Full Year Results

Full-year results announcement for the year ended 30 September 2025

Double-digit operating profit growth with both regions performing strongly

Net new business growth in 4-5% target range for the fourth consecutive year

Group organic revenue growth of 8.7%:

· North America organic revenue up 9.1% and International up 7.7%

· Net new business growth of 4.5%, particularly strong in North America

· Group client retention rate continues to be strong at over 96%

· Secured new business of $3.8bn4, an 11%2 increase year on year

Underlying operating profit increased by 11.7%2 to over $3.3bn:

· Consistent underlying operating margin progress, increasing to 7.3% in H2 2025

· Strong cash generation with underlying free cash flow of $2.0bn; 88% conversion rate

Invested $1.5bn in capex (3.3% of revenue) and $1.3bn in M&A for future growth:

· Continuing to strengthen our business model as we leverage sectorisation with scale

· Expanding our total addressable market, now worth c.$360bn5, through additional capabilities

· Agreed to acquire Vermaat6, an exceptional premium food services business in Europe, for c.€1.5bn ($1.8bn)

· Integration of recent acquisitions ahead of schedule with M&A contributing to profit growth

Outlook:

· For 2026, we expect underlying operating profit growth2 of around 10% driven by organic revenue growth around 7.0%, around 2% profit growth from M&A (including Vermaat) and ongoing margin progression

· Longer term, we remain confident in sustaining mid-to-high single-digit organic revenue growth, ongoing margin progression and profit growth ahead of revenue growth

Statutory results:

· Revenue increased by 9.7% reflecting the strong trading performance

· Operating profit, including non-underlying charges related to business acquisitions and reshaping our portfolio, increased by 14.7% to $2,964m

1. Reconciliation of statutory to underlying results can be found in notes 2 (segmental analysis) and 14 (non-GAAP measures) to the consolidated financial statements.

2. Measured on a constant-currency basis.

3. Organic revenue change.

4. Annual revenue of new business wins in the last 12 months.

5. Based on management estimates.

6. Subject to regulatory approval.

Dominic Blakemore, Group Chief Executive, said:

"2025 was another strong year for Compass, delivering underlying operating profit growth of nearly 12%1 on a constant-currency basis, with both regions performing well. Net new business, the cornerstone of our growth, remained firmly within our 4-5% target range for the fourth consecutive year, underpinned by strong new business wins and client retention.

We are continuing to strengthen our business model, which leverages the flexibility of our bespoke sector portfolio with significant global scale, by investing in high-quality platform acquisitions in Europe. This provides us with further long-term value creation opportunities and follows our established and proven track record of successful M&A in North America, which has unlocked decades of high growth and strong returns.

Our latest agreement to acquire Vermaat2 in the Netherlands, an exceptional premium food services business, will further improve our delivery of tailored on-site concepts and innovative retail solutions, as well as bringing exceptional talent. Furthermore, the integration of completed acquisitions is progressing well, and following the conclusion of our disposal programme, are now contributing to profit growth.

This year's strong trading performance, combined with the significant market opportunity, which keeps expanding as we add new capabilities through M&A, reinforces our confidence in the sustainability of our long-term growth algorithm.

For 2026, we expect underlying operating profit growth3 of around 10%1 driven by organic revenue growth around 7.0%1, around 2% profit growth from M&A (including Vermaat) and ongoing margin progression. Longer term, we remain confident in sustaining mid-to-high single-digit organic revenue growth with ongoing margin progression, leading to profit growth ahead of revenue growth."

Results presentation today

Today, 25 November 2025, management will present Compass Group's Full Year 2025 results.

At 9:00 am (UK time), investors and analysts will be able to view a video presentation which will stream live on the Compass Group website at www.compass-group.com. An audio-only telephone option is available if you are unable to watch the video.

Following the video presentation, management will host a live Q&A session for investors and analysts. Participants must be connected by phone to ask a question during the conference call.

Participant dial in details:

Enquiries

Financial calendar

1. Alternative Performance Measure (APM). The Group's APMs are defined in note 14 (non-GAAP measures) and reconciled to GAAP measures in notes 2 (segmental analysis) and 14 to the consolidated financial statements.

2. Subject to regulatory approval.

3. Measured on a constant-currency basis.

Basis of preparation

Following the completion of our portfolio reshaping, the former Rest of World region accounts for c.5% of the Group's revenue on a pro forma basis. As a result, the Group's internal management reporting structure changed to combine Rest of World with Europe to form a new International region.

Throughout this Annual Results Announcement, and consistent with prior years, underlying and other alternative performance measures are used to describe the Group's performance alongside statutory measures (see page 6).

Strategy

We are focused on the provision of quality food services, with targeted support services where appropriate. We operate in an attractive market which we now estimate to be worth around $360bn1, of which we have less than 15% market share, providing us with a significant runway for long-term growth.

Nearly three-quarters of the market is still self-operated or serviced by regional players. With our unique sectorised business model and benefits of scale, Compass has a differentiated offering. As operational complexities and macroeconomic pressures persist, we continue to unlock first-time outsourcing opportunities. Our addressable market continues to expand, and we are investing in strategic acquisitions that provide us with additional capabilities and accelerate sub-sectorisation.

Our sectorised approach, global scale, digital capabilities and sustainability initiatives differentiate our offer and position us strongly to capture these growth opportunities. Increasingly, we are seen as a partner of choice, with clients listing our operational expertise and thought leadership as key differentiators.

Performance

In 2025, Compass delivered another strong performance, with underlying operating profit growth of 11.7%2 on a constant-currency basis, driven by organic revenue growth of 8.7%2 and a 10bps increase in underlying operating margin to 7.2%2. Statutory revenue and operating profit increased by 9.7% and 14.7%, respectively.

Underlying free cash flow was $1,975m2 (2024: $1,740m), an increase of 13.5% on the prior year. At 30 September 2025, leverage (net debt to underlying EBITDA) was within the Group's target range at 1.42.

The Group's strong balance sheet has enabled it to continue to invest for future growth. In 2025, capital expenditure was $1.5bn2, 3.3% of underlying revenue, and net M&A expenditure was $1.3bn. In October 2024, the Group acquired Dupont Restauration in France and, in January 2025, it acquired 4Service in Norway. In addition, during the year, the Group acquired several small businesses, mainly in the US and UK, and completed its portfolio reshaping, with the exit from four countries (Chile, Colombia, Mexico and Kazakhstan).

