Slide 1: Half year results
Half year results 11 May 2026
Slide 2: Disclaimer
Compass Group – 2026 Half Year Results Disclaimer Certain information included in this presentation is without limitation, discussions of expected future statements when making their investment decisions. forward looking and involves risks, assumptions and revenues, financing plans and expected expe
Slide 3: Dominic Blakemore, Group Chief Executive Officer
Compass Group – 2026 Half Year Results Dominic Blakemore Group Chief Executive Officer 3
Slide 4: Raising FY26 profit growth guidance to above 11%
Compass Group – 2026 Half Year Results Raising FY26 profit growth guidance to above 11% Based on a strong first half performance Drivers of H1 profit growth 1.5% 3.0% 11.7% 7.2% Organic revenue Operating margin M&A revenue Operating profit growth Notes: Growth measures on a constant currency basis.
Slide 5: Excellent new business wins and strong client retention
Compass Group – 2026 Half Year Results Excellent new business wins and strong client retention Gives us confidence in our growth outlook 14% increase ARO1 $bn (LTM) year-on-year 4.1 3.6 3.4 3.1 51% 43% 45% 45% HY23 HY24 HY25 HY26 FTO Competitors Notes: 1. Annual revenue of new business wins in the l
Slide 6: We are confident in our growth algorithm
Compass Group – 2026 Half Year Results We are confident in our growth algorithm As we generate resilient and recurring revenues Mid-to-high single-digit organic revenue growth High single-digit Ongoing margin progress operating profit growth 1 Bolt-on M&A Notes: 1. FY26 constant currency operating p
Slide 7: Petros Parras, Group Chief Financial Officer
Compass Group – 2026 Half Year Results Petros Parras Group Chief Financial Officer 7
Slide 8: Double-digit profit and EPS growth
Compass Group – 2026 Half Year Results Double-digit profit and EPS growth With strong margin progression Revenue Operating profit Earnings per share +9% +12% +12% Organic revenue Operating margin Interim dividend growth +7.2% +20bps to 7.4% increased by 12% Notes: Growth measures on a constant curre
Slide 9: Strong revenue growth
Compass Group – 2026 Half Year Results Strong revenue growth With net new expected to accelerate in H2 H1 organic revenue growth 7.2% 1.5% $25.0bn 2.7% 0.7% 3.8% $23.0bn Q2 impacted by adverse weather HY25 revenue (cc) Net new Pricing Volume M&A HY26 revenue Notes: Growth measures on a constant curr
Slide 10: Net new business growth in 4-5% range for fifth year
Compass Group – 2026 Half Year Results Net new business growth in 4-5% range for fifth year With International performing on par with North America Pre-pandemic net new c.3% p.a. Reopenings boost Net new normalises in (mainly driven by North America) growth to over 5% 4-5% target range Rolling LTM 2
Slide 11: Operating profit increased by 12%
Compass Group – 2026 Half Year Results Operating profit increased by 12% 1 $m HY26 HY25 Revenue 24,983 22,568 Operating profit 1,839 1,627 Operating profit margin 7.4% 7.2% Interest charge HY26: increase reflects higher debt due Net finance costs (166) (149) to acquisitions Profit before tax 1,673 1
Slide 12: Operating cash flow up 14%
Compass Group – 2026 Half Year Results Operating cash flow up 14% $m HY26 HY25 Operating profit 1,839 1,627 Depreciation and amortisation 751 618 EBITDA 2,590 2,245 Capex HY26: 3.4% of revenue Net capital expenditure (838) (671) FY26: expected to be c.3.5% of revenue Trade working capital (331) (347
Slide 13: Balanced growth with strong progress in both regions
Compass Group – 2026 Half Year Results Balanced growth with strong progress in both regions H1 2026 North America International Group 15% 12% 10% 9% 9% 8% 7% 7% 7% Organic revenue growth Revenue growth Operating profit growth Notes: Growth measures on a constant currency basis Based on underlying pe
Slide 14: Consistent execution across our MAP framework
Compass Group – 2026 Half Year Results Consistent execution across our MAP framework Strong margin progress with further improvements to come North America International Group Three main levers • Purchasing, data, 8.4% tech & AI 8.3% 7.4% 6.1% • Leveraging regional 7.2% and Group overheads 5.8% • Sy
