Compass Group PLC: Barclays European Leadership Conference 2026 Takeaways

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Compass Group PLC: Barclays European Leadership Conference 2026 Takeaways

Barclays | Compass Group PLC

FIGURE 1. Compass's market share in International is just c8% FIGURE 2. ... Healthcare and education, with <50% outsourcing

compared to c20% in North America, and ... penetration, offer long runway of FTO opportunities

($bn) Food services market by region ($bn) Food services market by sector

200 120 17%

40% 100

80 34%

57% 53%

58% 100 60

27% 42%

50 19% 13% 19% 27% 19% 20 32% 11% 11% 10%

20% 13% 12% 9% 29%19% 8% 0 0

North America International B&I H&SL Education S&L DOR

Compass Large players Regional players Self operated Compass Large players Regional players Self operated

Approximate market share estimates based on factsheet graphics Approximate market share estimates based on factsheet graphics

Source: Compass Investor Factsheet H1 26 Source: Compass Investor Factsheet H1 26

3) Newer growth vectors continue to deliver - IR noted that the group already has a presence

in data centres and, in some cases, has secured business without RFP given its relationships

with five of the top seven global tech companies. In its view, data centres are one of the

supportive sub-sectors that should help sustain high-single-digit organic growth over the

medium to long term, alongside emerging opportunities and growth in under-penetrated

verticals. Vending (Canteen) continues to stand out as a DD growth business with strong bolt-

on economics. Vending business currently generates c$4bn annual revenue, almost entirely in

US. Compass aims to expand its vending presence in European markets, which would further

aid med to long term growth and margin accretion, we think. US defence - Compass won its

first US defence contract last year. Compass operates US Defence's onshore facilities and has