ARAMARK (+) : Q226 results: small EBIT beat, industry-leading organic growth of c. 8.3% could start to look sustainable into FY27e

研报英文原文证据摘录

ARAMARK (+) : Q226 results: small EBIT beat, industry-leading organic growth of c. 8.3% could start to look sustainable into FY27e

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ARAMARK OUTPERFORMPRICE* USD44.6  TARGET PRICE USD50 (UPSIDE 12%)

FLASH NOTE

Q226 results: small EBIT beat, industry-leading organic growth of c. 8.3%

could start to look sustainable into FY27e

12 MAY 2026 Securities Research Report Production time: 12:28* (London time)

Research Analyst & Publishing Entities

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

What happened?

Aramark delivered strong Q2 results, with Adjusted EBIT c. +2.7% above consensus ($258m vs Bloomberg consensus

$251m), on the back of 12.3% organic growth. This is equivalent to a clean c. 8.3% organic growth once adjusted for

the Q1-Q2 accounting calendar shifts. Most importantly in our view, this strength was across both regions this time,

with FSS US accelerating markedly to 12.2% / c. 8.2% ex calendar. The FY26e guidance is upgraded at the organic

growth level (“high end” of the 7% to 9%” range) but reiterated at the EBIT and EPS level. Forward-looking growth KPIs

are also very strong with current year to date client retention of 98% and gross signings of $1bn after only 6 months

(FY25 $1.6bn over 12 months). Conference call at 8:30am ET / 1:30pm UK, details after individual registration here.

BNPP View:

We would not expect FY26e EBIT consensus to move much on the back of this release, but could still see a slightly

positive share price reaction today (low to mid single digit). After 3 quarters of small revenue misses throughout 2025,

and an in-line but still muted Q126 at only c. 5% organic growth in the US, today is the first proof of Aramark delivering