“Resilient performance”: SSP Group announces full-year results to 30 September

SSP Group – a leading operator of restaurants, bars, cafes and other food and beverage in travel locations across 38 countries – has issued its financial results for the year ended 30 September 2025.

Financial highlights include an 8% increase (on a constant currency basis) in revenue to £3.6 billion (US$4.8 billion), with like-for-like (LFL) growth of 4% and net gains of 4%.

The group’s operating profit is reported at £223 million (US$297 million), with EBITA up 6% to £364 million (US$485 million) and net profit increasing 19% to £95 million (US$126.7 million).

Patrick Coveney, Group CEO, said, “We have delivered a resilient financial performance this year, with revenue and EPS up 8% and 25% respectively, on a constant currency basis, and a pivot to positive free cash flow. As a result of our actions in the year, including an ongoing focus on cost efficiency, we saw strong trading across three of our four regions.

“However, we acknowledge there is more to do to strengthen our operational performance, most notably in Continental Europe where we have now reset our team, model and balance sheet, and have a range of initiatives underway to do so.”

SSP Group announced the launch of a wide-ranging review of its rail business in Continental Europe. “We are also considering options to realize value for our shareholders in line with the delivery of the TFS free float requirement,” Coveney added.

“While there remains a degree of macro-economic uncertainty across the world, our focus is on what we can control. We have made an encouraging start to FY26, with LFL sales growth now positive in all regions and tracking at 4% year-to-date for the group as a whole. This early momentum, together with the specific actions that we are taking to deliver sustained improvements in profit, cash and return on capital, gives us increasing confidence in our prospects for the coming year.”

FY26 Outlook

The report noted that since year-end, trading has gained momentum, with total revenue during the first eight weeks (from 1 October to 25 November) up 6% year-on-year on a constant currency basis. This includes LFL growth of 4%, up from 2% in H2 FY25 most notably driven by improved momentum in North America with LFL of 2% in the eight weeks.

“While there remains a substantial level of uncertainty in the demand outlook across certain travel markets, the Group is well placed to navigate these challenges. The strength of our current trading momentum, together with additional actions taken to drive performance through our ‘Focus 26’ operational plan,” the report states.

Twelve months ago, the Board and management team launched a series of actions to drive improved performance across the Group. “FY25 has been a year of execution and progress against key initiatives,” the report noted.

Business and Strategic Review

Progress against SSP Group’s strategic priorities in FY25 and plans for FY26 include a focus on sustainable growth.

"Against an unsettled macroeconomic backdrop and a softer demand environment in some of our key travel markets in the second half of the financial year, Group LFL sales growth of 4% in FY25 was in line with our guidance of c.4-5%."

SSP focused on driving LFL sales through both increasing passenger conversion rates and average transaction values.

“Across all markets, we have innovated our customer and client offer including with experience-led concepts such as Shelby & Co. at Birmingham Airport, Tigerstaden at Oslo Airport and Sky Gamerz at Seattle Airport in America. We also continued to roll out our digital ordering and payment systems, with 31% of our transactions now taking place on a digital ordering system.

“In North America, where we experienced lower passenger numbers across our network of airports in the second half of FY25, we implemented a set of initiatives to drive LFL sales, such as incentivizing units for the strongest sales delivery, enhancing technology and ordering systems, more consistent merchandising, revised menus and a particular focus on Sunday trading effectiveness. Through organic new wins, we continued to strengthen our position in the 56 airports in which we traded at the end of FY25 with incremental restaurants including at JFK Airport Terminals 5 & 6 and Denver Airport.”

In APAC & EEME, SSP focused on building returns from our recent ARE acquisition in Australia and joint venture investment with Taurus Gemilang in Indonesia, while building scale and profitability in its more recent new country entries such as Malaysia. In India, its second largest market in the region in sales terms, SSP has secured two new contracts: 11 restaurants and a lounge at Cochin International Airport’s domestic terminal, and 14 restaurants at Delhi Indira Gandhi International Airport’s Terminal. SSP expects to commence new operations at the upcoming Noida and Navi Mumbai airports, which are expected to open shortly. The report noted growth in more mature and highly profitable markets, such as Egypt, where SSP extended contracts in three airports, to operate a total of 20 units.

“In the UK, successful renewal activity included the ongoing rejuvenation of our regional UK Air estate, in particular our units at Newcastle, Liverpool, London City and Birmingham Airports,” SSP notes. “We also won a new contract at Bournemouth Airport to become their main food and beverage partner. Other actions to refresh and innovate our offer included the refurbishment of our M&S retail units.”

Across the world, SSP’s contract retention level remained strong at more than 80%, “reflecting the ongoing confidence that our clients have in our operational delivery”. Renewed contracts in the year include Leeds Airport and Belfast International Airport in the UK, Lanzarote Airport in Spain, Zurich Airport in Switzerland, and Frankfurt Airport in Germany.

The financial report also focused on cost efficiency and efforts to accelerate returns from capital investments and focus on cash.

Medium-term framework

The report indicates that global demand for travel is “well set for long-term structural growth. Against that back-drop, in the medium-term, we expect to generate sustainable growth and enhanced shareholder returns”.