Q3 update – reassuring trading despite Middle East conflict

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Q3 update – reassuring trading despite Middle East conflict

Equity Research

UK Mid & Small Cap Leisure/Consumer

28 July 2026

SSP

Q3 update – reassuring trading

despite Middle East conflict

Group LFLs were 4% in Q3, slightly better than 3% previously SSPG.L/SSPG LN EQUAL WEIGHT

reported for the first 6 weeks of Q3, hence LFLs were c5% for Unchanged

UK Mid & Small Cap

the most recent 7 weeks, albeit comps did ease. Guidance Leisure/Consumer NEUTRAL

Unchanged

range for FY26 EPS of 13.6-14.8p is unchanged, and FCF of Price Target GBp 220

Unchanged>£100m in FY26 still expected.

Price (27-Jul-26) GBp 195

Potential Upside/Downside +13.1%Our view – a reassuring update overall: With LFLs of 4% in Q3, LFLs of 5% year to date (BARC

Source: Bloomberg, Barclays Research

FY26 forecast of 3.6%), and the EPS guidance range of 13.6-14.8p unchanged (BARC 13.8p,

company consensus 13.9p), we believe that this trading update should reassure overall given

Market Cap (GBP mn) 1480the ongoing Middle East conflict. By region, APAC/EEME has improved slightly as Q3 progressed

Shares Outstanding (mn) 761.39but remains soft driven by the Gulf weakness. The UK remains very strong, whereas the US has

Free Float (%) 99.52softened as the period has progressed with headwinds from Spirit Airlines / softer passenger

52 Wk Avg Daily Volume (mn) 2.2data. FY26 results date announced as December 8th, when a key area of focus for us will be Free

Dividend Yield (%) 2.26Cash Flow (FCF). Whilst we will have to await the results for the details, the company's FCF

Return on Equity TTM (%) -33.14guidance for FY26 has been reiterated at >£100m.

Current BVPS (GBp) 0

Q3 LFLs +4% with acceleration in the latter part of the quarter albeit comps eased as the Source: Bloomberg