Ssp Group Plc · LSE:SSPG
Ssp — H1 2026 Earnings Presentation
34 slides from Ssp's earnings presentation, May 19, 2026
Slide 1: Interim Results 2026
Interim Results 2026 Patrick Coveney, Group CEO Geert Verellen, Group CFO 19 May 2026
Slide 2: Agenda
Agenda Bad Egg Seattle Introduction Patrick Coveney Financial review Geert Verellen ‘Focus 26’ progress update Patrick Coveney Outlook Patrick Coveney Q&A 2
Slide 3: 'Focus 26': Creating value for shareholders
‘Focus 26’: Creating value for shareholders H1 FY Plan 5% 6% Mid single digits 1 Drive profitable sales growth LFL sales Total sales Total sales growth growth growth 2 Increase operating profit margin in +70bps >80bps C. Europe from 2.2% to >3% CE margin accretion 1 CE margin accretion 1 • Rolling r
Slide 4: Financial review
Financial review Geert Verellen Group CFO 4 44 Boulton & Watt | JFK Airport
Slide 5: Financial Highlights
Financial Highlights REVENUE (£m) OPERATING PROFIT (£m) EPS (p) +6% +18% +1.5p 1.1 1,661 1,763 45 50 (0.4) H125 H126 H125 H126 H125 H126 FREE CASH FLOW 1 (£m) NET DEBT: EBITDA INTERIM DIVIDEND (p) +14% (161) (176) 2.2 2.2 1.4 1.6 H125 H126 H125 H126 H125 H126 Note: All figures expressed on an underl
Slide 6: H1 sales growth 6% with 5% like-for-like growth
H1 sales growth 6% with 5% like -for-like growth First 6 weeks of H1 26 Constant FX H226 Net LFL contract gains/ (constant YoY % growth LFL (losses) Other 1 TOTAL currency) North America 2% 3% n/a 5% 3% Continental Europe 2% 1% (2)% 1% 1% UK & ROI 8% (1)% n/a 7% 11% APAC & EEME 9% 8% (1)% 16% (4)% G
Slide 7: Like-for-like sales growth of 3% in first six weeks of H2
Like -for-like sales growth of 3% in first six weeks of H2 LFL sales growth 12% 11% 10% 10% 9% 9% 8% 8% 8% 6% 6% 6% 6% 5% 5% 4% 3% 3% 3% 3% 2% 2% 2% 2% 1% 1% 1% 1% 0% -2% (2)% (2)% -4% (4)% -6% UK & ROI Continental Europe APAC & EEME North America Total Group Q325 Q425 Q126 Q226 First 6 weeks H226 7
Slide 8: Driving profitability throughout the P&L
Driving profitability throughout the P&L Reconciliation of movement in EPS – H1 26 vs H1 25 Minority Interest +0.6 Drivers Asia PAC Tax of North H1 26 EPS (p) America +0.2 (0.1) EPS +0.4 Associates 1.1 Net Finance +0.4 Costs Operating Profit +0.1 +0.5 (0.4) H1 25 loss per share 8
Slide 9: Underlying operating profit £50m, up 18%
Underlying operating profit £50m, up 18% Underlying Operating Profit £m YoY Growth % Operating Profit % of sales (Pre-IFRS 16) Actual currency Constant Currency Constant Currency YoY %pts change North America 28 21% 6.8% 0.9% Continental Europe (9) 32% (1.6)% 0.7% UK & ROI 22 (6)% 4.8% (0.7)% APAC &
Slide 10: Group EPS of 1.1p, up from losses of (0.4)p last year
Group EPS of 1.1p, up from losses of (0.4)p last year YoY % growth Constant Actual £m H1 2026 H1 2025 Currency Currency Revenue 1,763.4 1,661.1 6.2% 6.2% Operating Profit 49.6 45.4 17.8% 9.3% Margin (%) 2.8% 2.7% 30bps 10bps Net Financing Cost (19.2) (20.3) 5.4% Share of Associates 5.4 1.9 184.2% Pr
Slide 11: Non underlying items were £(11)m vs £(53)m last year
Non underlying items were £(11)m vs £(53)m last year Reconciliation of non -underlying items H1 2026 H1 2025 Commentary Underlying Operating Profit 49.6 45.4 Fixed asset impairments (2.7) (21.2) Right of Use Asset impairments - (3.3) H1 26 costs primarily relating to France Site & contract exits
Slide 12: H1 cash outflow of £(176)m reflects H1/H2 seasonal shape
H1 cash outflow of £(176)m reflects H1/H2 seasonal shape £m Free cash outflow (before dividend and buyback) £(176)m 2.2x Net debt/EBITDA Unchanged Minority YoY Net Interests Buyback Dividend 1.6x financing & Other 5 Net debt/EBITDA Expansionary Tax costs 22 820 Renewals Capex Exceptionals 43 FX & Im
Slide 13: Focus on working capital to support value creation
Focus on working capital to support value creation Working capital: performance levers Focus areas 1 Optimise payment cycle Stronger processes for supplier income collection ✓ Culture 2 Accelerate supplier income collection £7m ✓ Visibility 3 Improve JV collections Accelerating collection of JV ✓ In
Slide 14: Maintaining disciplined capital spend
Maintaining disciplined capital spend Group capex reflects focused investment Disciplined capital allocation and lower renewal spend Group capital expenditure (£m) Renewals and maintenance Technology Capex/sales % • Robust governance approach ensuring capital is deployed Covid catch up New contracts
Slide 15: Capital allocation priorities
