/ Net debt/ EBITDA EBITDA FX & Non-cash debt 593 EBITDA Minority movements 574 Net Interests Dividend financing Acquisitions & Other 32 costs 30 Tax 23 (364) Expansionary Exceptionals 4
Slide 14: New CFO impressions and priorities
New CFO impressions and priorities Solid foundations Opportunities to go after Streamlining finance processes– data to insight– Industry and marketsslated for growth performance management Exciting channel and regional strategies with a tailored Being more challenging and selective on growth busines
Slide 15: Five key focus areas to improve cash flow
Five key focus areas to improve cash flow Improving cash conversion through a combination of: • Strong execution at unit, airport and regional level 1 Operating cashflow • Disciplined operating standards • Payment flows: timing of rent payments, use of bank 2 Working capital guarantees • Focus on fa
Slide 16: Cash flow delivery to be underpinned by disciplined capex spend
Cash flow delivery to be underpinned by disciplined capex spend Group capex reflects more focused investment and lower renewal spend Sustainable future capital model Group capital expenditure (£m) Three elements of sustainable capital model Renewals and maintenance Technology Covid catch up New cont
Slide 17: Capital allocation priorities
Capital allocation priorities 1 Sustainable Balance Sheet • Sustain net debt/EBITDA at c.1.5x -2.0x • FY25 leverage of 1.6x from 1.7x in FY24 2 Profitable Organic Growth ORGANIC GROWTH PROFITABLE • Capital expenditure focused on existing markets and airports, highly selective new investment; total r
Slide 18: Business review
Business review Patrick Coveney, Group CEO Satya Menard, Continental Europe CEO 18 Flavour 18 Town| North America EWR
Slide 19: Enhancing returns and value delivery for shareholders
Enhancing returns and value delivery for shareholders 1 2 3 4 Sustainable organic growth in Building profitability in Further cost Driving returns on investment challenging environment Continental Europe efficiencies and focus on cash FY25 FY24 FY25 FY25 FY25 4% 4% 1.5% 2.1% 30bps £30m 18.7% +£80m (
Slide 20: North America: Growth and returns driver for the Group
Sustainable Growth 1 2 3 4 North America: Growth and returns driver for the Group Consolidating market position and driving LFL Strong presence and expanding margin Focus on scaling within expanded platform Sales (£m) EBIT margin 23% 11.1%* Sales CAGR 9.9% FY22 – FY25 8.2% 814 852 JFK Airport Denver
Slide 21: UK: Reset business on all fronts; driving sustainable growth and margins
Sustainable Growth 1 2 3 4 UK: Reset business on all fronts; driving sustainable growth and margins Building on a stronger proposition Growing sales and progressing margin ✓ Refresh of 15% of M&S Sales (£m) EBIT margin estate in year +7% 8.4% * ✓ 10% sales uplift post 8.1% 2025 LFL 7.4% refresh grow
Slide 22: APAC & EEME: Building growth and returns in attractive markets
Sustainable Growth 1 2 3 4 APAC & EEME: Building growth and returns in attractive markets Driving performance from recent investments Sales growth and high margins Australia – ARE Malaysia - growing scale successfully integrated & profits Sales (£m) EBIT margin EBIT (£m) 42 units +10% +11% FY25 Up f
Slide 23: Continental European underperformance driven by French and German Rail and MSA
Building profitability in Continental Europe 1 2 3 4 Continental European underperformance driven by French and German Rail and MSA Sales by market by sector c.£750m sales generating mid- single digit EBIT Germany/ DACH Dach margin France/ Frabel Frabel c.£400m sales generating low or no EBIT margin
Slide 24: Significant action taken in FY25.. with benefits just starting
Building profitability in Continental Europe 1 2 3 4 Significant action taken in FY25.. with benefits just starting Cumulative benefits delivered in… What we’ve done in FY25 FY25 FY26 Driving returns from our • Significant step up of actions to restructure contracts across the region 1 investment pr
Slide 25: New initiatives in FY26 to deliver additional benefits
