olivLaw · European equity research
SSP Group plc SSPG.L
United Kingdom · London Stock Exchange · ISIN GB00BGBN7C04 · Vertical: Listed companies from United Kingdom
SSP Group is a global food and beverage operator in airports, railway stations and other travel locations, present in 38 countries. In fiscal 2025 the company reported sales of £3.6bn and like-for-like growth of 4%, as management shifted to a tighter plan focused on returns and cash generation.
At the close of 05 Nov 2026, SSP Group plc (SSPG.L) stock was 1.90 GBP (−0.84% on the day), with market capitalisation 1.5 bn GBP, beta 0.94, 52-week range 1.39–2.14 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 55.9
- strong (55–70)
- Bollinger (20, 2)
- 1.74 – 1.92
- in the upper half of the band · %B 0.87 · band width 9.9%
- SMA 50 / 200
- 1.87 / 1.85
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.01 / -0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.6% | −0.6% | +1.2 pp | — |
| 3 months | −10.5% | −4.2% | −6.3 pp | — |
| 6 months | +18.2% | +4.3% | +13.9 pp | — |
| Year to date | −7.8% | +7.5% | −15.3 pp | — |
| 1 year | +25.9% | +9.9% | +16.0 pp | +5.8% |
| 3 years | +0.1% | +49.8% | −49.8 pp | +26.3% |
| 5 years | −32.3% | +42.8% | −75.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 3.0 bn | 3.4 bn | 3.6 bn |
| Revenue YoY | unavailable | +14.1% | +6.0% |
| Net income | 8.1 m | 27.4 m | -74.4 m |
| Net income YoY | unavailable | +238.3% | −371.5% |
| Diluted EPS | 0.01 | 0.03 | -0.09 |
| Diluted EPS YoY | unavailable | +240.0% | −373.5% |
| net % | 0.3% | 0.8% | -2.0% |
| Free cash flow | 258.8 m | 306.3 m | 517.4 m |
Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 342.0 m GBP
- Financial debt
- 916.2 m GBP
- Net debt
- 574.2 m GBP
- Equity
- 268.9 m GBP
- Total assets
- 3.4 bn GBP
- Debt / equity
- 3.41x
- Current ratio
- 0.44x
- ROE
- -22.8%
- ROA
- -2.3%
- FCF margin
- 14.2%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 3.0 bn | 3.4 bn | 3.6 bn | esef· 03 Feb 2026verified |
| Operating income | 166.8 m | 205.9 m | 86.1 m | esef· 03 Feb 2026verified |
| Interest expense | 96.2 m | 111.8 m | 117.1 m | esef· 03 Feb 2026verified |
| Pre-tax income | 88.1 m | 118.6 m | -10.4 m | esef· 03 Feb 2026verified |
| Income tax | 32.0 m | 33.1 m | 13.6 m | esef· 03 Feb 2026verified |
| Net income | 8.1 m | 27.4 m | -74.4 m | esef· 03 Feb 2026verified |
| Diluted EPS | 0.01 | 0.03 | -0.09 | esef· 03 Feb 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 303.3 m | 254.8 m | 342.0 m | esef· 03 Feb 2026verified |
| Receivables | 158.6 m | 166.7 m | 194.8 m | esef· 03 Feb 2026verified |
| Inventories | 42.4 m | 45.5 m | 45.6 m | esef· 03 Feb 2026verified |
| Current assets | 510.3 m | 477.0 m | 590.6 m | esef· 03 Feb 2026verified |
| Property, plant & equipment, net | 586.9 m | 696.8 m | 724.2 m | esef· 03 Feb 2026verified |
| Total assets | 2.9 bn | 3.2 bn | 3.4 bn | esef· 03 Feb 2026verified |
| Accounts payable | 741.1 m | 717.0 m | 868.9 m | esef· 03 Feb 2026verified |
| Short-term debt | 12.6 m | 12.2 m | 118.5 m | esef· 03 Feb 2026verified |
| Long-term debt | 682.8 m | 835.1 m | 797.7 m | esef· 03 Feb 2026verified |
| Current liabilities | 1.1 bn | 1.1 bn | 1.3 bn | esef· 03 Feb 2026verified |
| Total liabilities | 2.6 bn | 2.8 bn | 3.2 bn | esef· 03 Feb 2026verified |
| Equity | 322.1 m | 383.2 m | 268.9 m | esef· 03 Feb 2026verified |
| Shares outstanding at year end | — | 805.9 m | 800.0 m | esef· 03 Feb 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 478.7 m | 566.5 m | 742.2 m | esef· 03 Feb 2026verified |
| Capex | 219.9 m | 260.2 m | 224.8 m | esef· 03 Feb 2026verified |
| Free cash flow | 258.8 m ≈ | 306.3 m ≈ | 517.4 m ≈ | esef· 03 Feb 2026derived |
| Investing cash flow | -264.9 m | -413.9 m | -238.9 m | esef· 03 Feb 2026verified |
| Financing cash flow | -440.7 m | -187.0 m | -410.7 m | esef· 03 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.5 bn GBP
