Slide 1: 2025 Full Year Results
2025 Full Year Results 25 November 2025 1
Slide 2: Disclaimer
Disclaimer Certain information included in this presentation is operations and financial conditions and the Company’s information known to the Company on the date of this forward looking and involves risks, assumptions and plans and objectives for future operations, including, presentation. Accordin
Slide 3: Dominic Blakemore, Group Chief Executive Officer
Dominic Blakemore Group Chief Executive Officer 3
Slide 4: Another great year of strong trading and profit growth
Another great year of strong trading and profit growth... Organic revenue Operating profit Free cash flow +8.7% +11.7% $2.0bn Net new business Operating margin Increased +4.5% 7.3% in H2 by 13.5% ...with a positive contribution from M&A Notes: Growth measures on a constant currency basis except FCF.
Slide 5: Net new business growth in our 4-5% target range
Net new business growth in our 4-5% target range... Pre-pandemic 5.7% Post-pandemic 4.6% 4.5% 4.2% Underpinned by our c.3% p.a. strong client retention rate above 96% Mainly driven by Broader based with International now growing at a North America similar rate to North America 2015-19 FY22 FY23 FY24
Slide 6: Petros Parras, Group Chief Financial Officer
Petros Parras Group Chief Financial Officer 6
Slide 7: Good progress across all KPIs
Good progress across all KPIs... FREE CASH FLOW +13.5% OPERATING PROFIT1 ORGANIC +11.7% REVENUE +8.7% NET NEW BUSINESS +4.5% ...as we deliver profit ahead of revenue growth Notes: Based on underlying performance at reported exchange rates unless otherwise indicated. See definitions in the supplement
Slide 8: Strong organic revenue growth with a contribution from M&A
Strong organic revenue growth with a contribution from M&A Organic revenue growth 8.7% 4.5% c.3% c.1% c.1% $46.1bn $42.1bn FY24 revenue at constant Net new Pricing Volume M&A FY25 revenue currency Notes: Growth measures on a constant currency basis. 8
Slide 9: Operating profit up nearly 12% in constant currency
Operating profit up nearly 12% in constant currency $m FY25 FY24 Revenue 46,127 42,176 Operating profit 3,335 2,998 Operating profit margin 7.2% 7.1% Interest charge Net finance costs (315) (249) FY25: increase reflects higher debt due to acquisitions Profit before tax 3,020 2,749 FY26: expected to
Slide 10: Excellent free cash flow conversion of 88%
Excellent free cash flow conversion of 88% $m FY25 FY24 Operating profit 3,335 2,998 Depreciation and amortisation 1,310 1,147 Capex EBITDA 4,645 4,145 FY25: 3.3% of underlying revenue FY26: expected to be c.3.5% of underlying revenue Net capital expenditure (1,514) (1,541) Trade working capital (28
Slide 11: Double-digit profit growth ahead of revenue in both regions
Double-digit profit growth ahead of revenue in both regions... ORGANIC OPERATING OPERATING CLIENT REVENUE PROFIT1 MARGIN RETENTION North America +9% +11% 8.2% 97% International +8% +13% 6.1% 95% Group +9% +12% 7.2% 96% ...as we balance strong net new and investment Notes: Based on underlying perform
Slide 12: Opportunities to improve margin in both regions
Opportunities to improve margin in both regions... Leverage regional and Expect continued group overhead margin progress North America Increased to 7.3% 8.2% margin Group in H2 25 International 7.2% margin 6.1% margin Incremental Capitalising on gains through: investments: • Productivity • Growth •
Slide 13: We are capitalising on attractive growth opportunities
We are capitalising on attractive growth opportunities... ● FY25 leverage 1.4x ● FY26 M&A activity • Vermaat (€1.5bn) • Bolt-on acquisitions ● Leverage anticipated to be above target range in 2026 • Peaking at HY26 ● Expect to deleverage in FY27 ...with our capital allocation model unchanged 13