Revenue

Organic revenue growth of 8.7%2 was driven by strong net new business growth of 4.5%2, with pricing at around 3% and like-for-like volume growth of around 1%. The Group's client retention rate improved to 96.3%.

On a statutory basis, revenue increased by 9.7% to $46,070m (2024: $42,002m).

Profit

Underlying operating profit increased by 11.7%2 on a constant-currency basis, to $3,335m2, with underlying operating margin up 10bps to 7.2%2 (2024: 7.1%) as the Group benefited from operating leverage on its increased revenues.

Statutory operating profit was $2,964m (2024: $2,584m), an increase of 14.7%, with statutory operating margin of 6.4% (2024: 6.2%).

Statutory profit before tax of $2,584m (2024: $2,056m) includes net charges of $436m (2024: $693m) which are excluded from underlying profit before tax. During the year, acquisition-related charges totalled $370m (2024: $244m) and we incurred a net charge of $34m (2024: $373m) in relation to the completion of our strategic portfolio review to focus on the Group's core markets. Acquisition-related charges are mainly amortisation of acquired intangible assets, acquisition transaction and business integration costs, and adjustments to contingent consideration. Charges related to the strategic portfolio review mainly reflect the exit from four countries during the year (2024: five) and the discontinuation of a cross-market ERP programme in 2024.

2026 guidance

The Group expects to achieve underlying operating profit growth of around 10%2 in constant currency driven by organic revenue growth around 7.0%2, around 2% profit growth from M&A (including Vermaat) and ongoing margin progression. Underlying finance costs are expected to be c.$350m2 (including Vermaat). Our underlying effective tax rate is expected to be around 25.5%2.

Leverage is expected to be above our target range of 1-1.5 in 2026, peaking at the half-year, due to M&A activity.

1. Based on management estimates.

2. Alternative Performance Measure (APM). The Group's APMs are defined in note 14 (non-GAAP measures) and reconciled to GAAP measures in notes 2 (segmental analysis) and 14 to the consolidated financial statements.

Capital allocation

Our capital allocation framework is clear and unchanged. Our priorities are to invest in the business to fund growth opportunities, target a strong investment-grade credit rating with a leverage target of around 1-1.5 times net debt to underlying EBITDA and pay an ordinary dividend, with any surplus capital being returned to shareholders.

Growth investment consists of: (i) capital expenditure to support organic growth in both new business wins and retention of existing contracts; and (ii) bolt-on M&A opportunities that strengthen our capabilities and broaden our exposure. We have a proven track record of strong returns from our investment strategy as evidenced by our historical returns on capital employed.

Shareholder returns

Our dividend policy is to pay out around 50% of underlying earnings through an interim and final dividend, with the interim dividend reflecting around one-third of the total annual dividend. The Board has proposed a final dividend of 43.3c which, including the interim dividend of 22.6c, gives a total dividend of 65.9c for 2025.

Shareholders appearing on the Register of Members or holding their shares through CREST will automatically receive their dividends in sterling, but have the option to elect to receive their dividends in US dollars. Details on how to elect to receive the final dividend in US dollars are provided on page 10.

We prioritise investment in the business through capex and M&A to support future growth, with any surplus capital being returned to shareholders as we maintain our strong track record of delivering long-term, compounding shareholder returns.

People

People are the heartbeat of Compass. Every day, our chefs and front-line teams deliver world-class food and experiences for consumers, guided by the principles of respect, teamwork and growth that define our caring, winning culture.

We continually invest in our global workforce of over 590,000 colleagues, recognising that attracting, developing and retaining top talent is essential for achieving our objectives. Across our markets, we offer a wide range of programmes to support the growth of our people, while fostering a positive and supportive environment in which they can fulfil their career ambitions.

Our decentralised structure empowers local teams across the Group. When sourcing talent, we tailor our approach to reflect the needs of specific areas of the organisation. We are committed to building teams that represent the communities in which they operate, supported by inclusive hiring practices and targeted leadership development pathways.

We prioritise the health, safety and wellbeing of those involved in our operations worldwide. Our robust policies and procedures drive excellence in both food and personal safety, while ongoing workforce engagement fosters a thriving workplace for our colleagues and reinforces our commitment to ethical conduct and high standards of integrity.

Purpose

As a global food services leader we help advance climate action, nurture ethical supply chains and enrich lives in the communities we serve. It is the passionate leadership of our culinary community that drives innovation, fosters sustainable practices and inspires positive change throughout the organisation.

Our Planet Promise is the foundation of our sustainability ambitions. It reflects our commitment to achieving climate net zero across our global operations by 2050, tackling food waste at scale, and ensuring responsible and transparent sourcing. Achieving the Group's sustainability goals requires a multifaceted approach, and we continually refine our practices to ensure progress.

In 2025, the Group's overall greenhouse gas intensity ratio (normalised for revenue growth) decreased by 11% year on year across Scope 1, 2 and 3 emissions. This reflects an enhanced approach to measuring emissions in client kitchens, using detailed location-based factors and adjustments that account for inflation. To further strengthen supply chain integrity across our operations we launched a global Deforestation-Free Sourcing Policy. Meanwhile, our sustainable finance programme continued to unlock investment in responsible sourcing and inclusive procurement.

Embedding sustainability into our business not only reflects our values; it is a source of competitive advantage that strengthens client partnerships, builds consumer trust, and unlocks new opportunities for responsible growth.

Summary

The Group delivered another strong performance in 2025. Underlying operating profit increased nearly 12%1, driven by strong organic revenue growth in both regions and continued margin progression.

We have now grown net new business within our 4-5% target range for four consecutive years, supported by strong client retention rates of over 96%. This compares to a pre-pandemic net new business growth rate of around 3%, representing a step change in our performance.

Our market opportunity remains very attractive and is continuing to expand as we acquire additional capabilities by investing in the business through capex and M&A, particularly in Europe. Our business model combines the best of both worlds: the flexibility of our bespoke sector portfolio with global scale, which is crucial to our continued success.

