DAVY VIEW

SSP Group has reported its Q4 trading statement and FY26 post close this morning. Revenue and operating profit for FY26 are expected to be £3.8bn and £230m respectively. Revenue is in line with our expectations, with operating profit c.3% behind. EPS is a shade ahead of our expectations, owing to lower minority charges (all numbers pre-IFRS 16 adjusted unless stated). It has also announced a £50m buyback (c.3.5% of the market cap). We had observed some investor concerns regarding the impact of the Middle East conflict and softer North American traffic ahead of the update, so a broadly in line revenue performance for FY26 is reassuring. Key on this morning’s call will be additional detail on free cash flow and any commentary on FY27 expectations.