Slide 14: Disposals completed; M&A expected to contribute
Disposals completed; M&A expected to contribute... H1 24 H2 24 H1 25 H2 25 FY 26 Acquisitions Argentina Brazil Chile Disposals Angola Colombia China Mexico UAE Kazakhstan ...around 2% to profit growth in 2026 Note: Vermaat acquisition is subject to regulatory approval and closing 14
Slide 15: FY26 guidance
FY26 guidance Ongoing margin improvement Operating profit growth around 10%1 Organic Around 2%1 revenue growth profit growth around 7.0% from M&A Notes: Based on underlying performance at reported exchange rates unless otherwise indicated. See definitions in the supplementary slides. 1 On a constant
Slide 16: Dominic Blakemore, Group Chief Executive Officer
Dominic Blakemore Group Chief Executive Officer 16
Slide 17: We combine the best of both worlds: local offers with scale
We combine the best of both worlds: local offers with scale... LARGE REGIONAL PLAYERS PLAYERS Scale Local offer ● Procurement ● Sectorised approach ● Technology ● Brand portfolio ● Labour ● Client relationships ● Overhead leverage ● Decentralised model M&A BENEFITS 17
Slide 18: Operating in a huge and expanding market
Whilst operating in a huge and expanding market... Large players Less than Self Around 15% share operated $360bn Regional players 18
Slide 19: Business & Industry is our best performing sector
Business & Industry is our best performing sector... B&I market size ~$130bn ● Organic revenue +11% Self operated ~20% ● Highest net new growth ● Hugely innovative & dynamic Regional players ~54% ● Increasing our addressable market ● Vending ● New sub-sectors Large players ~12% ● Significant growth
Slide 20: Volumes are benefiting from increased participation
Volumes are benefiting from increased participation… Client subsidies Menu flexibility High quality offer Employer recognition at superior value of food importance vs high street Procurement scale ● More on-site events Not liable for rent, ● Employee perk rates or utilities ● Collaboration enabler .
Slide 21: M&A is enhancing our capabilities
M&A is enhancing our capabilities… Why acquire How we decide Value proposition Benefits of joining Compass ● Sub-sectorisation ● Entrepreneurial ● Growth ● Retain autonomy ● Fill capability gaps ● Growth potential ● Synergy benefits ● Foodbuy ● Improve our offer ● Attractive returns ● New talent ● A
Slide 22: We have an established and proven track record
We have an established and proven track record... VENDING GPO SECTORISATION ● Roll up strategy ● Increased Foodbuy scale ● Accelerate into new sub-sectors ● Mainly small bolt-on deals ● Doubled volumes in Regency ● HSD revenue growth ● Telemetry & route density ● Specialist purchasing ● Integration
Slide 23: Vermaat is an exceptional premium food services business
Vermaat is an exceptional premium food services business... ● Market leader in the Netherlands ● Growing presence in France / Germany ● Outstanding management team ● Strong retail expertise and tech offer ● Excellent track record and financials ● c.€700m revenues ● Double-digit operating margin ● Ma
Slide 24: Digital, data & AI solutions are key enablers of our strategy
Digital, data & AI solutions are key enablers of our strategy GROUP & REGIONS Sales excellence Procurement Retail Operations CLIENTS CONSUMERS COLLEAGUES ● Data driven insights ● Dynamic pricing ● Operator analytics ● Optimised service ● Product placement ● Hiring automation ● Increased participatio
Slide 25: Providing us with increased confidence in our pipeline
Providing us with increased confidence in our pipeline... ~$360bn Total Addressable Market IMPROVING SALES EXCELLENCE Research & qualify ● Optimising each stage of sales funnel ● Improved data coverage and quality ● Track pipeline by region, country and sector Prospecting ● Automating the bid proces