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.0% | 25 (vs peers) | 29% |
| Net margin · Quality | -2.0% | 26 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.7x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 34.0% | 100 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality25/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SSP GROUP PLC (SSPG.L). Latest full fiscal year: 2025; data up to 2025-09-30.
Figures computed from the financial statements: revenue 3.6 bn GBP in 2025; YoY growth 6.0%; net margin -2.0%; ROE -48.1%.
The estimated value range is 9.03–13.60 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 10.85 GBP, the price of 1.90 GBP leaves a potential of 471.2% (value / price − 1) and a margin of safety of 82.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 34.0%
- The price is below the estimated value range
What contradicts it
- ROIC: 8.0%
- Net margin: -2.0%
- Interest coverage: 0.7x
- Current ratio: 0.4x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| SSPG.LSsp Group PLC | 1.5 bn | — | -48.1% | -2.0% | +6.0% | +25% / −9% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for SSPG.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
SSP Group is a global food and beverage operator in airports, railway stations and other travel locations, present in 38 countries. In fiscal 2025 the company reported sales of £3.6bn and like-for-like growth of 4%, as management shifted to a tighter plan focused on returns and cash generation 1.
SWOT
Strengths
- Global presence across many countries and long-term contracts with airport and railway operators, with a high retention rate.
- A portfolio of own brands and partnerships with recognised names that supports like-for-like sales.
- Increased financial discipline, with lower capital expenditure and an improved return on capital.
Weaknesses
- Weak performance in Continental Europe, especially in France and Germany, has reduced overall profitability.
- Significant asset impairment in Continental Europe has reduced IFRS operating profit.
- Dependence on passenger volumes and contracts with terminal operators limits control over revenue.
Opportunities
- Growing demand for travel experiences and recovering volumes could support sales over the medium term.
- If renegotiation of unprofitable contracts succeeds, margins in Continental Europe could improve.
- Sustainable offers and plant-based options may attract climate-conscious customers and partners.
Threats
- Macroeconomic and political uncertainty could reduce discretionary spending on travel.
- Energy and raw material costs could rise because of carbon pricing policies.
- Competition for new contracts at airports and stations may pressure margins.
Risks
- Continental Europe performancehigh
Recovery of profitability in Continental Europe has been slower than anticipated, and the corrective plan depends on execution.
- Asset impairmenthigh
Impairment charges in Continental Europe significantly reduced IFRS results and could recur if performance does not improve.
- Travel demandmedium
A slowdown in passenger traffic in the UK and EU markets could reduce sales.
- Energy and raw material costsmedium
Carbon pricing and extreme weather could raise purchasing costs and limit the availability of some ingredients.
- Climate-related reputational risklow
If decarbonisation targets are not met, the company could lose clients or contracts.
Investment thesis
What would need to be true (bull case)
- If like-for-like sales remain on target and the Continental Europe corrective plan works, margins could rise and return on capital could stay high.
- A less indebted balance sheet and a share buyback programme could support shareholder value if cash generation holds.
- Global presence and long-term contracts could provide stability if air traffic remains robust.
