Compass Group: A sound Q3 (7.1% organic growth), with FY 26 guidance unchanged, aside from a modest capex uptick

研报英文原文证据摘录

Compass Group: A sound Q3 (7.1% organic growth), with FY 26 guidance unchanged, aside from a modest capex uptick

C A Z E N O V E Europe Equity Research

21 July 2026

Compass Group Overweight

CPG.L, CPG LN

A sound Q3 (7.1% organic growth), with FY 26 Price (20 Jul 26):$31.60

guidance unchanged, aside from a modest capex uptick Price Target (Dec-27):$40.50

Our Take: Compass delivered a largely in-line Q3 result, with some incremental European Leisure, Hotels & Gaming

ACqualitative commentary on data centers and a modest increase to this year’s capex Estelle Weingrod

guidance. Notably, whilst not unexpected, Compass emphasized that it is (44-20) 7742-8502

supporting leading AI hyperscalers across the data center ecosystem, providing estelle.weingrod@jpmorgan.com

food and support services through both the construction and operational phases. J.P. Morgan Securities plc

Q3 organic growth remained resilient at +7.1% y/y (in line with JPMe/cons.), with Karan Puri

the underlying drivers in good shape: (i) solid net new within the +4-5% range, of (44-20) 7742-8342

karan.puri@jpmorgan.com

which retention at 96% (after 3.6% net new in Q2, partly weather-related; retention J.P. Morgan Securities plc

in-line with H1), (ii) slightly positive, but modest, LFL volume growth (we

Avni Garg

estimate) — helped by a small World Cup tailwind in North America, offset by (91-22) 6157-3431

calendar timing effects in International, and (iii) healthy pricing (likely ~2.5%). avni.garg@jpmchase.com

Growth was solid across regions and end-markets, led by North America. ARO J.P. Morgan India Private Limited

continues to be supportive, with recent wins accelerating to $4.3bn over the LTM

Specialist Sales contact details:(+16% y/y) versus $4.1bn in H1 (+14% y/y). While we view the print as supportive