Compass Group PLC, a global leader in food services, reports strong first quarter results for the period ended 31 December 2025, ahead of the Company’s AGM at 10.30am today in London.
Strong start to the year, Vermaat acquisition completed
Compass delivered another quarter of consistent growth and strategic progress with organic revenue increasing by 7.3% in Q1.
| Q1 2026 | Group | North America | International |
| Organic revenue growth1 | 7.3% | 7.3% | 7.1% |
We delivered strong performances across both regions and all sectors, with Sports & Leisure (S&L) and Business & Industry (B&I) remaining our fastestgrowing areas. B&I achieved doubledigit organic growth in North America, driven by robust firsttime outsourcing (FTO) wins and continued expansion within the technology sector.
Net new business growth was within the 4–5% range, underpinned by strong client retention above 96%. Pricing moderated as anticipated in a lower inflation environment, while volumes continued to contribute positively to growth.
Annualised new business wins totalled $4bn2, up 10% year on year, with nearly half generated from FTO.
Vermaat acquisition adds capability and talent in Europe
Compass completed the acquisition of Vermaat, a leading food services business in the Netherlands, for $1.7bn in December 2025. Vermaat strengthens Compass’ position across multiple sectors in the Netherlands, France, and Germany with high quality food offers, strong retail expertise, and exceptional talent. Including Vermaat, total first quarter M&A investment was $1.9bn.
Compass to change LSE Trading Currency from GBP to USD
With effect from 1 April 2026, Compass intends to change the trading currency of its Ordinary Shares on the London Stock Exchange (LSE) from sterling (GBP) to US dollars (USD). This transition aligns the Group’s share price trading currency with its reporting currency, reducing FX volatility in the share price and simplifying the investment case for global investors.
The change will not affect Compass Group’s FTSE index inclusion or its LSE listing. Dividends will continue to be paid in sterling unless shareholders elect to receive them in USD.
Summary and guidance
Compass began the year with strong momentum across all regions and sectors, with S&L and B&I continuing to perform particularly well.
The strategic integration of Vermaat is now underway, providing us with additional capabilities and talent to further drive growth, as we replicate our proven and successful North America M&A blueprint in Europe.
We reaffirm 2026 guidance and continue to expect around 10% underlying operating profit growth (constant currency), driven by:
Around 7% organic revenue growth
Around 2% profit growth from M&A
Ongoing margin progression
Dominic Blakemore, CEO of Compass Group, said:
“We have delivered a strong start to the year with broad based growth across every region and sector. The momentum in our B&I segment, particularly in North America, reflects the strength of our model and the value we continue to deliver for clients.
The acquisition of Vermaat expands our capabilities in key European markets and will further accelerate growth. With strong new business wins, disciplined execution, and a clear strategy, we remain confident in our outlook and our ability to drive sustainable, long-term value for shareholders.”
Currency
If current spot rates were to continue for the remainder of the year, foreign exchange translation would positively impact 2025 revenue by $630 million3 and operating profit by $33 million3.
Sectorisation deep dive next week
The Group will share a virtual deep dive on 9 February 2026 to outline its sectorisation strategy, including further detail on Vermaat and Compass’ portfolio of brands.
1 Year-on-year change
2 Annual revenue of new business wins in the last 12 months
3 Based on spot rates as of 30 January 2026
© 2026 Compass Group PLC