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SSP Group (SSPG) investor relations material
SSP Group H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary4 Dec, 2025
Executive summary
FY 2025 saw 8% revenue growth to £3.6bn, 13% increase in underlying operating profit, and 25% EPS growth at constant currency, with margin up 30bps and free cash flow pre-dividend of £80m.
A £100m share buyback was initiated, capital expenditure tightened, and return on capital employed rose 100bps to 18.7%.
Overhead reduction of £30m was actioned, with 300 roles removed, though Continental Europe underperformed; new leadership and plans are in place to improve margins from 2.1% in 2025 to at least 3% in 2026.
FY 2026 has started with 4% like-for-like sales growth in the first two months, supporting a nudge up in EPS guidance.
Financial highlights
Revenue rose to £3,639m (+8%), underlying operating profit reached £223m (+13%), and EPS to 11.9p (+25%) year-over-year.
Free cash flow before dividends was £80m, a £280m improvement year-over-year.
Net debt/EBITDA reduced to 1.6x, enabling the share buyback program.
Dividend increased 20% to 4.2p per share.
Non-underlying items totaled £183m, including £117m impairments (mainly France and Germany), £33m IT accounting changes, £12m restructuring, and £14m site exit costs.
Outlook and guidance
FY 2026 guidance: EPS at the upper end of 12.9–13.9p (excluding buyback impact), free cash flow >£100m, and ROCE building towards 20%.
Capex for FY 2026 capped at below £200m, with focus on organic growth and no current M&A plans.
Board reviewing Continental European rail business and TFS free-float options.
CE Rail review: What options are being explored?
Describe the 'returns first, cash-focused' strategy.
TFS free float: How to balance control and value?
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Frequently asked questions
SSP Group plc is a UK-based multinational company specializing in food and beverage services for the travel industry. The company operates a diverse portfolio of restaurants, cafes, and bars in airports, railway stations, and other travel hubs across the globe. SSP Group partners with well-known international, local, and proprietary brands to provide dining options tailored to travelers. Its operations span multiple regions, including Europe, North America, Asia, and the Middle East. The company is headquartered in London, England, and its shares are listed on the London Stock Exchange (LSE).
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