Aramark Data Center Vertical Adds Incremental Growth and Margin to ARMK’s Already Strong Portfolio

研报英文原文证据摘录

Aramark Data Center Vertical Adds Incremental Growth and Margin to ARMK’s Already Strong Portfolio

J P M O R G A N North America Equity Research

30 June 2026

Aramark Overweight

ARMK, ARMK US

Data Center Vertical Adds Incremental Growth and Price (29 Jun 26):$56.23

Margin to ARMK’s Already Strong Portfolio

Business & Information Services

In April, Aramark (ARMK) launched a new line of business called Nexus to serve Andrew C. Steinerman AC

the growing demand for comprehensive food, facilities, and community services (1-212) 622-2527

at large-scale, remote data center campuses. Since being launched, Nexus has andrew.steinerman@jpmorgan.com

already signed two contracts of >$100mm with a leading hyperscaler. In our view, Alexander E.M. Hess, CFA

Nexus represents a credible, incremental new business opportunity for a company (1-212) 622-8331

that is already executing well on its medium-term revenue target of +5-8% organic, alexander.hess@jpmorgan.com

constant currency (o/cc) growth per year. On our model, each $100mm of Rohan Kalra

incremental yearly Nexus revenue equates to ~50bps of total revenue growth (1-212) 622-0879

rohan.kalra@jpmorgan.com

(using our F2026E as a baseline). Based on what we know (plus some J.P. Morgan Securities LLC

assumptions), we estimate Nexus could contribute anywhere from ~70bps to

~250bps annually to ARMK's revenue growth profile over the next few years,

depending on the pace of contract signings. That said, we encourage investors to

anchor around a ~1% point annualized revenue lift until execution is more

proven, given long sales cycles in food and facilities services and the inherently

finite nature of construction-phase contracts. We like that Nexus is margin-

accretive for Aramark, as well as capital-lite and well-positioned thematically.