ARMK - Nexus Level...Data Centers To Drive Accelerating Growth

Research evidence excerpt

ARMK - Nexus Level...Data Centers To Drive Accelerating Growth

Truist Securities

Equity Research Report June 15, 2026

IT SERVICES: Industrial Services Aramark (ARMK)

ARMK - Nexus Level...Data Centers To Drive Accelerating Growth Jasper Bibb

212-303-1742

Jasper.Bibb@truist.com

We are bullish on Aramark's opportunity with Nexus, which we think could scale to 10-15

sites or $1B+ in run-rate revenue by the end of FY27 in a Bull Case. We think a combination

of new business momentum and incremental Nexus wins ramping can drive an upside

Stock Rating BUY estimate revision cycle over the balance of FY26 and into FY27. We slightly adjusted

Unchanged our FY26 quarterly cadence and maintained FY26/FY27 estimates (intentionally excluding

potential Nexus revenue for now).

Price Target $58.00

Unchanged

What do we know about Nexus today? Aramark last month announced a new 'Nexus'

brand to support hospitality (lodging, food, transportation, recreation) for remote Data Center

construction projects. The company has already won an unnamed hyperscaler customer

TR to Target 7.8% with two locations. Revenue for the first two sites is expected to exceed $100M+ each

Price (Jun. 12, 2026) $54.27 annually (making the unnamed hyperscaler ARMK's largest customer) before any additional

52-Wk Range $54.53-$36.04 site/customer wins. Contracts are capital-light (not building lodging) and structured on a

Market Cap ($M) $14,457 cost-plus basis with margins above the corporate average. One site is already operating,

but management has opted to exclude contribution from guidance given some uncertainty ADTV 1,968,918

around the project timeline. Revenues are closely tied to the number of workers on-site via

Shares Out (M) 266 cost reimbursements and should scale as construction activity picks up.