Building profitability in Continental Europe 1 2 3 4 New initiatives in FY26 to deliver additional benefits to those coming through from actions taken in FY25 What we are doing in FY26 Driving returns from our • Finalising a number of major rent renegotiations – especially in France and Germany - by
Slide 26: Confident in building operating profit margin to 5% in medium-term
Building profitability in Continental Europe 1 2 3 4 Confident in building operating profit margin to 5% in medium-term 5.0% Well underpinned by FY25 actions >3.0% LFL 2.1% FY25 Contracts Cost MSA LfL FY26 Contract Optimised Leaner Driving Medium- margin & driving base Sales margin negoti Operating
Slide 27: Further group cost efficiencies identified to underpin FY26 profitability
Further cost efficiencies 1 2 3 4 Further group cost efficiencies identified to underpin FY26 profitability Corporate and regional overhead restructuring Streamlining and resetting the portfolio to build returns (5) 30 Bermuda Copenhagen Jeddah (25) EXITED RENEGOTIATED RENEGOTIATED Annualised FY25 F
Slide 28: Building returns on capital employed
Returns and cash generation 1 2 3 4 Building returns on capital employed Delivering returns on M&A Group ROCE 1 building from 18.7% in FY25 Performance vs target Annualised Completion Returns Group ROCE (pre -tax)% 20.0% Market Sales sales date (IRR %) 18.7% 17.7% Midfield c.£75m Nov 23 In line In l
Slide 29: Outlook
Outlook Patrick Coveney Group CEO 29 29 Ritazza | UK
Slide 30: Mobilising for performance
Mobilising for performance Incentives further aligned to shareholder experience Strengthened governance through Chair transition • Process for new Chair appointment well EPS Operating underway 30% profit for SSP shareholders • Introduction of ‘Focus 26’ Review 40% Committee to support plan and FY26
Slide 31: Creating value for shareholders
Creating value for shareholders Wide-ranging review of European Rail Options for SSP to realise value in TFS • Channel profitability challenged by fundamental changes in • At IPO, our partners - K-Hospitality - sold 13.8% of their consumer behaviours and client space allocation shareholding; listing
Slide 32: 'Focus 26': Creating value for shareholders at pace
‘Focus 26’: Creating value for shareholders at pace 1 Drive profitable sales growth 2 Increase operating profit margin in C. Europe to >3% Focused Operational Plan 3 Deliver group-wide cost efficiencies 4 Build returns on recent investments 5 Strengthen cash flow Towards the An increase in An increa
Slide 33: Q&A
Q&A Nippon Ramen| Philippines Airport
Slide 34: Appendices
Appendices Eastward Airport Hard Rock Cafe| Kuala Lumpur International | JFK Airport
Slide 35: Healthy long-term fundamentals: profitable growth, strong cash generation and shareholder returns
Healthy long -term fundamentals: Focus on profitable growth, strong cash generation and sustainable shareholder returns Significant presence Effective deployment Operating capability Balance Sheet and 1 in structurally growing 2 3 of capital to deliver 4 and efficiency Cash Flow markets returns • Ma
Slide 36: FY 2025 currency contribution
FY 2025 currency contribution 20% 30% 30% 13% 12% 13% 4% 25% 9% Operating 1% Sales EBITDA 14% 12% 8% 3% profit 7% 4% 6% 9% 11% 13% 5% 27% 7% 17% Pound sterling US dollar Euro Nordic currencies Indian Rupee Egyptian Pound Canadian Dollar Other currencies 36
Slide 37: 2026 Technical Guidance
2026 Technical Guidance On a pre-IFRS 16 basis 2026 expectation: Net finance costs: c.£40m Associates: c.£10m Effective tax rate: c.22-23% Minority interests: c.£60m Working capital: Inflow from ongoing working capital optimisation programme Capex: <£200m Leverage: Target range of 1.5x to 2.0x (Net
Slide 38: Understanding JV partner contributions to capex spend
Understanding JV partner contributions to capex spend Accounting for capital contributions from JV Group capital investment reconciliation partners £m FY24 FY25 North America Capex gross of JV partner 298 227 • Capex contributions from our North America JV share JV partner contributions – partners a
Slide 39: Close
Close Food Court | Helsinki Airport