We remain very positive about the significant runway for long-term growth and are confident in sustaining mid-to-high single-digit organic revenue growth with ongoing margin progression, leading to profit growth ahead of revenue growth.

Dominic Blakemore

Group Chief Executive Officer

24 November 2025

1. Alternative Performance Measure (APM). The Group's APMs are defined in note 14 (non-GAAP measures) and reconciled to GAAP measures in notes 2 (segmental analysis) and 14 to the consolidated financial statements.

Group performance

We manage and assess the performance of the Group using various underlying and other Alternative Performance Measures (APMs). These measures are not defined by International Financial Reporting Standards (IFRS) or other generally accepted accounting principles (GAAP) and may not be directly comparable with APMs used by other companies. Underlying measures reflect ongoing trading and, therefore, facilitate meaningful year-on-year comparison. The Group's APMs, together with the results prepared in accordance with IFRS, provide comprehensive analysis of the Group's results. Accordingly, the relevant statutory measures are also presented where appropriate. Certain of the Group's APMs are financial Key Performance Indicators (KPIs) which measure progress against our strategy. The Group's APMs are defined in note 14 (non-GAAP measures) and reconciled to GAAP measures in notes 2 (segmental analysis) and 14 to the consolidated financial statements.

Income statement

Statutory income statement

Revenue

On a statutory basis, revenue increased by 9.7% to $46,070m (2024: $42,002m).

Operating profit

Statutory operating profit was $2,964m (2024: $2,584m), an increase of 14.7%, with statutory operating margin of 6.4% (2024: 6.2%). Statutory operating profit includes non-underlying item charges of $371m (2024: $414m), including acquisition-related charges of $357m (2024: $235m) and $3m (2024: $170m) of charges related to the strategic portfolio review. Acquisition-related charges are mainly amortisation of acquired intangible assets, acquisition transaction and business integration costs, and adjustments to contingent consideration. Charges related to the strategic portfolio review mainly reflect the discontinuation of a cross-market ERP programme in 2024. A full list of non-underlying items is included in note 14 (non-GAAP measures).

Net gain or loss on sale and closure of businesses

The Group has recognised a net loss of $31m (2024: $203m) on the sale and closure of businesses, including exit costs of $25m (2024: $92m) and a charge of $69m (2024: $250m) in respect of the reclassification of cumulative currency translation differences. The Group exited four countries during the year (2024: five), which completed its strategic portfolio review.

Finance costs

Finance costs increased to $349m (2024: $325m) mainly reflecting higher net borrowings during the year.

Tax expense

Profit before tax was $2,584m (2024: $2,056m) giving rise to an income tax expense of $704m (2024: $642m), equivalent to an effective tax rate of 27.2% (2024: 31.2%). As the underlying effective tax rate is unchanged, the decrease in the rate reflects the impact of the treatment of the different non-underlying items.

Earnings per share

Basic earnings per share was 110.1c (2024: 82.3c), an increase of 33.8%, reflecting the higher underlying profit for the year, together with lower charges in respect of the strategic portfolio review.

Underlying income statement

Revenue

Organic revenue growth of 8.7% was driven by strong net new business growth of 4.5%, with pricing at around 3% and like-for-like volume growth of around 1%. The Group's client retention rate improved to 96.3%.

Operating profit

Underlying operating profit increased by 11.7% on a constant-currency basis, to $3,335m, with underlying operating margin up 10bps to 7.2% (2024: 7.1%) as the Group benefited from operating leverage on its increased revenues.

Finance costs

Underlying finance costs increased to $315m (2024: $249m) mainly reflecting both higher net borrowings and effective interest rates during the year.

Tax expense

On an underlying basis, the tax charge was $770m (2024: $702m), equivalent to an effective tax rate of 25.5% (2024: 25.5%).

Earnings per share

On a constant-currency basis, underlying basic earnings per share increased by 11.1% to 131.9c (2024: 118.7c) reflecting the higher profit for the year.

Balance sheet

Liquidity

The Group finances its operations through cash generated by the business and borrowings from a number of sources, including banking institutions, the public and the private placement markets. The Group has developed long-term relationships with a number of financial counterparties with the balance sheet strength and credit quality to provide credit facilities as required.

The Group seeks to avoid a concentration of debt maturities in any one period to spread its refinancing risk. In December 2024, a $100m US Private Placement (USPP) note matured and was repaid. In June 2025, the Group issued a €700m ($813m) fixed-rate bond maturing in June 2032. The new bond effectively pre-financed a £250m ($337m) Eurobond and $300m USPP note which matured and were repaid in September 2025. The maturity profile of the Group's principal borrowings at 30 September 2025 shows that the average period to maturity is 4.8 years (2024: 4.6 years).

The Group's USPP notes contain leverage and interest cover covenants which are tested semi-annually at 31 March and 30 September. The leverage covenant test stipulates that consolidated net debt must be less than or equal to 3.5 times consolidated EBITDA. The interest cover covenant test stipulates that consolidated EBITDA must be more than or equal to 3 times consolidated net finance costs. Consolidated EBITDA and net finance costs are based on the preceding 12 months. The leverage and interest cover ratios were 1.2 and 17.4, respectively, at 30 September 2025. Net debt, consolidated EBITDA and net finance costs are subject to certain accounting adjustments for the purposes of the covenant tests.

At 30 September 2025, the Group had access to $5,475m (2024: $3,236m) of liquidity, including a Revolving Credit Facility (RCF) committed to February 2030 of $3,200m (2024: $2,683m), which was fully undrawn, together with $512m (2024: $553m) of cash, net of overdrafts, and an additional facility of €1.5bn ($1.8bn), committed to October 2027, to provide interim financing for the acquisition of Vermaat Groep B.V.. Our credit ratings remain strong investment grade: Standard & Poor's A/A-1 long-term/short-term (outlook Stable); and Moody's A2/P-1 long-term/short-term (outlook Stable).

Net debt

Net debt has increased by $1,027m to $6,418m (2024: $5,391m). The Group generated $1,865m of free cash flow, after capital expenditure of $1,514m, which was more than offset by $1,236m spent on the acquisition of businesses, net of disposal proceeds, dividends of $1,047m and the completion of the share buyback of $115m. Adverse exchange translation was $171m.