Capital allocation priorities 1 Sustainable Balance Sheet • Sustain net debt/EBITDA at c.1.5x-2.0x • H1 leverage of 2.2x reflects usual seasonal shape; leverage expected to be within target range at year-end 2 Profitable Organic Growth ORGANIC GROWTH PROFITABLE • Capital expenditure focused on exist
Slide 16: Summary
Summary Consistent with delivering our five key focus Good H1 performance areas to improve cash flow: 1 Operating cashflow • Sales growth 6% with 5% like -for-like growth • Underlying operating profit £50m, up 18% 2 Working capital • Group EPS of 1.1p, up from loss of (0.4)p last year; driven by all
Slide 17: 'Focus 26'
‘Focus 26’ Patrick Coveney, Group CEO 17 World of Tiger| Singapore Changi Airport 17
Slide 18: 'Focus 26': Creating value for shareholders
‘Focus 26’: Creating value for shareholders H1 FY Plan 5% 6% Mid single digits 1 Drive profitable sales growth LFL sales Total sales Total sales growth growth growth 2 Increase operating profit margin in +70bps >80bps C. Europe from 2.2% to >3% CE margin accretion 1 CE margin accretion 1 • Rolling r
Slide 19: North America: Growth and returns driver for the Group
North America: Growth and returns driver for the Group Significant progress on ‘Focus 26’ priorities: H1 performance Stronger Driving Overhead customer operational savings proposition standards embedded Sales (£m) Enhanced c.11% LFL toolkit ‘grab n go’ 399 420 Centre of Roles removed Strengthened Ex
Slide 20: UK: Driving sustainable growth and margins
UK: Driving sustainable growth and margins Significant progress on ‘Focus 26’ priorities: H1 performance A strengthened Regional Air Operating model proposition renewals evolution Sales (£m) M&S space refreshes Dedicated format management 455 teams 425 Stronger bar concepts Optimisation Leeds Bradfo
Slide 21: APAC & EEME: Building growth and returns in attractive markets
APAC & EEME : Building growth and returns in attractive markets Significant progress on ‘Focus 26’ priorities: H1 performance Strong Scaling lounge Cost base trading value chain and engineering footprint Sales (£m) Bangkok 9% Consolidating Airport suppliers 335 289 H1 LfL sales growth Digital optimi
Slide 22: Continental Europe: Driving performance through operating improvement plan
Continental Europe: Driving performance through all elements of the operating improvement plan What we’ve done in H1 What we’re doing in H2 Driving returns from our • Finalised three major rent renegotiations which will • Additional rent negotiation opportunities 1 investment programme deliver in ex
Slide 23: Next phase of Continental European Rail Review underway
Next phase of Continental European Rail Review underway Dec 25 Now FY27 Based on strict Decision to In consultation Start rigorous criteria, ruled out proceed with with employee Units not exited assessment of value - fundamental bodies, being managed Benefits start to all potential destructive reset
Slide 24: Creating a smaller, more profitable Continental European Rail business
Creating a smaller, more profitable and higher returning Continental European Rail business Continental European Rail being set up to deliver adequate returns ✓ Smaller footprint ✓ Higher sales density ✓ Lower capex ✓ Higher returning +c.25% 1/3 c.50% Ahead of cost of c. 330 capital units c. 220 uni
Slide 25: Outlook
Peroni Bar | Sydney Airport Outlook Patrick Coveney Group CEO 25 25
Slide 26: Effects of the Middle East conflict
Effects of the Middle East conflict Evolving situation in H2 but Regional sales impact to date mitigants in place % of Group sales by region 1 100% 2% 2% Gulf 12% Eastern Mediterranean 80% Asia PAC Like -for -like sales trend 23% North America 14% Acceleration of ‘Focus 14% 60% 26’ actions H2 to H
Slide 27: 'Focus 26': Creating value for shareholders
‘Focus 26’: Creating value for shareholders 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 Within market consensus range 1of An increas
Slide 28: Healthy long-term fundamentals: profitable growth, cash generation, 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 and efficiency 3 of capital to deliver 4 Cash Flow markets returns • Ma
Slide 29: Q&A
Q&A Upper Crust | Vilnius Airport, Lithuania
Slide 30: Appendices
Peet’s at Night | Boston Logan International Airport Appendices
Slide 31: 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 32: 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.21-22% Minority interests: c.£55m Working capital: Inflow from ongoing working capital optimisation programme Capex: <£200m Leverage: Target range of 1.5x to 2.0x (Net
Slide 33: 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 33
Slide 34: Close
Close Food Court | Helsinki Airport