Slide 26: We are improving our client and consumer offer
We are improving our client and consumer offer... UNATTENDED SMART CASHIERLESS APPS FRICTIONLESS BEVERAGES MARKETS FRIDGES CHECKOUT c.1,600 US, UK, LEVERAGE PROPRIETARY TAILORED TO PEOPLE IN FRANCE & ACROSS SOLUTIONS CLIENTS TECH INDIA HUBS GROUP 26
Slide 27: Using proprietary AI tools to improve the retail experience
...and using proprietary AI tools to improve the retail experience MORE INTELLIGENT PRICING DRIVING INCREASED VOLUMES ● Collects local high street prices ● Retail optimisation algorithm ● Benchmark our sites vs competition ● Recommends product, price and space ● Helps demonstrate our value to client
Slide 28: As well as automating day-to-day operations
As well as automating day-to-day operations... HELPING OUR COLLEAGUES ● Hire c.160,000 people in North America p.a. ● Intelligent chatbot for front line colleagues ● AI assistant ‘Olivia’ ● Answers queries in seconds ● Streamlines hiring processes ● Productivity gains: ● Automates candidate interact
Slide 29: Step up in our growth algorithm
Step up in our growth algorithm... NOW HISTORICAL HSD profit growth* MSD profit growth M&A (top ten markets) M&A (mainly North America) Flat margin Ongoing margin progress Pricing 1 - 2% Pricing 2 - 3% Organic revenue Organic revenue Volumes ~0% growth: growth: ~5% Volumes ‘net positive’ Mid-to-high
Slide 30: Supplementary Information
Supplementary Information 30
Slide 31: FY26 guidance summary
FY26 guidance summary Underlying operating profit: Growth around 10%1 - organic revenue growth around 7% - around c.2% profit growth1 from M&A - ongoing margin progression Capex: c.3.5% of revenue Interest charge: c.$350m (including Vermaat) Effective tax rate: c.25.5% Working capital: Broadly neutr
Slide 32: Recent Europe acquisitions completed to date
Recent Europe acquisitions completed to date NORDICS 2019 2022 2022 2022 2022 2023 2023 2024 2024 2024 2025 Food service Specialise in Events business Luxury event Foodbuy Concept & Education Cook to freeze Food service Food service Food service operations in S&L in Ireland in S&L caterer in UK stre
Slide 33: Invested $2.8bn in capex and M&A to support future growth
Invested $2.8bn in capex and M&A to support future growth $bn Leverage 1.4x 0.5 Investment $2.8bn Leverage 1.3x 1.2 1.3 (3.5) 6.4 5.4 1.5 FY25 opening net debt FCF (pre capex) Net capex Acquisitions and Dividends & share Other FY25 closing net debt disposals buyback Notes: Based on underlying perfor
Slide 34: Revenue
Revenue International North America 32% 68% Other Support services DOR International Sports & Business & Leisure Industry 6% 14% 16% 14% Australia 3% France 39% 4% GEOGRAPHY SERVICE SECTOR 9% UK 18% 65% 3% USA Canada 86% Education 23% Food services Healthcare & Senior Living Notes: Based on underlyi
Slide 35: Geographic revenue by sector
Geographic revenue by sector 1% 12% 15% 36% 13% 46% 20% NORTH AMERICA INTERNATIONAL 14% 28% 15% Business & Industry Defence, Offshore & Remote Education Healthcare & Senior Living Sports & Leisure Notes: Based on underlying performance at reported exchange rates unless indicated otherwise, see the d
Slide 36: Geographic financials
Geographic financials $m North America International Other1 Total FY 2025 Revenue 31,417 14,710 46,127 Organic growth 9.1% 7.7% 8.7% Operating profit 2,582 904 (151) 3,335 Margin 8.2% 6.1% 7.2% Cash flow 2,261 765 (1,051) 1,975 Cash flow conversion 88% 85% 88% ROCE 26.1% 15.5%2 18.2% FY 2024 Revenue
Slide 37: Balance sheet
