Compass Group (CPG) H1 2026 earnings summary

Executive summary

• Operating profit rose 12% year-over-year to $1,839m, with margin up 20bps to 7.4%, driven by strong organic growth, disciplined M&A, and robust new business wins, which increased 14% to $4.1bn, with over half from first-time outsourcing.

• Full-year operating profit growth guidance raised to above 11% following strong H1 performance and balanced growth across North America and International regions.

• Client retention remained high at 96%, and net new business growth was in the 4-5% range for the fifth consecutive year.

• Major acquisitions included Vermaat in the Netherlands and Pro Care Management in Germany, strengthening the European platform and procurement technology.

• Interim dividend per share increased 13% to 25.5c.

Financial highlights

• Revenue for HY26 reached $24,983m, up 10.7% year-over-year, with organic growth at 7.2%.

• Operating profit increased by 12% to $1,839m, with operating margin improving by 20bps to 7.4%.

• Earnings per share rose 12% to 72.8c; interim dividend also increased by 12%.

• Operating cash flow increased 14%, outpacing profit growth; free cash flow for HY26 was $825m.

• Net debt increased to $8.6bn, with leverage at 1.7x EBITDA due to M&A activity.

Outlook and guidance

• Full-year underlying operating profit growth guidance raised from ~10% to above 11%, with organic revenue growth expected around 7% and ~2% profit growth from M&A.

• Ongoing margin improvement expected, with capex at approximately 3.5% of revenue and effective tax rate at 25.5%.

• Net new business growth expected to accelerate in H2 and remain in the 4%-5% range through 2026.

• Retention expected to remain above 96%.

• Confident in sustaining mid-to-high single-digit organic revenue growth and profit growth ahead of revenue growth.