COMPASS GROUP (=) : H126 conf call: strong confidence on H226 net new improvement, short review of global opportunities was almost a mini strategy update

研报英文原文证据摘录

COMPASS GROUP (=) : H126 conf call: strong confidence on H226 net new improvement, short review of global opportunities was almost a mini strategy update

EQUITIES

LEISURE & HOTELS

COMPASS GROUP NEUTRALPRICE* USD29.5  TARGET PRICE USD29 (DOWNSIDE 2%)

FLASH NOTE

H126 conf call: strong confidence on H226 net new improvement, short

review of global opportunities was almost a mini strategy update

11 MAY 2026 Securities Research Report Production time: 10:45* (London time)

Research Analyst & Publishing Entities

Jaafar Mestari BNP Paribas London Branch +44 (203) 430 8427 jaafar.mestari@uk.bnpparibas.com

What happened?

The call provided some reassurance on an expected re-acceleration in net new business into H226e (“towards the

middle of the range” of 4%-5%), and further discussion of market opportunities, specifically in Corporate (already 60

client engagements in the wider AI ecosystem) and Healthcare (expected to be the fastest growing segment despite

short term pressure in North America).

BNPP View:

Shares up +1.4% at the time of writing after rising as much as +4.8% in early trading still seems too strong to us (we

expected a negative reaction given the complicated net new business mix in Q2 – first take here). But if this is what the

occasional event of quarterly volatility looks like, and if every growth KPI normalises into H226e as guided, the downside

could be limited from here. We upgraded the shares to Neutral in March, arguing that the de-rating had run ahead of

potential hiccups in net new business or retention. The more comprehensive than usual review of market opportunities

could also reassure investors that management freshly stress-tested each vertical for the most recent emerging

structural trends, policies, and market realities.