What would break the thesis
- If Continental Europe does not reach its targets, results could remain below management's expectations.
- Asset impairments could recur if loss-making units are not corrected in time.
- Weaker travel demand under uncertain macroeconomic conditions could reduce sales and margins.
What to watch
- Like-for-like sales and margin trends in Continental EuropeH1 2026 results
- Progress of the overhead cost reduction programme and the corrective plan2026
- Leverage level and execution of the share buyback programmenext annual report
- Growth rate of passenger volumes in key markets2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
SSP Group plc runs restaurants, cafés and shops, both owned and franchised, along with partner brands, in transit locations such as airports, railway stations and bus stations. The company says it has focused on sustainable growth, profitability in Continental Europe, cost efficiency and better returns on capital investment, with approximately 49,000 colleagues across the Group 1. According to the annual report, its stated purpose is to be 'the best part of the journey' for customers 1.
The business model relies on contracts with airport and railway operators, own brands and brand partnerships, as well as joint ventures. The company reports indicators such as like-for-like sales growth, operating margin and ROCE, and ROCE was 18.7% in fiscal 2025 1. Cash and capital management have become a priority, leading to lower capital expenditure and a share buyback programme 1.
Management announced a new multi-year strategic and operational roadmap, and leadership changes include a new finance director and a new board composition 1. For investors, the opportunity lies in executing this plan, with results that can be verified in future reports.
Segments
Regional divisions
The annual report covers regional divisions such as North America, UK & Ireland, APAC & EEME, and Continental Europe. Management says North America, UK & Ireland and APAC & EEME traded strongly in fiscal 2025, while Continental Europe remained below expectations, mainly due to France and Germany 1.
Continental Europe
The Continental Europe division's operating margin was 2.2% in fiscal 2025, up from the prior year but below the 3% target 1. The company has announced renegotiation of unprofitable contracts, operating cost reductions and a restructuring of support functions as corrective measures 1.
Market context
The travel food sector depends on passenger volumes, discretionary travel spending and demand at airports and railway stations. The annual report notes that the desire for travel experiences continues to support growth in all regions, and air passenger volumes have fully recovered after the pandemic 1.
Management considers global travel demand to remain resilient, but says an uncertain macroeconomic and political environment and softer demand in some key markets in the second half of fiscal 2025 could influence future results 1.
Trends
- Recovery of passenger traffictailwind
Air volumes have fully recovered, and companies in the sector say interest in travel remains high, especially among younger generations 1. If this trend holds, it could support sales at transit locations.
- Softer demand in some marketsheadwind
The report mentions softer demand in some key travel markets in the second half of fiscal 2025, a factor that affected results, especially in Continental Europe 1.
- Climate transition and costsheadwind
The company's climate analysis shows that transition risks, such as rising energy and raw material costs from carbon pricing, are greater in the short term, while physical risks increase in the medium and long term 1.
- Digitalisation of orderingmixed
The expansion of digital ordering and payment systems supports sales growth, and a growing share of transactions already runs through these systems 1. The margin effect depends on how this translates into volume and average transaction value.
Competitive position
The annual report does not name direct competitors, but the airport and railway food market is competitive, with regional and international operators competing for contracts with terminal operators. The company stresses that retaining contracts, with a retention rate above 80%, is central 1.
The company's stated advantage lies in its leading positions in structurally growing markets, its like-for-like growth capabilities and its brand partnerships. It says it has won important contracts, such as those at New York's JFK Airport and Sydney Airport 1.
- Regional airport food operators
Not named in the source; competition comes from local operators winning airport and station contracts.
- Railway and station food operators
Competitors bidding for contracts in rail transit, identified only generically in the report.
- International partner brands and franchisors
Brand partnerships may compete indirectly for commercial space in the same terminals.
- Travel catering service providers
Competitors in the travel catering segment and food chains serving travellers.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202503 Feb 2026
- Annual report 202407 Jan 2025
Sources
- [1] Annual report, fiscal year ended 2025-09-30 (ESEF) · SEC / SSP Group plc · 30 Sept 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.