Aramark Data Center Vertical Adds Incremental Growth and Margin to ARMK’s Already Strong Portfolio

Research evidence excerpt

Aramark Data Center Vertical Adds Incremental Growth and Margin to ARMK’s Already Strong Portfolio

J P M O R G A N North America Equity Research

30 June 2026

Aramark Overweight

ARMK, ARMK US

Data Center Vertical Adds Incremental Growth and Price (29 Jun 26):$56.23

Margin to ARMK’s Already Strong Portfolio

Business & Information Services

In April, Aramark (ARMK) launched a new line of business called Nexus to serve Andrew C. Steinerman AC

the growing demand for comprehensive food, facilities, and community services (1-212) 622-2527

at large-scale, remote data center campuses. Since being launched, Nexus has andrew.steinerman@jpmorgan.com

already signed two contracts of >$100mm with a leading hyperscaler. In our view, Alexander E.M. Hess, CFA

Nexus represents a credible, incremental new business opportunity for a company (1-212) 622-8331

that is already executing well on its medium-term revenue target of +5-8% organic, alexander.hess@jpmorgan.com

constant currency (o/cc) growth per year. On our model, each $100mm of Rohan Kalra

incremental yearly Nexus revenue equates to ~50bps of total revenue growth (1-212) 622-0879

rohan.kalra@jpmorgan.com

(using our F2026E as a baseline). Based on what we know (plus some J.P. Morgan Securities LLC

assumptions), we estimate Nexus could contribute anywhere from ~70bps to

~250bps annually to ARMK's revenue growth profile over the next few years,

depending on the pace of contract signings. That said, we encourage investors to

anchor around a ~1% point annualized revenue lift until execution is more

proven, given long sales cycles in food and facilities services and the inherently

finite nature of construction-phase contracts. We like that Nexus is margin-

accretive for Aramark, as well as capital-lite and well-positioned thematically.