SSP: H1 results: A reassuring update given Middle East headwinds. No change to our EPS forecasts, expect +ve reaction

Research evidence excerpt

SSP: H1 results: A reassuring update given Middle East headwinds. No change to our EPS forecasts, expect +ve reaction

Equity Research

UK Mid & Small Cap Leisure/Consumer

19 May 2026

SSP

H1 results: A reassuring update

given Middle East headwinds. No UK Mid & Small Cap

SSPG.L/SSPG LN EQUAL WEIGHTchange to our EPS forecasts,

Unchanged

UK Mid & Small Cap NEUTRALexpect +ve reaction Leisure/Consumer

SSP retains FY26 EPS cons range (13.6-14.8p), assuming Price Target GBp 220

current environment is maintained in H2. After LFLs of 5% in Unchanged

H1, LFLs are 3% in H2 to date with APAC/EEME softer at -4%, Price (18-May-26) GBp 154 Potential Upside/Downside +42.5%

Source: Bloomberg, Barclays Researchbut UK is very strong at +11% and US +3%. Remain on track

for >£100m of FCF in FY26.

Market Cap (GBP mn) 1192

Shares Outstanding (mn) 772.04

H1 results - a reassuring performance, with FY26 consensus EPS range unchanged. Given Free Float (%) 99.53

concerns over the impact of the Middle East conflict on the group's trading, we believe this is a 52 Wk Avg Daily Volume (mn) 2.0

reassuring set of results. H1 revenue was +6.2% to £1,763m, and H1 EBIT was +18% CC to £50m Dividend Yield (%) 2.72

vs Barclays £49m. On a reported basis, EBIT was +9%. On a LFL basis for H1, North America was Return on Equity TTM (%) -48.11

+1.9%, Continental Europe was +2.2%, UK&I was +8.4%, and APAC & EEME was +8.9% (see Current BVPS (GBp) 10

Figure 1 for further details). Unsurprisingly, trading in parts of APAC/EEME has softened in Source: Bloomberg

certain areas. The company notes that hubs in APAC/EEME (ex-the Gulf), which comprise c14%

of sales, saw sales impacted due to a drop in connecting flights/lower local traffic. LFLs were Price Performance Exchange-LSE