Balance sheet $m FY 2025 FY 2024 Goodwill 7,687 6,899 Other non-current assets 10,149 8,757 Working capital (1,617) (1,805) Provisions (743) (714) Net post-employment benefit obligations (1,068) (732) Current tax payable (200) (94) Net deferred tax liability (30) (108) Net debt (6,418) (5,391) Net a
Slide 38: Components of net debt
Components of net debt $m Bonds 4,543 Private placements 300 Commercial Paper 640 Financing1 5,483 Other loans and fair value accounting adjustments (120) Borrowings 5,363 Leases 1,566 Derivatives 1 Gross debt 6,930 Cash net of overdrafts (512) Closing net debt at 30 September 2025 6,418 Notes: 1 Ba
Slide 39: Financing
Financing Principal borrowings Coupon Maturing in Financial Year Drawn $m Bonds £250m 3.850% 2026 337 €500m 1.500% 2028 587 £300m 2.000% 2029 404 €500m 3.000% 2030 587 €750m 3.250% 2031 881 €700m 3.125% 2032 823 £250m 4.375% 2032 337 €500m 3.250% 2033 587 Total 4,543 US private placements $300m (201
Slide 40: Maturity profile
Maturity profile $m 1,400 1,200 1,000 800 600 400 200 0 2026 2027 2028 2029 2030 2031 2032 2033 £ Bond £ Sustainable Bond € Bond € Sustainable Bond US $ Private Placement US $ Commercial Paper Notes: Based on borrowings and facilities in place as at 30 September 2025, maturing in the financial year
Slide 41: Financing
Financing Debt ratios and credit ratings Ratings Short term Long term Outlook Latest Update Standard & Poor’s A-1 A Stable 25 Mar 25 Moody’s P-1 A2 Stable 20 Aug 25 Ratios for USPP covenant purposes FY 2025 FY 2024 Net debt1 / EBITDA1 1.2x 1.1x EBITDA1 / net interest1 17.4x 19.6x Reported ratios FY
Slide 42: Exchange rates
Exchange rates Rates used in consolidation Average exchange rate Closing exchange rate FY 2025 per $ FY 2024 per $ FY 2025 per $ FY 2024 per $ Australian Dollar 1.55 1.51 1.51 1.44 Canadian Dollar 1.40 1.36 1.39 1.35 Euro 0.90 0.92 0.85 0.90 Japanese Yen 148.66 150.03 147.68 143.04 Norwegian Krone 1
Slide 43: Currency impact on operating profit and revenue
Currency impact on operating profit and revenue $m IMPACT ON HY 2025 IMPACT ON FY 2025 AUD 1 0 CAD 0 (1) EUR 15 16 GBP 0 0 NOK 1 2 TRY (4) (7) Other 3 2 Total currency impact on profit 16 12 Total currency impact on revenue 307 196 Notes: Based on underlying performance at reported exchange rates un
Slide 44: Exchange rates
Exchange rates Effect on 2025 revenue and profit POUND STERLING CANADIAN DOLLAR EURO $m cumulative change for an $m cumulative change for an $m cumulative change for an incremental 5 pence movement incremental 5 cent movement incremental 5 cent movement Exchange Rate Revenue Change Profit Change Exc
Slide 45: Exchange rates
Exchange rates Effect on 2025 revenue and profit AUSTRALIAN DOLLAR TURKISH LIRA NORWERGIAN KRONE $m cumulative change for an $m cumulative change for an $m cumulative change for an incremental 5 cent movement incremental 2 lira movement incremental 50 øre movement Exchange Rate Revenue Change Profit
Slide 46: Definitions
Definitions INCOME STATEMENT Underlying revenue Revenue plus share of revenue of joint ventures. Underlying operating profit Operating profit excluding specific adjusting items2. Underlying operating margin1 Underlying operating profit divided by underlying revenue. Current year: Underlying revenue
Slide 47: Definitions
Definitions BALANCE SHEET Net debt Bank overdrafts, bank and other borrowings, lease liabilities and derivative financial instruments, less cash and cash equivalents. Net debt to EBITDA Net debt divided by underlying EBITDA. Capital employed Total equity shareholders' funds, excluding: net debt; pos
Slide 48: Definitions
Definitions BUSINESS GROWTH New business Current year underlying revenue for the period in which no revenue had been recognised in the prior year. Lost business Prior year underlying revenue for the period in which no revenue has been recognised in the current year. Net new business New business min