SSP Group Shares: Here’s What to Expect Ahead of the Full-Year Results

SSP Group (LON: SSPG) will report its full-year 2025 results on 4 December, with analysts watching closely for signs that the travel caterer can rebuild margins and regain momentum after a tougher second half. 

The share price has been volatile this year, down 16% year-to-date, but has risen 9.2% in the past week as investors position for the update.

Shore Capital expects SSP to report earnings per share of around 11.5p, a 15% rise year-on-year (23% at constant currency), alongside operating profit of about £220 million. 

That figure sits at the lower end of earlier planning assumptions, reflecting a slower margin recovery in Continental Europe and softer trading conditions in H2. 

The broker said the results offer “an opportunity to reclaim the investment narrative,” pointing to stronger cash flow, improving returns and what it calls a “once-in-a-generation opportunity” in India.

Investor attention is also expected to centre on current trading, where industry data, especially in India, has improved, and on the pace of European margin rebuilding. 

SSP acknowledged in its Q4 trading update that profit in France and Germany has lagged expectations due to “greater than initially anticipated” interventions, though it still expects regional margins to exceed 3% in FY26 and is targeting 5% over the medium term.

The analyst consensus for FY25 underlying EPS is 11.6p, while revenue is expected to be £3.7 billion, which the company said would be in line in its Q4 update.

Consensus forecasts for FY26 point to EPS of 13.6p and EBIT of £261m, signalling confidence in continued earnings momentum. Revenue for FY26 is seen at 3.9 billion.

Shore Capital sees FY26 as “pivotal,” forecasting free cash flow of around £90m and highlighting the potential for sizeable share buybacks. 

With the group already executing a £100m buyback and its 50% stake in TFS valued at roughly 95p per SSP share, even modest improvements in trading or margins could support a rerating.