At 30 September 2025, the ratio of net debt to underlying EBITDA was 1.4 (2024: 1.3). Our leverage policy is to maintain strong investment-grade credit ratings and to target net debt to underlying EBITDA in the range of 1-1.5.

Post-employment benefits

The Group has continued to monitor its pension obligations, working closely with the trustees and actuaries of its schemes to ensure appropriate assumptions are used and adequate contributions are made.

The accounting surplus in the Compass Group Pension Plan (UK Plan) is $327m at 30 September 2025 (2024: $542m). In December 2024, the UK Plan entered into a buy-in whereby c.98% of its liabilities of $1.8 billion at 30 September 2025 are covered by an insurance arrangement which protects the Group's balance sheet from future volatility in financial markets and longevity rates in respect of these liabilities.

The deficit in the rest of the Group's defined benefit pension schemes has increased to $1,395m (2024: $1,274m). The net deficit in these schemes is $125m (2024: $154m), including investments of $1,270m (2024: $1,120m) held in respect of unfunded pension schemes and the US Rabbi Trust arrangements which do not meet the definition of pension assets under IAS 19 Employee Benefits.

The total pensions operating charge for defined contribution schemes in the year was $340m (2024: $289m) and $44m (2024: $41m) for defined benefit schemes.

Return on capital employed

Return on capital employed of 18.2% (2024: 19.0%) includes the impact of acquisitions on capital employed. Excluding acquisitions, return on capital employed would have increased in 2025, driven by the Group's strong trading performance.

Cash flow

Free cash flow

Free cash flow totalled $1,865m (2024: $1,675m). During the year, we made cash payments totalling $21m (2024: $24m) in relation to strategic programmes and the one-off pension charge. Adjusting for this, and for acquisition transaction costs of $89m (2024: $41m) which are reported as part of operating cash flow, underlying free cash flow was $1,975m (2024: $1,740m), with underlying free cash flow conversion at 87.8% (2024: 85.0%).

Capital expenditure of $1,514m (2024: $1,541m) is equivalent to 3.3% (2024: 3.7%) of underlying revenue. The working capital outflow, excluding provisions and pensions, was $40m (2024: inflow of $186m). The net interest outflow increased to $290m (2024: $228m) consistent with the higher underlying finance costs in the year. The net tax paid was $653m (2024: $693m), which is equivalent to an underlying cash tax rate of 21.6% (2024: 25.2%).

Acquisition and disposal of businesses

The Group spent $1,402m (2024: $1,224m) on business acquisitions during the year, net of cash acquired, including $701m on Dupont Restauration in France and 4Service in Norway (including the repayment of acquired borrowings), $425m on bolt-on acquisitions and interests in joint ventures and associates, and $276m of deferred and contingent consideration and other payments relating to businesses acquired in previous years.

The Group received $166m (2024: $225m) in respect of disposal proceeds net of exit costs, which primarily comprises the sale of businesses in four countries during the year.

Including $89m (2024: $41m) of acquisition transaction costs included in net cash flow from operating activities, the total net cash spent on the acquisition and disposal of businesses is $1,325m (2024: $1,040m).

Sale of 19% effective interest in ASM Global Parent, Inc.

In 2025, the Group paid the tax on the sale of its 19% effective interest in ASM Global Parent, Inc., which completed in 2024.

Dividends paid

Dividends paid in 2025 of $1,047m represents the 2024 final dividend ($670m) and the 2025 interim dividend ($377m).

Purchase of own shares

The cash outflow in respect of the completion of the $500m share buyback announced in November 2023 totalled $115m during the year.

Foreign exchange translation

The $171m (2024: $143m) loss on foreign exchange translation of net debt primarily arises in respect of the Group's euro debt.

Other movements

Other movements include the purchase and sale of trade investments which are excluded from free cash flow and lease liabilities acquired through business acquisitions.

Shareholder returns

Our dividend policy is to pay out around 50% of underlying earnings through an interim and final dividend, with the interim dividend reflecting around one-third of the total annual dividend.

In determining the level of dividend in any year, the Board considers a number of factors, which include but are not limited to:

· the level of available distributable reserves in the Parent Company

· future cash commitments and investment requirements to sustain the long-term growth prospects of the business

· potential strategic opportunities

· the level of dividend cover

Further surpluses, after considering the matters set out above, may be distributed to shareholders over time by way of special dividend payments, share repurchases or a combination of both.

Compass Group PLC, the Parent Company of the Group, is a non-trading investment holding company which derives its distributable reserves from dividends paid by subsidiary companies. The level of distributable reserves in the Parent Company is reviewed annually and the Group aims to maintain distributable reserves that provide adequate cover for shareholder returns. The distributable reserves of the Parent Company include the distributable portion of retained earnings and the own shares reserve, which total £2,305m at 30 September 2025 (2024: £2,457m).

An interim dividend of 22.6c per share (2024: 20.7c per share), $377m in aggregate, was paid in July 2025. It is proposed that a final dividend of 43.3c per share (2024: 39.1c per share), $735m in aggregate, be paid on 26 February 2026 to shareholders on the register on 16 January 2026. This will result in a total dividend for the year of 65.9c per share (2024: 59.8c per share), $1,112m in aggregate (2024: $1,027m). The dividend is covered 2.0 times on an underlying earnings basis.

Shareholders appearing on the Register of Members or holding their shares through CREST will automatically receive their dividends in sterling, but have the option to elect to receive their dividends in US dollars. The closing date for the receipt of dividend currency elections is 2 February 2026. The sterling equivalent of the 2025 final dividend will be announced on 10 February 2026.

For shares held in certificated form on the register, US dollar elections can be made by contacting our share registrar, MUFG Corporate Markets. MUFG's contact details can be found on our website under Dividend Information.

A Dividend Reinvestment Plan (DRIP) will be available. The last date for receipt of elections for the DRIP will be 5 February 2026.

The Group is in a strong position to fund its dividend, which is well covered by cash generated by the business. Details of the Group's going concern assessment can be found on page 28. The ability of the Board to maintain its future dividend policy will be influenced by a number of the principal risks identified on pages 15 to 19 that could adversely impact the performance of the Group, although we believe we have the ability to mitigate those risks as outlined on pages 15 to 19.