Slide 15: Our capital allocation policy is unchanged
Compass Group – 2026 Half Year Results Our capital allocation policy is unchanged Capex M&A Dividends Share buybacks Supports net new growth Accelerates sectorisation Consistent policy Surplus capital • c.3.5% revenue Typical ROCE: • 50% underlying • Once all strategic • 75% on client sites • Small
Slide 16: Invested $3.1bn in capex and M&A
Compass Group – 2026 Half Year Results Invested $3.1bn in capex and M&A To support long-term growth $bn Leverage 1.7x Investment $3.1bn 0.7 0.1 8.6 Leverage profile Leverage 1.4x 2.3 0.8 • Peak at HY26 6.4 1.7 • Deleverage thereafter • Return to target range of 1.0-1.5x over time FY26 opening FCF (p
Slide 17: We have a strong track record of managing inflation
We have a strong track record of managing inflation Based on our ability to mitigate costs and price appropriately 1. Start with mitigation 2. Contractual pricing 3. Value vs street pricing ● Menu flexibility • 1/3 P&L & 1/3 Cost Plus: • Not liable for rent, dynamic pricing rates or utilities ● Oper
Slide 18: Raising FY26 guidance
Compass Group – 2026 Half Year Results Raising FY26 guidance Operating profit Organic Profit growth revenue growth from M&A Ongoing growth around around margin above 11% 7% 2% improvement Notes: Growth measures on a constant currency basis. Based on underlying performance at reported exchange rates
Slide 19: Dominic Blakemore, Group Chief Executive Officer
Compass Group – 2026 Half Year Results Dominic Blakemore Group Chief Executive Officer 19
Slide 20: We feed people everyday in mainly captive environments
Compass Group – 2026 Half Year Results We feed people everyday in mainly captive environments Superior value vs the street, often free or subsidised food offers Schools Higher Sports & Workplace Healthcare Senior education leisure Living 20
Slide 21: Our addressable market keeps growing
Compass Group – 2026 Half Year Results Our addressable market keeps growing And could increase to c.$600bn by 2035 Top 10 markets = 90% of opportunity Large players • Structural growth in all sectors 2015 Self • Added new capabilities operated 2025 Compass Around Around • Entered new sub-sectors $22
Slide 22: B&I is our fastest growing sector
Compass Group – 2026 Half Year Results B&I is our fastest growing sector As it benefits from a diverse client base Compass B&I clients 18% Technology Financial services Manufacturing B&I market 14% Pharmaceutical 56% size ~ $130bn Logistics & Transportation Retail 12% Utilities Media & Entertainment
Slide 23: Our existing B&I clients are expanding
Our existing B&I clients are expanding With professional services: 2 fastest growing sectors through 2034 nd 1 North America top 10 North America top 30 Tech clients B&I clients 36% growth since FY22 40% growth since FY22 CAGR 11% CAGR 12% Sources: 1. U.S. Bureau of Labor Statistics Employment Proje
Slide 24: Significant opportunities in the wider AI ecosystem
Compass Group – 2026 Half Year Results Significant opportunities in the wider AI ecosystem Which are broader than “Big Tech” • Enterprise and consumer AI startups Applications • Workflow automation tools Models • Model training specialists • Currently working with • Data providers over 60 clients wi
Slide 25: Healthcare expected to be the fastest growing industry
Compass Group – 2026 Half Year Results Healthcare expected to be the fastest growing industry With the largest FTO opportunity Structural changes: • By 2033, Healthcare expected to be 25% of 12% US net job creation1 • Demographic changes, chronic conditions, 12% cost pressures H&SL • AI-enabled prod
Slide 26: Global sports food services market to grow to ~$80bn
Compass Group – 2026 Half Year Results Global sports food services market to grow to ~$80bn By 20301 Significant FTO: • Owners replicate US/UK stadium models • Premiumisation of the offer – quality meets tech Levy is a market leader: • $5bn revenue, non-game day events 25% of sales • Leveraging our
Slide 27: Education remains one of the least outsourced sectors
Compass Group – 2026 Half Year Results Education remains one of the least outsourced sectors With FTO as a significant growth engine Structural changes: • Cost pressures and labour shortages 9% • Operational risk and compliance 13% • Food safety, nutritional and allergen labelling Education market s
