Half Year Results Announcement for the six months ended 31 March 2025

Strong net new business and double-digit underlying operating profit growth

Delivering profit growth ahead of revenue growth:

•             Underlying operating profit increased by 11.6%²

•             Organic revenue up 8.5% with continued strong net new business growth of 4.4%

•             Secured new business of $3.6bn (LTM⁴), an 8.5%² increase year on year

•             Strong client retention rate of over 96%

Investing for future growth:

•             $1.7bn net expenditure on capex (3.0% of underlying revenue) and M&A ($1bn)

•             Expanding our total addressable market through further sub-sectorisation and use                of technology

•             Unlocking opportunities in our core markets: nearly 75% still self-operated or                managed by regional players

Resilient business model:

•             Diverse sector portfolio, wide-ranging client base, flexible operating models and                significant purchasing scale

•             Decentralised business model with predominantly local sourcing and supply chain

•             Well placed to benefit from any increase in outsourcing due to macroeconomic                 pressures

•             Completed portfolio reshaping following divestments of Chile, Colombia, Mexico and                Kazakhstan

Outlook unchanged:

•             For 2025, we continue to expect high single-digit underlying operating profit growth²                driven by organic revenue growth above 7.5% 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 8.8% reflecting the strong trading performance

•              Operating profit, including charges relating to business acquisitions (mainly                 amortisation of acquired intangible assets), increased by 3.9% to $1,476m. The                 30bps reduction in operating margin reflects these higher charges.

^{1.                   Reconciliation of statutory to underlying results can be found in notes 2 (segmental analysis) and 13 (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.}

Dominic Blakemore, Group Chief Executive, said:

“The Group achieved double-digit underlying operating profit growth driven by strong organic revenue and margin progression across both regions. We are now in the fourth year of net new business growth within our 4-5% target range, supported by an improved performance in Europe and client retention rate of over 96%.

The market opportunity is very attractive, with first-time outsourcing accounting for 45% of new business wins. Over the last 12 months, we have signed over $3.6bn¹ of new contracts, an increase of 8.5%² year on year, and we have a strong pipeline of future business across all our markets. Our size, and balance sheet strength, give us the most scope in the industry to invest as we further enhance our unique sectorised approach and technology capabilities.

We have a diverse sector portfolio, wide-ranging client base and significant local purchasing scale. Although not immune to macroeconomic pressures, we are confident in the resilience of our business model, strength of our value proposition and ability to capitalise on outsourcing opportunities.

This year, we continue to expect high single-digit underlying operating profit growth², driven by organic revenue growth above 7.5% 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.”

^{1.     Annual revenue of new business wins in the last 12 months.}

^{2.     Measured on a constant-currency basis.}