Aramark: Firing on all cyclinders; data centers sizable new business opportunity

研报英文原文证据摘录

Aramark: Firing on all cyclinders; data centers sizable new business opportunity

Deutsche Bank

Research

Rating Company Date

Buy Aramark 12 May 2026

Forecast Change

North America

United States

Reuters Bloomberg Exchange Ticker Price at 11 May 2026 (USD) 44.56

ARMK.N ARMK US NYS ARMK

Price Target 54.00

Industrials

52-week range 46.28 - 36.04

Business & Professional

Services

Firing on all cyclinders; data centers

Valuation & Risks sizable new business opportunity

Faiza Alwy

Key Takeaways from 2Q26 earnings Research Analyst

ARMK stock was +9% on strong underlying performance with organic growth of +1-212-250-7611

12% (9% ex-calendar shift) beating Street estimates by 2.6%, robust net new

Avi Sharma

business trends ($1B YTD vs $1.6B in FY25, 98%+ retention), and most Research Associate

significantly, on margin-accretive hyperscaler data center revenue and growth +1-212-250-7226

potential ("Aramark Nexus"). Management raised organic growth guidance to the

Sophie Sheng

high-end, reaffirming its profitability metrics, noting that the data center wins are

Research Associate

not reflected in the FY26 outlook.

+1-212-250-9954

Management indicated that the initial contract win will be the largest in Aramark's

Key changes

portfolio once fully ramped, scaling to several hundred million on an annualized

TP 48.00 to 54.00 ↑ 12.5%

basis over its multi-year life. The initial engagement, serving two sites, represents

EPS (USD) 2.19 to 2.25 ↑ 2.9%

annual revenues above $100m each.

19,613 to

Revenue (USDm) ↑ 1.9%

19,990

Management noted their service model is capital-light, with Aramark not investing

Source: Deutsche Bank

its own capital in the construction of housing or other physical assets. The contracts

are structured to be cost-reimbursable, ensuring that costs ramp up in line with