Slide 28: Growth opportunities in Defence, Offshore and Remote
Compass Group – 2026 Half Year Results Growth opportunities in Defence, Offshore and Remote With mission-critical services in complex locations Multi-billion-dollar opportunity in US defence: • High degree of operational complexity • Built specialist team leveraging global expertise • Mobilised firs
Slide 29: We combine the best of both worlds: local offers with scale
Compass Group – 2026 Half Year Results We combine the best of both worlds: local offers with scale International Local Players Players Scale Bespoke offer • Procurement • Sectorised approach • Technology • Brand portfolio • Labour • Client relationships • Overhead leverage • Decentralised model 29
Slide 30: 85% of our wins come from FTO and local players
Compass Group – 2026 Half Year Results 85% of our wins come from FTO and local players Of which there are more than 500 competitors globally B&I H&SL Education S&L DOR Local Local players Local Local Local players FTO players players FTO players FTO FTO FTO Top 3 Top 3 Top 3 Top 3 Top 3 Different cl
Slide 31: We now operate GPOs in five of our top ten markets
Compass Group – 2026 Half Year Results We now operate GPOs in five of our top ten markets Four existing Foodbuy GPOs • US, UK, Canada & Australia Acquired leading Food & Beverage GPO: • PCM (Germany) in Feb 2026 • Procurement technology platform • Potential to be utilised in other EU markets 31
Slide 32: We are investing in AI in two key areas
Compass Group – 2026 Half Year Results We are investing in AI in two key areas AI for Growth AI for Assistance Empower sales and retention teams Help our unit managers New business wins & Client retention Operator analytics 32
Slide 33: Using AI to drive consistent execution of the sales funnel
Compass Group – 2026 Half Year Results Using AI to drive consistent execution of the sales funnel To increase conversion rates over time $360bn Total Addressable Market Lead Generation AI for Growth: Bid preparation Client Engagement • 10 years of proprietary sales data 70% time spent here • Pipelin
Slide 34: And further improving client retention
Compass Group – 2026 Half Year Results And further improving client retention By increasing pre-emption rates Retention Lifecycle Dedicated team at point of mobilisation AI for Growth: Retention Nurture client relationships • Proprietary data • Client and consumer sentiment Invest and innovate • Ope
Slide 35: Using Unit Intelligence
Compass Group – 2026 Half Year Results Using Unit Intelligence To spend more time with our clients and improve the offer Menu POS & Kiosk Mobile Marketing AI for efficiency: Improved offer • Predicts demand • Optimises labour • Reduces food waste • Increases sales • 50% time saved on reporting • Rol
Slide 36: We are well positioned for long-term growth
Compass Group – 2026 Half Year Results We are well positioned for long-term growth Delivering compounding returns for shareholders We operate in a highly attractive and growing market We combine the best of both worlds: local offers with global scale High single-digit We invest continually to reinfo
Slide 37: Supplementary information
Compass Group – 2026 Half Year Results Supplementary information 37
Slide 38: FY26 guidance summary
Compass Group – 2026 Half Year Results FY26 guidance summary Underlying operating profit growth Above 11%1 - organic revenue growth c.7% - profit growth from M&A c.2% - operating margin ongoing progress Capex c.3.5% of revenue Interest charge c.$350m Effective tax rate c.25.5% Working capital Broadl
Slide 39: Revenue
Compass Group – 2026 Half Year Results Revenue North America International 33% 67% 17% 14% 5% 13% 3% 4% 40% Geography Service Sector 9% 19% 64% 3% 86% 23% USA Canada Business & Industry Healthcare & Senior Living UK France Education Sports & Leisure Australia Other International Food services Suppor
Slide 40: Geographic revenue by sector
