COMPASS GROUP (=) : US Healthcare: is it working?

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COMPASS GROUP (=) : US Healthcare: is it working?

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COMPASS GROUP NEUTRALPRICE* USD32.7  TARGET PRICE USD30 (DOWNSIDE 8%)

US Healthcare: is it working?

Compass is currently losing market share in US Healthcare, its slowest-growing division at only c.19 MAY 2026

Securities Research Report 4.1% organic growth in H126. Management has taken bold action, tweaking the commercial strategy

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for the vertical, and we could see early signs of commercial momentum. But the US Healthcare end-

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market is still challenging, and we expect only marginal improvement into H226e. Maintain Neutral.

Jaafar Mestari

BNP Paribas London Branch US Healthcare: a dent in the crown+44 (203) 430 8427

jaafar.mestari@uk.bnpparibas.com Compass’s North America Healthcare & Seniors business represents c. 28% of the region, and

delivered organic growth of only c. 4.1% in H126, technically losing market share to peers Aramark

Alexandra Gaillard

at c. 5.9% and Sodexo at 6.4% in the same period and vertical. We estimate that in Q226e CompassBNP Paribas London Branch

+44 207 595 5554 would have retained the fastest-growing North American business if not for -1.2pts from Healthcare.

alexandra.s.gaillard@uk.bnpparibas.com

Management has taken bold action, and there are early signs of positive momentum

The US Healthcare vertical has been the subject of a number of strategic pivots for Compass since

2011, grappling with client demands for integrated services and unified commercial relationships

sometimes at odds with the group’s multi-brand strategy. We note the rebranding of “Compass One

Healthcare” into “Compass Healthcare” in January 2026, and several key divisional management

moves alongside.