Aramark (ARMK.N): 3Q adj EBIT 2.0% ahead of consensus; FY26 organic growth guidance raised further

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11 Aug 2026 08:03:15 ET │ 11 pages

Aramark (ARMK.N)

3Q adj EBIT 2.0% ahead of consensus; FY26 organic growth guidance

raised further

CITI'S TAKE

ARMK's 3Q revenue/adj EBIT/adj EPS came in c.2%/2%/7% above VA

consensus estimates. The company updated its FY26 organic growth

guidance to +9-10% YoY vs previous guidance at "upper end of 7-9%

YoY". The narrative on the AI contracts is strong, with the first contract

with the 'Top Global Hyperscaler' now contributing to AOI, mobilization of

a 2nd site is underway and the scope of work across both sites expected

to increase ~40% from original estimates and supporting sites confirmed.

The separate co-locator contract is expected to mobilise in H1 2027, and

dialogues with other potential customers continues. Growth in the

underlying business was strong, with 'the strongest selling season in

recent history' in Education, and trends across other contract catering

end-markets strong. Aramark confirm existing 4Q consensus

expectations, although the new guidance profile raises questions for the

call.

Buy

Price (10 Aug 26 16:00)

US$55.71

Target price

US$70.50

Expected share price return

26.5%

Expected dividend yield

0.9%

Expected total return

27.5%

Market Cap

US$14,649M

Leo CarringtonAC

Ajay Nandal

Call logistics — Listen to the call here at 8:30am ET.

Implications — We like the profile of the Q3 and AI commentary, while if the lack of a

profit growth upgrade at Q4 is to do with the level of organic growth (selling

resources, ramp-up costs) we ultimately see this as a clear positive. With the stock

modestly below all-time highs, we see this release as a positive for the stock.