Compass Group – 2026 Half Year Results Geographic revenue by sector 1% 14% 14% 36% 13% North 46% 22% International America 13% 27% 14% Business & Industry Healthcare & Senior Living Business & Industry Healthcare & Senior Living Education Sports & Leisure Education Sports & Leisure Defence, Offshore
Slide 41: Geographic financials
Compass Group – 2026 Half Year Results Geographic financials $m North America International Other1 Total HY 2026 Revenue 16,719 8,264 24,983 Organic growth 7.2% 7.1% 7.2% Operating profit 1,411 504 (76) 1,839 Margin 8.4% 6.1% 7.4% HY 2025 Revenue 15,444 7,124 22,568 Organic growth 8.6% 8.2% 8.5% Ope
Slide 42: Balance sheet
Compass Group – 2026 Half Year Results Balance sheet $m HY 2026 HY 2025 FY 2025 Goodwill 8,957 7,411 7,687 Other non-current assets 11,591 9,394 10,149 Working capital (1,480) (1,247) (1,617) Provisions (779) (731) (743) Net post-employment benefit obligations (1,115) (927) (1,068) Current tax payab
Slide 43: Components of net debt
Compass Group – 2026 Half Year Results Components of net debt $m Bonds 6,199 Private placements 300 Commercial Paper 1,085 Financing1 7,584 Other loans and fair value accounting adjustments (183) Borrowings 7,401 Leases 1,641 Derivatives 24 Gross debt 9,066 Cash net of overdrafts (434) Closing net d
Slide 44: Financing
Compass Group – 2026 Half Year Results Financing Principal borrowings Coupon Maturing in Financial Year Drawn $m Bonds £250m 3.850% 2026 331 €500m 1.500% 2028 578 €750m 2.625% 2029 866 £300m 2.000% 2029 397 €500m 3.000% 2030 578 €750m 3.250% 2031 866 €700m 3.125% 2032 808 £250m 4.375% 2032 331 €500m
Slide 45: Maturity profile
Compass Group – 2026 Half Year Results Maturity profile $m 2,200 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 £ Bond £ Sustainable Bond € Bond € Sustainable Bond US $ Private Placement US $ Commercial Paper € Commercial Paper Notes: Based on
Slide 46: Financing
Compass Group – 2026 Half Year Results Financing Debt ratios and credit ratings Ratings Short term Long term Outlook Latest Update Standard & Poor’s A-1 A Stable 19 Mar 26 Moody’s P-1 A2 Stable 06 Mar 26 Ratios for USPP covenant purposes HY 2026 FY 2025 Net debt1 / EBITDA1 1.6x 1.2x EBITDA1 / net in
Slide 47: Currency impact on operating profit and revenue
Compass Group – 2026 Half Year Results Currency impact on operating profit and revenue $m Impact on FY 2025 Impact on HY 2025 Australian Dollar 7 2 Canadian Dollar 2 0 Euro 20 17 Pound Sterling 2 1 Norwegian Krone 5 2 Turkish Lira (9) (5) Other 3 3 Total currency impact on profit 30 20 Total currenc
Slide 48: Exchange rates
Compass Group – 2026 Half Year Results Exchange rates Rates used in consolidation Average exchange rate Closing exchange rate HY 2026 per $ HY 2025 per $ HY 2026 per $ HY 2025 per $ FY 2025 per $ Australian Dollar 1.48 1.56 1.45 1.60 1.51 Canadian Dollar 1.38 1.42 1.39 1.44 1.39 Euro 0.86 0.94 0.87
Slide 49: Exchange rates
Compass Group – 2026 Half Year Results Exchange rates Effect on 2025 revenue and profit Pound Sterling Canadian Dollar Euro $m cumulative change for an incremental 5 pence movement $m cumulative change for an incremental 5 cent movement $m cumulative change for an incremental 5 cent movement Exchang
Slide 50: Exchange rates
Compass Group – 2026 Half Year Results Exchange rates Effect on 2025 revenue and profit Australian Dollar Turkish Lira Norwegian Krone $m cumulative change for an incremental 5 cent movement $m cumulative change for an incremental 2 lira movement $m cumulative change for an incremental 50 øre moveme
Slide 51: Definitions
Compass Group – 2026 Half Year Results Definitions Income Statement Underlying operating profit Operating profit excluding specific adjusting items2. Underlying operating margin1 Underlying operating profit divided by revenue. Organic revenue1 Current year: Revenue excluding businesses acquired, sol
Slide 52: Definitions
Compass Group – 2026 Half Year Results 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. Cash Flow Capital expenditure Purcha
Slide 53: Definitions
Compass Group – 2026 Half Year Results Definitions Business Growth New business Current year revenue for the period in which no revenue had been recognised in the prior year. Lost business Prior year revenue for the period in which no revenue has been recognised in the current year. Net new business