The $500m share buyback announced in November 2023 was completed in December 2024, with a cash outflow of $115m during the year. We prioritise investment in the business through capex and M&A to support future growth, with any surplus capital being returned to shareholders as we maintain our strong track record of delivering long-term, compounding shareholder returns.

Treasury

The Group manages its liquidity, foreign currency exposure and interest rate risk in accordance with the policies set out below.

The Group's financial instruments comprise cash, borrowings, receivables and payables that are used to finance the Group's operations. The Group also uses derivatives, principally interest rate swaps, forward currency contracts and cross currency swaps, to manage interest rate and currency risks arising from the Group's operations. The Group does not trade in financial instruments. The Group's treasury policies are designed to mitigate the impact of fluctuations in interest rates and exchange rates and to manage the Group's financial risks. The Board approves any changes to the policies.

Foreign currency risk

The Group's policy is to balance its principal projected cash flows by currency with actual or effective borrowings in the same currency. As currency cash flows are generated, they are used to service and repay debt in the same currency. Where necessary, to implement this policy, forward currency contracts and cross currency swaps are taken out which, when applied to the actual currency borrowings, convert these to the required currency.

The borrowings in each currency can give rise to foreign exchange differences on translation. Where the borrowings are less than, or equal to, the net investment in overseas operations, these exchange rate variances may be treated as movements on reserves and recorded in the consolidated statement of comprehensive income rather than in the consolidated income statement.

Non-dollar earnings streams are translated at the average rate of exchange for the year. Fluctuations in exchange rates have given, and will continue to give, rise to translation differences. The Group is only partially protected against the impact of such differences through the matching of cash flows to currency borrowings.

Interest rate risk

As set out above, the Group has effective borrowings in a number of currencies and its policy is to ensure that, in the short term, it is not materially exposed to fluctuations in interest rates in its principal currencies. The Group implements this policy either by borrowing fixed-rate debt or by using interest rate swaps or options so that the interest rates on at least 80% of the Group's projected debt are fixed or capped for one year. For the second, third and fourth years (and beyond), interest rates are fixed within ranges of 50% to 100%, 30% to 70% and 0% to 40% of projected debt, respectively.

Tax

As a Group, we are committed to creating long-term shareholder value through the responsible, sustainable and efficient delivery of our key business objectives. This will enable us to grow the business and make significant investments in the Group and its operations.

We adopt an approach to tax that supports this strategy and also balances the various interests of our stakeholders, including shareholders, governments, employees and the communities in which we operate. Our aim is to pursue a principled and sustainable tax strategy that has strong commercial merit and is aligned with our business strategy. We believe this will enhance shareholder value whilst protecting our reputation.

In doing so, we act in compliance with the relevant local and international laws and disclosure requirements, and we conduct an open and transparent relationship with the relevant tax authorities that fully complies with the Group's Code of Business Conduct and Business Integrity Policy.

After many years of operation, the Group has numerous legacy subsidiaries across the world. Whilst some of these entities are incorporated in low-tax territories, Compass does not seek to avoid tax through the use of tax havens.

In an increasingly complex international corporate tax environment, a degree of tax risk and uncertainty is, however, inevitable. Tax risk can arise from unclear regulations and differences in interpretation but, most significantly, where tax authorities apply diverging standards in assessing intra-group cross-border transactions. This is the situation for many multinational organisations. We manage and control these risks in a proactive manner and, in doing so, exercise our judgement and seek appropriate advice from relevant professional firms. Tax risks are assessed as part of the Group's formal governance process and are reviewed by the Board and the Audit Committee on a regular basis.

Risks and uncertainties

The Board takes a proactive approach to risk management aimed at protecting the Group's employees, clients and consumers and safeguarding the interests of the Company and its shareholders in a constantly changing environment.

The principal risks and uncertainties facing the business, and the activities the Group undertakes to mitigate these, are set out on pages 15 to 19.

Related party transactions

Details of transactions with related parties are set out in note 12 to the consolidated financial statements. These transactions have not had, and are not expected to have, a material effect on the financial performance or position of the Group.

Going concern

The factors considered by the directors in assessing the ability of the Group to continue as a going concern are discussed on page 28.

The Group has access to considerable financial resources, together with longer-term contracts with a number of clients and suppliers across different geographic areas and industries. As a consequence, the directors believe that the Group is well placed to manage its business risks successfully.

Based on the assessment discussed on page 28, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for at least the period of 12 months from the date of approval of the consolidated financial statements. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

North America - 68.1% of Group underlying revenue (2024: 67.8%)

Underlying

Operating profit increased by 10.7% on a constant-currency basis, to $2,582m, as the region benefited from strong organic revenue growth of 9.1%. This was driven by strong levels of net new business, appropriate levels of pricing and good like-for-like volume growth. Client retention rates remained very strong at 97%. While all our main sectors performed well, Business & Industry was particularly impressive with the highest organic growth rate in the region.

Operating margin was 8.2%. We continued to strengthen our market position through targeted acquisitions and spent $438m (net) on M&A in the region during the year. Our North America acquisition strategy has a particular focus on Canteen, our vending and unattended market business, where we are continuing to enhance our capabilities.

Statutory

Statutory revenue increased by 9.9% to $31,398m reflecting the strong organic revenue growth.

Statutory operating profit was $2,471m (2024: $2,251m), with the difference compared to underlying operating profit being acquisition-related charges of $111m (2024: $84m).

International - 31.9% of Group underlying revenue (2024: 32.2%)

Underlying

Operating profit increased by 12.9% on a constant-currency basis, to $904m, driven by strong organic revenue growth of 7.7% and good margin progress. Organic revenue was driven by good net new business growth, appropriate levels of pricing and increasing like-for-like volumes. Client retention rates were 95%, significantly higher than our pre-pandemic level, as we benefited from investments in people, systems and processes. We experienced growth across all sectors, with the strongest rates in Business & Industry and Sports & Leisure.

Operating margin increased by 20bps to 6.1% as the region benefited from operational leverage on the investments it has already made in growth and retention. We are continuing to invest in M&A to further enhance our capabilities in the region, spending $887m (net) during the year, mainly on Dupont Restauration in France and 4Service in Norway. In July, we agreed to acquire Vermaat Groep B.V. in the Netherlands, subject to regulatory approval. During the year, we also completed the exits from our operations in Chile, Colombia, Mexico and Kazakhstan as we became an even more focused business.

Statutory

Statutory revenue increased by 9.1% to $14,672m, with the difference between statutory and underlying revenue being the presentation of the share of results of our joint ventures in the Middle East.

Statutory operating profit was $645m (2024: $604m), with the difference compared to underlying operating profit primarily reflecting acquisition-related charges of $246m (2024: $151m).

Identifying and managing risk

The Board takes a proactive approach to risk management aimed at protecting the Group's employees, clients and consumers and safeguarding the interests of the Company and its shareholders in a constantly changing environment.

Risk management is an essential element of business governance. The Group has policies, processes and procedures to ensure risks are identified, evaluated and managed appropriately. Identifying and managing risks and opportunities, developing action plans, and monitoring progress against agreed Key Performance Indicators (KPIs) are integral to business processes and core activities throughout the Group.

In compliance with Provision 28 of the UK Corporate Governance Code 2018 (the Code), the Board has conducted a robust assessment of the Company's emerging and principal risks, and the following pages outline the Board's approach to risk management and mitigation, the principal risks of the Company, and the procedures in place to identify emerging risks.

Risk management framework

The Board has overall responsibility for risk management including setting policies and procedures, overseeing the internal control framework, reviewing principal risks, setting risk appetite and promoting a risk management mindset throughout the business.

The Board has approved a Risk Management Policy. In accordance with the policy, a formal risk management process is in operation. The Group assesses and prioritises its principal risks biannually. This process is in line with the Financial Reporting Council's Guidance on Risk Management, Internal Control and Related Financial Business Reporting 2014 and aims to manage rather than eliminate the risk of failure to achieve the Group's strategic objectives, safeguard the Group's assets against material loss, fairly report the Group's performance and position, and ensure compliance with relevant legislation, regulation and best practice including social, environmental and ethical matters. This provides reasonable, but not absolute, assurance against material misstatement or loss.

The Board delegates aspects of risk management, with the Executive Committee responsible for the day-to-day management of significant risk, and the Audit Committee responsible for the oversight of Compass' risk management systems and internal controls. The Group Director of Risk and Internal Audit maintains the risk management framework including the Risk Management Policy.

The Audit Committee annually reviews the effectiveness of the Group's approach to risk management and any changes to the Risk Management Policy, and recommends the principal risks and uncertainties disclosures made in the Annual Report and Accounts to the Board for approval.

Country and regional leadership teams review risks and controls regularly. Risk updates are part of periodic management reviews and are regularly reviewed by the Regional Governance Committees (RGCs) and the Executive Committee.

Emerging and developing risks are identified dynamically at all levels, providing a comprehensive assessment of key risks. The risks are considered by the Board twice a year. Risks are considered at gross and net levels to understand their impact and likelihood of occurrence before and after controls and mitigations. Risk management plans are developed for all significant risks and include a clear description of the nature of the risk, quantification of the potential impact and likelihood of occurrence, the owners for each risk, and details of the controls and mitigations in place. Risks are assessed in terms of percentage profit before interest and tax (PBIT) impact in accordance with the criteria set out in the Board-approved Risk Management Policy.

All country and Group-level risks are assigned risk owners and, together with the mitigations, are recorded in the central risk reporting system.

As part of the biannual certificate of assurance, all Group companies confirm they have performed a review of their major risks, that their risk register is complete and aligned with the Group's strategic objectives, and that they have effective arrangements in place to identify, assess and develop responses to these risks. The Chair of the Audit Committee reports to the Board on any matters arising from the Committee's review of the risk management and internal control processes.

The Audit Committee reviews the adequacy and effectiveness of the Company's and Group's internal controls and risk management systems.

Risk appetite

The Board sets the level of risk the Company is willing to take to meet its strategic objectives. This risk appetite is communicated to the Group's businesses through strategy planning and internal risk governance and control frameworks.

The Board balances risk mitigation with flexibility to maintain the entrepreneurial spirit that drives the Group's success. The Board reviews the three-year business plan and strategic risks to set risk appetite. Specific financial risks such as funding and liquidity, counterparty, foreign exchange and interest rate risk are managed through Board-approved treasury policies. Compliance with legal and regulatory requirements is mandatory.

New and emerging risks

The Board identifies emerging risks and scans for potential risks over the medium to long-term. These risks are identified through the Group's risk management framework, and direct feedback from management, after taking into account changing operating conditions, and market and consumer trends. The Group's FY2025 major risk assessment process did not identify any new principal or emerging risks.

The democratisation of generative artificial intelligence (AI) has given widespread access to powerful online AI services for content creation. This opportunity continues to present several emerging risks including breach of data confidentiality and data privacy, and other intellectual property-related risks. In response, to mitigate these risks, Compass has implemented principles-based rules that apply globally, and we have developed a framework for responsible use of AI to support all our markets.

Our principal risks

All risks disclosed in previous years can be found in the annual reports available on our website, www.compass-group.com. These risks remain important to the business and are kept under regular review. The principal risks and uncertainties facing the business at the date of this Report are set out on pages 15 to 19. These risks are not listed in any order of priority.

Other risks

The principal risks do not comprise all the risks that the Group may face. The Group faces a number of operational risks on an ongoing basis, such as litigation, and financial and non-financial reporting risks. Additional risks and uncertainties not presently known to management, or which are considered to be remote or are deemed to be less material at the date of this Report, may also have an adverse effect on the Group.

1. Data privacy, which last year was included in Cyber-security, has this year been included as part of the Business ethics and integrity risk.

In accordance with provision 31 of the UK Corporate Governance Code 2018, the directors have assessed the Group's viability, considering its current trading performance, financial position, financing, strategic plan and principal risks.

Business prospects

The Board has considered the long-term prospects of the Group based on its business model, strategy and markets. Compass is a global leader in food services and the geographical and sector diversification of the Group's operations helps to minimise the risk of serious business interruption or catastrophic damage to its reputation. The Group's business model is structured so that it is not reliant on one group of clients or sector. The Group's largest client constitutes 2% of underlying revenue1, with the top 10 clients accounting for 9%.

Assessment

The directors have determined that a three-year period to 30 September 2028 is an appropriate period over which to provide the Group's viability statement on the basis that it is the period reviewed by the Board in its strategic planning process and is aligned to the typical length of the Group's contracts (three to five years). The directors believe that this presents the Board and readers of the Annual Report with a reasonable degree of confidence over this longer-term outlook.

The Board's assessment of the Group's viability comprises the following business processes:

· Risk management process

The Group operates a formal risk management process under which the Group's principal risks are assessed and prioritised biannually. Risks and corresponding controls and mitigations are reviewed by country and regional leadership teams on an ongoing basis. The findings of the risk reviews, including the principal risks and any developing trends, are reported to the Board twice a year. In making its viability assessment, the Board carried out a robust evaluation of the emerging and principal risks facing the Group (see pages 15 to 19), including those that would threaten its business model, future performance, solvency or liquidity.

· Strategic planning process

The Board considers annually a three-year, bottom-up strategic plan and a more detailed budget which is prepared for the following year. Current-year business performance is reforecast during the year. The plan is reviewed and approved by the Board, with involvement throughout from the Group CEO, Group CFO and the executive team. The Board's role is to consider the appropriateness of key assumptions, taking into account the external environment and business strategy. The most recent three-year plan was approved by the Board in November 2025.

· Headroom and covenant analysis

At 30 September 2025, the Group's financing arrangements included a Revolving Credit Facility (RCF) of $3.2bn, committed to February 2030, which was fully undrawn, together with $0.5bn of cash, net of overdrafts, and an additional facility of €1.5bn ($1.8bn), committed to October 2027, to provide interim financing for the acquisition of Vermaat Groep B.V.. Term debt maturities in the three-year period total $1.2bn. Based on the forecast cash flows in the strategic plan, the maturing debt is expected to be refinanced during the three-year period to 30 September 2028 to maintain the desired level of headroom. The Group's long-term (A/A2) and short-term (A-1/P-1) credit ratings and well-established presence in the debt capital markets provide the directors with confidence that the Group could refinance the maturing debt and facilities as required.

A reverse stress test has been undertaken to identify the circumstances that would cause the Group to breach the headroom against its committed facilities or the financial covenants on its US Private Placement (USPP) debt. At 30 September 2025, the nominal value of USPP debt outstanding totalled $300m (2024: $700m). The USPP debt matures in December 2026. The reverse stress test, which removes discretionary M&A expenditure as a mitigating action, shows that underlying operating profit1 would have to reduce by more than 60% of the strategic plan level before the leverage covenant is reached. The refinancing requirement is not accelerated in the reverse stress test as a mitigating action given the strong liquidity position of the Group.

The principal risks that would have the most significant impact on the Group's business model, future performance, solvency or liquidity are another pandemic and associated containment measures and geopolitical tensions, and these, together with the other principal risks identified on pages 15 to 19, have been considered as part of the viability assessment. Specific scenarios based on the principal risks have not been modelled on the basis that the level of headroom to absorb the occurrence of such risks is substantial and there is a range of other actions available that could be implemented to mitigate the potential impact.

1. Alternative Performance Measure (APM). The Group's APMs are defined in note 14 (non-GAAP measures) and reconciled to GAAP measures in notes 2 (segmental analysis) and 14 to the consolidated financial statements.

Substantial mitigating actions were identified and implemented as part of the Group's COVID-19 pandemic response in 2020, including reducing capital expenditure, resizing the cost base, renegotiating client contracts, pausing M&A activity and shareholder returns, raising equity, negotiating covenant waivers and securing additional committed funding. These actions illustrate the flexibility the Group has to mitigate the impact of adverse events.

Conclusion

Based on the results of this analysis, the Board has a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over the three-year period to 30 September 2028.

Petros Parras

Group Chief Financial Officer

24 November 2025

Consolidated income statement

For the year ended 30 September 2025

Consolidated statement of comprehensive income

For the year ended 30 September 2025

Consolidated statement of changes in equity

For the year ended 30 September 2025

Consolidated statement of changes in equity

For the year ended 30 September 2025

Consolidated balance sheet

At 30 September 2025

Approved by the Board of Directors on 24 November 2025 and signed on its behalf by:

Dominic Blakemore, Director Petros Parras, Director

Consolidated cash flow statement

For the year ended 30 September 2025

Notes to the consolidated financial statements

For the year ended 30 September 2025

1 Basis of preparation

Introduction

The consolidated financial statements of Compass Group PLC (the Company) have been prepared on a going concern basis, as discussed below, in accordance with UK-adopted International Accounting Standards. The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain financial instruments.

The financial information set out below does not constitute the Company's statutory accounts for the years ended 30 September 2025 or 2024, but is derived from those accounts. Statutory accounts for 2024 have been delivered to the Registrar of Companies and those for 2025 will be delivered following the Company's Annual General Meeting. The auditor has reported on those accounts. The reports of the auditor were unqualified, did not draw attention to any matters by way of emphasis without qualifying its reports and did not contain statements under section 498 (2) or (3) of the Companies Act 2006.

Going concern

The directors consider it appropriate to prepare the financial statements on a going concern basis for the reasons stated below.

At 30 September 2025, the Group's borrowings of $5.4bn included Eurobonds ($4.4bn), US Private Placement (USPP) notes ($0.3bn) and commercial paper ($0.6bn). The Group's financing arrangements also included a Revolving Credit Facility (RCF) of $3.2bn, committed to February 2030, which backs up the commercial paper and was fully undrawn, together with $0.5bn of cash, net of overdrafts, and an additional facility of €1.5bn ($1.8bn), committed to October 2027, to provide interim financing for the acquisition of Vermaat Groep B.V..

The USPP notes are subject to leverage and interest cover covenants which are tested on 31 March and 30 September each year. The Group met both covenants at 30 September 2025. The liquidity position of the Group has remained substantially unchanged at the date of approving the consolidated financial statements.

The directors have prepared monthly cash flow projections for a period of 12 months from the date of approval of the consolidated financial statements (assessment period). There is one term debt maturity in the assessment period, a £250m ($337m) Eurobond in June 2026. The commercial paper outstanding at 30 September 2025 matured in October. No refinancing of debt is assumed in the going concern assessment.

The cash flow projections show that the Group has significant headroom against its committed facilities and meets its financial covenant obligations under the USPP notes. A stress test has been used to determine the performance level that would result in a reduction in headroom against the committed facilities to nil or a breach of the covenants. The leverage covenant would be reached if underlying operating profit reduced by more than 60%, which the directors do not consider to be likely based on recent trading performance. The stress test assumes no new business acquisitions (except for Vermaat Groep B.V.) as the only mitigating action.

Consequently, the directors are confident that the Group will have sufficient funds to continue to meet its liabilities as they fall due for at least the period of 12 months from the date of approval of the consolidated financial statements and, therefore, have prepared the financial statements on a going concern basis.

Changes in accounting policies

There were no new accounting standards or amendments to existing standards effective in the current year that had a significant impact on the Group's consolidated financial statements. There are a number of changes to accounting standards, effective in future years, which are not expected to significantly impact the Group's consolidated financial statements.

Notes to the consolidated financial statements

For the year ended 30 September 2025

1 Basis of preparation (continued)

Judgements

The preparation of the consolidated financial statements requires management to make judgements in respect of the application of its accounting policies which impact the reported amounts of assets, liabilities, income and expenses.

Whilst there are no judgements that management considers to be critical in the preparation of these financial statements, there is a significant judgement in respect of the classification of cash payments relating to contract fulfilment assets in the cash flow statement.

With the exception of contract fulfilment assets, cash payments in respect of contract balances are classified as cash flows from operating activities. The Group classifies additions to contract fulfilment assets as cash flows from investing activities as they arise from cash payments in relation to assets that will generate long-term economic benefits. During the year, the purchase of contract fulfilment assets classified as cash flows from investing activities was $492m (2024: $508m).

Estimates

The preparation of the consolidated financial statements requires management to make estimates which impact the reported amounts of assets, liabilities, income and expenses. These estimates are based on historical experience and other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Major sources of estimation uncertainty

The Group's major source of estimation uncertainty is in relation to goodwill in the UK cash-generating unit on the basis that a reasonably possible change in key assumptions could have a material effect on the carrying amount in the next 12 months (see note 7).

Following a buy-in entered into in December 2024, whereby c.98% of the Compass Group Pension Plan's liabilities of $1.8bn at 30 September 2025 are covered by an insurance arrangement, post-employment benefit obligations are no longer considered to be a major source of estimation uncertainty.

Other sources of estimation uncertainty

In addition to the major source of estimation uncertainty, tax, acquisition intangibles and post-employment benefit obligations have been identified as other sources of estimation uncertainty. Whilst not considered to be major sources of uncertainty as defined by IAS 1 Presentation of Financial Statements, the recognition and measurement of certain material assets and liabilities are based on assumptions and/or are subject to longer-term uncertainties.

Climate change

Climate change is identified as a principal risk as it may cause food insecurity, sourcing and supply chain issues in some of the Group's markets (see page 17). The potential impact of climate change has been assessed with scenario analysis conducted in line with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. The Group has a commitment to reach climate net zero greenhouse gas (GHG) emissions across its global operations and value chain by 2050.

The potential impact of climate change and the Group's net zero commitments on the following areas has been considered:

There was no impact on the reported amounts in the financial statements as a result of this review.

Notes to the consolidated financial statements

For the year ended 30 September 2025

2 Segmental analysis

Notes to the consolidated financial statements

For the year ended 30 September 2025

2 Segmental analysis (continued)

3 Operating costs

Notes to the consolidated financial statements

For the year ended 30 September 2025

4 Tax

The income tax expense for the year is based on the effective UK statutory rate of corporation tax for the period of 25% (2024: 25%). Overseas tax is calculated at the rates prevailing in the respective jurisdictions.

The global nature of the Group's operations gives rise to various factors which could affect the future tax rate. These include the mix of profits, changes to overseas statutory tax rates or tax legislation and the foreign exchange rates applicable when those profits are translated into US dollars. The future tax charge may also be affected by the impact of acquisitions, disposals or other restructuring activities and the resolution of open issues with tax authorities.

The Group has operations in over 25 countries. The tax position in each country is often not agreed with the tax authorities until some time after the relevant period end and, if subject to a tax audit, may be open for an extended period. In these circumstances, the recognition of tax liabilities and assets requires management estimation to reflect a variety of factors, including historical experience, interpretations of tax law and the likelihood of settlement.

The international corporate tax environment remains complex and the sustained increase in audit activity from tax authorities means that the potential for tax uncertainties and disputes remains high. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the results in the year in which such determination is made. In addition, the calculation and recognition of temporary differences giving rise to deferred tax assets requires estimates to be made of the extent to which future taxable profits are available against which these temporary differences can be utilised.

Uncertain tax positions

Tax risk can arise from unclear regulations and differences in interpretation but, most significantly, where tax authorities apply diverging standards in assessing intra-group cross-border transactions. The Group has recognised provisions in respect of uncertain tax positions, none of which is individually material. In determining such liabilities, the Group assesses the range of potential outcomes and estimates whether additional tax may be due.

The Group is currently subject to audits and reviews in a number of countries that primarily relate to complex corporate tax issues.

The Group does not currently anticipate any material changes to the amounts recorded at 30 September 2025.

Deferred tax assets

Deferred tax assets of $246m (2024: $179m) include $73m (2024: $80m) relating to the carry forward of unused tax losses. It is considered probable that sufficient taxable profits over a period of between one and five years will be available against which the unused tax losses can be utilised. In evaluating whether sufficient taxable profits will be available in the future, forecasts have been derived from the most recent three-year strategic plan approved by management, adjusted for the effect of applicable tax laws and regulations relevant to those future taxable profits. No reasonably possible change in any of the key assumptions would result in a significant reduction in projected taxable profits such that the recognised deferred tax assets would not be realised.

Notes to the consolidated financial statements

For the year ended 30 September 2025

4 Tax (continued)

Regulatory developments

The legislation implementing the Pillar Two Model Rules in the UK applies to the Group from 1 October 2024. The Group is monitoring the status of implementation of the model rules worldwide. For the financial year ended 30 September 2025, the liability for Pillar Two taxes is assessed at less than $1m. The temporary exception under IAS 12 Income Taxes has been applied in relation to the accounting for deferred taxes arising from the implementation of the Pillar Two Model Rules.

5 Earnings per share